Author: Date

The scientific and technical information disclosed in this release has been reviewed and approved by Darren Holden, BSc.(Hons), Ph.D., FAusIMM, a “Qualified Person” as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.

*Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

About South Pacific Metals Corp.

South Pacific Metals Corp is an emerging gold-copper exploration company operating in the heart of Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke and May River.

Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Anga and Osena Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

Darren Hall, President and Chief Executive Officer of Calibre, stated :“As previously reported, the Company delivered 46,076 ounces in the quarter and 166,200 ounces year to date. Consolidated Q4 production is expected to be the strongest of the year, delivering 70,000 – 80,000 ounces, driven by Nicaragua’s Q4 mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.

The Valentine team continues to make significant progress with construction completion at 81% at the end of September and we remain on track to deliver first gold during Q2 2025. I am pleased with the increased focus, and we are confidently heading toward mechanical and electrical completion in early Q1, 2025.

The Valentine Gold Mine and surrounding property offers an impressive 5-million-ounce resource base and numerous discovery opportunities. Previously disclosed results at Valentine indicate robust growth potential below and adjacent to existing Mineral Resources. Our extensive, multi-rig drill program is focused on high priority targets beyond the originally explored 6 km section of defined reserves/resources of the 32 km long Valentine Lake Shear Zone to unlock the significant resource expansion and discovery potential across the property.”

YTD & Q3 2024 Highlights

Construction of the multi-million-ounce Valentine Gold Mine surpasses 81% construction with a remaining cost to complete on an incurred basis of C$197 million as at September 30, 2024 and remains on track for gold production in Q2 2025 ;

Tailings Management Facility is complete and ready to receive water;

CIL leaching area tanks construction is nearing completion;

Reclaim tunnel and coarse ore stockpile construction is progressing;

Primary crusher installation is well advanced and overland conveyor construction has commenced; and

Pre-commissioning is underway;

With approximately C$300 million in cash (US$115.8-million and restricted cash US$100-million) at September 30, 2024, Valentine’s initial project capital remains fully financed;

Bolstered cash position as part of our capital management program with $55 million to be received from an additional gold prepayment arrangement whereby Calibre will physically deliver an additional 20,000 ounces of gold (2,500 ounces of gold per month at $2,816 per ounce) from May 2025 to December 2025;

Calibre Strengthens its Executive Leadership Team with the Appointment of Chief Operating Officer and Vice President of Technical Services, Nicaragua;

Expanded the Valentine Gold Mine (“Valentine”) resource expansion and discovery drill program with a 100,000 metre drill program , in addition to the 60,000 metre program already in place at the Leprechaun and Marathon deposits;

Received the Federal Environmental Assessment approval for the third open pit , the Berry Pit at Valentine scheduled to commence construction activities in Q4 2024;

Ore control drilling results at the Marathon Pit at Valentine yielded 44% additional gold on 47% higher grades than modelled in the 2022 Mineral Reserve statement, increasing confidence of the deposit as the Company advances toward first gold in Q2 2025;

New Discovery along the VTEM Gold Corridor and continued step out drilling intercepts high-grade gold mineralization at the Talavera deposit , both located within the Limon mine complex in Nicaragua, reinforcing Limon’s ability to continually deliver compelling results, leading to new discoveries and resource expansion:

13.26 g/t gold over 4.9 metres ETW including 33.50 g/t gold over 1.2 metres ETW; and

6.38 g/t gold over 10.5 metres ETW;

Continued to intercept high grade gold mineralization from the resource conversion and expansion program within the Guapinol open pit area at the Eastern Borosi mine in Nicaragua, reinforcing the potential for mine life extension:

13.24 g/t gold over 5.8 metres ETW including 18.52 g/t gold over 4.0 metres ETW; and

9.24 g/t gold over 6.2 metres ETW including 17.45 g/t gold over 3.1 metres ETW;

