Mont Royal Resources Ltd. · ASX:MRZ
Mont Royal Resources — Investor Presentation (June 2026)
50 slides from Mont Royal Resources's investor presentation, June 2026
Slide 1: Ashram Project Preliminary Economic Assessment Study
Mont Royal Resources Limited ASX: MRZ TSXV: MRZL Ashram Project Preliminary Economic Assessment Study A globally strategic, long life rare earths project Investor Presentation | June 2026
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Cautionary Statement – Preliminary Economic Assessment Mont Royal Resources Limited The updated Preliminary Economic Assessment ("PEA") referred to in this presentation is a preliminary technical and economic study of the potential viability of the Ashram Rare Earth
Slide 3: Ashram Project – Updated Preliminary Economic Assessment
ASHRAM PROJECT – UPDATED PRELIMINARY ECONOMIC ASSESSMENT “The updated PEA marks a major step forward for the Ashram Project, confirming a large-scale, long-life development with strong underlying economics and a clear pathway to advancement. The study has highlighted Ashram’s combination of scale, f
Slide 4: Investment Highlights
Investment Highlights Ashram is well placed to be a long-life, scalable supplier of REE elements Mont Royal Resources Limited One of the largest monazite- ~17.5kt p/a of TREO NPV8 of ~$2.03B CAD Post-Tax mineralised carbonatite-hosted in an MREC concentrate AISC of ~C$18/Kg of saleable TREO REE proj
Slide 5: Ashram PEA Overview
Ashram PEA Overview Potential for a long-life, strategically important critical minerals supply hub Mont Royal Resources Limited Strong economics Globally significant Industry standard mining Upside Opportunities Next Steps and processing • Post-tax NPV8% (real): • Mine life: ~30 years • Optimisatio
Slide 6: PEA Highlights
PEA Highlights Compelling economics and physicals Mont Royal Resources Limited Post Tax NPV8% (real) Post-tax IRR (real) ~C$2.03B ~22.0% Initial CAPEX Payback period ~C$1.23B ~3.9 years Including 30% contingency C1 Cost Kg TREO AISC Kg TREO ~C$17.99/kg ~C$18.58/kg Av. Annual TREO Production LOM TREO
Slide 7: Ashram Deposit – REE and Fluorspar Resource
Ashram Deposit – REE and Fluorspar Resource Tier-1 scale REE deposit with potential high-value by-products Mont Royal Resources Limited The deposit has a high NdPr distribution of 21.2% NdPr (Indicated) and 21.4% NdPr (Inferred)1, exceeding that of several active global producers. Mineral resources
Slide 8: Ashram Project Mineral Resource Statement
Ashram Project Mineral Resource Statement (at 1st October 2025) Mont Royal Resources Limited All Oxides Tonnes TREO Nd + Pr Tb + Dy Fluorspar Classification (Mt) (%) oxide / TREO oxide / TREO (%) Unit Indicated Inferred Tonnes Mt 73.2 131.1 Measured - - - - - Total TREO % 1.89 1.91 Nd+Pr Oxide/TREO
Slide 9: Mining
Mining Simple open pit mining, low strip ratio Mont Royal Resources Limited 30-year mining schedule contains 93% Indicated Resource tonnes Utilises 25% of current resource Low strip ratio of 0.4:1 (waste to ore) Most waste required for tailings dam construction, no large waste dump legacies Averaged
Slide 10: Site Infrastructure
Site Infrastructure Supporting mine site Mont Royal Resources Limited infrastructure includes: Internal access roads Diesel-based power generation Telecommunications systems Fuel storage Explosives facilities Administration buildings Accommodation for up to 200 personnel Aerodrome also planned, subj
Slide 11: Flowsheet
Flowsheet Standard Hard Rock flowsheet Mont Royal Resources Limited 11
Slide 12: Ashram Concentrator
Ashram Concentrator Concentrate Tonnes and Grade 1.7Mtpa processed through the Ashram flotation Mont Royal Resources Limited Concentrate Tonnes and Grade circuit 80000 40% 70000 35% 1.8Mtpa on-site concentrator using conventional 60000 30% crushing, grinding, flotation and dewatering 50000 25% circu
Slide 13: Hydromet
Hydromet Simple, low-risk development pathway Mont Royal Resources Limited Mixed Rare Earth Carbonate and Contained Total Rare Earth Oxides by Year Mixed Rare Earth Carbonate and Contained Total Rare Earth Oxides by Year 40,000 35,000 30,000 25,000 Tonnes 20,000 Hydromet processing in Saguenay: 15,0
