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Mont Royal Resources Identifies High-Grade Fluorspar At The Ashram Project’s Mallard Prospect
Mont Royal Resources Ltd. provided 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. High-grade fluorspar was confirmed within the newly named “Flux Fluorite Zone” at the Mallard Prospect, with previous drilling confirming intercept grades up to 39.8% CaF2. 32.4m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including: 5.0m @ 38.8% CaF2 and 0.3% Nb2O5. 29.0m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including: 6.6m @ 39.8% CaF2 and 0.3% Nb2O5. 24.8 m @ 35.8% CaF2 and 0.4% Nb2O5 from 221.7m (EC24-209). 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. Fluorspar mineralisation remains open in multiple directions, with the interpreted mineralised zone extending over at least an 80m strike length and 150m vertical extent. 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. 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% CaF2) within dolomite carbonatite, and with associated modest niobium mineralization. Drill results include: 32.4 m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including: 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: 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); 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). All drill intercepts results are presented as length-weighted averages. CaF2 calculated from fluorine assay using conversion factor of 2.055. 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 Flux Fluorite Zone in the future to target expansion and further delineation of these high-grade fluorspar zones at Mallard. The interval shown contains approximately 37% fluorspar (fluorite), with the remainder being predominantly dolomite. Drill hole information: 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. 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 USD 500 to USD 650 per tonne, dependent on product grade, specification, delivery point and contract terms. 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 USD 540 to USD 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% CaF2) 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 USD 420–USD 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 CaF2 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.