Ashram Project Fluorspar Development Update

• Date: 2026-05-05
• Headline: Ashram Project Fluorspar Development Update
• Core Announcement: Mont Royal Resources provided an update confirming significant fluorspar potential as a byproduct within the Ashram Rare Earth and Fluorspar Project.
• Resource Data: Reaffirms Indicated Resource of 73.2 Mt @ 6.6% CaF₂ (with 1.89% TREO) and Inferred Resource of 131.1 Mt @ 4.0% CaF₂ (with 1.91% TREO).
• Metallurgy: Cites historical testing by Hazen Research achieving a 97.8% CaF₂ concentrate, exceeding the 97% acid-spar requirement.
• Economic Context: Highlights market pricing for Acid-spar ($540-$680/t CIF) and notes fluorspar is now classified as a critical mineral in Canada, US, and Europe.
• Strategic Plan: Company intends to focus on additional test work to support including a fluorspar circuit in the upcoming Pre-Feasibility Study (PFS).

• Expectation vs. Reality: The news is largely consistent with previous announcements. The April 7, 2026 update explicitly listed the CaF₂ grades within the Mineral Resource Estimate and noted the PEA was 80% complete. This May 5th release confirms metallurgical viability for that specific resource but does not alter the resource count or project timeline significantly.
• Market Reaction Context: The stock has declined from a high of $0.54 in October 2025 to current levels around $0.23, despite positive news flow (PEA progress, government funding, port MOU). This suggests the market may be pricing in execution risk or capital dilution concerns rather than technical validation alone.
• Value Add: The confirmation of acid-spar grade concentrate supports the "dual revenue stream" thesis, potentially improving project NPV by offsetting operating costs. However, as a byproduct to Rare Earths (TREO), it does not fundamentally change the primary valuation driver which remains REE pricing and downstream processing capability.
• Verdict: This is expected progress following the April PEA update. It validates technical assumptions rather than introducing new discovery or economic upside that was previously unknown.

• Company: Mont Royal Resources Ltd (ASX: MRZ / TSXV: MRZL). Dual-listed critical minerals developer following merger with Commerce Resources Corp.
• Flagship Project: Ashram Rare Earth and Fluorspar Project, Quebec, Canada.
• Project Status: Advanced exploration/development stage. PEA nearing completion (April 2026), targeting PFS in Q2/Q3 2026.
• Asset Profile: Tier-1 monazite-hosted rare earth deposit with significant fluorspar byproduct potential. One of the largest undeveloped monazite-hosted REE deposits in North America.
• Other Assets: Eldor Niobium Project and Northern Lights Lithium Project (Quebec).