Announcement PDF Ashram Rare Earths Project, Canada: Waking a Sleeping Giant Investor Presentation November 2025 Mont Royal Resources Limited (ASX: MRZ / TSXV: MRZL) 2 Mont Royal Resources Limited Forward looking statements This presentation contains certain “forward looking statements” within the meaning of Australian securities laws and “forward looking information” within the meaning of Canadian securities laws (collectively referred to as forward looking statements). All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. Forward looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Mont Royal or Commerce. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, competition for amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. Forward looking statements in this announcement include, but are not limited to, statements regarding: the expected timetable, outcome and effects of the Transaction; the anticipated benefits of the Transaction to Mont Royal’s and Commerce’s shareholders; the prospects and outcomes of Mont Royal’s and Commerce’s assets; the ability of Mont Royal and Commerce to complete the Transaction on the terms described herein or at all; the plans and strategies of Mont Royal or Commerce; the future performance of Mont Royal or Commerce; the ability to obtain the requisite regulatory, stock exchange, court and shareholder approvals for the Transaction; and statements about market and industry trends, which are based on interpretation of market conditions. Forward looking statements can generally be identified by the use of forward looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” (including negative or grammatical variations) and other similar expressions. No representation, warranty, guarantee or assurance, express or implied, is given or made in relation to any forward looking statement. In particular no representation, warranty or assumption, express or implied, is given in relation to any underlying assumption or that any forward looking statement will be achieved. There can be no assurance that the forward looking statements will prove to be accurate. Actual and future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements were based, because events and actual circumstances frequently do not occur as forecast and future results are subject to known and unknown risks such as changes in market conditions and regulations. Estimates involve risks and uncertainties and are subject to change based on various factors, including the risk factors as set out on slides 33 to 36 of this presentation. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this presentation. Any reliance by a reader on the information contained in this presentation is wholly at the reader’s own risk. To the maximum extent permitted by law or any relevant listing rules of the ASX/TSX-V, Mont Royal and Commerce and their respective related bodies corporate and affiliates and their respective directors, officers, employees, advisors, agents and intermediaries disclaim any obligation or undertaking to disseminate any updates or revisions to the information in this announcement to reflect any change in expectations in relation to any forward looking statements or any such change in events, conditions or circumstances on which any such statements were based. Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Mont Royal, Commerce or the subject matter of this presentation), create an implication that there has been no change in the affairs of Mont Royal or Commerce since the date of this presentation. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and the Directors and management of the Company, that could cause actual results, performance, events or outcomes to differ materially from the results, performance, events or outcomes expressed or anticipated in these statements. Forward-looking statements should therefore be read in conjunction with, and are qualified by the risk factors as set out on slides 33 to 36 of this presentation,. This presentation uses market data, industry forecasts, and projections. The Company has obtained significant portions of this information from market research prepared by third parties. There is no assurance that any of the forecasts contained in the reports, surveys and research of such third parties that are referred to in this presentation will be achieved. The Company has not independently verified this information. Competent Persons TThe Mineral Resource Estimate for the Ashram Rare Earth Elements and Fluorspar Deposit, Nunavik, Quebec, Canada (Ashram Project) was first reported in in the Company’s replacement prospectus dated 30 September 