MRZL.V · 2026-04-07 12:00:00

News release

Corporate Updates

ASX ANNOUNCEMENT A MONT ROYAL

7th April 2026

ASX: MRZ | TSXV: MRZL

Ashram Project PEA Nears Completion as

Mont Royal Establishes Advisory Board and

Strengthens Management

Updated PEA remains on track for April completion with optimised

development strategy

MONTREAL, Quebec - April 7th, 2026 —- Mont Royal Resources Ltd (ASX: MRZ, TSXV: MRZL)

(“MontRoyal” or“the Company”) is pleased to provide an update on the progress of the

updated Preliminary Economic Assessment (PEA) for its 100%-owned Ashram Rare Earth

and Fluorspar Project in Nunavik, Quebec and to announce a key appointment to the

Company's newly-established Advisory Board.

HIGHLIGHTS

e Updated Ashram Project PEA 80% complete with completion expected in April 2026.

e Updated PEA incorporates revised assumptions for site access, logistics, process

throughput and location of the downstream hydrometallurgical processing facility.

e Revised developmentstrategy expected to reduce capital and operating costs and

reduce overall project execution and operating risks.

e Strengthening Praseodymium-Neodymium (PrNd) oxide prices supports potential

upside to project economics.

e Key initial appointment to the newly established Mont Royal Advisory Board,

strengthening development and downstream expertise.

Mont Royal's Managing Director, Nicholas Holthouse, said:

“We are very pleased with the strong progress of the Ashram Project PEA, with the study

now approximately 80% complete and on track for April completion. In a relatively short

period, the Mont Royal team and consultants have completed a comprehensive review

of previous work andimplemented several importantimprovements which we expect will

reduce capital intensity and operating costs while lowering overall project risk and

unlocking further value.

Mont Royal Resources Ltd Level 8,2 Bligh Street E: [email protected]

ACN: 625 237 658 Sydney NSW 2000 www.montroyalres.com

“We are also delighted to welcome Constantine Karayannopoulos to our Advisory Board.

His deep experience in the global rare earths industry will be invaluable as we advance

Ashram towards development, and we are pleased to have someone of his calibre join

as the first member of our Advisory Board.”

Mont Royal’s Non-Executive Chairman, Cameron Henry, said:

‘On behalf of the Board, | am pleased to welcome Mr. Constantine Karayannopoulos as

the inaugural member of Mont Royal's Advisory Board. Constantine brings more than

three decades of senior leadership across the rare earths and critical minerals sectors,

and his appointmentreflects the Board's commitment to surrounding the Ashram Project

with world-class expertise as we advance toward development. With the PEA nearing

completion and momentum building at both the Provincial and Federal level in support

of Quebecss critical minerals industry, we believe this is the right moment to strengthen

our advisory capability, and Constantine is an outstanding first appointment. *

PEA Study

The Ashram Project hosts a consolidated Mineral Resource Estimate (MRE) of:

¢ 73.2Mt @ 1.89% Total Rare Earth Oxide (TREO) and 6.6% Fluorspar (CaF,)

Indicated; and

e 131.1IMt @ 1.91% TREO & 4.0% CaF, Inferred.

Altris Engineering are the Project integrators for the NI 43-101 Report and responsible for

managing the associated work packages from the following consulting groups:

e BBAConsulting - Mining and Environmental

e DRA- Flotation plant design

e L3-Hydromet plant design

e Norda Stela - Tailings and water management

e Dahrouge Consulting - Geology

e PLR- Geology

e Arcadis - Radiation management

e Model Answer - Financial modelling

The revised PEA scope reflects updates to key project parameters including:

e Development of an all-season access road between the Ashram site and

Schefferville.

e Rail logistics via the Tshiuetin Rail Transportation and Quebec North Shore and

Labrador (QNSL) railway network to Sept-lles.

e Evaluation of road, rail or sea transportation options to the proposed Saguenay

hydrometallurgical Facility.

e Revised mining throughput assumptions and final product to a Mixed Rare Earth

Oxide product.

