Mont Royal restarts work programs at Ashram, Fluorspar

Mr. Joel Ives reports AURALIA METALLURGY COMMENCES FLOTATION TESTWORK OPTIMISATION PROGRAM FOR THE ASHRAM REE AND FLUORSPAR PROJECT, QUEBEC Mont Royal Resources Ltd. has recommenced key metallurgical testwork programs as part of its strategy to rapidly advance the development of the 100-per-cent-owned Ashram REE (rare-earth elements) and Fluorspar project in Northern Quebec, Canada. Highlights Mont Royal has recommenced metallurgical flotation testwork on the Ashram project, with highly regarded rare-earth flotation specialists Auralia Metallurgy Pty. Ltd. engaged to undertake the program. An approximately 700-kilogram bulk sample of mineralized material from Ashram has already arrived in Australia and has been expedited for analysis by Auralia. This work will build on the excellent results achieved from the previous SGS Lakefield campaign which provided high-grade rare-earth mineral concentrate of 36 per cent REO. The program will further evaluate the potential to produce a commercial fluorspar (CaF2) concentrate and incorporate this potential high-value byproduct opportunity into the stage 1 flowsheet. It will also produce additional concentrate both for further Hydromet testwork optimization and to undertake testwork utilizing new and alternative processing technology groups. Mont Royal's managing director, Nicholas Holthouse, said: "We are very pleased to see this important work now under way, with momentum building towards derisking the technical aspects of the Ashram project and progressing through the study phases. "The flotation concentrate generated from this program will increase our confidence in what is already a robust flowsheet for the preliminary economic assessment and prefeasibility studies. The potential addition of a fluorspar product to the Ashram economics would be a positive step forward and a welcome addition to the project's economics. "We will also explore the opportunity to use new processing technologies now available in the market, with a portion of the concentrate to be allocated to potential new technology partners. "We are delighted to have Auralia on board as a technical partner as we take the Ashram project forward." Mont Royal has engaged highly regarded rare earth flotation specialists Auralia Metallurgy to assist with further refinement of the existing flowsheet, building on historical testwork from SGS Lakefield that has already produced outstanding results utilizing a new and representative bulk sample from the Ashram deposit. Previous work As previously reported, the locked-cycle test (LCT) program was completed on the Ashram deposit's simplified flotation -- only beneficiation flowsheet, demonstrating significantly improved grade and recovery metrics compared with the prior bench-scale test programs. This breakthrough in flotation effectively targets the monazite and bastnasite rare-earth host minerals, producing concentrates grading 35.8 to 36.8 per cent REO at an overall recovery of 65 to 68 per cent. These results were achieved through the LCT tests carried out by SGS Canada at its Lakefield, Ont., facility utilizing bulk sample material (approximately 2.1 per cent REO head grade) collected from an outcrop of the Ashram deposit. Auralia metallurgical testwork scope Sample preparation This will be undertaken for both sighter and bulk testwork programs. Crushing and blending will be undertaken followed by head assay assessment through conventional assay and XRD analysis. Samples will then be ground in preparation for the flotation testwork stage. REE flotation testwork Testwork will be undertaken in multiple batches starting with one-kilogram three-stage cleaner tests followed by multiple 20 kg bulk tests processing up to 400 kg of sample material. Floated concentrate will be assayed for all recovered REEs along with associated multielement and impurities analysis. All batched concentrates will then be blended and assayed for final use in further downstream programs. Fluorspar flotation testwork Flotation testwork will be undertaken on the REE flotation tailings stream to further verify and optimize previous work undertaken targeting saleable fluorspar products. A metallurgical grade fluorspar (metspar) product (plus 65 per cent CaF2) is targeted initially. The viability of producing a higher-grade acidspar (plus 94 per cent CaF2) product will also be investigated, noting that a saleable acidspar product has been previously produced by the company. Next steps REE flotation Variability testing and pilot plant testing programs for REEs will be required for the prefeasibility study targeted to commence in Q3 2026. Fluorspar flotation In addition to REE flotation and following the positive LCT results already achieved which have confirmed the robustness of the flotation-only beneficiation flowsheet, the company will continue to progress a program to evaluate fluorite recovery from the rare-earth mineral concentrate tailings. The company has already demonstrated the ability to produce a saleable acidspar product. The inclusion of a fluorspar recovery circuit in the initial Ashram development stage would be a significant benefit to project economics. Fluorspar (CaF2) is recognized as a critical/strategic mineral by Canada, Europe, Japan and the United States, and is also a key input into lithium-ion batteries. Hydromet testwork Additional optimization work around the sulphation bake process will be required for the PFS work package. The company is progressing discussions with specialist testwork providers and will be utilizing flotation concentrate from the Auralia program to undertake this work. As noted above, the Ashram project has already demonstrated the ability to produce a clean, marketable mixed rare-earth carbonate (MREC). New technologies While the Ashram project already has a robust flotation and hydromet flowsheet, and has demonstrated the ability to produce a clean and saleable MREC product, new and emerging technologies may provide opportunities beyond the flotation stage. Discussions are under way with technology groups which may offer alternatives to the standard flowsheet, and a portion of the generated samples will be made available for programs in 2026 with these groups. Key assets and strategy The merged company's flagship asset is the 100-per-cent-owned Ashram rare earths and Fluorspar project, which represents the largest undeveloped monazite-mineralised carbonatite-hosted rare-earth elements 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 minerals push. About Mont Royal Resources Ltd. Mont Royal Resources is a critical minerals development and exploration company with projects in Quebec, Canada. The company is dedicated to advancing its 100-per-cent-owned Ashram rare-earth and Fluorspar deposit in Quebec, Canada -- one of the largest monazite-dominant carbonatite-hosted rare-earth elements deposits in North America. In addition company owns 75 per cent of Northern Lights Minerals 536-square-kilometre tenement package located in the Upper Eastmain greenstone belt. The projects are located in the emerging James Bay area, a Tier 1 mining jurisdiction of Quebec, and are prospective for lithium, precious (gold, silver) and base metals mineralization (copper, nickel). Competent persons The metallurgical results for the Ashram rare-earth elements and Fluorspar deposit, Nunavik, Que., Canada (Ashram project), was first reported in the company's replacement prospectus dated Sept. 30, 2025, and released to Australian Securities Exchange on Oct. 1, 2025 (prospectus). The company confirms that it is not aware of any new information or data that materially affects the information relating to the results included in the prospectus and that all material assumptions and technical parameters underpinning the results in the prospectus continue to apply and have not materially changed. National Instrument 43-101 disclosure Jordan Zampini, PEng, process manager -- Montreal for DRA Americas Inc., a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information, and verified the data contained in this news release. We seek Safe Harbor.