2025 and released to ASX on 1 October 2025 (Prospectus). The Company confirms that it is not aware of any new information or data that materially affects the information relating to the estimate included in the Prospectus and that all material assumptions and technical parameters underpinning the estimate in the Prospectus continue to apply and have not materially changed. The Exploration Results for the Ashram Project were first reported in accordance with the JORC Code in the Prospectus. The Company confirms that it is not aware of any new information or data that materially affects the information relating to the exploration results included in the Prospectus. The Exploration Results for the Northern Lights Project were first reported in accordance with the JORC Code in the Company’s announcements dated 21 November 2023 and 12 November 2024. The Company confirms that it is not aware of any new information or data that materially affects the information relating to the exploration results included in the relevant market announcement. Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec (2440) and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), supervised the preparation of the technical information in this presentation. Readers are referred to the technical report for the Ashram Project entitled “Mineral Resource Estimate for the Ashram Rare Earth Element and Fluorspar Deposit, Nunavik, Québec, Canada” effective April 4, 2024 which has been prepared in accordance with NI 43-101 and is available on Commerce Resources Corp.’s profile on SEDAR+ at www.sedarplus.ca. So far as the Company is aware, the Competent Persons do not have any material interests, including conflicting ones, that would be material to the information provided. Resource estimates Mineral Resource estimates are expressions of judgment based on drilling results, past experience with mining properties, knowledge, experience, industry practice and many other factors. Estimates which are valid when made may change substantially when new information becomes available. Mineral Resource estimation is an interpretive process based on available data and interpretations and thus estimations may prove to be inaccurate. The actual quality and characteristics of ore deposits cannot be known until mining takes place and will almost always differ from the assumptions used to develop resources. Important Notice and Disclaimers 3 Mont Royal Resources Limited Investment Overview Unlocking a globally significant rare earths asset More than ~A$50 million invested historically on exploration, drilling, resource work and initial development studies… One of the largest monazite- mineralised carbonatite- hosted REE projects in North America: o JORC Mineral Resource 204.3Mt @ 1.90% TREO, 4.9%CaF2 and open at depth o Strong Flotation Kinetics produce +35% TREO Monazite concentrate, offering staged development options Government support - Strong support from the Canadian Government for new critical minerals projects, including financial assistance and fast-track permitting New leadership team - New highly-regarded board and management team with strong track record of developing major projects and extensive experience in rare earths and the Canadian mining industry Renewed development focus - Updated Preliminary Economic Assessment (PEA) in progress, paving the way for Government funding, strategic partner and JV discussions Merger & capital raise - Mont Royal (ASX: MRZ) has merged with Commerce Resources Corp (TSXV: CCE), in combination with an equity capital raise of up to A$10 million via a Prospectus offering, which reached completion in October 2025 • World-scale rare earths project, ready for development • New team with proven track record of unlocking major projects • Perfectly positioned to capitalise on Canada’s critical metals drive 4 Mont Royal Resources Limited Strategic Assets Advanced Ashram REE & Fluorspar Project Earlier stage Eldor Niobium Project and the Northern Lights Gold- Copper-Lithium Project All located in Québec – Tier-1 mining jurisdiction Dual Listed Dual-listed on the ASX and TSXV, with strong capital access, liquidity and investor reach Tier-1 Team & Shareholder Base Senior management have held former and current roles with successful international resource groups including Champion Iron, Hastings Technology Metals, Meteoric Resources, Green Technology Metals, Primero Group, Riversdale Resources and Bannerman Resources – extensive REE and in-country experience A Focused Critical Minerals Company Right time, right place, right team for Canadian-focused rare earths developer 5 Mont Royal Resources Limited Capital Structure Shares on issue M 191.14 Share Price1 A$ 0.20c Market capitalisation A$M 38.2 Net cash A$M 10.5 Enterprise value A$M 27.7 Options M 92.13 Performance rights M 12.26 Capital Structure 1. Share price based on the issue price of Mont Royal’s recent capital raising which closed on 13 October 2025. 