Mont Royal via Commerce Resources Receives an Extension of the Critical Minerals Infrastructure Fund Conditional Approval for Revised Road Strategy for the Ashram Rare Earths & Fluorspar Project, Quebec C$2.6M CONDITIONAL APPROVAL EXTENDED TO ADVANCE MONT ROYAL’S
ASX ANNOUNCEMENT
26 February 2026
Mont Royal via Commerce Resources Receives an
Extension of the Critical Minerals Infrastructure
Fund Conditional Approval for Revised Road
Strategy for the Ashram Rare Earths & Fluorspar
Project, Quebec
C$2.6M CONDITIONAL APPROVAL EXTENDED TO ADVANCE MONT ROYAL’S
SOUTHERN ROAD ACCESS STRATEGY
HIGHLIGHTS
• Mont Royal’s 100% owned subsidiary Commerce Resources has received an
extension of conditional funding, first announced on February 6, 2025, of up to
C$2.6M from Natural Resources Canada (NRCan) as part of the Critical Minerals
Infrastructure Fund (“CMIF”) program, su bject to completion of due diligence and
the execution of a formal agreement.
• Upon meeting required conditions, the conditional CMIF funding would support road
development studies for the revised Southern Road Access Strategy.
• The Strategy for the Ashram Project envisions:
o Delivery of mixed rare earth concentrates from the Ashram Project 300km by
road to the town of Schefferville;
o Rail transportation from Schefferville to Sept-Îles; and
o Transportation by sea or road to the Port of Saguenay under the recently
announced MOU for potential hydrom etallurgical processing at the
Saguenay industrial zone prior to export to global markets.
• The conditional CMIF Funding would be critical to facilitating the planning and
preconstruction of a road between the Ashram Project and Schefferville (300km),
which would also provide enhanced access to the Nunavik Region and support
multiple projects and Indigenous groups in the area.
• The extended conditional approval will be vital in advancing the Company’s
Baseline Studies, Pre-Feasibility Study, and Feasibility Study.
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Mont Royal’s Managing Director, Nicholas Holthouse, said:
“I would like to thank NRCan for extending th eir conditional funding and for their strong
support for Mont Royal’s revised Southe rn Road Access Strategy, which envisages
establishing a streamlined logistics chai n by road between the Ashram Project and
Schefferville and then via rail to Sept-Îles and ultimately the Port of Saguenay. This
funding would be critical in supporting the progression of our road studies, which would
be crucial to the development of the Ashram REE and Fluorspar Project. Ashram is the
highest quality deposit of its type in Canada and one of the best globally and we are
delighted to see such strong Government su pport for our proposed infrastructure and
logistics solution to unlock the enormous va lue of this deposit on behalf of our
shareholders and all stakeholders.
“In addition to bringing this strategically im portant project into production, a new road
would provide significant social and economic benefits to the indigenous communities
in Nunavik, as well as other potential exploration and development projects in the district.
We look forward to working with the gove rnment and communities as we progress the
Ashram Project and seek to deliver this important expansion of Quebec’s Northern
Infrastructure.”
The Honourable Tim Hodgson, Minister of Energy and Natural Resources, said:
“Canada has what the world wants: abundant critical minerals, world-class workers and
ESG standards, and a government committed to regulatory streamlining and building full
value chains here at home. Projects like As hram help meet that moment by connecting
Canadians and goods to new markets, strengthening our economic security, deepening
partnerships with Indigenous communities in Nunavik, and reinforcing Canada’s position
as a first-tier mining nation.”
Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources,
said:
“This support is helping advance the ea rly planning and engineering work that
communities and project partners need to move responsible development forward in
Quebec. By supporting road studies that improve access to the Nunavik region and
connect projects like Ashram to rail and po rt infrastructure, we are strengthening our
regional and national economy and laying the groundwork for the good jobs and
long-term opportunities that critical minerals can deliver.”
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Figure 1: Ashram to Schefferville road study area shown in bold dark blue. Existing rail
to Sept-Îles and road/sea link to Saguenay complete the logistics route
MONTRÉAL, Quebec – February 26, 2026 – Mont Royal Resources Ltd (ASX: MRZ, TSXV:MRZL)
(“Mont Royal ” or “the Company ”) is pleased to advise that it’s 100% owned subsidiary
Commerce Resources has received an extens ion of the conditional approval first
announced on February 6, 2025 for a revised road strategy, with conditional funding of up
to a total of C$2,606,977 fr om Natural Resources Canada’s (NRCan) Critical Minerals
Infrastructure Fund (CMIF), to progress ac cess road studies for the Company’s 100%-
owned Ashram Rare Earths and Fluorspar Pr oject in Nunavik, Qu ebec. This extended
conditional approval remains subject to completion of due diligence and the execution
of a formal agreement.
