Announcement PDF Mont Royal Resources Limited ABN 12 625 237 658 Interim Report - 31 December 2025 Mont Royal Resources Limited Directors' report 31 December 2025 1 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Mont Royal Resources Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the two months ended 31 December 2025. Directors The following persons were directors of Mont Royal Resources Limited during the whole of the two months ended 31 December 2025 and up to the date of this report, unless otherwise stated: Cameron Henry Nicholas Holthouse Jeremy Robinson Ronnie Beevor Adam Ritchie Principal activities During the two months ended 31 December 2025 the principal continuing activities of the consolidated entity consisted of exploration activities at the consolidated entity’s mining tenements predominately situated in Quebec, Canada. Review of operations The loss for the consolidated entity for the two months ended 31 December 2025 after providing for income tax and non- controlling interest amounted to $1,093,074 (6 months ended 30 April 2025: $2,391,224). Mont Royal shares (ASX: MRZ) re-commenced trading on November 5, 2025 following the Company’s transformational merger with TSXV-listed Commerce Resources. Altris Engineering was appointed as Lead Engineer for the updated Preliminary Economic Assessment (PEA) for the Ashram REE and Fluorspar Project in Quebec, Canada. Altris will initially focus on a Gap Analysis to ascertain the work undertaken as part of the previous PEA and identify key areas required to close out the study using revised throughputs and an updated project configuration. Following completion of the Gap Analysis, Altris will recommence the PEA closeout work packages with a target date set for the end of Q1 2026. Mont Royal recommenced metallurgical flotation test work on the Ashram Project, with highly regarded rare earth flotation specialists Auralia Metallurgy Pty Ltd (Auralia) engaged to undertake the program. A ~700kg bulk sample of mineralised material from Ashram has already arrived in Australia and has been expedited for analysis by Auralia. This work will build on the excellent results achieved from the previous SGS Lakefield campaign which provided high-grade rare earth mineral concentrate of 36% REO. The program will further evaluate the potential to produce a commercial fluorspar (CaF2) concentrate and incorporate this potential high-value by-product opportunity into the Stage 1 flowsheet. It will also produce additional concentrate both for further Hydromet test work optimisation and to undertake test work utilising new and alternative processing technology groups. Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the two months ended 31 December 2025. Rounding of amounts The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. Mont Royal Resources Limited Directors' report 31 December 2025 2 This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Nicholas Holthouse Managing Director 6 March 2026 Compliance Statement The Exploration Results for the Ashram Project were first reported in the Company’s 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 exploration results included in the Prospectus. Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. DECLARATION OF INDEPENDENCE BY JACKSON WHEELER TO THE DIRECTORS OF MONT ROYAL RESOURCES LIMITED As lead auditor for the review of Mont Royal Resources Limited for the period ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Mont Royal Resources Limited and the entities it controlled during the period. Jackson Wheeler Director BDO Audit Pty Ltd Perth 6 March 2026 Mont Royal Resources Limited Contents 31 December 2025 4 Consolidated Statement of profit or loss and other comprehensive income 5 Consolidated Statement of financial position 6 Consolidated Statement of changes in equity 7 Consolidated Statement of cash flows 8 Notes to the financial statements 9 Directors' declaration 15 Independent auditor's review report to the members of Mont Royal Resources Limited 16 General information The financial statements cover Mont Royal Resources Limited as a consolidated entity consisting of Mont Royal Resources Limited and the entities it controlled at the end of, or during, the two months ended 31 December 2025. The financial statements are presented in Australian dollars, which is Mont Royal Resources Limited's functional and presentation currency. Mont Royal Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are: Registered office and Principal place of business Level 8, 2 Bligh Street Sydney NSW 2000 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 6 March 2026. Mont Royal Resources Limited Consolidated Statement of profit or loss and other comprehensive income For the two months ended 31 December 2025 Consolidated Restated1 1 Nov 2025 - 1 Nov 2024 - Note 31 Dec 2025 30 Apr 2025 $ $ The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 5 Other income 