Announcement PDF Ashram Rare Earths Project, Canada: Waking a Sleeping Giant PDAC Presentation March 2026 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 This presentation includes information on Mineral Resources for the Ashram Rare Earth Elements and Fluorspar Deposit, Nunavik, Quebec, Canada (Ashram Project). The statement of Mineral Resources presented in this presentation have been produced in accordance with Listing Rules Chapter 5 and the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code), with these statements reflecting information compiled and conclusions produced in the Ashram Mineral Resource Independent Technical Report with an effective date of 4 April 2024 in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards, and Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) by Commerce’s nominated Competent/Qualified Persons, being Patrik T Schmidt at Dahrouge Geological Consulting Ltd, Pierre-Luc Richard (Mineral Resource estimate consultant) at consulting firm PLR Resources Inv for the Mineral Resource at the Ashram Project, Jeffrey Cassof (Senior Mining Engineer) at consulting firm BBA Inc, Tommee Larochelle (Principal Engineer (Processing)) at consulting firm L3 Proccess Development, and Jordan Zampini (Senior Process Engineer) at consulting firm DRA Global Limited. The above persons are all members of equivalent recognised overseas professional organisation and each have sufficient experience that is relevant to the style of mineralisation, the type of deposit under consideration, and the activity being undertaken to qualify as a Competent Person, as defined by the JORC Code. The Company’s mineral resource estimate and exploration information was first announced in its prospectus dated 17 September 2025 (Prospectus). The Company confirms that it is not aware of any new information or data that materially affects the information in the Prospectus and the material assumptions and technical parameters supporting the mineral resource estimate continue to apply and have not materially changed. So far as the Company is aware, the Competent Persons do not have any interest, 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 Key Value Drivers Key ingredients in place to create rapid shareholder value Ashram Rare Earths Project • Large resource, Strong grades • Strong metallurgy • Clear development pathway • Tier-1 location in Quebec, Canada 1 New Industry Leading Team • New team with a strong track record of value-creation • Deep rare earths experience • Canadian project funding & development expertise 2 Strong Market Outlook • REE demand has tripled in past decade • Robust demand outlook • Potential major new Western supply source 3 Strong Government Support • Ideal timing with Canada’s critical minerals drive • Government funding • Fast-track permitting • Road access discussions underway 4 Clear Development Strategy • Updated PEA in progress • Significant development optionality • Potential for staged development approach 5 Robust Balance Sheet • Strong cash position of A$7m • Dual listing on ASX and TSXV provides strong capital access, liquidity and investor reach 6 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 Ashram is the largest REE deposit in North America 5 Mont Royal Resources Limited Indigenous Communities Mont Royal strives to maintain a transparent engagement process with our key stakeholders Inuits Naskapi Innus Mont Royal has engaged openly from an early stage with all related First Nations communities, - particularly as part of the comparative access road study. A structured meeting schedule is in place to ensure community involvement at every stage of the project. Key 6 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. 7 Mont Royal Resources Limited • Bastnaesite, parisite and synchysite mineralogy • Larger Grain Size than the A and B Zones – conducive to flotation • Improved heavy REE to light REE ratio • Strong in-situ basket • Heavy REE grades of up to 10.4% DyTb • Light REE grades of up to 26.8% PrNd • Potential to improve economics through reduced stripping ratios and additional ore supply BD Zone – A New Resource Story Potential to add additional resource tonnes Move into a scoping level Metallurgical study Next Steps 8 Mont Royal Resources Limited Metallurgical Testwork Optimisation work on a robust flowsheet continues Auralia Metallurgy • No new testwork is being considered for the current PEA study • New Flotation and Hydromet programmes to build on an already robust flowsheet • Flotation - 700Kg sample being prepared for flotation testwork to build on and potentially further optimize current excellent flotation results achieved by SGS Lakefield: • Tails stream to be evaluated