Regulus swallows poison pill

Executive Summary

• Regulus Resources Inc. has adopted a shareholder rights plan (poison pill) effective March 30, 2026, designed to protect against creeping bids exceeding 20% ownership; the plan requires TSX Venture Exchange approval and shareholder ratification within six months.
• The company provided an update on the Tantahuatay-AntaKori integrated project, noting that the Mineral Resource Estimate (MRE) completion has been delayed due to disagreements among multiple groups on geological and estimation parameters, though final documentation is underway.
• Regulus continues to evaluate Nuton LLC’s bio-leaching technologies at AntaKori, with final results expected in the coming months, and is pursuing permits for additional exploration on claims where it can earn up to a 60% interest from Gold Fields Ltd.

Key Details

• Shareholder Rights Plan:
  • Effective date: March 30, 2026.
  • Agent: Olympia Trust Company.
  • Trigger: Accumulation of 20% or more of outstanding shares by any person/related parties without complying with permitted bid provisions.
  • Dilution Mechanism: Rights holders (excluding the acquirer) can purchase additional common shares at a 50% discount to the prevailing market price.
  • Approval Status: Subject to TSX Venture Exchange approval and shareholder ratification at the 2026 annual meeting (planned for Q2 2026).
  • Duration: Expected to remain effective for three years after initial shareholder ratification; terminates if not approved within six months of adoption.
• Tantahuatay-AntaKori MRE Update:
  • Collaboration with Compania Minera Coimolache S.A. to advance the mineral resource estimate for the integrated sulphide copper-gold project.
  • Delays attributed to multiple groups overseeing construction with differing views on geology, estimation techniques, and classification parameters.
  • Most issues addressed; final documentation being completed.
  • Public reporting of results is restricted by mutual agreement of parties and regulatory approvals.
• Bio-Leaching Technology:
  • Partnership with Nuton LLC (a Rio Tinto venture) to evaluate proprietary sulphide bio-leaching technologies at AntaKori.
  • Previous results from four columns reported; remaining columns in progress.
  • Final decommissioning and mass balance calculations expected in the coming months.
• Exploration and Permits:
  • Working with community of Tingo and Peruvian authorities to obtain permits for additional exploration and drilling.
  • Target area: Claims where Regulus can earn up to a 60% interest from Gold Fields Ltd. (referenced in Feb 16, 2021 release).
  • Completed ground geochemical sampling and ground magnetics geophysical survey on these claims.
  • Location: Immediately east of Tantahuatay mine; area contains historical small-scale operations mining high-grade copper-gold mineralization (1940s-1970s).
• Existing Resource Data (AntaKori Project):
  • Indicated: 250 million tonnes @ 0.48% Cu, 0.29 g/t Au, 7.5 g/t Ag.
  • Inferred: 267 million tonnes @ 0.41% Cu, 0.26 g/t Au, 7.8 g/t Ag.
  • Source: NI 43-101 Technical Report dated Feb 22, 2019.

Notable Quotes

• "The rights plan is designed to ensure that all Regulus shareholders are treated fairly in connection with any takeover bid and to protect against creeping bids..."
• "Completion of the MRE allows for constructive discussions about the transition to the development of sulphide copper-gold mineralization in the region."