Regulus Resources Inc. (TSX-V: REG) (OTCQX: RGLSF) is pleased to announce it has completed its previously announced non-brokered private placement of 22,658,974 common shares at a price of $1.02 per Common Share for total gross proceeds of C$23,112,153, led by a strategic investment from Nuton LLC, a Rio Tinto Venture (see news releases dated December 22, 2022 and January 20, 2023).

Nuton acquired 20,058,974 Common Shares for total proceeds of C$20,460,153. Route One Investment Company LLC, Regulus’ largest shareholder, has participated in the Private Placement and acquired 2,600,000 Common Shares for total proceeds of C$2,652,000.

Regulus intends to use the funds to advance the AntaKori project and for general corporate purposes.

In accordance with applicable Canadian securities laws, the Common Shares issued pursuant to the Private Placement will be subject to a four (4) month hold period ending May 28, 2023. The Offering remains subject to final approval from the TSX Venture Exchange.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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