for Fluorspar concentrate testwork – potentially back in Canada • REE concentrate will be utilised for additional Hydrometallurgical testwork and new innovative processing pathways with technology partners • Hydromet - testwork to be undertaken in Australia for both MREO and MREC products • MREO and MREC produced will be utilised for separation testwork with potential technology partners Technology Partners 9 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. ~1.7Mtpa @ 1.9% TREO feed grade 60 - 70% Recovery producing ≥30%TREO flotation concentrate. ~70kt Monazite concentrate 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 the first three steps Steps 4 and beyond will be industry partnerships and JVs Ashram REE Value Chain A staged, lower-risk approach to development in the REE Supply Chain Current focus 10 Mont Royal Resources Limited Engineering Partners Engineering PEA Study is well progressed Altris Engineering appointed Engineering lead on PEA restart • Key changes to project Process Design Criteria now include: • Southern access route to Schefferville now defined – increases operability reduces capex • Dislocation of Hydromet plant from site and relocation to a Government supported southern Infrastructure hub - reduces CAPEX and technical risk • Reduction in daily throughput from 3mtpa to 1.7Mtpa – now producing ~60ktpa Monazite concentrate from site • PEA study due to be tabled in 1H 2026 • PFS study due to commence 2H 2026 11 Mont Royal Resources Limited Long Mine Life PEA 30 Year Pit Shell is only the beginning.. Robust mining metrics PH3 shown equates to 30 years of mine feed to the Flotation plant feed or 25% of the resource tonnage only. PH3 is 53Mt plant feed @1.88% TREO Strip Ratio of 0.3:1, provides strong economics and much lower mining risk profile 12 Mont Royal Resources Limited Road Access Southern Access Route Preferred • Study completed by BBA and Nuna Resources with input from First Nations groups and the Provincial Government • ~300km Southern Access Route to Schefferville preferred by MRZ, First Nations and MRZ • Will allow all year-round access to Ashram – significantly de-risking the project • Not planned as MRZ infrastructure but owned by Government and First Nations groups • Connect to Schefferville Rail spur and connects through to the Port of Sept-Illes • NRCan CMIF conditional grant of $2.6M awarded to support further road studies 13 Mont Royal Resources Limited Port of Saguenay A Future Critical Minerals Processing Hub • MoU recently signed with Port Authority • Saguenay Industrial complex offers deepwater port container facilities • Close to City of Saguenay - Population 170k • Good ecosystem of skilled workers and support services • Access to processing facility via port, rail or road • Industrial site reticulated with power, water and gas and permitted discharge points 14 Mont Royal Resources Limited Development Strategy Unlocking a globally significant rare earths asset Progress Studies and Deliver the REE Project • Monazite concentrate @ 31% TREO for offtake or Hydromet feedstock • Staged development of the REE Project • Develop Hydromet options • Work with Provincial and Federal Government to secure infrastructure support Unlock Value from other Commodities Fluorspar and Niobium • World’s second largest fluorspar deposit (4.5% fluorspar in REE ore feed) • Additional flotation circuit can be added to existing flowsheet to produce a second, value-adding fluorspar product • Eldor Niobium Project adjacent to Ashram • 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 • Progress opportunities to participate further down the value chain with North American, European and Asian industries • Separation – either onsite to produce a refined MREO product for separators or JV and collaboration in new facilities • Metalisation - the production of REE metals and alloys through either JV or collaboration • Magnets – participate with industry and manufacturers in producing magnetic block or finished products • Pursue alternative processing options to Hydromet with emerging technology providers 15 Mont Royal Resources Limited Priorities With a Development Focus • 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 • Continue to work closely with Quebec and Federal Governments to secure road access commitment for the Ashram Project Ashram Project – Development Gaining Momentum Strong platform for growth with multiple upcoming catalysts 16 Mont Royal Resources Limited Financial Data Trading Code ASX:MRZ TSXV:MRZL Share Price $0.22 (25/02/2026) Shares on Issue 191.4m Market Capitalisation $43m Board and Management Non-Executive Chairman Cameron Henry Managing Director Nicholas Holthouse Non-Executive Director Ronnie Beevor Non-Executive Durector Jeremy Robinson Non-Executive Director Adam Ritchie VP Government Affairs Cindy Valence Head Corporate Development Peter Ruse Corporate Overview 1. Share price based on the closing share price as at 27th February 2026 2. The Mont Royal is due to receive up to C$2.6m (A$2.86m) exploration tax rebate for FY2025 which will add to existing cash treasury of $7m With an Enterprise Value of approximately A$35m, Mont Royal offers a compelling insitu EV/TREO ratio of A$0.01 per Kg compared to an insitu basket value of $24 – the lowest in the ASX peer group. Mont Royal Resources Limited ASX:MRZ TSXV:MRZL Nick Holthouse Managing Director Peter Ruse Corporate Development Contact: info@montroyralres.com Nicholas Read Investor and Media Relations nicholas@readcorporate.com.au APPENDICES 19 Mont Royal Resources Limited Notes to Mineral Resource Table: Originally reported under CIM/NI 43-101. 1. Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. 2. Resources are presented as undiluted and in-situ for an open-pit scenario and are considered to have reasonable prospects for eventual economic extraction. The constraining pit shell was developed using an overall pit slope of 52°, and the resulting strip ratio is 2.7:1. 3. Three-dimensional modelling was prepared using Leapfrog Geo v.2023.2.1 with a database of 213 surface drill holes, 6 surface channels and 32,962 samples, of which 117 drill holes and a total of 18,495 assays were used to interpolate the block model mineralised zones. 4. Resources encompass three REE-bearing zones (A-zone, B-Zone, and Breccia (Classic)), each defined by wireframes. A value of zero grade was applied in cases of core not assayed. 5. High-grade capping was done on the composited assay data and established on a per-zone basis for each element. 6. Density values were interpolated using ordinary kriging for four rock types in the geological model, including the three mineralised rock types (A-Zone, B-Zones and Breccia (Classic)), with density averages of 3.08 g/cm3 for A-Zone, 3.00 g/cm3 for B-Zone, 3.05 g/cm3 for Breccia (Classic), and 2.92 g/cm3 for BD-Zone. Surrounding country rock lithologies were given a fixed density value from their range median values: Carbonatites ranging from 2.85 g/cm3 to 2.97 g/cm3, Metavolcanic = 2.84 g/cm3, and Lamprophyre = 2.97 g/cm3. Grade model resource estimation was interpolated from drill hole data using an ordinary kriging interpolation method in a sub-blocked block model using blocks measuring 5 m x 5 m x 5 m in size and sub-blocks down to 1.25 m x 1.25 m x 1.25 m. 7. The Mineral Resource estimate zero-return cut-off, expressed as a net metal return value, was calculated to be C$154/t, which is based on a three-year annualised average (2021, 2022 and 2023) for the five payable oxides; (US$1.25/kg for La2O3, US$95/kg for Pr2O3, US$95/kg for Nd2O3, US$1,500/kg for Tb2O3, and US$375/kg for Dy2O3), estimated metal recoveries, and operating costs for mining, processing, transportation and G&A. The Mineral Resource reporting cut-off of C$287/t was considered as the base case for the Mineral Resource estimate and is guided by reasonable prospects of eventual economic extraction over a reasonable timeframe. The cut-off grade considers a C$:US$ exchange rate of 1.30. Metal prices sourced from Adamas Intelligence’s Rare Earth Pricing Quarterly Outlook (Q1 2024). 8. Inferred Mineral Resources are constrained to areas where drill spacing is less than 200 m, and where reasonable geological and grade continuity is shown. Indicated Mineral Resources are constrained to areas where drill spacing is less than 70 m, and where reasonable geological and grade continuity is displayed 9. An open pit mining method was considered for the Mineral Resource estimate and a conceptual pit shell to constrain the resources was developed using Hexagon’s MinePlan 3D software, Version 16.05. 10. TREO is the sum of lanthanides (as oxides) + yttrium oxide. NdPr distribution is calculated as (Nd2O3 + Pr2O3) / TREO x 100. TbDy distribution calculated as (Tb2O3 + Dy2O3) / TREO x 100. CaF2 is calculated from fluorine assay using factor of 2.055 (F to CaF2) and assumes all fluorine is contained within the mineral fluorite (‘fluorspar’). 11. Calculations used metric units (metres, tonnes). Metric tonnages have been rounded, and any discrepancies in total amounts are due to rounding errors. 12. CIM definitions and guidelines (2019) for Mineral Resource Estimates have been followed. 13. The Qualified Persons are unaware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issues that could materially affect this Mineral Resource estimate. Mineral Resource Statement (as at 4 April 2024) cont.