Dr. Tim Coughlin reports

ROYAL ROAD MINERALS' SUBSIDIARY QUALIFIES FOR THE SAUDI ARABIAN EXPLORATION ENABLEMENT PROGRAM

Royal Road Minerals Ltd.'s 50-per-cent-owned Saudi Arabian joint venture company, Royal Road Arabia (RRA), has qualified for the kingdom's exploration enablement program which provides for the reimbursement of up to $2-million (U.S.) in exploration costs per exploration licence. The qualification is specific to RRA's Jabal Sahabiyah project which comprises three contiguous exploration licences (see press release Jan. 15, 2024).

Royal Road Arabia is a Saudi Arabian joint venture company owned on a 50-50-per-cent partnership basis by Royal Road and MIDU Company Ltd. MIDU is a Saudi Arabian investment holding company, headquartered in Jeddah, with interests across various sectors including mining, industrial, real estate development and utilities.

The exploration enablement program

The government of Saudi Arabia has developed an exploration enablement program (EEP) which is designed to support exploration efforts over exploration licences within their first five years of tenure and with a focus on Greenfields sites. The EEP allows the qualified applicant to request a reimbursement of up to $2-million (U.S.) per exploration licence for costs relating to exploration activities, with certain caps per cost item. Caps include 25 per cent of total drilling costs, 15 per cent of talent and labour costs up to $400,000, 70 per cent of total local salary costs within the first two years up to $400,000 (U.S.) and up to $1-million (U.S.) per licence for geochemical analyses and other geoscience-related costs.

Dr. Tim Coughlin, Royal Road's president and chief executive officer, stated: "We are very grateful recipients of this exemplary and innovative initiative. The exploration enablement program is an appreciable measure of Saudi Arabia's unrivalled approach to encouraging exploration investment. In our view, the Arabian Shield is one of the few pure grassroots environments which remains entirely open to the discovery of new and previously unconsidered styles of base and precious metals mineralization. The EEP comes at an opportune time as the global impact of resource depletion sets in and interest in mineral exploration recovers."

About Royal Road Minerals Ltd.

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations centre located in Jersey, Channel Islands.

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