Highlights:

  • Mont Royal shares surged 583% to AUD 0.28 following ASX re-listing after the merger.
  • Ashram Rare Earth and Fluorspar Project in Québec is a Tier-1 North American deposit with significant development history.
  • The company has secured AUD 10 million in funding and a development-focused leadership team to advance Ashram.


Mont Royal Resources Limited (ASX: MRZ) experienced a dramatic surge in its share price, jumping 583% to AUD 0.28 per share during trading hours on 5 November 2025. This follows the company’s successful re-listing on the Australian Securities Exchange after completing a transformational merger with Canadian-listed Commerce Resources Corp. The merger positions Mont Royal as a dual-listed, Canadian-focused critical minerals developer with access to one of North America’s largest rare earth deposits.

Merger Brings North American Rare Earth Project to ASX

Mont Royal Resources has re-commenced trading on the ASX following its merger with Commerce Resources. The union forms a dual-listed company focused on developing critical metals projects in Canada, with the Ashram Rare Earth and Fluorspar Project in Québec as its flagship asset. Ashram is among the largest monazite-hosted rare earth deposits in North America, featuring a Tier-1 Mineral Resource Estimate: 73.2 million tonnes indicated at 1.89% total rare earth oxide (TREO) and 6.6% fluorspar (CaF₂), and 131.1 million tonnes inferred at 1.91% TREO and 4.0% CaF₂.

Advanced Asset with Development Potential

The Ashram Project has already received over AUD 50 million in exploration and development investment. The project contains high concentrations of neodymium and praseodymium, essential for permanent magnet production, and has demonstrated promising flotation and hydrometallurgical recoveries, producing a +35% TREO concentrate with 65% recovery. Mont Royal plans a staged development approach, initially focusing on mining, beneficiation, and production of high-grade concentrate, with potential future downstream oxide separation and metal production.

Funding and Leadership in Place

Mont Royal recently completed a AUD 10 million capital raising to support project development and strategic engagement. The reconstituted board brings together experienced mining executives, including Cameron Henry as non-executive Chair and Nicholas Holthouse as Managing Director. An updated Preliminary Economic Assessment (PEA) will guide the next stage of development, support government funding applications, and advance strategic partnerships and offtake discussions.

Strategic Significance and Market Outlook

The Ashram Project provides a new source of North American rare earths at a time of growing global demand for critical minerals and Western supply chain independence. In addition to Ashram, Mont Royal holds interests in the Eldor Niobium Project and the Northern Lights Lithium Project, both located in Québec, expanding the company’s portfolio across key critical minerals. The company’s market capitalisation stands at approximately AUD 38 million.