Discovered additional near surface, above reserve grade gold mineralization at the Pan Mine (“Pan”) in Nevada, demonstrating the potential to increase resources, grade and mine life around Pan:

0.45 g/t gold over 117.4 meres ETW; and

0.56 g/t gold over 59.4 metres including 1.31 g/t gold over 9.1 metres ETW;

Consolidated gold sales of 46,076 ounces; Nicaragua 36,427 ounces and Nevada 9,649 ounces;

Consolidated TCC1 of $1,580/oz; Nicaragua $1,615/oz and Nevada $1,451/oz;

Consolidated AISC1 of $1,946/oz; Nicaragua $1,880/oz and Nevada $1,813/oz; and

Cash and restricted cash of $115.8 million and $100.0 million, respectively, as at September 30, 2024.

YTD 2024 Gold Sales and Cost Metrics

Consolidated gold sales of 166,200 ounces grossing $374.9 million in revenue, at an average realized gold price1 of $2,256/oz; Nicaragua 140,646 ounces and Nevada 25,554 ounces;

Consolidated TCC1 of $1,379/oz; Nicaragua $1,364/oz and Nevada $1,463/oz;

Consolidated AISC1 of $1,656/oz; Nicaragua $1,554/oz and Nevada $1,734/oz; and

Cash provided by operating activities of $88.8 million.

Click here to learn more about the Valentine Gold Mine – Building Atlantic Canada’s Largest Open Pit Gold Mine

Installation of the Primary Crusher – September 2024

A photo accompanying this announcement is available at

CONSOLIDATED RESULTS: Q3 and Nine Months Ended 2024

Consolidated Results 2

Operating Results

2024 REVISED GUIDANCE

*Initial project capital at the Valentine Gold Mine not included

Given Calibre’s proven track record, the Company will continue to reinvest into exploration and growth with over 160,000 metres of drilling and development of new satellite deposits across its asset portfolio.

Consolidated Q4 production is expected to be 70,000 – 80,000 ounces, while TCC and AISC are forecast to be lower. The stronger Q4 outlook is driven by Nicaragua’s mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.

Exploration activities include multi-rig diamond, RC and RAB drilling in Newfoundland, Nevada and Nicaragua along with several geo-science initiatives through the exploration pipeline. Growth capital includes new underground development and open pit mine development, leach pad expansion, waste stripping and land acquisition.

Since acquiring the Nicaraguan assets in October 2019, the Nevada assets in 2022, and the Newfoundland & Labrador assets in 2024, Calibre has consistently reinvested in mine development and exploration programs. These investments have led to the discovery of new deposits and growth in both production and Mineral Reserves. This progress positions Calibre well to diversify its portfolio and enhance profitability as it expands its operations into Canada with the Valentine Gold Mine anticipated to deliver first gold during Q2 2025.

The Company’s mineral endowment includes 4.1 million ounces of Reserves, 8.6 million ounces of Measured and Indicated Resources (inclusive of Mineral Reserves), and 3.6 million ounces of Inferred Resources, as detailed in the press release dated March 12, 2024 .

Calibre held a Q3 and YTD 2024 Production and Valentine Gold Mine Construction update conference call on October 18, 2024, please visit the Calibre Mining website here , to access the replay of the conference call.

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.

About Calibre

Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

ON BEHALF OF THE BOARD

“Darren Hall”

Darren Hall, President & Chief Executive Officer

For further information, please contact:
Ryan King
Senior Vice President, Corporate Development & IR
T: …
W:

Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.

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The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Notes

(1) NON-IFRS FINANCIAL MEASURES

Calibre has included certain non-IFRS measures as discussed below. The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

TCC per Ounce of Gold : TCC include production costs, royalties, production taxes, refinery charges, and transportation charges. Production costs consist of mine site operating costs such as mining, processing, local administrative costs (including stock-based compensation related to mine operations) and current inventory write-downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and exploration costs. TCC are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.

