• Updated PEA confirms Ashram as a large-scale North American rare earth project
• Average annual production of ~17,466 tonnes of REO and ~4,035 tonnes of NdPr
• Post-tax NPV8% of CAD$2.03B and post-tax IRR of 22.0%
• Initial CAPEX of ~CAD$1.23B with 30% contingency
• Project positioned to support Western critical minerals supply chains

Mont Royal Resources Ltd has released an updated Preliminary Economic Assessment (PEA) for its Ashram Rare Earths & Fluorspar Project in Quebec, Canada. The PEA confirms Ashram as a large-scale, long-life North American rare earth development with an average annual production of approximately 17,466 tonnes of Rare Earth Oxide (REO) and 4,035 tonnes of Neodymium and Praseodymium (NdPr). The project is anticipated to generate a post-tax Net Present Value (NPV) of CAD$2.03 billion at an 8% discount rate and an Internal Rate of Return (IRR) of 22.0%. The initial Capital Expenditure (CAPEX) is estimated at approximately CAD$1.23 billion, including a 30% contingency. The project is strategically positioned to support Western government and industry initiatives aimed at establishing secure critical minerals supply chains outside China.

Post-tax NPV8% of CAD$2.03B, post-tax IRR of 22.0%, initial CAPEX of ~CAD$1.23B

The project is expected to become a significant long-term supplier of rare earth products into Western supply chains, with further upside potential in fluorspar, resource expansion, and downstream partnerships.