Highlights Growth Opportunity at the BD-Zone
Level 8, 2 Bligh Street
Sydney NSW 2000
Mont Royal Resources Ltd
ACN: 625 237 658
www.montroyalres.com
ASX ANNOUNCEMENT
17th February 2026
Ashram Project Geological Data Review
Highlights Growth Opportunity at the BD-Zone
REVIEW INDICATES STRONG POTENTIAL FOR THE BD-ZONE TO
CONTRIBUTE TO GROWTH IN THE OVERALL ASHRAM MINERAL RESOURCE
HIGHLIGHTS
An internal geological review has identified strong potential for the BD-Zone to
contribute to growth of the overall Ashram Deposit Mineral Resource as a discrete
sub-domain.
The BD-Zone shows relatively high distributions of the high-value magnet rare
earth elements, Neodymium and Praseodymium (NdPr), and Terbium and
Dysprosium (TbDy).
Predominant mineral species identified as bastnaesite, parisite, and synchysite
(rare-earth fluorocarbonate minerals).
Initial mineralogy indicates a relatively coarse grain size of typically 50 to 200+
microns, supportive of conventional crushing, grinding, and processing methods.
A significant portion of the BD-Zone mineralisation sits within the current MRE pit
design but is currently designated as non-resource material, representing a
significant opportunity for resource growth.
Scoping-level metallurgical test work program currently being planned to further
evaluate the potential of the BD-Zone.
Mont Royal’s Managing Director, Nicholas Holthouse, said:
“Great work by the Dahrouge Geological and Mont Royal teams to bring this opportunity
to light. Historically discounted on a grade basis and tonnage basis, a revisiting of the
recently updated geological model and database indicates a substantially larger and
more continuous domain adjacent to the current Mineral Resource, with the
mineralisation remaining open at depth.
“This re-evaluation, coupled with the relatively high NdPr and TbDy distributions, REE-
fluorocarbonate group mineralogy and relatively coarse grain size, provides compelling
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upside to our development pathway. This warrants a scoping-level metallurgical test
work program to further evaluate and better quantify this opportunity.”
MONTRÉAL, Quebec – February 17th, 2026 – Mont Royal Resources Ltd (ASX: MRZ, TSXV:
MRZL) (“Mont Royal” or “the Company”) is pleased to announce that it intends to
progress additional growth potential within the BD-Zone lithological domain at its Ashram
Rare Earth Element (“REE”) and Fluorspar Deposit (“Ashram Deposit” or “Ashram”), located
in Quebec, Canada.
The Company is encouraged by a recent geological review of the BD-Zone REE-
mineralization, which surrounds the modelled A-B Zones and Breccia (Classic) domains
of the current Ashram Mineral Resource (Figures 1 and 2).
Previous drilling in the BD-Zone intersected mineralised widths ranging from 2.2 metres
up to 214.7 metres 1. While historically interpreted as having limited tonnage potential,
review of the updated geological model indicates that the BD-Zone is a far more extensive
unit than previously understood, particularly to the east and at depth, with recent drilling
having intersected the BD-Zone over significant widths (Figure 2).
Considering this, Mont Royal plans to initiate baseline metallurgical test work to better
understand the potential for the BD-Zone domain to contribute to advancing the
development of the Ashram Project.
1Drill intercepts reported herein represent downhole core lengths and are not necessarily true widths.
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Figure 1: Cross-section (looking North) of the Ashram Deposit, highlighting carbonatite
lithological domains considered in the 2024 Mineral Resource Estimate (see NI 43-101
Mineral Resource Estimate, dated July 4, 2024).
Figure 2: Ashram geological model section (looking North), highlighting the BD-Zone
lithological domain enveloping the 2024 MRE A- and B-Zone domains.
The BD-Zone mineralogy appears to be favourable, with the predominant REE-bearing
minerals present being the REE-fluorocarbonates bastnaesite, parisite, and synchysite
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(Figure 3). These minerals commonly occur together and are typically well suited to
standard industry flotation processes.
An initial mineralogy review indicates that the typical REE-fluorocarbonate mineral grain
sizes found in the BD-Zone are relatively coarse, typically ranging from approximately 50
to +200 microns (Figure 4). Larger grain sizes can be an indicator of more favourable
crushing and grinding requirements and can have a better response to flotation
processes.
