Investor Newsletter, March 2025

Dear Investor,

Honeybees use a “waggle dance” to communicate the direction, distance, and quality of a resource to nestmates. It’s a complex behaviour that recent studies show is socially learned, taught by older bees to their younger associates. Dispatching foragers to exploit a well-known and nearby food site assures they don’t return to the hive ‘empty-legged’; it’s a judicious approach. Ultimately of course, this behaviour leads to the rapid depletion of these resources. Even worse, studies have shown that foragers become attached to these food sites and show considerable persistence, continuing to revisit them many times, even after they have become unprofitable.

Thankfully, the hive is occupied by a significant number of unorthodox bees. Bees who choose to ignore the “waggle dance”, or didn’t pay attention in school and simply don’t understand the significance of it. Despite (we assume) the disdain of their incurious nestmates, these renegade bees adopt a more heuristic approach, setting off randomly, using memory and olfactory clues to guide them, or simply expecting to bumble upon new food sources. Although frequently returning ‘empty-legged’, the long-term survival of the colony depends on the persistence of these dissidents, their drive to make new discoveries, or at the very least, their ability to maximise the hive’s exposure to serendipity!

Natures analogue is strikingly obvious, even to the extent that the volition of these little insects depends on the tolerance and support of the rest of the colony. Pausing the parallels there, we take this opportunity to convey gratitude to our ‘colony’ and in particular to our significant longstanding and supportive shareholders such as, Agnico Eagle Mines, Mackenzie Investments, US Global Investors and IG Investment Management, the non-reporting institutions and individuals, our stakeholders, regulators, everyone who understands the consequences and keeps us aloft.

Exploration Update

Saudi Arabia

At Jabal Sahabiyah, RAB and RC-drilling has commenced on shallow-covered and concealed targets. Reconnaissance teams are in the field reviewing potential new tender areas.

Rab drilling at Jabal Sahabiyah and reconnaissance camp in the Arabian Shield

Next in Saudi Arabia

• Drilling Jabal Sahabiyah area
• Prepare for new tender acquisitions

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

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