Mont Royal Resources (MRZ) Investor update summary

Strategic project developments

• Completed merger and AUD 10 million capital raise, relisted on ASX, and launched a revitalized development plan for the Ashram rare earth project.

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

• Hydrometallurgy facility to be relocated to Saguenay's industrial park, leveraging local infrastructure, skilled workforce, and proximity to port.

• Logistics chain now involves a 300 km access road, rail to Sept-Îles, and flexible transport to Saguenay, handling small, high-value product volumes.

• Strong engagement with government and First Nations, with growing support for infrastructure and upcoming funding announcements.

Technical and operational updates

• Road option analysis completed and shared with stakeholders, confirming the southern route as optimal.

• Metallurgical test work underway in Australia to validate and optimize the flow sheet, with new technology partners being considered.

• Gap analysis on the PEA led to a revised scope, now managed by Altus Group, with a focus on de-risking and reducing CapEx.

• PEA expected to be completed by end of March or early Q2, with ongoing test work and government engagement as key catalysts.

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

Financial position and outlook

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

• Well-funded to complete PEA, advance metallurgical test work, and initiate PFS.

• No immediate need for further capital raising.