Vancouver, British Columbia–(Newsfile Corp. – January 30, 2024) – Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) (“Lion CG” or the “Company“) is pleased to announce the positive results of a Preliminary Economic Assessment (“PEA“) on its Yerington Copper Project (“Project“) located in Lyon County, Nevada. The PEA envisions an open pit mining strategy followed by a heap leach operation, enhanced by the application of Rio Tinto’s Nuton technologies to process primary sulfide copper materials.

Given the multitude of advantages offered by Nuton compared to conventional sulfide processing, it serves as the Project’s preferred and foundational approach, forming the cornerstone of this PEA. The PEA was completed with funding in accordance with the agreement between the Company and Nuton LLC (“Nuton“), a wholly-owned subsidiary of Rio Tinto (see news release dated January 5, 2023).

A technical report on the PEA, prepared in accordance with the requirements set forth by Canadian National Instrument 43-101 (“NI 43-101“) and subpart 1300 of Regulation S-K under U.S. rules, will be filed by the Company on SEDAR+ and on the SEC website within 45 days of this news release. All currency references in this news release and the PEA are in U.S. Dollars.

Highlights:

• Post-tax NPV7% of $356 million and IRR of 17.4%, calculated at a copper price of $3.85/lb (Table 1)
• Utilization of cutting-edge Nuton technologies for recovering cathode copper from primary sulfide materials, negating the need for concentrator, tailings impoundment and smelter operations
• 12-year open pit mine life encompassing operations at Yerington and MacArthur, with projected lifetime copper (Cu) production of 1.4 billion pounds, averaging 117 million pounds per year
• Initial capital expenditure (“CAPEX”) of $413 million including all mine pre-production costs, with sustaining capital of $653 million
• Post-tax payback period of 5.0 years
• Average cash operating costs of $2.20/lb copper payable
• Cumulative cashflow of $1.00 billion post-tax and $1.24 billion pre-tax on base case assumptions
• Exceptionally low overall open pit strip ratio at 0.3:1.0 (waste:feed)
• Synergistic co-location of processing facilities within a single legacy-affected site, servicing both the Yerington Mine and the MacArthur Mine, effectively minimizing environmental impacts in the region
• Dewatering of the Yerington pit lake, involving the pumping of approximately 43,000 acre-feet of water at a cost of $50 million, which not only facilitates pit expansion but also unlocks water for alternative beneficial use in Mason Valley

Travis Naugle, CEO and co-chairman of Lion CG, states, “We are very pleased with the results of this Preliminary Economic Assessment, which outlines a compelling path forward for advancing the integrated Yerington Copper Project. The projected economics showcase the tremendous value that can be unlocked by adopting an innovative and sustainable approach centered around Nuton technologies for primary sulfide processing. We are dedicated to advancing the Yerington Copper Project in a positive manner that prioritizes environmental stewardship, water conservation, and benefits for tribal and local communities. The minimal footprint of our optimized strategy, with its consolidated infrastructure sited within the brownfield Yerington area, exemplifies our commitment to sustainable development that benefits all stakeholders. This PEA marks an important milestone, and we look forward to advancing the Yerington Copper Project with Nuton in a manner aligned with our ethos of creating shared value.”

Project Overview

The Yerington Copper Project PEA merges the Yerington and MacArthur projects into a cohesive, integrated mining operation. The development strategy begins with the reprocessing of legacy rock stockpiles and tailings at the Yerington Mine, followed by mining activities within the base of the legacy Yerington pit once the pit has been dewatered.

To facilitate the processing of primary sulfide and oxide materials, these materials will be mined and transported to separate lined heap leach pads to be located at the legacy Yerington Mine. The leaching process will utilize sulfuric acid delivered via rail from a reputable regional supplier.

The leaching process at the Yerington Mine benefits from the application of Nuton technologies, delivering copper recoveries from sulfide materials reaching 74%. This enhanced leaching method, powered by Nuton technologies, also beneficially eliminates the necessity for a concentrator, tailings impoundment and resource-intense smelter operations.

The resulting copper-rich leach solutions, sourced from both the sulfide and oxide Heap Leach Facilities (“HLFs“), will be collected and routed to a single solvent extraction and electrowinning (“SX-EW“) plant and culminating with the on-site production of LME Grade A cathode copper.

In a subsequent phase of operations, the MacArthur Mine will complement the continued activity at the Yerington Mine, focusing on the extraction of oxide material. The oxide material from the MacArthur Mine will be transported by conveyor to the oxide HLF to be located at the legacy-affected Yerington Mine, utilizing the existing infrastructure set up during the initial Yerington phase.

The Yerington Mine spans a legacy-affected site situated on a combination of private and public (unpatented) mining claims administered by the Bureau of Land Management (“BLM“), while the MacArthur Mine is exclusively on BLM lands. As such, the Project falls under federal jurisdiction, necessitating compliance with Mine Plan of Operations and Reclamation Plan Permit Application requirements, along with other supporting studies, all subject to analysis under the National Environmental Protection Act. Furthermore, prior to commencing mining activities, other State and local permits will also be required.

A New Vision for the Yerington Copper Project

We are unwavering in our dedication to the development of the Yerington Copper Project, a commitment deeply rooted in an awareness of the environmental, water conservation, and tribal and social context within which we operate. From the inception of this venture, our guiding principle has been to minimize our footprint while maximizing the positive outcomes for the tribal and other communities living in proximity to the Yerington Copper Project. This ethos remains the bedrock of our core operating values.

The strategic alliance with Nuton LLC, a Rio Tinto Venture, as both a technology provider and earn-in partner is a testament to our Project’s aspiration to serve as a catalyst for positive change in the Mason Valley. This collaboration strengthens our resolve to realize a sustainable and responsible future.

Traditionally, the processing of primary sulfide copper resources has necessitated a resource-intensive route, involving concentrators, long-route transportation and smelter operations. This approach incurs substantial demands on water, land and power resources, often entailing intricate global supply chains and significant capital expenditure. In contrast, the heart of our Project lies in the utilization of Rio Tinto’s innovative Nuton technologies – a proprietary catalytic bio-heap leaching innovation. Nuton technologies are being evaluated to enable the unlocking of primary sulfide copper resources in a more cost-efficient, environmentally friendly manner, and affording the unique opportunity to produce copper cathode on-site for domestic consumption. The technologies also eliminate the need for permitting, constructing and managing a tailing storage facility, thereby mitigating associated costs and risks.

Beyond the environmental merits inherent in the adoption of Nuton technologies, we have undertaken comprehensive trade-off studies to enhance both the positive societal and environmental impacts of our endeavor. These studies underscore our commitment to prioritizing long-term value over short-term financial metrics. For a comprehensive understanding of our approach, please consult the complete PEA Technical Report.

We are deeply committed to transparent and continual communication with all stakeholders who stand to be affected by the Yerington Copper Project. We pledge to share project updates as they evolve, ensuring that stakeholders can form informed and fact-based opinions about our initiatives. Stakeholder engagement remains a pivotal element as we progress with the Project, and our ultimate objective is to advance this important endeavor with the full involvement of the community and stakeholders alike, while keeping the end goal in sight.

Financial Analysis

The base case copper price of $3.85/lb Cu generates a post-tax net present value (“NPV“) of $356 million at a discount rate of 7% and Internal Rate of Return (“IRR“) of 17.4%. Capital payback after tax is 5.0 years. Before taxes, the Project NPV (7%) is $482 million with an IRR of 20.3% and payback of 4.7 years.

