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Ashram Rare Earths & Fluorspar

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Mont Royal Resources (ASX: MRZ)

Our 2024 MRE was completed in accordance with National Instrument 43-101 with an effective date of 4 April 2024, based on 117 diamond drill holes totalling 28,783 metres of NQ, HQ and BTW size drill core. It firmly establishes Ashram as a globally significant rare earth deposit and one of the largest monazite-mineralised carbonatite REE deposits in the world.

The favourable NdPr distribution starts at surface, allowing these high-value elements to be targeted early in a potential open-pit extraction scenario. That enrichment in the magnet-feed rare earths also extends to dysprosium and terbium.

TREO is the sum of lanthanides (as oxides) plus yttrium oxide. NdPr distribution is calculated as (Nd2O3 + Pr2O3) / TREO x 100. CaF2 is calculated from fluorine assay using a factor of 2.055, assuming all fluorine is contained within fluorite (fluorspar). Cut-off considers payable elements La-Nd-Pr-Tb-Dy only, with prices in CAD. Differences may occur in totals due to rounding. Mineral resources are not mineral reserves and do not demonstrate economic viability.

Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred resources in the 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.

Patrik T. Schmidt, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has prepared, read and approved all scientific and technical information that relates to the Ashram Rare Earth Element Project on this website.