Mont Royal and Alta to Assess Pathway to Produce High-Purity Separated Rare Earth Oxides from Ashram

Mont Royal Resources Limited has entered a Joint Study Agreement with Alta Resource Technologies to evaluate the use of Alta's engineered protein-based separation technology on Ashram's mixed rare earth carbonate feedstock. The study aims to determine if high-purity, separated rare earth oxides can be produced from Ashram material, potentially enabling downstream refining and capturing more value within the North American supply chain.

Alta's technology has previously demonstrated greater than 99.5% purity and greater than 90% yield for intralanthanide separation on other feedstocks. The company also holds a joint venture with Korea Zinc's US subsidiary for a US-based rare earth recycling facility. The initiative supports the Canada-U.S. Joint Action Plan on Critical Minerals and positions Ashram to potentially supply permanent magnet-grade rare earth elements. The agreement is strictly a study phase; no binding joint venture, offtake, or production commitments are in place.

Mont Royal Resources Limited (MRZL) announced the Joint Study Agreement (JSA) as a logical progression following the June 2026 Preliminary Economic Assessment (PEA), which previously highlighted downstream processing and partnership opportunities as part of the development pathway. The agreement provides strategic optionality and de-risks the metallurgical route toward high-value separated oxides, though it does not materially change the base-case economics or timeline at this stage.

No immediate capital is raised and no revenue is generated through the JSA. The market likely already priced in the need for downstream processing validation. While the news is positive for long-term project viability and supply chain positioning, the development is considered incremental and expected.

Mont Royal Resources Limited (MRZL) is a dual-listed critical minerals developer on the ASX and TSXV, focused on its 100%-owned Ashram Rare Earths & Fluorspar Project in Nunavik, Quebec. The Ashram deposit is a monazite-dominant carbonatite-hosted rare earth element system with an estimated 30-year mine life.

A preliminary economic assessment (PEA) dated June 2026 outlines production of 17,466 tonnes per annum of saleable rare earth oxide (REO), including approximately 4,035 tonnes per annum of neodymium-praseodymium (NdPr). The project’s financial metrics include a post-tax net present value at an 8% discount rate (NPV8%) of CAD$2.03 billion, a post-tax internal rate of return (IRR) of 22%, and a payback period of 3.9 years.

The project also hosts significant fluorspar resources, comprising 73.2 million tonnes of indicated resources grading 6.6% CaF2. Historical metallurgical testing indicates the potential for producing a concentrate with greater than 97% acid-spar purity. Mont Royal Resources also holds additional assets, including the Eldor Niobium Project and a 75% interest in Northern Lights Minerals' lithium, gold, and base metal tenements.