ATEX Resources (ATX) Q3 2026 earnings summary

Executive summary

• Phase VI completed 28,436 m of drilling, exceeding its 25,000 m target and expanding high-grade B2B and the broader Valeriano mineralized footprint.

• 9M 2026 exploration and evaluation expenditures were $44.21 million; net loss was $46.07 million.

• Cash and cash equivalents were $132.4 million and working capital was $131.1 million at September 30, 2026; warrant exercises generated $77.1 million in 9M proceeds.

• Phase VII start-up was delayed by heavy snowfall; it is expected to be funded from available resources.

Financial highlights

• Q3 2026 net loss was $7.47 million versus $10.53 million in Q3 2025; basic and diluted loss per share was $0.02 versus $0.04.

• 9M net loss was $46.07 million versus $44.69 million in 2025; exploration and evaluation expense rose to $44.21 million from $36.72 million.

• 9M G&A fell to $6.47 million from $8.75 million; interest income increased by $1.8 million on higher cash balances.

• Cash and cash equivalents were $132.4 million at September 30, 2026, versus $100.1 million at December 31, 2025; total assets were $168.9 million.

• No revenue was earned; 9M operating cash use was $50.4 million versus $39.9 million in 2025, while interest received was $2.6 million versus $0.9 million.

Outlook and guidance

• Phase VII start-up was delayed by heavy snowfall and persistent snow; commencement is expected shortly, subject to weather and safe mobilization.

• Phase VII is planned to expand B2B and test broader-system targets, including potential near-surface mineralization; Nuevo Horizonte work depends on ongoing assessments.

• Phase VII costs are expected to remain within available working capital; the program is expected to cost more than Phase VI, mainly due to resource-estimate preparation and early Nuevo Horizonte work.

• The DIA includes a preliminary US$140 million investment estimate for a five-year period beginning Q3 2027, subject to geological results and financing; it excludes current exploration.