Royal Road Expands High-Grade Silver-Gold-Antimony Vein System and Advances Porphyry Vectoring at Margaritas, Colombia

Royal Road Minerals Limited (RYR) has released an exploration update focused on geological mapping and 62 surface rock-chip samples, rather than new drill results. The company restated previous findings from June 9, 2026, regarding the Margaritas project. These included intercepts from MAR-DD-002, which returned 4 m @ 631 g/t Ag, 0.47% Sb, 0.41 g/t Au from 177 m; MAR-DD-003, which returned 5 m @ 333 g/t Ag, 0.28% Sb, 1.18 g/t Au from 171 m; and MAR-DD-004, which returned 4 m @ 191 g/t Ag, 0.03% Sb, 0.46 g/t Au from 48 m. These figures are not true widths.

The update also highlighted two broad low-grade intervals: MAR-DD-003 at 304 m and MAR-DD-004 at 231 m, both averaging approximately 0.3 g/t AuEq from surface to the end of the hole. Geological mapping has expanded the interpreted footprint of silver-gold-antimony carbonate-base-metal (CBM) veins and breccias to roughly 400 by 450 m. Mineralisation is interpreted to extend to at least 330 m below surface and remains open to the north and at depth.

Analysis of 62 rock-chip samples yielded up to 475 g/t Ag (range 0.09-475; mean 22.2 g/t), up to 5.53 g/t Au (mean 0.33 g/t), up to 987 ppm Sb (mean 45.9 ppm), and up to 4.59% Zn (mean 0.122%). A single large breccia boulder returned 475 g/t Ag, 987 ppm Sb, and 0.90 g/t Au, though its bedrock source has not yet been located. Additionally, porphyry vectoring indicators, including potassic alteration with disseminated pyrrhotite and elevated gold in rock chips, were identified northeast of the drilled area. The company’s forward plan involves drilling the expanded veins and testing the porphyry-style alteration.

Royal Road Minerals Limited (RYR) issued a corporate update that does not constitute an earnings release, meaning there are no revenue figures or financial results to assess. Prior-period context, which was not disclosed in today’s release, indicates a Q1-2026 net loss of C$2,469,835 and cash holdings of C$4,926,779 as of March 31, 2026. Subsequent financings totaled roughly C$7.3 million in July, C$1 million in August, and C$1 million in September, all conducted at C$0.20 per share.

The release does not alter the deposit’s scale, grade, or odds as measured by assays, as there are no new drill holes, new assays, resource estimates, or metallurgical data. The update focuses on target generation and a mapped-footprint expansion ahead of future drilling. As a pre-resource explorer, Royal Road Minerals Limited is currently in a stage where footprint-expanding updates at a micro-cap can sometimes re-rate if they open a new dimension. In this instance, the company has opened only an interpreted dimension without any assayed data, representing a setup rather than a delivery of hard data.

Regarding market expectations, there is no embedded anchor for the stock, which is trading at C$0.17, near its 52-week low of C$0.16 and well below the C$0.28 spike seen in June. The June Margaritas discovery has faded and has not been capitalized. Consequently, while the bar for this release is low, it brings no new hard grade-and-width data to clear it. An unpriced positive requires a genuine data improvement, and a mapping update does not qualify.

Royal Road Minerals Limited (TSXV: RYR / OTCQB: RRDMF / FSE: RLU), a pre-revenue exploration and development company headquartered in Jersey, holds a portfolio of assets across Colombia, Saudi Arabia, and Morocco. The company’s Colombian holdings span approximately 1,840 km², centered on the wholly owned GAM project located 50 km west of Medellín. This porphyry-skarn-CBM gold-copper-silver district encompasses the Guintar, Margaritas, El Aleman, and Chuscalita concessions. To date, 56 holes totaling approximately 18,000 meters have been drilled at the site, though no resource has been defined.

In Saudi Arabia, Royal Road operates a 50:50 joint venture with MIDU, known as Royal Road Arabia, covering the Jabal Sahabiyah area of approximately 284 km². Reverse circulation (RC) drilling at the site has returned gold at Ash Shajjah and zinc-polymetallic skarn at Hanash North. The company also holds the Lalla Aziza copper project in Morocco, with an option to acquire 100% interest, where scout RC drilling confirmed near-surface copper in the Seksaoua shear zone. Additional assets include La Llanada, Rio Nulpe, and El Molino. The company currently has no reserves, no resources, no production, and no economics disclosed.

According to the company’s presentation, the capital structure consists of approximately 336.24 million shares and 16.55 million options. The stated market capitalization is C$67M, with a block-trade overhang of 18%. Largest holders include Rio2, which holds approximately 15%, alongside Global Resource Investments and the Phoenix Gold Fund.