Mont Royal Outlines Multi-Pronged Work Program Following Successful ASX Re-listing
Press Release
13th November 2025
HIGHLIGHTS
⦁ Mont Royal shares (ASX: MRZ) re-commenced trading on 5th November following the Company’s transformational merger with TSXV-listed Commerce Resources.
⦁ Mont Royal is focused on advancing the 100%-owned Ashram Rare Earth and Fluorspar Deposit in Québec, Canada.
⦁ Ashram is one of the largest monazite-dominant carbonatite-hosted Rare Earth Elements (“REE”) deposits in North America, with a Tier-1 NI 43-101 Mineral Resource comprising:
⦁ Indicated: 73.2Mt @ 1.89% Total Rare Earth Oxide (TREO) & 6.6% Fluorspar (CaF₂) o Inferred: 131.1Mt @ 1.91% TREO & 4.0% CaF₂
⦁ Ashram is an advanced, large-scale asset with significant development work already completed and over A$50 million invested historically.
⦁ Mont Royal’s 2025/26 work program prioritises infrastructure, stakeholder engagement, metallurgical optimisation and the delivery of an updated Preliminary Economic Assessment (PEA).
⦁ Strengthening Mont Royal’s presence in Québec, the Company’s Managing Director, Nicholas Holthouse, has relocated to Montréal to strengthen local operations and support the Company’s development in the province.
Mont Royal’s Managing Director, Nicholas Holthouse, said: “We are extremely pleased to have the transaction and very successful re-listing process now behind us, putting the necessary corporate framework and funding in place for Mont Royal to take the globally significant Ashram Project forward.
Work now focuses on the key development components, with immediate priority being given to securing infrastructure support for the access road. We will be working closely alongside and consulting with Indigenous groups and communities as well as Provincial and Federal Government groups.
Engineering and metallurgical studies are also set to re-commence.
The PEA will restart within the next few weeks with a strong focus on reducing technical risk and CAPEX along with further optimisation work on the all-important metallurgical flowsheets for both REE’s and Fluorspar.
Gaining infrastructure and access commitments for Ashram and delivering a robust project study to connect to industry are the key components required to elevate Ashram’s status in the growing downstream REE supply chain ecosystem.”
Mont Royal Resources Ltd (ASX: MRZ) (“Mont Royal” or “the Company”) is pleased to provide an update on the key work programs and strategic priorities for its flagship Ashram Rare Earth and Fluorspar Project in Québec, Canada.
The Company has hit the ground running following its successful re-listing on the Australian Securities Exchange last week and the completion of its merger with Canadian -listed Commerce Resources Corp. Multiple workstreams are underway including Mont Royal’s newly appointed Managing Director, Nicholas Holthouse re-location to Montréal, Canada to lead the well-established in-country team in driving the Ashram Project forward.
The merger with Commerce Resources has created a dual-listed, Canadian-focused critical minerals developer focused on unlocking the significant value of the Ashram Project.
The Ashram Project is one of the largest undeveloped monazite-hosted rare earth deposits in North America, offering a unique opportunity to advance a new, large-scale source of critical rare earth supply at a time of growing Western demand and strategic focus on supply chain independence.
IBF4