4,531 21,814 Flow-through premium recovery - 59,346 Expenses Corporate expenses (126,806) (940,098) Depreciation and amortisation expense (5,950) (18,176) Employee benefits expense (113,115) (917,034) Finance costs (1,124) (5,380) Foreign exchange gain/(loss) 1 (2,373) Other expenses (137,501) (335,454) Share of loss from associate - (132,106) Share-based payment expense 9 (713,138) (121,763) Loss before income tax expense (1,093,102) (2,391,224) Income tax expense - - Loss after income tax expense for the period (1,093,102) (2,391,224) Other comprehensive loss Items that may be reclassified subsequently to profit or loss Foreign currency translation (46,221) (95,452) Other comprehensive loss for the period, net of tax (46,221) (95,452) Total comprehensive loss for the period (1,139,323) (2,486,676) Loss for the period is attributable to: Non-controlling interest (28) - Owners of Mont Royal Resources Limited (1,093,074) (2,391,224) (1,093,102) (2,391,224) Total comprehensive income for the period is attributable to: Non-controlling interest (574) - Owners of Mont Royal Resources Limited (1,138,749) (2,486,676) (1,139,323) (2,486,676) Cents Cents Basic and diluted loss per share 10 (0.57) (2.21) 1 Refer to note 2 for further details Mont Royal Resources Limited Consolidated Statement of financial position As at 31 December 2025 Consolidated Note 31 Dec 2025 31 Oct 2025 $ $ The above consolidated statement of financial position should be read in conjunction with the accompanying notes 6 Assets Current assets Cash and cash equivalents 7,415,447 10,165,403 Prepayments and other receivables 4 3,876,033 4,088,822 Other current assets 36,359 38,095 Total current assets 11,327,839 14,292,320 Non-current assets Right-of-use assets 44,572 50,543 Property, plant and equipment 2,005 2,006 Exploration and evaluation 5 59,466,538 59,378,995 Reclamation bonds 87,260 87,308 Total non-current assets 59,600,375 59,518,852 Total assets 70,928,214 73,811,172 Liabilities Current liabilities Trade and other payables 6 2,172,053 4,622,061 Lease liabilities 43,325 44,106 Total current liabilities 2,215,378 4,666,167 Non-current liabilities Lease liabilities 11,663 17,647 Total non-current liabilities 11,663 17,647 Total liabilities 2,227,041 4,683,814 Net assets 68,701,173 69,127,358 Equity Issued Capital 7 131,842,032 131,842,032 Reserves 8 15,877,900 15,210,437 Accumulated losses (80,019,480) (78,926,406) Equity attributable to the owners of Mont Royal Resources Limited 67,700,452 68,126,063 Non-controlling interest 1,000,721 1,001,295 Total equity 68,701,173 69,127,358 Mont Royal Resources Limited Consolidated Statement of changes in equity For the two months ended 31 December 2025 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 7 Issued Accumulated Non- controlling Total equity capital Reserves losses interest Consolidated $ $ $ $ $ Balance at 1 November 2024 – Restated1 116,736,473 13,769,894 (72,369,983) - 58,136,384 Loss after income tax expense for the half-year - - (2,391,224) - (2,391,224) Other comprehensive loss for the half-year, net of tax - (95,452) - - (95,452) Total comprehensive loss for the half-year - (95,452) (2,391,224) - (2,486,676) Transactions with owners in their capacity as owners: Share-based payments - 117,956 - - 117,956 Balance at 30 April 2025 – Restated1 116,736,473 13,792,398 (74,761,207) - 55,767,664 Issued Accumulated Non- controlling Total equity capital Reserves losses interest Consolidated $ $ $ $ $ Balance at 1 November 2025 131,842,032 15,210,437 (78,926,406) 1,001,295 69,127,358 Loss after income tax expense for the period - - (1,093,074) (28) (1,093,102) Other comprehensive loss for the period, net of tax - (45,675) - (546) (46,221) Total comprehensive loss for the period - (45,675) (1,093,074) Transactions with owners in their capacity as owners: Share-based payments (note 9) - 713,138 - (574) (1,139,323) - 713,138 Balance at 31 December 2025 131,842,032 15,877,900 (80,019,480) 1,000,721 68,701,173 1 Refer to note 2 for further details Mont Royal Resources Limited Consolidated Statement of cash flows For the two months ended 31 December 2025 Consolidated Restated1 1 Nov 2025 - 1 Nov 2024 - Note 31 Dec 2025 30 Apr 2025 $ $ The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 8 Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) (2,218,346) (863,814) Interest received 6,247 14,479 Net cash used in operating activities (2,212,099) (849,335) Cash flows from investing activities Payments for exploration and evaluation (314,026) (1,382,132) Government grants and tax credits received 307,613 - Net cash used in investing activities (6,413) (1,382,132) Cash flows from financing activities Share issue transaction costs (523,514) - Repayment of lease liabilities (7,888) (24,019) Net cash used in financing activities (531,402) (24,019) Net decrease in cash and cash equivalents (2,749,914) (2,255,486) Cash and cash equivalents