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Royal Road Minerals

Investor Newsletter December 2019

New mines for a new world


Investor Newsletter December 2019

Dear Investor,

From all of us here at Royal Road, we wish you peace and prosperity for the festive season and beyond.

There is little doubt that 2019 has been a formative year for Royal Road, marked mostly by successful drilling programs at the Luna Roja and Caribe gold projects in Nicaragua, by the exciting royalty and option agreement at El Gualtal in Colombia and by the acquisition of AngloGold Ashanti’s (AGA's) quality Colombian exploration assets.

Once consummated, an acquisition such as the AGA deal, is not unlike wriggling a wet foot into a rubber boot. We have some JV-deals and restructuring yet to do, but we are closing in on that satisfying ‘thunk’, where heel meets sole! Fair to say that the team and I have been surprised on the upside in respect of the potential of the AGA assets. The extensive title and application package is the result of more than 10 years of exploration, prioritization and rationalization by AGA. It is potential, distilled and ready for the tapping. We will be adopting an entrepreneurial approach to these assets, some we will advance with commercial partners, some we will develop alone. In all cases, our principal partner is the community. A policy illustrated most materially by our recent formalization agreement at the high grade El Gualtal vein project in Narino and by other agreements we are currently advancing in that region.

Clockwise from top left: Eight currently informal miners execute letters of intent with Royal Road for formalization and royalty agreements. Gold in crucible from El Gualtal mine. Gravity processing plant from El Gualtal. Dore bars from El Gualtal. Royal Road's formalization agreements include a payment to Royal Road of a 3% gold royalty.

The near term focus in our Southern Block in Colombia is reconnaissance sampling of the exciting and unexplored cluster of copper and gold porphyry occurrences located along the countries border with Ecuador and on characterising potential at the high-grade (average 30 g/t gold) El Gualtal vein system. In the Northern block, our short term focus will be on drilling at the recently permitted Guintar-Niverengo gold project. In Nicaragua, ground geophysics (high-resolution microgravity and ground magnetics) and then drilling will commence at Luna Roja and Caribe.

Look out for us at the Vancouver Resource Investment Conference on January 19-20 next year. Once again, festive wishes from all of us here at Royal Road and we thank you for your continued interest and support.

Respectfully Yours, Tim Coughlin, President and CEO
CEO video interview with Jochen Staiger at Mines and Money London, November 2019

For further information please contact:
Investor Relations
USA-Canada toll free: +1-800-638-9205
Phone: +44 (0)1534 887166