An anonymous director reports

ROYAL ROAD MINERALS AND CARBOMINE SARL ENTER INTO A BINDING LETTER OF INTENT FOR THE EXPLORATION AND DEVELOPMENT OF THE LALLA AZIZA COPPER MINE, KINGDOM OF MOROCCO

Royal Road Minerals Ltd. has entered into a binding letter of intent (the LOI) with Carbomine SARL, which provides the company with an option to acquire 100 per cent of the Lalla Aziza mining licence, located in the Kingdom of Morocco.

Lalla Aziza is an underground copper-mine located in Morocco's Western High Atlas, approximately 90 kilometres southwest of Marrakesh. Sulphide ore is mined from moderate-dipping, shear-hosted sheeted-sulphides, vein-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 (Joint Ore Reserves Committee) compliant, 35-dry-ton ore assay records, minimum 0.99 per cent maximum 5.1 per cent copper).

Lalla Aziza is located at the southwestern extent of Carbomine's mining licence area. The mineralized shear-hosted vein-stockworks and breccia are nucleated on a carbonaceous schist horizon which extends diagonally in a northeast direction across the license area for approximately four kilometres strike length. Small-scale workings and anomalous copper rock-chip samples have been collected by Carbomine along the length of the schist horizon. No exploration drilling has been conducted on the licence area.

Royal Road intends to complete mapping, underground, and surface rock-chip and soil geochemical sampling with a view to drill-testing potential along strike and down dip at Lalla Aziza by early 2025.

Summary legally binding terms of the LOI are as follows:

• Royal Road have paid to Carbomine the sum of $50,000 (U.S.) upon execution of the LOI.
• For a period that is 120 days from the date of the LOI (terminating on Dec. 29, 2024) Royal Road shall, on a sole and exclusive basis, be entitled to conduct an exploration work program at Lalla Aziza.
• On or before the date being 60 days following completion of the exploration program to the satisfaction of Royal Road, Royal Road shall be entitled in its sole and absolute discretion to proceed with drill testing targets at Lalla Aziza.
• If Royal Road elects to proceed with a drilling program at Lalla Aziza, it shall commit to a program of at least 2,000 total aggregate metres and the parties shall enter into a definitive agreement incorporating the binding terms and following the form and function of the LOI.
• Upon receipt of all requisite drilling permits, Royal Road shall make a one-time payment of $200,000 (U.S.) to Carbomine.
• On or before the date being 60 days after completion of the drilling program, Royal Road shall have a one-time option to acquire the Lalla Aziza licence for a payment of $1.5-million (U.S.).
• Further payments/consideration:
  • Upon the completion of the first bankable feasibility study on the property and the drawdown of project finance for the purpose of such feasibility study, RRM shall pay Carbomine the sum of $2.5-million (U.S.).
  • Upon commencement of commercial production RRM shall grant a 2.5-per-cent net smelter royalty to Carbomine.
  • Following acquisition of the Lalla Aziza licence and until completion of the bankable feasibility study, Royal Road shall pay an annual fee of $300,000 (U.S.) to Carbomine.

About Royal Road Minerals Ltd.

Royal Road is a mineral exploration and development company with its head office and technical operations centre located in Jersey, Channel Islands. The company is listed on the TSX Venture Exchange under the ticker RYR and on the Frankfurt Stock Exchange under the ticker RLU. 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 and Morocco.

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