Regulus Reports Positive Nuton(TM) Technologies Extraction Rates on AntaKori Mineralization From Phase One Program

VANCOUVER, July 6, 2023 - Regulus Resources Inc. ("Regulus" or the "Company", TSX-V:REG, OTCQX:RGLSF) is pleased to announce positive extraction rates on mineralization from the AntaKori property, using Nuton™ technologies as part of a phase one sulphide leach program with Nuton LLC, a Rio Tinto venture ("Nuton").

Highlights

• Copper extraction rates up to 95% for samples from high sulphidation mineralization
• Copper extraction rates up to 85% for samples from skarn-style mineralization
• Copper extraction rates up to 75% for samples from breccia/porphyry style mineralization range
• Nuton and Regulus have defined the phase two program which will entail column tests on larger-scale samples

The purpose of the phase 1 program was to explore whether primary sulphide copper ores from the AntaKori property were amenable to Nuton's proprietary sulphide leach technology, and to look at a variety of test conditions which will help guide future test work. The results of the phase 1 program indicate that mineralization from AntaKori is amenable to sulphide leaching, and that a phase two program is warranted. As well, the program helped identify which test conditions warrant further evaluation. In parallel to the Nuton sulphide leaching technology, the Company is also evaluating other processing methodologies.

John Black, Chief Executive Officer of Regulus, commented as follows:

"The results from the phase 1 program utilizing Nuton's sulphide leach technologies are very encouraging. They indicate that the ore from AntaKori appears to have very attractive copper extractions utilizing Nuton's technologies. This round of test work utilized relatively small samples and was completed in shaker flasks. The next phase of test work will utilize larger sample sizes and will be completed in columns and should help us refine our thinking regarding recoveries utilizing sulphide leaching as a processing pathway for AntaKori."

Adam Burley, Chief Executive Officer of Nuton, commented as follows:

"Nuton has a wide range of potential use cases. At AntaKori we are encouraged by the potential of Nuton to unlock copper resources in a district with substantial scale potential and in a way that is more environmentally efficient than conventional processes."

Sample Selection, Preparation and Methodology

A total of 12 coarse reject samples were taken from previously reported drill holes AK-18-021, AK-18-012, AK-18-010 (2 samples), AK-18-028, AK-19-034, AK-18-016, AK-18-013, AK-18-014, AK-19-034 (2 samples) and AK-19-026 (See figures 1 and 2 for locations). Samples were then composited into two high sulphidation, one skarn and one breccia/porphyry sample. Chemical and mineralogical analysis of each individual sample and each composite sample was completed by Nuton to obtain a full chemical and mineralogical understanding of the material introduced to each individual shaker flask. Chemical and mineralogical assay data were used to predict shaker flask test results. The mineralogy of individual samples can be found in figure 3 while composite samples can be found in figure 4. Composite samples were then placed into shaker flasks under a variety of test conditions to evaluate amenability to sulphide leaching. The copper extraction rates can be observed in figure 5, however, it should be noted that recoveries achieved on these small scale test do not necessarily provide an indication of results that may be expected at a larger scale.

Overview of Nuton Flowsheet

The Nuton flowsheet is a conventional crushed and agglomerated feed, bio-heap leach flow sheet, for heap leaching of copper sulphide minerals, however, it includes the addition of catalytic and other reagents, as well as a bacterial growth and inoculation facility.

Phase Two Sulphide Leach Program

The phase two sulphide leach program will expand on the phase 1 program and entail the Company delivering larger quantums of material to Nuton that is suitable for column test work. It is anticipated once material is delivered results can be expected approximately one year afterward. In order to provide material to Nuton, the Company can either complete new drill holes or utilize material from the existing core currently stored at its warehouse.

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified person (QP) under the definition of National Instrument 43-101.

ON BEHALF OF THE REGULUS BOARD

(signed) "John Black"
John Black
CEO and Director

Tel: +1 (604) 685-6800
Email: info@regulusresources.com

For further information, please contact:

Regulus Resources Inc.
Ben Cherrington
Tel: +1 347 394 2728
Email: ben.cherrington@regulusresources.com

About Nuton

Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. The Nuton™ technologies offer the potential to economically unlock low-grade copper sulphides resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performancethereby creating a net-positive impact, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

About Regulus Resources Inc. and the AntaKori Project

Regulus is an international mineral exploration company run by an experienced technical and management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru) S.A., a Wood company, titled AntaKori Project, Cajamarca Province, Peru, NI 43-101 Technical Report, dated February 22, 2019 - see news release dated March 1, 2019). Mineralization remains open in most directions.

For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.

Forward Looking Information

Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of the AntaKori project described herein, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 - Plan map showing sample locations

Figure 2 - Cross section showing sample locations

Figure 3: Copper mineralogy of samples

Figure 4 - Copper mineralogy of composite samples

Figure 5 - Copper extraction utilizing Nuton sulphide leaching (VH - High sulphidation high grade, VL - High sulphidation low grade, SK - Skarn, PO - Breccia/Porphyry) under various test conditions

SOURCE: Regulus Resources Inc.