Regulus Resources Inc. report the remaining drilling results from its phase two drilling program at the AntaKori copper-gold project in Peru. Reported herein are the final seven drill holes from the 2022 drill program, AK-22-053 through AK-22-059. Holes AK-22-053 and AK-22-055 were designed to test portions of the Colquirrumi claims (currently owned by Buenaventura) where Regulus can earn up to a 70% interest in the claims by completing 7,500 m of drilling.

With this drilling, the threshold has been met and Regulus has notified Buenaventura. Buenaventura now has a one-time right until February 22, 2023, to either give Regulus a 70% interest in the claims or give Regulus a 30% interest in the claims and a cash payment of USD 9 million. If Regulus receives a 30% interest, it still retains open-pit layback rights on the Colquirrumi claims. Holes AK-22-054, AK-22-057 and AK-22-059 were designed to expand the mineralized footprint of the AntaKori deposit to the north and east of current drilling.

Holes AK-22-056 and AK-22-058 were designed to fill in a gap in the current resource. Holes AK-22-053 and AK-22-055 These holes were designed to test the Colquirrumi claims to the east of currently defined mineralization and to complete meterage towards the earn-in agreement Regulus has now completed all the necessary drilling on the Colquirrumi claims to trigger the earn-in. Buenaventura has until February 22, 2023 to decide as to whether they will give Regulus a 70% interest in the claims or claw-back by giving Regulus a 30% interest in the claims and paying USD 9 million.

Mineralization was relatively weak in both holes. Hole AK-22-054 128.15 m of 0.08% Cu, 0.30 g/t Au and 3.87 g/t Ag from 383.15 m depth 87.68 m of 0.34% Cu, 0.41 g/t Au and 8.62 g/t Ag from 541.10 m depth 80.49 m of 0.22% Cu, 0.18 g/t Au and 2.98 g/t Ag from 663.74 m depth 68.00 m of 0.20% Cu, 0.08 g/t Au and 1.32 g/t Ag from 827.00 m depth Hole 54 extended the mineralized footprint significantly to the north of existing resources and opened an area for future drilling Hole AK-22-056 403.55 m of 0.25% Cu, 0.18 g/t Au and 7.38 g/t Ag from 118.75 m depth 323.25 m of 0.49% Cu, 0.11 g/t Au and 6.30 g/t Ag from 811.75 m depth Including 109.65 m of 0.71% Cu, 0.15 g/t Au and 4.08 g/t Ag from 935.00 m depth The hole ended in mineralization Hole 56 returned multiple long runs of mineralization similar to previously completed holes to the east and west Hole AK-22-057 87.50 m of 0.11% Cu, 0.23 g/t Au and 3.26 g/t Ag from 180.30 m depth 65.20 m of 0.19% Cu, 0.10 g/t Au and 3.86 g/t Ag from 308.70 m depth Hole 57 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the project Hole AK-22-058 240.55 m of 0.38% Cu, 0.26 g/t Au and 7.05 g/t Ag from 388.95 m depth Including 185.05 m of 0.44% Cu, 0.26 g/t Au and 6.97 g/t Ag from 444.45 m depth Hole 58 interested mineralization as expected with similar grades to drilling completed to the east and west Hole AK-22-059 26.50 m of 0.18% Cu, 0.66 g/t Au and 8.34 g/t Ag from 317.70 m depth Similar to Hole 57, Hole 59 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the project. Hole AK-22-053 Drill hole AK-22-053 was drilled to the NE at an azimuth of 33 degrees and an inclination of -85 degrees and was collared in Colquirrumi mineral concessions approximately 540 m southeast of AK-22-052.

From 2.2 m to 172.45 m the hole intercepted the coarse-grained porphyry rocks of the San Miguel Diorite before transitioning to calcareous rocks of the Chulec formation. From 172.45 m to 648.62 m the Chulec Formation consists of massive and banded marble with traces of prograde skarn alteration and mineralization. From 648.62 m to 727.40 m (end of hole) the hole passes through a mix of hornfels and semi massive skarn intervals in the fine-grained sedimentary rocks of the Inca formation.

Mineralization is relatively weak throughout the hole. Hole AK-22-054 Drill hole AK-22-054 was drilled to the NE at an azimuth of 38 degrees and an inclination of -70 degrees and was collared in Regulus mineral concessions in the same drill pad as AK-22-052. From 3.0 m to 537.65 m, the hole intersected calcareous rocks of the Chulec formation.

From 3.0 m to 99.85 m the Chulec Formation displays a mix of massive marble beds with weak prograde skarn alteration and mineralization. From 99.85 m to 221.50 m the hole intersected a mix of well-developed prograde skarn intervals and massive marble horizons. From 221.50 m to 353.10 m the hole continues with a mix of both prograde and retrograde skarn alteration and mineralization, both getting stronger with depth.

From 353.10 m to 427.78 m the hole intersected a mix of prograde/retrograde skarn mineralization and alteration and milled-matrix skarn breccias. From 427.78 m to 537.65 m the hole continues through massive prograde/retrograde skarn alteration and mineralization with some hornfels horizons, both styles of mineralization getting stronger with depth. At 537.65 m the hole transitions to the fine-grained sedimentary rocks of the Inca Formation, which continues until 613.65 m. The Inca Formation displays weak to strong retrograde skarn alteration and mineralization intermixed with horizons of massive hornfels.

From 613.65 m to 941.10 m (end of hole) the hole intersected quartzites of the Farrat Formation. The Farrat Formation is locally intersected by porphyry dykes and displays crackled breccias associated with intense pyrite veining. Hole AK-22-055 Drill hole AK-22-055 was drilled to the SW at an azimuth of 213 degrees and an inclination of -77 degrees and was collared in Colquirrumi mineral concessions in the same pad as AK-22-053.

From 4.05 m to 87.20 m the hole intercepted the coarse-grained porphyry rocks of the San Miguel Diorite before transitioning to calcareous rocks of the Chulec formation. The hole stays in the Chulec formation until 405.70 m depth. From 87.20 m to 267.40 m the hole intersects a mix of massive marble and prograde skarn alteration and mineralization.

From 267.40 m to 485.20 m the hole intersected a mix of hornfels and massive retrograde skarn alteration and mineralization. From 485.20 m to 825.00 m (end of hole), the hole intercepted quartzites of the Farrat Formation. Mineralization is relatively weak throughout the hole.

Hole AK-22-056 Drill hole AK-22-048 was drilled to the SE at an azimuth of 215 degrees and an inclination of -70 degrees and was collared on the same drill hole pad as AK-21-046, AK-22-048 and AK-22-049. From 10.53 m to 34.60 m the hole intersects a subvolcanic intrusion before transitioning to calcareous rocks of the Chulec Formation. The hole stays in Chulec Formation until 408.27 m depth.

From 34.60 m to 121.10 m the hole intersected a mix of hornfels and massive prograde/retrograde skarn alteration and mineralization.