Under the proposed grant, Mont Royal (through its wholly-owned subsidiary Commerce
Resources) is now progressing a Southern Road Access Study to link the Ashram Project
with the town of Schefferville (located 300km to the south ). The funding package,
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pending final due diligence, would assist with advancing engineering, environmental and
key stakeholder consultation packages.
The revised road access route is a key component of the Company’s new logistics
strategy for Ashram and will form an inte gral part of a new logistics solution that
envisages the transportation of a Mixed Rare Earth Concentrate (MREC) produced on site
at Ashram by road to the town of Scheffervil le, where it would be pl aced on railcars and
transported further south to the Port city of Sept-Îles.
Transporting concentrate south to Schefferville and then onto Sept-Îles offers significant
advantages in reducing both CAPEX and technical risk along with increased operability
by avoiding ice-bound port concepts to the north.
From Sept-Îles, concentrate can then either be shipped or transported by road to the Port
of Saguenay where Mont Royal has recently en tered into an agreement with the Port of
Saguenay (Mont Royal Announces Agreement with Port Saguenay for the Ashram Rare
Earths Project Jan. 27 th 2026) and is considering locating a Hydrometallurgical facility
within the Port Saguenay indu strial zone, subject to furthe r technical, commercial and
regulatory studies.
As global demand for critical minerals is expected to double by 2040, Canada is uniquely
positioned to benefit from this growing mark et. Canada has an abundance of critical
minerals, and it has the workers, businesses, and communities with the know-how to scale
up the mining, processing and manufacturing of products and the recycling of these
minerals, responsibly. Critical minerals present a huge economic opportunity for workers
— with the potential for hundreds of thousands of jobs to be created while stepping up to
become the supplier of choice for our allies on the world stage and reduce our reliance
on authoritarian governments.
About Mont Royal
Mont Royal Resources Limited (ASX: MRZ, TSXV : MRZL) is a critical minerals development
and exploration company with projects in Quebec, Canada. The Company is dedicated
to advancing its 100%-owned Ashram Rare Earth and Fluorspar Deposit in Québec,
Canada – one of the largest monazite-dominant carbonatite-hosted Rare Earth Elements
deposits in North America. In addition, the Company owns 75% of Northern Lights Minerals
536km2 tenement package located in the Upper Eastmain Greenstone belt. The projects
are located in the emerging James Bay area, a Tier-1 mining jurisd iction of Quebec, and
are prospective for lithium, precious (Gol d, Silver) and base metals mineralisation
(Copper, Nickel).
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For further information regarding Mont Roya l Resources Limited, please visit the ASX
platform (ASX: MRZ) or the Mont Royal’s website www.montroyalres.com
For and on behalf of the Board
ENDS
Joel Ives | Company Secretary
For further information please contact:
Nicholas Holthouse
Managing Director
Peter Ruse
Corporate Development
Nicholas Read
Investor and Media Relations
Neither TSX Venture Exchange nor its Regula tion Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Important Notices & Disclaimers
Forward Looking Statements
This announcement contains certain “forward looking statements” within the meaning of
Australian securities laws an d “forward looking information” within the meaning of
Canadian securities laws (collectively referred to as “forward looking statements”). All
statements, other than statements of historical fact, that address circumstances, events,
activities or developments that could, or may or will occur are forward looking statements.
