Mr. John Black reports

REGULUS SIGNS COLLABORATION AGREEMENT WITH COMPANIA MINERA COIMOLACHE S.A. TO EVALUATE THE INTEGRATED COIMOLACHE SULPHIDES/ANTAKORI COPPER-GOLD PROJECT

Regulus Resources Inc. has entered into a collaboration agreement with Compania Minera Coimolache SA to evaluate the viability of an integrated Coimolache sulphides/AntaKori copper-gold 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 per cent and Coimolache paying 50 per cent. 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 per cent copper, 0.29 gram per tonne gold and 7.5 grams per tonne silver and inferred mineral resources of 267 million tonnes with a grade of 0.41 per cent copper, 0.26 gram per tonne gold and 7.8 grams per tonne silver (see attached table). The AntaKori project is immediately adjacent to and interfingered with mineral concessions owned by Coimolache. 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 metres of drilling (historical plus Regulus) have been completed on the AntaKori project from 1997 to 2022. Since the 2019 AntaKori resource estimate was completed, Regulus has completed 31,666.99 metres of drilling on the AntaKori project.

Coimolache

Coimolache is a joint venture owned by Compania de Minas Buenaventura SAA (40.1 per cent), Southern Copper Corp. (44.2 per cent) and Espro SAC (15.7 per cent). The joint venture's active Tantahuatay gold-silver oxide mine is operated by Buenaventura. Beneath and adjacent to the oxide mine sits the Coimolache sulphide copper-gold project. Resources for the Coimolache sulphide project can be found in an attached table.

Qualified person

The scientific and technical data contained in this news release pertaining to the AntaKori project (and not the Coimolache sulphide project) have been reviewed and approved by Dr. Kevin B. Heather, chief geological officer, FAusIMM, who serves as the qualified person under the definition of National Instrument 43-101.

About Regulus Resources Inc.

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 grams per tonne silver and inferred mineral resources of 267 million tonnes with a grade of 0.41 per cent copper, 0.26 gram per tonne gold and 7.8 grams per tonne silver (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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