Core Points - ATEX Resources Inc. has granted a total of 1,994,261 incentive stock options to employees, with 990,245 options granted to officers, each at an exercise price of $2.60 over five years [1] - The company has also granted 262,096 restricted share units (RSUs) to directors and 389,280 RSUs to employees, with specific vesting schedules [1] - ATEX's common shares are now eligible for electronic clearing and settlement in the U.S. through the Depository Trust Company (DTC), enhancing liquidity [2][3] - The company's shares began trading on the OTCQB under the ticker symbol "ATXRF" on September 23, 2025, while continuing to trade on the TSX Venture Exchange under "ATX" [2] Company Overview - ATEX is exploring the Valeriano Copper-Gold Project located in the Atacama Region, Chile, within a significant copper-gold porphyry mineral belt [4] - The Valeriano project hosts 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 [4]

Financial Data and Key Metrics Changes - The company closed the second quarter of fiscal 2026 with approximately $39 million in cash and no debt, with projected cash proceeds for the current fiscal year raised to $100 million from the previous guidance of $80 million [12][13] - A total gain of $71 million was recorded in the quarter, consisting of $60 million from the exchange of narrowband to broadband licenses and $11 million from the sale and delivery of broadband licenses [13] Business Line Data and Key Metrics Changes - The company is focused on two key initiatives: TowerX and Catalyx, which together represent an annual market opportunity of roughly $1 billion [6][8] - TowerX provides utilities with pre-negotiated leasing terms and access to a broad network of tower infrastructure, while Catalyx helps utilities deploy private networks faster [6][8] Market Data and Key Metrics Changes - The company is engaged with the FCC regarding the expansion to 10 MHz, which positions Anterix as a future-proof foundation for critical infrastructure modernization [4] - The company has made significant progress in clearing incumbents, now over 85% cleared, allowing for potential FCC licensing on 90% of the counties in the United States [21] Company Strategy and Development Direction - Anterix aims to expand beyond spectrum and capture a larger share of the infrastructure market by being a key partner for utilities [5] - The company is focused on monetizing its spectrum assets, which are valued significantly higher than their current balance sheet representation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's unique position to disrupt the industry and emphasized the importance of partnerships with utilities [3][5] - The CEO highlighted the ongoing demand for connectivity in the utility sector, driven by significant investments in modernization [33] Other Important Information - The company has approximately $114 million in contracted proceeds to be received, with over $60 million projected to come primarily in the fourth quarter of fiscal year 2026 [12] - The new CFO emphasized the importance of the strategic spectrum asset and the long-term high-margin cash flows it generates [10] Q&A Session Summary Question: Inquiry about wireless licenses and financial impacts - The company has a total commitment for a clearing arrangement of about $28 million, with $14 million funded in escrow [18][19] Question: Status of clearing incumbents - The company is now over 85% cleared and continues to deliver licenses to existing customers ahead of schedule [21] Question: Future contract negotiations for complex systems - The company is working on multiple complex systems, but not all are tied to near-term spectrum contracting opportunities [24] Question: Update on two operator deal - The company is in negotiations with a large utility involving two operating groups, with a sizable contract opportunity [28] Question: Clarification on asset value - The asset value is approximately 10 times the balance sheet value of $325 million, reflecting the true monetization potential of the spectrum [30]

Core Insights - Anterix reported a quarterly loss of $0.14 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.65, marking an earnings surprise of +78.46% [1] - The company achieved revenues of $1.55 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 9.30% [2] - Anterix has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Financial Performance - The loss per share improved from $0.69 a year ago to $0.14 this quarter, indicating a positive trend in financial performance [1] - The company has topped consensus revenue estimates only once in the last four quarters, despite the recent positive revenue report [2] Stock Performance and Outlook - Anterix shares have declined approximately 41.3% year-to-date, contrasting with the S&P 500's gain of 16.4% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.61 on revenues of $1.43 million, and -$0.47 on revenues of $5.71 million for the current fiscal year [7] Industry Context - The Communication - Infrastructure industry, to which Anterix belongs, is currently ranked in the top 16% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Historical data indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1, highlighting the potential for industry influence on stock performance [8]

