REGULUS EXTENDS HIGH GRADE COPPER-GOLD MINERALIZATION TO THE NORTH AT THE ANTAKORI PROJECT, PERU

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1 REGULUS EXTENDS HIGH GRADE COPPER-GOLD MINERALIZATION TO THE NORTH AT THE ANTAKORI PROJECT, PERU metres with 1.16 Cu, 0.21 Au 8.4 Ag (1.39 CuEq) including 88.0 metres with 1.50 Cu, 0.38 Au 19.3 Ag (1.95 CuEq) 51.8 metres with 1.95 Cu, 0.49 Au 12.6 Ag (2.41 CuEq) in hle AK ; preceded by upper zne in same hle f metres with 0.53 Cu, 0.63 Au 12.1 Ag (1.09 CuEq) including metres with 2.46 Cu, 3.02 Au 37.9 Ag (4.96 CuEq) January 30, 2019, (Vancuver, BC) Regulus Resurces Inc. ("Regulus" r the "Cmpany", REG TSX.V) is pleased t annunce the results frm six additinal drill hles at the Cmpany s AntaKri cpper-gld-silver prject in nrthern Peru. The drilling campaign is underway in cllabratin with Cmpañía Minera Cimlache S.A. ( Cimlache r CMC ), the peratr f the Tantahuatay gld mine immediately t the suth f the AntaKri prject. Hles reprted in this news release are AK thrugh AK (see Figure 1). Results are nly reprted herein fr the prtins f the drill hles that ccur within Regulus cncessins. All f the hles encuntered significant mineralizatin with the mst ntable results frm hle AK alng the nrthern margin f drilling cmpleted t date. Highlights frm drill hles AK thrugh AK AntaKri Prject: AK : m with 0.53 Cu, 0.63 Au Ag (1.09 CuEq) frm m depth including m with 2.46 Cu, 3.02 Au Ag (4.96 CuEq) frm m depth Bth high-sulphidatin epithermal skarn with verprint f carbnate base metal intermediate sulphidatin veining m with 0.35 Cu, 0.14 Au Ag (0.54 CuEq) frm m depth Skarn mineralizatin m with 1.16 Cu, 0.21 Au 8.43 Ag (1.39 CuEq) frm m depth including m with 1.50 Cu, 0.38 Au Ag (1.95 CuEq) frm m depth m with 1.95 Cu, 0.49 Au Ag (2.41 CuEq) frm m depth m with 2.24 Cu, 0.15 Au 5.13 Ag (2.39 CuEq) frm m depth

2 55.55 m with 1.93 Cu, 0.09 Au 4.12 Ag (2.04 CuEq) frm m depth Well develped breccia in Farrat Frmatin quarzite that is cemented by pyrite, chalcpyrite, brnite, chalccite magnetite with minr late infilling f enargite tennantite. The rientatin f the breccia bdy is currently undetermined. This is the mst significant ccurrence f brnite encuntered t date at the prject. AK : m with 0.30 Cu, 0.16 Au 7.89 Ag (0.49 CuEq) frm m depth Predminantly as skarn m with 0.29 Cu, 0.12 Au 1.22 Ag (0.39 CuEq) frm m depth Zne f abundant prphyry dikes cutting skarn quartzite AK : m with 0.27 Cu, 0.37 Au Ag (0.63 CuEq) frm m depth Drilled frm same platfrm as AK AK but riented t nrth Mineralizatin is predminanty as skarn in underlying Cretaceus sedimentary sequence AK : m with 0.35 Cu, 0.17 Au 5.22 Ag (0.51 CuEq) frm m depth m with 0.43 Cu, 0.10 Au 2.62 Ag (0.52 CuEq) frm m depth The upper interval is predminantly skarn but the lwer interval is hsted in brecciated Farrat Frmatin quartzites with ntably higher cpper grades assciated with pyritechalcpyrite-brnite as fracture filling breccia matrix. AK : m with 0.18 Cu, 0.22 Au 8.92 Ag (0.42 CuEq) frm m depth m with 0.23 Cu, 0.11 Au 4.03 Ag (0.34 CuEq) frm m depth Drilled frm same platfrm as AK but at a mre shallw angle t the nrth Hle was lst prir t full target depth due t difficult drilling cnditins AK : m with 0.35 Cu, 0.34 Au 7.68 Ag (0.66 CuEq) frm m depth including m with 0.76 Cu, 0.91 Au 8.94 Ag (1.50 CuEq) frm m depth further including m with 1.63 Cu, 2.44 Au Ag (3.56 CuEq) frm m depth High-sulphidatin style mineralizatin in Micene vlcanic sequence t a depth f m with lw t mderate grade skarn belw Jhn Black, Chief Executive Officer f Regulus, cmmented as fllws: The AntaKri prject cntinues t cnsistently deliver encuraging drill results we are particularly pleased with the new zne f breccia-hsted high grade cpper mineralizatin in AK This batch f drill hles cncludes ur Phase 1 drilling prgram with a ttal f 20,332 m drilled n Regulus cncessins. The results frm the Phase 1 prgram will frm the basis fr the cmpletin f an updated NI mineral resurce estimate that is prgressing well scheduled fr cmpletin by the end f February. Drilling has cntinued directly int a Phase 2 prgram we will drill with 2 rigs until the end f the wet seasn in apprximately April at which time we will increase the rig cunt t allw fr the cmpletin f apprximately 25,000 m f additinal drilling in 2019.

