SEDAR Interim Financial Statements

Mont Royal Resources Limited ABN 12 625 237 658 Consolidated Interim Financial Statements For the three months ended January 31, 2026 and 2025 (Unaudited) (Stated in Australian Dollars) Mont Royal Resources Limited For the three months ended 31 January 2026 and 2025 1 To the Shareholders of Mont Royal Resources Limited For the three months ended January 31, 2026 and 2025: MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying unaudited consolidated interim financial statements of Mont Royal Resources Limited (the "Company") and its subsidiaries (together, the “Group”) were prepared by management in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth). The unaudited consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 October 2025 and any public announcements made by the Group during the period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules. The accounting policies adopted in the preparation of the unaudited consolidated interim financial statements are consistent with those applied in preparation of the Group’s annual consolidated financial statements for the year ended 31 October 2025. Only changes in accounting policies have been disclosed in these unaudited consolidated interim financial statements. Management acknowledges responsibility for the preparation and presentation of the unaudited consolidated interim financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Group’s circumstances. Management has established processes, which are in place to provide them sufficient knowledge to support management representations that they have exercised reasonable diligence that (i) the unaudited consolidated interim financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the unaudited consolidated interim financial statements and (ii) the unaudited consolidated interim financial statements fairly present in all material respects the financial position, results of operations and cash flows of the Group, as of the date of and for the periods presented by the unaudited consolidated interim financial statements. The Board of Directors are responsible for reviewing and approving the unaudited consolidated interim financial statements together with other financial information of the Group and for ensuring that management fulfils its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process and the unaudited consolidated interim financial statements together with other financial information of the Group. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the unaudited consolidated interim financial statements together with other financial information of the Group for issuance to the shareholders. --- Management recognizes its responsibility for conducting the Group’s affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities. These unaudited consolidated interim financial statements are authorised for issue by the Board of Directors on 13 March 2026. They are signed on the Group’s behalf by: Nicholas Holthouse Cameron Henry Managing Director and CEO Executive Chairman Mont Royal Resources Limited Statement of profit or loss and other comprehensive income For the three months ended 31 January 2026 and 2025 Consolidated Restated1 Note 31 Jan 2026 31 Jan 2025 $ $ The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 2 Other income 13,521 11,093 Flow-through premium recovery - 59,062 Expenses Corporate expenses (248,002) (264,180) Depreciation and amortisation expense (8,865) (9,045) Employee benefits expense (170,799) (619,290) Finance costs (1,624) (2,816) Foreign exchange gain/(loss) (271) (2,789) Other expenses (139,539) (188,505) Share of loss from associate - (73,372) Share-based payment expense 14 (758,663) - Loss before income tax expense (1,314,242) (1,089,842) Income tax expense - - Loss after income tax expense for the period (1,314,242) (1,089,842) Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss Foreign currency translation (2,085,431) 739,231 Other comprehensive income/(loss) for the period, net of tax (2,085,431) 739,231 Total comprehensive income/(loss) for the period (3,399,673) (350,611) Loss for the period is attributable to: Non-controlling interest (28) - Owners of Mont Royal Resources Limited (1,314,214) (1,089,842) (1,314,242) (1,089,842) Total comprehensive loss for the period is attributable to: Non-controlling interest (33,356) - Owners of Mont Royal Resources Limited (3,366,317) (350,611) (3,399,673) (350,611) Cents Cents Basic and diluted loss per share 9 (0.68) (1.01) 1 Refer to note 2 for further details Mont Royal Resources Limited Statement of financial position As at 31 January 2026 and 31 October 2025 Consolidated Note 31 Jan 2026 31 Oct 2025 $ $ The above statement of financial position should be