New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$66.3m market cap, or US$48.0m). Duyuru • Nov 28
Royal Road Minerals Limited announced that it has received CAD 4.999054 million in funding from Rio2 Limited and other investors On November 27, 2025. Royal Road Minerals Limited closed the transaction. The company issued 27,772,523 ordinary shares at a price of CAD 0.18 per Share, for gross proceeds of up to CAD 4,999,054.14. The transaction included participation from returning investor Rio2 Limited for 4,166,667 ordinary shares to maintain its approximately 15% equity stake. In connection with the closing of the Offering, the Company paid certain eligible persons cash commissions in the aggregate amount of CAD 251,319.23 and issued an aggregate of 1,396,215 broker warrants (each, a “Broker Warrant”). Each Broker Warrant entitles the holder thereof to acquire one Share at a price of CAD 0.18 per Share for a period of thirty-six (36) months from the closing of the Offering. Duyuru • Nov 04
Royal Road Minerals Limited announced that it expects to receive CAD 5 million in funding Royal Road Minerals Limited announced a non-brokered private placement offering of up to 27,777,778 ordinary shares at a price of CAD 0.18 per Share, for gross proceeds of up to CAD 5,000,000.04 on November 3, 2025. The Offering is being completed pursuant to the Listed Issuer Financing Exemption, the Ordinary Shares issued pursuant to the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. The Company has also engaged Integrity Capital Group Inc. ("Integrity") to act as a finder in connection with the offering and may pay fees in accordance with the policies of the TSX Venture Exchange (the "Exchange"), being a cash commission of up to 6.0% plus 6% in Brokers Warrants, on total proceeds, received from subscribers introduced to the Company by Integrity. The Company may also pay certain reasonable expenses incurred by Integrity up to a maximum of CAD 10,000, exclusive of taxes. Closing is expected to occur on or before November 21, 2025. The Offering is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the Exchange. Duyuru • Oct 23
Royal Road Minerals Limited Announces Resignation of Ghassane Benchekroun from Board of Directors Royal Road Minerals Limited announced that Mr. Ghassane Benchekroun has resigned from the Company's Board of Directors. Duyuru • Sep 30
Royal Road Minerals Limited, Annual General Meeting, Nov 27, 2025 Royal Road Minerals Limited, Annual General Meeting, Nov 27, 2025. Location: jersey United Kingdom New Risk • Sep 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$30.6m market cap, or US$21.9m). New Risk • Apr 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$29.2m market cap, or US$21.1m). New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$22.6m market cap, or US$15.9m). Duyuru • Sep 10
Royal Road Minerals Limited, Annual General Meeting, Nov 06, 2024 Royal Road Minerals Limited, Annual General Meeting, Nov 06, 2024. Location: jersey, United Kingdom New Risk • Mar 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$9.1m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 6.3% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$29.2m market cap, or US$21.6m). Board Change • Feb 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Roderick J. H. Corrie was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jan 31
Royal Road Minerals Limited Announces Board Changes Royal Road Minerals Limited announced that Ana Gabriela Jurez has resigned as a director of the Company and that Mr. Ghassane Benchekroun has been appointed as a director of the Company, effective immediately. The Company also announces the cancellation and issuance of employee incentive stock options. The Board of directors extends its gratitude to Ana for her strategic insight, for her enthusiasm and for ensuring the Company maintains its ESG credentials regardless of complexity and context. Ana's assistance with the Company's recent transition from a Latin American to a Middle East and North African focus has been sympathetic and selfless. The Company welcomes Ghassane Benchekroun to the Board. Ghassane is CFO of the Gas and Power Division of a leading Moroccan Energy Group and has been actively involved in developing natural gas, power, and green hydrogen businesses in North Africa and elsewhere. Ghassane previously led M&A and Strategy within the same group of companies. Ghassane has an impressive track record in corporate finance and fund-raising, including roles as a financial analyst in investment banking. Alongside his professional activities, Ghassane maintains strong community links through his involvement with several NGOs, including a think-tank focused on development issues in Morocco which he co-founded in 2018. Ghassane graduated from ISCAE Business School in Casablanca (Morocco) and holds a master's degree in financial engineering from Paris XII University (France). New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 0.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 0.1% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$22.6m market cap, or US$16.6m). Duyuru • Nov 22
Royal Road Minerals Limited Provides Results of Initial Scout Drilling, Regional Sampling and Mapping from Its Santo Domingo Porphyry Copper and Gold Project in San Juan Province, Argentina Royal Road Minerals Limited provided results of initial scout drilling, regional sampling and mapping from its Santo Domingo porphyry copper and gold project in San Juan Province, Argentina. 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. The district comprises at-least three exposed porphyry copper-gold-molybdenum occurrences (El Arriero, Divisoria and Alunita) and a vein-hosted gold and polymetallic vein system (Yvette) located within a mineral rights package covering a total area of approximately 185 square kilometers. Royal Road has entered into an option agreement with an individual titleholder to acquire 100% of the mineral rights package. In preparation for exploration activities at Santo Domingo, Royal Road has completed environmental impact assessments, renewed and updated environmental impact permits, deposited relevant insurances, completed social, environmental, flora and fauna and archaeological studies and acquired all necessary permits, including hazardous waste and surface water extraction. The Company has held concertation meetings with departmental and provincial officials, has conducted public audiences and established environmental and social quality control committees within its local communities. Water for scout drilling was provided by the local municipality, trucked to site and recycled at the drill rig. The company has completed geological mapping, grid-based soil geochemical sampling, channel and select rock chip geochemical sampling and has concluded the first scout-drilling program to be conducted at Santo Domingo. Highlights are as follows: The Santo Domingo porphyry occurrence can be mapped over an area of approximately 10 square kilometers and is characterized by a discrete inner breccia-controlled porphyry copper- molybdenum mineralized system, surrounded by a copper-gold system, zoning outwards towards the east to a polymetallic vein system Initial scout drilling has served to identify depth potential at the El Arriero breccia-controlled, dyke- dominated, porphyry copper-molybdenum system and to highlight the stark difference between El Arriero and the broader, surrounding copper-gold porphyry style mineralization. Mapping and sampling have confirmed that the broader copper-gold porphyry system is represented by variably exposed magnetite matrix breccias, quartz-magnetite veinlets and sheeted veinlets related to porphyry dykes. Rock-chip geochemical results have returned up to 3.6% copper and 86.8 grams per tonne gold and saw cut channel samples have returned best results of 20 meters at 1.2 grams per tonne gold. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$22.6m market cap, or US$16.4m). Duyuru • Sep 12
