Announcement PDF Level 8, 2 Bligh Street Sydney NSW 2000 ASX ANNOUNCEMENT 29 October 2026 Mont Royal Resources Ltd ACN: 625 237 658 E: info@montroyalres.com www.montroyalres.com September 2026 Quarterly Activities Report JOINT STUDY AGREEMENT TO EVALUATE NEXT-STAGE PROCESSING PATHWAY FOR ASHRAM RARE EARTHS; MONT ROYAL ACCEPTED INTO U.S. DEFENSE INDUSTRIAL BASE CONSORTIUM HIGHLIGHTS Ashram Rare Earth & Fluorspar Project • Joint Study Agreement signedwith Alta Resource Technologies to evaluate the potential to produce high-purity separated rare earth oxides from Ashram. • Mont Royal acceptedasa memberof theU.S. DefenseIndustrial Base Consortium (DIBC), a U.S. Department of Defense-supported collaborative network focused on strengthening industrial capability. • DIBC membership positions the Company’s Ashram Project within the growing North American and allied critical minerals supply chain supporting defence, advanced manufacturing and energy security. • Ashram Project selected for the inaugural Canada Investment Summit, which showcases selected Canadian investment opportunities to global investors and strategic partners. • First Public Information Meeting for theAshram Project heldin Kuujjuaq, with nearly 160 participants joining in person and online. • Naskapi Nation Infrastructure Study consultation process progresses. Northern Lights Lithium & Gold Project • Till sampling programme completed to test for gold mineralisation on the Chateaufort Property, located along strike from Benz Mining’s ~1Moz Eastmain gold project. Corporate • C$2.22 million Quebec tax credit received. • Mont Royal remains well funded, with A$5.03m in cash at Quarter-end. Overview The September 2026 Quarter has delivered further important progress for Mont Royal Resources towards establishing the Company’s flagship Ashram Rare Earths & Fluorspar Project in Québec, Canada as a strategically important long-term supplier of rare earths into Western criticalminerals supply chains. Mont Royal’s Managing Director, Mr. Nick Holthouse, said: “Following the delivery of an updated Preliminary Economic Assessment (PEA) in the June 2026 Quarter – which confirmed the Ashram Project’s credentials as a compelling, large-scale,long-life development opportunity – our focus through the September Quarter has been on progressing optimisationandtrade-off studies andpromotingAshramtostrategic global investorsandpotential customers. 2 “During the Quarter, we signed a Joint Study Agreement with Alta Resource Technologies to investigate the potential to use Alta’s engineered protein-based rare earth separation technology on feedstock from the Ashram Project. We believe this technology offers the potential to capture additionalvaluefromthesuiteof rare earth elements within theAshramResource,with success from this study opening up a potential pathway to establish a future commercial refining facility. “We were also very pleased to significantly expand our collaboration network within the North American supply chain,with Mont Royal accepted as a member of the U.S. Defense Industrial Base Consortium. This consortium, which is backed by the U.S. Department of Defense, connects companies, universities and research organizations with government funding opportunities to strengthen the defense industrial base. “In Canada,theAshram Project was selected to be showcased at the inaugural Canada Investment Summit in Toronto, which highlights investment opportunities across critical sectors including critical minerals,clean and conventional energy,advanced manufacturing,artificial intelligence and trade and transportation infrastructure, with a focus on projects seeking financing and strategic partnerships. “Both of these initiatives significantly increaseAshram’s visibility within the growing North American and allied critical minerals supply chain. “Locally,we were delighted to host our first-ever Public Information Meeting for theAshram Project in Kuujjuaq, with around 160 community members attending. These meetings reflect our strong commitment to community engagement,with Mont Royal planning to maintain a regular presence in Kuujjuaq and public meetings expected to be held twice yearly. “Over the coming months,we intend to continue to progress trade-off and optimisation studies for the Ashram Project as we work towards commencing a Pre-Feasibility Study in H2 CY2027.” ASHRAM RARE EARTHS & FLUORSPAR PROJECT Joint Study Agreement with Alta Resource Technologies During the Quarter, Mont Royal signed a Joint Study Agreement (“JSA”) with Alta Resource Technologies, Inc. (“Alta”) to evaluate a technical pathway for processing mixed rare earth carbonates (“MREC”) from Mont Royal’s Ashram Project into separated, high-purity rare earth oxides (“REO”). The JSA will also assess the potential for a commercial refining facility and is intended as an initial step toward a potential joint venture to support the long-term production of NorthAmerican REOs for permanent magnets, advanced technologies, and defence applications. Alta is a pioneer in the emerging field of “precision mining” — an approach to sourcing minerals that emphasizes accuracy,lower impact, and full mineral valorization.Alta’s processing platform uses engineered proteins to separate rare earth elements and other strategic materials with high selectivity. By tailoring these proteins to bind selectively to individual elements, Alta’s process is built to sustainably recover the full value of a resource with a minimal footprint. The JSA will evaluate pathways for applying Alta’s engineered-protein technology to separate Mont Royal’s MREC into individual, high-purity REOs, with the two companies collaboratively assessing how to bridge Mont Royal’s hydrometallurgicalprocess withAlta’s separation process. 3 Alta’s technology has previously been demonstrated on a variety of feedstocks, including the intralanthanide separation of permanent magnet REOs (NdPr,Dy,and Tb) and SEG+ (Sm, Eu, Gd, Y) at greater than 99.5% purity and greater than 90% yield. The JSA will determine whether comparable results can be achieved with Mont Royal’s Ashram MREC. Establishing REO production from Canadian resources advances the strategic goal of a secure, North American supply of critical minerals essential for defence, energy, and advanced manufacturing.Processing this material in North America is consistent with the Canada-U.S.Joint Action Plan on Critical Minerals and would strengthen an integrated continental supply chain for both countries. Alta’s other recent industry collaborations include a partnering agreement with Korea Zinc, the world's largest non-ferrous metals smelter, to establish a US-based rare earth recycling joint venture,targeting commercial production of high-purity NdPr,dysprosium and terbium from end- of-life magnets by 2027. Kuujjuaq Public Information Meeting Mont Royal hosted its first public information meeting in Kuujjuaq in September, marking an important step in the Company’s ongoing commitment to information sharing and dialogue surrounding its Ashram Project. The meeting provided an opportunity for Mont Royal to update participants on Ashram’s current stage of development,ongoing activities and next steps,as well as to hear directly from community members and respond directly to questions as the Project continues to advance. Mont Royal’s Managing Director,Nicholas Holthouse,and Vice President,GovernmentAffairs and Sustainability, Cindy Valence, attended the meeting, presenting an overview of the Project and participating in discussions with attendees.Approximately 60 people attended the meeting in person, with close to 100 additional participants joining the presentation online. This first public information meeting marked an important step in Mont Royal’s ongoing information-sharing and engagement efforts,which will continue as the Project advances.As part of this commitment,Mont Royal plans to maintain a presence in Kuujjuaq on a quarterly basis to foster regular communication with the community and local organizations. Public informationmeetings willbe held everysixmonths tosharethe latestupdates on theAshram Project,respond to questions from the community and continue discussions as the Project moves through its various stages of development. Mont Royal Accepted into U.S. Defense Industrial Base Consortium (DIBC) During the Quarter, Mont Royal was accepted into the Defense Industrial Base Consortium (DIBC), marking an important strategic milestone as it advances the development of the Ashram Project. The DIBC is a U.S. Department of Defense-supported consortium established to accelerate innovation and strengthen domestic and allied industrial capability across strategically important sectors. Membership provides MontRoyal with access to a collaborative network comprising U.S.defence agencies, prime contractors, research institutions and technology developers working to strengthen North American industrial capability and develop resilient supply chains. As governments across North America and allied jurisdictions continue to prioritise sovereign supplyof rare earthelementsand industrialmineralsessentialtodefence technologies,aerospace, permanent magnets and advanced manufacturing,Mont Royal believes the Ashram Project is well positioned to contribute to these long-term strategic objectives. 