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 31 July 2026 June 2026 Quarterly Activities Report UPDATED PEA FOR THE ASHRAM PROJECT DELIVERS COMPELLING TECHNICAL AND ECONOMIC OUTCOMES; HIGH-GRADE FLUORSPAR AT MALLARD PROSPECT ENHANCES BY-PRODUCT OPPORTUNITY HIGHLIGHTS • Updated Preliminary Economic Assessment (PEA) delivered for the Ashram Project, confirming a large-scale, long-life North American rare earth development opportunity: o Averageannual productionof ~17,466 tonnesofsaleable RareEarth Oxide(REO), including ~4,035 tonnes per annum of NdPr. o Initial mine life of 30 years. 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, with a life-of-mine EBITDA margin of ~62.7%. o C1 cash cost of CAD$17.99/kg and AISC of CAD$18.58/kg saleable REO. o Exceptional upside potential, with the PEA base case utilising only 25% of the current global resource plus multiple additional opportunities to enhance value. • High-grade fluorspar confirmed within the newly named “Flux Fluorite Zone” at the Mallard Prospect, with previous drilling confirming intercept grades up to 39.8% CaF2: o 32.4m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including: ▪ 5.0m @ 38.8% CaF2 and 0.3% Nb2O5 o 29.0m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including: ▪ 6.6m @ 39.8% CaF2 and 0.3% Nb2O5 o 24.8 m @ 35.8% CaF2 and 0.4% Nb2O5 from 221.7m (EC24-209) o 14.3m @ 21.7% CaF2 and 0.3% Nb2O5 from 249.0m (EC10-041) • The Mallard Prospect is strategically located near the Ashram Deposit, which already hosts one of the largest Fluorspar deposits globally, supporting potential future development synergies. • Additional fluorspar test work planned to support theaddition of a fluorspar circuit in the upcoming Ashram PFS. • Helicopter-supported till sampling programme planned to evaluate the gold potential at the Northern Lights Project, along strike from Benz Mining Corp’s ~1Moz Eastmain gold project. The programme is scheduled to commence in August 2026. • Mont Royal remainswell funded,cash on hand of A$4.39mandproformacash of A$6.6m (pending receipt of tax credit) at Quarter-end. 2 Overview The June 2026 Quarter has been an important period for Mont Royal Resources with the delivery of an updated Preliminary Economic Assessment (PEA) for the Company’s flagship Ashram Rare Earths & Fluorspar Project in Québec,Canada,which confirmed the Project’s potential to become a strategically important long-term supplier of rare earths into Western critical minerals supply chains. Mont Royal’s Managing Director, Mr. Nick Holthouse, said: “The June 2026 Quarter saw Mont Royal take a major step forward with the delivery of an updated Preliminary Economic Assessment (PEA) for our flagshipAshram Rare Earths & Fluorspar Project in Quebec, Canada. “This updated PEA provides a strong foundation for future development studies, confirming Ashram’s credentials as alarge-scale,long-lifedevelopment opportunitywith compellingeconomic and technical outcomes. “The Study outlined average annual production of 17,466 tonnes of saleable Rare Earth Oxide, including 4,035 tonnes per annum of NdPr, over an initial mine life of 30 years. “This underpinnedrobust project economics,includingpost-taxNet Present Valueof C$2.03billion, post-tax Internal Rate of Return of 22.0% and post-tax payback of 3.9 years from commencement of production.Lifeof Mine(LOM) revenue was estimatedat ~C$24.6billion,with alife-of-mineEBITDA margin of ~62.7%. “Based on the strong outcomes of the PEA, Mont Royal is now moving ahead with trade-off and optimisation studies as we progress towards a Pre-Feasibility Study start in Q1 CY2027. “Importantly,the PEA also highlighted several meaningful opportunities to add further value to the project development, including through the potential addition of a dedicated fluorspar recovery circuit.Ashram represents one of the largest fluorspar deposits on theASX/TSX,with more than 200 million tonnes of contained CaF2 within the existing Resource. “A review of historicaldrilling at the nearby Mallard prospect during the Quarter confirmed further high-grade fluorspar potential,with intercept grades of up to 39.8% CaF2 at what has now been named the ‘Flux Fluorite Zone’. Mallard is located 1.4km from the main Ashram deposit, offering strong synergies for potential future development. “Given the significant strengthening in the global fluorspar market, fluorspar testwork and studies will be incorporated in the forthcoming PFS.” ASHRAM RARE EARTHS & FLUORSPAR PROJECT Updated Preliminary Economic Assessment (PEA) Mont Royal delivered an updated Preliminary Economic Assessment (“PEA”) for the Ashram Rare Earths and Fluorspar Project in June. The PEA was completed by Altris Engineering (“Altris”) in accordance withNational Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). The updated study incorporated 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; 3 • updated infrastructure assumptions; and • revised engineering and metallurgical inputs. The PEA highlights