Mont Royal Resources (MRZ) Investor update summary

Strategic transformation and asset overview

• Completed a merger, bringing a major North American rare earths deposit (Ashram project) onto the ASX, with over CAD 50 million (A$50 million) in historical investment and a large JORC-compliant resource of 204.3 million tonnes at 1.9% TREO, open at depth.

• The project is positioned to support Western supply chains for critical minerals, benefiting from strong geopolitical and government support in Quebec and at the federal level, including financial assistance and fast-track permitting.

• Infrastructure, especially road access, is a key focus, with government and Indigenous group backing for a new access route, and a recent road access analysis shared with stakeholders.

• Dual listing on ASX and TSXV has attracted strong investor interest, raising AUD 10 million and launching with a market cap of around CAD 38 million (A$38.2 million), with 191.14 million shares on issue.

• New leadership and board are development-focused, shifting from exploration to project execution and value creation, with extensive experience in rare earths and Canadian mining.

Project development and operational strategy

• Immediate priorities include securing road access, completing the PEA (targeted for Q1 next year), and advancing permitting and environmental baseline work, with pre-feasibility to follow.

• The development plan is staged, initially targeting 3,000 tons of NdPr and 100–150 tons of DyTb per year, with scalability for future expansion and options for monazite concentrate offtake or hydromet feedstock.

• Metallurgy is a core strength, with high-quality monazite concentrate (37% TREO), robust recoveries (65% for 35% TREO concentrate, 95% for LREEs, 82% for HREEs), and ongoing test work to optimize the flow sheet.

• By-products like fluorspar (world's second largest deposit in REE ore feed) and niobium offer additional value streams, with fluorspar targeted for North American markets and niobium as a future focus.

• The company plans to remain a junior miner initially, producing float concentrate or mixed rare earth carbonate, with potential for downstream JV partnerships and diversification in the REO and magnet supply chain.

Government, community, and ESG engagement

• Strong relationships with Quebec and federal governments, as well as Indigenous groups (Inuit and Naskapi), are central to advancing infrastructure and permitting, with clear consultation and regulatory frameworks in Nunavik.

• Government support is expected for infrastructure, with the road seen as a regional economic benefit for multiple stakeholders, including other mining projects and local communities.

• Environmental baseline work is being refreshed, with no significant historical issues identified and a commitment to transparent engagement with Indigenous partners.

• ESG strategy led by an experienced VP, focusing on sustainability, stakeholder engagement, and government relations.

• The company is actively seeking Quebec-based board members and relocating leadership to Montreal to strengthen local ties.