Dr. Tim Coughlin reports

ROYAL ROAD AND MSB HOLDINGS ESTABLISH 50-50 JOINT VENTURE COMPANY IN THE KINGDOM OF SAUDI ARABIA

Royal Road Minerals Ltd. and MSB Holdings Ltd. have incorporated Royal Roads Arabia LLC (RRA), a Saudi Arabian joint venture vehicle owned on a 50-50 basis by Royal Road and MSB and established for the purpose of copper, gold and other metals exploration in an area of interest comprising the Kingdom of Saudi Arabia (KSA) and any other geographical area as may be agreed between the parties. Royal Road is operator and the board of RRA is made up of an equal number of directors appointed by Royal Road and MSB. The business of RRA is conducted in accordance with the provisions of a joint venture share holder agreement, dated June 1, 2023 (see press release June 1, 2023).

Royal Roads Arabia is currently generating and assessing copper and gold target areas in the Kingdom of Saudi Arabia and is preparing to submit exploration licence applications over newly identified areas of significant interest. Additionally, on Aug. 21, 2023, RRA entered into a non-binding letter of intent to explore and acquire certain copper assets in the Kingdom of Morocco.

Dr. Tim Coughlin, Royal Road's president and chief executive officer, stated: "We are very pleased that now, with the incorporation of Royal Roads Arabia, we are in a position to secure some of the exciting copper and gold opportunities we have been generating and assessing in KSA, and to expand our valuable partnership to other supportive and prospective jurisdictions elsewhere. We are proud to join forces with a truly outstanding partner in MSB and we are excited by the prospect of working together with the joint goal of using our exploration and local advantage to play a key role in the kingdom's ambitions and global aspirations for economic security and a just and equitable energy transition."

Tareq Telmesani, CEO of MSB Holdings Group and chairman of Royal Roads Arabia, stated: "This announcement marks a significant step towards Saudi Arabia's Vision 2030 for the mining industry, which promotes diversification and driving economic development in remote areas. We are extremely proud to be undertaking this journey with Royal Road, who are true leaders in their field. We are confident that, with our shared expertise, Royal Roads Arabia will play a pivotal role in the growth of the mining industry in Saudi Arabia and the wider region, and in contributing towards the kingdom's ambitious goals for the future."

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