Mr. John Black reports

REGULUS REPORTS POSITIVE NUTON(TM) TECHNOLOGIES EXTRACTION RATES ON ANTAKORI MINERALIZATION FROM PHASE ONE PROGRAM

Regulus Resources Inc. has released positive extraction rates on mineralization from the AntaKori property, using Nuton technologies as part of a phase 1 sulphide leach program with Nuton LLC, a Rio Tinto venture.

Highlights:

• Copper extraction rates up to 95 per cent for samples from high-sulphidation mineralization;
• Copper extraction rates up to 85 per cent for samples from skarn-style mineralization;
• Copper extraction rates up to 75 per cent for samples from breccia/porphyry-style mineralization range;
• Nuton and Regulus have defined the phase 2 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 2 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 (two samples), AK-18-028, AK-19-034, AK-18-016, AK-18-013, AK-18-014, AK-19-034 (two samples) and AK-19-026. 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. Composite samples were then placed into shaker flasks under a variety of test conditions to evaluate amenability to sulphide leaching. It should be noted that recoveries achieved on these small-scale tests 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 2 sulphide leach program

The phase 2 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 have 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.

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 per cent copper, 0.29 gram per tonne gold and 7.5 g/t silver and inferred mineral resources of 267 million tonnes with a grade of 0.41 per cent Cu, 0.26 g/t Au and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru) SA, a Wood company, titled "AntaKori Project, Cajamarca Province, Peru, NI 43-101 Technical Report," dated Feb. 22, 2019 -- see news release dated March 1, 2019). Mineralization remains open in most directions.

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