read in conjunction with the accompanying notes 3 Assets Current assets Cash and cash equivalents 6,117,866 10,165,403 Prepayments and other receivables 4 3,811,994 4,088,822 Other current assets 40,427 38,095 Total current assets 9,970,287 14,292,320 Non-current assets Right-of-use assets 40,283 50,543 Property, plant and equipment 1,941 2,006 Exploration and evaluation 5 57,560,941 59,378,995 Reclamation bonds 84,495 87,308 Total non-current assets 57,687,660 59,518,852 Total assets 67,657,947 73,811,172 Liabilities Current liabilities Trade and other payables 6 1,121,662 4,622,061 Lease liabilities 42,370 44,106 Total current liabilities 1,164,032 4,666,167 Non-current liabilities Lease liabilities 7,567 17,647 Total non-current liabilities 7,567 17,647 Total liabilities 1,171,599 4,683,814 Net assets 66,486,348 69,127,358 Equity Issued Capital 7 131,842,032 131,842,032 Reserves 8 13,916,998 15,210,437 Accumulated losses (80,240,620) (78,926,406) Equity attributable to the owners of Mont Royal Resources Limited 65,518,410 68,126,063 Non-controlling interest 967,938 1,001,295 Total equity 66,486,348 69,127,358 Mont Royal Resources Limited Statement of profit or loss and other comprehensi --- ve income For the three months ended 31 January 2026 and 2025 The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 4 Issued Accumulated Non- controlling Total equity capital Reserves losses interest Consolidated $ $ $ $ $ Balance at 1 November 2024 – Restated1 116,736,473 13,769,894 (72,369,983) - 58,136,384 Loss after income tax expense for the period - - (1,089,842) - (1,089,842) Other comprehensive income for the period, net of tax - 739,231 - - 739,231 Total comprehensive income/(loss) for the period - 739,231 (1,089,842) - (350,611) Balance at 31 January 2025 – Restated1 116,736,473 14,509,125 (73,459,825) - 57,785,773 Issued Accumulated Non- controlling Total equity capital Reserves losses interest Consolidated $ $ $ $ $ Balance at 1 November 2025 131,842,032 15,210,437 (78,926,406) 1,001,295 69,127,358 Loss after income tax expense for the period - - (1,314,214) (28) (1,314,242) Other comprehensive loss for the period, net of tax - (2,052,102) - (33,329) (2,085,431) Total comprehensive loss for the period - (2,052,102) (1,314,214) (33,357) (3,399,673) Transactions with owners in their capacity as owners: Share-based payments (note 14) - 758,663 - - 758,663 Balance at 31 January 2026 131,842,032 13,916,998 (80,240,620) 967,938 66,486,348 1 Refer to note 2 for further details Mont Royal Resources Limited Statement of cash flows For the three months ended 31 January 2026 and 2025 Consolidated Restated1 Note 31 Jan 2026 31 Jan 2025 $ $ The above statement of cash flows should be read in conjunction with the accompanying notes 5 Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) (3,395,148) (792,736) Interest received 9,866 11,092 Net cash used in operating activities (3,385,282) (781,644) Cash flows from investing activities Payments for exploration and evaluation (428,747) (1,398,073) Government grants and tax credits received 307,613 - Net cash used in investing activities (121,134) (1,398,073) Cash flows from financing activities Share issue transaction costs (525,187) - Repayment of lease liabilities (13,439) (11,952) Net cash used in financing activities (538,626) (11,952) Net decrease in cash and cash equivalents (4,045,042) (2,191,669) Cash and cash equivalents at the beginning of the financial period 10,165,403 2,722,449 Effects of exchange rate changes on cash and cash equivalents (2,495) 30,576 Cash and cash equivalents at the end of the financial period 6,117,866 561,356 1 Refer to note 2 for further details Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 6 Note 1. Material accounting policy information Mont Royal Resources Limited (the "Company" or "Mont Royal"), was incorporated under the laws of Australia on 26 March 2018. Directly and through its 100% owned subsidiary, Commerce Resources Corp. ("Commerce") Mont Royal owns an interest in mineral properties located in Nunavik, Quebec, for the purposes of exploration and evaluation. Through its 100% owned subsidiary, Mont Royal Quebec Inc., Mont Royal owns an interest in mineral properties located in the James Bay Region of Quebec, for the purposes of exploration and evaluation. The Company's head office is located at Level 8, 2 Bligh Street Sydney NSW 2000. The Company's ordinary shares are dual-listed on the Australian Securities Exchange (“ASX”) and the TSX Venture Exchange ("TSXV"), tradin --- g under the symbol "MRZ". The material accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to the periods presented, unless otherwise stated. These financial statements cover Mont Royal Resources Limited as a consolidated entity