the potentialfor 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 largestmonazite-hosted rare earth deposits in NorthAmericaand contains a favourable distribution of magnet rare earth elements,including neodymium and praseodymium (“NdPr”), which are criticalcomponents used in EVs,permanent magnets,wind turbines,robotics, semi-conductors, aerospace technologies and defence applications. Key outcomes1 of the PEA included: Large-scale production profile: • Average annual production of ~17,466 tonnes of saleable Rare Earth Oxide (REO) • Average annual production of ~4,035 tonnes of Nd2O3 & Pr2O3 (NdPr) o ~100 tonnes of Dy2O3 & Tb2O3 (DyTb) o ~ 230 tonnes of Y2O3 (Y) • 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. • Base case utilises only 25% of the current global resource, highlighting significant long- term expansion optionality • 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: • Post-tax NPV8% (real) of CAD$2.03B • Post-tax IRR (real) of 22.0% and post-tax payback of 3.9 years from commencement of production • Life of Mine (LOM) revenue of ~CAD$24.6B and a life-of-mine EBITDA margin of ~62.7% • Initial CAPEX of ~CAD$1.23B,including 30% contingency,with access infrastructure costs assumed underacontracted/sharedlogistics modeland reflectedin operatingexpenditure • 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: • C1 cash cost of approximately CAD$17.99/kg saleable REO • AISC of approximately CAD$18.58/kg saleable REO • 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: • Ashram is one of the largest monazite-dominant rare earth deposits in North America • 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 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 in the Company’s ASX announcement dated 9 June 2026 for further details. 4 • Integrated development concept incorporates on-site concentration at Ashram and downstream hydrometallurgical refining in Saguenay, Québec • Located in Québec, one of the world’s leading mining jurisdictions • Ashram is well positioned to support Western government and industry initiatives aimed at establishing secure critical minerals supply chains outside China Additional value upside: • Potential inclusion of a dedicated fluorspar recovery circuit in future studies • Broader district exploration upside across additional targets within the Eldor carbonatite complex, including satellite targets such as Mallard • Potential future inclusion of higher-value zones, including the BD Zone, subjectto further test work and study • Downstream and strategic partnership opportunities • Opportunity to optimise road access costs. A regional shared infrastructure strategy is being evaluated as a means of reducing access road costs through potentialcollaboration with other mining projects, government agencies, and First Nations. Next steps: • Ongoing metallurgicaloptimisation, engineering refinement, and workstreams to further de-risk the flowsheet and development pathway • Advancement of environmental baseline, permitting and stakeholder engagement programs across both the Ashram and Saguenay development footprint • Continued engagement with strategic groups regarding downstream and partnership opportunities Fulldetails of the updated PreliminaryEconomicAssessment were provided in the Company’sASX Announcement dated 9 June 2026. Fluorspar Metallurgical Testwork In light of the rapidly evolving market dynamics for fluorspar, Mont Royal is undertaking metallurgical testwork to assess the potential to add a fluorspar circuit in the upcoming Ashram Project Pre-Feasibility Study. Fluorspar has recently been named as a critical mineral in Canada,the United States,and Europe. Ashram contains a globally significant fluorspar endowment,within the currentMineral Resource Estimate representing one of the largest known reported resources on the ASX andTSX.V.Ashram hosts 73.2 Mt contained CaF2 at 6.6% in Indicated Mineral Resources,and an additional131.1 Mt CaF2 at 4.0% of Inferred Mineral Resources2,3 . Fluorspar grades are relatively consistent throughout the Ashram Deposit with continuous fluorspar mineralization, hosted within the same REE-endowed monazite-mineralized A- and B- Zone geological domains. 2 Ashram mineral resource estimate is reportedat a cut-off of CAD 287 Net Metal Return (NMR) per tonne with an effective date of April 4, 2024. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. 3 CaF2 calculated from fluorine assay using factor of 2.055 (F to CaF2). Assumes all fluorine is contained within the mineral fluorite. 