Investor Newsletter | October 2026
Oct 31, 2026
Dear Investor,
After a few months neglecting our Monthly Newsletter, we return to a difficult market. Gold has retreated from its highs, junior exploration stocks remain depressed and investor enthusiasm is scarce. Yet the best opportunities often emerge when the fundamentals are improving faster than the market’s willingness to recognise them.
Colombia is a case in point. Since taking office in August, the new administration has moved to address longstanding obstacles to investment. Measures to improve regulatory certainty in mining, renewed action against organised crime and proposals for economic reform are encouraging early signs. Much remains to be done, but the direction is positive.
Colombia’s geological potential has never been in doubt. Security and regulatory uncertainty have been the greater challenges. We remain convinced that responsible exploration can play an important role in rural economic development, provided the conditions exist for legitimate investment to succeed.
At Royal Road, drilling continues at our GAM project despite equipment supply and weather-related delays. We have completed a drill hole at Güíntar and moved to the Alemán sheeted vein system. Assays are pending, with laboratory turnaround times slower than anticipated. Our updated corporate presentation provides further details.
We remain focused on the geology and encouraged by the changes taking place around us.
Exploration Update
Colombia:
One hole testing the depth continuity of Au-Cu-Ag stockwork mineralization at Guintar is complete and the rig is now drilling the sheeted gold vein mineralization at El Aleman.
The Company is also engaging with stakeholders and advancing plans to recommence work on its gold prospects in the La Llanada gold district of southern Colombia.
Next in Colombia
Saudi Arabia & Morocco
Given the company’s renewed focus on Colombia, both Saudi Arabia and Morocco are subject to strategic review, with all options under consideration.
Missed our Margaritas Explainer? Click here.
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
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 Saudi Arabia Royal Road Minerals operates through its 50% owned Saudi Arabian registered subsidiary, Royal Road Arabia. In Morocco Royal Road Minerals operates through its 100% owned subsidiary Minéraux Chemin Réel SARL AU.
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