Much of the BD-Zone mineralization sits within the current Mineral Resource Estimate
(“MRE”) conceptual pit constraint (Figure 2). However, the BD-Zone material was not
included in the current NI 43-101 MRE as it hosts less favourable rare earth oxide (“TREO”)
grades than the higher-grade and volumetrically dominant monazite-bastnaesite A-
and B-Zone geological domains of the Ashram Deposit (Figure 1).
TREO2 grades in the BD-Zone average 0.78% (length-weighted, based on 3,907 samples),
but this grade distribution is bolstered by highly encouraging average NdPr (26.81%) and
TbDy (10.43%) distributions 3 relative to TREO observed in drill core. As such, the potential
inclusion of the BD-Zone in future resource estimates presents a significant opportunity
to improve the Project’s economics, with added tonnage and a reduced strip ratio.
2TREO is the sum of lanthanides (as oxides) + yttrium oxide.
3NdPr distribution is calculated as (Nd2O3 + Pr2O3) / TREO x 100. TbDy distribution calculated as (Tb2O3 + Dy2O3) / TREOx
100. All averages are length-weighted averages based on 3,907 core samples.
Next Steps
The Company is now actively planning a mineralogical and metallurgical test work
program for the BD-Zone. This work will include further mineralogy as well as crushing,
grinding, and flotation methods, with the overarching objective of obtaining a marketable
concentrate at high recovery.
Although the initial review of the BD-Zone mineralogy indicates that the TREO
deportment is predominantly associated with REE-fluorocarbonate minerals, these
observations are based on a limited dataset. The Company intends to thoroughly
consider all mineralisation characteristics as it advances the metallurgical test work.
Further details will be provided as the study advances.
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Figure 3: Sectioned dolomite-carbonatite (BD-Zone) core showing ~1-2 weight % REE-
fluorocarbonate mineralisation. Other minerals include ~94% dolomite, ~2% apatite, ~1%
biotite, and ~1% fluorite.
Figure 4: Close-up of dolomite-carbonatite (BD-Zone) hand-specimen showing
relatively coarse-grained REE-fluorocarbonate mineralisation (~1-2 weight %). Other
minerals include ~94% dolomite, ~2% apatite, ~1% biotite, and ~1% fluorite.
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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 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 2 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 the Mont Royal’s website www.montroyalres.com
Figure 5: Location of the Ashram REE & Fluorspar Project, the Northern Lights Project and
the Port of Saguenay
For and on behalf of the Board
ENDS
Joel Ives | Company Secretary
For further information please contact:
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Nicholas Holthouse
Managing Director
Peter Ruse
Corporate Development
Nicholas Read
Investor and Media Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Qualified/Competent Person
The technical and scientific information in this news release has been reviewed by Marie-
Pier Boivin, M.Sc, P.Geo, a consultant of the Company, and a registered permit holder with
the Order des Géologues du Québec, and Qualified Person as defined by National
Instrument 43-101. Ms. Boivin has sufficient experience, which is relevant to the style of
mineralization, type of deposit under consideration, and to the activities undertaken to
qualify as a Competent Person as described by the JORC Code, 2012. Ms. Boivin consents
to the inclusion in this news release of the matters based on his information in the form
and context in which it appears.
Compliance statement
The Exploration Results for the Ashram Project were first reported in the Company’s
prospectus dated 30 September 2025 and released to ASX on 1 October 2025
(Prospectus). The Company confirms that it is not aware of any new information or data
that materially affects the information relating to the exploration results included in the
Prospectus.
Important Notices & Disclaimers
Forward Looking Statements
This announcement contains certain “forward looking statements” within the meaning of
Australian securities laws and “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
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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 activities; 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
funds to pay for such exploration or processing 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 methods and mineral recoveries assumptions
based on limited test work and by comparison 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 Project, 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 other 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 uncertainties that are
described above and in the public filings made by Mont Royal or other events occurring
outside of our normal course of business, and 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 announcement include, but are not limited to,
statements regarding; the goals, strategies, opportunities, technologies used, project
timelines and funding requirements; impact of combined management expertise and
prospective shareholding;; the plans, operations and prospects of Mont Royal and its
properties; the continued advancement of the 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-term 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