ALDE Aldebaran Resources Inc

Aldebaran Resources Inc. (“Aldebaran” or the “Company”) (TSX-V: ALDE, OTCQX: ADBRF), is pleased to announce that its non-brokered private placement (the “Private Placement”), previously announced on July 20, 2022, has been upsized to 18,500,000 common shares (the “Common Shares”) at a price of $0.78 per Common Share for total gross proceeds of $14,430,000.

On July 20, 2022, the Company announced a strategic investment by a wholly-owned subsidiary of South32 Limited (“South32”) to acquire a 9.9% interest in Aldebaran. Current shareholders of the Company, Route One Investment Company LLC (“Route One”) and Stillwater Canada LLC, a wholly owned subsidiary of Sibanye Stillwater Limited (“Sibanye-Stillwater”) both hold participation rights to avoid dilution.

Route One, Aldebaran’s largest shareholder, has elected to partially exercise its participation right and purchase 4,800,000 Common Shares at a price of $0.78 per Common Share for total proceeds of $3,744,000. Sibanye-Stillwater has elected not to exercise its participation right.

With the upsizing of the Private Placement, South32 has agreed to increase its share purchase to 13,700,000 Common Shares at a price of $0.78 for total proceeds of $10,686,000.

Upon closing the Private Placement, South32 will own approximately 9.9%, Route One will own approximately 44%, and Sibanye-Stillwater will own approximately 17.6% of the Company on a non-diluted basis. The Company will use the proceeds of the Private Placement to fund exploration activities at Altar.

Closing of this financing is expected to occur by mid-August and is subject to various conditions, including approval of the TSX Venture Exchange. No finder’s fee is payable in connection with this Private Placement.

Route One is a control person of the Company. Accordingly, the participation of Route One in the Private Placement constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation and minority approval requirement under MI 61-101 as the fair market value of Route One’s participation in the Private Placement does not exceed more than 25% of the market capitalization of the Company, as set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101.

The Company will not file a material change report more than twenty-one (21) days before the expected closing date of the Private Placement, as the details of the Private Placement were not finalized until August 5, 2022, and the Company wishes to close the Private Placement as soon as practicable.

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.

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

John Black, CEO / DirectorPhone: +1 604 685-6800 Email: info@aldebaranresources.com

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 has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater Limited. 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.

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 expected closing and use of proceeds of the Private Placement, 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.