These forward-looking statements are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information. Risks that could change or prevent these
events, activities or developments from coming to fruition include: actual results of current
and future exploration activiti es; that Mont Royal may not be able to fully finance any
additional exploration on the Ashram Project; that even if Mont Royal is able raise capital,
costs for exploration activities may increase such that Mont Royal may not have sufficient
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funds to pay for such exploration or processi ng activities; the timing and content of the
proposed drill program and any future work programs may not be completed as
proposed or at all; geological interpretations based on drilling that may change with more
detailed information; potential process me thods and mineral recoveries assumptions
based on limited test work and by compar ison to what are considered analogous
deposits that, with further test work, may not be comparable; testing of our process may
not prove successful or samples derived from the Ashram Project may not yield positive
results, and even if such tests are successful or initial sample results are positive, the
economic and other outcomes may not be as expected; the anticipated market demand
for rare earth elements and other minerals may not be as expected; the availability of
labour and equipment to undertake future exploration work and testing activities;
geopolitical risks which may result in market and economic instability; and despite the
current expected viability of the Ashram Projec t, conditions changing such that even if
metals or minerals are discovered on the Ashram Project, the project may not be
commercially viable, or other risks detailed herein and from time to time in the public
filings made by Mont Royal. Although Mont Royal has attempted to identify important
factors that could cause actual actions, events or results to differ from those described in
forward-looking statements, there may be othe r factors that cause such actions, events
or results to differ materially from those anticipated. These forward-looking statements
are based on Mont Royal’s current expectations, estimates, forecasts and projections
about its business and the industry in which it operates and management's beliefs and
assumptions, including the non-occurrence of the risks and uncer tainties that are
described above and in the public filings made by Mont Royal or other events occurring
outside of our normal course of business, an d are not guarantees of future performance
or development and involve known and unknown risks, uncertainties and other factors
that are in some cases beyond Mont Royal’s control.
Forward looking statements in this announ cement include, but are not limited to,
statements regarding the the goals, strategies, opportunities, technologies used, project
timelines and funding requirements; impact of combined management expertise and
prospective shareholding; the plans, operat ions and prospects of Mont Royal and its
properties; the continued advancement of th e Ashram Project to development; that
Ashram’s fluorspar component which makes it one of the largest potential sources of
fluorspar in the world and could be a long-t erm supplier to the met-spar and acid-spar
markets; that Mont Royal is positioning to be one of the lowest cost rare earth element
producers globally, with a focus on being a long-term global supplier of mixed rare earth
carbonate and/or NdPr oxide; and that Mont Royal may explore the potential of other
high-value commodities on the Ashram Proper ty and the expected timetable for dual
listing of Mont Royal’s shares; and statemen ts about market and in dustry trends, which
are based on interpretation of market c onditions. Forward looking statements can
generally be identified by the use of forward looking words such as “anticipate”, “expect”,
“likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”,
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“target”, “outlook”, “guidance” (including negative or gram matical variations) and other
similar expressions. No representation, warra nty, guarantee or assurance, express or
implied, is given or made in relation to any forward looking statement. In particular no
representation, warranty or assumption, expres s or implied, is given in relation to any
underlying assumption or that any forward-looking statement will be achieved. There can
be no assurance that the forward-looking stat ements will prove to be accurate. Actual
and future events may vary materially fr om the forward-looking statements and the
assumptions on which the forward-looking statements were based, because events and
actual circumstances frequently do not occur as forecast and future results are subject
to known and unknown risks such as changes in market conditions and regulations.
Given these uncertainties, readers are cauti oned not to place undue reliance on such
forward-looking statements, and should rely on their own independent enquiries,
investigations and advice regarding inform ation contained in this announcement. Any
reliance by a reader on the information contained in this announcement is wholly at the
reader’s own risk.
To the maximum extent permitted by law or an y relevant listing rule s of the ASX/TSX-V,
Mont Royal and their respective related bodies corporate and affiliates and their
respective directors, officers, employees, ad visers, agents and intermediaries disclaim
any obligation or undertaking to disseminate any updates or revisions to the information
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looking statements or any such change in events, conditions or circumstances on which
any such statements were based. Nothin g in this announcement will, under any
circumstances (including by reason of th is announcement remaining available and not
being superseded or replaced by any other announcement or publication with respect to
Mont Royal or the subject matter of this announcement), create an implication that there
has been no change in the affairs of Mont Royal since the date of this announcement.
Not Investment Advice
This announcement is not financial product, investment advice or a recommendation to
acquire securities of Mont Royal or Commerce and has been prepared without taking into
account the objectives, financial situation or needs of individu als. Each recipient of this
announcement should make its own enquir ies and investigations regarding all
information in this announcement, includ ing, but not limited to, the assumption,
uncertainty and contingencies which may affect future operations of Mont Royal and the
impact that different future outcomes ma y have on Mont Royal. Before making an
investment decision, prospective investors should consider the appropriateness of the
information having regard to their own objectives, financial situation and needs, and seek
legal, taxation and financial advice appropriate to their jurisdiction and circumstances.
Unless otherwise stated, all dollar values in this Announcement are reported in Australian
dollars.