Financial Performance - Spectrum revenue for the three months ended September 30, 2025, was $1,552,000, slightly up from $1,551,000 in the same period last year[15]. - Net income for the three months ended September 30, 2025, was $53,536,000, a significant recovery from a net loss of $12,766,000 in the same period last year[15]. - Net income for the six months ended September 30, 2025, was $78.716 million, compared to a net loss of $28.290 million for the same period in 2024[24]. - Total spectrum revenue for the six months ended September 30, 2025, was $2.970 million, a decrease of 3.4% from $3.076 million in 2024[33]. - The Company recorded a gain on exchange of intangible assets of $59,602,000 for the three months and $93,518,000 for the six months ended September 30, 2025[52]. - The Company recognized a gain on the sale of intangible assets of $11,469,000 for the three months and $12,430,000 for the six months ended September 30, 2025[54]. Assets and Liabilities - Total assets increased to $420,375,000 as of September 30, 2025, compared to $333,104,000 as of March 31, 2025, reflecting a growth of approximately 26.2%[12][13]. - The company reported an accumulated deficit of $314,217,000 as of September 30, 2025, improved from $391,943,000 as of March 31, 2025[17]. - The total stockholders' equity increased to $240,347,000 as of September 30, 2025, compared to $156,601,000 as of March 31, 2025, reflecting a growth of approximately 53.4%[13]. - The balance of contract liabilities increased to $130.416 million as of September 30, 2025, up from $126.627 million in 2024[37]. - As of September 30, 2025, the Company reported non-current assets of $4,313,000 and current liabilities of $1,430,000 related to operating lease liabilities[64]. Cash Flow and Expenses - Cash and cash equivalents decreased to $39,070,000 as of September 30, 2025, down from $47,374,000 as of March 31, 2025[12]. - Cash and cash equivalents at the end of the period were $48.470 million, down from $50.737 million at the end of September 2024[24]. - The company reported a net cash used in operating activities of $1.736 million for the six months ended September 30, 2025, an improvement from $5.009 million in 2024[24]. - The company incurred stock compensation expenses of $6.579 million for the six months ended September 30, 2025, compared to $7.754 million in 2024[24]. - The total future minimum lease payments under existing non-cancellable leases amount to $5,463,000, with a present value of net future minimum lease payments of $4,730,000[64]. Strategic Initiatives - The company aims to expand the 900 MHz Broadband Segment from 6 MHz to 10 MHz, indicating a strategic growth initiative[9]. - The company is focused on successfully commercializing its spectrum assets to targeted utility and critical infrastructure customers[9]. - Cash and cash equivalents are monitored to ensure sufficient capital for investments, including intangible assets and share repurchase programs[42]. - The Company entered into an agreement to retune and acquire wireless licenses for approximately $28,000,000 in June 2025[47]. Tax and Compliance - The Company recorded a total tax expense of $7.5 million for the three months ended September 30, 2025, compared to $0.2 million for the same period in 2024[65]. - The effective income tax rates for the three months ended September 30, 2025 and 2024 were -25.0% and -26.6%, respectively[66]. - The company expects to maintain an effective system of internal controls, which is crucial for financial reporting and compliance[10]. Market Risks - The primary exposure to market risk is interest income sensitivity, which is not expected to have a material impact from a 10% change in market interest rates due to the short-term nature of investments[120]. - The Company is currently not exposed to market risk from changes in foreign currency as all transactions are denominated in U.S. dollars[121]. - Recent increases in inflation have led to higher operating expenses, which could adversely affect the Company's revenues and commercialization efforts[122]. - Continued periods of high inflation could materially impact the Company's business, operating results, and financial condition if operating costs are not controlled[123]. - The Company continues to monitor market risk exposure, including impacts from health pandemics and the current macroeconomic environment[123]. Shareholder Activities - The 2023 Stock Plan authorizes 1,350,000 shares for grant, with 585,951 shares available for future issuance as of September 30, 2025[68]. - The Company repurchased 43 shares at an average price of $22.94 per share during the three months ended September 30, 2025, totaling $990,000[72]. - As of September 30, 2025, $226.7 million remains under the 2023 Share Repurchase Program[73].