3 Dr. Kevin B. Heather, Chief Gelgical Officer f Regulus, cmmented as fllws: The final results frm ur Phase 1 drill prgram at Antakri have highlighted tw imprtant factrs: (1) All 27 hles f the prgram intercepted mineralized rck which cnsidering the size scpe f ur drill prgram is a testament t the size f the AntaKri system, (2) I m particularly excited by the first ccurrence f significant amunts f breccia-hsted brnite with chalcpyrite within a significant high grade cpper interval in hle AK (suggesting that we are appraching the cre f the system). AK is the furthest nrthward hle drilled in this campaign the first hle t test the suthern margin f a distinct magnetic lw that may be assciated with an intrusive center. Our Phase 2 drill prgram will cntinue t test the nrthern extensin f the system which we believe will lead us t the cre f this extremely large system. The AntaKri system hsts tw principal styles f cpper-gld-silver sulphide mineralizatin: 1) mineralized skarn breccias (Cu-Au-Ag) within Cretaceus calcareus sedimentary rcks, likely assciated with as-yet undiscvered prphyry mineralizatin; 2) yunger, epithermal high-sulphidatin (HS) mineralizatin (Cu-Au-Ag-As) in verlying Micene vlcanic rcks breccias that hst the adjacent Tantahuatay heap-leach gld mine t the suth. The yunger high-sulphidatin mineralizatin is characterized by pyrite-enargite lcally verprints the earlier skarn mineralizatin (pyrite-chalcpyrite-magnetite), particularly alng the suthern part f the AntaKri system. Drill hles at AntaKri typically encunter the verlying Micene vlcanic rcks high-sulphidatin style mineralizatin prir t entering the Cretaceus sedimentary sequence skarn at depth. As the drilling prgresses t the nrth, the vlcanic rcks terminate, drill hles will cmmence directly in the skarn/prphyry envirnment within the Cretaceus sedimentary sequence (see Figures 2-5). AK thrugh AK were cllared t test Regulus mineral cncessins, within r near t the ftprint f the currently reprted AntaKri NI inferred mineral resurce f millin tnnes with 0.48 Cu, 0.36 Au 10.2 Ag (see Suthern Legacy news release f July 3 rd, 2012; Wilsn, 2012 psted t SEDAR under Suthern Legacy Minerals n August 21, 2012 ), t cnfirm extend the knwn, but nly partially delineated resurce. Discussin f results Table 1 belw prvides mre details regarding the mineralized intercepts encuntered in drill hles AK t AK The lcatins f the reprted drill hles are indicated n Figure 1. The design f the current drilling prgram is fr hles spaced n apprximately 150 m centres alng drill sectins riented at 045 degrees (SW-NE). Drill Hles AK AK were drilled frm the same platfrm but in ppsite directins n sectin line 1050NW (see figure 4). Bth hles tested an upper zne f Micene vlcanic rcks with assciated highsupphidatin epithermal mineraliztin befre entering int skarn mineralizatin at depths f m. The hles terminated in quartzite which is nrmally a pr hst at AntaKri but in hle AK the quartzite is brecciated lcally well-mineralized. Drill hles AK , AK , AK were all drilled frm the same platfrm as previusly reprted drill hle AK (see Regulus news release f Nvember 14, 2018). These hles cmplete a fan f hles n sectin 950NW (see figures 3 5) represent the nrthernmst drilling cmpleted t date in this drill prgram. The hles encuntered a thin zne f Micene vlcanic rcks t depths f m prir t entering int skarn mineralizatin within the underlying Cretaceus sedimentary sequence. Hle AK failed t reach target depth but hle AK was cmpleted t target depth extended deeper when a well mineralized breccia bdy was encuntered. The breccia is develped in Farrat Frmatin quartzite is cemented by pyrite-chalcpyrite-brnitechalccite with minr late infilling f enargite-tennantite. This is the mst significant ccurrence f brnite encuntered at AntaKri t date. The gemetry f the breccias bdy is very prly cnstrained at this time as this is the nly hle in which it has been intersected. The breccia varies in degree f develpment with blcks f less brecciated quartzite preserved within the verall bdy. The well brecciated prtins f the bdy shw lng runs with cpper mineralizatin cnsistently in the 1-4 range. The late infilling f enargite-tennantite mineralizatin results in mderate levels f arsenic (see Table 2 fr results) that are less that what ccurs in the high-sulphidatin mineralizatin within the verlying Micene vlcanic sequence but higher than skarn mineralizatin in the Cretaceus carbnate rcks.