Royal Road Minerals Limited, Annual General Meeting, Nov 10, 2023 Royal Road Minerals Limited, Annual General Meeting, Nov 10, 2023. Duyuru • Jul 18
Royal Road Minerals Limited Announces Results of Geological Mapping, Soil Geochemical Sampling and Saw-Cut Rock-Chip Channel Sampling from its Santo Domingo Porphyry Copper and Gold Project in San Juan Province, Argentina Royal Road Minerals Limited announced the results of geological mapping, soil geochemical sampling and saw-cut rock-chip channel sampling from its Santo Domingo porphyry copper and gold project in San Juan Province, Argentina. 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. The district comprises three, as-yet undrilled, porphyry copper-gold occurrences (El Arriero, Divisoria and Alunita) and several vein-hosted gold and silver mineralized systems located within a mineral rights package covering a total area of approximately 185 square kilometers. Royal Road has entered into an option agreement with an individual titleholder to acquire 100% of the mineral rights package. The porphyry occurrences at Santo Domingo are shallowly eroded and partly-exposed, but broadly reflect characteristic zoned porphyry alteration patterns from stockwork veining and copper- mineralized potassic altered cores, to haloes of phyllic and propylitic alteration which are overprinted by later gold and polymetallic vein systems. Initial scout diamond drilling is scheduled to commence at El Arriero in early August of this year. The company has completed geological mapping, grid-based soil geochemical sampling and saw-cut rock-chip channel sampling at El Arriero. Geological mapping has revealed a cluster of variably altered, porphyritic intrusions and coeval sub-volcanic bodies that have been emplaced within earlier ring- fracture controlled magmatic breccia bodies. The shallow dipping contact between mineralized intrusive and breccia bodies with crystalline metamorphic host rocks is clearly exposed in surrounding hill sides indicating that present day exposure at El Arriero represents an eroded window into the very top of the porphyry mineralizing system. Hydrothermal alteration at El Arriero is cyclical and complexly overprinting, but broadly characterized by domains of chlorite-epidote and pyrite alteration overprinting earlier potassic zones represented by potassium feldspar, biotite after hornblende and associated vein stockworks of quartz chalcopyrite and bornite. Sampling and analysis of immature, mostly colluvial soils has revealed a coherent 1000 by 600-meter copper, molybdenum and selenium anomaly which covers the ring-fracture controlled intrusive and breccia system at El Arriero and remains open towards the northeast. Saw-cut channel samples collected mostly from basement rocks hosting sheeted vein systems located peripheral to the porphyry center have returned best results of 20.0 meters at 1.2 g/t gold. Mapping and further reconnaissance rock-chip sampling is currently underway at the neighboring Divisoria and Alunita porphyry systems and at the Yvette gold-rich polymetallic vein system in the very east of the Santo Domingo district. The Company has completed a preliminary socio-demographic baseline and community perception study, water and air monitoring, flora and fauna baseline studies and has commenced an archaeological study of the Santo Domingo district. Quality Assurance and Quality Control: Rock-chip channel samples are collected continuously over one-meter horizontal intervals from 15cm wide channels which are cut using a rock-saw. Samples are prepared and assayed by independent and ISO accredited laboratories of Alex Stewart International Argentina. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.01 to 100 ppm. Multielement concentrations are analyzed as a 39 element suite by Aqua Regia and ICP-OES. Soil samples were collected from immature and often colluvial soil accumulations by pick and shovel at 50m intervals along north-south lines separated by 100m. Samples were sieved in the field to -2mm and then dry sieved in the laboratory to -80 mesh. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 2 to 20,000 ppb. Multielement concentrations are analyzed as a 48-element suite by Aqua Regia and ICP-MS. Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped. For historic samples, the following information was derived from public announcements by the previous operator at Santo Domingo. Rock-chip samples were prepared at the Acme Analytical Laboratories preparation facility in Mendoza, Argentina and assayed by fire assay at the AcmeLabs laboratory in Chile and for ICP-MS 32 elements at the AcmeLabs laboratory in Vancouver, all ISO-9001:2000 certified laboratories. Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses. Samples returning greater than 1% Pb and /or greater than 1% Zn are assayed using aqua regia digestion ore grade /AAS. New Risk • Jul 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$30.6m market cap, or US$22.9m). Duyuru • Dec 08
Royal Road Minerals Limited Provides Drilling Update from its Caribe Gold Discovery in Northeastern Nicaragua Royal Road Minerals Limited provided a drilling update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging results including; CB-DDH-025, 207.45 meters at 1.1, CB-DDH-016, 100.45 meters at 1.0; CB-DDH-044, 114 meters at 1.0, CB-DDH-017, 90 meters at 1.0 and CB-DDH-015, 63 meters at 1.0 grams per tonne gold. Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to resolve geometry within the known breccia body (carbonate-sericite zone) and to test for a possible intrusive source to pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. Significant new results from infill diamond drilling include: CB-DDH-049: 18 meters at 0.9 grams/tonne gold; CB-DDH-050: 172 meters at 1.4 grams/tonne gold; including 18 meters at 2.5 grams/tonne gold and 0.2% Molybdenum; CB-DDH-051: 109 meters at 1.0 grams/tonne gold; including 12 meters at 2.6 grams/tonne gold and 0.1% Molybdenum. Drill holes CB-DDH-050 and CB-DDH-051 both intersected higher-grade intervals of sulfide mineralization hosted in hydrothermal breccias with very high molybdenum grades interpreted to be indicative of a steeply dipping "feeder zone" which remains open and untested at depth. Scout reverse circulation drilling which drills through soil and saprolite cover to sample the top 2-3 meters of weathered rock, implies that the gold mineralized system at Caribe has a bulk northeast-southwest trend and remains open along a total strike length of approximately 2.5 kilometers. Both diamond and scout-RC drilling at Caribe has been suspended pending an in-house resource assessment and geological review. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Roderick J. H. Corrie was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Duyuru • Nov 15
Royal Road Updates Scout RC Drilling from Its Caribe Gold Discovery in Northeastern Nicaragua Royal Road Minerals Limited provided a reverse circulation (RC) drilling update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging results for gold including CB-DDH-025, 207.45 meters at 1.1, CB-DDH-016, 100.45 meters at 1.0; CB-DDH-044, 114 meters at 1.0, CB-DDH-017, 90 meters at 1.0 and CB-DDH-015, 63 meters at 1.0 grams per tonne gold. Gold at Caribe is hosted in a shallow northeast dipping volcanic breccia body and is associated with carbonate-sericite alteration and later-stage, pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. In September 2021, the Company commenced a program of grid-based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man-portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first 2-3 meters of weathered rock where a sample is taken for analysis. Results received to-date imply that the gold mineralized system remains open for a further approximately 300 meters towards the southwest and for over 1 kilometer towards the northwest. Duyuru • Sep 07
