Investor Newsletter, February 2020

Dear Investor,

With the New Year giving way to "this year" and “enuff said” (advisedly avoiding contemporary concerns), we are convening on the everyday and presenting a quick account of activities across our projects.

COLOMBIA
In keeping with our commitments under the post-conflict ECOMUN alliance and as a signatory to the British Embassy’s Peace and Business Initiative, we are proud to announce that the Company has now employed three ex-FARC combatants on a full-time basis to assist us in our exploration activities in Nariño Province, southern Colombia. Their work is currently focused on prospecting the exciting and under-explored Rio Nulpe porphyry copper and gold district, just north of the border with Ecuador.

Map of southern Colombia showing location of Rio Nulpe area, title applications of Royal Road (light blue outline) and title situation in neighboring Ecuador

Stream sediment sampling in the Rio Nulpe area

Over the last eight months Colombia has made it clear (2019, 2020) that it intends to become a global player in an accelerating global market for copper. Our application package in the southern block and the package we purchased last year from AngloGold Ashanti in the northern block, hosts some prime real estate and in the case of the south, some of the last “beachfront” blocks in respect of copper potential in the Andes.

In the high-grade La Llanada goldfield, our formalization teams have been waiting for the recently completed digital cadastre in Colombia (ANNA Mineria) in-order to advance on the formalization of the El Gualtal (65k ounce per year) mine operation and eight other currently informal gold operations in the region. The formalization process is a crucial first step in building trust and attaining long-term social license in complex post-conflict regions such as Nariño. In exchange for formalizing these mine operations Royal Road receives a royalty equal to 3% of gold production and where applicable (where potential is evident, such as at Gualtal), we negotiate an option agreement to earn back into the project.

In Colombia’s northern block, work has focused on advancing the Company’s joint-venture agreement with Colombia’s Mineros S.A and on mapping and underground channel sampling at Guintar. Reconnaissance work, focussed initially on the recently granted Filadelfia gold title is also now underway.

Royal Road Geologist, Daniel Vermond at entrance to cross-cut tunnel exposing approximately 67m of dense pyrrhotite stockwork at Guintar

Pyrrhotite stockwork, carbonate and sulphide veins crosscut strongly silica-magnetite hornfelsed bedding. Pyrrhotite veins host gold mineralization at Guintar

NICARAGUA
Ground magnetics and gravity surveys are nearing completion at the Luna Roja gold-skarn and nearby Caribe gold-breccia projects. Once final data is in and integrated with existing mapping and geochemistry, it will be used to identify follow-up drill targets on both projects. Some 6000 meters of drilling is planned at Luna Roja and Caribe for 2020, with an initial resource expected at Luna Roja sometime later in the year.

Line surveying and cutting for ground magnetics and ground gravity surveys at Luna Roja

Ground gravity measurements at Luna Roja. Gold is related to tungsten at Luna Roja. Tungsten minerals are exceptionally dense so should reflect in the detailed gravity data

A New Face!

María Camila Gutiérrez Buitrago (Camila), joins the Company as Investor Relations Manager at a key time in our evolution and as we attempt to increase exposure and broaden the shareholder base. Camila is qualified as an International Negotiator from EAFIT University in Medellín, Colombia. She also has a Master’s Degree in Management from Carlos III University in Madrid, Spain, where she was a scholarship holder from Spain´s Fundación Carolina. Camila has worked in PR for Colombia’s National Government in the Ministry of Trade, Industry and Tourism, The Ministry of Foreign Affairs and The Ministry of Information and Communications Technology. She speaks Spanish, English, French, Italian and Portuguese.

Come and find us at PDAC booth 2342 next month from March 1 - 4 at the Metro Toronto Convention Centre. Feel free to reach out to Camila or use the new one-on-one meeting program to arrange specific meetings.

Thank you for your continued support!

Respectfully Yours, Tim Coughlin
President and CEO, 

Royal Road Minerals Ltd For further information please contact:
Investor Relations
USA-Canada toll free: +1-800-638-9205
Phone: +44 (0)1534 887166
info@royalroadminerals.com