4 All three f these hles shw lcal evidence f the late base metal carbnate style f mineralizatin that was previusly reprted frm drill hle AK This yunger mineralizatin event ccurs as irregular veins that verprint skarn mineralizatin are lcally incrprated as fragments in late breccias. It is prbably mre clsely related in age, but yunger than, the high-sulphidatin epithermal mineralizatin in the verlying Micene vlcanic rcks is characterized by high gld-silver cntents, elevated zinc-lead, lwer arsenic than the high-sulphidatin epithermal mineralizatin. Individual assay intervals can have very high grades with several intervals exceeding 10 Au in hles AK AK Individual assay intervals in hle AK cntain up t 27.7 Au ver an interval f 1.6m. Individual assays in hle AK cntain up t 28.4 Au Cu ver an interval f 0.9m. These high grade intervals are generally enclsed within brader znes f well mineralized rck. The fllwing tables shw the znes f higher grade mineralizatin with results frm individual samples cut t 10 Cu, 10 Au, 1000 Ag als t 5 Cu, 5 Au, 500 Ag t help evaluate the influence f the higher grade samples. AK m frm m Cu Au A Uncut values Cut t 10 Cu, 10 Au, 1000 Ag Cut t 5 Cu, 5 Au, 500 Ag AK m frm m Cu Au A Uncut values Cut t 10 Cu, 10 Au, 1000 Ag Cut t 5 Cu, 5 Au, 500 Ag Drill hle AK is lcated n sectin L500NW (see figure 2) tested the eastern margin f the currently defined mineralizatin at AntaKri. The hle encuntered high-sulphidatin mineralizatin in Micene vlcanic rcks t a depth f m prir t entering skarn mineralizatin in the underlying Cretaceus sequence (see tables 1 2 fr summary f mineralized intervals). At the base f the Micence vlcanic sequence there is a zne f higher grade mineralizatin frm m with several individual assay intervals that exceed 5 Au /r 5 Cu with grades up t 9.44 Au 6.22 Cu. The fllwing table shws the assay results frm this interval with results frm individual samples cut t 10 Cu, 10 Au, 1000 Ag als t 5 Cu, 5 Au, 500 Ag t help evaluate the influence f the higher-grade samples. AK m frm m Cu Au A Uncut values Cut t 10 Cu, 10 Au, 1000 Ag Cut t 5 Cu, 5 Au, 500 Ag Figures 2-5 shw representative gelgic crss sectins f fr hles AK thrugh AK Additinal sectins fr the ther hles reprted here frm previusly reprted hles can be fund n the Regulus website:

5 Drill Hle ID Table 1. AntaKri Hles AK Thrugh AK Results Frm T Cpper Gld Cu Eq Au Eq AK including Ttal depth Drill Hle ID Frm T Cpper Gld Cu Eq AK Nt within Regulus Cncessins - nt reprtable by Regulus Au Eq including including including Ttal depth Drill Hle ID Frm T Cpper Gld Cu Eq AK Nt within Regulus Cncessins - nt reprtable by Regulus Au Eq including Ttal depth Drill Hle ID Frm T Cpper Gld Cu Eq Au Eq AK including including Ttal depth