Slide 14: Three Process Steps to a Saleable MREC
Three Process Steps to a Saleable MREC Industry-standard hard rock processing flowsheet Mont Royal Resources Limited Low Strip Mining – Industry-standard Flotation and Hydromet Technical Current focus Partnerships and JVs preferred for step 4 and 1 2 3 Oxide 4 beyond Mining Beneficiation Hydromet Se
Slide 15: Detailed Project Metrics
Detailed Project Metrics1 Parameter Unit Value Mont Royal Resources Limited Production Profile Construction period years 2 Production life years 30 Mill throughput (nameplate) Ktpa 1,788 Average head grade % TREO 1.88% Overall TREO recovery % 51.3% Annual saleable REO production tpa 17,466 Annual Nd
Slide 16: Capex and Operating Costs
Capex and Operating Costs Capex supports long mine life, AISC underpins strong operating margins Mont Royal Resources Limited Capex Unit Spot Pre-production capital expenditure CAD$M 1,231 Capex of CAD $1.2B LOM sustaining capital expenditure CAD$ / year 9.97 includes 30% contingency Unit cash opera
Slide 17: Capital Cost Expenditure
Capital Cost Expenditure Capital costs (C$M) Mont Royal Resources Limited Area Initial Sustaining Closure Post-closure Total Ashram Road1 - - - - - Ashram Mine 18.2 16.6 - - 34.8 Ashram Concentrator 295.0 - - - 295.0 Ashram General NPI 191.5 - - - 191.5 Ashram Tailings Storage 22.7 209.7 - - 232.4 A
Slide 18: Operating Cost Expenditure
Operating Cost Expenditure Mont Royal Resources Limited Competitive projected operating cost profile • C1 cash cost of approximately C$17.99/kg saleable REO • AISC of approximately C$18.58/kg saleable REO Per Avg Operating Year C$/t ore LOM Area C$/kg REO (C$M, real) processed (C$M, real) Mining 21.
Slide 19: AISC
AISC 60 AISC v Recovered TREO/Kg High Mont Royal Resources Limited Margins and 50 Profitability 40 High Post $CAD/Kg TREO Production Ramp up 30 Tax NPV 20 10 0 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058
Slide 20: CAD 1.23B Capex – 3.9 Year Payback
CAD 1.23B Capex – 3.9 Year Payback Strong free cash-flow generation underpins rapid payback Mont Royal Resources Limited 10,000 Project Free Cashflow 8,000 Project Payback 6,000 Cashflow CAD $B 4,000 2,000 - -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32
Slide 21: Road Access
Road Access Southern Access Route Preferred Mont Royal Resources Limited Study completed by BBA and Nuna Resources with input from First Nations groups and the Provincial Government ~300km Southern Access Route to Schefferville preferred by MRZ, First Nations and Provincial Government agencies Will
Slide 22: Environmental Work Program & Upcoming Studies
Environmental Work Program & Upcoming Studies Mont Royal Resources Limited To Be Completed for the Mine Site and Road Corridor (As part of the PFS and the Environmental & Social Impact Assessment) • Geochemical characterization of ore, waste rock, and tailings • Noise level characterization • Air qu
Slide 23: Ashram Deposit – Basket Value and Drivers
Ashram Deposit – Basket Value and Drivers Europe CIF Index becoming a real China Pricing Alternative Mont Royal Resources Limited Basket value driven by four magnet Basket Composition and Value metals – Pr, Nd, Dy and Tb along with 120 Yttrium 100 22% MREO (21.2% LREE and 0.8% HREE) composition driv
Slide 24: Ashram Project – Peer Comparison
Ashram Project – Peer Comparison Ashram TREO endowment sits amongst the best One of the largest Mont Royal Resources Limited 7000 undeveloped hard-rock REE deposits globally (~204Mt) 6000 Tier-1 jurisdiction: Québec, Canada Pensana 5000 Lindian Resources Ltd 30-year mine life Aligned with Western su
Slide 25: Development Strategy
Development Strategy Unlocking a globally significant rare earths asset Mont Royal Resources Limited Diversify Downstream Collaborate and JV with industry to capture additional value along the REO and magnet supply chain • Progress opportunities to participate Unlock Value from further down the valu