consisting of Mont Royal Resources Limited and its subsidiaries (“the consolidated entity” or “the Group”). Basis of preparation These general purpose financial statements for the interim reporting period ended 31 January 2026 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001 (Cth). (i) Compliance with IFRS The financial statements of Mont Royal Resources Limited also comply with International Financial Reporting Standards (“IFRS”) including International Accounting Standard 34 Interim Financial Reporting, and International Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and Interpretations (collectively, “IFRS Accounting Standards”). New or amended Accounting Standards and Interpretations adopted Certain new and amended accounting standards and interpretations have been published that are not mandatory for 31 January 2026 reporting periods and have not been early adopted by the Company. The Group has assessed these new and amended standards and has determined that they do not have a material impact on the current reporting period and are not expected to have a material impact on the Company when adopted in future reporting periods. Going Concern The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Directors believe that the entity will continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report based on the Group having sufficient funds to meet the Group’s working capital requirements as at the date of this report. The Directors believe the Group will have sufficient working capital to meet all commitments and working capital requirements. The financial report does not contain any adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. Comparatives The amounts have been re-presented and comparatives have been realigned where necessary to be consistent with the current year presentation. Refer to Note 3 for further details. Estimates When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group’s last consolidated annual financial statements for the year ended 31 October 2025. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 7 Note 2. Restatement of Comparatives Change in presentation c --- urrency Commerce Resources Corp. has had a CAD functional currency and previously reported in CAD. During the previous financial year ended 31 October 2025, following the transaction with Mont Royal Resources Limited, the Group voluntarily changed its presentation currency from Canadian Dollars (CAD) to Australian Dollars (AUD) in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.. All comparative financial information for the 31 January 2026 consolidated interim report, previously reported in Canadian dollars has been amended into AUD using the procedures outlined below: • The consolidated statement of profit or loss and other comprehensive income and consolidated statement of cash flows have been translated to AUD using average exchange rates for the year, being CAD/AUD exchange rate of 0.9036 for the comparative three months ended 31 January 2025; • The equity section of the consolidated statement of financial position has been translated into AUD using historical exchange rates; and • All disclosures, including loss per share disclosures have also been amended to AUD. Note 3. Operating Segments Identification of reportable operating segments The consolidated entity's operations are in one reportable business segment, being mineral exploration and development. The Company operates in one geographical segment, being Canada. The operating segment information is the same information as provided throughout the consolidated financial statements and therefore not duplicated. The information reported to the CODM is on a monthly basis. Note 4. Current assets - prepayments and other receivables Consolidated 31 Jan 2026 31 Oct 2025 $ $ Prepayments 525,761 510,714 Tax Credit receivable 2,514,717 2,906,035 GST/QST receivable 313,865 178,000 Receivable for the exercise of options 434,901 434,901 Other receivables 22,750 59,172 3,811,994 4,088,822 Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 8 Note 5. Non-current assets – exploration and evaluation Consolidated 31 Jan 2026 31 Oct 2025 $ $ Opening balance 59,378,995 55,397,454 Exploration and evaluation acquired (i) - 4,712,875 Exploration expenditure capitalised 157,930 2,060,535 Canadian mining tax credit (ii) - (2,598,422) Foreign exchange movement (1,975,984) (193,447) Carrying amount at balance date 57,560,941 59,378,995 (i) Exploration and evaluation acquired as part of transaction between Mont Royal Resources and Commerce Resources Corp. in the financial year ended 31 October 2025. (ii) During the previous financial year, the Company submitted lodgments for refundable credits on duties for losses under the Mining Tax Act. Those