Royal Road Arabia Wins Al-Miyah Copper-Gold Tender

Royal Road Minerals announced that its subsidiary, Royal Road Arabia (50% owned by Royal Road Minerals) has secured the winning bid in a competitive Licensing Round for the Al-Miyah copper and gold tender area. This area comprises three contiguous Exploration Licenses situated in the Asir Province of the Kingdom of Saudi Arabia, approximately 150 kilometers northwest of the Company’s Jabal Sahabiyah Exploration Licenses.

Royal Road Arabia ("RRA") is a joint venture equally owned by Royal Road and MIDU Company Limited ("MIDU"), a Saudi Arabian investment holding company based in Jeddah with diversified interests spanning mining, industrial sectors, real estate development, and utilities.

The Al Miyah Exploration Licenses encompass approximately 234km², comprising contiguous terrain known for historic copper and gold occurrences. These deposits are hosted in upper Proterozoic age meta-volcanic and intrusive rock formations within the promising Nabitah-Tathlith belt.

Royal Road Arabia (RRA) identifies substantial potential within the Al Miyah exploration licenses for intrusion-related and structurally controlled copper and gold mineralization. Immediate exploration priorities include extending along the Al Miyah magnetic corridor and exploring newly discovered shear-zone hosted copper and gold mineralization at Hishashat-al Hawi.

The company plans comprehensive field mapping and grid-based auger soil sampling across existing prospects and new targets. Additionally, RRA will utilize advanced technologies such as drone-borne hyperspectral scanners, magnetometers, and radiometers to pinpoint drilling targets by the end of 2024.

The licensing process was merit-based, contingent upon proposed exploration programs, minimum expenditure commitments, and a performance financial guarantee from a reputable Saudi Arabian financial institution. RRA has committed to investing USD$3.9 million over the first two years in exploration activities, contingent on achieving results and surrendering the performance financial guarantee. Eligibility for the Ministry of Industry and Mineral Resources (MIMR) Exploration Enablement Program offers potential reimbursements of up to USD$1.1 million per Exploration License. Furthermore, the company is pursuing qualification for the Saudi Human Resources Development Fund, which supports local salary expenses and professional development costs.

Dr. Tim Coughlin, President and CEO of Royal Road, highlighted the significance of resuming exploration work at Al-Miyah after a 45-year hiatus. He emphasized the evolution in commodity focus and understanding of exploration geology since the previous efforts, noting that Royal Road's team has identified promising copper and gold potential at both historical and newly discovered sites within the licensed areas. Coughlin praised Saudi Arabia's visionary approach and proactive support for the mining sector, citing innovative financial assistance schemes as evidence of the country's commitment to fostering growth and development in this industry. He expressed pride in Royal Road's role at the forefront of mineral exploration in the Kingdom during this transformative period, underscoring the organization's privilege to contribute to Saudi Arabia's burgeoning mining landscape.

Mr. Tareq Telmesani, CEO of MIDU and Chairman of Royal Road Arabia, expressed gratitude to the Ministry of Industry and Mineral Resources (MIMR) for granting them the opportunity to commence work at Al-Miyah. He emphasized their eagerness to leverage all available resources and expertise towards supporting Saudi Arabia's Vision 2030. Telmesani underscored their commitment to becoming a pivotal player in the Kingdom's mining sector, highlighting their dedication to contributing significantly to the nation's economic diversification and sustainable development goals.