Royal Road Minerals Limited Announces Board Changes Royal Road Minerals Limited announced that Board Director Mr. Hugh Devlin has been appointed to the position of Executive Director Sustainability and that Special Advisory Board member Mr. Guy Wallis, will join the Company's Board of Directors. Hugh Devlin served as an officer in the Royal Marines over a period of some 20 years where he specialized in intelligence, military diplomacy, and international arms control. As a Royal Marines Commando he served on operational tours in various countries and participated in counter terror and counter narcotics operations in Belize and Northern Ireland. On leaving the Marines, Hugh worked as a security and risk consultant specializing in resilience planning, disaster recovery and operational logistics. Hugh is a PRINCE2 practitioner and experienced project manager. In 2005 Hugh commenced work in land and community relations and operations for mineral exploration companies and went on to become one of the co-founders and an original member of the executive board of Royal Road. Hugh has wide experience in working with local communities and indigenous groups and establishing innovative and sustainable community development programs in Armenia, Kosovo, Georgia, Turkey and Ethiopia, which have focused on the training and development of workplace skills for local employees and providing opportunities for disadvantaged minority groups. Guy Wallis was previously a member of the Company's Special Advisory Board. Guy served with the British Armed Forces for 35 years, including 19 with UK Special Forces (UKSF) before joining the Defence Science and Technology Laboratory (Dstl). While in the Armed Forces, Guy served in a number of high-risk operational theatres and post-conflict environments including; Northern Ireland, The Balkans, Iraq and Afghanistan. He also served with the US Special Operations Command (SOCOM) providing operational and policy advice on counter-terrorism working closely with US Special Operations Forces, intelligence and law enforcement agencies. In the UK he completed two tours in the Ministry of Defence (MOD) providing policy and operational advice as well as supporting time-sensitive operations with specialist advice in the Defence Crisis Management Centre (DCMC) and Cabinet Office Briefing Room 'Alpha' (COBRA). In the Defence Science and Technology Laboratory Guy established and led a team providing policy advice to senior decision makers within the Ministry of Defence and Other UK Government Departments. Guy also conducted a number of sensitive projects looking at Defence and Policing capability and policy and future technical capability requirements. Much of this work required delicate cross-government and stakeholder engagement combined with a detailed understanding of the political landscape. Guy is highly regarded in the Defence and security industry and has received a number of UK and international awards. He has an MSc in Security Management, is a Fellow of the Security Institute and is a Chartered Security Professional. He is also a PRINCE2 and Management of Risk (M_o_R) Practitioner and Quality Assurance Assessor. Duyuru • Aug 06
Royal Road Minerals Limited Provides an Exploration Update for Its Projects in Colombia Royal Road Minerals Limited provided an exploration update for its projects in Colombia. In Colombia, Royal Road owns either directly or by way of rights 334,000 Ha of application areas and 37,000 Ha of concession contracts in the highly prospective Andean provinces of Antioquia, Caldas, Nariño and Cauca. Royal Road is committed to a new model of exploration and mining for a new world, one which reduces environmental impact, benefits communities and contributes to the development of host countries. Royal Road is a signatory to the British Embassy's Business and Peace initiative in Colombia, a participant in HRH Prince Charles's Sustainability Markets Initiative (Terra Carta) and the Company has executed innovative agreementswith post-conflict cooperatives community groups and informal miners. The Company aims to discover world class copper and gold deposits and to develop these in accordance with national and international standards whilst also seeking to push the boundaries of sustainability performance by identifying new approaches and trialing innovative initiatives to change the mining paradigm. Royal Road is one of 400 participating companies in Colombia's National Program of Carbon Neutrality and in 2021, the Company received three awards in recognition of its sustainability performance. Whereas the Company's principal focus in Colombia has been the development of the exciting Guintar-Niverengo copper-gold project in Antioquia,since 2019, Royal Road has also conducted extensive regional exploration campaigns, including systematic drainage sampling and airborne geophysical surveys in both its Northern and Southern blocks. This work has identified several prospects of significant interest throughout both the Eocene porphyry-copper and the Oligo-Miocene copper and gold belts. La Merced is a newly discovered prospect area in Caldas province. The prospect was identified by the follow-up of systematic drainage geochemical sampling. The area is represented by intrusive rocks, predominantly porphyritic diorites and quartz diorites with strong hydrothermal alteration characterized by sericite + quartz + pyrite (cores) surrounded by kaolinite+ illite + montmorillonite (haloes). Rock-chip channel samples collected from heavily oxidized outcrops of vein stockwork and breccia have returned up to 1 m at 9.6 grams per tonne gold (total 209 rock-chip samples, minimum 0.003 grams per tonne, average 0.10 grams per tonne gold) and define an anomalous area of approximately 0.7 by 1.3 kilometers. Preliminary interpretation of the La Merced prospect implies a concealed porphyry-type target with potential for an underground bulk mining type scenario. In the Northern Cauca area, the Company has conducted extensive consultation with local communities, executed preliminary agreements guided by the principles of Prior Consultation and the Ethnic Chapter of the 2016 Peace Agreement and collaborated to fly a joint area of interest (AOI) of approximately 100 square kilometers with airborne magnetics, radiometrics and LIDAR. When coupled with reconnaissance surface geochemical sampling, this new information has helped identify several new (sheeted vein-style) gold and/or copper targets for further follow-up work. The Company also plans to assist with the formalization of informal miners within the AOI and to collaborate on the design and development of various initiatives, effectively linking responsible mine development with the Colombian governments aspirations in respect of sustainability and the 2016 Peace Agreement. In the very south of the Southern Block, the Company has conducted joint drainage and reconnaissance rock-chip exploration programs in collaboration with post-conflict cooperative ECOMUN These programs have identified previously unknown porphyry-style copper and gold occurrences which have returned significant initial channel rock-chip results including 1.5 meters at 6.5% copper, 38.5 grams per tonne gold and 1.0 meter at 7.1% copper, 55.9 grams per tonne gold (total 52 rock-chip samples, minimum 0.01 grams per tonne gold, 10.0 ppm copper; average 3.4 grams per tonne gold, 0.3% copper). This southern extent of the Eocene porphyry copper belt in Colombia is deemed to be highly prospective and remains mostly unexplored. Duyuru • Aug 04
