Mr. John Black reports

ALDEBARAN UPSIZES PREVIOUSLY ANNOUNCED FINANCING TO $20.1 M

Aldebaran Resources Inc. has increased the size of its previously announced non-brokered private placement from $17,468,604 to $19,228,604. Upon closing of the private placement, the company will issue 8,528,756 common shares at $1.01 per common share and 1,962,000 common shares at 88 cents per common share to a wholly owned subsidiary of South32 Ltd. The company will issue a total of 10.1 million common shares at 88 cents per common share to Route One Investment Company LLC and to management of the company.

In addition, the company is pleased to announce a concurrent non-brokered private placement financing of up to one million common shares at a price of 88 cents per common share pursuant to the listed issuer financing exemption (the LIFE financing). The company expects to raise gross proceeds of $880,000 under the LIFE financing.

There is an offering document related to the LIFE financing that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The company expects to raise aggregate gross proceeds of up to $20,108,604 under the private placement and LIFE financing. Net proceeds from the private placement and the LIFE financing will be used to advance the Altar copper-gold project located in San Juan, Argentina, and for general corporate purposes. Both the private placement and the LIFE financing are expected to close in September, 2023, subject to various conditions, including approval of the TSX Venture Exchange. No finder's fee is payable in connection with the private placement. The company may pay registrants and eligible finders who introduce investors that participate in the LIFE financing a cash commission of 4 per cent of gross proceeds raised from investors introduced by such registrants or finders.

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 Sept. 6, 2023, and the company wishes to close the private placement as soon as practicable.

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 a 60-per-cent interest in the Altar copper-gold project in San Juan province, Argentina, and has the right to earn up to an 80-per-cent interest in the project 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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