refundable credits on duties for losses are applicable on exploration costs incurred in the Province of Quebec. Furthermore, the Company made lodgment for refundable tax credits for resources for mining companies on qualified exploration expenditures incurred. The credits are recorded against the exploration costs incurred as the credits are for exploration costs previously capitalised. The credits are recorded when lodgment for the credits has been made due to the uncertainty around the timing and amount of any tax credits. Note 6. Current liabilities - trade and other payables Consolidated 31 Dec 2025 31 Oct 2025 $ $ Trade payables 904,813 3,229,401 Other payables 216,849 1,392,660 1,121,662 4,622,061 Note 7. Equity - issued capital Consolidated 31 January 31 --- October 31 January 31 October 2026 2025 2026 2025 Shares Shares $ $ Ordinary shares - fully paid 192,493,084 192,493,084 131,842,032 131,842,032 Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 9 Movements in ordinary share capital Details Date Shares Issue price $ Balance 1 November 2024 168,021,555 111,415,451 Exercise of Warrants 23 September 2025 80,000 $0.120 10,538 Reversal of existing legal acquiree shares 21 October 2025 (212,101,555) - Mont Royal Resources Limited shares on issue at acquisition date 21 October 2025 18,664,040 - Shares issued to the vendors of Commerce on acquisition. 21 October 2025 108,341,282 3,732,839 Share Placement 21 October 2025 50,000,000 $0.200 10,000,000 Convertible note conversion 21 October 2025 11,739,009 $0.200 2,324,001 Convertible note interest conversion 29 October 2025 1,220,256 $0.200 241,578 Exercise of Options 30 October 2025 2,528,497 $0.172 434,901 Share issue transaction costs, net of tax (1,638,298) Balance 31 October 2025 192,493,084 131,842,032 Balance 31 January 2026 192,493,084 131,842,032 Note 8. Equity - reserves Consolidated 31 Jan 2026 31 Oct 2025 $ $ Share-based payment reserve 14,259,890 13,501,227 Foreign currency reserve (342,892) 1,709,210 13,916,998 15,210,437 Foreign currency reserve The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations. Share-based payment reserve There were no share-based payments issued during the period. The movement during the period reflects share-based payments that continue to vest. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 10 Note 9. Loss per share Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the parent entity the numerator (no adjustment to losses were necessary during the periods to 31 January 2026 and 31 January 2025. Consolidated 31 Jan 2026 31 Jan 2025 $ $ Loss after income tax attributable to the owners of Mont Royal Resources Limited (1,314,214) (1,089,842) Number Number Weighted average number of ordinary shares Weighted average number of ordinary shares used in calculating basic loss per share 192,493,084 108,130,993 Weighted average number of ordinary shares used in calculating diluted loss per share 192,493,084 108,130,993 Cents Cents Basic and Diluted loss per share (0.68) (1.01) The basic loss per share for the comparative period before the acquisition date presented in the consolidated interim financial statements has been calculated using Commerce Resources Corp.’s historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio of 212,021,555 Commerce shares to 108,341,282 Mont Royal shares. Note 10. Contingent liabilities The Northern Lights Project is subject to various royalty obligations pursuant to the Mineral Rights Acquisition Agreement for blocks that comprise the Northern Lights Project. Of the 845 exploration titles currently held by the Company, 537 exploration titles are subject to a net smelter return royalty. Specifically: (i) Alta Royalties and Focus No 1 Royalty: 32 exploration titles are subject to a 2% net smelter return royalty held by Resources Miniere Alta Inc. (Alta) and --- a 0.5% net smelter return royalty held by Focus Graphite Inc. (Focus); and (ii) Focus No 2 Royalty: 505 exploration titles are subject to a 2.5% net smelter return royalty held by Focus. The Eldor Property is subject to royalty obligations over eight mineral claims. Those eight mineral claims, as acquired by Commerce from Virginia, are subject to a 1% net smelter return royalty to Virginia. In addition to the Virginia royalty, there is a private agreement held by two individuals for a 5% net profit interest royalty in five of the eight tenements. Commerce has the right to buy back the net profit interest royalty for CAD 500,000. The Directors are not aware of any other contingent liabilities or commitments as at 31 January 2026 (31 October 2025: $nil) Note 11. Events after the reporting period No matter or circumstance has arisen since 31 January 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 11 Note 12. Financial instruments Financial risk management objectives The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk and interest rate risk) and liquidity risk. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. Market risk Foreign currency risk The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. The Group is exposed to foreign exchange rate risk arising from cash and deposits held in Canadian dollars. At the reporting date the sensitivity for the Group’s foreign exchange exposures was: Carrying Amount Carrying Amount 31 Jan 2026 31 Oct 2025 $ $ Cash on deposit – CAD $896,989 (31 Oct 2025: CAD $18,537) 947,391 20,231 A change of 10% in CAD:AUD foreign exchange rates at the end of the reporting period would have increased/(decreased) profit and loss and equity by the amounts shown below. The analysis assumes that all other variables remain constant. This analysis is performed on the same basis for 31 October 2025: 10% increase 94,739 2,023 10% decrease (94,739) (2,023) Interest rate risk The consolidated entity’s exposure to the risks of changes in market interest rates relates primarily to the consolidated entity’s short-term deposits with a floating interest rate. These financial assets with variable rates expose the consolidated entity to cash flow interest rate risk. All other financial assets and liabilities in the form of receivables and payables are non-interest bearing. The consolidated entity does not engage in any hedging or derivative transactions to manage interest rate risk. In regard to its interest rate risk, the consolidated entity continuously analyses its exposure. Within this analysis consideration is given to potential renewals of exis --- ting positions, alternative investments and the mix of fixed and variable interest rates. The sensitivity to the movement in interest rates for the likely range of outcomes is immaterial. At 31 January 2026, if interest rates had changed by 10% during the three months with all other variables held constant, profit/(loss) for the three months and equity would have been $991 lower/higher, mainly as a result of lower/higher interest income from cash and cash equivalents. A sensitivity of 10% has been selected as this is considered reasonable given the current level of both short term and long term Australian dollar interest rates. A 10% increase sensitivity would move short term interest rates at 31 January 2026 from around 3.85% to 4.25% (10% decrease: 3.45%) representing a 40 basis points shift. This would represent one decrease which is reasonably possible in the current environment with the bias coming from the Reserve Bank of Australia and confirmed by market expectations that interest rates in Australia are more likely to move down than up in the coming period. Based on the sensitivity analysis only interest revenue from variable rate deposits and cash balances is impacted, resulting in a decrease or increase in overall income. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 12 Liquidity risk Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable. The consolidated entity manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. Remaining contractual maturities The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated – 31 Jan 2026 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade and other payables - 1,121,662 - - - 1,121,662 Interest-bearing - fixed rate Lease liability 12.00% 45,627 7,605 - - 53,323 Total non-derivatives 1,167,289 7,605 - - 1,174,985 Weighted average interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities Consolidated – 31 Oct 2025 % $ $ $ $ $ Non-derivatives Non-interest bearing Trade and other payables - 4,622,061 - - - 4,622,061 Interest-bearing - fixed rate Lease liability 12.00% 47,146 19,644 - - 86,480 Total non-derivatives 4,669,207 19,644 - - 4,708,541 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 13 Note 13. Related Party Transactions The Company’s related parties include key management personnel (KMP) and entitie --- s over which they have control or significant influence as described below. KMP Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: Consolidated Restated1 Three months ended 31 Jan 2026 Three months ended 31 Jan 2025 $ $ Short-term employee benefits 174,360 163,868 Post-employment benefits 20,923 - Share-based payments 663,542 - 858,825 163,868 Transactions with related parties The following transactions occurred with related parties: Consolidated Restated1 Three months ended 31 Jan 2026 Three months ended 31 Jan 2025 $ $ Payment for goods and services: Payment for geological services to Dahrouge Geological Consulting, a related party of Jody Dahrouge (former director of Commerce Resources Corp.) - 78,043 Payment for advisory fees and office