AISC per Ounce of Gold : AISC is a performance measure that reflects the total expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition is derived from the definition as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018, respectively. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating performance and the ability to generate free cash flow from operations.

Calibre defines AISC as the sum of TCC, corporate general and administrative expenses (excluding one-time charges), reclamation accretion related to current operations and amortization of asset retirement obligations (“ARO”), sustaining capital (capital required to maintain current operations at existing production levels), lease repayments, and exploration expenditures designed to increase resource confidence at producing mines. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure

Average Realized Price per Ounce Sold: Average Realized Gold Price Per Ounce Sold is intended to enable management to understand the average realized price of gold sold in each reporting period after removing the impact of non-gold revenues and by-produce credits, which in the Company’s case are not significant, and to enable investors to understand the Company’s financial performance based on the average realized proceeds of selling gold production in the reporting period. Average Realized Gold Price Per Ounce Sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales.

Adjusted Net Earnings : Adjusted Net Earnings and Adjusted Net Earnings Per Share – Basic exclude a number of temporary or one-time items considered exceptional in nature and not related to the Company’s core operation of mining assets or reflective of recurring operating performance. Management believes Adjusted Net Earnings may assist investors and analysts to better understand the current and future operating performance of the Company’s core mining business. Adjusted Net Earnings and Adjusted Net Earnings Per Share do not have a standard meaning under IFRS. They should not be considered in isolation, or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of earnings from mine operations, earnings, or cash flow from operations as determined under IFRS.

Cash From Operating Activities Before Changes in Working Capital : Cash from Operating Activities before Changes in Working Capital is a non-IFRS measure with no standard meaning under IFRS, which is calculated by the Company as net cash from operating activities less working capital items. The Company believes that Net Cash from Operating Activities before Changes in Working Capital, which excludes these non-cash items, provides investors with the ability to better evaluate the operating cash flow performance of the Company.

Net Debt and Adjusted Net Debt : The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use net debt to evaluate the Company’s performance. Net debt does not have any standardized meaning prescribed under IFRS, and therefore it may not be comparable to similar measures employed by other companies. This measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performances prepared in accordance with IFRS. Net debt is calculated as the sum of the current and non-current portions of loans and borrowings, net of the cash and cash equivalent balance as at the balance sheet date. Adjusted Net Debt is calculated as Net Debt less fair value and other non-cash adjustments that will not result in a cash outflow to the Company. The Company believes that Adjusted Net Debt provides a better understanding of the Company’s liquidity.

EBITDA and Adjusted EBITDA : The Company believes that certain investors use the EBITDA and the adjusted EBITDA (“Adjusted EBITDA”) measures to evaluate the Company’s performance and ability to generate operating cash flows to service debt and fund capital expenditures. EBITDA and Adjusted EBITDA do not have a standardised meaning as prescribed under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Company calculates EBITDA as earnings or loss before taxes for the period excluding depreciation and depletion and finance costs. EBITDA excludes the impact of cash costs of financing activities and taxes and the effects of changes in working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Adjusted EBITDA is calculated by excluding one-off costs or credits relating to non-routine transactions from EBITDA that are not indicative of recurring operating performance. Management believes this additional information is useful to investors in understanding the Company’s ability to generate operating cash flow by excluding from the calculation these non-cash and cash amounts that are not indicative of the recurring performance of the underlying operations for the reporting periods.

Adjusted Net Debt to Adjusted EBITDA : The Adjusted Net Debt to Adjusted EBITDA measures provide investors and analysts with additional transparency about the Company’s liquidity position, specifically, the Company’s ability to generate sufficient operating cash flows to meet its mandatory interest obligations and pay down its outstanding debt balance in full at maturity. This measure is a Non-IFRS measure and it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of Adjusted Net Debt is shown above.

TCC and AISC per Ounce of Gold Sold Reconciliations

The tables below reconcile TCC and AISC for the three months ended September 30, 2024 and 2023.

