Ms. Jessica Martins reports

ROYAL ROAD MINERALS PROVIDES EXPLORATION UPDATE, LALLA AZIZA COPPER PROJECT, KINGDOM OF MOROCCO

Royal Road Minerals Ltd. is providing an update of exploration activities at its Lalla Aziza copper project in Morocco.

The Lalla Aziza copper mine is owned by Moroccan mining company, Carbomine SARL. In December, 2024, Royal Road entered into an option agreement with Carbomine, which provides the Company with an option to acquire 100 per cent of the Lalla Aziza mining licence. Summary terms of the agreement are provided below.

Lalla Aziza is an underground copper-mine located in Morocco's Western High Atlas, approximately 90 kilometres southwest of Marrakesh. Sulphide ore (principally chalcopyrite) is mined from shear-hosted vein (dolomite) stockworks and breccia, up to 12 metres wide and from three underground levels over a vertical interval of 150 metres. Whole ore is shipped for sale at a cut-off grade of 2.5 per cent copper (non-JORC-compliant, 35-dry-ton ore assay records, minimum 1.0 per cent maximum 5.1 per cent copper).

The mine area is located at the southwestern extent of Carbomine's mining licence area. The mineralized shear-hosted vein-stockworks and breccia are nucleated on or close to carbonaceous schist and dolomite horizons and extend in a northeast direction across the licence area for approximately four kilometres strike length. There is evidence for syn-mineralization sill-like intrusive bodies emplaced on or close to the shear zone. No previous exploration drilling has been conducted on the licence area.

Royal Road has conducted geological mapping, underground and surface rock-chip and channel sampling and portable XRF (pXRF) soil sampling across the Lalla Aziza licence area. The target concept at Lalla Aziza is a potential open-pit starter incorporating current workings, shear-controlled repeats and extensions in the footwall; immediate down-dip underground extensions below the current-level of the Lalla Aziza mine and folded repeats beneath the hangingwall to the southeast.

Eighty-eight underground channel samples from 27 separate channels at Lalla Aziza have returned best results of four metres at 5.3 per cent, three metres at 5.2 per cent and 3 metres at 2.6 per cent copper (mean 2.5 per cent copper, maximum 15.6 per cent copper, minimum 0.003 per cent copper) from sulphide mineralization. Best gold grades appear to be associated with vein-stockwork mineralization in the footwall schist sequence, with the best results returning three metres at 1.1 grams per tonne gold and 1.4 per cent copper (mean 0.2 grams per tonne gold, maximum, 3.1 grams per tonne gold, minimum 0.0025 grams per tonne gold). Regional rock-chip sampling from along the shear zone elsewhere in the licence area has returned up to 21.9 per cent copper (mean 0.9 per cent copper, minimum 0.003 per cent copper) and 3.0 grams per tonne gold (mean 0.1 grams per tonne gold, minimum 0.0025 grams per tonne gold).

Royal Road is planning to commence up to 2,000 metres of drilling at Lalla Aziza and has located drill holes subject to permitting.

Summary terms of the agreement are as follows:

• Royal Road has paid to Carbomine the sum of $50,000 (U.S.) upon execution of an initial letter of intent (superseded by the agreement).

• Upon execution of the agreement, Royal Road has paid to Carbomine the sum of $200,000 (U.S.).

• Royal Road has committed to conducting a drilling program at Lalla Aziza, with total aggregate metres dependent upon results and entirely at the discretion of Royal Road on or before the date being 60 days after the completion of the drilling program, or 14 days following receipt of all the relevant and final geochemical analyses to the satisfaction of Royal Road (whichever date is later).

• Royal Road shall have the right to exercise the option to acquire 100-per-cent legal and beneficial ownership of the Carbomine mining licence and all mineral interests on the licence area from Carbomine, provided that upon full and unencumbered transfer of legal ownership of the mining licence to Royal Road.

• Royal Road shall pay to Carbomine the sum of $1.5-million (U.S.) upon the anniversary of the date on which Royal Road is registered as the legal and beneficial owner of the mining licence, RRM shall pay an annual fee of $300,000 (U.S.) to Carbomine until the drawdown of project finance for a bankable feasibility study.

• Upon the completion of the first bankable feasibility study on the mining licence and the drawdown of project finance for the purpose of such bankable feasibility study, Royal Road shall pay Carbomine the sum of $2.5-million (U.S.).

• Upon commencement of commercial production from the mining licence, Carbomine shall be granted a net smelter return royalty of 2.5 per cent in total (applicable to all mineral or metallic product extracted and recovered from the mining licence) in respect of production from the licence.

About Royal Road Minerals Ltd.

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center located in Jersey, Channel Islands. The company's mission is to apply expert skills and innovative technologies to the process of discovering and developing copper and gold deposits of a scale large enough to benefit future generations and modern enough to ensure minimum impact on the environment and no net loss of biodiversity. The company currently explores in the Kingdoms of Saudi Arabia, Morocco and in Colombia.

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