Mont Royal via Commerce Resources Receives an Extension of the Critical Minerals Infrastructure Fund Conditional Approval for Revised Road Strategy for the Ashram Rare Earths & Fluorspar Project, Quebec

Executive Summary

• Mont Royal’s wholly‑owned subsidiary Commerce Resources received an extension of conditional funding from Natural Resources Canada for up to C$2,606,977 to support road‑access studies for the Ashram Rare Earths & Fluorspar Project.
• The funding is intended to finance engineering, environmental and stakeholder‑consultation work for a 300 km southern road link between the Ashram deposit and Schefferville, a key element of the company’s revised logistics strategy.
• Successful completion of the road study will enable mixed rare‑earth concentrate (MREC) transport by road to Schefferville, rail to Sept‑Îles, and onward to the Port of Saguenay where Mont Royal is evaluating a hydrometallurgical processing facility.

Key Details

• Conditional Funding Amount: Up to C$2,606,977 from Natural Resources Canada’s Critical Minerals Infrastructure Fund (CMIF).
• Conditions: Completion of due‑diligence and execution of a formal agreement; funding remains conditional pending these steps.
• Purpose of Funds:
• Advance engineering design for the Southern Road Access Study (Ashram → Schefferville, ~300 km).
• Conduct environmental assessments and key stakeholder consultation packages.
• Strategic Logistics Plan:
• Transport mixed rare‑earth concentrate by road from Ashram to Schefferville.
• Load onto railcars at Schefferville for shipment to Sept‑Îles.
• From Sept‑Îles, concentrate can be shipped or trucked to the Port of Saguenay, where Mont Royal has an MOU for potential hydrometallurgical processing in the industrial zone.
• Project Benefits:
• Reduces CAPEX and technical risk by avoiding ice‑bound northern port concepts.
• Provides social and economic benefits to Indigenous communities in Nunavik and improves access for other regional projects.
• Quotes:
• Nicholas Holthouse, Managing Director: “This funding would be critical in supporting the progression of our road studies… unlocking the enormous value of this deposit on behalf of our shareholders and all stakeholders.”
• The Honourable Tim Hodgson, Minister of Energy and Natural Resources: Highlighted Canada’s abundant critical minerals and the importance of projects like Ashram for economic security and Indigenous partnerships.
• Related Agreements: Mont Royal previously announced an agreement with the Port of Saguenay (Jan 27 2026) to explore locating a hydrometallurgical facility within the port’s industrial zone.

Notable Quotes

“I would like to thank NRCan for extending their conditional funding… this funding would be critical in supporting the progression of our road studies, which would be crucial to the development of the Ashram REE and Fluorspar Project.” – Nicholas Holthouse, Managing Director, Mont Royal

“Projects like Ashram help meet that moment by connecting Canadians and goods to new markets… reinforcing Canada's position as a first‑tier mining nation.” – The Honourable Tim Hodgson, Minister of Energy and Natural Resources

Materiality: Material – Positive (significant government funding that materially advances project development and logistics strategy).