Table 1: Yerington Copper Project Analysis

Parameter		Units	Pre-Tax	Post-Tax
Copper Price		$US/lb	3.85
Economic Indicators
Net Present Value (7%)		$US M	482	356
IRR		%	20.3	17.4
Payback Period		Years	4.7	5.0
Copper Revenue less Royalties		$US M	5,297	5,297
Total Operating Cost		$US M	2,987	2,987
Life of Mine Capital Cost		$US M	1,067	1,067
Net Taxes		$US M	–	243
Net Cash Flow		$US M	1,244	1,001
Cash Costs		$US/lb payable	2.20	2.37
AISC		$US/lb payable	2.96
Copper – Payable		Mlb	1,402
Mine Life		Years	12
Operating Costs
		$US M	$/t Feed	$/lb payable
Open Pit Mining		1,254	2.79	0.90
Processing		1,501	3.55	1.15
G & A		67	0.30	0.10
Total		2,823	6.63	2.14
Capital Costs
Initial Capital		$US M	413
Sustaining Capital		$US M	653
Total Capital		$US M	1,066
		$/lb payable	0.76
Production Summary
		Yerington Area	MacArthur Area	Total
Heap Feed	Mtons	246.1	204.2	450.4
Copper Grade	%	0.24	0.18	0.21
Waste	Mtons	78.2	58.6	136.8
Strip Ratio	W:F	0.32	0.29	0.30
Copper Pounds (millions)	In situ	1,298.8	831.5	2,130.3
	Recovered	861.2	547.4	1,408.6

The Project generates cumulative cashflow of $1.00 billion on a post-tax basis and $1.24 billion pre-tax with the base copper price of $3.85/lb.

Table 2 below shows the sensitivity of the base case Project economics to the copper price on a pre-tax and post-tax basis.

Table 2: Yerington Copper Project – Sensitivity to Copper Price

Copper Price $US/lb	$3.08	$3.47	$3.85	$4.24	$4.62	$5.00
Variance	-20%	-10%	Base	10%	20%	30%
Pre-tax
NPV @7% $M	-$89.8	$201	$482	$771	$1,051	$1,332
IRR	3.7%	13.2%	20.3%	26.5%	31.8%	36.7%
Post-tax
NPV @7% $M	-$129	$122	$356	$589	$812	$1,035
IRR	2.1%	11.0%	17.4%	22.9%	27.6%	32.0%

The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Capital and Operating Costs

The capital and operating cost estimates for the Project are summarized below. Initial CAPEX is $413 million and Sustaining CAPEX over the life of the mine is an additional $653 million. All in Sustaining Cost (“AISC“) is $2.87/lb Cu.

Table 3: Yerington Copper Project Capital Cost Estimate

Area	Initial Capital (M$)	Sustaining Capital (M$)	Total Capital (M$)
Open Pit Mining	74.5	93.7	168.2
Processing	72.7	184.3	257.0
Infrastructure	118.1	178.8	296.8
Dewatering	45.0	4.8	49.7
Environmental	7.0	42.5	49.5
Indirects	35.5	51.0	86.5
Contingency	60.8	98.1	158.8
Total	413.4	653.1	1,066.5

Table 4: Yerington Copper Project Operating Costs – Life of Mine

Area	Life of Mine ($/t moved)	Life of Mine ($/t process feed)	Life of Mine ($/lb copper payable)
Open Pit Mining	2.14	2.79	0.90
Processing		3.55	1.15
G&A		0.30	0.10
Total Operating Cost		6.63	2.14

Mining

The Mineral Resource for the Project includes the Yerington Deposit, W-3 Stockpile, Vat Leach Tailings (“VLT“) and the MacArthur Deposit. The mine schedule for open pit mining totals 450 Mtons of heap leach feed grading 0.21% copper over a processing life of just over 12 years. The sulfide tonnage of 148.5 Mtons grading 0.29% TCu will be crushed and agglomerated before placement on the heap leach pad, while the remaining 301.9 Mtons at 0.18% TCu will be placed in a separate oxide HLF. Waste rock from open pit operations totals 136.8 Mtons and will be placed into waste storage facilities adjacent to the open pits. The overall open pit strip ratio is very low compared to other mining operations, at 0.3:1.0 (waste:feed).

Metallurgy & Processing

Extensive hydrometallurgical testing has examined both the Yerington and MacArthur materials. This valuation encompasses full-scale production data from Arimetco Inc’s legacy heap leach operations and multiple iterations of laboratory testing focused on the MacArthur material. The PEA Technical Report provides a detailed account of these operations and testing outcomes.

In early 2022, Nuton embarked on an analysis of the Yerington and MacArthur rock types. The initial emphasis was placed on assessing the MacArthur and Yerington legacy residuals, as well as fresh material, to ascertain the compatibility of Nuton technologies for copper recovery from primary copper sulfide minerals, including chalcopyrite. It has become evident that the technologies are well-suited for processing Yerington primary sulfide rock types, demonstrating recoveries that reach a projected copper recovery rate of over 74%. The metallurgical recovery estimates for the Project are provided in the table below, recognizing that these preliminary figures are subject to refinement as additional data becomes available. The Nuton test work remains ongoing and the quality is expected to improve, leveraging preliminary data and optimization of operational parameters. Further testing of Nuton technologies is slated to confirm metallurgical performance through replicate trials, with completion anticipated in 2024.

Table 5: Yerington – MacArthur Recovery Projections by Processing Method

Deposit	Heap Material Type	Pit Phase	TCu Recovery	Notes:
MacArthur	Oxide	MacArthur	82%	Sized to 6″ minus
		Gallagher	54%	Sized to 6″ minus
		North Area	53%	Sized to 6″ minus
Yerington	Oxide	Yerington	70%	ROM
		W3	68%	ROM
		VLT	75%	ROM
	Sulfide-Nuton	Yerington	74%	Tertiary Crushed Agglomerated Conveyor Stacked: Nuton Process

Two separate heap leach facilities will be utilized for the generation of copper solutions for the SX-EW facility. In one processing stream, the Nuton process will harness the leaching of sulfide feed extracted from the Yerington Mine, with the Nuton facility attaining a peak feed rate of 17 million short tons per annum (Mtpa) through the crushing and agglomeration system.

Simultaneously, the other processing stream will employ conventional oxide copper leaching technology, encompassing a blend of run-of-mine (“ROM“) material and appropriately-sized material. Oxide materials sourced from the Yerington pit, alongside those from the W-3 and VLT stockpiles, will be consolidated within a single heap leach pad, alongside the MacArthur Mine material. Meanwhile, the oxide material from the MacArthur Mine is designed to undergo sizing on-site before being conveyed, agglomerated and stacked at the oxide HLF to be located at the Yerington Mine. The MacArthur material sizing facility is designed to have a peak capacity of 25 Mtpa.

Infrastructure

The core infrastructure elements encompass HLFs designed for both sulfide and oxide material, Waste Rock Storage Facilities, an overland conveying system for transporting oxide feed from the MacArthur Mine to the oxide HLF at the Yerington Mine, SX-EW facility, ponds and a dedicated twelve-mile rail spur to the Yerington Mine. The placement of new infrastructure has been prioritized to be located within the legacy-affected Yerington Mine area to minimize the creation of fresh disturbance zones.

An important component of the infrastructure strategy is the dewatering of the Yerington pit lake, required to enable the expansion of mining activities and unlock the valuable utility of water in Mason Valley. This pit lake, containing approximately 43,000 acre-feet of clean water, necessitates a highly-engineered pumping operation for its complete emptying. Over a two-year timeline and at a cost of over $50 million, the water may be made available to offset existing irrigation demands and recharge the groundwater aquifer in the Mason Valley. Notably, comprehensive water quality assessments spanning more than three decades have demonstrated a steady improvement in the Yerington pit lake’s water quality, which presently aligns with or closely approaches drinking water standards, rendering it suitable for a multitude of beneficial applications. By way of scale, the volume of water planned to be provided from the pit dewatering and directed toward aquifer recharge surpasses the Yerington Copper Project’s projected annual water consumption requirements by more than tenfold. During mining operations, maintenance dewatering is expected in order to maintain a dry pit, further serving mining and mineral processing needs.

