Announcement PDF ASX:MRZ ASX ANNOUNCEMENT – 26 APRIL 2024 MARCH 2024 QUARTERLY ACTIVITIES REPORT New lithium targets confirmed at Bohier as preparations for 2024 field season advance; Exploration tax rebate received Mont Royal Resources (ASX: MRZ) (“Mont Royal”, the “Company”) is pleased to provide an overview of activities for the quarter ended 31st March 2024 (“Quarter”, “Reporting Period”) and accompanying Appendix 5B. HIGHLIGHTS - Multiple new targets identified by desktop studies at the Bohier Lithium Project in Quebec, Canada. - New targets to be field checked in the 2024 Summer Exploration Field Season. - Preparations for 2024 Summer Exploration Field Season progressing. - Drill planning and logistical preparations well advanced. - First tranche of ~C$900,000 (~A$1.0M) exploration tax rebate received from the Quebec Government. Figure 1: The Upper Eastmain Greenstone Belt with Northern Lights Tenure, Eastmain Léran (Focus Graphite) and Dios optioned tenure. Mont Royal Resources Ltd Error! Unknown document property name. ACN 625 237 658 Level 8, 2 Bligh Street info@montroyalrres.com Sydney NSW 2000 www.montroyalres.com ASX:MRZ Overview Mont Royal continues to focus on exploration across three distinct target areas within the Company’s Northern Lights tenements in the world-class James Bay region of Quebec, Canada: • Bohier LCT-bearing pegmatite outcrops and 500-metre exploration target; • Eastmain Léran Wahemen Boulder field high-grade discoveries; and • Eastmain Léran Central Boulder discovery and 8km tantalum zone. Mont Royal Executive Director Pete Ruse commented: “While the first quarter of 2024 has been a challenging one for the lithium sector, there are encouraging signs that prices have bottomed and are beginning to move upwards. This is supported by positive recent commentary from several leading industry participants and analysts. In light of the challenging environment, the Board decided to defer the start of drilling at Bohier to preserve cash while continuing to maintain tight control on expenditures. We used this time to refine and confirm key targets at Bohier and also to ensure our logistical preparations are in place and complete. The receipt of the first tranche of the exploration tax rebate provided a welcome boost to our cash position subsequent to quarter-end, and we continue to closely monitor market conditions to ensure we generate the best possible return for shareholders from the capital we invest in exploration.” 2024 Winter and Upcoming Summer Exploration Field Season The Company resolved to pause its winter exploration campaign at the Bohier Lithium Project in light of the challenging market conditions being experienced in the lithium and battery metals sector which have impacted all junior exploration companies since the start of CY2024. Notwithstanding this, planning and logistical preparations continued throughout the quarter to prepare for the start of the Company’s 2024 exploration field season, with a focus on reducing the costs of the program wherever possible while still striving to achieve the best outcomes from testing the primary lithium targets. The upcoming Spring/Summer Field Season has been designed to follow up a number of advanced lithium exploration targets identified by the Company’s field work programs in 2023. These include areas which delivered promising high-grade results from trenching and channel sampling programs, returning assays including 6.05m @ 1.78% Li2O, 7m @ 1.71% Li2O and 1m @ 1.97% Li2O. In addition, ground geophysical surveys identified a series of gravimetric lows, one of which represents the direct continuation of a known pegmatite exposure at surface and extends 500m to the west. ASX:MRZ This anomaly extends over a small pegmatite outcrop with traces of spodumene (assays from surface sampling returned values of 75ppm Li), indicating that the gravimetric low is related to the spodumene pegmatite – making it a priority focus for exploration. Five other anomalies have been interpreted with lengths varying from 200m to 400m. The Company is currently fine tuning the design for a proposed drilling program at Bohier, with two primary objectives: • 10 holes (1,800m), located in the north-eastern part of the licence area, are designed to test the potential lateral extents of the known pegmatites that are coincident with a gravity low on the 2023 gravimetric survey while also validating the vertical extension of the pegmatites to a depth of 200m; and • A second series of four holes (300m) will be drilled to identify the source of the gravity lows to the south-west. These lows are parallel to, and have the same intensity as, the one related to the known pegmatite, which strongly suggests the occurrence of several dykes in the area. The drilling permit also includes provision for an additional three holes (675m) that could be drilled if the south-western exploration holes are successful. Figure 2: Planned drill collar locations, Bohier Project. ASX:MRZ Additional Lithium Targets Generated at Bohier Property During the quarter, the Company’s technical team carried out detailed desktop analysis from samples collected across the multiple field work programs in the second half of 2023. Key pathfinder results of Potassium/Rubidium (K/Rb) ratio were observed during this study. The lower the ratio (occurrences marked in green in Figure 3), the stronger correlation to lithium occurrences. The two key areas marked in the south-west of the licence area are the known Bohier pegmatites that will form the key focus of the future drilling program. There is one very interesting sample in the Central West section of the property which has provided encouragement to carry