Investor Newsletter, June 2025

Dear Investor,

Progress isn’t a straight line, it loops, detours, and doubles back in ways we often cannot predict. But process is our mainstay. If well-designed and thoughtfully maintained, a process doesn’t need to chase every tight twist; it simply adapts in smooth curves cutting its own confident path through whatever disorder and chaos life levies upon us.

In late November of 2022, ham-strung by events collectively bundled into the grab-bag of geopolitics, our Board and Management Team convened to consider the Company, develop a strategy and implement a process to build something bigger than ourselves. This may be more admission than statement, but it’s not often I that am willingly compelled to re-examine the minutes of past meetings. At a moment when pressure demanded direction, the meeting of November 2022 became a fulcrum point, converting frustration into momentum, and implementing a considered process, the benefits of-which are now becoming evident.

Strategically, we resolved to create value and minimize risk by screening and advancing multiple copper and gold projects across different jurisdictions, quickly converging on one or two flagship assets per region. Our intention is for cash-paying interests in multiple copper and gold assets in multiple jurisdictions. Strategies are effortless and also flat and meaningless, unless there is a process to which they are tenably linked. It’s not our strategy I need to be reminded of when reviewing the minutes (actually a Mind Map) of our meeting in 2022, I want to know if we are neglecting or have somehow deviated from the process. We haven’t, there is still strong signal versus noise and that is testament to our team and to the extraordinary value of that particular meeting.

I need to stop the waffle, for what it's worth I agree with Elon Musk on the value of most meetings...so what’s the material outcome? Firstly, reality refines ambition, and we’ve learned that beyond three jurisdictions, execution falters and process strains. I suspect that’s a first principle. In Colombia, where regulatory gridlock halted progress in late 2022, approvals are now resuming. There, we have already converged on our flagship project, Güintar-Margaritas (please remind yourself here) and own a broader portfolio with significant transactional value. In Morocco, after screening over 30 copper and gold projects, we’ve zeroed in on one with flagship potential. And in Saudi Arabia, greenfields exploration is underway; early stage, but with evident promise. In short, after two years of hard work from a standing start in Morocco and Saudi Arabia and with work in Colombia resuming, the process we set in motion in late 2022 has proven both resilient and effective. Knowing the process works validates the strategy and fuels the momentum behind it.

We are grateful for your attention and support.

Exploration Update

Saudi Arabia

Results from RAB and RC drilling at Jabal Sahabiyah are still being received, integrated and interpreted. Some 20% of samples are still at the laboratory awaiting analysis or re-analysis. Mapping, ground spectrometry, trenching, auger sampling and further prospecting, particularly for gold, in follow-up of early drill indications is currently underway. Reconnaissance and desktop work in preparation for the upcoming tender round 9 has completed and a shortlist of exciting priority targets has been compiled.

Trench mapping and drone map-base surveying at Jabal Sahabiyah

Next in Saudi Arabia

• Receipt and modelling of drill results
• Completion of mapping and further geochemical sampling at Jabal Sahabiyah
• Prepare for new tender acquisitions

Morocco

Drilling at Lalla Aziza is now complete and approximately 30% of drilling results are awaited. Regional reviews of new potential acquisition opportunities have been completed.

Remote camp and sampling during property reviews in Morocco

Next in Morocco

• Drill results and modelling Lalla Aziza

Exploration Travel Vlog 11

See this recent interview with Dunagun Kaiser from Liberty and Finance

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