Mineral Resource Estimate

The Mineral Resources for the Yerington Copper Project are composed of the Yerington Deposit, W-3 Stockpile, Vat Leach Tailings and the MacArthur Deposit.

The Yerington Copper Project Mineral Resource estimate described below is classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014).

Yerington Deposit – The Mineral Resource estimate utilizes validated historic drill hole data generated by Anaconda Copper Mining Company (“Anaconda“) and recent drilling results by the Company in 2011, 2017 and 2022. The updated Mineral Resources for the Yerington Deposit are: Measured Resources of 62.9 Mtons at 0.30% TCu; Indicated Resources of 94.7 Mtons at 0.27% TCu; and Inferred Resources of 113.2 Mtons at 0.22% TCu (Table 6).

Table 6: 2023 Yerington Deposit Mineral Resource estimate

Material	Cutoff Grade (TCu%)	Tons	Grade (TCu%)	Contained Copper (lbs)
Measured Oxide	0.038	20,230,000	0.25	99,367,000
Measured Sulfide	0.126	42,671,000	0.32	274,578,000
Measured Total		62,901,000	0.30	373,945,000
Indicated Oxide	0.038	13,749,000	0.22	60,166,000
Indicated Sulfide	0.126	80,960,000	0.28	457,921,000
Indicated Total		94,709,000	0.27	518,087,000
Measured + Indicated Oxide	0.038	33,979,000	0.23	159,533,000
Measured + Indicated Sulfide	0.126	123,631,000	0.30	732,499,000
Measured + Indicated Total		157,610,000	0.28	892,032,000
Inferred Oxide	0.038	33,347,000	0.18	122,221,000
Inferred Sulfide	0.126	79,881,000	0.24	385,938,000
Inferred Total		113,229,000	0.22	508,159,000

 
Notes:

1. Effective date for this Mineral Resource estimate is May 1, 2023.
2. The 2023 Mineral Resource estimate uses a variable break-even economic cut-off grade of 0.038% TCu and 0.126% TCu based on assumptions of a net copper price of $4.08/lb (after processing, transportation and royalty charges), 70% recovery in oxide material, 75% recovery in sulfide material.
3. Mineral Resources are not Mineral Reserves and do not demonstrate economic viability.
4. Mineral Resource estimate reported from within resource pit shell.
5. There is no certainty that all or any part of the Mineral Resource estimate will be converted into Mineral Reserves.
6. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
    

W-3 Stockpile – W-3 is a rock disposal stockpile that lies north-northwest of the current Yerington pit and was derived from subgrade copper oxide material mined during historical Anaconda mining operations. The Inferred W-3 Stockpile Mineral Resource is 14.1 million tons at 0.11% TCu (Table 7).

Table 7: 2023 W-3 Stockpile Mineral Resource Statement

Class	Cutoff Grade (TCu%)	Tons	Grade (TCu%)	Contained Copper ( lbs)
Inferred Oxide	>= 0.04	14,100,000	0.11	30,571,000

 
Notes:

1. Effective date for this W-3 Stockpile Mineral Resource estimate is July 31, 2023.
2. The 2023 Mineral Resource estimate uses a variable break-even economic cut-off grade of 0.040 % TCu based on assumptions of a net copper price of $4.08/lb (after processing, transportation, and royalty charges), and 70% recovery in oxide material.
3. Mineral Resource are not Mineral Reserves and do not demonstrate economic viability.
4. Mineral Resource estimate reported from within resource pit shell.
5. There is no certainty that all or any part of the Mineral Resource estimate will be converted into Mineral Reserves.
6. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
    

Vat-Leached Tailings – Vat-Leached Tailings, in the form of oxide tailings, are the leached products of Anaconda’s vat leach copper extraction. The oxide tailings, located north of the Process Areas, contain the crushed rock at the base of the leach vats that remained following the extraction of copper in the vat-leaching process. The Inferred VLT Mineral Resource is 33.2 million tons at 0.09% TCu (Table 8).

Table 8: 2023 VLT Mineral Resource Statement

Class	Cutoff Grade (TCu%)	Tons	Grade (TCu%)	Contained Copper (lbs)
Inferred Oxide	>= 0.04	33,160,000	0.09	62,622,000

 
Notes:

1. Effective date for this VLT Mineral Resource estimate is July 31, 2023.
2. The 2023 Mineral Resource estimate uses a variable break-even economic cut-off grade of 0.040 % TCu based on assumptions of a net copper price of $4.08/lb (after processing, transportation and royalty charges), and 70% recovery in oxide material.
3. Mineral Resource are not Mineral Reserves and do not demonstrate economic viability.
4. Mineral Resource estimate reported from within resource pit shell.
5. There is no certainty that all or any part of the Mineral Resource estimate will be converted into Mineral Reserves.
   All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
    

MacArthur Deposit – The Mineral Resource estimate of the MacArthur Deposit encompasses three principal domains: Main MacArthur, Gallagher and North Ridge. An overview of Section 14 from the Technical Report, titled “MacArthur Copper Project, Mason Valley, Nevada, USA, Mineral Resource Estimate,” is presented in the following tables. There have been no subsequent updates to the MacArthur Mineral Resource following the publication of the Technical Report on February 25, 2022.

The Mineral Resource estimate for the MacArthur Deposit are: Measured Resources of 116.7 Mtons at 0.18% TCu; Indicated Resources of 183.7 Mtons at 0.158% TCu; and Inferred Resources of 156.5 Mtons at 0.151% TCu.

Table 9: MacArthur Deposit – Summary of Mineral Resource

Classification	Ktons	Grade (Total Cu%)	Contained Copper Pounds x 1000
Measured	116,666	0.180	420,929
Indicated	183,665	0.158	579,479
Measured + Indicated	300,331	0.167	1,000,408
Inferred	156,450	0.151	471,714

 
Notes:

1. The effective date of the MacArthur Mineral Resource estimate is February 25, 2022.
2. Cutoff grade: 0.06% TCu for Leach Cap, Oxide & Transition
3. Cutoff grade for Sulfide: 0.06% TCu for MacArthur & North Ridge, 0.08% TCu for Gallagher.
4. Total resource shell tonnage = 628,831 ktons
    

Table 10: Mineral Resource by Domain

Domain	Total Copper Cutoff, %	MEASURED			INDICATED			MEASURED & INDICATED
		Ktons & Grade Above Cutoff			Ktons & Grade Above Cutoff			Ktons & Grade Above Cutoff
		Ktons	TCu, %	Contained Cu Pounds x 1000	Ktons	TCu, %	Contained Cu Pounds x 1000	Ktons	TCu, %	Contained Cu Pounds x 1000
MacArthur	0.06	82,983	0.184	305,303	77,171	0.151	233,446	160,154	0.168	538,749
North Ridge	0.06	25,149	0.176	88,507	78,305	0.166	259,558	103,454	0.168	348,065
Gallagher	0.06/0.08	8,534	0.159	27,119	28,189	0.153	86,475	36,723	0.155	113,594
Total		116,666	0.180	420,929	183,665	0.158	579,479	300,331	0.167	1,000,408

Domain	Total Copper Cutoff, %	INFERRED
		Ktons & Grade Above Cutoff
		Ktons	TCu, %	Contained Cu Pounds x 1000
MacArthur	0.06	30,815	0.158	97,490
North Ridge	0.06	62,593	0.154	192,187
Gallagher	0.06/0.08	63,042	0.144	182,037
Total		156,450	0.151	471,714

Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies.