A table accompanying this announcement is available at

1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.

A table accompanying this announcement is available at

1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.

A table accompanying this announcement is available at

The tables below reconcile TCC and AISC for the nine months ended September 30, 2024 and 2023.

A table accompanying this announcement is available at

1. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.

A table accompanying this announcement is available at

1. Production costs include a $0.7 million net realizable value reversal for the Pan mine.
2. Sustaining capital expenditures are shown in the Growth and Sustaining Capital Table in the Q3 2024 MD&A dated September 30, 2024.

(2) CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS FOR 2024 INCLUDE THE RESULTS FROM MARATHON SINCE ITS ACQUISITION ON JANUARY 25, 2024

(3) EBITDA and ADJUSTED EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the consolidated statement of operations and comprehensive income for the reporting periods:

A table accompanying this announcement is available at

(4) ADJUSTED NET EARNINGS

The following table provides a reconciliation of Adjusted Net Earnings and Adjusted Net Earnings Per Share to the consolidated statement of operations and comprehensive income for the reporting periods:

A table accompanying this announcement is available at

(5) CASH FROM OPERATING ACTIVITIES BEFORE CHANGES IN WORKING CAPITAL

The following table provides a reconciliation of Cash from Operating Activities before Changes in Working Capital to the consolidated statement of cash flows for the reporting periods:

A table accompanying this announcement is available at

(6) NET DEBT and ADJUSTED NET DEBT

The following table provides a reconciliation of Net Debt and Adjusted Net Debt to the consolidated statement of financial position for the reporting periods:

A table accompanying this announcement is available at

(7) ADJUSTED NET DEBT TO ADJUSTED EBITDA

The following table provides the reconciliation of Adjusted Net Debt to Adjusted EBITDA using the last twelve months of Adjusted EBITDA for the reporting periods:

A table accompanying this announcement is available at

Cautionary Note Regarding Forward Looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”,“assume”, “intend”,“strategy”,“goal”,“objective”,“possible” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Forward-looking statements in this news release include but are not limited to the Company’s expectations of gold production and production growth; the upside potential of the Valentine Gold Mine; the Valentine Gold Mine achieving first gold production during the second quarter of 2025; the Company’s reinvestment into its existing portfolio of properties for further exploration and growth; statements relating to the Company’s 2024 priority resource expansion opportunities; the Company’s metal price and cut-off grade assumptions. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form (“AIF”) for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at .

Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.

MENAFN05112024004107003653ID1108854393

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – November 5, 2024) – Royal Road Minerals Limited (TSXV: RYR) (” Royal Road ” or the ” Company “) is pleased to provide an update on its exploration work in the Kingdom of Saudi Arabia. The Company carries out its exploration activities in Saudi Arabia through its local subsidiary, Royal Road Arabia Limited (” RRA “). RRA is a Saudi Arabian joint-venture company owned on a 50-50% basis by Royal Road and MIDU Company Limited ( “MIDU”) . MIDU is a Saudi Arabian investment holding company, headquartered in Jeddah, with interests across various sectors including mining, industrial, real estate development and utilities.

RRA was granted Winning Bidder of the Al Miyah tender area and received notification of a 90-day provisional award in July of 2024. However, upon RRA’s request, the Ministry of Industry and Mineral Resources (MIMR) in Saudi Arabia has agreed to allow RRA to relinquish its rights to the Al Miyah tender. This decision enables RRA to concentrate on and expand its planned drilling activities in the Jabal Sahabiyah project area.

Jabal Sahabiyah Project: Saudi Arabia

The Jabal Sahabiyah project consists of three contiguous Exploration Licenses and was awarded to RRA as Preferred Bidder in a competitive Licensing Round in January of this year (see Press Release January 15, 2024). The license areas total approximately 284 square kilometers in areal extent and are located in Asir Province of the Kingdom of Saudi Arabia (see press releases January 15, February 27 and May 29, 2024).

RRA interprets copper, gold and polymetallic mineralization at Jabal Sahabiyah to be controlled broadly by meta-intrusive rocks and associated metasomatism emplaced at or below a mid-crustal detachment (see Figure 1). Previous work at Jabal Sahabiyah included regional and prospect-scale mapping, surface geochemistry, geophysics and scout-drilling conducted by Riofinex in the late 1970s, followed by drill testing of vein gold occurrences by Ma’aden (Saudi-Arabian state-owned mining company) in 2007.

Figure 1
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Riofinex identified a total of 8 individual prospect areas (see Figure 1) represented primarily by exposed or sub cropping remnants of base and precious metals gossans, which demonstrably continue beneath recent alluvium. RRA’s exploration work has focused initially on identifying the concealed extensions of the Jabal Muwayqirah gossan and on advancing it to the point of drill-testing, but the program has now been expanded to include preparation and drill-testing of the Hanash South prospect area and further mapping, geochemical work and drone-borne magnetics at Umm al Harjan, Ash Shajjah and Wadi Raiel.

Jabal Muwayqirah

The Jabal Muwayqirah gossan is located at the northern extent of an interpreted magnetic aureole and represents a shallow-dipping oxidized, erosional remnant of zinc, copper, gold and silver mineralization which extends below metamorphosed hangingwall rocks to the north and below alluvial cover to the south (see Figures 1, 2 and 3). Limited shallow open hole drilling conducted by Riofinex intersected zinc, copper and lead mineralization on the gossan and immediately adjacent to it under alluvial cover (Figure 2). Riofinex did not assay for gold. The best intersection was drill hole JM4 which returned 14 meters at 0.6% copper, 5.1% zinc and 0.7% lead (not JORC compliant; from surface). RRA grab rock-chips returned significant gold, silver and base metal grades with gold up to 7.5 grams per tonne (mean 1.6, minimum 0.1 grams per tonne), silver up to 423 ppm (mean 59.5, minimum 1.5 ppm), copper up to 5.0% (mean 0.8%, minimum 0.03%) and zinc up to 30% (mean 3.7%, minimum 0.2%).

Figure 2
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Mapping and new drone-borne magnetic data have revealed that exposed gossan at Jabal Muwayqirah is positioned on the limb of an (F3-generation) antiform (see Figure 3). Auger samples taken from 3 meters below the surface of alluvial sediments have identified subtle zinc and copper anomalism which defines a geochemical trend around the antiform towards its hinge. The geochemistry, structural mapping and magnetic data has highlighted a south-southeast plunging drill-target of approximately 500 meters strike extent and unknown (down-plunge) depth extent (see Figure 3). The gossan also continues beneath overlying metamorphic rocks to the north and may be exposed again around a synform and beneath alluvial cover to the east (see Figure 3). The Company is planning further auger sampling to test this model and has commenced the environmental permitting process for drilling at Jabal Muwayqirah. Drilling is expected to commence in the first quarter of 2025.

Figure 3
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Hanash South

The Hanash South prospect area was discovered by Riofinex in the late 1970’s. Riofinex identified copper, zinc and silver mineralized gossans outcropping and sub-cropping along and within a wadi over a strike distance of approximately 1.6 kilometers (see Figure 4). Riofinex completed ground magnetics, induced polarization (IP) and self-potential (SP) surveys at Hanash South. The IP survey outlined an approximately 2.3-kilometer-long chargeability anomaly located beneath alluvial sediments (see Figure 4). Riofinex drilled seven diamond drill holes along the trend of the IP anomaly. All drill holes except for HAS-3 and 6, intersected (“layer-parallel”) sulphide intervals of from 25 to 90 meters thickness (see example log in Figure 5). The sulphide sections were anomalous in silver, zinc and copper. Some select samples were taken for gold analyses, but results were not reported. Estimated grades assessed from graphic logs (historic results are not available; see Figure 5) can be up to approximately 20 meters at 20ppm silver and 0.3% copper (visual estimate only, not JORC compliant). Highest reported grades over shorter intervals were 12.5% zinc and 0.4% copper over 1.7 meters and 46.4 ppm silver over 2.4 meters (Not JORC compliant).

