Royal Road Provides Drilling Update from Its Caribe Gold Discovery; Nicaragua

Toronto, Ontario - Royal Road Minerals Limited (TSXV: RYR) ('Royal Road' or the 'Company') is pleased to provide a drilling update from its Caribe gold discovery in northeastern Nicaragua.

The Caribe project forms a part of the Company's Strategic-Alliance agreement (see press release; September 6, 2017) with Hemco Mineros Nicaragua ('Hemco' a subsidiary of Mineros S.A., TSX: MSA) and is located in the highly prospective 'Golden Triangle' of northeastern Nicaragua. Royal Road Minerals is operator of the Strategic Alliance.

Royal Road's exploration team discovered the Caribe project during reconnaissance exploration in February of 2018. Outcrop at Caribe is concealed under soil and saprolite cover and there is no previous record of mining in the area. In 2019, Royal Road and Hemco completed an initial 4-hole, exploratory drilling program at Caribe which returned promising results for gold. A follow-up diamond drilling program commenced at the project during August of 2020 and has returned encouraging results including; CB-DDH-025, 207.45 meters at 1.1, CB-DDH-016, 100.45 meters at 1.0; CB-DDH-044, 114 meters at 1.0, CB-DDH-017, 90 meters at 1.0 and CB-DDH-015, 63 meters at 1.0 grams per tonne gold (see Press Releases November 10, 2020, February 11, 2021, March 17, 2021, September 1, 2021, August 3, 2022; Table 1)

Diamond drilling has advanced as a combination of infill and step-out exploratory drilling in order to resolve geometry within the known breccia body (carbonate-sericite zone) and to test for a possible intrusive source to pyrite, chalcopyrite and molybdenite mineralized hydrothermal breccia bodies.

Drill holes CB-DDH-050 and CB-DDH-051 both intersected higher-grade intervals of sulfide mineralization hosted in hydrothermal breccias with very high molybdenum grades interpreted to be indicative of a steeply dipping 'feeder zone' which remains open and untested at depth (see Figure1). Scout reverse circulation drilling which drills through soil and saprolite cover to sample the top 2-3 meters of weathered rock, implies that the gold mineralized system at Caribe has a bulk northeast-southwest trend and remains open along a total strike length of approximately 2.5 kilometers (see Press Release, November 14, 2022).

Both diamond and scout-RC drilling at Caribe has been suspended pending an in-house resource assessment and geological review.

'Holes 50 and 51 at Caribe appear to have located a central, steeper-dipping and molybdenum-rich feeder zone which will be key for further targeting and sourcing a potentially intrusive-related mineralized body at depth' said Tim Coughlin, Royal Road's President and CEO 'Coupled with the results of the scout-RC drilling and in-house resource work, we hope to have a clearer picture of the geological controls and potential at Caribe over the coming months'.

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') including statements relating to the Hemco-Mineros Alliance and those 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, or with respect to the Hemco-Mineros Alliance, 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, 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, those related to the Hemco-Mineros Alliance, Hemco-Mineros, and the Company's plans 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 Hemco-Mineros Alliance and 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, in part, on information provided to the Company by Hemco-Mineros, and, except as required by law, 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:

Dr. Timothy Coughlin

President and Chief Executive Officer

T: [phone]

E: [e-mail]

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