Royal Road Minerals Limited Provides Drilling Update from its Caribe Gold Discovery in Northeastern Nicaragua Royal Road Minerals Limited provided a drilling update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective Golden Triangle of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging results including CB-DDH-025, 207.45 meters at 1.1 grams per tonne, CB-DDH-016, 100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH-015, 63 meters at 1.0 gram per tonne gold. Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to resolve geometry within the known breccia body (carbonate-sericite zone) and test for a possible intrusive source to later-stage, pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies. Significant new results from infill diamond drilling include: CB-DDH-039 68 meters at 0.9 grams/tonne gold CB-DDH-040104 meters at 0.8 grams/tonne gold; and 66 meters at 1.3 grams/tonne gold CB-DDH-044 114 meters at 1.0 grams/tonne gold Drill hole CB-DDH-040 in particular has identified significant further gold mineralization within the carbonate-sericite zone at-depth and interestingly beyond this zone and within mafic lavas that were previously interpreted as basement to the mineralizing system at Caribe. Step-out exploratory drill holes have intersected native copper, copper oxides and anomalous gold but have not, as yet, identified a possible copper and gold mineralized intrusive source. In September 2021, the Company commenced a program of grid-based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man-portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first 2-3 meters of weathered rock where a sample is taken for analysis. Results have now been returned for 312 vertical scout-RC drill holes averaging approximately 18m in depth. Results received to-date imply that the gold mineralized system remains open for a further approximately 300 meters towards the west and southwest and suggests a broad and significant copper anomaly towards the east. Interestingly, the newly identified gold mineralization located to the west of the project area, is hosted in the footwall to a major crustal scale fault-zone, which was previously assumed to be barren. 25m-spaced infill scout-RC drilling is planned in this newly identified area in order to better constrain geometry prior to diamond drilling. Quality Assurance and Quality Control: Diamond drill core is cut in half over 1-meter downhole intervals using a core saw. Samples are prepared and assayed by independent and ISO accredited laboratories of Bureau Veritas Minerals (BVM) and their local subsidiaries. Bagged 1-meter samples are collected from site and delivered to BVM sample preparation laboratories in Managua. Samples are prepared using the BVM codes PRP70-250 plus PUL85, where samples are crushed to 70% less than two millimeters, a riffle split of 250 grams is collected and then pulverized to better than 85% passing 75 microns. Prepared sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10-ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages. RC chip samples are taken every meter after having entered 2-3 meters within the saprock-fresh rock boundary. Samples are collected from the drilling site and dried at the core yard. Where dry sample weights exceed 4.5Kg they are split. Bagged 1-meter samples are collected from site and delivered to the BVM sample preparation laboratory in Managua. Samples are prepared using BVM codes PRP70-250 plus PULSW where a riffle split of 250 grams is collected and then pulverized to better than 85% passing 75 microns. Sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10 ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages. Duyuru • Jul 22
Royal Road Minerals Limited Announces Board Changes Royal Road Minerals Limited announced hat Advisory Board member Mr. Hugh Devlin has been appointed to the Company's Board of Directors and that Raul Farfan will step down as the Company's Executive Director Sustainability. Prior to this appointment Hugh Devlin was a member of the Company's Advisory Board. Hugh served as an officer in the Royal Marines over a period of some 20 years where he specialized in intelligence, military diplomacy, and international arms control. As a Marine Commando he served on operational tours in various countries and participated in counter terror and counter narcotics operations in Belize and Northern Ireland. On leaving the Marines, Hugh worked in security, land and community relations and operations for mineral exploration companies and went on to become one of the co-founders and an original member of the executive board of Royal Road. Hugh has been involved in establishing innovative and sustainable community development programs in Armenia, Kosovo, Georgia, Turkey and Ethiopia, focused on training and development of workplace skills for local employees and providing opportunities for disadvantaged minority groups. Past experience includes several years as a security and risk consultant specializing in resilience planning, disaster recovery and operational logistics. Hugh is currently employed by the UK Ministry of Defense as a Regional Employer Engagement Director. Hugh is a competent and experienced linguist and a trained negotiator. Duyuru • Jul 01
Royal Road Minerals Limited, Annual General Meeting, Aug 31, 2022 Royal Road Minerals Limited, Annual General Meeting, Aug 31, 2022. Duyuru • May 26
Royal Road Minerals Limited Provides Exploration Update from its Los Milagros Gold and Copper District in Mining Triangle Region of Nicaragua Royal Road Minerals Limited provided an exploration update from its Los Milagros gold and copper district in the Mining Triangle region of Nicaragua. The Los Milagros district forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in Nicaragua's Mining Triangle a highly prospective geologic terrane characterized by epithermal, skarn and porphyry-style gold and copper mines that have combined to produce in excess of an estimated 7 million ounces of gold, since the early 1900's. Royal Road Minerals is operator of the Strategic Alliance. The Los Milagros district incorporates the Nueva America, Silvi and Oro Fino projects which were initially discovered by Hemco during the period 2009-2014. A total of 2,502 combined grab and channel rock-chip samples have been collected from these three discrete prospect areas, as well as from various other outcrop occurrences in an area that is represented by epithermal style gold veins, gold and polymetallic mineralized brittle shear zones and copper-bearing vein stockworks. Mineralization throughout the district is hosted in Cretaceous age volcanic and subvolcanic intrusive rocks that have been folded by northwest-southeast trending fault-related folds. The average grade for all 2502 channel and grab rock-chip samples collected from the Los Milagros district is 1.0 gram per tonne gold. Mineralization at Nueva America is represented by three northwest-southeast trending brittle shear zones (reverse faults) controlling gold, silver and base-metal mineralization over an average width of 10 meters and 2.6 kilometers combined strike length. Channel rock-chip results collected from across the shear zones include; 9.2 meters at 2.4 grams per tonne gold and 232.7 grams per tonne silver, 17.0 meters at 1.8 and 23.3 meters at 1.3 grams per tonne gold. At Oro Fino, gold mineralization is hosted in folded stratabound breccia bodies and northwest-southeast trending brittle shear zones. Best results