High-Grade Fluorspar Identified at the Ashram
Level 8, 2 Bligh Street
Sydney NSW 2000
Mont Royal Resources Ltd
ACN: 625 237 658
www.montroyalres.com
ASX ANNOUNCEMENT
26th May 2026
High-Grade Fluorspar Identified at the Ashram
Project’s Mallard Prospect
Significant grades of contained fluorspar of up to 39.8% CaF2 within the
previous niobium drill holes at Mallard Prospect
MONTRÉAL, Quebec – May 26th, 2026 – Mont Royal Resources Ltd (ASX: MRZ, TSXV:
MRZL) (“Mont Royal” or “the Company”) is pleased to provide an update on the
significant fluorspar (CaF2) potential contained within previous drilling results at the
Mallard Prospect, located approximately 1.4km south-east of the Ashram Deposit within
the Eldor Carbonatite Complex in Québec, Canada.
HIGHLIGHTS
• High-grade fluorspar confirmed within the newly named “Flux Fluorite Zone” at the
Mallard Prospect, with previous drilling confirming intercept grades up to 39.8%
CaF2:
o 32.4m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including:
▪ 5.0m @ 38.8% CaF2 and 0.3% Nb2O5
o 29.0m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including:
▪ 6.6m @ 39.8% CaF2 and 0.3% Nb2O5
o 24.8 m @ 35.8% CaF2 and 0.4% Nb2O5 from 221.7m (EC24-209),
o 14.3m @ 21.7% CaF2 and 0.3% Nb2O5 from 249.0m (EC10-041)
• The Mallard Prospect is strategically located near the Ashram Deposit, which
already hosts one of the largest Fluorspar deposits globally, supporting potential
future development synergies.
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• Fluorspar mineralisation remains open in multiple directions, with the interpreted
mineralised zone extending over at least an 80m strike length and 150m vertical
extent.
• Global fluorspar market dynamics continue to strengthen, driven by growing global
demand from the chemicals, steelmaking, semi-conductor and lithium-ion battery
industries.
• China’s transition to becoming a net importer of fluorspar is rapidly changing
market dynamics and increasing the strategic importance of secure Western and
allied supply chains for the critical mineral.
Figure 1. Plan view of Ashram REE & Fluorspar Deposit, the nearby niobium Mallard Prospect and Flux Fluorite Zone
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Mont Royal’s Managing Director, Nicholas Holthouse, said:
“The Ashram Fluorspar story continues to strengthen, with a review of historical drilling
results of the recently named “Flux Zone” at the Mallard Niobium Prospect confirming
another significant fluorite -bearing system within the broader Eldor Carbonatite
Complex.
“This separate mineralised system, with contained CaF2 grades of up to 39.8%, is located
less than 2km south-east of the Ashram Deposit. Importantly, previous drilling campaigns
at Mallard primarily targeted niobium, highlighting the significant potential for future
fluorspar upside through targeted drilling.
“With fluorspar rapidly emerging as a strategically important critical mineral and market
dynamics continuing to tighten, we believe that Ashram and the broader Eldor Property
are increasingly well positioned with the Flux Zone presenting additional fluorspar
mineralisation upside and an opportunity for potential future co -development in
proximity to the Ashram Deposit”.
Previously Completed Drilling
The fluorspar (i.e. fluorite) mineralized zone at Mallard, now referred to as the “Flux” Fluorite
Zone, was discovered in previous drilling (2008) and is located approximately 1.4 km to
the south-east of the Ashram Deposit (Figures 1 - 3; see 2018 NI 43-101 Technical Report).
Although not specifically targeted by historical drilling which focused on niobium
potential, the zone was expanded along strike during 2010 and 2024. The zone, as
interpreted to date, has approximate dimensions of >80m along strike and at least 150m
up/down-dip, and remains open in multiple directions.
The fluorspar mineralization occurs predominantly as discrete, >5-30m (apparent width)
high-grade intervals (>15% to 39.8% CaF 2) within dolomite carbonatite , and with
associated modest niobium mineralization (Figure 4).