Qualified Persons

The Qualified Persons (QPs), as that term is defined in NI 43-101, responsible for the preparation of the PEA Technical Report, include:

• Gordon Zurowski, P.Eng., Principal Mine Engineer (AGP Mining Consultants Inc.)
• Tim Maunula, P.Geo, Principal Resource Geologist (T. Maunula & Associates Consulting Inc.) – Yerington Mineral Resource estimate
• Herb Welhener, MMSA-QPM, Vice President (Independent Mining Consultants, Inc.) – MacArthur Mineral Resource estimate
• Adrien Butler, P.E., Senior Civil Engineer (NewFields)
• Jeff Woods, QP, Principal Process Engineer (Woods Process Services, LLC)

The respective QPs have reviewed and accept the data handling protocols followed for the historical drill hole and assay data, along with the QA/QC analysis of drilling results by standards, blanks and duplicate assays, and the incorporation of this data into the Yerington and MacArthur Mineral Resource estimates presented in the Technical Report.

The base case copper price assumption of $3.85/lb Cu was selected by the QPs based on a review of independent market analyst consensus pricing during the time the economic analysis was prepared. This pricing reflects the mid-range of expected real long-term copper pricing to provide a representative and reasonable base case scenario.

Each QP has reviewed and verified the content of this news release.

Non-IFRS Financial Measures

The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs, Total Cash Cost, All-In Sustaining Cost, Expansion Capital, Capital Intensity, and Effective Cash Tax Rate which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Non-IFRS financial measures used in this news release and common to the copper mining industry are defined below.

Total Cash Costs and Total Cash Costs per Pound – Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Costs per Pound is calculated as Total Cash Costs divided by payable copper pounds.

Total Operating Costs and Total Operating Costs per Pound – Total Operating Costs are reflective of the cost of mine operations. Total Operating Costs reported in the PEA include mining costs, processing & water treatment costs, and general and administrative costs of the mine. Total Operating Cost per Pound is calculated as Total Operating Costs divided by payable copper pounds.

All-in Sustaining Costs (“AISC”) and AISC per Pound – AISC is reflective of all of the expenditures that are required to produce a pound of copper from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Pound is calculated as AISC divided by payable copper pounds.

About Lion CG (www.lioncg.com, nuton.tech/partnerships)

Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship copper assets at Yerington, Nevada through an Option to Earn-in Agreement with Nuton LLC, a Rio Tinto Venture.

About Nuton LLC (nuton.tech)

Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leaching related technologies and capability – a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper-bearing waste and tailings, and achieving higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the ambition to produce the world’s lowest footprint copper while having at least one Positive Impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.

Nuton^TM Technologies

The Nuton^TM technologies are proprietary Rio Tinto-developed copper heap leach related processing and modelling technologies, capability and intellectual property.
 

On behalf of the Board of Directors,
Stephen Goodman
President

For more information please contact:
Email: info@lioncg.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The technical information in this news release has been reviewed and approved by C. Travis Naugle, QP MMSA, CEO of Lion Copper and Gold Corp. and a qualified person as defined in NI 43-101.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “expect”, or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to resource estimates, estimate of future production, costs of production and other assumptions used in a preliminary economic assessment, future exploration or production activities and anticipated results. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with extraction based on resource estimates including inferred resources, grades and recoveries not being realized; delays or failures in obtaining necessary permitting or other project approvals, delays in the development of projects, results of additional exploration activity; general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of Lion CG to implement its business strategies; competition; currency and interest rate fluctuations, inflation and other risks. These statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders and prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Casa Grande, AZ and Toronto, ON, January 30, 2024 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today announces its 2024 work plan and 2023 achievements. The ensuing year’s activities relate to the continued advancement of the Cactus Property, through Feasibility studies while concurrently completing Nuton-related work programs. 

2023 Achievements 

• c. $74 million CAD Financing
  • C$30M (February) via bought deal financing 
  • US$33M (December) via initial option to JV payment (PR – Dec 14, 2023)
• Option to JV with Nuton LLC, a Rio Tinto Venture
  • Total option exercise payment to be determined based on the standalone ASCU Pre-Feasibility Study (“PFS”) net present value (“NPV”)
• Mineral Resources 
  • Increased the total M&I mineral resources by 221%
  • Increased the leachable M&I mineral resources by 316%  
• Strengthened the Owner/Operator Team
  • Appointed Bernie Loyer as SVP Projects, Steve Dixon, Senior Metallurgist, Chris White, Chief Mine Geologist, and Victor Moraila, Chief Mine Engineer and Alan Hernandez, Senior Project Engineer
• Drilling – Completed 150,561 ft (45,891 m) of drilling, including infill and exploration. Discovered MainSpring near surface mineralization south of Parks/Salyer and confirmed mineralization in the Gap Zone and NE Extension
• Land – purchased an option to acquire the MainSpring Property (543 acres) and began its rezoning from Residential to Industrial with the City of Casa Grande.  
• Metallurgy – completed ASCU PFS metallurgy
  • Ongoing DFS metallurgy and Nuton metallurgical testing
• Permitting – successfully completed all major permits related to the Cactus PEA. Modified water rights through ADWR to include MainSpring and ASLD Lands

2024 ASCU Work Plan Highlights 

• Technical Studies – Complete ASCU’s Standalone PFS and initiate the Amended PFS which will incorporate Mainspring. The Amended PFS will be compared to the subsequent Nuton case Integrated PFS. Assuming the economics meet the required thresholds, and Nuton chooses to exercise its option, it will make the option payment based on a 0.65x multiple of the NPV included in the Amended PFS including Mainspring thereby obtaining up to 40% of the project.
  • Standalone ASCU PFS expected in 1Q24
  • Amended PFS including Mainspring, estimated for completion by October 2024
  • Standalone DFS estimated completion June 2025  
• Drilling Programs – Infill to inferred and indicated programs totaling 180,000 ft (54,860 m) at MainSpring and Cactus West required for future technical studies. Drilling will target oxide, enriched and primary mineralization
• Metallurgy – Begin evaluating MainSpring and Parks/Salyer heap leach amenability in 20 ft (6m) columns in a commercial laboratory
• Permitting – will include amending permits (SWPP, Aquifer Protection Permit and Industrial Air) related to the Cactus PFS 

2024 Nuton Work Plan Highlights

• Drilling of Mainspring and Cactus West (as above):
  • Infill to indicated programs to assess the primary sulfide potential along with core drilling to support the Phase 2 Nuton metallurgical test program 
• Technical Studies:
  • Integrated Nuton PEA: A Preliminary Economic Assessment incorporating the Nuton technology as applied to the Cactus/Parks Salyer and MainSpring expected in H2 2024
  • Integrated Nuton PFS: The Parties agree to work towards the Integrated Nuton PFS release by the end of 2024, unless extended mutually by the Parties. 
• Metallurgy:
  • Primary material from both MainSpring and Cactus West, will be tested in small columns to evaluate optimum Nuton operating conditions for the material
  • Full height, 30 feet (10m) tall column will be operated to confirm scale-up considerations under Nuton leach conditions

George Ogilvie, ASCU President and CEO commented, “I am extremely proud of the team’s efforts in 2023. Within a tough overall market, we raised C$30 million at the beginning of the year funding a transformational year in terms of becoming one of the lowest risk advanced exploration copper companies. Our strengthened owner-operator team permitted our Cactus project, significantly grew the mineral resources to become a top tier project in a tier one location, advanced our metallurgical work and continued to demonstrate the support from the local community for the reactivation of the Cactus Mine, for which we are thankful. 