Slide 26: Multiple Pathways to Enhance PEA Base-Case
Multiple Pathways to Enhance PEA Base-Case Mont Royal Resources Limited Optimise hydromet processing • Test work highlights clear optimisation opportunities to be advanced during Pre-Feasibility Study Mine Plan Extensions + Resource Growth • PEA is based on only 25% of current MRE • Potential to inc
Slide 27: Next Steps
Next Steps Mont Royal Resources Limited Pre-Feasibility Study targeted to commence in the second half of 2026 Continue to work closely with First Nations, Quebec and Federal Governments to secure road infrastructure commitment for the Ashram Project Commence environmental baseline studies Progress p
Slide 28: Mont Royal Resources – Corporate Overview
MONT ROYAL RESOURCES – CORPORATE OVERVIEW
Slide 29: Board and Leadership Team
Board and Leadership Team A team with proven track record of delivering major projects Advisory Board Mont Royal Resources Limited Cameron Henry Nicholas Holthouse Ronnie Beevor Jeremy Robinson Adam Ritchie Constantine Non-Executive Managing Director Non-Executive Director Non-Executive Director Non
Slide 30: A Focused Critical Minerals Company
A Focused Critical Minerals Company Right time, right place, right team for Canadian-focused rare earths developer Mont Royal Resources Limited Strategic Assets Advanced Ashram REE & Fluorspar Project Earlier-stage Eldor Niobium Project and Northern Lights Gold- Copper-Lithium Project All located in
Slide 31: Capital Structure
Capital Structure Mont Royal Resources Limited Capital Structure Shares on issue M 191.14 Share Price* A$ 0.22c Market capitalisation A$M 42.05 Net cash (Pro Forma)** A$M 7.80 Enterprise value A$M 34.25 Options*** M 72.8 Performance rights/units M 12.26 *ASX: MRZ Share price ($AUD) on 5 June 2026. *
Slide 32: Indigenous Communities
Indigenous Communities Mont Royal strives to maintain a transparent engagement process with our key stakeholders Mont Royal Resources Limited Mont Royal has engaged openly from an early stage with all related First Nations communities, - particularly as part of the comparative access road study. A s
Slide 33: Canada: Tier-1 Destination for Critical Minerals Investment
Canada: Tier-1 Destination for Critical Minerals Investment Mont Royal Resources Limited Becoming a world leader in project development and investment Supportive Government Infrastructure & Strong Indigenous & Policies Investment-Ready Regulatory Frameworks • “One Project, One Review” • Quebec’s Soc
Slide 34: Ashram Project – Development Gaining Momentum
Ashram Project – Development Gaining Momentum Strong platform for growth with multiple upcoming catalysts Mont Royal Resources Limited Priorities with a Development Focus ▪ Continue to work closely with First Nations, Quebec and Federal Governments to secure road infrastructure commitment for the As
Slide 35: Key Value Drivers
Key Value Drivers Key ingredients in place to create rapid shareholder value Mont Royal Resources Limited 1 2 3 Ashram Rare Earths Project Industry Leading Team Strong Market Outlook • Large resource, strong grades • New team has a strong track • REE demand has tripled in past • Strong metallurgy re
Slide 36: Mont Royal Resources Limited ASX:MRZ TSXV:MRZL
Mont Royal Resources Limited ASX:MRZ TSXV:MRZL Nick Holthouse Managing Director Peter Ruse Corporate Development Contact: info@montroyralres.com Nicholas Read Investor and Media Relations nicholas@readcorporate.com.au
Slide 37: Appendices
APPENDICES
Slide 38: Mineral Resource Statement (as at October 2024)
Mineral Resource Statement (as at 1 October 2024) Notes to Mineral Resource Table: Originally reported under CIM/NI 43-101. Mont Royal Resources Limited 1. Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resourc
Slide 39: Ashram Deposit – Fluorspar Potential
Ashram Deposit – Fluorspar Potential Fluorspar a potential second income stream* Mont Royal Resources Limited Uses of Fluorspar Simple Front-End Flowsheet Addition Fluorspar is used in the production of: Fluoride Products • Metallurgical Grade Fluorspar: 60-85% fluoride content, used in steel, ceram
