Mont Royal Resources Ltd has filed a National Instrument 43-101 Technical Report for the Preliminary Economic Assessment of its Ashram Project. The report, titled "NI 43-101 Technical Report, Preliminary Economic Assessment for the Ashram Rare Earths Project, Nunavik, Quebec, Canada," supports the previously announced results. The filing ensures compliance with regulatory standards requiring the submission of a technical report within 45 days of the initial disclosure of PEA results.

Regulatory Compliance and Availability

The Technical Report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. It has an effective date of May 29, 2026. The document is available for review on SEDAR+ and the company's website. The filing confirms there are no material differences between the Technical Report and the information disclosed in the news releases dated June 9, 2026.

Project Overview

The Ashram Rare Earth and Fluorspar Deposit is 100% owned by Mont Royal Resources Ltd. Located in Nunavik, Québec, Canada, it is described as one of the largest monazite-dominant carbonatite-hosted Rare Earth Elements deposits in North America. The company also owns a 75% interest in the Northern Lights Minerals tenement package, spanning 536km² in the Upper Eastmain Greenstone belt.

The projects are situated in the James Bay area, a Tier-1 mining jurisdiction in Quebec. These assets are prospective for lithium, precious metals such as gold and silver, and base metals including copper and nickel.

Mont Royal Resources Limited has released an updated Preliminary Economic Assessment (PEA) for its 100%-owned Ashram Rare Earths and Fluorspar Project located in Quebec, Canada. The study confirms the project's potential as a large-scale, long-life development with a post-tax Net Present Value (NPV) of CAD$2.03 billion and an Internal Rate of Return (IRR) of 22.0%. The initial capital expenditure is estimated at CAD$1.23 billion, which includes a 30% contingency but excludes access road costs.

Project Economics and Production

The PEA defines a 30-year mine life supported by a resource base where 93% is classified in the Indicated category. The project is designed to produce an average of 17,466 tonnes per annum of saleable Rare Earth Oxide (REO), including 4,035 tonnes of Neodymium and Praseodymium (NdPr). The Life of Mine (LOM) revenue is projected at CAD$24.6 billion with an EBITDA margin of approximately 62.7%.

Economic Summary

Operating Costs and Capital

The study highlights a competitive cost position with a C1 cash cost of CAD$17.99 per kilogram of saleable REO and an All-In Sustaining Cost (AISC) of CAD$18.58 per kilogram. The total LOM capital expenditure, including sustaining, closure, and post-closure costs, is estimated at CAD$1.605 billion. The project is anticipated to benefit from approximately CAD$342 million in refundable Clean Technology Manufacturing Investment Tax Credits.

Capital Cost Breakdown

Strategic Positioning and Next Steps

Ashram is positioned as one of the largest monazite-dominant rare earth deposits in North America, located in a Tier-1 mining jurisdiction. The development strategy includes on-site concentration at Ashram and downstream hydrometallurgical refining in Saguenay. Mont Royal's Managing Director, Nicholas Holthouse, stated that the updated PEA marks a major step forward, confirming strong underlying economics and a clear pathway to advancement.

The company plans to progress toward a Pre-Feasibility Study (PFS) targeted to commence in the second half of calendar year 2026. Future work will focus on metallurgical optimisation, engineering refinement, and advancing environmental baseline and permitting programs.