Mont Royal Resources (MRZ) Investor update summary

Strategic transformation and project overview

• Completed a merger, relisted on the ASX and TSXV, and now controls the Ashram rare earths project in Quebec, one of North America's largest monazite-mineralised carbonatite-hosted deposits with a JORC/NI 43-101 resource of 204.3 Mt at 1.90% TREO and significant fluorspar and niobium potential, open at depth.

• Over CAD 50 million (A$50 million) invested historically in exploration, drilling, and development studies.

• Raised AUD 10 million in an oversubscribed IPO, with a current market cap around CAD 38 million (A$38.2 million), 191.14 million shares on issue, net cash of A$10.5 million, and enterprise value of A$27.7 million.

• New leadership and board with extensive experience in rare earths and Canadian mining, shifting from exploration to project execution and enhancing stakeholder engagement.

• Dual listing on ASX and TSXV provides strong capital access and liquidity.

Project and resource status

• Ashram Rare Earths & Fluorspar Project is 100% owned, located 130 km south of Kuujjuaq in a Tier-1 jurisdiction.

• Indicated resource: 73.2 Mt at 1.89% TREO and 6.6% CaF2; Inferred: 131.1 Mt at 1.91% TREO and 4.0% CaF2.

• High PrNd distribution (21.2% indicated, 21.4% inferred), key for magnet feed rare earths.

• Favorable mineralogy enables 65% recovery for a 35% TREO concentrate and hydromet recoveries of 95% for LREEs and 82% for HREEs.

• By-product fluorspar and niobium offer additional revenue streams; both are in demand in North America.

Development strategy and milestones

• Immediate focus on securing government-backed road access, with strong provincial and federal support and Indigenous engagement.

• PEA is about 50% complete, targeted for release in Q1 next year, followed by environmental baseline work and pre-feasibility study.

• Staged development approach: initial production of 3,000 tpa NdPr and 100–150 tpa DyTb, scalable over time, with options for monazite concentrate offtake or hydromet feedstock.

• Metallurgical optimization ongoing, with test work in Australia and Canada to refine flotation and carbonate production.

• Focus on downstream diversification through collaborations and JVs in the REO and magnet supply chain.