Highlights

  • Cash at 30 September 2026 was A$5.03 million, compared with A$4.39 million at 30 June.
  • Against a two-year prospectus use-of-funds allocation of A$10 million, actual spending to 30 September was A$5.33 million.
  • Costs of the offers and general administration exceeded their allocations, while environmental baseline studies had no recorded spending.
  • Results depend on metallurgy, financing, permitting, market demand and community support, and no assurance is given.

Mont Royal Resources (ASX:MRZ) has used its September 2026 quarterly report to outline progress at its Ashram rare earths and fluorspar project in Québec, including a joint study with Alta Resource Technologies on separating rare earth products.

Central Development

During the quarter, Mont Royal signed a joint study agreement with Alta to test whether Alta's engineered-protein separation technology can split Ashram's mixed rare earth carbonate into separated, high-purity oxides. The study will also consider a potential commercial refining facility and is described as an initial step toward a possible joint venture. No joint venture has been agreed.

The company notes that Alta's earlier work reported separations above 99.5 per cent purity and above 90 per cent yield for certain magnet rare earth elements. Whether comparable results can be achieved using Ashram material is the question the study is designed to answer, and is not yet established.

Ashram Project

Ashram is 100 per cent owned. The updated preliminary economic assessment, reported in June 2026, is described by the company as accurate to within plus or minus 50 per cent. It sets out a production target of about 53 million tonnes of mill feed over an initial 30-year mine life, about 93 per cent from Indicated and about 7 per cent from Inferred resources. The company states the assessment does not support Ore Reserves or certainty of an economic development case, and Inferred resources carry low geological confidence.

A pre-feasibility study is planned to start in the second half of 2027. Permitting baseline studies are proposed to begin in the first half of 2027. Other planned work includes metallurgical testing of a fluorspar recovery circuit, test work on the BD-Zone, and a review of site power costs, including renewable options.

Relationships And Community

Mont Royal was accepted as a member of a United States Defense Industrial Base Consortium, which offers access to defence agencies, research institutions and funding opportunities.

The company held its first public information meeting in Kuujjuaq, attended by about 160 people in person and online, and plans quarterly visits and meetings every six months.

Northern Lights

At the 75 per cent owned Northern Lights project, the company completed a till sampling survey on the Chateaufort property to test for gold, collecting ten samples. Results are yet to be reported.

Financial Position

Cash at 30 September 2026 was A$5.03 million, compared with A$4.39 million at 30 June. Operating outflow was A$839,000 and exploration spending A$715,000, but the company received a Canadian and Québec tax credit of A$2.2 million, reflecting a rebate of about C$2.22 million for 2023/24. The business states it is finalising its 2024/25 claim. It reports no debt or financing facilities and calculates a funding runway of 3.24 quarters, which will vary with future spending and tax credit timing.

Against a two-year prospectus use-of-funds allocation of A$10 million, actual spending to 30 September was A$5.33 million. Costs of the offers and general administration exceeded their allocations, while environmental baseline studies had no recorded spending.

Risks And Corporate Matters

The company is pre-development. Results depend on metallurgy, financing, permitting, market demand and community support, and no assurance is given. Non-executive director Jeremy Robinson resigned after quarter end, and the board is reviewing its composition to add rare earths and mining expertise. The company is also pursuing non-dilutive funding and aims to complete due diligence on a A$2.6 million Critical Minerals Infrastructure Fund grant, which is not yet confirmed as received.

Next Milestones

The December 2026 quarter plan includes a review of the preliminary economic assessment with optimisation studies, fluorspar test work, due diligence on the grant, and starting a strategic process with government and industry.