He continued, “Most significant to the development of Cactus, is our exciting new partnership with Nuton and Rio Tinto, bringing long-term accretive value to the ASCU shareholders. Having signed the Option to Joint Venture Agreement with Nuton late last year, we find ourselves funded to deliver advanced technical studies demonstrating the integration of an exciting new technology and potentially unlocking a previously stranded and untreatable mineral resource. We are thrilled to be working with a company that values our environmental and social stewardship and we believe the strengthening of our business relationship will be a win-win-win for ASCU shareholders, the Cactus Project and for Nuton.”

Drilling 
MainSpring drilling will focus on completing an initial inferred resource at 500 ft (152 m) spacing with three diamond core drills, and then in-filling at 250 ft (76 m) spacing to begin an indicated resource in the area defined as most likely to be accessible with an open pit, using a combination of diamond core drilling and reverse circulation drilling. The initial inferred resource will build off of the 11 diamond core holes that were completed late last year and from 22 historic diamond core and reverse circulation drill holes that were obtained by ASCU from the previous option holder. 
Drilling at Cactus West will largely focus on completing an indicated resource at 500 ft (152 m) spacing on the primary mineralization below the enriched material. The enriched material at Cactus West has largely already been drilled to the indicated level with some measured drilling. The primary drilling program at Cactus West will also help fill in gaps in the enriched indicated resource at Cactus West. 

Metallurgy 
Metallurgical testing programs for the DFS and Nuton are in progress, testing leach times, various irrigations and maximum recovery efficiencies at minimal costs. The metallurgical testing will cover material from MainSpring, Parks/Slayer, Cactus West and the Stockpile. All metallurgical tests will be completed by commercial metallurgical laboratories. The Stockpile will be evaluated for options to reduce acid consumption, and the former flotation tails will be evaluated for copper extraction treatment options.

Permitting 
All major permitting based on the Cactus PEA is complete. This includes water rights and access to water, Aquifer Protection Permit, Industrial Air Permit, Mined Land Reclamation and SWPPP. In 2024, amendments to these permits will begin, reflecting any changes made to the PFS mining plan. In addition, alternative sources of water that do not involve the pumping of groundwater will be reviewed thus minimizing ASCU’s use of the local aquifer as part of the company’s ESG program.

Links from the Press Release: 
December 14, 2023: https://arizonasonoran.com/news-releases/arizona-sonoran-and-nuton-llc-announce-option-to-joint-venture-on-cactus-project-in-arizona/ 

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release. 

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

For more information
Alison Dwoskin, Director, Investor Relations 
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director 
416-723-0458
gogilvie@arizonasonoran.com
    
Forward-Looking Statements
This press release contains “forward-looking statements” and/or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expect”, “is expected”, “in order to”, “is focused on” (a future event), “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, or the negative connotation thereof. In particular, statements regarding ASCU’s future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves or mineral resources constitute forward-looking statements. Forward-looking statements in this press release include. These forward-looking statements are based on ASCU’s current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific.

Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world commodity markets, changes in commodity prices (particularly prices of copper), risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of ASCU or its joint venture partners, the effects of competition in the markets in which ASCU operates, the impact of the NutonTM technologies on ASCU operations and cost relating to same, the timing and ability for ASCU to prepare and complete the Integrated Nuton Case PFS and the costs relating to same, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in ASCU’s most recently filed Annual Information Form, annual and interim MD&A, copies of which are available on SEDAR+ (www.sedarplus.ca) under ASCU’s issuer profile. ASCU’s anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements. 

Although management considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to ASCU, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities law, ASCU does not undertake to update any forward-looking statement that is made herein.

VANCOUVER, CANADA (January 15, 2024) – Aldebaran Resources Inc. (“Aldebaran” or the”Company“) (TSX-V: ALDE, OTCQX: ADBRF) is pleased to announce that it has entered into a collaboration agreement with Nuton LLC, a Rio Tinto Venture (“Nuton”) to evaluate the use of Nuton’s proprietary primary sulphide leaching technologies on the Altar copper-gold project, located in San Juan, Argentina.

Under the terms of the agreement, Aldebaran will deliver samples representing various styles of mineralization from the Altar project to Nuton. Nuton will then complete detailed mineralogical analyses of each sample before placing the material into columns. Samples will be placed in columns with a height of 1 m, each under different controlled Nuton operating conditions. It is expected that the full results will be available approximately one year after the columns are loaded. Test work is currently anticipated to commence in H1 2024.

As part of the agreement, Aldebaran has granted exclusivity to Nuton in the area of novel, patented or trade secret leaching technologies, for a period of one year starting on the agreement date of January 9, 2024. The parties will share the cost of the test program with Aldebaran covering the cost of preparation and shipping of the samples to Nuton, and Nuton paying for the costs of metallurgical test work.

John E. Black, Chief Executive Officer of Aldebaran, commented: “We’re happy to collaborate with Nuton to evaluate the potential use of their sulphide leaching technology at the Altar project. While sulphide leaching isn’t necessary to move the Altar project forward, it could positively impact the project’s economics, if successful.”

Adam Burley, Chief Executive Officer of Nuton, commented “We are pleased to announce this collaboration agreement with Aldebaran. Nuton has a wide range of potential use cases. At Altar we are encouraged by the potential of Nuton to unlock copper resources in a project with substantial scale potential and in a way that is more environmentally efficient than conventional processes”

ON BEHALF OF THE ALDEBARAN BOARD

“John Black”

John Black
Chief Executive Officer and Director

Please click here and subscribe to receive future news releases: https://aldebaranresources.com/contact/subscribe/

For further information, please consult our website at www.aldebaranresources.com or contact:

Ben Cherrington
Manager, Investor Relations
Phone: +1 347 394-2728 or +44 7538 244 208
Email: ben.cherrington@aldebaranresources.com

About Nuton

Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources worldwide through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper bearing waste and tailings, and achieving higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the potential to produce the world’s lowest carbon footprint copper while having at least one Positive Impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.

About Aldebaran Resources Inc. 

Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran holds a 60% interest in the Altar copper-gold project in San Juan Province, Argentina and can earn an additional 20% interest in the project by completing a further US$25 million in expenditures at Altar over the next three years. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachón (Glencore), and Los Azules (McEwen Copper). In March 2021 the Company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020 (independent technical report prepared by Independent Mining Consultants Inc., Tucson, Arizona, titled “Technical Report, Estimated Mineral Resources, Altar Project, San Juan Province, Argentina“, dated March 22, 2021 – see news release dated March 22, 2021).

Forward-Looking Statements

Certain statements regarding Aldebaran, including management’s assessment of future-plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Aldebaran’s control. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Aldebaran expects or anticipates will or may occur in the future, including the proposed exploration  and development of the Altar project described herein, and management’s assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Aldebaran’s control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Aldebaran believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

US$33 million in non-dilutive financing to ASCU
Global Mining and Innovation Industry partner validates scalability of Cactus Project and Nuton’s confidence in enhancing project economics

Casa Grande, AZ and Toronto, ON, December 14, 2023 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) 
(“ASCU” or the “Company”) is pleased to announce today that it has entered into an option to joint venture agreement with Nuton LLC (“Nuton”), a wholly-owned subsidiary of Rio Tinto, to establish a strategic alliance for deployment of the Nuton technologies at its Cactus Mine and the Parks/Salyer Project  (collectively, the “Cactus Project”), in Arizona, USA. All dollar figures herein are in United States dollars unless otherwise indicated.

