Ashram Project Fluorspar Development Update

About this update from Mont Royal Resources Ltd.

Significant tenor of contained Fluorspar within the anticipated open pit underpins ongoing Fluorspar metallurgical test work program at Ashram Montréal, Quebec--(Newsfile Corp. - May 5, 2026) - Mont Royal Resources Ltd (ASX: MRZ) (TSXV: MRZL) ("Mont Royal" or "the Company") is pleased to provide an update on the significant fluorspar potential contained within the principal area of the MRE targeted for the impending PEA for its Ashram Rare Earth and Fluorspar Project in Quebec, Canada. The Company sees a significant opportunity for fluorspar as a byproduct through continued development of the Ashram Deposit. HIGHLIGHTS Mont Royal's Managing Director, Nicholas Holthouse, said: "Metallurgical test work completed in 2020 has already demonstrated the potential for the contained fluorspar from the Ashram Deposit to be successfully upgraded to a saleable fluorspar concentrate product. "With 73.2 Mt contained CaF2 at 6.6% in the Indicated category of the MRE, and additional potential from 131.1 Mt at 4.0% CaF2 in the Inferred category at Ashram, along with reliable grade consistency within the resource domains we see a compelling opportunity to develop a valuable secondary revenue stream for the Project, alongside and complimenting rare earth production. "In recent months, capital markets have woken-up to fluorspar, with market dynamics strengthening considerably, supported by its growing importance across high-technology, medical, and industrial applications. The Ashram Project has the potential to become a major fluorspar supplier to North America and European industries, with Quebec's aluminium industries alone consuming around 150-200kt of CaF2 per annum. "Despite being the world's largest producer, China has recently become a net importer of fluorspar, particularly for high-purity HF acid used in semiconductors. This has created a structural squeeze on ex-China inventories, which bodes well for future fluorite prices and for ex-China developers like Mont Royal." Figure 1 Previously produced 98% Fluorspar concentrate from Ashram Deposit. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/12033/295939_0aa23ac3246d4935_001full.jpg Historical Fluorspar Grades and Mineral Resource Estimates The Ashram Project hosts a consolidated NI 43-101 Mineral Resource Estim...

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