Mont Royal Resources (MRZ) Q1 2027 earnings summary

Executive summary

• Quarter priorities centered on Ashram optimization, trade-off studies and positioning the project as a potential long-term rare earth supplier to Western supply chains.

• A joint study with Alta will assess separation of Ashram mixed rare earth carbonate into individual, high-purity oxides and the potential for a commercial refining facility.

• Strategic visibility expanded through U.S. Defense Industrial Base Consortium membership and selection for the inaugural Canada Investment Summit.

Financial highlights

• Cash and cash equivalents were A$5.029m at 30 September 2026; C$2.22m Quebec exploration tax rebate received during the quarter.

• Quarterly exploration expenditure was A$715k, covering PEA studies and Ashram and Northern Lights fieldwork; operating cash outflow was A$839k.

• Investing cash inflow was A$1.490m, including A$2.205m reported as Canadian Mining Tax Credit; financing cash outflow was A$11k.

• A$215k was paid to related parties and associates for executive and non-executive director fees and advisory fees.

Outlook and guidance

• PEA review and trade-off and optimization studies are planned, with the Pre-Feasibility Study targeted to commence in H2 2027.

• Planned work includes permitting baseline studies, fluorspar recovery metallurgical testing, BD-Zone test work and Ashram site-power optimization, including renewable alternatives.

• Due diligence is progressing for a potential $2.6m Critical Minerals Infrastructure Fund grant; a strategic process to pursue non-dilutive funding is planned.