Figure 4
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Figure 5
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Drilling from Hanash South has identified significant thicknesses of sulphide mineralization over 2.3 kilometers of strike-length and open towards the southeast. Sulphide intersections have not been systematically assayed for gold and where they were sampled, modern fire assay analytical techniques were not utilized, and results have not been reported. RRA is currently completing geological mapping and a drone-borne magnetic survey across Hanash South and has implemented the environmental permitting process with a view to drill testing the prospect in the first quarter of 2025.

Dr Tim Coughlin, Royal Road’s President and CEO stated: “Systematic exploration work at Jabal Sahabiyah is identifying local and district-scale potential at several localities. Key to the polymetallic potential of these localities is repeat geochemical sampling using modern analytical techniques to better assess particularly the gold content of exposed mineralization. This is evident at Jabal Muwayqirah, where the addition of gold from RRA’s grab sampling has elevated copper equivalent grades to a maximum of 16.5% and increased the economic potential of the prospect area. Also important at Jabal Sahabiyah and elsewhere is testing beneath transported cover or wadis. We now have several examples of gossan occurrences occurring as erosional remnants along the immediate banks of wadi’s or as sub crop from within the wadi itself. In the case of Hanash South, Riofinex collared all of their drill holes from within the wadi and at Jabal Muwayqirah our immediate targets are evident as subtle auger anomalies and drone magnetic responses from beneath three meters of transported cover. We look forward to drill-testing our models in the coming year”.

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center 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. More information can be found on the Company’s website .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) describing the Company’s future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company’s business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, the Alliance, the intention to form a joint venture, enter into a related agreement and establish Newco and, more generally, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words “plans”, “prospective”, “expect”, “intend”, “intends to” and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company’s exploration plans.

Quality Assurance and Quality Control:

Sample preparation and analyses are conducted according to standard industry procedures at certified laboratories. Analytical performance is monitored by means of certified reference materials (CRMs), coarse blanks, coarse and pulp duplicate samples. Grab rock-chip samples were bagged in the field for a sample size of approximately 2kg and then sent to ALS in Jeddah where gold was analyzed by fire assay with inductively coupled plasma spectrometry (ICP) finish and multielement analyses were conducted by four acid digest with ICP-MS finish (ME-MS61). Soil samples were collected 40-80cm below the surface or in the case of auger samples from up to 3 meters below transported cover to avoid surficial contamination. Approximately 0.5kg was collected for each sample. For each sample, soil or cover thickness, horizon (where present), sample type, sample collection depth, and field sieve-mesh were recorded. QAQC materials included approximately 5% CRMs, 5% blanks, and 8% field duplicates. Soil samples were sent to ALS Jeddah for drying and dry-sieving to -75um/-200 mesh. Gold analysis was completed by 30g fire-assay with an ICP-MS finish. Super trace multi-element analysis was completed using four acid digest with ICP-MS finish (ME-MS61L). All results were analyzed by our in-house Exploration and Database Management team before import into our geochemical database.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company’s business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company’s filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

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Figure 1: Mallay Mine Processing Facilities and Surface Infrastructure
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Bennett Jones LLP is acting as legal advisor to Excellon. Cassels Brock & Blackwell LLP is acting as legal advisor to Adar.

Excellon’s vision is to realize opportunities through the acquisition of advanced development or producing assets with further potential to gain from an experienced management team for the benefit of our employees, communities and shareholders. The Company is advancing a portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and little modern exploration.

Additional details on Excellon’s properties are available at .