Investor Newsletter, November 2020

EXPLORATION UPDATE

Dear Investor,

A route less travelled yet functional, has ensured that we now have a full-contingent, technical and managerial in-country and in the field.

The project pipeline is developing well and thanks to the great work of our dedicated operations teams; as planned. In respect of our most advanced exploration projects, drilling is currently underway at the Caribe porphyry gold project in Nicaragua (results soon) and geological modelling is being carried out in readiness for the return of the drilling rig to our Luna Roja gold skarn project, just 16km to the north of Caribe.

New natural landslip at the Guintar gold project reveals previously unknown gold mineralization. Core shed and field work assists in drill targeting. Nicaraguan team celebrates 200,000 hours without time-loss incidents and workplace accidents.

Here in Colombia we have spent a solid two weeks making detailed observations and collecting new geological information from the Guintar-Niverengo-Margaritas (GNM) gold project in Antioquia. The outcome of this work has been very positive, identifying new and exciting drilling targets. Further drill holes will be located by the end of this week with a view to commencing a follow up drill program as soon as possible.

By the end of this week three reconnaissance exploration teams will be deployed on regional work aimed at prioritising and rationalising the extensive ground holdings we have in Northern Colombia. Regional exploration work is also kicking off in Nicaraguas Golden Triangle commencing with an auger soil sampling program at a new skarn gold project located 50 km to the southwest of Luna Roja known as Yuoya.

Respectfully Yours, Tim Coughlin, President & CEO

STAFF PROFILE
Mauricio Valencia

Mao is Royal Road's Chief Geologist. He has more than 17 years of exploration experience working for both senior and junior exploration companies in South and Central America. Mao's particular expertise is in target generation and greenfields exploration, especially throughout the Colombian Andes. He is currently driving the reconnaissance exploration programs in the Middle Cauca belt and in Nicaragua's Golden Triangle. Mao is happiest in the field, loves dogs and heavy metal music!