5 Figure 1: Selectcross-sectionof fluorspar drill intercepts withinthe Ashram Depositblock model.Insets show cross-section within the MRE geological domains. Previously completed test work In 2020,Commerce Resources focused on upgrading the Ashram Deposit’s fluorspar component to acid-spar grade (refer to the announcement dated February 28,2020 – Commerce Resources Corp. (TSX-V: CCE, FSE: D7H)). The test work, which was carried out by Hazen Research, CO, USA, resulted in the successful upgrade of the fluorspar contentof the Ashram Deposit to a purity of 97.8% CaF₂,which exceeds the 97% base criteria that is typical of acid-spar grade. This high-grade test result demonstrated the applicability of standard physical separation techniques to upgrade the Ashram Deposit’s fluorspar componentfrom a head grade of ~7.5% CaF₂ to grades exceeding 97% CaF₂, which would be required to achieve an acid-spar grade product. The processing approach utilizes a relatively coarse grind followed by a fluorspar pre-float as an initial upgrade step to isolate a sizeable portion of the fluorspar prior to material entering the primary rare earthelement(“REE”)recoveryflowsheet.The fluorsparflotation concentrate was then processed by magnetic separation,resulting in the desired CaF₂ grade,while the reject fractions are sent back to the primary flowsheet circuit where the REE componentis then recovered along with the bulk of the REEs. High-grade Fluorspar at Mallard During the Quarter, Mont Royal reported significant fluorspar (CaF2) potential contained within previous drilling results at the Mallard Prospect, located approximately 1.4km south-east of the Ashram Deposit. High-grade fluorspar was confirmed within the newly named “Flux Fluorite Zone” at the Mallard Prospect, with previous drilling confirming intercept grades up to 39.8% CaF2: • 32.4 m @ 26.1% CaF2 and 0.4% Nb2O5 from 203.9m (EC10-033), including: o 5.0 m @ 38.8% CaF2 and 0.3% Nb2O5 • 29.0 m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including: o 6.6 m @ 39.8% CaF2 and 0.3% Nb2O5 6 • 14.3 m @ 21.7% CaF2 and 0.3% Nb2O5 from 249.0m (EC10-041 • 13.8 m @ 33.0% CaF2 and 0.3% Nb2O5 from 187.8m (EC08-015) • 20.8 m @ 31.6% CaF2 and 0.3% Nb2O5 from 202.4m (EC08-016) • 24.8 m @ 35.8% CaF2 and 0.4% Nb2O5 from 221.7m (EC24-209) • 9.0 m @ 25.8% CaF2 and 0.4% Nb2O5 from 201.9m (EC24-211) • 10.9 m @ 38.5% CaF2 and 0.2% Nb2O5 from 275.7m (EC24-211) The Mallard Prospectis strategically located near the Ashram Deposit,whichalready hosts one of the largest Fluorspar deposits globally, supporting potential future development synergies. Fluorsparmineralisationremainsopenin multipledirections,withthe interpreted mineralised zone extending over at least an 80m strike length and 150m vertical extent. Figure 2: Plan view of Ashram REE & Fluorspar Deposit, the nearby niobium Mallard Prospect and Flux Fluorite Zone Naskapi Nation Infrastructure Study During the Quarter, the NaskapiNation of Kawawachikamach announced the launchof Phase 1 of the Naskapi Nuuhchiimiiu Maaskinuw Project,a Nation-led initiative aimed at evaluating various potential access corridor options and gaining a better understanding of their environmental, cultural, social, and economic implications. 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 7 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. NORTHERN LIGHTS PROJECT Gold Evaluation Programme During the quarter,Mont Royal advanced planning for a helicopter-supported till sampling survey across the Chateaufort Property in Québec,Canada as part of the Summer Exploration Program at its Northern Lights Lithium and Gold Project in Québec, Canada. The survey is designed to assess gold potential through the use of gold-grain dispersion analysis in Quaternary deposits.The project area lies along strike from Benz Mining Corp’s Eastmain Gold Project in the Upper Eastmain Greenstone Belt. The Chateaufort Property is located approximately 300 kilometres north-east of Chibougamau, Québec and is only accessible by helicopter as shown in Figure 3: Locationof the ChateaufortProperty, James BayArea. . IOS Géosciences inc.has proposed a till sampling survey to assess the potential for gold occurrences through the collection,processing and analysis of till samples,with the sampling grid designed to take account of topography, wetlands and regional ice-flow direction. The proposed programme comprises two sampling lines spaced approximately 1.5 to 2.0 kilometres apart,withsamples planned approximatelyevery250 to300 metres.Basedon available Quaternary geological mapping and satellite imagery,approximately 60 samples are considered sufficient to cover the northern part of the Chateaufort Property as shown in Figure 3. The mandate includes sampling grid design, field logistics, helicopter-supported sample collection, sample processing, gold-grain counting, handheld XRF analysis of the fine fraction, preparation andshipmentof fine-fraction materialforlaboratoryanalysis and reportingsuitablefor assessment work requirements. 8 Field work is scheduled to commence in mid-July 2026 and is expected to be completed within approximately 5-6 days,excluding mobilisation and demobilisation.Samples will be transported to Chicoutimi for processing,with preliminary HH-XRF and pebble count data expected in August 2026 and the full report,including gold-grain counts,expected in autumn 2026 following receipt and approval of assay results. Figure 3: Location of the Chateaufort Property, James Bay Area. Figure4: Locationof the targeted till samples onthe ChateaufortProperty. Background coloursare indicative of surficialdeposit types. 