from vertical channel samples across shallow-dipping breccia bodies exposed in artisanal workings are 2 meters at 188.5 grams per tonne gold, 78.1 grams per tonne silver, 2 meters at 35.5 and 1.4 meters at 28.1 grams per tonne gold. Mapping, further channel sampling and drill preparation is underway at both Nueva America and Oro Fino. Diamond drilling is expected to commence at Nueva America during June and Reverse-circulation drilling is expected to commence at Oro Fino in August of this year. Regional mapping and sampling will commence across the Los Milagros district and continue coincident with drilling at Nueva America and Oro Fino in an effort to establish a regional framework for mineralization and identify further drilling targets. Quality Assurance and Quality Control: Rock chip samples are collected as either continuous chip samples over one meter intervals or isolated grab samples and are prepared and assayed by independent and ISO accredited laboratories of Bureau Veritas Minerals (BVM) and their local subsidiaries. Bagged (1-meter in the case of channels) samples are collected from site and delivered to BVM sample preparation laboratories in Managua. Samples are prepared using the BVM codes PRP70-250 plus PUL85, where samples are crushed to 70% less than two millimeters, a riffle split of 250 grams is collected and then pulverized to better than 85% passing 75 microns. Prepared sample pulps are then sent for analysis to BVM labs in Vancouver Canada. Gold is analyzed by fire assay with an atomic absorption finish and a measurement range of 0.005 to 10 ppm. Samples over 10-ppm gold are re-analyzed by fire assay with a gravimetric finish. Multielement concentrations are analyzed by four-acid digestion and inductively coupled plasma mass spectrometer. Samples over 10,000ppm Cu, Zn, Pb or Mn and 200 ppm W, are re-analyzed with four acid digestion and Inductively Coupled Plasma Emission Spectrometer (ICP-ES). Commercially prepared standards (gold-copper pulps), blanks (pulps and coarse chips) and field duplicates are inserted into the sample stream by Royal Road Minerals for a total of 15% QA/QC to ensure sample precision. In the case of duplicate analyses of a sample, the average of both analyses is used as the final reported value. Unless otherwise stated, gold grades are not capped for calculation of length-weighted averages. Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. 1 highly experienced director. No independent directors (6 non-independent directors). President, CEO & Director Tim Coughlin is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Mar 04
Royal Road Provides Exploration Update for Its Caribe Gold Discovery Royal Road Minerals Limited provided an exploration update from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Mineros S.A.) and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging initial results including CB-DDH-025, 207.45 meters at 1.1 grams per tonne, CB-DDH-016 100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH- 015, 63 meters at 1.0 gram per tonne gold. Drilling at Caribe has revealed that in some cases, soil and laterite cover extends to depths in excess of 30 meters, concealing important geological and geochemical information and frustrating efforts to interpret geometry and predict extensions to known gold mineralization. Consequently, in September 2021, the Company took the decision to suspend diamond drilling and commence a program of grid- based scout reverse-circulation drilling at the project. The program utilizes a small, low-impact, man- portable reverse-circulation (RC) drilling rig which drills through soil and saprolite cover down to the first 2-3 meters of weathered rock where a sample is taken for analysis. 210 vertical scout-RC holes averaging approximately 18m in depth have so far been completed. Results received to-date imply that the gold mineralizing system remains open to the west and southwest and portable XRF analyses suggest a broad and significant copper anomaly towards the east. Gold at Caribe is hosted in coarse pyroclastic rocks and associated with multi-phase stockwork and hydrothermal breccia events within a broad low-temperature sericite halo and in later-stage sulfide-rich hydrothermal breccia bodies with a matrix composed of pyrite, chalcopyrite and molybdenite. Previous interpretations had assumed a fault- limited control to the western extent of gold mineralization at Caribe, however this new scout-RC data clearly implies continuity across the fault and/or some element of fault control to gold mineralization at the project. Diamond drilling has now recommenced at the project and further infill and extensions to the scout-RC program are planned. Duyuru • Feb 24
Royal Road Minerals Limited Announces Results from Further Six Diamond Drill Holes Royal Road Minerals Limited announces results from a further six diamond drill holes and the commencement of further follow-up drilling at its Guintär copper-gold project, in Antioquia Department, Colombia. The Guintär project is part of the Guintär-Niverengo and Margaritas (GNM) project area which comprises the two contiguous Guintär, and Niverengo concession contracts and the neighboring Margaritas concession contract located in the Middle Cauca Valley, approximately 50 Km west of Medellin in Antioquia Department, Colombia. The titles were acquired through the Company's purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited. The Company has received results from the remaining six diamond drill holes from its 2021 drilling program at the Guintär project. However, all drill holes, whether in skarn, hornfels or intrusive rocks, returned relatively long intersections of anomalous gold and copper (for example GUI-DD-15; from 0 to 240 meters at 0.3 grams per tonne gold and GUI-DD-19; from 252meters to end of hole, returning 135 meters at 0.12% copper) which, together with detailed logging of alteration intensity and intrusive paragenesis, will assist in locating drill holes for the follow-up drilling program which is now underway. Duyuru • Sep 02
Royal Road Minerals Limited Announces Further Interim Drilling Results from Its Caribe Gold Discovery in Northeastern Nicaragua Royal Road Minerals Limited announced further interim drilling results from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Colombia's Grupo Mineros S.A.) and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and laterite cover and there is no previous record of mining or mineralization in the area. In 2019, Royal Road and Hemco completed an initial 4- hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of last year and has returned encouraging initial results including CB-DDH-016, 100.45 meters at 1.0 gram per tonne; CB-DDH-017, 90 meters at 1.0 gram per tonne and CB-DDH-015, 63 meters at 1.0 gram per tonne gold. Results for a further 6 exploratory drill holes have now been returned. Significant results include: CB-DDH-025 207.45 meters at 1.1 grams/tonne gold (including 21 meters at 4.1 grams/tonne gold) CB-DDH-027 31 meters at 1.0 gram/tonne gold CB-DDH-029 37.8 meters at 1.0 grams/tonne gold. Duyuru • Jun 23
Royal Road Minerals Limited Reports Further Positive Results from Exploratory Drilling At Its Caribe Gold Discovery; Nicaragua Royal Road Minerals Limited announced further interim drilling results from its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Colombia's Grupo Mineros S.A. MINEROS: CB) and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and laterite cover and there is no previous record of mining or mineralization in the area. The complete lack of outcrop, often significant depth of soil and laterite cover and the brecciated nature of the volcanic sequence at Caribe means a constant reinterpretation of geological models as drilling advances and the project slowly reveals itself. This interpretative process is currently frustrated by congestion and slow turnaround times at the contract geochemical laboratory. In some cases turnaround times can exceed 40-days from sample delivery to the receipt of final results. Duyuru • Jun 03
