Regulus Resources and Osisko Gold Royalties Announce Strategic Partnership

VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Regulus Resources Inc. ("Regulus", TSX-V: REG, OTCQX: RGLSF) and Osisko Gold Royalties Ltd (“Osisko”, OR TSX, OR NYSE) are pleased to announce that they have entered into a strategic partnership (the “Partnership”) whereby Regulus has agreed to grant certain rights to Osisko in exchange for an upfront cash payment (the “Upfront Payment”) of US$12.5 M (C$16.6 M). Details of the Partnership are as follows:

•	There are existing royalties covering various claims on the AntaKori project currently held by private parties as described in Regulus’ NI 43-101 technical report dated February 22, 2019. In the event Regulus acquires any existing royalties within the current project area or within a 1 km area of interest surrounding the project on claims owned 100% by Regulus, (see Figure 1), Osisko will have the option to acquire 50% of the acquired royalty by paying 75% of Regulus’ purchase price for the royalty;
		Ο	As a significant initial transaction under the Partnership, Regulus has acquired a royalty on the Mina Volare claim of the AntaKori project which represents a 1.5% or 3% NSR depending on location (see Figure 2), from a private vendor. As per its right under the Partnership, Osisko has elected to acquire 50% of the royalty for 75% of Regulus’ purchase price with Osisko’s acquisition cost for the royalty included in the Upfront Payment. Regulus has retired the remaining 50% of the royalty. As such, the Royalty on the Mina Volare claim is now reduced to a 0.75% or 1.5% depending on location, in favour of Osisko (see Figure 3).
		Ο	The AntaKori project currently has an in-situ resource with 2.6 billion pounds of copper, 2.3 million ounces of gold and 61 million ounces of silver in the indicated category, and 2.4 billion pounds of copper, 2.2 million ounces of gold and 67 million ounces of silver in the inferred category as per the NI 43-101 technical report dated February 22, 2019.
		Ο	The Mina Volare claim, where Osisko has acquired the initial royalty, contains approximately 75% of the indicated resource tonnes and approximately 50% of the inferred resource tonnes within the AntaKori project based on the above-referenced NI 43-101 report.