Royal Road Receives Drilling Permits at Its Guintar-Niverengo Project and Provides an Update on Its Nearby Margaritas Gold Project: Colombia

June 2^nd, 2021 – Toronto, Ontario: Royal Road Minerals Limited (TSXV:RYR) (“Royal Road” or the “Company”) is pleased to announce that it has received its water concession and discharge permits for its upcoming drilling program at the Guintär project and that the Public Hearing process for its nearby Margaritas gold project is now complete.

The Guintär, Niverengo and Margaritas (GNM) project area comprises the two contiguous Guintär, and Niverengo concession contracts and the neighboring Margaritas title application area located in the Anza mining district, approximately 50 Km west of Medellin. The titles were acquired through the Company’s purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited (see Press Release May 31, 2019). The GNM area is subject to a Strategic Alliance Agreement between the Company and Mineros S.A. (“Mineros”; see Press Release March 3, 2020). Under the terms of the Agreement, Mineros may acquire a 50% interest in the GNM project by providing USD $2.5M of exploration funding. Royal Road Minerals are operators of the Strategic Alliance.

The Company has now received the final drilling permits required for its planned follow-up drilling program at the Guintär project area. Drilling is expected to commence in early July and will comprise approximately 5000 meters of diamond drilling aimed at testing the deeper parts of the gold mineralizing system. In Q3 of 2020 Royal Road completed a 10-hole (1179m) scout drilling program on the Niverengo title. Drilling intersected skarn-style mineralization hosted primarily in folded calc-silicate sedimentary rocks and crosscutting east-west oriented pyrrhotite vein and breccia bodies with elevated gold, silver, and copper (see Press Release September 29, 2020). Significant intersections include;

NIV-DDH-007; 14 meters at 4.1 grams per tonne gold equivalent[1], NIV-DDH-015; 10.8 meters at 3.4 grams per tonne gold equivalent, NIV-DDH-008; 10 meters at 2.3 grams per tonne gold equivalent and NIV-DDH-010; 18 meters at 1.9 grams per tonne gold equivalent; and 21.5 meters at 1.3 grams per tonne gold equivalent.

Geological mapping and multi-element geochemistry suggest that the skarn mineralized system intersected in the drill holes at Niverengo is located structurally above and adjacent to primary feeders and a potential intrusion-hosted source of gold mineralization which is likely to be closer to the surface in the Guintär title area.

The Public Hearing process has now been completed at the Company’s neighboring Margaritas application area (Figure 1). The process of acquiring a mining Concession Contract requires the Company to present and fulfill a Social and Environmental Management Plan and the Secretary of Mines in Antioquia to complete a Concertation seeking the approval of local authorities, followed by a Public Hearing with local communities. The Public Hearing for the Margaritas application area was held on May the 27^th.

Auger soil geochemical sampling is currently ongoing at Margaritas. Results to date suggest a gold mineralized system in excess of 2 kilometers long by 1 kilometer wide and related primarily to an intrusion-related breccia body. Airborne magnetic data reveals a discrete regional magnetic high at Margaritas (modelled at depth) which correlates broadly to the newly identified soil geochemical anomaly and will represent an objective once drilling permits are in place (Figure 1).

“The integration and interpretation of new geological information at Guintär and Niverengo has combined to define some compelling new targets at depth” said Tim Coughlin, Royal Road Minerals President and CEO “We look forward to drill-testing these targets early next month. We are very grateful once again for the support of our local communities at Guintär and within the Anza district. The interaction at the recent Public Hearing was highly valuable, particularly in relation to our Royal Road Accelerator initiative and its aims in respect of diversifying local businesses and formalizing artisanal miners”.

[1] Gold equivalent calculation assumes USD $1850/oz gold and USD $20/oz silver and $3/lb copper: AuEq=Au g/t + (Ag g/t x 0.01) + (Cu % x 0.9)