New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.6m free cash flow). Earnings have declined by 57% per year over the past 5 years. Revenue is less than US$1m (AU$37k revenue, or US$26k). Minor Risk Market cap is less than US$100m (AU$40.4m market cap, or US$28.3m). Announcement • Nov 14
Mont Royal Outlines Multi-Pronged Work Program Following Successful ASX Re-listing Mont Royal shares re-commenced trading on 5th November following the Company's transformational merger with TSXV-listed Commerce Resources. Mont Royal is focused on advancing the 100%-owned Ashram Rare Earth and Fluorspar Deposit in Quebec, Canada. Ashram is one of the largest monazite-dominant carbonatite-hosted Rare Earth Elements ("REE") deposits in North America, with a Tier-1 NI 43-101 Mineral Resource comprising: Indicated: 73.2Mt @ 1.89% Total Rare Earth Oxide (TREO) & 6.6% Fluorspar (CaF2). Inferred: 131.1Mt @ 1.91% TREO & 4.0% CaF2. Ashram is an advanced, large-scale asset with significant development work already completed and over AUD 50 million invested historically. The merger with Commerce Resources has created a dual-listed, Canadian-focused critical minerals developer focused on unlocking the significant value of the Ashram Project. The Ashram Project is one of the largest undeveloped monazite-hosted rare earth deposits in North America, offering a unique opportunity to advance a new, large-scale source of critical rare earth supply at a time of growing Western demand and strategic focus on supply chain independence. Near-term Objectives and Key Value Drivers for CY 2025/2026. Road Access and engagement with Provincial and Federal Government: Mont Royal continues to work closely with Provincial and Federal Government Governments and their agencies to secure infrastructure support for an access road commitment for the Ashram Project. A recently completed road option study by Mont Royal has identified three potential access routes. This document is now complete and will shortly be tabled to form the basis of ongoing discussions with local indigenous groups and communities along with Provincial and Federal Government groups and agencies. When an optimal route is selected, additional and ongoing design work will be supported by a recent $2.6 million road research grant from Natural Resources Canada. Collaboration with Key Stakeholder/First Nations groups in the Nunavik region. Metallurgical Test work: Metallurgical test work and optimisation programs are scheduled to re-commence shortly. A significant amount of work on the flowsheet has already been completed in recent years achieving good recoveries for both the monazite concentrate generated via flotation and the Mixed Rare Earth Oxide (MREO) product generated at the following hydrometallurgical (sulphation bake) stage. This new work program intends to leverage off the previous work and continue to optimise flowsheets in preparation for the upcoming Pre-Feasibility programme, scheduled to start in second half 2026. Flotation Concentrate: A one-tonne bulk sample has been flown to Perth, Western Australia for additional flotation test work at Auralia labs. The test work is expected to yield around 30kg of monazite and fluorspar flotation concentrates and builds on the excellent work completed to date at SGS Lakefield. The additional work will look to: Build on and potentially improve the current flotation kinetics for REE flotation in the concentrate flowsheet; and Further develop the current Fluorspar flowsheet with the initial aim of producing a metallurgical-grade fluorspar concentrate (+60% CaF2) for potential incorporation into the initial Stage 1 development flowsheet. Hydrometallurgical (Sulphation bake) A small sample of existing flotation concentrate will be sent to ANSTO labs in Sydney, New South Wales for hydrometallurgical sighter test work. In addition to improving standard flowsheet results, work will also commence with emerging and alternative downstream processing technology groups. If successful, these alternative processing technologies could potentially replace the existing hydrometallurgical flowsheet. A small portion of flotation concentrate will be set aside for two separate technology groups for test work programs with results due in the first half of 2026. 
