REG.V · 2024-07-29 12:00:00

Regulus Signs Collaboration Agreement with Compania Minera Coimolache S.A. to Evaluate the Integrated Coimolache Sulphides/AntaKori Copper-Gold Project

Partnerships & JV

NEWS RELEASE

Regulus Signs Collaboration Agreement with Compania Minera Coimolache S.A. to

Evaluate the Integrated Coimolache Sulphides/AntaKori Copper-Gold Project

July 29, 2024 (Vancouver, BC) - Regulus Resources Inc. ("Regulus" or the "Company", TSX -V: REG,

OTCQX: RGLSF) is pleased to announce that it has entered into a collaboration agreement with Compañía

Minera Coimolache S.A. (“Coimolache”, collectively with Regulus the “Parties”) to evaluate the viability of an

integrated Coimolache Sulphides/AntaKori copper-gold project (“Integrated Sulphide Project”). The evaluation

will consist of a mineral resource estimate (“ MRE”) with the option, upon mutual agreement of the Parties

following the completion of a MRE, to complete a preliminary economic assessment (“ PEA”). Costs of the

evaluation program will be split with Regulus paying 50% and Coimolache paying 50%. The results of the MRE

and PEA can only be publicly released upon mutual agreement of the Parties. Additionally, the MRE and PEA

results can be shared with third parties upon mutual agreement of the Parties.

John Black, Chief Executive Officer of Regulus, commented: “The execution of this agreement is a big step

towards evaluating the true potential of the integrated Coimolache Sulphides/AntaKori copper-gold project. This

agreement allows, for the first time, the unconstrained evaluation of the potential of the Integrated Sulphide

Project, while also providing a pathway to completing a PEA. We look forward to working with Coimolache to

unlock value for all stakeholders of the Integrated Sulphide Project. ”

The AntaKori Project

The AntaKori project, located in Cajamarca, Peru , 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 . (see Table 1) . The AntaKori project is

immediately adjacent to and interfingered with mineral concessions owned by Coimolache (see Figure 1) . The

last mineral resource estimate on the AntaKori project was completed under a now -expired agreement with

Coimolache whereby Regulus could use a portion (but not all) of the Coimolache drill database to develop a

partially integrated resource estimate, but only report resources from the AntaKori claims. A total of 71,762.04 m

of drilling ( historical + Regulus) has been completed on the AntaKori project from 1997 -2022. Since the 2019

AntaKori resource estimate was completed, Regulus has completed 31,666.99 m of drilling on the AntaKori

project.

Table 1. AntaKori Project Mineral Resource Estimate

Resource

Category

Tonnes

(millions)

(%)

(g/t)

(B lbs)

(M oz)

Indicated 250 0.48 0.29 7.5 2.6 2.3 61

Inferred 267 0.41 0.26 7.8 2.4 2.2 67

Coimolache

Coimolache is a joint venture owned by Compañía de Minas Buenaventura S.A.A (“Buenaventura”) (40.1%),

Southern Copper Corporation (44.2%), and Espro S.A.C. (15.7%). The joint venture ’s active Tantahuatay gold-

silver oxide mine is operated by Buenaventura. Beneath and adjacent to the oxide mine , sits the Coimolache

Sulphides copper-gold project. Resources for the Coimolache Sulphides project can be found below in Table 2.

Table 2. Resource Estimate for Coimolache Sulphides from Buenaventura 2023 Investor Day

Mineral Resources – Open Pit

Tonnes

(kt)

(%)

(g/t)

(%)

Indicated 133,589 0.6 0.3 0.2

Infered 601,207 0.4 0.2 0.1

TOTAL 734,796 0.4 0.2 0.1

Mineral Resources - Underground

Tonnes

(kt)

(%)

(g/t)

(%)

Indicated 7,170 1.3 0.5 0.3

Infered 38,072 1.2 0.6 0.3

TOTAL 45,242 1.2 0.6 0.3

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project (and not the

Coimolache Sulphides 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: [email protected]

For further information, please contact:

Regulus Resources Inc.

Ben Cherrington

Tel: +1 347 394 2728

Email: [email protected]

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 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 – Location map of the AntaKori Project

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