Royal Road Minerals Limited Receives Drilling Permits at Guintär-Niverengo Project and Provides an Update on Its Nearby Margaritas Gold Royal Road Minerals Limited announced 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. The GNM area is subject to a Strategic Alliance Agreement between the company and Mineros S.A. Under the terms of the Agreement, Mineros may acquire a 50% interest in the GNM project by providing USD $2.5 million 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 third quarter 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 Significant intersections included, NIV-DDH-007; 14 meters at 4.1 grams per tonne gold equivalent, 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 multielement geochemistry suggests 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. 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. 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. Duyuru • May 22
Hemco Nicaragua S.A. completed the acquisition of 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR) for $20.8 million. Hemco Nicaragua S.A. entered in a binding letter agreement to acquire 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR) on December 17, 2020. Hemco Nicaragua S.A. entered into a definitive agreement to acquire 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR) on March 1, 2021. As part of the consideration Hemco will pay (i) $22.5 million payable in cash on closing, plus (ii) A 1.25% net smelter royalty on all future mineral production from the Monte Carmelo I and Monte Carmelo II mining concessions commencing from the first production therefrom. Following the completion of the Transaction, Mineros would indirectly own 100% of the Luna Roja Project. The completion of the Transaction is subject to a number of conditions including the entering into by the parties of a definitive agreement (the “Definitive Agreement”), the prior approval by the boards of directors of each of Mineros and Royal Road of the Definitive Agreement and the completion of due diligence by each of Mineros and Royal Road to each of its reasonable satisfaction regarding technical, legal, financial and tax matters. In addition, the Definitive Agreement is expected to contain customary representations and warranties to be agreed upon and provide for other customary conditions, including the receipt of all required shareholder approval, if any, regulatory approvals, including the approval of the TSX Venture Exchange, and third party consents to the extent required. The Letter Agreement may be terminated by either party if a Definitive Agreement has not been entered into by June 30, 2021; and by either party if any of the conditions precedent to the Definitive Agreement shall have become incapable of fulfilment and shall not have been waived on or before an outside date to be agreed by the parties in the Definitive Agreement. The transaction is expected to close on or around May 21, 2021. As of May 6, 2021, The board of directors of Mineros has authorised the acquisition of credit of up to $25 million which will be used for the acquisition of the Luna Roja project and for working capital. Sprott Capital Partners LP acted as exclusive financial advisor to Mineros in connection with the Transaction.
Hemco Nicaragua S.A. completed the acquisition of 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR) for $20.8 million on December 17, 2020. Duyuru • Mar 18
Royal Road Minerals Limited Announce Further Interim Drilling Results and Recommenced Drilling At Its Caribe Gold Discovery in Northeastern Nicaragua Royal Road Minerals Limited announced further interim drilling results and that it has recommenced drilling at its Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective "Golden Triangle" of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. A follow-up diamond drilling program commenced at the project during August of last year and has returned encouraging initial results including; CB-DDH-016, 100.45 meters at 1.0 grams per tonne and CB-DDH-016, 63 meters at 1.0 grams per tonne gold. Duyuru • Feb 12
Royal Road Minerals Limited Reports Further Positive Follow-Up Drilling Results from Caribe Gold Discovery Royal Road Minerals Limited announced further interim drilling results from its follow-up diamond drilling program at the Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua and is located in the highly prospective Golden Triangle of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and laterite cover and there is no previous record of mining or mineralization in the area. Initial grab sampling of strongly weathered and brecciated float material returned anomalous gold with associated anomalous values in molybdenum and copper. Follow-up auger soil sampling was then conducted and successfully identified a strongly anomalous area of gold geochemistry where soil and laterite cover was less than 3 meters deep (recent drilling suggests soil and laterite cover can exceed 20 meters in thickness). Royal Road and Hemco completed an initial 4-hole, 413 meter, exploratory drilling program at Caribe which returned encouraging results for gold. A follow-up approximately 2000m diamond drilling program commenced at the project during August of last year and returned initial significant results including; CB-DDH-006, 74 meters at 0.9 grams per tonne and 14 meters at 1.0 grams per tonne and CB-DDH-009, 45 meters at 1.0 grams per tonne and 35 meters at 1.1 grams per tonne gold. Results for a further 5 In the majority of cases, individual drill holes at Caribe have been unable to reach their planned objective due primarily to the effect of highly absorbent clays (formed within the host rock as part of the gold mineralizing process) swelling and arresting the drill rods. The Company has now completed a total of 20 drill holes and has briefly suspended the program in order to exchange the current drilling rig for a more powerful machine with the capacity to drill through the problematic clay and test the continuity of gold mineralization at depth. Generally gold mineralization at Caribe is associated with elevated molybdenum and copper. Fine free gold is associated with chalcopyrite and molybdenite with traces of bornite and covellite. Molybdenum and copper grades are irregular and related to particular breccia, intrusive and vein phases. Up to 0.4% molybdenum has been returned across a 1 meter sample interval, drill hole CB-DDH-016 returned 6 meters of 0.13% molybdenum and 4.0 grams per tonne gold and CB-DDH-011 returned 5 meters at 0.1% molybdenum and 1.7 grams per tonne gold. The best copper intersection to-date has been 18 meters at 0.15% copper and 0.9 grams per tonne gold from drill hole CB-DDH-006. Gold, copper and molybdenum mineralization is hosted within a multi-phase broadly trachytic polymictic breccia body and within a porphyritic monzonite intrusion which appears to be emplaced within the
breccia body as steeply dipping dykes. Gold of up to 19.0 grams per tonne has been returned from within the porphyritic monzonite (CB-DDH-009, 130-131 meters). Alteration is predominantly sericite-illite-pyrite overprinted by silica with a late pervasive hematite. Although geological observations are limited to drill core only, the system is interpreted to represent an alkaline gold mineralized diatreme breccia with a possibly associated porphyritic intrusion at depth. Drill Holes CB-DDH-012, 013 and 014 targeted discrete ground magnetic anomalies to the northeast of the main project area. All drill holes intersected gold and base metal results which management consider to be anomalous (CB-DDH-012 intersected 0.5 grams per tonne gold over a 1 meter interval) but are yet to be placed in geological context. Duyuru • Jan 28
