Mont Royal Resources (MRZ) Investor update summary

Strategic project developments

• Completed merger with Commerce Resources Corp. and finalized a AUD 10 million capital raise, enabling a revitalized development plan for the Ashram rare earth project.

• Announced a significant MOU with Port of Saguenay, optimizing logistics by shifting from a northern, icebound route to a southern route via Schefferville and the Port of Sept-Îles, reducing CapEx and operational risk.

• Relocated hydrometallurgy facility to Saguenay's industrial park, leveraging local infrastructure, skilled workforce, and proximity to port for improved efficiency and cost savings.

• Engaged closely with government and First Nations, securing alignment and support for the new logistics plan and infrastructure development.

• Road access remains a key catalyst, with ongoing efforts to secure government backing and funding for the 300 km access road.

Operational and technical updates

• Simplified on-site operations by separating the flotation and hydrometallurgy processes, reducing workforce and power needs, and enhancing project operability.

• Initiated new metallurgical test work with Auralia in Perth, aiming to optimize concentrate production and explore innovative processing technologies.

• Altus Group engaged to lead the updated PEA, with a focus on de-risking, CapEx reduction, and incorporating feedback from previous studies.

• Targeting completion of the revised PEA by end of March or early Q2, with ongoing announcements expected on test work and government engagement.

• No further drilling required for PEA or PFS; future drilling contingent on financing and definitive study requirements.

Financial position and outlook

• Ended the quarter with approximately AUD 7.4 million in cash, with an additional AUD 2.6 million flow-through tax rebate expected soon, providing strong funding through late next year.

• Cleared aged creditors and is well-funded to complete the PEA, advance metallurgical test work, and initiate the PFS.

• No immediate need for additional capital raising, with a focus on prudent financial management and project advancement.