6 Drill Hle ID Frm T Cpper Gld Cu Eq AK Nt within Regulus Cncessins - nt reprtable by Regulus Au Eq including Ttal depth hle lst due t difficult grund cnditins Frm T Cpper Gld Drill Hle ID Cu Eq Au Eq AK including which includes Ttal depth hle lst due t difficult grund cnditins The grades are uncut. Cu Eq Au Eq values were calculated using cpper, gld silver. Metal prices utilized fr the calculatins are Cu US$2.25/lb, Au US$1,100/z, Ag US$14/z. All intervals presented abve cnsist f sulphide mineralizatin. N adjustments were made fr recvery as the prject is an early stage explratin prject metallurgical data t allw fr estimatin f recveries is nt yet available. The frmulas utilized t calculate equivalent values are Cu Eq () = Cu + (Au * ) + (Ag * ) Au Eq () = Au + (Cu * ) + (Ag * ). Drill Hle ID AK Table 2. AntaKri Hles AK Thrugh AK Results presented by Lithlgy/Alteratin Style. Frm T Cpper Gld Zinc As ppm Micene Vlcanic (HS) Micene Vlcanic (HS) Breccia Skarn Skarn Skarn/prphyry dikes prphyry dikes/qtzte prphyry dikes Drill Hle ID AK Frm T Cpper Gld Zinc As ppm Micene Vlcanic (HS) Skarn CBM veins Skarn Skarn Breccia/Quartzite Breccia Breccia

7 Breccia Breccia Breccia Breccia/Quartzite Drill Hle ID Frm T Cpper Gld Zinc As ppm AK Micene Vlcanic (HS) Skarn/breccia Skarn/breccia Drill Hle ID AK Frm T Cpper Gld Zinc As ppm Micene Vlcanic (HS) Micene Vlcanic (HS) Skarn Skarn Quartzite Quartzite Quartzite Drill Hle ID AK Frm T Cpper Gld Zinc As ppm Micene Vlcanic (HS) Skarn Skarn Drill Hle ID AK Frm T Cpper Gld Zinc As ppm Micene Vlcanic (HS) Micene Vlcanic (HS) Micene Vlcanic (HS) Micene Vlcanic (HS) Skarn The grades are uncut. HS = high-sulphidatin epithermal style mineralisatin. CBM = carbnate-base metal style epithermal mineralizatin. This table reprts the mineralized intervals based upn lithlgy demnstrates the ntable difference in arsenic cntent between highsulphidatin mineralizatin in the Micene vlcanic sequence (typically ppm As) the lwer cncentratins fund in the znes f skarn mineralizatin (typically ppm As). The true widths f the mineralized intervals reprted in Tables 1 2 are difficult t ascertain additinal drilling gelgic mdelling will be required t better cnstrain the gemetry f the mineralized znes. High-sulphidatin epithermal mineralizatin within the Micene vlcanic sequence is characterized by extensive znes f lw t mderate-grade disseminated fracture-cntrlled mineralizatin that enclse znes f higher grade mineralizatin

8 like that encuntered in hles AK AK as well as several ther drill hles. These higher grade znes cnsist f irregular pyrite-enargite veins, veinlets, pen space infilling that exhibit bth a subvertical structural cntrl a subhrizntal permeability r mant cntrl within the vlcanic sequence. The margins f the higher grade high-sulphidatin epithermal znes are generally nt sharp r planar in nature. Skarn style mineralizatin in the Cretaceus sedimentary sequence is mainly cntrlled by the subhrizntal stratigraphy reprted mineralized intercepts are prbably clse t true thicknesses as the drill hles are steeply inclined at degrees. In additin t high-sulphidatin epithermal skarn styles f mineralizatin the prject als exhibits znes f irregular veins veinlets f chalcpyrite-pyrite-anhydrite-quartz that are thught t be mre typical f prphyry cpper style mineralizatin likely ccurring as brad znes f stckwrk veining rather than distinct veins. This latter style f mineralizatin typically verprints skarn mineralizatin increases the verall grade. Mineralizatin at the AntaKri depsit als ccurs within breccias as bth mineralized fragments (pst-mineral breccias) r as infilling f vids within the breccia (pre-mineral breccias). Mineralizatin within breccias tends t be irregular but the majrity f the breccias bdies are subvertical planar in nature. Sampling Analytical Prcedures Regulus fllws systematic rigrus sampling analytical prtcls which meet exceed industry stards. These prtcls are summarized belw are available n the Regulus website at All drill hles are diamnd cre hles with PQ, HQ r NQ cre diameters. Drill cre is cllected at the drill site where recvery RQD (Rck Quality Designatin) measurements are taken befre the cre is transprted by truck t the Regulus cre lgging facility in Cajamarca, where it is phtgraphed gelgically lgged. The cre is then cut in half with a diamnd saw blade with half the sample retained in the cre bx fr future reference the ther half placed int a pre-labelled plastic bag, sealed with a plastic zip tie, identified with a unique sample number. The cre is typically sampled ver a 1 t 2 metre sample interval unless the gelgist determines the presence f an imprtant gelgical cntact. The bagged samples are then stred in a secure area pending shipment t a certified labratry sample preparatin facility. Samples are sent by batch t the ALS labratry in Lima fr assay. Regulus independently inserts certified cntrl stards, carse field blanks, duplicates int the sample stream t mnitr data quality. These stards are inserted blindly t the labratry in the sample sequence prir t departure frm the Regulus cre strage facilities. At the labratry samples are dried, crushed, pulverized then analyzed using a fire assay AA finish analysis fr gld a full multi-acid digestin with ICP-AES analysis fr ther elements. Samples with results that exceed maximum detectin values fr gld are re-analyzed by fire assay with a gravimetric finish ther elements f interest are re-analyzed using precise re-grade ICP analytical techniques. Fr Further Infrmatin, please cntact: Regulus Resurces Inc. Jhn E. Black, CEO / Directr Phne: mbile ffice jhn.black@regulusresurces.cm Abut Regulus Resurces Inc. the AntaKri Prject Regulus Resurces Inc. is an internatinal mineral explratin cmpany run by an experienced technical management team, with a prtfli f precius base metal explratin prperties lcated in Nrth Suth America. The principal prject held by Regulus is the AntaKri cpper-gld-silver prject in nrthern Peru. The AntaKri prject currently hsts an inferred mineral resurce f millin tnnes with a grade f 0.48 Cu, 0.36 Au 10.2 Ag based upn 17,950 m f drilling by previus peratrs (see Suthern Legacy Minerals press release f July 3 rd, Suthern Legacy Minerals the Cmpany entered int a business arrangement in 2014 kept the name Regulus Resurces Inc.). Mineralizatin remains pen in mst directins drilling is currently underway t cnfirm increase the size f the resurce. Fr further infrmatin n Regulus Resurces Inc., please cnsult ur website at

