Investor Newsletter, November 2024

Dear Investor,

As November concludes, so does the 'conference season' for 2024. With over 100 formal one-on-one meetings, numerous informal discussions, presentations, and expert insights behind me, what are the key takeaways?

• "There are too many of these things". A resounding refrain. However, IMO there's no substitute for face-to-face interaction—something I think we all learned the hard way. Perhaps consolidating some meetings on the European side of the pond would be more effective
• Beaver Creek was hopeful, energetic and positive, Zurich was intrigued...maybe even poised, London seemed adrift and in-search of inspiration, but most interestingly; the Dubai 121 meeting was very productive
• Build on strengths, the industry needs new discoveries but get to a resource ASAP

That can be unpacked ad-nauseum I know, and I wish I could provide more vivid insight, maybe I attended the wrong presentations, but my impression overall is that unlike yoyo's and yoga pants and despite a dim light in the dark corner of battery metals, there is no clear trend, our industry is in need of hope, conviction and courage. Paring that back to relevance....the sector needs some exciting new discoveries.

Next year is a big year for Royal Road, we are two years into transition, we have deals to do, licenses to acquire and drill rigs turning in Saudi Arabia and Morocco. But before we pack away the suits, thobes and shemaghs, we have the pivotal Future Minerals Forum in Riyadh, mid-January. The FMF is unlike any other mining industry gathering; location, program, attendees and hospitality are refreshingly authentic. We attended our first FMF in 2023, for Royal Road it was a transformative moment. We found a courageous, progressive jurisdiction with a shared vision, we met our Saudi business partners, and we formed early impressions of the tantalising potential of the Saudi Arabian Shield. A new frontier was opening, one with unparalleled regulatory support and untested exploration potential. From our perspective, it seemed the Kingdom had identified the problem, engineered the solution and dropped a made to measure opportunity squarely in our lap. The FMF is different, it is not remedial, it embodies new hope, conviction and courage. Please consider attending!

Exploration Update

Saudi Arabia

At Jabal Sahabiyah work was focussed on defining drill targets at the Jabal Muwayqirah and Hanash South gossans. Radiometric and drone-borne magnetic programs are currently in progress, targeting possible extensions to mineralization beneath thin cover. The Environmental permitting process for drilling has now commenced. Our aim is to commence drilling at Jabal Sahabiyah during the first quarter of 2025.

Our reconnaissance teams reviewed new tender opportunities and prioritised existing targets for acquisition.

Preparing the radiometric survey equipment. Community leaders in and around our Jabal Sahabiyah exploration license convened for a meeting to discuss our upcoming exploration progress.

Next in Saudi Arabia

• Complete drill targeting and drill permitting
• Prepare for new tender acquisitions

Exploration Travel Vlog 4

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