rental charges to Churchill Strategic Investments, a related party of Jeremy Robinson and Cameron Henry 55,068 - Receivable from and payable to related parties The following balances are outstanding at the reporting date in relation to transactions with related parties: Consolidated 31 Jan 2026 31 Oct 2025 $ $ Current receivables: Funds owed in relation to exercise of options on 30 October 2025 from Churchill Strategic Investments, a related party of Jeremy Robinson and Cameron Henry 434,901 434,901 Current payables: Payment for finders fees, advisory fees and office rental charges to Churchill Strategic Investments, a related party of Jeremy Robinson and Cameron Henry - 52,260 Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates. 1 Refer to note 2 for further detail Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 14 Note 14. Share-based payments Share-based payments during the three months ended 31 January 2026 are summarised below: (a) Recognised share-based payment expense Consolidated Restated1 31 Jan 2026 31 Jan 2025 $ $ Share-based payment expense 758,663 - 1 Refer to note 2 for further details. Options Details of options issued, exercised and expired during the three months ended 31 January 2026 are set out below: Grant Date Expiry Date Exercise Price 1 November 2025 Issued Exercised Lapsed 31 January 2026 18 March 2025 18 March 2028 $0.258 893,913 - - - 893,913 28 July 2025 28 July 2028 $0.300 1,532,423 - - - 1,532,423 10 November 2023 10 November 2026 $1.590 658,500 - - - 658,500 25 March 2024 25 March 2026 $1.370 329,250 - - - 329,250 21 October 2025 18 December 2025 $0.29 8,049,557 - - (8,049,557) - 21 October 2025 19 December 2025 $0.25 4,193,206 - - (4,193,206) - 21 October 2025 20 May 2026 $0.44 4,133,750 - - - 4,133,750 21 October 2025 21 June 2026 $0.20 15,953,514 - - - 15,953,514 21 October 2025 12 August 2026 $0.20 8,884,757 - - - 8,884,757 21 October 2025 30 October 2026 $0.12 34,840,632 - - - 34,840,632 21 October 2025 12 May 2028 $0.075 561,888 - - - 561,888 21 October 2025 22 October 2028 $0.300 8,000,000 - - - 8,000,000 21 October 2025 22 October 2028 $0.300 1,532,423 - - - 1,532,423 89,563,813 - - (12,242,763) 77,321,050 Performance Rights & PSU’s Details of performance rights and PSU’s granted, converted and expired during the three months ended 31 January 2026 are set out below: Tranche Grant Date Expiry Date 1 November 2025 Granted Conve --- rted Expired 31 January 2026 Value of rights expensed during the period ($) A2 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 209,399 A2 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 142,918 B 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 24,691 B 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 18,606 C 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 24,691 C 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 18,606 7,662,114 - - - 7,662,114 438,911 2 The vesting condition for Tranche A of the Performance Rights and PSU’s was met during the period. As such, the share-based payment expense for the Performance Rights and PSU’s was accelerated and fully expensed during the period. Mont Royal Resources Limited Notes to the financial statements For the three months ended 31 January 2026 and 2025 15 Tranche Grant Date Expiry Date 1 November 2025 Granted Converted Expired 31 January 2026 Value of PSU’s expensed during the period ($) PSU A2 21 October 2025 21 October 2028 1,532,422 - - - 1,532,422 268,764 PSU B 21 October 2025 21 October 2028 1,532,423 - - - 1,532,423 25,494 PSU C 21 October 2025 21 October 2028 1,532,423 - - - 1,532,423 25,494 4,597,268 - - - 4,597,268 319,752 Each tranche of performance rights and PSU’s on issue has the following vesting condition and probability of achievement as at 31 January 2026: Tranche Vesting Condition Probability of Achievement A & PSU A2 Volume-weighted average price (‘VWAP’) of the Company’s shares over a period of 20 days on which the Company’s shares have actually traded, commencing on or after completion of the Transaction, exceeds $0.30 within three years from issue. 100% B & PSU B Company completing and announcing on a recognised securities exchange, a positive Pre- Feasibility Study for the Company’s Ashram Project within three years from issue. 100% C & PSU C Company announcing it has secured a significant funding package with an aggregate value of at least AUD$200 million from a Governmental Agency for a portion of the Company’s Ashram Project at either equity or asset level within three years from issue. 100% 2 The vesting condition for Tranche A of the Performance Rights and PSU’s was met during the period. As such, the share-based payment expense for the Performance Rights and PSU’s was accelerated and fully expensed during the period.