2. The Mont Royal is expecting receipt up to C$2.6m (A$2.86m) exploration tax rebate for FY2025 6 Mont Royal Resources Limited • 100% owned project, 130 km south of Kuujjuaq, the administrative centre of Nunavik • World-scale resource in a Tier-1 jurisdiction • JORC Mineral Resource Estimate1: • Indicated: 73.2Mt at 1.89% TREO and 6.6% CaF2 • Inferred: 131.1Mt at 1.91% TREO and 4.0% CaF2 • High PrNd distribution of 21.2% PrNd indicated and 21.4% PrNd inferred - key magnet feed rare earth elements • Favorable mineralogy at the Ashram Deposit allows for outstanding flotation kinetics producing a high-grade mineral concentrate: • Excellent Flotation Kinetics - 65% recovery for a 35% TREO concentrate • Hydromet recoveries of 95% for LREEs and 82% for HREEs produce a clean, saleable MREC Ashram Rare Earths & Fluorspar Project World-scale resource set for development 1. Please refer to appendices. 7 Mont Royal Resources Limited Jeremy Robinson Non-Executive Director ▪ Experienced resources executive with 20 years in the industry, specializing in critical minerals, including rare earths ▪ Held various roles, from Business Development to Managing Director ▪ Principal and founder of Churchill Strategic Investments Group, which has financed multiple junior explorers and developers across the ASX and TSX Ronnie Beevor Non-Executive Director ▪ +40 years in investment banking and mining ▪ Former Head of Investment Banking at Rothschild Australia ▪ Former Board member of Atalaya Mining, Riversdale Resources, Talison Lithium, Bannerman Energy and Oxiana ▪ Current Non-Executive Director of Champion Iron and Chairman of Felix Gold and Peel Minerals Cameron Henry Non-Executive Chairman ▪ Founding managing director of EPC engineering firm, Primero Group Limited ▪ Over 20 years' experience in development and delivery of global minerals processing, energy and NPI projects ▪ Currently Managing Director of ASX listed Green Technology Metals – Lithium developer in Ontario focussed on building an integrated supply chain to feed mid/downstream processing in the battery industry ▪ Former Non-Executive Director at RareX and previously heavily involved in the development of the Mt Weld Rare Earths project for Lynas Corporation Adam Ritchie Non-Executive Director ▪ Over 20 years of experience in the resources industry ▪ Extensive background in project delivery in senior roles at top Australian mining and minerals companies, including Pilbara Minerals, FMG, Rio Tinto, and BHP ▪ Proven expertise in managing and executing high-impact projects within the mining sector ▪ Holds a Bachelor’s degree in Engineering and a Master’s degree in Utility Engineering ▪ Currently serving as Managing Director of ASX listed Loyal Metals Limited Board and Leadership Team New team with proven track record of delivering major projects Nicholas Holthouse Managing Director ▪ 36 years in mining leadership, with global experience across operations, projects, and corporate roles ▪ Rare earths expertise as CEO of Meteoric ASX:MEI (Caldeira Project, Brazil) and COO of Hastings ASX:HAS (Yangibana Project, WA) ▪ Led resource growth and studies, securing offtakes, approvals, and building high-performing teams ▪ Critical minerals focus, including rare earths, niobium, lithium, copper, and gold ▪ Current Non-Executive Director of Brazilian Critical Minerals 8 Mont Royal Resources Limited Darren L. Smith Technical Advisor ▪ Professional geologist with a Bachelor’s and Master’s Degree in Science (Geology) from Carleton University ▪ Senior Geologist/Manager at Dahrouge Geological Consulting Ltd ▪ Over 17 years of experience in the mineral exploration industry ▪ Specialises in rare earth elements (REEs), niobium, tantalum, and lithium Peter Ruse Head of Corporate Development ▪ Finance professional with 14 years’ experience in Equity Funds Management and Private/Institutional Wealth Management in the Mining/Minerals and Industrial related sectors ▪ Holds a Bachelor of Commerce, Graduate Certificate in Applied Finance and Investment ▪ Served as Executive Director of Mont Royal Resources 6 years overseeing multiple exploration campaigns and investor engagement across Canada (Quebec), Australia and UK Gavin Beer Consulting Metallurgist ▪ Qualified metallurgist with 35 years of international experience across the metallurgical, mineral and chemical processing industries spanning Australia, Asia, South America and Europe ▪ Technical and leadership roles in metallurgical testwork, process development, engineering and construction, plant operations, commissioning and technology innovation. 