Royal Road Minerals Limited(TSXV:RYR) dropped from S&P/TSX Venture Composite Index Royal Road Minerals Limited(TSXV:RYR) dropped from S&P/TSX Venture Composite Index Duyuru • Dec 19
Hemco Nicaragua S.A. entered in a binding letter agreement to acquire 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR). Hemco Nicaragua S.A. entered in a binding letter agreement to acquire 50% stake in Luna Roja project, Nicaragua from Royal Road Minerals Limited (TSXV:RYR) on December 17, 2020. As part of the consideration Hemco will pay (i) $22.5 million payable in cash on closing, plus (ii) A 1.25% net smelter royalty on all future mineral production from the Monte Carmelo I and Monte Carmelo II mining concessions commencing from the first production therefrom. Following the completion of the Transaction, Mineros would indirectly own 100% of the Luna Roja Project. The completion of the Transaction is subject to a number of conditions including the entering into by the parties of a definitive agreement (the “Definitive Agreement”), the prior approval by the boards of directors of each of Mineros and Royal Road of the Definitive Agreement and the completion of due diligence by each of Mineros and Royal Road to each of its reasonable satisfaction regarding technical, legal, financial and tax matters. In addition, the Definitive Agreement is expected to contain customary representations and warranties to be agreed upon and provide for other customary conditions, including the receipt of all required shareholder approval, if any, regulatory approvals, including the approval of the TSX Venture Exchange, and third party consents to the extent required. The Letter Agreement may be terminated by either party if a Definitive Agreement has not been entered into by June 30, 2021; and by either party if any of the conditions precedent to the Definitive Agreement shall have become incapable of fulfilment and shall not have been waived on or before an outside date to be agreed by the parties in the Definitive Agreement. Sprott Capital Partners LP acted as exclusive financial advisor to Mineros in connection with the Transaction. Recent Insider Transactions • Dec 12
Independent Director recently bought CA$109k worth of stock On the 3rd of December, Jonathan Hill bought around 715k shares on-market at roughly CA$0.15 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$59k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 12
New 90-day low: CA$0.27 The company is down 23% from its price of CA$0.35 on 11 September 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 10.0% over the same period. Duyuru • Dec 12
Royal Road Minerals Limited Announces Appointment of Marcus Stone to the Board of Directors Royal Road Minerals Limited announced the appointment of Marcus Stone to the Board of Directors. Marcus is located in Jersey where the Company is domiciled. Marcus is the founding partner of Lexstone Lawyers and a Jersey qualified lawyer with more than 25 years' of experience in corporate finance. His practice area includes mining, oil and gas. Marcus is a member of the disciplinary panel of the Jersey Law Society, a registered person under the Financial Services (Jersey) Law 1988 and a former board member of The International Stock Exchange. Marcus also serves as a non-executive director on the board of various private investment and asset management businesses. Is New 90 Day High Low • Nov 27
New 90-day low: CA$0.28 The company is down 24% from its price of CA$0.36 on 28 August 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 10.0% over the same period. Duyuru • Nov 13
Royal Road Minerals Limited Announces Executive Changes Royal Road Minerals Limited announced that Mr. Aamer Siddiqui has resigned from Marrelli Support Services Inc. and as such, will no longer service as the company's chief financial officer. The company also announced the appointment of Cindy Davis as the chief financial officer of the company. Since June 2008, Ms. Davis has provided accounting and financial reporting services for publicly listed companies through Marrelli Support Services Inc. She is currently a director and audit committee chair for Outdoor Partner Media Corporation; and CFO for each of Orford Mining Corporation and Digihost Technology Inc. Ms. Davis previously served as chief financial officer of the company from December 2015 to June 2018. Duyuru • Nov 11
Royal Road Minerals Reports Positive Follow- up Drilling Results from Its Caribe Gold Discovery; Nicaragua Royal Road Minerals Limited announced initial drilling results from its follow-up diamond drilling program at the Caribe gold discovery in northeastern Nicaragua. The Caribe project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective Golden Triangle of northeastern Nicaragua approximately 16 kilometers to the southeast of the Company's Luna Roja Gold Skarn project. Road Minerals is operator of the Strategic Alliance. Royal Road's exploration team discovered the Caribe project during reconnaissance follow-up of airborne geophysical anomalies in February of 2018. Topographically the prospect is planar, outcrop is concealed under soil and laterite cover and there is no previous record of mineralization in the area. Initial grab sampling of strongly weathered float material returned anomalous gold with associated anomalous values in molybdenum and copper. Follow-up auger soil sampling was then conducted and successfully identified a strongly anomalous area of gold geochemistry (see Press Release May 15, 2018) where soil and laterite cover was less than 3 meters deep (recent drilling suggests soil and laterite cover can exceed 15 meters in thickness). In 2019 Royal Road and Hemco completed an initial 4-hole, 413 meter, exploratory drilling program at Caribe which returned significant intersections including CB- DDH-001, 28 meters at 1.1 grams per tonne and CB-DDH-004, 18 meters at 1.0 grams per tonne gold (see Press Release October 7, 2019). A follow-up approximately 2000m diamond drilling program commenced at the project during August of this year and is currently underway. Significant (greater than 0.9g/t gold) results from the first 7 drill holes of this program include: Lower-grade gold (less than 1 gram per tonne, applying a 0.2 gram per tonne cut off) is notable in longer intersections including CB-DDH-006 which returned 144 meters @ 0.7 grams per tonne, CB-DDH- 009 which returned 146 meters @ 0.7 grams per tonne and CB-DDH-011 which returned 80 meters at 0.7 grams per tonne gold. Generally gold mineralization is associated with elevated molybdenum and copper. Molybdenum and copper grades are irregular and related to particular breccia and vein phases. Up to 0.3% molybdenum has been returned across a 1 meter sample interval, drill hole CB-DDH-009 returned 6 meters of 0.1% molybdenum and 1.2 grams per tonne gold and CB- DDH-011 returned 5 meters at 0.1% molybdenum and 1.7 grams per tonne gold. The best copper intersection to-date has been 18 meters at 0.15% copper and 0.9 grams per tonne gold from drill hole CB-DDH-006. Gold, copper and molybdenum mineralization is almost exclusively hosted within a multi-phase breccia body, disseminated in the breccia matrix and within crosscutting quartz veinlets. The breccia body is broadly andesitic-dacitic in composition, multiphase and polymict containing fragments of porphyritic intrusion and bands of altered tuff. It is interpreted to be a diatreme