9 Qualified Persn The scientific technical data cntained in this news release pertaining t the AntaKri prject has been reviewed apprved by Dr. Stewart D. Redwd, BSc (Hns), PhD, FIMMM, FGS, Cnsulting Gelgist - AntaKri Prject, wh serves as the qualified persn (QP) under the definitins f Natinal Instrument Neither the TSX Venture Exchange nr its Regulatin Services Prvider (as that term is defined in plicies f the TSX Venture Exchange) accepts respnsibility fr the adequacy r accuracy f this release. Frward Lking Infrmatin Certain statements regarding Regulus, including management's assessment f future plans peratins, may cnstitute frward-lking statements under applicable securities laws necessarily invlve knwn unknwn risks uncertainties, mst f which are beynd Regulus' cntrl. Often, but nt always, frward-lking statements r infrmatin can be identified by the use f wrds such as "plans", "expects" r "des nt expect", "is expected", "budget", "scheduled", "estimates", "frecasts", "intends", "anticipates" r "des nt anticipate" r "believes" r variatins f such wrds phrases r statements that certain actins, events r results "may", "culd", "wuld", "might" r "will" be taken, ccur r be achieved. Specifically, withut limitatin, all statements included in this press release that address activities, events r develpments that Regulus expects r anticipates will r may ccur in the future, including the prpsed explratin develpment f the AntaKri prject described herein, the cmpletin f the anticipated drilling prgram, the cmpletin f an updated NI resurce estimate management's assessment f future plans peratins statements with respect t the cmpletin f the anticipated explratin develpment prgrams, may cnstitute frward-lking statements under applicable securities laws necessarily invlve knwn unknwn risks uncertainties, mst f which are beynd Regulus' cntrl. These risks may cause actual financial perating results, perfrmance, levels f activity achievements t differ materially frm thse expressed in, r implied by, such frward-lking statements. Althugh Regulus believes that the expectatins represented in such frward-lking statements are reasnable, there can be n assurance that such expectatins will prve t be crrect. The frward lking statements cntained in this press release are made as f the date heref Regulus des nt undertake any bligatin t publicly update r revise any frward-lking statements r infrmatin, whether as a result f new infrmatin, future events r therwise, unless s required by applicable securities law.

10 Figure 1. Drill hle lcatin map AntaKri Prject. The current Regulus drilling prgram is highlighted. Sectin lines L500NW, L950NW, L1050NW L758,000E are shwn in Figures 2 t 5. A full set f sectins lines fr drilling reprted t date is available n the Regulus website Figure 2. Schematic gelgic crss sectin L500NW indicating prjected lcatin results f AK

11 Figure 3. Schematic gelgic crss sectin L950NW indicating prjected lcatin results f AK AK Figure 4. Schematic gelgic crss sectin L1050NW indicating prjected lcatin results f AK AK

12 Figure 5. Schematic gelgic crss sectin L1150W indicating prjected lcatin results f AK