AntaKori Program Demonstrates Footprint Beyond Current Resource Estimate

VANCOUVER - Regulus Resources Inc. CEO, John Black, said, "We have now completed our phase two drill program AntaKori copper-gold project in Peru. The holes demonstrate that the mineralized footprint expands well beyond the current resource estimate at AntaKori and that mineralization remains open in several directions. With the phase two drill program complete, we will transition to a resource estimate update that we expect to be completed in H2-2023. To date, the Company has focused on increasing the size of the mineral resource at AntaKori with significant success. As part of our recently announced strategic investment from Nuton (a division of Rio Tinto), we will begin to evaluate the potential of their sulphide leaching technology on mineralization at AntaKori as well as shift towards focusing on early feasibility work to define the best options for development of the project. We have stopped drilling at AntaKori during the rainy season which typically ends by April. During the downtime, we will evaluate the best pathway forward to further enhance or expand resources and commence activities to best position the AntaKori project for development."

Kevin B. Heather, Chief Geological Officer, commented, “While the latest drilling results indicate that mineralization remains open to the north and northwest, it now appears that the “porphyry-centre” that we had theorized was located to the north of current resources is most likely located deeper below the current resource area, beyond the limits of the shallow looking geophysics. That being said, we intersected skarn and intermediate sulphidation mineralization well beyond the current limits of the known resources which could present opportunities for future drilling. However, it is important to note that the current resource in-hand at AntaKori, when combined with the neighboring reported Tantahuatay sulphide resource of Compania Minera Coimolache, already places the “TantaKori” consolidated resource amongst one of the largest undeveloped copper projects with overall high-grade, very low strip ratio, all within a brownfield development scenario.”