Announcement PDF Level 8, 2 Bligh Street Sydney NSW 2000 Mont Royal Resources Ltd ACN: 625 237 658 E: info@montroyalres.com www.montroyalres.com ASX ANNOUNCEMENT 9th June 2026 Updated Preliminary Economic Analysis Confirms Ashram as a Major Long-Life North American Rare Earths Development Project ROBUST UPDATED PEA HIGHLIGHTS ASHRAM’S POTENTIAL TO BECOME A STRATEGICALLY IMPORTANT LONG-TERM SUPPLIER OF RARE EARTHS INTO WESTERN CRITICAL MINERALS SUPPLY CHAINS Cautionary Statement The Preliminary Economic Assessment (PEA) is a preliminary technical and economic study of the potential viability of the Ashram Rare Earths & Fluorspar Project. It is based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the PEA will be realised. Further exploration, technical, and economic studies are required before the Company will be in a position to estimate any Ore Reserves or to provide assurance of an economic development case. The PEA has been completed to a level of accuracy of ± 50%. Forward-Looking Statements The PEA is based on the material assumptions outlined in this announcement. These include assumptions about the availability of funding. While Mont Royal considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PEA will be achieved. To achieve the range of outcomes indicated in the PEA, funding in the order of CAD$1.23 billion (initial capital, excluding access road, including 30% contingency) will likely be required. Investors should note that there is no certainty that Mont Royal will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Mont Royal's existing shares. It is also possible that Mont Royal could pursue other value realisation strategies such as a sale, partial sale, or joint venture of the Project. If it does, this could materially reduce Mont Royal's proportionate ownership of the Project. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the PEA. Of the approximately 53 Mt of mill feed underpinning the 30-year production target, approximately 93% is sourced from Indicated Mineral Resources and approximately 7% is sourced from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Mineral Resources do not feature as a significant proportion early in the mine plan. The mine plan is sequenced such that Indicated Mineral Resources predominate in the early years of production, with Inferred Mineral Resources weighted towards the later stages of the mine life. The Company is satisfied that the respective proportions of Inferred Mineral Resources are not the determining factors in project viability. 2 HIGHLIGHTS1 • Updated Preliminary Economic Assessment (“PEA”) confirms the Ashram Rare Earths Project (“Ashram” or the “Project”) in Québec, Canada, as a large-scale, long-life North American rare earth development. • Large-scale production profile: o Average annual production of ~17,466 tonnes of saleable Rare Earth Oxide (REO) o Average annual production of ~4,035 tonnes of Nd2O3 & Pr2O3 (NdPr) ▪ ~100 tonnes of Dy2O3 & Tb2O3 (DyTb) ▪ ~ 230 tonnes of Y2O3 (Y) o Initial mine life of 30 years supported by a resource base that remains capable of further expansion, with 93% of the resource schedule in the Indicated category. o Base case utilises only 25% of the current global resource, highlighting significant long-term expansion optionality o Initial nameplate mill throughput of ~1.8Mtpa supporting a long-life open pit operation with a low strip ratio of 0.4:1 • Robust project economics: o Post-tax NPV8% (real) of CAD$2.03B o Post-tax IRR (real) of 22.0% and post-tax payback of 3.9 years from commencement of production o Life of Mine (LOM) revenue of ~CAD$24.6B and a life-of-mine EBITDA margin of ~62.7% o Initial CAPEX of ~CAD$1.23B, including 30% contingency, with access infrastructure costs assumed under a contracted/shared logistics model and reflected in operating expenditure o The project is anticipated to benefit from ~CAD$342M of refundable Clean Technology Manufacturing Investment Tax Credits (CTM ITC) incorporated into post- tax cash flows • Competitive cost position: o C1 cash cost of approximately CAD$17.99/kg saleable REO o AISC of approximately CAD$18.58/kg saleable REO o Cost profile supported by low strip ratio, favourable mineralogy, production of a high- grade rare earth concentrate and an integrated hydrometallurgical refining strategy • Strategic project positioning: o Ashram is one of the largest monazite-dominant rare earth deposits in North America 1 There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Refer to the cautionary statement on page 1 of this announcement for further details. 3 o The Project offers exposure to a high-value magnet rare earth basket led by NdPr with additional Dy and Tb content, and potential future fluorspar value upside o Integrated development concept incorporates on-site concentration at Ashram and downstream hydrometallurgical refining in Saguenay, Québec o Located in Québec, one of the world’s leading mining jurisdictions o Ashram is well positioned to support Western government and industry initiatives aimed at establishing secure critical minerals supply chains outside China • Additional value upside: o Potential inclusion of a dedicated fluorspar recovery circuit in future studies o Broader district exploration upside across additional targets within the Eldor carbonatite complex, including satellite targets such as Mallard o Potential future inclusion of higher-value zones, including the BD Zone, subject to further test work and study o Downstream and strategic partnership opportunities o Opportunity to optimise road access costs. A regional shared infrastructure strategy is being evaluated as a means of reducing access road costs through potential collaboration with other mining projects, government agencies, and First Nations. • Next steps: o Progression toward a Pre-Feasibility Study (PFS), targeted to commence in H2 CY2026 o Ongoing metallurgical optimisation, engineering refinement, and workstreams to further de-risk the flowsheet and development pathway o Advancement of environmental baseline, permitting and stakeholder engagement programs across both the Ashram and Saguenay development footprint o Continued engagement regarding offtake, downstream and strategic partnership opportunities Mont Royal’s Managing Director, Mr. Nicholas Holthouse, said: “The updated PEA marks a major step forward for the Ashram Project, confirming a large-scale, long- life development with strong underlying economics and a clear pathway to advancement. The study has highlighted Ashram’s combination of scale, favourable mineralogy and competitive cost profile, supporting its potential to become a meaningful long-term supplier of rare earth products into Western supply chains. Importantly, we see further upside beyond the base case, including opportunities in fluorspar, resource expansion and downstream partnerships and collaboration. This is a project that can have a meaningful and long-lived impact on the development of rare earth industries and technologies within Quebec, Canada, North America and Europe. Our focus now is continuing to work with First Nations and Government agencies on developing infrastructures strategies and on progressing the project into pre-feasibility, advancing permitting and continuing engagement with strategic and offtake partners.” 4 PRELIMINARY ECONOMIC ASSESSMENT OVERVIEW Mont Royal Resources Limited (ASX: MRZ,TSXV: MRZL) (“Mont Royal” or the “Company”) is pleased to present an updated Preliminary Economic Assessment (“PEA”) for its 100%-owned Ashram Rare Earths and Fluorspar Project located in Nunavik, Québec, Canada. The PEA was completed by Altris Engineering (“Altris”) in accordance with National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in collaboration with the following specialist firms: • Altris Engineering • BBA Inc. (BBA) • PLR Resources Inc. (PLR) • DRA Americas Inc. (DRA) • L3 Process Development (L3) • ASDR Canada Inc. • TALA Geotec • Norda Stelo Inc. The updated study incorporates significant optimisation work completed since prior economic studies, including: • revised mining and processing assumptions; • optimisation of transportation and logistics pathways; • incorporation of a proposed hydrometallurgical processing facility in Saguenay, Québec; • updated infrastructure assumptions; and • revised engineering and metallurgical inputs. The PEA highlights the potential for Ashram to become a major long-term supplier of rare earth products into Western and allied critical mineral supply chains. Ashram is one of the largest monazite-hosted rare earth deposits in North America and contains a favourable distribution of magnet rare earth elements, including neodymium and praseodymium (“NdPr”), which are critical components used in EVs, permanent magnets, wind turbines, robotics, semi-conductors, aerospace technologies and defence applications. The Economic Summary and metrics for the project are shown below in TABLE 1 and TABLE 2. TABLE 1: Updated PEA – Economic Summary Economic Metrics Unit Value LOM Revenue CAD M 24,638 LOM EBITDA CAD M 15,460 EBITDA Margin % 62.7% LOM Undiscounted Post-Tax Cashflow CAD M 8,365 NPV8% Post-Tax (real) CAD M 2,026 NPV8% Pre-Tax (real) CAD M 3,440 IRR Post-Tax (real) % 22.0% IRR Pre-Tax (real) % 25.6% Post-Tax Payback years 3.9 5 TABLE 2: Operating cost profile Unit Cost Metric Unit Value C1 Cash Cost CAD/kg saleable REO 17.99 AISC CAD/kg saleable REO 