Drill results include1,2,3:
• 32.4 m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including:
o 5.0 m @ 38.8% CaF2 and 0.3% Nb2O5
• 29.0 m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including:
o 6.6 m @ 39.8% CaF2 and 0.3% Nb2O5
• 14.3 m @ 21.7% CaF2 and 0.3% Nb2O5 from 249.0m (EC10-041
• 13.8 m @ 33.0% CaF2 and 0.3% Nb2O5, from 187.8m (EC08-015)
• 20.8 m @ 31.6% CaF2 and 0.3% Nb2O5, from 202.4m (EC08-016)
• 24.8 m @ 35.8% CaF2 and 0.4% Nb2O5, from 221.7m (EC24-209)
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• 9.0 m @ 25.8% CaF2 and 0.4% Nb2O5, from 201.9m (EC24-211)
• 10.9 m @ 38.5% CaF2 and 0.2% Nb2O5, from 275.7m (EC24-211)
1 All drill intercepts results are presented as length-weighted averages
2 CaF2 calculated from fluorine assay using conversion factor of 2.055
3 Fluorine assays were selectively in 2008 and 2024 drill holes. Only continuously sampled fluorspar intervals are reported
herein.
Additionally, the previous drill programs in the area focused on niobium , with fluorine (a
proxy for CaF2 content) not always analysed. Mont Royal expects to undertake a follow-
up drill program at the Flu x Fluorite Zone in the future to target expansion and further
delineation of these high-grade fluorspar zones at Mallard.
Figure 2. Mallard Prospect area with individual drill intercepts >15% CaF2 and the approximate delineation of the Flux Fluorite Zone
(purple).
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Figure 3. Select cross-section (15 m cross-section slice width) highlighting historical fluorspar drill intercepts within the Mallard
Prospect area.
Figure 4. Example fluorspar (dark purple) mineralization in host dolomite carbonatite (light grey) at the Flux Fluorite Zone, Mallard
Prospect (EC24-209; 2024 drilling campaign). The interval shown contains approximately 37% fluorspar (fluorite), with the remainder
being predominantly dolomite.
Table 1. Drill hole information
Hole number Easting Northing Elevation Azimuth_deg Dip_deg EoH (m)
EC24-211 538066.29 6311011.48 285.13 230 -45 366.00
EC24-209 538102.96 6310977.84 285.19 230 -45 316.86
EC10-041 538113.87 6311004.70 285.76 230 -75 344.35
EC10-040 538113.56 6311004.45 285.68 230 -45 344.40
EC10-033 538077.14 6310973.22 284.68 235 -45 353.10
EC08-016 538086.29 6311028.99 285.36 235 -50 275.14
EC08-015 538013.09 6310965.5 284.78 230 -50 203.30
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Fluorspar Markets and Pricing
Fluorspar prices remain robust moving into 2026 , supported by strong end -market
demand from the chemical, metallurgical and energy -transition sectors, together with
tightening global supply.
Fluorspar pricing is considered on a Cost, Insurance and Freight (CIF) basis into Atlantic
Basin consuming markets, consistent with delivery into Eastern North America and
Western Europe, which are relevant to Québec-based export routes via Sept-Îles and the
Port of Saguenay.
Current benchmark fluorspar pricing remains typically in the range of US$500 to US$650
per tonne, dependent on product grade, specification, delivery point and contract terms.
This pricing reflects prevailing bulk shipping rates, marine insurance and port handling
costs associated with trans-Atlantic and coastal North American freight.
Acid-spar fluorspar (>97% CaF₂), which accounts for approximately two-thirds of global
fluorspar consumption, is the highest -value product category. CIF pricing is currently
reported in the range of US$540 to US$680 per tonne, reflecting the ongoing sustained
demand for hydrofluoric acid (HF) and downstream fluorochemicals used in
pharmaceuticals, aluminum production, semi-conductors and lithium -ion battery
materials. Acid -spar is a consumable and non-recyclable raw material, requiring
continuous primary mine supply to satisfy global demand growth.
Met-spar fluorspar (>60% CaF ₂) accounts for roughly one -third of global fluorspar
demand and is mainly used as a flux in steelmaking and cement production. Current met-
spar prices are typically US$420 –US$520 per tonne, supported by steel and aluminium
output and limited substitution in metallurgical and cement applications.
Quebec’s aluminium industry alone consumes about 150–200 kt of CaF2 equivalent each
year. Japan is also a major consumer, importing about 450 –500 kt of CaF 2 per year.
Demand is driven by end uses such as semiconductors, batteries, refrigerants,
fluoropolymers, and other advanced materials.
China was historically the dominant fluorspar exporter but has recently shifted to being a
net importer, driven by domestic mine closures, tighter environmental regulation, and
rising downstream demand. This change has tightened global supply–demand balances
and supported prices, increasing consumer interest in securing long -term supply from
geopolitically stable Atlantic Basin jurisdictions, including Canada.
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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 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 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 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
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Competent/Qualified Persons Statements
The technical and scientific information in this announcement 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 the information in the form and context in which it appears.
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 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.