Royal Road Updates Consolidation Strategy at Lalla Aziza; Kingdom of Morocco

• Royal Road Minerals provided an operational update on its Lalla Aziza copper project in Morocco dated April 22, 2026.
• The company confirmed significant copper mineralization within the Seksaoua shear zone via a 15-hole, 1,000-meter reverse circulation (RC) scout-drilling campaign.
• Key drill intercepts included intervals such as RC25LA004 with 17 meters at 1.3% copper and RC25LA002 with 19 meters at 1.1% copper.
• The company entered a confidentiality agreement for exclusivity over a contiguous mining title within the same structural corridor.
• Royal Road engaged SCP Resource Finance to evaluate consolidation pathways for multiple licenses along the Seksaoua structure into a single project.
• A critical caveat was noted: formal license transfer processes are currently delayed due to corporate matters affecting the underlying license holder, Carbomine SARL.
• The company is evaluating options ranging from disciplined capital-efficient advancement to transactions designed to crystallize value.

• Drilling Results: The scout drilling results confirm continuity of mineralization previously identified in July 2025 (17m @ 1.3% Cu). This validates the geological model but does not represent a new discovery or resource expansion, making it incremental rather than transformative.
• Consolidation Strategy: Engaging SCP Resource Finance to consolidate licenses is positive for long-term project definition and potential monetization, as larger consolidated titles are more attractive to partners or acquirers. However, this remains in the evaluation phase.
• License Transfer Delay: The explicit mention of delays due to corporate matters affecting Carbomine SARL introduces execution risk. This could stall the option exercise timeline (previously noted as requiring $1.5M US upon exercise) and push back project advancement milestones.
• Comparison to Recent History: Compared to the March 2026 Guintar porphyry discovery which defined a >2km² system, this Morocco update is less material in terms of immediate valuation impact. It supports the existing narrative rather than shifting it significantly.
• Market Reaction Context: The stock price has corrected from $0.25 (January 2026) to $0.19 (April 2026). This news provides a floor but lacks the catalyst strength to drive a sustained breakout without resolution of the title transfer delay or new financing.

• Company Name: Royal Road Minerals Ltd (TSXV: RYR, OTCQB: RRDMF).
• Flagship Project: Guintar-Aleman-Margaritas (GAM) in Colombia. This is a porphyry-skarn system with gold-copper-silver mineralization extending >2km² and depths >500m. Recent drilling confirmed bulk-tonnage underground mining potential.
• Secondary Projects:
  • Lalla Aziza: Copper project in Morocco's Western High Atlas, currently in scout drilling phase with option to acquire 100% from Carbomine SARL.
  • Jabal Sahabiyah: Gold-zinc-polymetallic skarn and vein system in Saudi Arabia (50:50 JV).
• Status: Exploration stage across all major assets; no production guidance or reserves defined yet.