Slide 40: Ashram Fluorspar
Ashram Fluorspar Fluorspar a potential second income stream Mont Royal Resources Limited Ashram’s fluorspar value lies in thick, laterally continuous CaF₂ intercepts across dozens of drill holes, yielding one of the largest fluorspar resources globally. Significant Fluorspar intercepts at Ashram inc
Slide 41: Eldor Project – Niobium and Fluorspar Potential
Eldor Project – Niobium and Fluorspar Potential High-grade Niobium and Fluorspar Mont Royal Resources Limited Potential for future additional flowsheet • 100% interest in the Mallard and Miranna niobium exploration prospects, located within the Eldor Property adjacent to the Ashram Mineral Resource
Slide 42: Global REE Market
Global REE Market CIF Europe pricing – a developing bifurcation in REE pricing Mont Royal Resources Limited ▪ China's yttrium oxide export prices have nearly PrNd and DyTb oxide quadrupled in the past 12 months inventories remain in tight balance until 2030. ▪ Adamas expects Western CIF prices will
Slide 43: Rising Global Demand for Rare Earths
Rising Global Demand for Rare Earths A rapidly growing global market Mont Royal Resources Limited Global consumption and forecasted demand for Rare Earth Oxides (REOs) for passenger EV traction motors, wind power generators, robotics, and aircraft. “By 2040, Adamas forecasts that electric vehicles,
Slide 44: Changing Geopolitical Context for Rare Earths
Changing Geopolitical Context for Rare Earths Trade war disrupting supplies, increasing focus on domestic supply Mont Royal Resources Limited Ongoing Trade Tensions Geopolitical Disruption Rising Manufacturing Costs China’s Export Restrictions All leading to... Push for Supply Diversification 44
Slide 45: Ashram Project – Valuation Comparison
Ashram Project – Valuation Comparison Advanced, large scale, high quality Company Project Stage Resource (Mt) Grade % TREO Contained TREO (Mt) NdPr % TREO *EV (A$m) Mont Royal Resources Limited Mont Royal Resources Ashram - Canada PEA - PFS + Drilling 204.3 1.90% 3.88 21% 36.00 Lynas Rare Earths Mt
Slide 46: Peer Comparison TREO – References
Peer Comparison TREO – References Mont Royal Resources Limited Ticker Company Name Project Source ASX & TSXV:MRZ/MRZL Mont Royal Ashram Commerce Resources’ TSX announcement 22 May 2024, titled "Significant Increase in Indicated Mineral Resource for the Ashram Rare Earth & Fluorspar Deposit, Quebec"
Slide 47: Risk Factors. Project, PEA and Resource Risks
Risk Factors. Project, PEA and Resource Risks Mont Royal Resources Limited A PEA-stage study with material technical and resource uncertainties PEA accuracy and reliance on preliminary work The PEA has been prepared to an accuracy of ±50% and is based on low-level technical and economic assessments.
Slide 48: Risk Factors. Funding, Development and Operational Risks
Risk Factors. Funding, Development and Operational Risks Mont Royal Resources Limited Capital intensity, schedule and execution risks inherent to a major REE development Funding risk and dilution Initial capital of approximately CAD$1.23 billion (excluding access road, including 30% contingency) wil
Slide 49: Risk Factors. Market, Commodity and Counterparty Risks
Risk Factors. Market, Commodity and Counterparty Risks Mont Royal Resources Limited Exposure to rare earth pricing, FX, downstream markets and concentrated counterparties Rare earth pricing risk Project economics are highly sensitive to NdPr, Dy, Tb and Y prices and to the overall TREO basket. The P
Slide 50: Risk Factors. Regulatory, ESG, Corporate and Other Risks
Risk Factors. Regulatory, ESG, Corporate and Other Risks Mont Royal Resources Limited Permitting, stakeholder, ESG and corporate risks Permitting, licensing and regulatory risk The Project requires multiple federal, provincial and municipal approvals, including environmental assessment under the JBN
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