Mont Royal sets out objectives for 2025/2026

Executive Summary

• Mont Royal Resources outlines a multi‑pronged work program for its flagship Ashram rare earth & fluorspar project following its recent ASX re‑listing and merger with Commerce Resources.
• Near‑term initiatives include road access studies funded by a $2.6 M NRCan grant, renewed metallurgical testwork, restart of the preliminary economic assessment (PEA) and planning for a prefeasibility study (PFS) slated for Q2 2026.
• The company is actively engaging Indigenous groups, provincial/federal governments, and pursuing additional government grants to support project development.

Key Details

• Corporate milestone: Successful re‑listing on the Australian Securities Exchange and completion of merger with Commerce Resources Corp., creating a dual‑listed critical mineral developer.
• Management appointment: Nicholas Holthouse named Managing Director; relocating to Montreal to lead in‑country team.
• Road access program: Completed road option study identifying three potential routes; NRCan grant of $2.6 M allocated for further design work pending route selection.
• Indigenous engagement: Ongoing consultations with Inuit, Naskapi and Innu groups in Nunavik to determine optimal access corridor.
• Metallurgical testwork:
• Flotation concentrate – 1‑tonne bulk sample shipped to Auralia Labs (Perth) targeting ~30 kg of monazite & fluorspar concentrates; aim to improve flotation kinetics and produce >60 % CaF₂ fluorspar grade.
• Hydrometallurgical (sulphation bake) – small sample sent to ANSTO labs (Sydney) for sighter testwork; parallel testing with two emerging downstream technology groups, results expected H1 2026.
• Pre‑feasibility & economic studies:
• Ashram PEA ~50 % complete; revised mineral resource estimate will underpin updated PEA due H1 2026.
• Planned commencement of PFS in Q2 2026 after PEA completion and metallurgical work.
• Government grant applications: Submitted for U.S. and Canadian funding programmes; NRCan $2.6 M road study already secured; application pending with Defence Industrial Base Consortium.
• Asset portfolio: Primary asset – 100 % owned Ashram REE & fluorspar project (Tier‑1 deposit, largest undeveloped monazite‑hosted REE in North America). Additional assets include Eldor niobium and Northern Lights lithium projects in Quebec.
• Historical investment: Over A$50 M invested to date in exploration, drilling, resource definition and development studies for Ashram.

Notable Quotes

(No direct quotes provided in the release.)