4 Ashram Project Selected for Inaugural Canada Investment Summit The Ashram Project was selected for inclusion in the Canada Investment Summit Prospectus, showcasingselected Canadianinvestmentopportunitiestoglobalinvestors and strategicpartners. The inaugural Canada InvestmentSummit, which was held in Toronto in September,forms part of a broader Canadian Government initiative to attract long-term capital into strategically important sectors, with the Government of Canada outlining an ambition to catalyse $1 trillion in total investment in Canada over the next five years. The SummitProspectus highlights investmentopportunities acrosscriticalsectors includingcritical minerals,clean and conventionalenergy,advanced manufacturing,artificialintelligence and trade and transportation infrastructure, with a focus on projects seeking financing and strategic partnerships. The Prospectus highlighted the potential of the Ashram Project to supply the key magnet rare earths neodymium and praseodymium (NdPr),together with fluorspar and niobium by-products.It identified the Project as having a completed Preliminary Economic Assessment, with a Pre- Feasibility Study underway, and highlighted opportunities for equity, joint venture and strategic investment, project finance and off-take partnerships. NORTHERN LIGHTS LITHIUM & GOLD PROJECT Gold Exploration Programme During the Quarter, Mont Royal undertook a helicopter-supported till sampling survey across the ChateaufortPropertyas partof the SummerExploration Programme and tosatisfyannualminimum expenditure requirements at its Northern Lights Lithium and Gold Project in Québec, Canada. The surveywas designed toassess gold potentialthroughthe useof gold-grain dispersionanalysis in Quaternary deposits.The project area lies along strike from Benz Mining Corp’s Eastmain Gold Project in the Upper Eastmain Greenstone Belt. The programme comprised two sampling lines spaced approximately 1.5 to 2.0 kilometres apart, with samples approximately every 250 to 300 metres. Ten (10) samples were collected over the northern part of the Chateaufort Property, as shown in Figure 2. Report details will be tabled when available. 5 Figure 1: Location of the Chateaufort Property, James Bay Area. Figure 2: Location of the targeted till samples on the Chateaufort Property. Background colours are indicative of surficial deposit types. 6 Naskapi Nation Infrastructure Study During the Quarter, the Naskapi Nation of Kawawachikamach have continued and progressed the consultation phase of the Naskapi Nuuhchiimiiu Maaskinuw Project. According to information made public by the Nation on June 12, the Naskapi Nuuhchiimiiu Maaskinuw Project is a community-led initiative designed to assess potential access corridor options througha process of community engagementand regionalcollaboration.The Nation’s full announcement is available at: Naskapi Nation Launches the Naskapi Nuuhchiimiiu Maaskinuw Project. Mont Royal welcomes this initiative, which is founded on principles of dialogue, collaboration, knowledge sharing,and informed decision-making.The Company recognizes the importance for Indigenous Nations tohave access totheinformationand tools necessarytoevaluateopportunities and challenges associated with infrastructure that may affect their territories and communities. Mont Royal is currently advancing its Ashram Rare Earth Projectin Nunavik.The Company believes that the responsible development of strategic resources requires ongoing engagement with communities, as well as a strong understanding of the environmental, social, cultural, and economic considerations unique to each territory. In parallel with the initiative being led by the Naskapi Nation,Mont Royal continues its discussions and engagement activities with the Inuit, Naskapi, and Innu communities involved in the development of the Ashram Project and in broader discussions regarding regional infrastructure. These exchanges are intended to foster dialogue, better understand community priorities and concerns, and contribute to the development of long-term relationships built on trust, mutual respect, and collaboration. The Company notes that the Nuuhchiimiiu Maaskinuw Projectis an independent initiative led by the Naskapi Nation of Kawawachikamach.Mont Royal fully respects the objectives of this initiative, which seeks to gather information,conduct the necessary analyses,and supportthe community’s reflections regarding future infrastructure options. Mont Royal remains committed to maintaining open and constructive dialogue with Indigenous communities,governments,and other stakeholders as part of its project development