Investor Newsletter, March 2026

Dear Investor,

This month’s newsletter relates directly to the short video linked below, and we would encourage you to take a moment to watch it.

Mineral resources are fundamentally different from most other asset classes. In the majority of jurisdictions, they are held constitutionally by the State on behalf of the people. They begin beneath farmland and within rural communities as a public endowment, not as privately created value. Because of this, the way in which value is discovered, accessed and ultimately shared, is inseparable from the communities and jurisdictions in which exploration assets sit. There are very few industries where this is so poignantly the case.

At that early stage, there is a rare opportunity to align capital, communities and the State from the outset. It is a point that is largely unique to exploration. Before value is defined, before ownership structures are fixed and before development pathways are set, there is space to think differently about how a project is built and who participates in it. In our view, this is where creativity matters. The structures put in place at the beginning, how relationships are formed, how participation is designed and how expectations are aligned, tend to persist through the life of a project. Exploration projects need to be economically rational and socially durable.

Our approach in Colombia has been shaped by years of experience in conflict-affected regions, where the perception on the ground is often that the system has failed. Local perception shapes trust, access and ultimately whether projects succeed or fail. In Colombia, we have worked to build that alignment from the beginning, partnering with government entities to create and support pathways for peace and recovery, establishing the Royal Road Accelerator to support local enterprise and create shared opportunity around our projects, and developing advanced agreements with indigenous and other minority communities based on transparency, participation and long-term alignment. We do not see these initiatives as parallel to our exploration, they are foundational to it; it is not a question of meeting ESG expectations, but how we believe successful projects are built. In exploration, how you start often determines where you finish.

Exploration is uncertain by nature, but how you approach it, and who you build it with, does not need to be. That is why returning to Colombia matters to us. The short video below explains where we were, where we went and how and why we are back!

Exploration Update

Colombia

Drilling at Güintar and Chuscalita has now been completed, with initial results released and further results from the remaining three holes expected in due course. The drill rig has since been mobilized to Margaritas, where we are undertaking the first ever drilling on the project. Our geochemical and mapping work indicates that Margaritas may represent a more distal signature of an underlying porphyry system, and accordingly we are planning deep holes to test this potential.

Next in Colombia

• Complete drilling phase at Margaritas
• Relog and continued modelling

Saudi Arabia

Reconnaissance exploration based on exciting newly developed targeting criteria and the assessment of upcoming tender opportunities is underway.

Next in Saudi Arabia

• Advance JV-interest and gold potential at Jabal Sahabiyah
• Continue assessment and ranking of newly awarded license areas
• Review potential and participate in upcoming tenders

Morocco

Discussions with interested third parties are advancing and work on the transfer of the Lalla Aziza copper mining license to Royal Road’s wholly owned Moroccan subsidiary, Mineraux Chemin Réel continues.

Next in Morocco

• Completion of license transfer process
• District consolidation

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