The PEA is currently approximately 80% complete with mining, geology and radiation

management work packages now finalised. The remaining work streams are progressing

towards completion in line with the targeted April 2026 delivery timeline.

QUEBEC

ye Ashram

we Project

Select Railway

— Select Roads

Figure 1: Ashram to Schefferville road study area shown in bold dark blue. Existing rail to

Sept-iles and road/sea link to Saguenay complete the logistics route.

PrNd Pricing

Since the commencement of the PEA study, Praseodymium (Pr) and Neodymium (Nd)

prices have strengthened significantly. Over the past 12 months, prices have increased by

approximately 30-45%, reflecting a strong recovery from mid-2025 cyclical lows and

reaching three-year highs in early 2026.

Price movements have been influenced by:

e Market surplus and pricing weakness during Q2—-Q3 2025.

e Asharppriceincreasein Ql] 2026 driven by policy development and supply disruptions

with spot prices briefly reaching USD $120/Kg PrNd.

e Gradual recovery in Q4 2025 following geopolitical and supply side restrictions.

Although prices moderated in March, they remain well above 2025 averages. Recent

policy initiatives fromthe US Government, including price floor mechanisms and strategic

stockpiling strategies, highlight the growing focus of Western Governments on critical

mineral supply security, alongside Canadian Federal government alignment programs

with EU countries. Canada is strengthening its position as a supplier of refined products

into the global market. These should all bode well for the economics of the Ashram Project

Advisory Board

Mont Royal is pleased to announce the appointment of highly experienced global rare

earths executive Mr. Constantine Karayannopoulos to its newly established Advisory

Board.

Mr. Karayannopoulos, BASc, MASc, P.Eng., is an experienced executive and professional

engineer with more than 30 years of senior leadership roles in the rare earth elements,

critical minerals, and advanced materials sectors. He has held senior executive and board

roles across mining, processing and downstream materials businesses globally. He most

recently served as President and Chief Executive Officer of Neo Performance Materials Inc.

(NEO) until his retirement in July 2023. During his tenure with NEO and its predecessors

from 2000, he held several senior leadership roles including COO, CEO, Chairman, and

again CEO from 2020 to 2023. As CEO of Neo, he oversaw the company’s global expansion

and ultimately led the company through its US$1.3 billion acquisition by Molycorp Inc. in

2012. Following the transaction, he served as Vice-Chairman, later becoming interim Chief

Executive Officer and Chairman of Molycorp. Mr. Karayannopoulos is also the co-founder

and former non-executive Chairman of Neo Lithium Corp., which developed a major

lithium brine projectin Argentina before being acquiredin 2022 for approximately US$960

million. In addition to his corporate roles, Mr. Karayannopoulos serves as a strategic

advisor and board member to several companies in the critical minerals and battery

materials sectors. He has previously served as a director of the Canada China Business

Council and sits on the advisory board of the University of Toronto Department of

Chemical Engineering and Applied Chemistry. He holds Bachelor and Master of Applied

Science degrees in Chemical Engineering from the University of Toronto and is a

registered Professional Engineer. The Company believes that Mr. Karayannopoulos’

experience and industry network will provide valuable strategic insight and guidance to

the Board and management team as we progress beyond the PEA and into further study

phases and industry engagement. The Company intends to appoint further members to

the Advisory Board in the near term that will complement Mr.Karayannopoulos' skill sets

and, importantly, have a material presence in the province of Quebec.

About Mont Royal

Mont Royal Resources Limited (ASX: MRZ, TSXV: MRZL) is a critical minerals development

and exploration company with projects located in Quebec, Canada. The Company is

dedicated to advancing its 100%-owned Ashram Rare Earth and Fluorspar Deposit in

Nunavik, 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 536km? tenement package located in the Upper Eastmain

Greenstone belt. The projects are located in the emerging James Bay area, a Tier-1 mining

jurisdiction of Quebec, and are prospective for lithium, precious (Gold, Silver) and base

metals mineralisation (Copper, Nickel).

For further information regarding Mont Royal Resources Limited, please visit the ASX

platform (ASX: MRZ) or Mont Royal’s website www.montroyalres.com

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