Royal Road Provides Exploration Update

May 9, 2023 – Toronto Ontario: Royal Road Minerals Limited (TSXV:RYR) (“Royal Road” or the “Company”), is pleased to provide an update of current exploration activities in Argentina and in the Kingdom of Saudi Arabia.

Argentina (Santo Domingo)

Royal Road has entered into an option agreement with an individual titleholder to acquire 100% of the Santo Domingo porphyry copper and gold district located in San Juan Province, Argentina (see Press Release, February 15, 2023).

Drill-definition work, including grid-based soil sampling and saw-cut rock-chip channel sampling, is continuing at the Santo Domingo project. Diamond drilling is expected to commence in August of this year.

The Santo Domingo district is located 120 km east of San Juan City at an average altitude of approximately 1,200 meters above sea level (see Figure 1). The district comprises two, as-yet undrilled, porphyry copper-gold occurrences (Divisoria and El Arriero) and several vein-hosted gold and silver occurrences located within a mineral rights package covering a total area of approximately 200 square kilometers (see Figure 2). The porphyry occurrences at Santo Domingo are of a significant surface extent and show characteristic zoned porphyry-style alteration from central potassic cores (secondary biotite ± potassic feldspar) with quartz-magnetite-chalcopyrite veins, passing outwards to phyllic and propylitic styles of alteration. Rock chip geochemistry seems to show a classic zoned pattern with copper only mineralization hosted within a potassic core at El Arriero and gold seemingly occurring peripheral to this core. Furthermore, recent mapping reveals that the area most likely sits within the immediate roof zone to a larger and connected porphyry copper and gold system concealed at depth.

Kingdom of Saudi Arabia (KSA)

Royal Road has entered into a 50-50 Strategic Alliance Agreement (“the Alliance”), with KSA-based MSB Holdings Limited for the exploration of copper and gold resources in the highly prospective and underexplored Arabian Shield (see Press Release February 9, 2023). As part of the agreement, the Company has completed an exploration decision-support-system for KSA and identified priority targets and target areas for immediate field follow-up. Additionally, the Alliance was one of 13 corporate participants to have recently qualified for government bidding rounds on six early-stage exploration properties from within the Arabian Shield area. As part of this process, two of these properties were recently assessed in the field and the Alliance is currently assessing other occurrences and districts deemed to be of exploration interest.

“It is always exciting to put the very first drill holes into a previously untested porphyry copper and gold system, especially one like Santo Domingo which we believe is conceptually very clear and with obvious size potential. In-fact, it is quite rare nowadays to find untested porphyry copper and gold systems with mineralization and related alteration exposed on the surface, especially when the project is so close to existing infrastructure.” Said Dr Tim Coughlin, Royal Road’s President and CEO. “We are also excited by the potential of our new venture with MSB in KSA. The Arabian Shield is one of the most prospective and underexplored regions in the world, with very clear potential for world-class copper and gold resources. The Kingdom of Saudi Arabia is an impressively proactive and supportive host-country which, through its Vision 2030 initiative, is actively promoting responsible mining and mining investment and is committed to sustainably developing its mineral resources and playing a key role in the supply of critical metals. We very much look forward to playing our part.”