Investor Newsletter, December 2024

Dear Investor,

Another year ambles hands in the air, pleading for meaning, towards the finish line. No different probably to the end of any other year, but it does seem that determining signal from noise is a foundational problem nowadays. At Royal, in our little stall at the intersection of pandemonium and turmoil, we have shut out the noise and taken a determined, heads down and almost myopic approach to process. Although it would be poetic to measure the effect of this approach over the concluding year, the fact is, we deliberately identified the problem, developed a plan and started the process almost exactly two years ago, in the new year of 2023.

What 2025 brings to us depends on what we bring to it. Since the start of 2023 we have settled in and acclimatized to two new operating environments, we have unravelled and developed an “in-house” take on some complex geology, entered into some rewarding new partnerships, built new teams, identified new targets, and found new, material and functional support for what we do. But what we take into 2025 is precisely what we had planned to: Drilling. We are drilling, and will be drilling, at-least four projects in Saudi Arabia and Morocco, all of which we knew absolutely nothing of 24-months ago and two of-which have never been drilled before. I have made my point previously in relation to drilling. In our view, scout drilling is no more than a necessary extension of the geologist’s hammer, it is not the sum and substance, it is the unknown third dimension.

I hope this sounds more pleased than smug, but at the end of 2024, thanks to some very hard work from some very excellent people, Royal Road is where process predicted we would be; we are exploring and drilling exciting new projects in prospective and collaborative jurisdictions. The challenge advances now from “reform to perform”.

We wish you and your loved ones a peaceful and prosperous New year.

Exploration Update

Saudi Arabia

At Jabal Sahabiyah a key outcome of this months field work was the definition in soil geochemistry of a shallow concealed (folded) extension of the Wadi Raiel gold vein to the southwest of it's known outcrop. Other work at Sahabiyah included further drill-preparation mapping at Hanash South and Jabal Muwayqirah, sampling of newly identified gossans and regional (license-scale) geological mapping.

Initial field-work for environmental drill-permitting has concluded and the permissions process is underway.

Wadi Raiel gold vein. Samples from this vein return gold grades in excess of 5 grams per tonne gold but results are discontinuous suggesting coarse gold. Regional field mapping at Jabal Sahabiyah.

Next in Saudi Arabia

• Coarse gold testing at Wadi Raiel (metallic screens)
• Complete drill targeting and drill permitting
• Prepare for new tender acquisitions

Exploration Travel Vlog 5

Check out our YouTube channel and catch up on previous episodes here if you haven’t already!

Upcoming Events

We will be attending the following events in 2025,

• 14-16th Jan - Future Minerals Forum in Riyadh
• 2-5th March - PDAC in Toronto

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