Royal Road Minerals' Subsidiary Qualifies for the Saudi Arabian Exploration Enablement Program Provides for the reimbursement of eligible exploration expenses at its Jabal Sahabiyah project
Royal Road Minerals' Subsidiary Qualifies for
the Saudi Arabian Exploration Enablement
Program
Provides for the reimbursement of eligible exploration
expenses at its Jabal Sahabiyah project
Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - Royal Road Minerals (TSXV: RYR) ("
Royal
Road
" or "
The Company
") is pleased to announce that it's 50% 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 USD $2 million in exploration costs per exploration
license. The qualification is specific to RRA's Jabal Sahabiyah project which comprises three
contiguous exploration licenses (see Press Release January 15, 2024).
Royal Road Arabia ("
RRA
") is a Saudi Arabian joint-venture company owned on a 50-50% partnership
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.
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 licenses 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 USD $2 million per exploration license for costs relating to exploration activities, with certain caps
per cost-item. Caps include 25% of total drilling costs, 15% of talent and labour costs up to USD $400
thousand, 70% of total local salary costs within the first 2 years up to USD $400 thousand and up to
USD$1 million per license for geochemical analyses and other geoscience-related costs.
Dr. Tim Coughlin, Royal Road's President and CEO, 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 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
www.royalroadminerals.com
.
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.
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.
Contact
Royal Road Minerals Limited
+44 1534 887166
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/225025