at the beginning of the financial period 10,165,403 2,722,449 Effects of exchange rate changes on cash and cash equivalents (42) 33,640 Cash and cash equivalents at the end of the financial period 7,415,447 500,603 1 Refer to note 2 for further details Mont Royal Resources Limited Notes to the financial statements 31 December 2025 9 Note 1. Material accounting policy information These general purpose financial statements for the interim reporting period ended 31 December 2025 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001 (Cth). These general purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 31 October 2025 and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules. As outlined in the 31 October 2025 financial statements, the acquisition of Commerce Resources was accounted for as a continuation of Commerce Resources. Commerce Resources had a 31 October financial year end and the Group has resolved to change the year end to 30 June to align to the financial year which had been utilised by Mont Royal Resources prior to the transaction. These are the first interim financial statements prepared following this change and accordingly present the following information: • The statement of profit or loss and other comprehensive income, statement of cash flows and statement of changes in equity for the two month period ended 31 December 2025, with comparative information for the half-year ended 30 April 2025; and • The statement of financial position as at 31 December 2025, with comparative information as at 31 October 2025 The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. Going Concern The financial statements have been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Directors believe that the entity will continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report based on the Group having sufficient funds to meet the Group’s working capital requirements as at the date of this report. The Directors believe the Group will have sufficient working capital to meet all commitments and working capital requirements. The financial report does not contain any adjustments relating to the recoverability and classification of recorded asset amounts, nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. Estimates When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group’s last consolidated annual financial statements for the year ended 31 October 2025. Note 2. Restatement of Comparatives Change in presentation currency Commerce Resources Corp. has had a CAD functional currency and previously reported in CAD. During the previous financial year, following the transaction with Mont Royal Resources Limited, the Group voluntarily changed its presentation currency from Canadian Dollars (CAD) to Australian Dollars (AUD) in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. This interim report for the two months ended 31 December 2025 is the first interim report with results presented in AUD. All comparative financial information for the 30 April 2025 consolidated interim report, previously reported in Canadian dollars has been amended into AUD using the procedures outlined below: Mont Royal Resources Limited Notes to the financial statements 31 December 2025 Note 2. Restatement of Comparatives (continued) 10 • The consolidated statement of profit or loss and other comprehensive income and consolidated statement of cash flows have been translated to AUD using average exchange rates for the year, being CAD/AUD exchange rate of 0.8993 for the comparative six months ended 30 April 2025; • The equity section of the consolidated statement of financial position has been translated into AUD using historical exchange rates; and • All disclosures, including loss per share disclosures have also been amended to AUD. Note 3. Operating Segments Identification of reportable operating segments The consolidated entity's operations are in one reportable business segment, being mineral exploration and development. The Company operates in one geographical segment, being Canada. The operating segment information is the same information as provided throughout the consolidated financial statements and therefore not duplicated. The information reported to the CODM is on a monthly basis. Note 4. Current assets - prepayments and other receivables Consolidated 31 Dec 2025 31 Oct 2025 $ $ Prepayments 528,991 510,714 Tax Credit receivable 2,597,005 2,906,035 GST/QST receivable 291,682 178,000 Receivable for the exercise of options 434,901 434,901 Other receivables 23,454 59,172 3,876,033 4,088,822 Note 5. Non-current assets – exploration and evaluation Consolidated 31 Dec 2025 31 Oct 2025 $ $ Opening balance 59,378,995 55,397,454 Exploration and evaluation acquired (i) - 4,712,875 Exploration expenditure capitalised 120,979 2,060,535 Canadian mining tax credit (ii) - (2,598,422) Foreign exchange movement (33,436) (193,447) Carrying amount at balance date 59,466,538 