Mr. John Black reports

ALDEBARAN ANNOUNCES ADDITIONAL STRATEGIC INVESTMENT FROM SOUTH32 AS PART OF A C$17.5 M FINANCING

Aldebaran Resources Inc. has arranged a $17,468,604 non-brokered private placement, led by investments from a wholly owned subsidiary of South32 Ltd. and Route One Investment Company LLC. The private placement will be structured in two tranches.

Highlights:

• In the first tranche, South32 will acquire 8,528,756 common shares at $1.01 per common share to increase its interest in the company from 9.9 per cent to approximately 14.8 per cent.
• In the second tranche:
  • Route One will acquire 8.2 million common shares at 88 cents each;
  • South32 will acquire 1,462,000 common shares at 88 cents each;
  • Management will acquire 400,000 common shares at 88 cents each.
• Proceeds from the private placement will be used to advance the Altar copper-gold project located in San Juan, Argentina, and for general corporate purposes.

John Black, chief executive officer of Aldebaran, commented as follows: "We are pleased to see South32 increase their interest in Aldebaran and have the continued support of Route One. This financing will put us in a strong position to execute an aggressive 2023/2024 field program on the Altar project."

In connection with the first tranche, there will be no change to South32's rights that were granted as part of its initial investment in the company (see news release dated July 20, 2022), including its customary anti-dilution rights and its right to nominate a director to the Aldebaran board of directors if it obtains a 12.5 per cent equity interest in the company.

Route One is a control person of the company. Accordingly, the participation of management and Route One in the private placement constitutes a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the formal valuation and minority approval requirement under MI 61-101, as the fair market value of insider participation in the private placement does not exceed more than 25 per cent of the market capitalization of the company, as set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101.

The company will not file a material change report more than 21 days before the expected closing date of the private placement, as the details of the private placement were not finalized until July 31, 2023, and the company wishes to close the private placement as soon as practicable.

Closing of this financing is expected to occur in August, 2023, and is subject to various conditions, including approval of the TSX Venture Exchange. No finder's fee is payable in connection with this financing.

About Aldebaran Resources Inc.

Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran has the right to earn up to an 80-per-cent interest in the Altar copper-gold project in San Juan province, Argentina, from Sibanye Stillwater Ltd. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachon (Glencore) and Los Azules (McEwen Copper). In March, 2021, the company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020 (independent technical report prepared by Independent Mining Consultants, Tucson, Ariz., titled "Technical Report, Estimated Mineral Resources, Altar Project, San Juan Province, Argentina," dated March 22, 2021 -- see news release dated March 22, 2021).

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