Mont Royal Resources (MRZ) Trading update summary

Ashram project updated PEA and technical progress

• Updated PEA confirms Ashram as a large-scale, long-life rare earth and fluorspar project with an average annual production of ~17,466 tonnes REO, including ~4,035 tonnes NdPr, over a 30-year mine life.

• Post-tax NPV8% (real) is CAD $2.03B, IRR is 22.0%, and payback is 3.9 years; LOM revenue is ~CAD $24.6B with a 62.7% EBITDA margin.

• Only 25% of the current global resource is used in the base case, highlighting significant expansion potential.

• Integrated development includes on-site concentration and downstream hydrometallurgical refining in Saguenay, Québec.

• Strategic positioning supports Western critical minerals supply chains, with ongoing trade-off and optimisation studies ahead of a Pre-Feasibility Study in Q1 CY2027.

Fluorspar and exploration updates

• High-grade fluorspar confirmed at Mallard Prospect, with intercepts up to 39.8% CaF2, enhancing by-product opportunities.

• Ashram hosts one of the largest fluorspar deposits globally, with 73.2 Mt contained CaF2 in Indicated and 131.1 Mt in Inferred resources.

• Metallurgical testwork is underway to assess the addition of a fluorspar recovery circuit in the upcoming PFS.

• Mallard Prospect is strategically located 1.4km from Ashram, supporting future development synergies.

Community engagement and ESG initiatives

• Ongoing engagement with Indigenous communities, including support for the Naskapi Nation's infrastructure study, to ensure responsible development and informed decision-making.

• Continued dialogue with Inuit, Naskapi, and Innu communities to foster long-term relationships and address regional infrastructure priorities.