15 years exclusively in critical metals, particularly rare earths and lithium ▪ Founder of Met-Chem Consulting Executive & Technical Leadership Team New team with proven track record of delivering major projects Cindy Valence VP Government Affairs & Sustainability ▪ Guiding ESG strategy, stakeholder relations, and government affairs ▪ Over 20 years of management experience in sustainable development, societal impact, and stakeholder engagement ▪ Holds an MBA in mineral industry management, Certified Director of Corporate Boards (ASC, C.Dir), and certified international trade professional Advisory Expertise • Dahrouge Geological Consulting • BBA Canada • L3 Consulting • DRA Canada Building out the Development Team Key Appointments to be made: • Project Manager • Metallurgist • Environmental Manager • Permitting and Approvals 9 Mont Royal Resources Limited Development Strategy Unlocking a globally significant rare earths asset Progress Studies and Deliver the REE Project o Monazite concentrate @ 35% TREO for offtake or Hydromet feedstock o Staged development of the REE Project o Develop Hydromet options o Work with Provincial and Federal Government to secure infrastructure support Unlock Value from other Commodities Fluorspar and Niobium o World’s second largest fluorspar deposit (4.5% fluorspar in REE ore feed) o Additional flotation circuit can be added to existing flowsheet to produce a second, value-adding fluorspar product o Eldor Niobium Project adjacent to Ashram o Northern Lights Project offers potential for lithium, copper and gold Diversify Downstream Collaborate and JV with industry to capture additional value along the REO and magnet supply chain o Progress opportunities to participate further down the value chain with North American, European and Asian industries o Separation – either onsite to produce a refined MREO product for separators or JV and collaboration in new facilities o Metalisation - the production of REE metals and alloys through either JV or collaboration o Magnets – participate with industry and manufacturers in producing magnetic block or finished products o Pursue alternative processing options to Hydromet with emerging technology providers 10 Mont Royal Resources Limited Rare earth elements are used in multiple consumer, commercial, defence, & industrial applications Rare earth elements are commonly used in electric vehicle motor manufacturing because of their exceptional magnetic properties Advanced wind turbines and wind farms are designed for optimal energy capture and minimal environmental impact. Rare earth elements, such as neodymium, offer several advantages when used in drones as: Powerful motors, Lightweight design and Durability Robots can be programmed to handle complex tasks and adapt to different environments, making them versatile tools in manufacturing, healthcare, and even space exploration. ELECTRIC VEHICLES WIND ENERGY DRONES ROBOTS Applications of REEs 11 Mont Royal Resources Limited Global consumption and forecasted demand for NdFeB (neodymium iron boron) magnets for passenger EV traction motors, wind power generators, robotics, and aircraft. Source: Project Blue Rare Earths Medium Term Outlook 2024 Rising Global Demand for Rare Earths A rapidly growing global market NdFeB Global consumption and forecasted demand for Rare Earth Oxides (REOs) for passenger EV traction motors, wind power generators, robotics, and aircraft. 12 Mont Royal Resources Limited ▪ Annual demand has almost tripled in the last decade: from~ 56,000 tonnes to ~140,000 tonnes. ▪ Chinese producers currently dominate with a >90% market share in finished products ▪ Lynas – only new western REE producer in 20 years ▪ Mountain Pass (MP Materials) - only REE producer in North America ▪ Global demand continues to increase ▪ Rare earth prices: - Nd: US$79/Kg & Pr: US$79/Kg - Tb: US$868/Kg & Dy: US$199/Kg Source: Adamas Intelligence Rare Earth Magnet Market Outlook to 2040 Source: Shanghai Metal Market Report, August 25, 2025 Global REE Market Supply shortages looming – new projects required to fill the gap PrNd and DyTb oxide inventories remain in tight balance until 2030. New projects required to fill the growing deficit beyond 2030 for magnet metals 13 Mont Royal Resources Limited Company Project Stage Resource (Mt) Grade % TREO Contained TREO (Mt) NdPr % TREO *EV (A$m) Contained TREO (Mt) Mont Royal Resources