Ashram Project Geological Data Review Highlights Growth Opportunity at the BD-Zone

Executive Summary

• An internal geological review identifies the BD‑Zone as a significant, previously under‑estimated lithological domain that could materially increase the Ashram Deposit’s Rare Earth Element (REE) resource.
• The zone hosts relatively high distributions of NdPr (average 26.81%) and TbDy (average 10.43%) within coarse‑grained bastnaesite, parisite and synchysite minerals, favorable for conventional crushing, grinding and flotation processing.
• Mont Royal will initiate a scoping‑level mineralogical and metallurgical test‑work program to quantify the BD‑Zone’s contribution to future resource estimates and project economics.

Key Details

• Geological Insight
• BD‑Zone surrounds the modelled A‑B Zones and Breccia (Classic) domains of the current Ashram Mineral Resource.
• Historical drill intercepts in the BD‑Zone ranged from 2.2 m to 214.7 m (core lengths, not true widths).

• Updated model shows the zone is more extensive eastward and at depth than previously understood.

• Mineralogy & Grade Characteristics

• Dominant REE‑bearing minerals: bastnaesite, parisite, synchysite (REE‑fluorocarbonates).
• Grain size: typically 50 µm to >200 µm, indicating favorable crushing and grinding behavior.
• TREO (total rare earth oxides) average in BD‑Zone: 0.78 % (length‑weighted, 3,907 samples).

• NdPr distribution: 26.81 % of TREO; TbDy distribution: 10.43 % of TREO – both above averages for the overall deposit.

• Resource Implication

• Much of the BD‑Zone mineralization lies within the current conceptual pit design but was excluded from the 2024 NI 43‑101 Mineral Resource Estimate due to lower TREO grades relative to A‑ and B‑Zones.

• Inclusion of BD‑Zone material in future resource estimates could add tonnage, improve strip ratio, and enhance project economics through higher NdPr/TbDy recoveries.

• Planned Work

• Initiation of a baseline metallurgical test‑work program covering mineralogical characterization, crushing, grinding, and flotation to target a marketable concentrate with high REE recovery.

• Program will assess the association of TREO with fluorocarbonate minerals and evaluate processing performance on coarse‑grained material.

• Quotes

• Nicholas Holthouse, Managing Director: “The re‑evaluation… provides compelling upside to our development pathway. This warrants a scoping‑level metallurgical test work program to further evaluate and better quantify this opportunity.”

• Next Steps

• Detailed mineralogical and metallurgical testing to be undertaken imminently.
• Results will inform future resource modeling and potential updates to the Ashram Deposit’s NI 43‑101 estimate.

Notable Quotes

“Great work by the Dahrouge Geological and Mont Royal teams… a revisiting of the recently updated geological model… indicates a substantially larger and more continuous domain adjacent to the current Mineral Resource.” – Nicholas Holthouse, Managing Director