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
Press Release
February 26, 2026
C$2.6M CONDITIONAL APPROVAL EXTENDED TO ADVANCE MONT ROYAL’S SOUTHERN ROAD ACCESS STRATEGY
HIGHLIGHTS
⦁ Mont Royal’s 100% owned subsidiary Commerce Resources has received an extension of conditional funding, first announced on February 6, 2025, of up to C$2.6M from Natural Resources Canada (NRCan) as part of the Critical Minerals Infrastructure Fund (“CMIF”) program, subject to completion of due diligence and the execution of a formal agreement.
⦁ Upon meeting required conditions, the conditional CMIF funding would support road development studies for the revised Southern Road Access Strategy.
⦁ The Strategy for the Ashram Project envisions:
o Delivery of mixed rare earth concentrates from the Ashram Project 300km by road to the town of Schefferville;
o Rail transportation from Schefferville to Sept-Îles; and
⦁ Transportation by sea or road to the Port of Saguenay under the recently announced MOU for potential hydrometallurgical processing at the Saguenay industrial zone prior to export to global markets.
⦁ The conditional CMIF Funding would be critical to facilitating the planning and preconstruction of a road between the Ashram Project and Schefferville (300km), which would also provide enhanced access to the Nunavik Region and support multiple projects and Indigenous groups in the area.
⦁ The extended conditional approval will be vital in advancing the Company’s Baseline Studies, Pre-Feasibility Study, and Feasibility Study.
Mont Royal’s Managing Director, Nicholas Holthouse, said:
“I would like to thank NRCan for extending their conditional funding and for their strong support for Mont Royal’s revised Southern Road Access Strategy, which envisages establishing a streamlined logistics chain by road between the Ashram Project and Schefferville and then via rail to Sept-Îles and ultimately the Port of Saguenay. 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. Ashram is the highest quality deposit of its type in Canada and one of the best globally and we are delighted to see such strong Government support for our proposed infrastructure and logistics solution to unlock the enormous value of this deposit on behalf of our shareholders and all stakeholders.
“In addition to bringing this strategically important project into production, a new road would provide significant social and economic benefits to the indigenous communities in Nunavik, as well as other potential exploration and development projects in the district. We look forward to working with the government and communities as we progress the Ashram Project and seek to deliver this important expansion of Quebec’s Northern Infrastructure.”
The Honourable Tim Hodgson, Minister of Energy and Natural Resources, said:
“Canada has what the world wants: abundant critical minerals, world‑class workers and ESG standards, and a government committed to regulatory streamlining and building full value chains here at home. Projects like Ashram help meet that moment by connecting Canadians and goods to new markets, strengthening our economic security, deepening partnerships with Indigenous communities in Nunavik, and reinforcing Canada’s position as a first-tier mining nation.”
Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources, said:
“This support is helping advance the early planning and engineering work that communities and project partners need to move responsible development forward in Quebec. By supporting road studies that improve access to the Nunavik region and connect projects like Ashram to rail and port infrastructure, we are strengthening our regional and national economy and laying the groundwork for the good jobs and long‑term opportunities that critical minerals can deliver.”
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