9 CORPORATE The company continues to engage with relevant Government agencies and potential industrial strategic groups aroundthepursuitof non-dilutiveequityforongoingstudies andworks packages. FINANCIAL POSITION The Company held A$4.39 million in cash and cash equivalents as at 30 June 2026. The merged group is expecting an exploration tax rebate from Revenue Quebec of approximately C$2.2 million forFY2024 due toCommerce Resources.The auditof the miningtaxcredits hasbeen completed, and the official Notice of Assessment from Revenue Québec has been received, confirming the final amount to be refunded. However, before the payment can be issued, the Company was required to lodge its corporate income tax return (T2) for the fiscal year ended October 31 2025, which will be filed in the coming days. A total of $305k of expenditure was incurred on exploration activities during the June 2026 Quarter.No development or production activities were undertaken during the June 2026 Quarter. A total of A$246k was paid to related parties and their associates,as disclosed in item 6.1 and 6.2 of the Appendix5B pertainingtopayments of executive,non-executive directors'fees andadvisory fees. LOOKING FORWARD Planned activities for the September Quarter include: • PEA reviewand associated trade-offand optimisation studiesas we progress towardsaPre- Feasibility Study start in Q1 CY2027 • Development of a required permitting process and schedule for a proposed start in 1H CY2027. • 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 CMIF $2.6M grant Due Diligence process to sign off. • Commencing a strategic process with relevant Government agencies and Industry groups to pursue non-dilutive equity options for ongoing studies and permitting works. For and on behalf of the Board ENDS Joel Ives | Company Secretary 10 For Further Information: Nicholas Holthouse Managing Director info@montroyalres.com Nicholas Read Investor and Media Relations nicholas@readcorporate.com.au Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 11 Use of Funds In accordance with Listing Rule 5.3.4,and as the June 2026 quarter was in a period covered by a ‘Use of Funds’ statement in the Prospectus, Table 3 below compares the Company’s actual expenditure to30 June 2026in comparison withthe estimatedexpenditure outlinedin the ‘Use of Funds’ statement: Use of Funds under Prospectus Expenditure allocated under Prospectus (2 year period) A$ Actual expenditure to date 30-Jun-26 A$ Costs of the Offers 1,216,644 1,615,961 Finalisation of Preliminary Economic Assessment 1,000,000 829,651 Environmental Baseline Studies 3,000,000 - Prefeasibility Studies 2,500,000 - Northern Lights exploration 250,000 80,477 General administration1 2,033,356 2,091,232 Total 10,000,000 4,617,321 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. The company notes that general administration costs were high due to pay down of creditors and transaction costs in previous quarters, these costs have significantly reduced since. 12 Annexure – Mining Tenement Information The Company owns of 75% of Northern Lights Minerals Pty Limited (“NLM”) which holds a substantial land package across the Upper Eastmain Greenstone belt in Quebec, Canada. The following tenements are held at 30 June 2026: Project Location Tenement/Title Number 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 Eastmain- Leran (North) Staked Claims Quebec, Canada 2366180 – 308 2366403 – 504 2366511 – 512 2367332 – 339 2486140 – 145 2513157 – 400 2515373 2520337 – 338 2530140 - 150 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 13 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 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 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 looking statementsare 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 suchexploration orprocessingactivities;the timingand contentof the proposeddrillprogramand any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change withmore 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 testwork,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 labour and equipmenttoundertake futureexplorationwork and testingactivities;geopoliticalrisks whichmay result in market and economic instability; and despite the currentexpected viability of the Ashram Project,conditions changing such that even if metals or minerals are discovered on the Ashram Project,the project may not be commercially viable,or other risks detailed herein 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 actualactions,events or results to differ from those described in forward-looking statements,there may be other factors that cause such actions,events or results 14 to differ materially from those anticipated.These forward-looking statements are based 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