Management will host an interactive webinar on Friday, December 15 at 9 am ET. Please register with https://www.bigmarker.com/vid-conferences/ASCU-TownHallForum to join.

Transaction Highlights
Creating a Straightforward Mechanism for Significant Project Funding
•    Endorses the Cactus Project through up to US$33 million in non-dilutive financing
•    Creates a straightforward mechanism for significant project funding, designed to minimize ASCU’s future share of equity contributions to capital costs
•    Commitment from Nuton to support the creation of a funding strategy for ASCU, which may include the provision of a completion guarantee for the Cactus Project or a performance guarantee related to the Nuton technologies 
•    Potential to improve per share returns to ASCU shareholders 

Reduction of Execution Risks 
•    Establishes a framework for a joint-venture partnership with industry-leading technical and innovation leader to deliver value-enhancing project economics 
•    Potential to significantly increase attributable copper production per share 
•    Defines near-term project advancement strategy with the goal of delivering an Integrated Nuton Case PFS (defined below) by December 31, 2024
•    Preserves long-term optionality for ASCU and outlines a clear path towards environmentally- friendly copper production in the USA, with a focus on Nuton’s positive impact pillars: water, energy, land, materials, and society

George Ogilvie, President and CEO of ASCU commented, “We are delighted to announce this strategic joint venture transaction with Nuton. We welcome the expertise and financial support as we expand testing of Nuton’s heap leaching technologies, while concurrently advancing ASCU’s projects. Nuton’s column test results have demonstrated continued improvements in extraction rates from both the primary and enriched mineral resources, resulting in potentially more efficient operations. We look forward to advancing into Phase 2 testing, which includes an expanded understanding of the Nuton technologies’ economic benefits within a fully-integrated pre-feasibility study, anticipated by the end of 2024.”

Mr. Ogilvie continued, “The proposed heap leach and SXEW flowsheet utilizing Nuton is intended to build upon the strength of our standalone base case, utilizing the same infrastructure proving economies of scale. Nuton has indicated the potential to significantly increase copper cathode output from our current 45-50 ktpa target which could materially enhance project economics. Furthermore, we see this as a significant de-risking event for ASCU shareholders with up to US$33 million in non-dilutive near-term financing and the addition of a strong project partner for future financing and development.”

Adam Burley, CEO of Nuton LLC commented, “We are pleased to be advancing our strategic partnership with ASCU. Successful deployment of Nuton Technologies at Cactus and Park/Salyer has the potential to materially enhance the economic and environmental performance of the projects.”  

Transaction Details
ASCU has entered into an Option to Joint Venture Agreement (the “Option Agreement”) with Nuton and two of ASCU’s wholly-owned subsidiaries, Arizona Sonoran Copper Company (USA) Inc. (“ASUSA”) and Cactus 110 LLC (“Cactus”), pursuant to which ASUSA has granted Nuton the exclusive right and option (the “Option”) to acquire between a 35.0% to 40.0% interest in the Company’s Cactus Project on the terms and conditions contained in the Option Agreement. 

The Option Agreement provides for total funding of up to US$33 million in cash, comprised of the following:

• US$10 million payable by Nuton to ASUSA at signing of the Option Agreement;
• Up to US$11 million available to be drawn by ASUSA in the form of a pre-payment towards the Option Exercise Price (defined below) to be used for certain land payments (the “Option Exercise Price Pre-Payment Amount”); and
• Up to US$12 million payable to ASCU for funding costs associated with continued Nuton test work required to produce the Integrated Nuton Case PFS (defined below).

The parties have outlined a work program for the Nuton Case (as defined below) to commence in Q1 2024, targeting delivery of the Integrated Nuton Case PFS, by December 31, 2024. ASCU will continue to act as operator of the Cactus Project. ASCU and Nuton will form a Steering Committee, comprised of two members selected by ASCU and two members selected by Nuton, to determine, among other things, the detailed execution scope of the Integrated Nuton Case PFS. Nuton will have the right to nominate one individual to ASCU’s Technical & Sustainability Committee and will maintain its observer rights provided under the Investor Rights Agreement dated May 13, 2022, and as amended on February 9, 2023, between Nuton and ASCU.

Should the following criteria be satisfied (the “Trigger Events”), Nuton shall have the option to acquire between 37.5% to 40.0% of the Cactus Project by payment of the Option Exercise Price (defined below):

1. the prefeasibility study prepared for the Cactus Project (the “Integrated Nuton Case PFS”) indicates that the net present value (the “NPV”) of the Cactus Project after applying the Nuton technologies (the “Nuton Case”) is at least 1.39 times the NPV of the Cactus Project without applying the Nuton technologies (the “Standalone Case”); 
2. ASCU’s equity contribution to project capital costs under the Nuton Case shall remain equal to or less than its equity contribution to project capital costs under the Standalone Case (assuming 50% of the Standalone Case capital costs are financed with debt); and
3. Nuton shall have made all payments required under the Option Agreement.

Should the Mainspring Property, which is currently the subject of exploration efforts, become material to ASCU and be incorporated in a prefeasibility study in addition to the Cactus Project (the “Standalone Case with Mainspring”) the Trigger Event (i) above shall be as amended and Nuton shall have the option to acquire between 35.0% to 40.0% of the Cactus Project (including the Mainspring Property) by payment of the Option Exercise Price in the event that the Nuton Case PFS with the Mainspring Property is at least 1.20 times the NPV of the Standalone Case with Mainspring.

Upon notice by ASCU to Nuton that the Trigger Events have been met, the parties will determine the exercise price (the “Option Exercise Price”) pursuant to mechanics outlined in the Option Agreement and based on the product of (x) Nuton’s ownership percentage in the Joint Venture Corporation (the “Initial Nuton Ownership Percentage”), (y) the NPV of the Standalone Case (as referenced in the Integrated Nuton Case PFS) and (z) a multiple of 0.65. 

Following such determination, if Nuton elects to exercise its option, Nuton will pay to ASUSA the Option Exercise Price net of any Option Exercise Price Pre-Payment Amount plus accrued interest at an annual rate equal to the Secured Overnight Financing Rate plus 4.25% (“Interest”) within 30 days of a notice to exercise. 

The Initial Nuton Ownership Percentage in the case without the Mainspring Property being incorporated in a prefeasibility study will be equal to either: 

1. 37.5% if the NPV of the Nuton Case is 1.39 to 1.49 times the NPV of the Standalone Case; or 
2. 40.0% if the NPV of the Nuton Case is at least 1.50 times the NPV of the Standalone Case (each as referenced in the Integrated Nuton Case PFS). 

The Initial Nuton Ownership Percentage in the case with the Mainspring Property being incorporated in a prefeasibility study will be equal to: 

1. 35.0% if the NPV of the Nuton Case with Mainspring is 1.20 to 1.29 times the NPV of the Standalone Case with Mainspring; 
2. 37.5% if the NPV of the Nuton Case with Mainspring is 1.30 to 1.39 times the NPV of the Standalone Case with Mainspring; or 
3. 40.0% if the NPV of the Nuton Case with Mainspring is at least 1.40 times the NPV of the Standalone Case with Mainspring (each as referenced in the Integrated Nuton Case PFS with Mainspring).

ASCU shall hold the remaining equity interest in the Joint Venture Corporation and continue to act as operator of the Cactus Project.

Nuton will have the right to terminate the Option Agreement and be repaid amounts paid by Nuton under the Option Agreement if there is a change of control transaction in respect of ASCU during the term of the Option Agreement. 
In the event that Nuton exercises the Option, the parties will either form a Delaware limited liability company or deem Cactus to be the joint venture company for the Cactus Project (the “Joint Venture Corporation”). 

