Mont Royal Resources (MRZ) Trading update summary

Strategic developments and project advancement

• Completed a transformational merger with Commerce Resources, creating a Canadian-focused critical minerals developer with a strong rare earths and fluorspar portfolio in Québec.

• Re-listed on the ASX and raised $10 million to fund project development and strategic engagement.

• Managing Director relocated to Montréal to strengthen local operations and stakeholder engagement, including positive meetings with Indigenous groups and government bodies.

Ashram project work program and technical progress

• Multi-pronged work program commenced at Ashram, prioritizing infrastructure, stakeholder engagement, metallurgical optimization, and an updated Preliminary Economic Assessment (PEA).

• Altris Engineering appointed as Lead Engineer for the updated PEA, with a gap analysis underway and PEA completion targeted for Q1 2026.

• Metallurgical flotation test work resumed with Auralia Metallurgy, focusing on rare earth and fluorspar concentrate optimization using a new 700kg bulk sample.

• Previous locked-cycle tests produced high-grade rare earth concentrates (35.8-36.8% REO) with 65-68% recovery.

• Additional test work will evaluate commercial fluorspar production and new processing technologies.

Infrastructure and stakeholder engagement

• Road access studies identified three potential routes, with ongoing discussions involving Indigenous groups and government agencies.

• Received a C$2.6 million grant from Natural Resources Canada for road research.

• Committed to transparent consultation with Inuit, Naskapi, and Innu communities to determine optimal access routes.