Chris Beer

ATEX Resources: New Emerging Copper District in Chile | Chris Beer and Jimmy Connor

• Top takeaway He argues ATEX has delivered one of the largest copper discoveries in Chile in over a decade, with 0.8% CuEq grades roughly twice the global copper-gold porphyry average of about 0.4%.
• He frames the B2B breccia — high-grade, 500m above the main porphyry, and open to the south, east, and southeast — as the priority expansion target for the next drilling season starting in September.
• He highlights unusually clean metallurgy: two rounds of testing show 94-95% recoveries, a 33% copper concentrate (versus a global ~24% average), about 14 grams of gold in concentrate, and no deleterious elements like arsenic.
• He points to a fortress balance sheet with about $150M cash plus roughly $140M in potential warrant proceeds, enough to fund approximately two more years of exploration.
• He positions the new district — including the just-acquired Nuevo Horizonte ground, four untested porphyry targets on ATEX's 25,000-hectare land package, and 14,000 hectares of surface rights — as the key upside before the next resource update targeted for fall 2027.

ATEX has grown Valeriano to 2 billion tonnes at 0.8% CuEq, located in the Atacama copper belt that already produces 25% of global supply. Hole 19A stepped 200 metres south and stayed in mineralization, extending the high-grade B2B breccia to roughly 700 metres of strike. Clean initial metallurgy delivered 94-95% recoveries, a 33% copper concentrate, and no deleterious elements like arsenic. Agnico Eagle holds 15% and Pierre Lassonde 10%, backing a $150 million treasury that funds two more years of drilling. An updated resource is targeted for fall 2027, alongside first drilling at the newly acquired Nuevo Horizonte porphyry cluster.

ATEX Resources is Defining a Copper Gold District in Chile

• Top takeaway He argues that ATEX should be treated as the start of a new district rather than a single asset, comparing the ground with the Vicuña district about 80 kilometers to the north and placing ATEX roughly 67 years behind that development.
• He says the roughly 2 billion tons at about 0.75% copper equivalent at Valeriano is close to twice the global average grade for copper-gold porphyries, and he frames that grade as the core of his investment case.
• He plans to carry the exploration learnings from Valeriano over to the 14,000 hectares acquired in January at Nuevo Horizonte, where he expects two near-surface porphyry systems to be tested over the next 12 to 18 months.
• He highlights metallurgy as the point investors and other operators raise with him, citing 33% copper recoveries against a 24% global average, roughly 16 grams per tonne of gold, and no arsenic or smelter-penalized elements.
• As of the June 8, 2026 interview he sets near-term execution goals: starting the Phase 7 program in about three months using camp capacity of roughly 200 people and six to seven rigs, running geophysics, and drilling a couple of holes at Nuevo Horizonte.

The guest frames ATEX's Chilean ground as 67 years behind the Vicuña district, where Filo and NGX spent decades proving a system. The Valeriano resource is roughly 2 billion tons at 0.75% copper equivalent — a blended grade carrying copper, gold and silver together. Metallurgical testing shows 33% copper recovery — the share of metal actually extracted — against a 24% global average, with no arsenic penalties. A $150 million cash balance covers about two drill programs, with Pierre Lassonde above 10% and Agnico Eagle at 15%. Next 90 days means starting the Phase 7 program, running geophysics, and putting the first drill holes into the newly acquired Nuevo Horizonte ground.

FREE Master Class on Investing in Copper and Copper Stocks | Jimmy Connor

• Top takeaway Chris Beer argues Valeriano's 0.8% copper equivalent grade is twice the global average porphyry grade of 0.4%.
• He frames the B2B breccia as the most compelling target, noting the first hole hit 174 meters at 2.5% copper and recent drilling has extended the strike to 700 meters.
• Beer describes how the team is testing the B2B mineralized corridor's eastern extension, with hole 34 hitting 1,100 meters of 0.72% CuEq indicating open potential.
• He notes that clean metallurgy (94-95% recoveries, no deleterious elements) makes the project attractive to mining companies looking for new development assets.
• Beer says ATEX plans to update the Valeriano resource in Fall 2027 and to drill-test the recently acquired Nuevo Horizonte property next year.

UBS projects a 520,000-ton copper deficit by 2027 and a $15,000/ton price, framing the supply-demand squeeze that drove this conference. Chile produces roughly a quarter of global copper but output peaked in 2018, as falling ore grades and longer development timelines pressure new supply. AI data centers, EVs (150 lbs vs 50 lbs in gas cars), and renewable build-out are reshaping demand — together already making up 32% of copper use. Major supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula hit at the same time as demand acceleration, exposing the fragility of the supply base. Eight copper-focused company conversations cover developers (ATEX, Faraday, Highland, Lumina), a tailings processor (Amerigo), a royalty platform (Evolve), and Sprott's physical and ETF vehicles.

Investors Don’t Need Perfection

Predictability matters more than perfection when attracting long-term mining capital to a project. Investors need confidence in stable permitting timelines and political durability over a project's life. Jurisdictional stability and consistent rules are critical factors for securing mining investment.