activities. FINANCIAL POSITION The Company held $5.029 million in cash and cash equivalents as at 30 September 2026. The merged group receivedanexploration taxrebate of approximatelyC$2.22 million for2023/24 from Revenue Quebec during the Quarter. Mont Royal, through its wholly owned subsidiary Commerce Resources Corp, is registered and eligible for the tax rebate for its critical minerals exploration and development activities in Quebec, Canada. Mont Royal is also in the process of finalising its 2024/25 calculations and income tax return,which will include an application for a tax credit from Revenue Quebec. A total of $715k of expenditure was incurred on exploration activities during the September 2026 Quarter, which consisted of PEA studies, Ashram and Northern Lights properties fieldwork programmes. No development or production activities were undertaken during the September 2026 Quarter. A total of A$215k was paid to related parties and their associates,as disclosed in item 6.1 of the Appendix 5B pertaining to payments of executive,non-executive directors' fees and advisory fees. 7 CORPORATE The Company continues to engage with relevant Government agencies and potential industrial strategic groups aroundthepursuitof non-dilutiveequityforongoingstudies andworks packages. BOARD CHANGE Subsequentto quarter-end,Mr Jeremy Robinson resigned from his position as a Non-Executive Director, to focus on his other business interests. The Board wishes to thank Mr Robinson for his valuable contribution to Mont Royal during the merger with Commerce Resources last year and extends its best wishes to him in his future endeavours. The Company continues to review the composition of the Board with a view to adding additional rare earths, mining and development expertise, and will make further announcements at the appropriate time. LOOKING FORWARD Planned activities for the December Quarter include: • PEA review and associated trade-off and optimisation studies as the Company progresses towards a Pre-Feasibility Study commencing in 2H 2027. • Commencement of baseline studies for the permitting process for a proposed start in 1H 2027. • Metallurgical test work for potential inclusion of Fluorspar recovery circuitin future Ashram flowsheets. • BD-Zone test work and potential MRE inclusion. • Ongoingreviewand optimisationofAshramsite powercosts and initiatives toreduce these through renewable energy alternatives. • Progress Critical Minerals Infrastructure Fund (CMIF) $2.6M grant due diligence process to sign off. • Commencing a strategic process with relevant Government agencies and Industry groups to pursue non-dilutive equity options for ongoing studies and permitting works. For and on behalf of the Board ENDS Joel Ives | Company Secretary 8 For Further Information: Nicholas Holthouse Managing Director info@montroyalres.com Nicholas Read Investor and Media Relations nicholas@readcorporate.com.au Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 9 Use of Funds In accordance with Listing Rule 5.3.4, and as the September 2026 quarter was in a period covered by a ‘Use of Funds’ statement in the Prospectus, Table 3 below compares the Company’s actual expenditure to 30 September 2026 in comparison with the estimated expenditure outlined in the ‘Use of Funds’ statement: Use of Funds under Prospectus Expenditure allocated under Prospectus (2 year period) A$ Actual expenditure to date 30-Sept-26 A$ Costs of the Offers 1,216,644 1,615,961 Finalisation of Preliminary Economic Assessment 1,000,000 988,296 Environmental Baseline Studies 3,000,000 - Prefeasibility Studies 2,500,000 421,934 Northern Lights exploration 250,000 214,898 General administration1, 2 2,033,356 2,091,232 Total 10,000,000 5,332,321 1 This excludes the corporate advisory fee payments to Yelverton Capital Pty Ltd of $426k and Wallabi Group Pty Ltd of $433k as disclosed in the Prospectus.These fees were deemed to be paid out of existing funds prior to the IPO raise. 2 The C$2.22 million Quebec tax credit received during the quarter has funded the $850k of general administration spent in the quarter and will continue to do so until fully utilised. 