59,378,995 (i) Exploration and evaluation acquired as part of transaction between Mont Royal Resources and Commerce Resources Corp. in the financial year ended 31 October 2025. (ii) During the previous financial year, the Company submitted lodgments for refundable credits on duties for losses under the Mining Tax Act. Those refundable credits on duties for losses are applicable on exploration costs incurred in the Province of Quebec. Furthermore, the Company made lodgment for refundable tax credits for resources for mining companies on qualified exploration expenditures incurred. The credits are recorded against the exploration costs incurred as the credits are for exploration costs previously capitalised. The credits are recorded when lodgment for the credits has been made due to the uncertainty around the timing and amount of any tax credits. Mont Royal Resources Limited Notes to the financial statements 31 October 2025 11 Note 6. Current liabilities - trade and other payables Consolidated 31 Dec 2025 31 Oct 2025 $ $ Trade payables 1,890,979 3,229,401 Other payables 281,074 1,392,660 2,172,053 4,622,061 Note 7. Equity - issued capital Consolidated 31 December 31 October 31 December 31 October 2025 2025 2025 2025 Shares Shares $ $ Ordinary shares - fully paid 192,493,084 192,493,084 131,842,032 131,842,032 Movements in ordinary share capital Details Date Shares Issue price $ Balance 1 November 2024 212,021,555 116,736,473 Exercise of Warrants 23 September 2025 80,000 $0.120 10,538 Reversal of existing legal acquiree shares 21 October 2025 (212,101,555) - Mont Royal Resources Limited shares on issue at acquisition date 21 October 2025 18,664,040 - Shares issued to the vendors of Commerce on acquisition. 21 October 2025 108,341,282 3,732,839 Share Placement 21 October 2025 50,000,000 $0.200 10,000,000 Convertible note conversion 21 October 2025 11,739,009 $0.200 2,324,001 Convertible note interest conversion 29 October 2025 1,220,256 $0.200 241,578 Exercise of Options 30 October 2025 2,528,497 $0.172 434,901 Share issue transaction costs, net of tax (1,638,298) Balance 31 October 2025 192,493,084 131,842,032 Balance 31 December 2025 192,493,084 131,842,032 Mont Royal Resources Limited Notes to the financial statements 31 December 2025 12 Note 8. Equity - reserves Consolidated 31 Dec 2025 31 Oct 2025 $ $ Share-based payment reserve 14,214,365 13,501,227 Foreign currency reserve 1,663,535 1,709,210 15,877,900 15,210,437 Foreign currency reserve The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign operations. Share-based payment reserve There were no share-based payments issued during the period. The movement during the period reflects share-based payments that continue to vest. Note 9. Share-based payments Share-based payments during the two months ended 31 December 2025 are summarised below: (a) Recognised share-based payment expense Consolidated Restated1 1 Nov 2025 - 1 Nov 2024 - 31 Dec 2025 30 Apr 2025 $ $ Share-based payment expense 713,138 121,763 1 Refer to note 2 for further details. Options Details of options issued, exercised and expired during the two months ended 31 December 2025 are set out below: Grant Date Expiry Date Exercise Price 1 November 2025 Issued Exercised Lapsed 31 December 2025 18 March 2025 18 March 2028 $0.258 893,913 - - - 893,913 28 July 2025 28 July 2028 $0.300 1,532,423 - - - 1,532,423 10 November 2023 10 November 2026 $1.590 658,500 - - - 658,500 25 March 2024 25 March 2026 $1.370 329,250 - - - 329,250 21 October 2025 18 December 2025 $0.29 8,049,557 - - (8,049,557) - 21 October 2025 19 December 2025 $0.25 4,193,206 - - (4,193,206) - 21 October 2025 20 May 2026 $0.44 4,133,750 - - - 4,133,750 21 October 2025 21 June 2026 $0.20 15,953,514 - - - 15,953,514 21 October 2025 12 August 2026 $0.20 8,884,757 - - - 8,884,757 21 October 2025 30 October 2026 $0.12 34,840,632 - - - 34,840,632 21 October 2025 12 May 2028 $0.075 561,888 - - - 561,888 21 October 2025 22 October 2028 $0.300 8,000,000 - - - 8,000,000 21 October 2025 22 October 2028 $0.300 1,532,423 - - - 1,532,423 89,563,813 - - (12,242,763) 77,321,050 Mont Royal Resources Limited Notes to the financial statements 31 December 2025 13 Performance Rights Details of performance rights granted, converted and expired during the two months ended 31 December 2025 are set out below: Tranche Grant Date Expiry Date 1 November 2025 Granted Converted Expired 31 December 2025 Value of rights expensed during the period ($) A1 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 209,399 A1 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 142,918 B 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 16,521 B 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 12,450 C 9 July 2025 21 October 2028 1,532,423 - - - 1,532,423 16,521 C 28 July 2025 21 October 2028 1,021,615 - - - 1,021,615 12,450 7,662,114 - - - 7,662,114 410,258 PSU’s Details of PSU’s granted, converted