Mont Royal Resources (MRZ) Investor presentation summary

Project overview and strategic positioning

• Ashram is a large-scale, long-life rare earth and fluorspar project in Quebec, Canada, with a 30-year mine life and strong government support at both provincial and federal levels.

• The project is based on a 204.3Mt resource at 1.90% TREO, with 93% of the 53Mt mill feed for the PEA sourced from Indicated Resources.

• Average annual production is projected at 17,466t TREO, 4,035t NdPr, and 100t DyTb, with a post-tax NPV8 of C$2.03B and IRR of 22%.

• Initial CAPEX is estimated at C$1.23B (including 30% contingency), with a payback period of 3.9 years and an AISC of C$18.58/kg TREO.

• The project is positioned as a key supplier to Western supply chains, with significant upside potential in fluorspar and downstream partnerships.

Technical and operational highlights

• Mining will use a simple open-pit method with a low strip ratio (0.4:1), and most waste will be used for tailings dam construction.

• The flowsheet includes conventional crushing, grinding, flotation, and hydrometallurgical processing, with a 63% REO recovery from flotation.

• Annual production includes 69,500t of flotation concentrate at ~30% TREO and 33,800t of mixed rare earth carbonate (MREC) at 55% TREO.

• Infrastructure plans feature internal roads, diesel power, accommodation for 200 personnel, and a planned aerodrome.

• The preferred southern access route to Schefferville will provide year-round access and is supported by First Nations and government agencies.

Economics, market outlook, and value drivers

• Life-of-mine revenue is projected at C$24.6B, with EBITDA of C$15.46B and a 62.7% margin.

• The project benefits from a refundable Clean Technology Manufacturing Investment Tax Credit of ~C$342M.

• Average basket price for TREO is C$48.40/kg, with Western CIF prices expected to maintain a premium over China FOB.

• The Ashram deposit has a high NdPr distribution (21.2% Indicated), driving 93% of basket value, and is among the largest undeveloped hard-rock REE deposits globally.

• Peer comparison suggests Ashram is undervalued relative to similar projects, given its scale, grade, and jurisdiction.