1. Limited geographical diversification - Royal Road Minerals Limited operates primarily in Colombia and Nicaragua, which limits its exposure to other potentially lucrative mining regions.
2. Relatively small size - Compared to some of its peers, Royal Road Minerals Limited is a relatively small company, which may limit its ability to compete for large-scale mining projects.
3. Limited financial resources - The company has a relatively small cash balance and limited access to capital, which may hinder its ability to fund exploration and development projects.
4. Dependence on exploration success - As a mineral exploration company, Royal Road Minerals Limited is highly dependent on the success of its exploration efforts. If exploration efforts do not yield positive results, the company's growth prospects may be limited.
5. Exposure to political and regulatory risks - Operating in emerging markets such as Colombia and Nicaragua exposes the company to political and regulatory risks, which may impact its ability to operate and grow its business.
6. Limited track record - Royal Road Minerals Limited is a relatively new company with a limited track record of success, which may make it less attractive to investors and potential partners.