Royal Road Minerals Provides Exploration Update; Alouana and Jabal Sahabiyah Projects, Kingdoms of Morocco and Saudi Arabia

Toronto, February 27, 2024 - Royal Road Minerals Ltd. (TSXV: RYR) ("Royal Road" or the "Company") is pleased to provide an update on its exploration activities at the Alouana and Jabal Sahabiyah projects in the Kingdoms of Morocco and Saudi Arabia. Underlying rights to both project areas are held by Royal Road Arabia ("RRA"). Royal Road Arabia is a Saudi Arabian joint-venture company owned on a 50-50% partnership basis by Royal Road and MSB Holdings Limited ("MSB"; see Press Release June 1st, 2023).

Alouana Copper-Gold-Polymetallic Project: Morocco

The Alouana Project Area comprises 6 exploration license areas totaling 84 square kilometers and is located in Morocco's Eastern Region (see Figure 1). In October 2023, RRA entered into an option agreement to acquire up to 100% of Izughar Resources S.A.R.L, the Moroccan company holding title to the Alouana licenses (see Press Release, October 17, 2023). Small-scale mining commenced at Alouana at the beginning of the last century and approximately 40 small-scale underground and open-pit copper, gold and silver workings have so-far been identified from within the project area.

Figure 1

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Geologically, Alouana comprises an erosional window of Paleozoic age metamorphic and intrusive igneous rocks developed from within surrounding and overlying Mesozoic and Tertiary age sedimentary strata. The host rocks to copper, gold and polymetallic mineralization at Alouana are primarily lower Paleozoic age schists which have been intruded by Permian age granitic rocks and related porphyry dykes. Granite underlies and has contact metasomatized the schistose sequence (see Figure 2). Copper, gold and polymetallic mineralization (silver, bismuth tungsten and zinc) has been emplaced in shear zones oriented parallel to shallow-dipping schistosity and bedding (in the Alouana Open Pit Area; see Figure 2) and also in steeply-dipping northwest and northeast striking quartz-barite vein and breccia bodies.

Izughar collected 92 grab rock-chip samples from the Alouana Main Area. Results were encouraging with copper returning up to 21% (minimum 0.001% and average 1.31%), gold returning up to 5.9 grams per tonne (minimum 0.01 and average 0.2 grams per tonne) and other elements such as silver returning up to 493.8ppm (minimum 0.5ppm and average 22.3ppm) and tungsten up to 0.4% (minimum 30ppm and average 365ppm).

RRA has completed soil geochemical sampling, geological mapping, grab and channel rock-chip sampling and ground magnetics across the main Alouana Main Area (see Figure 1). A total of 1718 soil samples were collected across 200m spaced lines and on 50m intervals. Results mapped out an approximately 2km long ridge-top copper anomaly corresponding to the shallow-dipping schistosity and bedding-parallel style of copper mineralization, as well as highlighting peripheral more steeply dipping, northwest trending mineralized vein, breccia, and porphyry bodies (see Figure 2). A further 181 rock-chip samples were collected by RRA from underground workings and surface exposures across the six license areas within the AOI. Notable results from the Alouana Main Area included 7.6% copper, 0.4 grams per tonne gold and 172ppm silver from a 2-meter wide, steep-dipping vein-breccia zone in the southeast of the license area and 4 meters at 0.7% Copper, 25ppm silver and 0.7% Zinc in a vertical channel sample across shallow-dipping bedding and cleavage in the Alouana open pit zone (see Figure 2). High grade copper and bismuth rock-chip results of up to 4.4% copper (minimum 138ppm and average 1.8%) and 1.4% bismuth (minimum 17ppm and average 0.7%) were returned from a newly identified prospect area, located within the AOI some 8km to the northeast of the Alouana Main Area (see Figure 1).

Infill soil sampling (see Figure 2), mapping and sampling of historic underground workings is currently underway at Alouana. Initial scout drilling is expected to commence in May or June of this year.

Figure 2

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Jabal Sahabiyah-Copper-Gold-Polymetallic Project: Saudi Arabia

The Jabal Sahabiyah Exploration tender consisting of three contiguous Exploration Licenses was awarded to RRA as Preferred Bidder in a competitive Licensing Round in January of this year (see Press Release January 15, 2024). The license is approximately 284 square kilometers in areal extent and is located in Asir Province of the Kingdom of Saudi Arabia within the prospective Nabitah-Tathlith belt (see Figure 3).

RRA interprets the controls on mineralization at Jabal Sahabiyah to be broadly similar as those evident at its Alouana project in Morocco, with copper, gold and polymetallic occurrences hosted within a broad zone of shallow-dipping (schistosity and bedding) hornfels related to a fertile subjacent intrusive center. Initial fieldwork at Jabala Sahabiyah has confirmed the presence of copper-bearing gossans as well as vein-hosted gold potential (see Figure 3). Results from historical exploration programs up to the late 1970s have been compiled and integrated into the current program. First rock-chip samples have been collected and results are expected to confirm extensions to known targets as well as new mineralization potential. Ground-based geophysics has commenced, building on results from the recent airborne Saudi Geological Survey airborne magnetics program (see Figure 3).

Figure 3

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Dr Tim Coughlin, Royal Road's President and CEO stated: "Both Alouana and Jabal Sahabiyah represent highly favorable intrusion-related or thermal aureole copper-gold objectives, reflecting the well-known geological attributes of several prominent world-class analogues. Both projects are characterized by on-surface mineralization and are located in exciting and highly prospective jurisdictions who recognize the importance of innovative exploration, and responsible mining as drivers of wealth and well-being in remote communities and as providers of essential resources for renewable technologies and the energy transition".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements") describing the Company's future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company's business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, the Alliance, the intention to form a joint venture, enter into a related agreement and establish Newco and, more generally, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words "plans", "prospective", "expect", "intend", "intends to" and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company's exploration plans.

Quality Assurance and Quality Control:

Sample preparation and analyses are conducted according to standard industry procedures at certified laboratories. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Grab rock-chip samples were bagged in the field for a sample size of approximately 2kg and then sent to AFRILAB-SGS in Marrakech where gold was analysed by fire assay with an atomic absorption finish and multielement analyses were conducted by ICP-OES. Soil samples were collected 30-60cm below the surface to avoid surficial contamination. Approximately 0.5kg was collected for each sample. For each sample, soil thickness, horizon, surface type, sample collection depth, & field sieve-mesh was recorded. QAQC materials included 57 (5.4%) CRMs, 18 (1.1%) blanks and 17 (1.0%) field duplicates with the 1701 primary samples. These samples were sent to the AFRILAB-SGS laboratory in Marrakech for drying, disaggregation and dry-sieving to -75um/-200 mesh. Au analysis was completed by 30g fire-assay with an AAS finish (PRE.MO/ANA-Au/001 method). Trace multi-elemental & REE analysis was completed using 4-acid digestion with an ICP-OES/MS finish and the major-oxides were completed using a peroxide fusion and ICP-OES finish.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company's business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company's filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Contact
Camila Gutierrez VP Business Development and Communications
Royal Road Minerals Ltd.
camila.gutierrez@royalroadminerals.com
+44 1534 887166

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