Investor Newsletter, May 2025

Dear Investor,

Exploration is driven by the persistent and eternal imbalance of having ambitions beyond one’s resources. This is what drives discovery, innovation, and the courage to seek value where none is yet known. As mineral explorers, we are fundamentally in search of anomalies; accumulations of metal that are hidden from plain sight. But also, as a natural consequence of the modern day, we seek increasingly anomalous jurisdictions, those that are prospective but under prospected, safe and supportive. Even countercyclical…to trigger a thought.

I am currently in Saudi Arabia and even though I have been here many times before, it is impossible not to be struck (yet again) by the remarkable geopolitical anomaly it currently is. It is a dynamic balance of tradition and youthful transformation (almost 70% of the Kingdom’s population is under the age of 40). It is a safe (ranks number 1 in the G20 safety perception index and is second globally in the 2023 Global Crime Index) and stable jurisdiction. With respect to industry support it is, in my long experience, objectively peerless. I have laid out the structure and essence of relief and financial support in previous dispatches (see our corporate presentation here). In terms of prospectivity, well that is naturally more obvious to us and to our local colleagues than it will be to most of the market. Given that the country is reinventing its mineral industry and redefining the global mining narrative, its prospectivity is for us to prove and portray. We are on it!

Investors are drawn to what they know, explorers pursue the unknown. It is our view that Saudi Arabia is the quintessential anomaly where these opposing instincts may finally converge.

Exploration Update

Saudi Arabia

Results from RAB and RC drilling at Jabal Sahabiyah are being received, integrated and interpreted. Some 30% of samples are still at the laboratory awaiting analysis or re-analysis. Reconnaissance and desktop work in preparation for the upcoming tender round 9 is nearing completion with a shortlist of exciting priority targets already identified.

Jeddah office undergoing risk-assessment training and a batch of RC samples hits the lab!

Next in Saudi Arabia

• Modelling of drill results
• Auger sampling, regional mapping and ground spectometry at Jabal Sahabiyah
• Prepare for new tender acquisitions

Morocco

Drilling at Lalla Aziza is now complete and samples have been delivered to ALS laboratories in Spain. Regional reviews of new acquisition opportunities are underway.

Sample truck on-site for the last of the drilling samples at Lalla Aziza, camp Tagine for the drill crew.

Next in Morocco

• Drill results and modelling Lalla Aziza
• Application and acquisition of new opportunities

Exploration Travel Vlog 10 Jeddah Base

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