Ashram - Canada PEA - PFS + Drilling 204.3 1.90% 3.88 21% 30 3.88 Lynas Rare Earths Mt Weld - WA Operating 106.6 4.12% 4.39 N/A 12,587 4 Arafura Rare Earths Nolans - NT Construction 56 2.60% 1.46 26.4% 284 1.46 Hastings Technology Metals Yangibana - WA (40%) Construction 29.9 0.93% 0.28 36% 117 0.28 Northern Minerals Browns Range - WA DFS 10 0.80% 0.08 DyTb rich 263 0.08 Lindian Resources Kangankunde - Malawi Construction 261 2.19% 5.72 21% 441 5.72 Meteoric Resources Caldeira - Brazil Scoping Study 619 0.25% 1.57 23% 417 1.57 Viridis Mining & Minerals Colossus - Brazil PFS 201 0.26% 0.53 22% 120 0.53 Australian Strategic Materials Dubbo - NSW Permitting + Partner 75.2 1.85% 1.39 LRE / HRE 124 1.39 Ionic Rare Earths Makuutu - Uganda (60%) ML process 617 0.43% 2.65 3% 80 2.65 RareX Cummings Range - WA PFS planned 512 0.33% 1.69 20% 55 1.69 Pensana PLC (LSE) Longonjo - Angola (84%) EPCM 21.3 3.04% 0.65 25% 415 0.65 Ashram Project – Peer Comparison Advanced, large scale, high quality *Reference – market cap and Enterprise value date source: IRESS ** Refer to Appendix pg. 27 references to Resource/Grade/Contained TREO/NdPr % data 14 Mont Royal Resources Limited Supportive Government Policies • “One Project, One Review” fast-track approvals • $1.5B Critical Minerals Innovation Fund (CMIF) supports R&D and clean energy infrastructure • Increased Defence spending (5% of GDP) – includes up to $45B/year for critical minerals infrastructure Canada: Tier-1 Destination for Critical Minerals Investment Becoming a world leader in project development and investment Infrastructure & Investment-Ready • Quebec’s Société du Plan Nord drives northern development in: • Energy & mineral resources • Transportation and access • Backed by strategic investment from Investissement Quebec (e.g. $1M direct equity in 2017) Strong Indigenous & Regulatory Frameworks • Nunavik (Northern Quebec) governed by modern treaties (JBNQA & NEQA) • Clear indigenous consultation and resource management mechanisms 15 Mont Royal Resources Limited Changing Geopolitical Context for Rare Earths Trade war disrupting supplies, increasing focus on domestic supply Ongoing Trade Tensions Geopolitical Disruption Rising Manufacturing Costs China’s Market Dominance All leading to... Push for Supply Diversification 16 Mont Royal Resources Limited Mineral resources are not mineral reserves as they do not have demonstrated economic viability. CaF2 is approximated from F (2.055 conversion factor) based on mineralogy. The deposit has a high NdPr distribution of 21.2% NdPr (indicated) and 21.4% NdPr (inferred)1, exceeding that of several active global producers. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. CaF2 is approximated from F (2.055 conversion factor) based on mineralogy. Ashram Deposit – REE and Fluorspar Resource Tier-1 scale REE deposit with potential high-value by-products 1. Please refer to appendices. 17 Mont Royal Resources Limited Mining Beneficiation Hydromet Oxide Separation RE Metals RE Alloys Permanent Magnets Future JV or Collaboration with 3rd Parties 1 2 3 4 5 6 7 Conventional Hard- Rock mining process Multi generational ore body with very low strip ratio. 1.9% TREO feed grade 60 - 70% Recovery producing ≥35%TREO flotation concentrate. Potentially a stand- alone saleable product. 95% LREE and 82% HRRE Recoveries form high purity MREC with industry accepted Radionuclide content Final use applications Mixed Rear Earth Carbonates dissolved and separated into individual oxides Separated oxides converted into RE metals Rare earth metals turned into alloys for specific end use applications Upstream Downstream Mont Royal will focus on Steps 1 and 2 (potentially Step 3) for Stage 1. Mont Royal may participate in Steps 3 to 7 in additional development either in JV’s or Industry collaboration. A High-Grade Flotation Concentrate at Step 2 may allow for direct offtake or industry collaboration Ashram REE Value Chain A staged, lower-risk approach to development in the REE Supply Chain Current focus 18 Mont Royal Resources Limited Option 2 Simple Front-End Flowsheet • 30-35+% REO monazite mineral concentrates produced with strong recovery (60-70%) • High mass pull = 12.4kg recovered TREO per tonne of ore feed in concentrate • TREO recovered basket value at a spot price of USD$24.15/kg, as at 25 August 2025 Industry Standard Hydrometallurgical Flowsheet • Standard acid bake and water leach process followed by thorium removal and direct REE precipitation • Achieves over 95% recovery into solution for PrNd and over 82% for TbDy Staging reduces CAPEX and technical risk JV’s and established industry collaboration reduces