18.58 PROJECT OVERVIEW AND HISTORY The Ashram Project is located on Mont Royal Resources’ 100%-owned Eldor Property in Nunavik, northern Québec, approximately 130km south of Kuujjuaq, and covers 11,475ha across 244 contiguous Exclusive Exploration Rights (EERs) as shown in Figure 1. Figure 1: Ashram REE and Fluorspar Project location 6 The Project hosts the Eldor Carbonatite Complex, including the Ashram Rare Earth and Fluorspar Deposit, with additional potential for niobium, tantalum and phosphate mineralisation. Following the merger between Commerce Resources and Mont Royal Resources in October 2025, the combined group consolidated ownership and strategic direction for the Project. Commerce Resources Corporation holds a 100% interest in all EERs, which are in good standing until May 2027. Importantly, the Ashram Deposit is not subject to the limited third-party royalties applicable to a small number of original claims. The Property is fully permitted for exploration, with no known material environmental, legal or access constraints. The Project is accessible via Kuujjuaq, which serves as the primary logistics hub with regular air services from Montréal and seasonal marine supply access. A permanent on-site exploration facility, Camp Valcourt, supports year-round operations and accommodates up to 35 personnel. The Project benefits from several strategic infrastructure advantages, including: • access to established logistics corridors; • proximity to potential port infrastructure; • access to low-cost renewable hydroelectric power in Québec (Saguenay site); • a supportive mining jurisdiction; and • access to established industrial infrastructure in Saguenay. Since acquiring the Property in 2007, Commerce has completed extensive drilling, geophysical surveys, trenching and surface exploration programs. The Ashram REE Deposit was discovered in 2009, with subsequent drilling confirming a large-scale, continuous mineralised system extending from surface to depth. This work supported the establishment of NI 43-101 compliant Mineral Resource Estimates, which have since positioned Ashram as one of the largest undeveloped rare earth deposits in North America. GEOLOGICAL SETTING Ashram is hosted within the Eldor Carbonatite Complex, a large intrusive carbonatite system located within the Paleoproterozoic New Québec Orogen. Rare earth mineralisation is dominated by monazite, with subordinate bastnäsite, parisite and xenotime. The relatively simple and commercially favourable mineral assemblage is considered advantageous for metallurgical recovery and downstream processing. The deposit includes several mineralised zones, including: • A-Zone; • B-Zone; • Breccia Zone; and • BD-Zone. These zones vary in texture and grade, with the A‑Zone hosting the highest and most continuous REE grades. Niobium and tantalum mineralisation occurs elsewhere in the complex, mainly hosted in pyrochlore‑group minerals within carbonatite and phoscorite units. 7 The relatively simple mineral assemblage is considered commercially favourable and comparable to other major carbonatite-hosted REE systems globally, including Mountain Pass (USA), Niobec (Québec) and Palabora (South Africa). MINERAL RESOURCE ESTIMATE The updated PEA uses the updated JORC MRE for the Ashram Deposit released on October 1, 2025 (Table 3). The Ashram MRE integrates drilling data collected between 2008 and 2022 and was completed using industry‑standard geological modelling and geostatistical methods. A total database of 213 drill holes, six surface channels, and nearly 33,000 samples underpin the estimate, with mineralisation defined within three REE‑bearing domains (A‑Zone, B‑Zone, and Breccia Classic). The drill hole collars are shown below in Figure 2. Figure 2: Carbonatite Complex Geology of the Ashram Project. 8 Ordinary kriging was applied within a detailed 3D block model constrained by a conceptual open‑pit shell developed to demonstrate reasonable prospects for eventual economic extraction. The estimate is classified in accordance with CIM standards, defining Indicated and Inferred Resources based on drill spacing, geological confidence, and grade continuity; no Measured Resources are defined at this stage. The confidence categories assigned under the CIM Definition Standards were reconciled to the confidence categories under the JORC Code, as disclosed in the Company’s Prospectus released to ASX on 1 October 2025. Interpreted zones are shown below in the cross-section in Figure 3 with Figure 4 showing the block model coloured by resource classification within the resource shell. Figure 3: Geological model cross-section of the Ashram Deposit, highlighting carbonatite lithological domains considered in the MRE. 9 Figure 4: Cross-section showing Indicated and Inferred classifications within the block model. Figure 5: Cross-section showing the TREO % distribution. Using a base case, net metal return (NMR) cut‑off of CAD$287/t, the MRE defines 73.2 Mt of Indicated Resources grading 1.89% Total Rare Earth Oxides (TREO) and 131.1 Mt of Inferred Resources grading 1.91% TREO. The resource exhibits a favourable rare‑earth distribution, with NdPr accounting for approximately 21% of TREO and meaningful contributions from the critical heavy rare earths Tb and Dy with Figure 5 showing TREO distribution. Mineralisation remains open laterally and at depth, and the estimated pit shell outlines a large, continuous deposit with a conceptual strip ratio across the entire MRE of approximately 2.7:1. 10 Table 3: 2025 Ashram Project Mineral Resource Estimate Cut-off NMR CAD $287 / tonne Category Unit Indicated Inferred Tonnes Mt 73.2 131.1 Total TREO % 1.89 1.91 Nd+Pr Oxide/TREO 21.2 21.4 Dy+Tb Oxide/TREO 0.7 0.5 La2O3 ppm 4,829 4,969 Ce2O3 8,753 8,933 Pr2O3 907 927 Nd2O3 3,112 3,162 Sm2O3 412 385 Eu2O3 98 87 Gd2O3 223 195 Tb2O3 24 19 Dy2O3 102 73 Ho2O3 14 10 Er2O3 31 21 Tm2O3 3 2 Yb2O3 18 13 Lu2O3 2 2 Y2O3 419 280 Fluorspar (CaF2) % 6.6 4.0 (a) TREO is sum of lanthanides (as oxides) + yttrium oxide (b) NdPr distribution calculated as (Nd2O3 + Pr2O3) / TREO x 100 (c) CaF2 calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the mineral fluorite (“fluorspar”) (d) Cut-off expressed as NMR ($)/t only considers payable elements La-Nd-Pr-Tb-Dy (e) DyTb distribution calculated as (Dy2O3 + Tb2O3) / TREO x 100 (f) Prices shown are in CAD (g) Differences may occur in totals due to rounding The MRE confirms Ashram as a large, well-defined rare earth deposit with strong grade continuity and favourable metallurgical characteristics. The BD-Zone, also an REE-bearing unit, was excluded from the estimate pending further metallurgical evaluation and therefore represents additional resource upside. Overall, the MRE provides a solid basis for advanced technical studies and future resource definition through continued drilling. 11 DEVELOPMENT PATHWAY The updated PEA contemplates a mine and concentrator operation located at Ashram, with production of an intermediate mixed rare earth concentrate (“MREC”) product for downstream processing. The Project development strategy incorporates: • on-site concentration; • multi-modal logistics transportation; • hydrometallurgical processing in Saguenay; • production of saleable mixed rare earth products; and • future optionality for additional downstream processing initiatives. The Company believes this approach: • materially improves execution certainty; • reduces development complexity; • enhances scalability; • supports financing pathways; and • aligns with broader Québecois and Canadian critical minerals strategies. MINING The Ashram Project mine design and mine plan are based on a conventional open-pit, truck-and- shovel operation using drill-and-blast mining on 10m benches, operated by an owner fleet on a continuous 7-day, 12-hour shift basis. While the Mineral Resource supports a theoretical 169-year mine life at 4,900tpd, a 30-year life-of- mine (LOM) was adopted for the PEA as it captures most of the Project’s value. Based on technical and economic parameters and metal selling prices, the Net Metal Return (NMR) cut-off for the Project was calculated at CAD$88/t. A trade-off study assessing the impact of higher cut-off values on Project economics and concentrator feed quality resulted in the selection of an elevated cut-off strategy being adopted and an NMR cut-off of CAD$217/t was ultimately selected for the PEA. The resulting open pit design for the 30-year mine life includes 53 Mt of mill feed at a strip ratio of 0.4:1. Access to mineralisation beneath the shallow centre pond will require the construction of dewatering dykes and controlled pond dewatering. Mine design, scheduling and cost estimation were completed using MinePlan 3D software, supported by geological, topographical and material property data. Of the approximately 53 Mt of mill feed underpinning the 30-year production target, approximately 93% is sourced from Indicated Mineral Resources and approximately 7% is sourced from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The mine plan has been sequenced such that Indicated Mineral Resources predominate in the early years of production, with Inferred Mineral Resources weighted towards the later stages of the mine life. The Company is satisfied that the respective proportions of Inferred Mineral Resources are not 12 the determining factors in project viability and that Inferred Mineral Resources do not