Investor Newsletter, December 2025

Dear Investor,

We are back.

Back in voice and in visibility, and back with renewed momentum after a period in which progress was real but necessarily quiet. Our last newsletter went out at the end of July. Since then, the Company has been constrained into a degree of anonymity by the practical demands of a cross-trade and, subsequently, a financing. Both required focus, discretion and patience. Neither lent itself to commentary.

We are also back because the completion of the cross-trade to Rio2 draws a line under a protracted share-register overhang. That overhang weighed on conscientious marketing efforts and obscured a clear view of the Company’s strategic horizon. Its removal matters. It restores confidence and perspective.

We are back too because, since March this year, the Colombian regulator has accelerated key aspects of the exploration permitting process. Momentum has now returned.

What has changed is not the cards themselves, but the way the deck has been turned. In Colombia, the spring was kept carefully loaded, and the Güintar–Aleman-Margaritas (GAM) project is back, face up, top of the deck and clearly in play. There is cash in the bank, permits are advancing, and we are returning to the ground to test the true scale of a discovery first made in 2021; a coherent porphyry gold and copper system defined to date by fewer than a handful of drill holes.

This is not a “return from the ashes” narrative. The Company did not burn out and reappear transformed. It has been simmering quietly, the lid kept firmly on. Guided by a deliberate strategy to avoid single-asset or single-jurisdiction risk, and while Colombia paused and external factors constrained visibility, disciplined work in Saudi Arabia and Morocco materially diversified and strengthened our portfolio.

Discipline comes with realism. Each jurisdiction presents its own challenges and without keeping our feet firmly on the ground we would risk being blind to them. Optimism is only useful when it is anchored in an honest appraisal of risk.

The Company has also welcomed a new cornerstone investor in Rio2. For that we are grateful. A mining insider on the share register of an exploration company makes intuitive sense, yet it is surprisingly rare for such relationships to be fully leveraged. Both teams are aligned in their determination to prove concept and to make the value of that relationship evident through material outcomes.

Thank you, as always, for your continued support and patience. We trust you had a good Christmas and wish you a peaceful and prosperous 2026....please enjoy the 2025 bloopers vlog at the end of this letter!

Exploration Update

Colombia

A drone-borne magnetics survey is currently underway at the GAM project, preliminary drill-holes have been located, with final parameters pending field verification and adjustments upon delivery of the final magnetics data. Camp and core-shed are in the process of refurbishment, a drilling contract has been signed and drilling is expected to commence in the second half of January, 2026.

Fixed-wing LIDAR drone taking off and drill pad scouting at GAM

Next in Colombia 

• Receipt and modelling drone borne magnetics data
• Ground verification of drill localities
• Drilling

Saudi Arabia

Drilling is underway at Jabal Sahabiyah. Holes are testing gold mineralization in sheeted vein systems at Ash Shajjah and Al Habah. "Drill or drop" exploration programs are underway at newly awarded license areas

Reverse circulation drilling on the Al Habah vein system at Jabal Sahabiyah and evening work at newly awarded license areas

Next in Saudi Arabia

• Complete the current drilling program at Jabal Sahabiyah
• Continue assessment of newly awarded license areas
• Participate in upcoming tenders

Morocco

Work remains focused on the Company’s option agreement over the Lalla Aziza project and the transfer of the Lalla Aziza copper mining license to Royal Road’s wholly owned Moroccan subsidiary, Mineraux Chemin Réel.

Congratulations to Ahmed for completing his PhD! Moroccan geologists Ahmed and Abdellah assisting with remote exploration work in Saudi Arabia

Next in Morocco

• Completion of license transfer process
• District consolidation

Exploration Travel Vlog 13 (2025 BLOOPERS!)

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

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