Mont Royal Receives C$2.22 Million Quebec Tax Credit

Mont Royal Resources Limited confirmed it has received a C$2.22 million tax credit from Revenue Quebec for the 2023/24 fiscal year. The credit stems from eligible critical minerals exploration and development activities conducted through its wholly owned subsidiary, Commerce Resources Corp. Management described the receipt as non-dilutive funding that supports the advancement of the Ashram Rare Earth and Fluorspar Project toward a Pre-Feasibility Study.

The company is currently finalizing its 2024/25 tax return and intends to apply for the subsequent tax credit. This financial update follows a series of development milestones, including the June 2026 Preliminary Economic Assessment release, the February 2026 Critical Minerals Infrastructure Fund funding extension, and August 2026 membership in the Defense Industrial Base Consortium.

Mont Royal Resources Limited (MRZL) has received a C$2.22 million tax credit, an expected, non-dilutive government rebate that aligns with prior announcements of Canadian and Quebec critical minerals funding support. While the rebate is positive for cash flow, the amount is immaterial relative to the project's scale. The June 2026 Preliminary Economic Assessment (PEA) outlines an initial capital expenditure (CAPEX) of approximately CAD$1.23 billion, meaning the tax credit covers less than 0.2% of the required development capital.

The funding extends the company's cash runway marginally but does not alter the fundamental requirement for a significant equity or debt capital raise to fund the Preliminary Feasibility Study (PFS), feasibility studies, and permitting. The news is in line with previous expectations and does not introduce new market-moving variables, simply validating the company's ability to secure incremental non-dilutive funding while advancing technical workstreams.

Mont Royal Resources Limited is a dual-listed critical minerals developer focused on the 100%-owned Ashram Rare Earth and Fluorspar Project in Nunavik, Quebec. The Ashram project is a monazite-dominant carbonatite-hosted deposit, characterized as one of North America's largest undeveloped rare earth element projects.

The June 2026 preliminary economic assessment outlines a 30-year mine life, with average annual production of approximately 17,466 tonnes of saleable rare earth oxide. The base-case economics include a post-tax net present value at an 8% discount rate of CAD$2.03 billion and an internal rate of return of 22.0%. The project also targets fluorspar as a high-value byproduct, with historical metallurgical testing demonstrating the ability to produce greater than 97% CaF2 acid-spar concentrate.

The company holds additional assets including the Eldor Niobium Project and a 75% interest in Northern Lights Minerals' lithium and gold tenement package.