feature as a significant proportion early in the mine plan. A phased mining approach was developed to prioritise higher-value material and manage technical risk, commencing with a starter pit that can be mined prior to the full dewatering of the centre pond from Year 2 to Year 3, followed by two deeper mining phases to a final pit depth of approximately 240m. The mine plan targets steady-state production of 1.8Mtpa following a staged ramp-up, with average total material movement of 2.5Mtpa over the LOM. Waste rock, low-grade material and topsoil will be strategically stockpiled, with waste rock largely utilised for tailings dyke construction. Mining fleet requirements and workforce estimates underpin the mining cost model used in the PEA financial analysis. Figure 6: Final Pit design 13 Figure 7: Mine Production Schedule. Figure 8: Crusher feed grades for five payable oxides. 14 Figure 9: Crusher feed by year with contained TREO (%). 15 METALLURGY AND PROCESSING Minerals Processing Testing and Results Several mineral processing test work programs have been completed for the Ashram Project to develop a beneficiation flowsheet capable of producing a rare earth mineral concentrate suitable for cost-effective hydrometallurgical processing. The objectives of the various test work programs differed, with some focused on producing a high- grade mineral concentrate, while others investigated generating a lower-grade concentrate to maximise REE recovery and produce a fluorspar by-product. The current beneficiation flowsheet strategy for REE processing is focused on producing a high- grade mineral concentrate to reduce the complexity and cost of downstream hydrometallurgical processing. This flowsheet does not consider fluorspar by-products. Historical metallurgical test work campaigns were undertaken at UVR-FIA GmbH in Germany, Université Laval in Québec City, Canmet MINING in Ottawa, and Hazen Research Inc. in Colorado, USA. SGS Canada was subsequently engaged to investigate alternative flowsheets based on the historical work and the current project objectives. SGS completed several test programs, including sample preparation, mineral characterisation, comminution testing, batch and locked-cycle flotation testing, and solid-liquid separation testing. The SGS work programs formed the basis for the process design criteria and support the production of high-grade rare earth mineral concentrates. Hydrometallurgical Testing and Results Extensive bench-scale and scoping metallurgical test work has been completed to evaluate hydrometallurgical recovery pathways for the Ashram flotation concentrate and support flowsheet selection for the PEA. Early development work by Hazen (Gagnon et al., 2012) successfully demonstrated the production of commercial-grade mixed rare earth carbonate via a multi-step process incorporating pre- leaching, magnetic separation, sulphuric acid bake and water leach, selective thorium removal via solvent extraction, rare earth extraction and purification, oxalate precipitation, and metathesis to carbonate. High recoveries were achieved across most rare earth elements. The flowsheet was subsequently simplified, optimised and validated through test work undertaken by L3 Process Development. Key processing steps were refined and de-risked, demonstrating effective gangue removal during pre-leach, strong and acid-efficient acid bake performance, and high water-leach recoveries. Thorium was completely and selectively extracted and recovered using Cyanex 923 without significant REE losses. Additional scoping studies assessed alternative processing concepts, including high-activity direct hydrochloric acid leaching of flotation concentrates. While it was successful on earlier flotation concentrates, this approach proved sub-optimal on concentrates generated under the latest flotation flowsheet conditions, reflecting changes in concentrate grade, mineralogy and impurity levels. The cumulative test work confirms the technical robustness of the selected recovery flowsheet and highlights clear optimisation opportunities to be advanced during the Pre-Feasibility Study. TABLE 4 shows the hydrometallurgical recoveries applied to monazite concentrates fed into the hydromet plant. 16 TABLE 4: Overall Hydrometallurgical Rare Earth Element Recoveries Element Hydromet Recovery Sc 72% Y 78% La 77% Ce 83% Pr 91% Nd 91% Sm 84% Eu 84% Gd 84% Tb 78% Dy 78% Ho 78% Er 78% Tm 78% Yb 78% Lu 78% On-site Mineral Processing Facility The Ashram Rare Earth Element Mineral Processing Facility (“MPF” or “concentrator”) will be located immediately north of the open pit mine. The concentrator will comprise crushing, grinding, flotation and dewatering circuits. The facility is designed to process nominal throughput of 4,900 dry tonnes per day (tpd) of run-of- mine (ROM) mineralised material at an average feed grade of 1.88% rare earth oxide (“REO”), producing approximately 190tpd of concentrate grading around 30% REO, varying between 28% and 34% depending on feed grade. Figure 10: Concentrate tonnes and grade produced onsite at Ashram by year. 