10 Annexure – Mining Tenement Information The following tenements/claims are held at 30 September 2026: Project Location Tenement/Title Number Eldor Claims Quebec Canada 1007657 1007658 1007659 1007660 1007661 1007883 1007889 1007890 2087740 2087741 2087742 2087743 2087744 2087745 2087746 2087747 2087748 2087749 2087750 2087751 2087752 2087753 2087754 2087755 2087756 2087757 2087758 2087759 2087760 2087761 2087762 2087763 2087764 2087765 2087766 2087767 2087768 2087769 2087770 2087771 2087772 2087773 2087774 2087775 2087776 2087777 2087778 2087779 2087780 2087781 2087782 2087783 2087784 2087785 2087786 2087787 2087788 2087789 2087790 2087791 2087792 2087793 2087794 2087795 2087796 2087797 2087798 2087799 2087800 2087801 2087802 2087803 2087804 2087805 2087806 2087807 2087808 2087809 2087810 2087811 2087812 2087813 2087814 2087815 2087816 2087818 2087819 2087820 2087821 2087822 2087823 2111141 2111142 2111143 2111144 2111145 2111146 2111147 2111148 2111149 2111150 2111151 2111152 2111153 2111154 2111155 2111156 2111157 2111158 2111159 2111160 2111161 2111162 2111163 2111164 2111165 2111166 2118755 2118761 2118767 2118768 2118769 2118775 2118776 2118777 2118780 2118781 2118782 2118783 2118784 2118785 2118786 2118787 2118788 2118789 2118790 2118791 2118792 2118793 2118794 2123093 2123094 2123095 2123096 2123097 2123098 2123099 2123100 2123101 2123102 2123103 2123104 2123105 2123106 2142201 2142202 2142203 2142204 2142205 2142206 2142207 2142208 2142209 2142210 2142211 2142212 2142213 2142214 2142215 2142216 2142222 2142223 2142224 2142230 2142231 2142232 2142233 2142234 2142235 2142236 2142242 2142243 2142244 2142245 2142246 2145636 2145637 2145638 2145639 2145640 2145649 2145650 2145651 2145652 2145653 2145654 2145655 2145656 2145657 2145658 2145662 2145663 2145664 2145665 2145666 2145667 2145668 2145669 2145670 2145671 2145674 2145675 2145676 2145677 2145678 2145679 2145680 2145681 2145682 2145684 2145685 2145686 2145687 2145688 2145689 2145691 2145692 2145698 2145699 2145700 2145705 2145706 2145707 2145712 2145713 2145714 2145715 2145716 2145722 2145723 2145724 2145725 2179343 Northern Lights Quebec, Canada 2556889-894 2556900-912 2556915 2556918-925 2556926 2556928-933 2556934-935 2556936-946 2556947 2556948-953 2556954-956 2556957-958 2556959-971 2556974-984 2556990 2556991-999 2557000 2558307-322 2558323-325 2706113 2784482-485 2802682 2557011-012 2557016-020 2557025-038 2557040-061 2557064-086 2557088-100 2557102-164 2557174-175 2557183-185 2557188-189 2627133 Eastmain Leran Quebec, Canada 28001 – 28020 28133 32570 – 32577 47480 – 47482 11 Eastmain-Leran (North) Staked Claims Quebec, Canada 2366180 – 308 2366403 – 504 2366511 – 512 2367332 – 339 2486140 – 145 2513157 – 400 2515373 2520337 – 338 2530140 - 150 About Mont Royal Resources Mont Royal Resources Limited (ASX: MRZ,TSXV:MRZL) is a critical minerals development and exploration company with projects in Quebec,Canada.The Company is dedicated to advancing its 100%-owned Ashram Rare Earth and Fluorspar Deposit in Québec,Canada – one of the largest monazite-dominant carbonatite-hosted Rare Earth Elements deposits in North America. In addition,the Company owns 75% of Northern Lights Minerals 536km2 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,and are prospective for lithium,precious (Gold,Silver) and base metals mineralisation (Copper, Nickel). For further information regarding Mont Royal Resources Limited, please visit the ASX platform (ASX: MRZ) or the Mont Royal’s website www.montroyalres.com Important Notices & Disclaimers Cautionary Statement – Preliminary Economic Assessment The updated Preliminary Economic Assessment("PEA") referred to in this report is a preliminary technicaland economicstudyof the potentialviabilityof the AshramRare Earth& FluorsparProject ("Ashram" or the "Project").The PEA is based on low-level technicaland economic assessments and has been completed to a level of accuracy of ± 50%. It is not sufficient to support the estimation of Ore Reservesortoprovide assuranceof aneconomicdevelopmentcase atthisstage, nor to provide certainty that the conclusions of the PEA will be realised. Further exploration, technical,and economic studies are required before Mont RoyalResources Limited ("Mont Royal" or the "Company") will be in a position to estimate any Ore Reserves or to provide assurance of an economic development case. Production Target and Mineral Resources The production target referenced in this report is underpinned by approximately 53 Mt of mill feed over a 30-year initial mine life. Of that mill feed, approximately 93% is sourced from Indicated Mineral Resources and approximately 7% 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 resultin the conversion of Inferred to Indicated Mineral Resources,or that the production target itself will be realised.The mine plan has been sequenced such that Indicated MineralResources 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 proportion of Inferred Mineral Resources is not the determining factor in project viability. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Competent and Qualified Persons The technical information in the Report thatrelates to the PEA for the Ashram Project is based on, and fairly represents, information compiled by Lucas Bullen, CPEng, CEng, who is a Qualified Person as defined by NI 43-101,and a member of in good standing as a; Member and Chartered Professional Engineer (MIEAustCPEng) of Engineers Australia,a Member and Chartered Chemical Engineer (MIChemE CEng) of the Institution of Chemical Engineers and a Member (MAusIMM) of the Australasian Institute of Mining and Metallurgy. Mr Bullen has reviewed and approved all technical information in the Report related to the above. 12 The production target referred to in this report was firstreported by the Company on 9 June 2026. The Company confirms that all material assumptions underpinning the production target and forecast financial information derived from the production target in the original announcement continue to apply and have not materially changed. Exploration results from Ashram referred to in this report were first reported in accordance with Listing Rule 5.7 by the Company on 30 September 2025 and 1 October 2025.Exploration results from the Eldor Niobium Project referred to in this report were first reported in accordance with Listing Rule 5.7 by the Company on 26 May 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements. The Mineral Resource Estimate for Ashram was first reported in in the Company’s replacement prospectus dated 30 September 2025 and released toASX 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. Forward Looking Statements This announcementcontainscertain “forward lookingstatements”withinthe meaningof 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 willoccurare forward lookingstatements.Theseforward lookingstatementsare subjecttoavariety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking information. Risks that could change or prevent these events,activities or developments from coming to fruition include: actual results of current and future exploration activities; that Mont Royal may not be able to fully finance any additional exploration on the Ashram Project; that even if Mont Royalis able raise capital,costs for exploration activities may increase such that Mont Royal may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill programme and any future work programmes may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that,with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results,and even if such tests are successful or initial sample results are positive,the economic and other outcomes may not be as expected; the anticipated market demand for rare earth elements and other minerals may not be as expected; the availability of labourand equipmenttoundertakefuture exploration work and testingactivities;geopoliticalrisks which may result in market and economic instability; and despite the current expected viability of the Ashram Project,conditions changing such that even if metals or minerals are discovered on the AshramProject,the projectmaynotbe commerciallyviable,orotherrisks detailedherein and from time to time in the public filings made by Mont Royal. Although Mont Royal has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-lookingstatements,theremaybe otherfactors thatcausesuchactions,events or results to differ materially from those anticipated.These forward-looking statements are based 13 on Mont Royal’s current expectations,estimates,forecasts and projections about its business and the industry in which it operates and management's beliefs and assumptions,including the non- occurrence of the risks and uncertainties that are described above and in the public filings made by Mont Royal or other events occurring outside of our normal course of business,and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond Mont Royal’s control. Forward looking statements in this announcement include, but are not limited to, statements regardingthe proposedbenefitsderived fromthe Transaction;the goals,strategies,opportunities, technologies used,projecttimelines and fundingrequirements;impactof combined management expertise and prospective shareholding; the proposed use of proceeds of the Mont Royal Equity Raise; the expectation that the Commerce Shares will be delisted from the TSXV; the expectation thatTSXV approval will be obtained for the issuance of MRZ Shares for the interestaccrued under the Convertible Notes; the expectation that the Mont Royal Shares will be dual-listed on the ASX and TSXV; the plans, operations and prospects of Mont Royal and its properties; the continued advancement of the Ashram Project to development; that Ashram’s fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar