Investor Newsletter, July 2025

Dear Investor,

This month I had the opportunity to meet face-to-face with nearly all of our institutional and corporate shareholders, first at the well-attended Rule Symposium in Florida, and then in focused sessions at their offices in Toronto.

Royal Road is majority-owned by institutions and corporates. A fact we value, for the stability, accessible insight, and long-term perspective they provide. Viewpoints are naturally as diverse as the aspirations they represent, but the core message is that quality matters and the quicker we can advance exploration efforts and sharpen our focus on two or three key projects of appreciable scale; the better.

To that end, in Morocco and Colombia we are advancing with a clear focus on Lalla Aziza, and Guintar-Margaritas, both quality exploration projects of tangible scale. Saudi Arabia is naturally an early-stage, currently longer-term play, but our 50-50 joint venture with a strong local partner, combined with peerless government support, allows us to advance projects faster there (we would argue), than almost anywhere else in the world. We have moved from concept to proof, defined our targets, and are now advancing on high-potential gold and polymetallic prospects at Jabal Sahabiyah and on securing further assets of perceptible quality and short-term potential in upcoming tender rounds.

We have said it before (and it feels even more relevant in today’s climate of shifting geopolitics and volatile markets), we believe it is wise to spread jurisdictional risk in exploration and mining. At the early-stage, this is naturally more demanding than focussing on single assets in a single jurisdiction, both operationally and in how we communicate progress. But when capacity challenges become more evident, and they haven't yet, it is likely because our projects have successfully advanced beyond key decision gates to the point where value is more substantially evident. That, in our view, is a good problem.

We are grateful for your attention and support.

Exploration Update

Saudi Arabia

Results from drilling at Jabal Sahabiyah are still being received. Evidence to date suggests that we have identified both zinc-gold and zinc-silver skarn and intrusion-related gold mineralization at the project. We are anxious to receive trench and channel samples from the newly identified Ash Shajjah gold prospect and to integrate them with new mapping, ground magnetics and radiometrics and the final drilling results in order to better understand and build a more complete picture of gold potential at Jabal Sahabiyah. Royal Road Arabia has successfully qualified to participate in the remaining 2025 tender rounds and is currently active in Tender Round 9 which is due for completion in middle September.

Aerial photograph of the Ash Shajjah gold prospect area. Bulldozer scrapes are by artisanal miners who then scan cleared areas with gold detectors. Running radiometrics along trenches!

Next in Saudi Arabia

• Receipt and modelling of drill, trench and channel results
• Completion of mapping and further geochemical sampling at Jabal Sahabiyah
• Participation in Tender Round 9

Morocco

Results from scout-drilling at Lalla Aziza were announced in mid-July. Work is now centred on transferring title to Royal Road's local Moroccan subsidiary. Further field work has focused on identifying the source of gold anomalism in the footwall and assessing district potential. 

Footwall shears hosting gold mineralization at Lalla Aziza. 

Next in Morocco

• Secure title transfer
• Assess controls on footwall gold mineralization
• Assess district potential

Exploration Travel Vlog 12 (Guintar-Margaritas...something different)

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