ATEX Resources Inc. — Capital/Financing Update 2020

Feb 15, 2020

Form 51-102F3 Material Change Report

Item 1 Reporting Issuer

ATEX Resources Inc.

Item 2 Date of Material Change

February 14, 2020

Item 3 News Release

The news release issued with respect to the material change was disseminated through Newsfile on February 14, 2020.

Item 4 Summary of Material Change

ATEX ANNOUNCES EXTENSION OF PRIVATE PLACEMENT CLOSING.

Item 5

Full Description of Material Change

VANCOUVER, British Columbia, February 14, 2020 – ATEX Resources Inc. ("ATEX") (TSXV:ATX) is pleased to announce that pursuant to its previously announced private placement financing of up to $5.1 million (the " Private Placement "), ATEX has been granted an extension from the TSX Venture Exchange (the " TSXV ") for the closing of any subsequent tranches of the Private Placement until February 21, 2020.

As disclosed in the press release dated February 3, 2020, ATEX closed the first tranche of the Private Placement, consisting of 3,616,333 units (each, a " Unit ") for gross proceeds of $1,084,899.90. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at an exercise price of $0.40 per share for a period of three years from the closing date. ATEX may conduct one or more further closings up to the maximum $5.1 million or 17,000,000 Units (the " Offering ").

The TSXV has conditionally approved the issuance of securities in the Offering but the Offering remains subject to the receipt of final TSXV approval.

Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

This report is not being filed on a confidential basis.

Item 7 Omitted Information

No information has been intentionally omitted from this form.

Item 8 Senior Officer

Carl Hanson. For further information, email info@atexresources.com

Item 9 Date of report

February 14, 2020