or fissure-controlled breccia. Fine free gold is associated with chalcopyrite and molybdenite with traces of bornite and covellite. Alteration is predominantly pervasive sericite-illite-pyrite overprinted by silica with hematite common around quartz-carbonate vein margins. The mineral and alteration assemblages imply a porphyry-style association and are interpreted to suggest a porphyry copper-gold target located beneath or adjacent to the breccia body. Some drill holes became bogged in clay material and failed to meet planned drilling objective. The Company's drilling contractor has undertaken to address this issue and ensure that subsequent drill holes attain the depths required to fully test the breccia body and porphyry mineralization model. The Company is also considering a RAB drilling program to penetrate soil and laterite cover and better define the surface extent of gold mineralization at Caribe. Eta made landfall on the Caribbean coast of northeastern Nicaragua as a category 4 hurricane late on the third of November. On the fourth of November, as it crossed inland Nicaragua, it was downgraded to a tropical storm. Eta has caused widespread flooding and some structural damage in the vicinity of Royal Road's exploration projects close to Rosita, northeastern Nicaragua. Royal Road and Hemco are coordinating with the Rosita Municipality and the Municipal Commission for Prevention, Mitigation and Attention to Disasters to provide relief, assess damage and assist in the recovery of local communities. So far Royal Road have assisted by providing emergency supplies to rural and indigenous communities and ensuring that water wells are cleaned and made fit for the supply of potable water. An initial review of damages has been conducted and the Company is assisting with damage relief plans and programs. The Company suspended drilling works at Caribe until flood waters receded. Drilling recommenced on the 9th of November. Duyuru • Sep 30
Royal Road Minerals Limited Provides an Exploration Update for its Guintär-Niverengo and Margaritas Gold Project in Antioquia, Colombia Royal Road Minerals Limited announced drilling results and provide an exploration update for its Guintär-Niverengo and Margaritas (GNM) gold project in Antioquia, Colombia. The GNM project area comprises two contiguous concession contracts and one 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. The GNM area is subject to a Strategic Alliance Agreement between the Company and Mineros S.A. Under the terms of the Agreement, Mineros may acquire a 50% interest in the GNM project by providing $2.5 million of exploration funding. Royal Road Minerals are operators of the Strategic Alliance. AngloGold-Ashanti ("AGA") commenced work on the project area in 2015 and completed two scout drilling campaigns for a total of 5662 meters. The Guintär title area covers an artisanal mining district with more than 50 known historic underground adits developed on steeply-dipping, east-west oriented gold mineralized vein structures. AGA's 8-hole, scout-drilling program at Guintär targeted steeply- dipping sheeted vein structures and returned best results of; GUI-DD-009, 28 meters at 0.9 grams per tonne and GUI-DD-006, 12 meters at 1.8 grams per tonne gold (not true width). Outcrop on the neighboring Niverengo title area is limited and so AGA's drilling was focused on a 2000 by 800 meter wide target zone identified primarily using geophysical data and soil geochemical results. Best intersections were from NIV-DD-003, 36m @ 1.2g/t gold from surface and NIV-DD-004, 10m @ 1.6g/t gold and 88m @ 0.9g/t gold. Royal Road has completed an initial 1179m diamond drilling program focused on the Niverengo title area. 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. Best results are: NIV-DDH-007 14 meters at 4.1 grams per tonne gold equivalent; NIV-DDH-008 10 meters at 2.3 grams per tonne gold equivalent; 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 NIV-DDH-015 10.8 meters at 3.4 grams per tonne gold equivalent. At Niverengo gold mineralization is related to garnet, pyroxene skarn alteration and pyrrhotite vein and breccia bodies. Recent multi-element geochemical vector studies have identified that this assemblage may be laterally and vertically distal from the primary gold source. This implies that further drilling should target deeper, probably intrusion or porphyry-related, vein or breccia bodies identified in the vector study as possibly east-west oriented "metal domain" hot spots to the west at the Guintär title area and elsewhere throughout the project. Duyuru • Sep 18
Royal Road Minerals Limited Intersects 95 Meters At 1.5 Grams Per Tonne, Including 45 Meters At 3.0 Grams Per Tonne Gold At the Luna Roja Project; Nicaragua Royal Road Minerals Limited Intersected 95 meters at 1.5 grams per tonne, Including 45 - meters at 3.0 grams per tonne Gold at the Luna Roja Project; - Nicaragua Royal Road Minerals Limited ("Royal Road" or the "Company") announced interim drilling results from its diamond drilling campaign at its Luna Roja gold project in northeastern Nicaragua. The Luna Roja project forms a part of the Company's Strategic-Alliance agreement with Hemco Mineros Nicaragua ("Hemco" a subsidiary of Colombia's Grupo Mineros S.A. MINEROS:CB) and is located in the highly prospective Golden Triangle of northeastern Nicaragua, a region that has produced some eight million ounces of gold since the early 1900's. Hemco Mineros Nicaragua own and operate the Bonanza gold mine which is located approximately 26 kilometers to the northwest of Luna Roja. Royal Road Minerals is operator of the Strategic Alliance. In 2019, Royal Road and Hemco completed an initial 17-hole (2472 meter) scout drilling program at Luna Roja. This was the first drilling program to be completed on the project. Promising results included; LR-DDH-3, 49m at 2.8 g/t gold (including 22m at 5.3 g/t gold); LR-DDH-12, 49m at 2.4 g/t gold, (including 18m at 5.4 g/t gold) and LR-DDH-016, 69m at 1.5 g/t gold (including 15m at 2.5 g/t gold). A follow-up drilling program commenced at Luna Roja on May 2nd of this year. The initial stage of this program comprises approximately 3,000 meters of diamond drilling aimed at locally extending known gold mineralization and exploring newly identified and deeper targets identified by ground microgravity. Initial results from this drilling program returned significant results including LR-DDH-22, 65m at 6.9 g/t gold. Results have been returned for a further 6 drill-holes. Significant intersections include: LR-DDH-29 18m at 1.0 g/t gold LR-DDH-30 95m at 1.5 g/t gold (including 45 meters at 3.0 g/t gold) LR-DDH-33 18m at 0.9 g/t gold LR-DDH-34 18m at 1.1 g/t gold Drill results received to-date, support the interpretation that gold mineralization extends at depth and down plunge towards the northwest at Luna Roja. This is consistent with the orientation of the anticlinal fold structure which is believed to be the primary structural control to gold mineralization at the project. Drill hole LR-DDH-34 in the northwest of the project area intersected gold mineralization at a distance of approximately 200 meters across strike from the gold mineralized anticlinal fold structure. This drill hole has identified what may be a new gold mineralized zone at Luna Roja or the folded and/or perhaps faulted continuation of known gold mineralization. Duyuru • Aug 06
Royal Road Minerals Limited has completed a Follow-on Equity Offering in the amount of CAD 10.0455 million. Royal Road Minerals Limited has completed a Follow-on Equity Offering in the amount of CAD 10.0455 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,150,000
Price\Range: CAD 0.37
Discount Per Security: CAD 0.0222
Transaction Features: Rule 144A 