Investor Newsletter, April 2025

Dear Investor,

This newsletter is a week late, for which we apologise, but it has been a busy and productive month (and a bit). I try to be economical with statements like that, it’s a hip line, fired off recklessly at the start of many shareholder bulletins. To quantify, we have over 2000 drilling samples, from scout drilling at 6 different prospects currently in the lab, or on their way to the lab and approximately 500 meters of further drilling at Lalla Aziza to complete our objective of scout-drilling on at-least four different targets by the end of H1-25. If we can join the dots (plungeversus strike), 6 projects will ideally become 4.

This many shots on goal, over such a short period of time, is uncommon (but very necessary). I would argue that despite advances in subsurface imaging, data integration and AI, the only unique and decisive test for mineralization potential, at-least for the foreseeable future, is the geochemistry at the tip of the drill bit. Increasing exposure to serendipity (I enjoy the honesty of that phrase) and finding more ore deposits, means deploying all the “good stuff”, but the whole process pivots entirely on drilling and the ability to drill.

Royal Road explores with the drill-rig, we have a “drill-early, drill-lots” policy, but that only works where drill permits are attainable, drilling is cheap, access and rig relocation is relatively uncomplicated. If you agree and allow that to sink in, even upon brief reflection, you might be alarmed by the very few exploration environments where such an early-stage exploration policy is truly practicable. Ore deposits aren’t less frequent, just harder to find. Real disruption means more drilling. Again, we tip our hat to our supportive jurisdictions.

Exploration Update

Saudi Arabia

RAB and RC-drilling is now complete at the "Aureole", Jabal Muwayqirah, Hanash South and Hanash North polymetallic skarn prospects and at the Wadi Raiel gold prospect. Section-work and modelling using pXRF and partial results is underway. Desktop targeting and field reconnaissance continued at proposed tender opportunities throughout the month.

RC drilling at the Wadi Raiel gold prospect and reconnaissance camp in the Arabian Shield

Next in Saudia Arabia

• Modelling of drill results and further field mapping at drill localities
• Prepare for new tender acquisitions

Morocco

Drilling is underway at Lalla Aziza, new exploration license applications have been submitted and are expected to be processed before end June. Third party acquisitions under review.

Drill-machine induction for local field assistants and early morning medical simulation training at Lalla Aziza (see VLOG below for more!)

Next in Morocco

• Drill results and modelling Lalla Aziza
• Application and acquisition of new opportunities

Exploration Travel Vlog 9 Drilling Lalla Aziza

Check out our YouTube channel and catch up on previous episodes here if you haven’t already!

Watch CEO Tim Coughlin's recent interview with Rick Rule

Thank you for your continued support and trust in our vision. We look forward to sharing more videos and updates with you in the coming months.

Respectfully Yours,
Royal Road Minerals