and expired during the two months ended 31 December 2025 are set out below: Tranche Grant Date Expiry Date 1 November 2025 Granted Converted Expired 31 December 2025 Value of PSU’s expensed during the period ($) PSU A1 21 October 2025 21 October 2028 1,532,422 - - - 1,532,422 268,764 PSU B 21 October 2025 21 October 2028 1,532,423 - - - 1,532,423 17,058 PSU C 21 October 2025 21 October 2028 1,532,423 - - - 1,532,423 17,058 4,597,268 - - - 4,597,268 302,880 Each tranche of performance rights and PSU’s on issue has the following vesting condition and probability of achievement as at 31 December 2025: Tranche Vesting Condition Probability of Achievement A & PSU A1 Volume-weighted average price (‘VWAP’) of the Company’s shares over a period of 20 days on which the Company’s shares have actually traded, commencing on or after completion of the Transaction, exceeds $0.30 within three years from issue. 100% B & PSU B Company completing and announcing on a recognised securities exchange, a positive Pre- Feasibility Study for the Company’s Ashram Project within three years from issue. 100% C & PSU C Company announcing it has secured a significant funding package with an aggregate value of at least AUD$200 million from a Governmental Agency for a portion of the Company’s Ashram Project at either equity or asset level within three years from issue. 100% 1 The vesting condition for Tranche A of the Performance Rights and PSU’s was met during the period. As such, the share-based payment expense for the Performance Rights and PSU’s was accelerated and fully expensed during the period. Mont Royal Resources Limited Notes to the financial statements 31 December 2025 14 Note 10. Loss per share Both the basic and diluted earnings per share have been calculated using the loss attributable to shareholders of the parent entity the numerator (no adjustment to losses were necessary during the periods to 31 December 2025 and 30 April 2025. Consolidated 1 Nov 2025 - 1 Nov 2024 - 31 Dec 2025 30 Apr 2025 $ $ Loss after income tax attributable to the owners of Mont Royal Resources Limited (1,093,074) (2,391,224) Number Number Weighted average number of ordinary shares Weighted average number of ordinary shares used in calculating basic loss per share 192,493,084 108,130,993 Weighted average number of ordinary shares used in calculating diluted loss per share 192,493,084 108,130,993 Cents Cents Basic and Diluted loss per share (0.57) (2.21) The basic loss per share for the comparative period before the acquisition date presented in the consolidated interim financial statements has been calculated using Commerce Resources Corp.’s historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio of 212,021,555 Commerce shares to 108,341,282 Mont Royal shares. Note 11. Contingent liabilities The Northern Lights Project is subject to various royalty obligations pursuant to the Mineral Rights Acquisition Agreement for blocks that comprise the Northern Lights Project. Of the 845 exploration titles currently held by the Company, 537 exploration titles are subject to a net smelter return royalty. Specifically: (i) Alta Royalties and Focus No 1 Royalty: 32 exploration titles are subject to a 2% net smelter return royalty held by Resources Miniere Alta Inc. (Alta) and a 0.5% net smelter return royalty held by Focus Graphite Inc. (Focus); and (ii) Focus No 2 Royalty: 505 exploration titles are subject to a 2.5% net smelter return royalty held by Focus. The Eldor Property is subject to royalty obligations over eight mineral claims. Those eight mineral claims, as acquired by Commerce from Virginia, are subject to a 1% net smelter return royalty to Virginia. In addition to the Virginia royalty, there is a private agreement held by two individuals for a 5% net profit interest royalty in five of the eight tenements. Commerce has the right to buy back the net profit interest royalty for CAD 500,000. The Directors are not aware of any other contingent liabilities or commitments as at 31 December 2025 (31 October 2025: $nil). Note 12. Events after the reporting period No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Mont Royal Resources Limited Directors' declaration 31 December 2025 15 In the directors' opinion: ● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements; ● the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 31 December 2025 and of its performance for the financial period ended on that date; and ● there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001. On behalf of the directors ___________________________ Nicholas Holthouse Managing Director 6 March 2026 Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. INDEPENDENT AUDITOR'S REVIEW REPORT To the members of Mont Royal Resources Limited Report on the Interim Financial Report Conclusion We have reviewed the interim financial report of Mont Royal Resources Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated