Core Viewpoint - ATEX Resources Inc. has filed an independent technical report detailing an updated mineral resource estimate for its Valeriano copper-gold project in Chile, highlighting significant resources and ongoing exploration potential [1][19]. Summary by Sections Technical Report and Resource Estimate - The Technical Report, effective November 3, 2025, complies with National Instrument 43-101 standards [1]. - The updated mineral resource estimate includes an Indicated Resource of 475 million tonnes at 0.88% copper equivalent and an Inferred Resource of 1,511 million tonnes at 0.75% copper equivalent, both at a cut-off grade of 0.35% Cu [5][19]. High-Grade Resource and Drilling Results - The B2B Zone has an Indicated Resource of 28.4 million tonnes at 1.36% CuEq and an Inferred Resource of 2.6 million tonnes at 1.05% CuEq, indicating high-grade components are open for expansion [5]. - Recent drilling results from the Phase VI program reported record grades, with one hole intersecting 164 meters of 2.72% CuEq, including sections of 86 meters at 3.77% CuEq and 40 meters at 4.73% CuEq [5][6]. Exploration Potential - The ongoing Phase VI drilling program, with six diamond drill rigs active, aims to further define the high-grade B2B Zone, which has the potential to significantly expand the volume of high-grade mineralization at Valeriano [6][19]. - The project has over 500,000 ounces of Inferred gold oxide material at surface, presenting future exploration and upside potential [5]. Cost Efficiency - The project boasts low discovery costs of $0.0049 per pound of copper, indicating a cost-effective exploration environment [5].

Company Overview - Anterix collaborates with leading utilities and technology companies to leverage 900 MHz broadband for modernized grid solutions [3] - The company is the largest holder of licensed spectrum in the 900 MHz band across the contiguous United States, Alaska, Hawaii, and Puerto Rico, positioning it uniquely for private wireless broadband solutions [3] Upcoming Events - Anterix will hold a conference call on November 13, 2025, at 9:00 a.m. ET to discuss its second quarter fiscal 2026 results [1] - A press release regarding the results will be issued after the market closes on November 12, 2025 [1] - Participants must pre-register to join the live Q&A session and are encouraged to join at least 10 minutes early [2] Investor Relations - The conference call will be webcast live and accessible on Anterix's Investor Relations website [2] - A replay of the call will be available on the Anterix website following the event [2]

Core Viewpoint - ATEX Resources Inc. has announced an increase in its bought deal offering to 36,750,000 units at a price of C$2.60 per unit, aiming to raise approximately C$96 million for the exploration and development of the Valeriano Project in Chile [1][6]. Offering Details - Each unit consists of one common share and one warrant, with the warrant exercisable at C$4.00 for four years [2]. - The underwriters have an option to sell an additional 15% of the total number of securities to cover over-allotments [4]. - The offering will be conducted via private placement in Canada and may also be sold in the U.S. under certain exemptions [5]. Use of Proceeds - The net proceeds from the offering will be allocated for the exploration and development of the Valeriano Project and for general working capital [6]. Project Overview - The Valeriano Project is located in the Atacama Region of Chile, within a mineral belt that includes several significant copper-gold deposits [9]. - The project hosts a large, high-grade copper-gold porphyry mineral resource, with an indicated resource of 475 million tonnes at 0.88% CuEq and an inferred resource of 1,511 million tonnes at 0.75% CuEq [9].

Core Insights - ATEX Resources Inc. has reported exceptional initial results from its Phase VI drill campaign at the Valeriano Copper-Gold Project, with drill hole ATXD25C intersecting 164 meters of 2.72% copper equivalent (CuEq), including 40 meters of 4.73% CuEq, marking the highest-grade intercept to date in the B2B Zone [1][2][3] Drill Results - Drill hole ATXD25C intersected 164 meters of 2.72% CuEq, comprising 1.69% copper and 0.97 g/t gold, with notable intervals of 86 meters at 3.77% CuEq and 40 meters at 4.73% CuEq starting from 1,558 meters downhole [3][4] - The results indicate a broader intercept of 528 meters at 1.32% CuEq from 1,302 meters downhole, suggesting potential for increased grade in the B2B Zone [3][4] - The B2B Zone remains open in all directions, highlighting the potential for further mineral resource expansion [3][4] Phase VI Drill Program - The Phase VI drill program is fully operational with six rigs targeting approximately 25,000 meters of exploration, which commenced six weeks earlier than the previous Phase V program, reflecting improved operational efficiency [9] - The primary objective is to further define the high-grade B2B Zone, which has shown record initial results, potentially enhancing the overall grade profile of the Valeriano Project [9] Future Exploration - Additional drill holes, including ATXD26B, ATXD23A, and ATXD30, are currently in progress, targeting high-grade mineralization and new discovery areas, with assay results pending [10][12] - The ongoing exploration aims to confirm high-grade mineralization along strike and test untested geophysical anomalies, indicating a strategic focus on expanding the resource base [10][12] Company Overview - ATEX is exploring the Valeriano Copper-Gold Project located in the Atacama Region, Chile, which is part of an emerging copper-gold porphyry mineral belt [14] - The project hosts a significant mineral resource, with an indicated resource of 475 million tonnes at 0.88% CuEq and an inferred resource of 1,511 million tonnes at 0.75% CuEq, as reported on September 23, 2025 [14]

Core Insights - ATEX Resources is gaining attention for its large-scale, high-grade copper-gold Valeriano project in Chile, coinciding with historic highs in global copper demand [2]. Company Overview - ATEX Resources is currently conducting its sixth and largest drill program at the Valeriano project, which is expected to enhance the company's momentum in the market [2]. Industry Context - Chile's rich mining history and commitment to copper growth provide ATEX Resources with several advantages, positioning the company as a notable player in the copper-gold sector [2].

Group 1: Market Overview - Small-cap stocks have experienced a strong rally recently, driven by a favorable rate cut outlook which provides significant tailwinds [1][5] - The cheaper capital environment is particularly beneficial for smaller companies, contributing to their recent performance [1] Group 2: Company Insights - **Star Equity Holdings (STRR)**: This diversified holding company has seen its shares increase by 35% over the past three months, with the CEO acquiring approximately 660,000 shares in September [2][5] - **Anterix (ATEX)**: A wireless communications company focused on private broadband connectivity, the CEO purchased around 4,600 shares for $100,000 in mid-September. Despite recent pressure, shares have shown some recovery from 2025 lows [3][5] - **Energy Vault (NRGV)**: This company specializes in sustainable energy storage solutions. The CEO made a significant purchase of about 67,500 shares, with NRGV shares more than tripling in the last three months, outperforming the S&P 500's 12% gain [6][5] Group 3: Insider Activity - Recent insider buying activity from the CEOs of STRR, ATEX, and NRGV is seen as a positive indicator for long-term outlooks, although these transactions should not be solely relied upon for short-term performance [7][5]

Core Points - ATEX Resources Inc. has commenced trading on the OTCQB Market in the United States under the symbol "ATXRF" starting September 23, 2025, enhancing visibility and accessibility for a wider investor audience [1][2] - The company has applied for DTC eligibility, which will simplify trading processes in the U.S., increase liquidity, and reduce transactional costs for investors [3] - ATEX has changed its financial year-end from September 30 to December 31 to align with industry peers, facilitating better comparability of financial performance [5] Company Overview - ATEX is exploring the Valeriano Copper-Gold Project located in the Atacama Region, Chile, within a mineral belt that hosts several significant copper-gold porphyry deposits [6]