CAPEX and technical risk MREC Marketable MREC Product Ashram Deposit – Strong Metallurgy Offers Development Staging Options Produce a high-value REE concentrate and/or MREC Sell 3rd Party Or JV Downstream Or JV Downstream Marketable Separated Oxide Products Sell 3rd Party Option 1 Floatation Concentrate 19 Mont Royal Resources Limited Ashram Deposit – Basket Value and Drivers Strong Magnetic Element ratio driving solid basket value Basket value driven by the four magnet metals – Pr, Nd, Dy and Tb. 25% MREO (23.5% LREE and 1.5% HREE) composition drives 93% of the value. Full basket value is currently around US$24.15/kg (Spot SMM 25/8/2025). MREO portion value is US$22.39 or 93% of full basket value. 25% MREO 93% Value Basket Composition and Value 20 Mont Royal Resources Limited Simple Front-End Flowsheet Addition • Fluoride Products • Metallurgical Grade Fluorspar: 60-85% fluoride content, used in steel, ceramic and cement industries as a flux to promote fluidity and remove impurities. • Acid Grade Fluorspar: at least 97% fluoride content, used to produce hydrofluoric acid and as a precursor to numerous fluorine compounds used in refrigerants, pharmaceuticals and polymers. • United States and Canada are Net importers of Fluorspar. Ashram has genuine potential to service local markets • Test work has demonstrated potential to produce both Met and Acid grade products at lab scale: additional work to undertake to advance the flowsheet in PFS stage Ashram Deposit – Valuable By-Product Potential Fluorspar a potential second income stream Uses of Fluorspar Fluorspar is used in the production of: Steel Enriched Uranium Aluminium Petroleum- based fuels 21 Mont Royal Resources Limited Eldor Project – Niobium Potential High-grade niobium discovery Potential for future additional flowsheet • Portfolio includes a 100% interest in the Mallard and Miranna niobium exploration prospects, located within the Eldor Property adjacent to the Ashram Mineral Resource • The Merged Company will continue to assess the viability of advancing the Mallard Prospect 22 Mont Royal Resources Limited Priorities With a Development Focus ▪ Continue to work closely with Quebec and Federal Governments to secure road access commitment for the Ashram Project ▪ PEA internal review ongoing – re-launch and complete PEA Study with a staged approach ▪ Commence environmental baseline studies following PEA completion ▪ Build out Development Team positions ▪ Commence Pre-Feasibility Study ▪ Continued collaboration and engagement with stakeholders in the region ▪ Continue to develop offtake and downstream opportunities with industry Ashram Project – Development Gaining Momentum Strong platform for growth with multiple upcoming catalysts 23 Mont Royal Resources Limited Ashram Rare Earths Project • Large resource, Strong grades • Strong metallurgy • Clear development pathway • Tier-1 location in Quebec, Canada New Industry Leading Team • New team has a strong track record of value-creation • Deep rare earths experience • Canadian project funding & development expertise Strong Government Support • Ideal timing with Canada’s critical minerals drive • Government funding • Fast-track permitting • Road access discussions underway Clear Development Strategy • Updated PEA in progress • Significant development optionality • Potential for staged development approach Strong Market Outlook • REE demand has tripled in past decade • Robust demand outlook • Potential major new Western supply source Robust Balance Sheet • Strong cash position of A$10.5m following recent A$10M capital raising • Dual listing on ASX and TSXV provides strong capital access, liquidity and investor reach Key Value Drivers Key ingredients in place to create rapid shareholder value 1 2 3 4 5 6 APPENDICES 25 Mont Royal Resources Limited Classification Tonnes (Mt) TREO (%) Nd + Pr oxide / TREO Tb + Dy oxide / TREO Fluorspar (%) Measured - - - - - Indicated 73.2 1.89 21.2 0.7 6.6 Inferred 131.1 1.91 21.4 0.5 4.0 Total 204.3 1.90 21.3 0.6 4.9 All Oxides Unit Indicated Inferred Tonnes Mt 73.2 131.1 Total TREO % 1.89 1.91 Nd+Pr Oxide/TREO % 21.2 21.4 Tb+Dy Oxide/TREO % 0.7 0.5 La2O3 ppm 4,829 4,969 Ce2O3 ppm 8,753 8,933 Pr2O3 ppm 907 927 Nd2O3 ppm 3,112 3,162 Sm2O3 ppm 412 385 Eu2O3 ppm 98 87 Gd2O3 ppm 223 195 Tb2O3 ppm 24 19 Dy2O3 ppm 102 73 Ho2O3 ppm 14 10 Er2O3 ppm 31 21 Tm2O3 ppm 3 2 Yb203 ppm 18 13 Lu2O3 ppm 2 2 Y2O3 ppm 419 280 Fluorspar (CaF2) % 6.6 4 Ashram Project Mineral Resource Statement (as at 4 April 2024) 26 Mont Royal Resources Limited Notes to Mineral Resource Table: Originally reported under CIM/NI 43-101. 1. Mineral Resources are not Mineral Reserves as the