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10000 20000 30000 40000 50000 60000 70000 80000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Grade Tonnes Years Concentrate Tonnes and Grade Con TREO T Grade % 17 The concentrator is designed to achieve an average REO recovery of 63% based on flotation test work, although recovery is expected to vary according to feed composition. Filtered concentrate will be loaded into 20-foot containers and transported south to the hydrometallurgical processing facility at Saguenay. Concentrator tailings, referred to as processed carbonatite, will be thickened and pumped to the processed carbonatite storage facility. Figure 10 above shows concentrator tonnes and grades recovered onsite for shipment to Saguenay by years. Hydrometallurgical Processing Facility The hydrometallurgical processing facility, to be located in Saguenay, will upgrade flotation concentrate into a Mixed Rare Earth Carbonate (MREC) product using a proven process route incorporating acid bake, water leach, solvent extraction, oxalate precipitation and metathesis. The hydromet plant is designed to process approximately 69,500tpa of flotation concentrate and produce approximately 33,800tpa of MREC, while ensuring effective removal and management of thorium and other impurities. Process design is based on preliminary heat and material balance modelling and metallurgical test work, with individual circuit recoveries resulting in overall rare earth recoveries typically ranging from approximately 72% to more than 90%, depending on the element. Comprehensive effluent treatment, scrubbing and reagent management systems have been incorporated to meet environmental and safety requirements. Together, the concentrator and hydromet facilities form a technically robust recovery flowsheet that supports the Project’s production targets and provides a clear pathway from mine feed to a marketable rare earth product at the PEA level. Figure 11: MREC production schedule (contained TREO). 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Tonnes Years Mixed Rare Earth Carbonate and Contained Total Rare Earth Oxides by Year MREC @ 55% TREO TREO 18 INFRASTRUCTURE The Ashram Project infrastructure strategy is underpinned by a comprehensive transport and logistics framework designed to support a remote mining operation with limited existing infrastructure and services in the surrounding region. A 2025 transport route trade-off study identified a southern logistics corridor as the preferred development pathway. Under this scenario, concentrate would be transported via a 320km road link from Ashram to Schefferville, where it would connect to existing rail infrastructure for shipment to Sept-Îles. From there, containerised concentrate would be transported approximately 570km either by road or marine transport along the St. Lawrence River to Saguenay. This intermodal logistics solution is designed to provide reliable, year-round transport while avoiding reliance on the previously considered northern shipping route, which would have required construction of new port infrastructure. Transport logistics consider the naturally present thorium radionuclide content, which becomes concentrated during mineral processing on site at Ashram. The beneficiate concentrate will leave the Ashram mine-concentrator site as a class 7 material. During hydrometallurgical processing, thorium is expected to be concentrated into a separate, stable product (approximate 35% thorium oxide), while the final MREC product will contain very low thorium levels and is not expected to trigger radioactive transport regulations. The stable thorium-rich material will be transported separately to any other product or waste stream for disposal in Saskatoon in a third party approved and permitted radionuclide storage facility. Supporting mine site infrastructure includes internal access roads, an aerodrome, diesel-based power generation, telecommunications systems, fuel storage, explosives facilities, and administrative and accommodation buildings for a workforce of up to 200 personnel. Mont Royal is currently exploring options to share the infrastructure development with other local mining projects, government agencies, and First Nations. At the downstream Saguenay site, additional non-process infrastructure will sup