In the event the Triggers Events are not satisfied, ASCU terminates the Option Agreement as a result of Nuton delaying its approval of the Integrated Nuton Case PFS or Nuton elects not to exercise the Option, then Nuton may elect to either be repaid the Option Exercise Pre-Payment Amount, if any, advanced to ASUSA plus Interest within 9 months or have ASUSA  deliver to Nuton an unsecured exchangeable debenture (the “Exchangeable Debenture”) equal to the Option Exercise Price Pre-Payment Amount, if any, advanced to ASUSA plus Interest (the “Principal Amount”). If issued, the Exchangeable Debenture shall bear Interest and will mature at the earlier of (i) two years from issuance, and (ii) the date that is nine (9) months from the date on which Nuton delivers a demand notice to ASUSA, which shall be no later than nine (9) months prior to the date in (i). Nuton will have the right to settle all or a portion of the outstanding Principal Amount and Interest accrued thereon in common shares of ASCU (the “Common Shares”) at a price per Common Share equal to the volume weighted average trading price of the Common Shares on the principal stock exchange on which such Common Shares are listed for the five (5) consecutive trading days preceding the date on which Nuton delivers a notice of exchange, after giving effect to the prevailing Canadian dollar / U.S. dollar exchange rate, provided that Nuton and its affiliates may not own or control more than 19.9% of the then issued and outstanding Common Shares following such exchange. The Exchangeable Debenture will also contain certain pre-payment rights and resale notice rights in favour of ASCU as well as other customary terms and conditions for an agreement of this nature. The Toronto Stock Exchange has conditionally approved for listing the Common Shares issuable upon exchange of the Exchangeable Debenture, subject to the satisfaction of certain customary listing conditions.

A copy of the Option Agreement will be available under ASCU’s profile on SEDAR+ at www.sedarplus.ca. The summary of the Option Agreement outlined above is qualified in its entirety by the full text of the Option Agreement, and reference should be made to the Option Agreement for its full terms and conditions.

Qualified Persons Statement
Technical aspects related to the metallurgical program of this news release have been reviewed and verified by James L. Sorensen – FAusIMM Reg. No. 221286 with Samuel Engineering, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects. The indicative metallurgical information presented describes preliminary results from testing that is currently in progress and subject to confirmation.  Final metallurgical performance estimates will require decommissioning of the columns and analysis of the column residues.

Advisors
Scotiabank acted as financial advisor, and Bennett Jones LLP and Davis Graham & Stubbs LLP acted as legal advisors, to ASCU. Rothschild acted as financial advisor, and Torys LLP and Dorsey & Whitney LLP acted as legal advisors, to Nuton.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

About Nuton
Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. Nuton offers the potential to economically unlock copper from primary sulfide resources worldwide through leaching, achieving market-leading recovery rates, contributing to an increase in copper production from copper bearing waste and tailings, and achieving higher copper recoveries on oxide and transitional material. One of the key differentiators of Nuton is the potential to produce the world’s lowest carbon footprint copper while having at least one Positive Impact at each of our deployment sites, across our five pillars: water, energy, land, materials and society.

NutonTM Technologies
The NutonTM technologies are proprietary Rio Tinto-developed copper heap leach related processing and modelling technologies, capability and intellectual property. 

For more information
Alison Dwoskin, Director, Investor Relations 
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director 
416-723-0458
gogilvie@arizonasonoran.com
    
Forward-Looking Statements
This press release contains “forward-looking statements” and/or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expect”, “is expected”, “in order to”, “is focused on” (a future event), “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, or the negative connotation thereof. In particular, statements regarding ASCU’s future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves or mineral resources constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to statements with respect to timing of completion of a fully-integrated pre-feasibility study, potential project economic enhancements, potential improvements to per share returns to ASCU shareholders, potential increases to attributable copper production per share, and timing of commencement of the work program for the Nuton Case.

These forward-looking statements are based on ASCU’s current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific.

Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world commodity markets, changes in commodity prices (particularly prices of copper), risks relating to fluctuations in the Canadian dollar and other currencies relative to the U.S. dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of ASCU or its joint venture partners, the effects of competition in the markets in which ASCU operates, the impact of the NutonTM technologies on ASCU operations and cost relating to same, the timing and ability for ASCU to prepare and complete the Integrated Nuton Case PFS and the costs relating to same, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in ASCU’s most recently filed Annual Information Form, annual and interim MD&A, copies of which are available on SEDAR+ (www.sedarplus.ca) under ASCU’s issuer profile. ASCU’s anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements. 

Although management considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to ASCU, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities law, ASCU does not undertake to update any forward-looking statement that is made herein.

TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) — McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce abinding agreement for an additional US$30 million investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder.

Nuton has agreed to invest US$30 million to acquire shares of McEwen Copper in a two-part transaction expected to close no later than March 10^th, 2023 (the “Nuton Transaction”) consisting of: 1. Private placement of 350,000 McEwen Copper common shares, and 2. Purchase of 1,250,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately US$6.5 million to McEwen Copper and US$23.5 million McEwen Mining, respectively. The proceeds of the private placement will be used to advance development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.

After closing, Nuton will own 14.2% of McEwen Copper on a fully diluted basis, and McEwen Mining will own 51.9%. The transaction values McEwen Copper at approximately US$550 million.

McEwen Copper Chief Executive Rob McEwen said: “We are extremely pleased to have Nuton’s strong continued participation in McEwen Copper. Together we are exploring new technologies that save energy, water, time and capital in the pursuit of delivering green copper to Argentina and the world, a product that will contribute to the electrification of transportation and the protection of our atmosphere.”

In connection with the Transaction, McEwen Copper and certain of its affiliates entered into an Amended Collaboration Agreement (the “New Nuton Collaboration Agreement”) and a Copper Cathodes and Concentrates Purchase Rights Agreement (the “CCCPRA”), which are described below.

The NewNuton Collaboration Agreement provides for the following additional rights beyond those in the original Nuton Collaboration Agreement (see news release dated Aug 31, 2022):

• Nuton will have the opportunity to provide local currency funding, in certain circumstances, for advancement of the Los Azules project;
• Comprehensive scientific, technical and strategic planning information rights;
• Extension of exclusivity over novel, trade secret or patented copper heap leach technologies until August 10, 2024;
• Pre-emptive rights to maintain their ownership percentage in any follow-on equity offering; and
• Agreement of McEwen Mining and Rob McEwen to not trigger Drag Along Rights in the event of a bid for McEwen Copper prior to the planned initial public offering (IPO).

The CCCPRA provides an option to Nuton that, if exercised to its maximum extent, would allow them to purchase a percentage of the copper products (cathodes, concentrates, etc.) produced from the Los Azules project equal to their equity ownership percentage in McEwen Copper at the time of exercise.

About Nuton

Nuton is an innovative new venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach-related technologies and capability – a product of almost 30 years of research and development. Nuton^™ Technologies offer the potential to economically unlock copper sulphide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

About Rio Tinto

Rio Tinto is the second largest mining and metals company in the world, operating in 35 countries, and producing the raw materials essential to human progress. It aims to help pioneer a more sustainable future, from partnering in the development of technology that can make the aluminum smelting process entirely free of direct greenhouse gas (GHG) emissions, to providing the world with the materials it needs – such as copper – to build a new low-carbon economy and products like electric vehicles, charging infrastructure and smartphones.

About McEwen Copper

McEwen Copper Inc. holds 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA (subject to an earn-in by Rio Tinto).

Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.2 billion pounds at a grade of 0.48% Cu (Indicated category) and an additional 19.3 billion pounds at a grade of 0.33% Cu (Inferred category).

After closing the Nuton Transaction, McEwen Copper will have 28,885,000 common shares outstanding on a fully diluted basis, and its shareholders are: McEwen Mining Inc. 51.9%, Stellantis 14.2%, Nuton 14.2%, Rob McEwen 13.8%, Victor Smorgon Group 3.5%, and other shareholders 2.4%.

About McEwen Mining

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 52% of McEwen Copper which owns the large, advanced stage Los Azules copper project in Argentina. The Company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Its Chairman and Chief Owner has personally provided the company with $220 million and takes an annual salary of $1.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s (the “Company”) estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc. 

WEB SITE	SOCIAL MEDIA
www.mcewenmining.com		McEwen Mining
	Facebook:	facebook.com/mcewenmining
CONTACT INFORMATION	LinkedIn:	linkedin.com/company/mcewen-mining-inc-
	Twitter:	twitter.com/mcewenmining
150 King Street West	Instagram:	instagram.com/mcewenmining
Suite 2800, PO Box 24
Toronto, ON, Canada		McEwen Copper
M5H 1J9	Facebook:	facebook.com/mcewencopper
	LinkedIn:	linkedin.com/company/mcewencopper
Relationship with Investors:	Twitter:	twitter.com/mcewencopper
(866)-441-0690 Toll free	Instagram:	instagram.com/mcewencopper
(647)-258-0395
		Rob McEwen
Mihaela Iancu ext. 320	Facebook:	facebook.com/mcewenrob
info@mcewenmining.com	LinkedIn:	linkedin.com/in/robert-mcewen-646ab24
	Twitter:	twitter.com/robmcewenmux

Phoenix, Arizona–(Newsfile Corp. – January 16, 2023) – Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (“Excelsior” or the “Company”) is pleased to announce that it has entered into a Collaboration Agreement with Nuton LLC, a Rio Tinto venture, to evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior’s Johnson Camp mine in Cochise County, Arizona.

Rio Tinto has developed the Nuton technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade minerals), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.

The first stage of the collaboration involves Nuton completing certain test work on materials collected from the Company’s Johnson Camp mine project to confirm that suitable conditions exist to deploy the Nuton technologies. Assuming this test work is successful, the parties would then work toward negotiating commercial terms for a full-scale deployment of the Nuton technologies at the Johnson Camp mine. Test work is expected to commence during the first quarter of 2023 with a view toward potentially negotiating commercial terms dependent on the test results and other factors during the third quarter of 2023.

ABOUT NUTON

Nuton is an innovative new venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

ABOUT EXCELSIOR MINING

Excelsior “The Copper Solution Company” is a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. Excelsior also owns the past producing Johnson Camp Mine and a portfolio of exploration projects, including the Peabody Sill and the Strong and Harris deposits.

For more information on Excelsior, please visit our website at www.excelsiormining.com.

For further information regarding this press release, please contact:

Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018.

Shawn Westcott
T: 604.365.6681
E: info@excelsiormining.com
www.excelsiormining.com

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; and (ii) details of future operational plans.

In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the availability of financing to implement the Company’s operational plans, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, expectations and anticipated impact of the COVID-19 outbreak, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company’s business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151274

December 22, 2022 (Vancouver, BC) – Regulus Resources Inc. (“Regulus” or the “Company”, TSX-V: REG, OTCQX: RGLSF) is pleased to announce a US$15,000,000 (approx. C$20,460,153*) non-brokered private placement (the “Private Placement”), by Nuton, a Rio Tinto Venture (“Nuton”).

Highlights

• Regulus is completing a Private Placement of US$15,000,000 (approx. C$20,460,153*) at a subscription price of C$1.02 per common share
• Nuton will subscribe for 20,058,974 common shares (the “Nuton Subscription”)
• Upon closing, Nuton will own an approximate 16.5% interest in Regulus
• Regulus and Nuton will jointly undertake copper sulphide leach testing utilizing Nuton’s copper sulphide leach technologies with samples from AntaKori
• The Nuton^TM technologies have the potential to process arsenic-bearing copper sulphides with less impact on the environment and water resources than traditional concentrator processing
• The Private Placement will put Regulus in a very strong cash position
• Adding Rio Tinto as a strategic partner will enhance Regulus’ ability to optimize the value of the existing resources at AntaKori and explore various options with the neighbouring Tantahuatay mine to optimize the combined Tantahuatay-AntaKori copper gold sulphide deposit (TantaKori).

John Black, Chief Executive Officer of Regulus, commented as follows:

“We are delighted to welcome Rio Tinto as a strategic investor in the Company. The investment by Rio Tinto, one of the largest miners in the world, is another strong endorsement for the AntaKori project. Through Nuton, Rio Tinto has developed sulphide leach processing technologies that could allow for the processing of high arsenic ores without the need for additional on-site treatment or paying heavy penalties to a smelter. Utilizing the Nuton sulphide leach technologies could truly be a game-changer for the AntaKori deposit. The Private Placement will significantly bolster our financial position and enhance our ability to optimize the value of the existing resources in the project area.”

Rio Tinto’s Chief Executive, Copper, Bold Baatar, commented as follows:

“This agreement will allow us to evaluate the potential to commercially deploy Rio Tinto’s innovative Nuton technologies for copper leaching at Regulus’ AntaKori project. Our Nuton technologies have the capacity to increase copper production for Rio Tinto and our partners, with a lower carbon footprint and leading environmental performance. Unlocking value from high-arsenic copper sulphides is a particularly exciting prospect for Nuton.”

In connection with the Nuton Subscription, Regulus and Nuton will enter into a collaboration agreement wherein Nuton will be granted certain investor rights, including allowing Nuton to maintain its equity interest in Regulus if it maintains said interest above 10%. Additionally, Nuton shall be allowed to nominate a director to the board of directors of the Company. The Company and Nuton have agreed to form a joint advisory committee to share expertise, exploration concepts and discuss development opportunities at AntaKori. The Company has granted exclusivity to Nuton in the area of novel, patented or trade secret leaching technologies, for a period of one year after the delivery of metallurgical samples from AntaKori to Nuton for testing. For a one-year period, Nuton has agreed to not sell any share of Regulus, acquire greater than a 19.9% interest in the Company and vote its common shares in favour of each director nominated by the Company.

Closing of the Private Placement is expected to occur in January 2023 and is subject to various conditions, including approval of the TSX Venture Exchange. No finder’s fee or commissions are payable in connection with the Private Placement.

The securities referred to in this news release 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 within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.

Webinar

For more context, please join CEO John Black in a live event on December 22^nd at 3 pm EST / 12 noon PST. Q&A will follow the presentation. Click here to register: https://my.6ix.com/RJhqsqDD.

Notes

* Based on CAD/USD exchange rate on December 21, 2022

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Regulus’ Chief Geological Officer, FAusIMM, who serves as Regulus’ qualified person (QP) under the definition of National Instrument 43-101.

ON BEHALF OF THE REGULUS BOARD
(signed) “John Black”
John Black
CEO and Director
Phone: +1 (604) 685-6800
Email: info@regulusresources.com

For further information, please contact:

Regulus Resources Inc.
Ben Cherrington
Phone: +1 1 347 394 2728
Email: ben.cherrington@regulusresources.com

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.

For further information on Regulus, please consult our website at www.regulusresources.com.

About Nuton

Nuton is an innovative new venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach-related technologies and capability – a product of almost 30 years of research and development. Nuton technologies offer the potential to economically unlock copper sulphide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.

Forward Looking Information

Certain statements regarding Regulus, including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the expected use of proceeds of the Private Placement, receipt of exchange approvals, the proposed exploration and development of the AntaKori project described herein, and management’s assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.