Core Insights - Anterix has announced new executive leadership appointments to enhance its ability to deliver innovative connectivity solutions for utilities and critical infrastructure sectors [1][2] - The company aims to sharpen execution, deepen market engagement, and scale its impact across various sectors [2] Leadership Changes - Heather Martin has been appointed as Chief Marketing Officer and Chief of Staff, bringing over 20 years of global marketing experience from NRG Energy and other major brands [3] - Elena Marquez has been appointed as Chief Financial Officer, previously serving as Vice President of Finance and Controller at Anterix, with a strong background in financial services and biotech [4] Strategic Initiatives - The company is focused on its Accelerator initiative, which is unlocking significant opportunities, and is making progress with the FCC on the 5x5 NPRM to maximize the value of its 10 MHz spectrum [5] - The leadership changes are seen as pivotal for Anterix's evolution, aiming to strengthen its foundation for innovation and accelerate its mission to modernize the grid [5] Market Position - Anterix is the largest holder of licensed spectrum in the 900 MHz band across the contiguous United States, Alaska, Hawaii, and Puerto Rico, positioning it uniquely to provide private wireless broadband solutions [7]

Group 1 - ClearBridge Investments released its second-quarter 2025 investor letter for the ClearBridge Small Cap Strategy, highlighting volatility in small-cap stocks, with the Russell 2000 Index rebounding 10% from its November 2024 highs [1] - The Russell 2000 returned 8.5% for the quarter, underperforming the Russell 1000 Index, which returned 11.1% [1] - The strategy underperformed the benchmark during this period, indicating challenges in the small-cap sector [1] Group 2 - Anterix Inc. (NASDAQ:ATEX) was highlighted in the investor letter, with a one-month return of -3.33% and a 52-week loss of 44.84%, closing at $21.49 per share with a market capitalization of $402.718 million [2] - Despite exceeding earnings expectations for its fiscal third quarter, Anterix's revenue was lower than expected, and net margins declined, impacting its performance [3] - Anterix's expansion agreement with the Lower Colorado River Authority aims to enhance broadband coverage to 102 counties in Texas, showcasing its spectrum capabilities [3] Group 3 - Anterix Inc. is not among the 30 most popular stocks among hedge funds, with 18 hedge fund portfolios holding the stock at the end of the second quarter, down from 26 in the previous quarter [4] - While Anterix is recognized for its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Financial Data and Key Metrics Changes - The company ended Q1 of fiscal 2026 debt-free with a healthy cash position of approximately $41 million [13] - During the quarter, the company recorded a total gain of $35 million, which included $34 million from the exchange of narrowband for broadband licenses [14] - The company has removed approximately 20% of its cost base over the last year, enhancing efficiency and long-term cash flow [14] Business Line Data and Key Metrics Changes - The accelerator program has been oversubscribed, with engagements exceeding $500 million in potential contract value, indicating strong market interest [5] - More than 15 utilities engaged in the initial launch of the accelerator program, representing over $2 billion in potential contract value [6] Market Data and Key Metrics Changes - The company has cleared over 80% of incumbents within its spectrum band and has licenses or applications for broadband licenses in approximately 90% of all counties in the United States [15] - The actual network utilization is only a fraction of the total available capacity, with long-term simulations confirming significant headroom for scaling [10] Company Strategy and Development Direction - The company is focused on scaling effectively and delivering lasting value through its accelerator program, financial strength, and utility validation of 900 megahertz private broadband [4] - The company aims to push towards a 10 megahertz offering to meet and anticipate utilities' needs [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term value and market position, emphasizing the importance of methodical utility decision-making [34] - The company sees significant upside potential and is not in serious negotiations for strategic alternatives due to its strong market position [42] Other Important Information - The company plans to return capital to shareholders through various methods, including dividends classified as return of capital and share buybacks [13] - The company is engaged with the FCC to continue clearing spectrum and delivering licenses to meet regulatory commitments [15] Q&A Session Summary Question: Potential gain from remaining narrowband broadband license exchanges - Management clarified that gains from broadband licenses could represent over $1 billion over time, but timing is dependent on the FCC's approval process [22][23] Question: Plan for spectrum where utilities drop out of the pipeline - Management indicated that the drop of a utility from the scorecard does not reflect a loss of commitment, and they will continue to build relationships with replacements [30] Question: Market perception of the company's value - Management highlighted that the lack of announcements does not indicate a lack of progress, emphasizing the methodical nature of utility contracts [34][35] Question: Strategic alternatives process - Management confirmed that the strategic alternatives process is active but passive, as they see significant upside potential in the company [42]