out additional prospecting during the summer months. Based on these new findings, the Company plans to send a field team back to these outcrops as part of the Summer 2024 Field Season to spend 1-2 days on each site to look for additional outcrops or dig where the overburden is not too thick. Figure 3: New areas with favourable Potassium/Rubidium (K/Rb) ratios highlighting additional prospective areas for lithium exploration at Bohier. ASX:MRZ Further updates on the Company’s upcoming exploration activities will be provided in due course. The Board will continue to monitor and review market conditions with a view to optimising the timing of the commencement of ground-based exploration activities to generate the best possible return on the capital invested. Wapatik Project As announced recently, the Board has decided to pause exploration expenditure at the Wapatik Project in light of current market conditions and will re-evaluate future exploration programs throughout remainder of 2024. Exploration Results Exploration results referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in the Company’s ASX announcement dated 2 November 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. FINANCIAL POSITION The Company held $1.489 million in cash at 31st March 2024. Mont Royal continues to maintain strict cost controls with no large recurring general and administrative (G&A) expenses. Since Quarter’s end the Company has received the first tranche (~C$842,638) of its previously foreshadowed tax rebate from the Quebec Government of which C$548,559 is subject to finalisation by the tax authorities. The second tranche is expected to arrive in the coming months once the necessary audits are completed. As previously guided in the December Quarterly Report, Mont Royal is due to receive a total of approximately C$900,000 (~A$1,000,000) from the Quebec Government as an exploration tax rebate from past sunk exploration expenditure in FY2023 The receipt of these funds strengthen Mont Royal’s cash position with strict cost controls remaining in place to ensure that the Company has solid cash reserves to progress the next stage of its long-term growth strategy. A summary of the expenditure incurred on exploration activities is set out below. No development or production activities were undertaken during the December 2023 Quarter. ASX:MRZ Appendix ASX 5B description reference reference 2.1(d) Exploration and Amount Company Summary $209,000 This item relates to planning for the proposed evaluation (if drilling program and lithium prospecting capitalised) programs at Eastmain Léran and Bohier undertaken during the December 2023 quarter. The aggregate total of payments to related parties and their associates, is disclosed in item 6.1 of the Appendix 5B pertaining to payments of executive and non-executive directors' fees. This announcement was approved for release by the Board. ENDS. For and on Behalf of the Board Shaun Menezes | Company Secretary Competent Person’s Statement The information in this report that relates to exploration results is based on information compiled by Mr Hugues Longuépée, a Competent Person who is a Member of the Ordre des Géologues du Québec. Mr Longuépée is a consultant to the Company. Mr Longuépée has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a competent person as defined in the JORC Code 2012. Mr Longuépée does not hold securities in Mont Royal Resources Limited and consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. About Mont Royal Resources Mont Royal Resources Limited (ASX:MRZ) is an Australian company that owns 75% of Northern Lights Minerals 536 km2 tenement package located in the Upper Eastmain Greenstone belt. The projects are located in the emerging James Bay area, a tier-1 mining jurisdiction of Quebec, Canada, and are prospective for lithium, precious (Gold, Silver) and base metals mineralisation (Copper, Nickel). The Company has a binding JV option agreement with Azimut Exploration Inc. (TSXV: AZM), to earnin up to 70% of the Wapatik Gold-Copper Nickel Project. For further information regarding Mont Royal Resources Limited, please visit the ASX platform (ASX:MRZ) or the Company’s website www.montroyalres.com ASX:MRZ @MontRoyalRes Linkedin.com/Company/mont-royal-resources Subscribe for Investor Updates ASX:MRZ Annexure - Mining Tenement Information The Company is party to a binding JV option agreement with Azimut Exploration Inc. (TSXV: AZM), to earn-in up to 70% of the Wapatik Gold-Copper Project, located in James Bay area, a tier 1 mining jurisdiction of Quebec, Canada. On 1 December 2021, the Company completed the acquisition of 75% of Northern Lights Minerals Pty Limited (“NLM”) which holds a substantial land package across the Upper Eastmain Greenstone belt in Quebec, Canada. NLM also is party to an agreement with Dios Exploration Inc providing NLM the rights to acquire a 70% interest in certain claims (and associated mining information). The Company has not yet earned an interest in the tenements. Further details are set out in the Company’s announcement dated 3 September 2021. The Company confirms that no tenements were acquired or disposed of during the quarter. The following tenements are held at 31 March 2024: Project Location Northern Lights Quebec, Canada Tenement/Title Number 2556880 – 2557189 2558307 – 2558325 2565968 – 2565987 2538870 – 2538914 2543213 – 2543214 2543450 Eastmain Leran Quebec, Canada 28001 – 28020 28133 32570 – 32577 47480 – 47482 2366180 – 2366308 2366403 – 2366504 2366511 – 2366512 2367332 – 2367339 2486140 – 2486145 2513157 – 2513400 2515373 2520337 – 2520338 2530140 - 2530150 Eastmain-Leran Claims (North) Staked Quebec, Canada 2691258 - 2691272