Financial Performance - In Q2 FY2026, Anterix reported spectrum revenue of $1.55 million, slightly up from $1.55 million in Q2 FY2025, while total revenue for the six months ended September 30, 2025, was $2.97 million, down from $3.08 million in the same period last year [13]. - The company recorded a net income of $53.54 million for Q2 FY2026, compared to a net loss of $12.77 million in Q2 FY2025, resulting in a net income per share of $2.86 [13]. - For the three months ended September 30, 2025, the net income was $53.536 million, compared to a net loss of $12.766 million in the same period of 2024, representing a significant turnaround [15]. - The company reported net cash provided by operating activities of $1.404 million for the three months ended September 30, 2025, compared to a net cash used of $2.648 million in the same period of 2024 [15]. - The company incurred a loss from the disposal of long-lived assets, netting $21 thousand for the three months ended September 30, 2025 [15]. - The company reported a gain on the exchange of intangible assets of $59.602 million for the three months ended September 30, 2025 [15]. Cash and Assets - As of September 30, 2025, Anterix had cash and cash equivalents of $39.1 million and no debt, with a restricted cash balance of $9.4 million in escrow deposits [4]. - Total cash and cash equivalents and restricted cash at the end of the period was $48.470 million, down from $50.737 million at the end of September 2024 [16]. - Total assets increased to $420.4 million as of September 30, 2025, compared to $333.1 million as of March 31, 2025 [11]. - The company’s total stockholders' equity rose to $240.3 million as of September 30, 2025, up from $156.6 million as of March 31, 2025 [11]. Share Repurchase Program - Anterix has a share repurchase program authorized for up to $250 million, with approximately $226.7 million remaining as of September 30, 2025, and $1 million in share repurchase activity during the second quarter [5]. - The company repurchased 43 shares at an average price of $22.94 per share, totaling $990, with $226.7 million remaining under the share repurchase program as of September 30, 2025 [18][19]. - The total cost to repurchase shares in the six months ended September 30, 2025, was $990 thousand, compared to $2.027 million in the same period of 2024 [18]. Revenue and Contracts - The company has contracted proceeds of $29 million from customers, with $114 million of contracted proceeds outstanding, and expects over $60 million of proceeds to be received by the end of fiscal 2026 [7]. - Anterix launched new solutions, TowerX and CatalyX, targeting an annual total addressable market opportunity of approximately $1 billion [7]. - The company has advanced a pipeline of approximately $3 billion in prospective contract opportunities across over 60 potential customers [7]. - Anterix recorded a $60 million gain on the exchange of broadband licenses and an $11 million gain on the sale of broadband licenses during the quarter [7]. Expenses and Liabilities - Cash paid for operating leases during the three months ended September 30, 2025, was $546 thousand, compared to $606 thousand in the same period of 2024 [16]. - The company reported depreciation and amortization expenses of $133 thousand for the three months ended September 30, 2025, down from $151 thousand in the same period of 2024 [15]. - Deferred revenue increased to $2.202 million for the three months ended September 30, 2025, compared to $5.940 million in the same period of 2024 [15].

Core Insights - Anterix reported its second quarter fiscal 2026 results, highlighting financial performance and operational updates [1] - The company has a strong liquidity position with no debt and significant cash reserves [3][4] Financial and Operational Highlights - As of September 30, 2025, Anterix had cash and cash equivalents of $39.1 million and restricted cash of $9.4 million [3] - The company has an authorized share repurchase program of up to $250 million, with $226.7 million remaining as of September 30, 2025 [4][20] - In the second quarter, Anterix engaged in share repurchase activity totaling $1 million [4] Revenue and Expenses - Spectrum revenue for the three months ended September 30, 2025, was $1.552 million, slightly up from $1.551 million in the same period of 2024 [13] - Operating expenses decreased to $11.927 million from $14.681 million year-over-year [13] - The company reported a net income of $53.536 million for the three months ended September 30, 2025, compared to a net loss of $12.766 million in the same period of 2024 [14] Strategic Developments - Anterix received $29 million in contracted proceeds from customers, with $114 million of contracted proceeds outstanding [7] - The company launched new solutions, TowerX and CatalyX, targeting a total addressable market of approximately $1 billion [7] - Anterix has a pipeline of approximately $3 billion in prospective contract opportunities across over 60 potential customers [7] Balance Sheet Overview - Total assets as of September 30, 2025, were $420.375 million, up from $333.104 million as of March 31, 2025 [10] - Total liabilities stood at $180.028 million, compared to $176.503 million at the end of the previous fiscal year [11] - Stockholders' equity increased to $240.347 million from $156.601 million [11] Cash Flow Analysis - Net cash provided by operating activities for the three months ended September 30, 2025, was $1.404 million, compared to a net cash used of $2.648 million in the same period of 2024 [16] - The company reported net cash used in investing activities of $604,000 for the three months ended September 30, 2025 [16] - Net cash used in financing activities was $907,000 during the same period [17]

Core Insights - Anterix and Crown Castle have launched a nationwide tower optimization solution called TowerX to enhance the deployment of 900 MHz private LTE networks for utilities, aiming to reduce costs and accelerate grid connectivity [1][2][3] Group 1: TowerX Overview - TowerX provides a streamlined path for utilities to deploy 900 MHz private wireless networks, combining a portfolio of qualified tower sites with comprehensive site development [2] - The service standardizes processes and leverages collective experience to help utilities control costs, reduce project delays, and optimize tower assets for long-term operational needs [2][3] Group 2: Infrastructure and Collaboration - Utilities using TowerX will gain access to a vast network of tower infrastructure, including over 40,000 sites from Crown Castle, facilitating faster deployment of private wireless networks [3] - The collaboration between Anterix and Crown Castle aims to strengthen operational resilience and enable large-scale grid modernization [3][4] Group 3: Industry Impact - TowerX is part of the Anterix Active Ecosystem, which includes over 125 technology and infrastructure innovators, working together to provide end-to-end solutions for utilities [4] - This ecosystem enhances interoperability and accelerates grid transformation, addressing the challenges faced by utilities in modernizing their infrastructure [4][6]

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].