Mont Royal sets out objectives for 2025/2026

Mr. Joel Ives reports MONT ROYAL OUTLINES MULTI-PRONGED WORK PROGRAM FOLLOWING SUCCESSFUL ASX RE-LISTING Mont Royal Resources Ltd. has provided an update on the key work programs and strategic priorities for its flagship Ashram rare earth and fluorspar project in Quebec, Canada. The company has hit the ground running following its successful relisting on the Australian Securities Exchange last week and the completion of its merger with Canadian-listed Commerce Resources Corp. Multiple work streams are under way, including Mont Royal's newly appointed managing director, Nicholas Holthouse, relocating to Montreal, Canada, to lead the well-established in-country team in driving the Ashram project forward. The merger with Commerce Resources has created a dual-listed, Canadian-focused critical mineral developer focused on unlocking the significant value of the Ashram project. The Ashram project is one of the largest undeveloped monazite-hosted rare earth deposits in North America, offering a unique opportunity to advance a new, large-scale source of critical rare earth supply at a time of growing Western demand and strategic focus on supply chain independence. Near-term objectives and key value drivers for calendar year 2025/2026 Road access and engagement with provincial and federal government Mont Royal continues to work closely with provincial and federal governments and their agencies to secure infrastructure support for an access road commitment for the Ashram project. A recently completed road option study by Mont Royal has identified three potential access routes. This document is complete and will shortly be tabled to form the basis of continuing discussions with local indigenous groups and communities along with provincial and federal government groups and agencies. When an optimal route is selected, additional and continuing design work will be supported by a recent $2.6-million road research grant from Natural Resources Canada. Collaboration with key stakeholder/first nations groups in the Nunavik region Mont Royal continues to collaborate and engage with stakeholders in the region. Discussions are continuing with key indigenous groups and their affiliated corporations. The Ashram project, located in Nunavik, Quebec, lies within an area where the different access options identified in the road option study intersect lands belonging to various groups, including the Inuit, Naskapi and Innu. Mont Royal intends to work closely with all of these groups through an open and transparent consultation process to determine the optimal access route that best serves indigenous communities, government partners and the Ashram project. Metallurgical testwork Metallurgical testwork and optimization programs are scheduled to recommence shortly. A significant amount of work on the flow sheet has already been completed in recent years, achieving good recoveries for both the monazite concentrate generated through flotation and the mixed rare earth oxide product generated at the following hydrometallurgical (sulphation bake) stage. This new work program intends to leverage off the previous work and continue to optimize flow sheets in preparation for the coming prefeasibility program, scheduled to start in second half 2026. Flotation concentrate A one-tonne bulk sample has been flown to Perth, Western Australia, for additional flotation testwork at Auralia labs. The testwork is expected to yield around 30 kilograms of monazite and fluorspar flotation concentrates and build on the excellent work completed to date at SGS Lakefield. The additional work will look to: Build on and potentially improve the current flotation kinetics for rare earth element flotation in the concentrate flow sheet; and Further develop the current fluorspar flow sheet with the initial aim of producing a metallurgical-grade fluorspar concentrate (greater than 60 per cent CaF2) for potential incorporation into the initial Stage 1 development flow sheet. Hydrometallurgical (sulphation bake) A small sample of existing flotation concentrate will be sent to Ansto labs in Sydney, New South Wales, for hydrometallurgical sighter testwork. In addition to improving standard flow sheet results, work will also commence with emerging and alternative downstream processing technology groups. If successful, these alternative processing technologies could potentially replace the existing hydrometallurgical flow sheet. A small portion of flotation concentrate will be set aside for two separate technology groups for testwork programs with results due in the first half of 2026. Recommencement of preliminary economic study The Ashram preliminary economic assessment is approximately 50 per cent complete, and the company has been reviewing the work completed to date and developed a revised scope of work to restart the PEA study and advance it through to completion. A revised mineral resource estimate will underpin the updated preliminary economic assessment for the Ashram project, which is expected to be delivered in first half 2026. Commence prefeasibility study On completion of the PEA and in line with the various testwork programs highlighted, the company plans to commence the PFS bringing further definition to the project and confirming products and locations to feed into the rare earth market. It is estimated that this will commence in second quarter 2026. Government grants currently in application Mont Royal has submitted applications for grants to develop the project through both the U.S. and Canadian governments. With the federal government's recent release of a planned budget and additional significant financing packages announced over the past few months, the company will continue to engage with both provincial and federal groups in the natural resource sector to assess further funding available. NRCan has provided $2.6-million for additional road studies as outlined above. The company also has an application in with the Defence Industrial Base Consortium. Key assets and strategy The merged company's flagship asset is the 100-per-cent-owned Ashram rare earth and fluorspar project, which represents the largest undeveloped monazite-mineralized carbonatite-hosted rare earth element deposits in North America. In addition, the company also holds the Eldor niobium project and the Northern Lights lithium project, both also located in Quebec. The Ashram project is a Tier 1 REE deposit with high-value byproduct potential (fluorspar) and represents one of the most advanced rare earth development projects in North America. With over $50-million (Australian) invested historically in exploration, drilling, resource definition and development studies, Ashram represents a cornerstone asset in Canada's critical mineral push. Competent person The mineral resource estimate for the Ashram rare earth element and fluorspar deposit, Nunavik, Quebec, Canada, was first reported in the company's replacement prospectus dated Sept. 30, 2025, and released to the Australian Securities Exchange on Oct. 1, 2025. The company confirms that it is not aware of any new information or data that materially affect the information relating to the estimate included in the prospectus and that all material and technical assumptions underpinning the estimate in the prospectus continue to apply and have not materially changed. Patrik T. Schmidt, MSc, PGeo, Dahrouge Geological Consulting Ltd., a permit holder with the Ordre des Geologues du Quebec (2440), a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), supervised the preparation of the technical information in this announcement. Readers are referred to the technical report for the Ashram project entitled "Mineral Resource Estimate for the Ashram Rare Earth Element and Fluorspar Deposit, Nunavik, Quebec, Canada," effective April 4, 2024, which has been prepared in accordance with National Instrument 43-101 and is available on Commerce Resources' profile on SEDAR+. So far as the company is aware, the competent person does not have any material interests, including conflicting ones, that would be material to the information provided. We seek Safe Harbor.