Dear Reader,
Those of you who have followed the Company for some time are aware of the important transition we have made over the last 12-months. In exploration, opportunity cost ranks high and agility is vital. This is no "pivot" it is a fundamental transformation and a well-considered relocation of the Company, based on geopolitics, on what we consider are structural changes affecting our sector and, as best as we can assess; prevailing sentiment, in its most expansive sense...
Early last year we arrived in the kingdoms of Saudi Arabia and Morocco, since then, we have pooled resources, combined with an equally motivated and aligned partner in MSB, secured two exciting new copper and gold prospects and commenced comprehensively well-constrained regional target generation and opportunities identification programs in both countries. Drilling will commence at our Alouana project in Morocco this year.
Last year we were “heads-down”, intent on completing the transition, we are now focused on an exciting new future and on communicating our progress to you and to the wider market. We are confident of, firstly; the exciting potential of Saudi Arabia and Morocco and secondly; the unequalled support from respective government, most especially in Saudi Arabia.
Isolating just one example; acknowledging current market sentiment, Saudi Arabia has established a $200 million exploration fund where qualified companies can reclaim up to $2 million of exploration costs per exploration license for a maximum of 11 licenses. The country is clearly intent on developing its mineral resources and is fast becoming a new global mining hub. 14,000 delegates attended this years Future Minerals Forum in Riyadh and the event was preceded by a one-day Ministerial Round Table which brought together government representatives from 79 countries.
With very helpful “leg up’s” from our partners, communities and host countries, we are moving rapidly back-up the value-adding curve and look forward to keeping you informed as we uncover and advance “New Mines for a New World”.
Mining in Vision 2030
Vision 2030 is the major strategic framework launched by the Kingdom of Saudi Arabia to diversify its economy, transform the Country and position itself for sustainable growth in the coming decades. Mining is recognised as an important component of this ambitious vision.
Saudi Arabia has put in place an effective governance framework, rolled out a competitive mining investment law and launched a package of financial incentives and enablers; such as providing up to 75% of initial CAPEX up to $800m, five years royalty grace period for new mines and the exploration incentive scheme mentioned above. Read more here: Vision 2030
Exploration Update
Saudi Arabia
At the Company’s Jabal Sahabiyah project (see Press Relase, February 27, 2024) the team has been conducting ground borne geophysics, geochemistry (including rock chip and soil sampling), and geological mapping to delineate key areas of interest and controls on copper and gold mineralization.
Concurrently, the team continued reconnaissance of areas of interest and upcoming tender areas. In addition, a new target generation exercise has been initiated. The exercise involves a thorough re-evaluation of the Arabian Shield's geological history, leveraging the latest geochemistry and geophysics data from the Saudi Geological Survey, and utilizing RRM’s in-house remote sensing capabilities to prioritize targets. Reconnaissance of the newly identified targets is expected to begin in Q2 2024.
Next in Saudi Arabia
Awaiting Jabal Sahabiyah geochemical results to plan the next stages of exploration within the tender area.
Shield wide reconnaissance of the newly identified targets is expected to begin in Q2 2024.
Morocco
The Company has completed infill soil sampling, and mapping of historic workings in preparation for drilling at the Alouana copper gold polymetallic project. Key to volume potential there is the extent of potentially “pittable” shallow-dipping mineralization hosted in shears and parallel to the schistosity of the country rock. Preliminary drill holes have been located in preparation for permitting.
The team has also been busy reviewing more advanced copper and gold opportunities in Morocco and has entered into confidentiality arrangements with local enterprises.
Next in Morocco
CEO Tim Coughlin is currently reviewing advanced opportunities in the field.
Drilling of Alouana target is expected to begin in Q2 2024.
Meet Camila!
Camila Gutierrez is our VP Corporate Development and Communications, She has been working for Royal Road for the past 4 years. First, as Investor Relations Manager and then as the Managing Director of the Royal Road Accelerator. Camila is qualified as an International Negotiator and has a Master’s Degree in Management. She speaks Spanish, English, French, Italian and Portuguese.
In her current role, Camila aims to drive strategic initiatives that facilitate business growth, foster meaningful relationships with stakeholders and key industry players, and implement effective communications strategies to deliver core messages.
Connect with her on Linkedin
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Thank you for your continued support!
Respectfully Yours,
Tim Coughlin
President and CEO
Contact
Camila Gutierrez, VP Business Development and Communications
camila.gutierrez@royalroadminerals.com
+44 1534 887166
In Colombia Royal Road Minerals operates through its wholly-owned Colombian companies Minerales Camino Real SAS founded in 2015 and Exploraciones Northern Colombia SAS acquired from previous owners in 2019. In Argentina Royal Road Minerals operates through its wholly owned Argentinian company, Minerales Camino Real Argentina. In Saudi Arabia and Morocco the Company operates through its 50% owned Saudi Arabian registered subsidiary, Royal Road Arabia.
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