Regulus Resources Inc. provided an update on its exploration activities and ongoing community initiatives at the AntaKori copper-gold project in Cajamarca, Peru. With a substantial resource already defined, the Company is reviewing various pathways to unlock value at the AntaKori deposit. Management currently believes the best pathway forward is to integrate the AntaKori deposit with the neighbouring Tantahuatay Mine and sulphide project.

As the Company actively pursues these opportunities, work continues on several fronts to set the stage for development of the project in the most efficient and profitable manner for the benefit of all stakeholders. Exploration and Development Activities The collaborative program with Nuton LLC, a Rio Tinto venture ("Nuton"), to evaluate primary copper sulphide and sulfosalt leaching is progressing well. The NutonTM technologies have the potential to process arsenic-bearing copper sulphides and sulfosalts with less impact on the environment and water resources than traditional concentrator processing.

The Company, working in collaboration with Nuton, has identified that the best pathway to provide near-term samples for Phase 2 column test work is to utilize the existing core the Company has stored in its warehouse. This means the Company can deliver samples to Nuton in the near-term instead of waiting for drilling to be completed. The Company plans to ship core samples to Nuton in Q3-2023 with complete Phase 2 column test results expected in approximately one year.

This will result in significant cost savings for the Company as it means there is no requirement in the near-term to complete new drill holes specifically for metallurgical testing. Additionally, the Company has been actively completing a geological mapping and surface geochemical sampling program on its northern claims, where 155 samples have been collected and sent to the laboratory for full geochemical analysis. This program was initiated to better understand the potential to extend mineralization to the north of the main AntaKori resource and the recently completed drilling.

This program was completed on the GF Claims, 100% owned Regulus claims and claims owned by the Regulus/Buenaventura joint venture where Regulus has a 70% interest. The Company is also evaluating opportunities to develop an exploration decline into the main AntaKori resource. The purpose of this decline would be to assist with potential future bulk sampling for metallurgical test work, as well as easier and more affordable access for future definition drilling of the existing AntaKori resource.

Community Initiatives Regulus has accelerated its long-term involvement in the local community and environmental projects that benefit all stakeholders in the areas surrounding the AntaKori project, as the Company continues to advance and de-risk the project for future development. These programs, which will provide significant opportunities for the people of Cajamarca, include: The installation and technical support of satellite internet antennas, which provide fast and reliable internet access to children and teachers at various educational facilities in areas of Chugur and Hualgayoc that previously lacked connectivity; Initiatives to stimulate agricultural production with landowners in the vicinity of the AntaKori project, including livestock projects, guinea pig breeding, and the optimization of milk production, all with the aim of generating sustainable economic opportunities for the local population. The improvement and conservation of forage and vaccination campaigns in the dairy cattle-raising district of Chugur have been particularly successful - a project that will benefit over 500 families from the 14 villages in the sphere of influence of the AntaKori project, by increasing pasture production by more than 30%, which has downstream benefits of improving the quantity and quality of dairy products made in the region, and the construction and inauguration of a town square in El Chencho, financed by Regulus in a joint venture with the NGO Prodia.