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John Black, CEO of Regulus/Aldebaran Resources | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 28, 2026 16:22

Summary

John Black's teams find giant copper-gold deposits, add value through drilling and studies, then sell to majors rather than build mines.

Developing a major copper discovery into a mine now averages about 20 years, so Regulus exits near pre-feasibility, where value builds fastest.

Regulus' Antecori project in Peru holds over 500 million tons near 0.7% copper equivalent beside active neighbors, making district consolidation the key catalyst.

Aldebaran's Altar project in Argentina shows a $2 billion PEA net present value against a $500 million market cap at conservative copper prices.

Argentina's investment climate has shifted under its current president, drawing majors toward nine major copper projects in the country.

Key points on Buenaventura Mining

  • Named by John Black as part of the Comalichit group whose oxide mine next to Antecori has about four years of life left, making it a necessary party in the district consolidation he says he is actively pursuing.

Key points on Regulus Resources Inc

  • John Black argues Regulus's Antecori project in northern Peru — a little over 500 million tons of indicated and inferred mineralization at about 0.7% copper equivalent — is set up for a district consolidation and a likely take-out in the not too distant future.
  • He says the neighboring Comalichit operation, owned by Southern Copper, Buenaventura and a private company, is mining the oxide cap with about four years of mine life left as of the May 2026 interview, after which a far larger copper-gold mine of 50-80 years would require putting the district back together.
  • Counting the neighbors' reported ground, he cites about 1.3 billion tons at roughly 0.7% copper equivalent versus the 0.4-0.5% typical of copper mines now being developed, with a strip ratio near 0.5:1 for the first 20-30 years of a foreseeable mine life.
  • Regulus trades as REG on the TSX Venture and on the Peruvian exchange at a market cap of about C$500 million as of the interview, with about $5 million in cash and no further drilling planned.
  • He says the company is entertaining discussions under confidentiality agreements, may not need another financing before the project's conclusion, and that virtually every major copper and gold company plus Chinese and Middle East groups have taken an interest.

John Black's takeaways

  • Top takeaway Argues both his companies hold large Andean copper-gold deposits worth far more than their roughly C$500 million market caps — Aldebaran's PEA alone puts about $2 billion of net present value on Altar — with an eventual sale to a major as the explicit plan.
  • Describes his strategy as finding 'elephant' porphyries that majors like Rio Tinto, BHP or First Quantum would want to own, advancing them to pre-feasibility on the first leg of the Lassonde curve, and selling, because a big copper deposit now takes about 20 years from discovery to production.
  • Claims the Antecori district — 1.3-plus billion tons at about 0.7% copper equivalent with a strip ratio near 0.5:1 — is drawing attention from virtually every major copper and gold company plus Chinese and Middle East groups, with consolidation talks running in the background.
  • Cites his track record of selling the Hecir deposit to First Quantum for about $650 million, a roughly ten-bagger, as evidence the current two projects repeat the same setup.
  • Argues Argentina under President Millay could become a top-five copper producer, and with most of its nine major copper projects already major-owned, he says only one or two — including his Altar — remain acquirable.

Rick Rule's takeaways

  • Top takeaway Discloses he owns shares in both companies, has known John Black for the better part of two decades, and says he has invested successfully alongside him repeatedly.
  • Argues his conference's vetting rule — he exhibits only companies whose shares he owns personally — amounts to his own endorsement of Regulus and Aldebaran.

Mr. Ben Cherrington's takeaways

  • Top takeaway Identified by John Black as the investor relations manager for both Regulus and Aldebaran and the contact point for investors who want direct access to management.