Aldebaran Resources Inc.
Aldebaran Resources is advancing the Altar copper-gold project (80% owned, Sibanye-Stillwater 20%) in San Juan, Argentina, following an Oct 2025 PEA (48-year mine life, NPV8% US$2.0 billion, IRR 20.5%). Rio Tinto's Nuton option over Altar was terminated in November 2025, Aldebaran adopted a shareholder rights plan in March 2026, and its other Argentine exploration properties were spun out to shareholders as Centauri Minerals Inc. on 27 Aug 2026. Cash of CAD $49.4 million (Mar 31 2026); debt-free.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.7/10.
Lifecycle Milestones
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)6/10
San Juan, Argentina: Fraser PPI 2025 is 79.86 of 100 (rank 22 of 68), which maps to 9 on this site's scale, less 3 for Argentina's national currency, capital-control and export-duty risk, so 6. San Juan, Argentina carries real currency-control and policy-continuity risk typical of the country, partly offset by San Juan province's relatively mining-friendly track record.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Altar Project, San Juan, Argentina.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:9.1/10
South32 Ltd holds 13.57% (reported 31 Jul 2026) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 49% here - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 29% here - JurisdictionSub-score:6/10
Argentina: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 13% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Director of Regulus Resources Inc.; also Chief Executive Officer & Director of Aldebaran Resources Inc. and a director of Chakana Copper Corp. Economic geologist with more than 30 years' exploration experience across multiple continents.
Chief Geological Officer of Regulus Resources Inc.; also Chief Geological Officer & Director of Aldebaran Resources Inc. and has worked as an exploration geologist with Barrick Gold Corporation in Chile. (Dr.) Economic geologist with 40 years' field experience in North and South America; a founding member of Regulus.
Chief Financial Officer and Director of Regulus Resources Inc.; also Chief Financial Officer & Director of Aldebaran Resources Inc. and Centauri Minerals Inc. Co-founder of the company; holds a law degree and a CFA designation; previously founded AltaFund Investment Corp.
Senior Vice President, Corporate Development of Regulus Resources Inc.; also Senior Vice President Corporate Development of Aldebaran Resources Inc. Professional geologist with over 15 years' experience in corporate development; formerly at Yamana Gold.
Vice President and Country Manager, Argentina of Aldebaran Resources Inc., promoted from Country Manager, Argentina; also a director of Centauri Minerals Inc. Argentine geologist with over 20 years of mining industry experience; joined Antares Minerals in 2004 and was project manager for the Rio Grande and Haquira projects. Holds an MBA from IAE Business School and a B.Sc. from the National University of San Juan.
Vice President Project Development of Aldebaran Resources Inc. Geological engineer with over 28 years combining exploration with operational and technical roles. Holds a B.Sc. from the Montana College of Mineral Science & Technology (1991). Previously Director of Corporate Development at Sibanye-Stillwater, with nearly 18 years at underground PGM operations.
Corporate Secretary of Regulus Resources Inc.; also Corporate Secretary of Aldebaran Resources Inc. and Director, Corporate Secretary of Highway 50 Gold Corp. 30 years' experience providing regulatory and management services to public companies.
Manager, Investor Relations of Regulus Resources Inc.; also Manager, Investor Relations of Aldebaran Resources Inc. Over nine years' experience working in Latin America in the mining and energy sectors; fluent in Spanish and Portuguese.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two very different kinds of informed money are in this one. South32, a global diversified producer, put cash in twice -- C$10.3M for 9.9% in July 2022, then more in the August 2023 financing to reach about 14.8% -- and now holds 13.57% per the company's own share-structure page (31 July 2026), with anti-dilution rights and the right to nominate a director above 12.5%. Separately, Route One Investment Company, a US San Francisco value fund, is the largest shareholder at 41.22% and has kept adding: a 2023 warrant exercise, 9.7 million shares at $0.88 in September 2023, and another 1,538,462 shares at $3.25 in the February 2026 placement. Management and technical staff have bought alongside them repeatedly, and no insider has ever sold.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
Altar Project (80% Aldebaran / 20% Sibanye-Stillwater) PEA: after-tax NPV8% of US$2.0B and IRR of 20.5% at a base case of $4.35/lb copper, $2,500/oz gold, $27/oz silver, over a 48-year mine life (incl. 3 years construction). Rises to US$3.34B NPV / 28% IRR at spot prices. Resource: 22.01B lbs Cu + 5.08 Moz Au + 93.76 Moz Ag Measured+Indicated (2024 pit-constrained estimate), plus a large Inferred component. Nuton/Rio Tinto option terminated Nov 2025.