Page 1

ASX ANNOUNCEMENT 31 July 2026 M MONT ROYAL ASX : MRZ TSXV : MRZL 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 : 。 Average annual production of ~ 17,466 tonnes of saleable Rare Earth Oxide ( REO ) , including ~ 4,035 tonnes per annum of NdPr . ○ Initial mine life of 30 years . ○ Post - tax NPV8 % ( real ) of CAD $ 2.03B . о Post - tax IRR ( real ) of 22.0 % and post - tax payback of 3.9 years from commencement of production . ○ о O Life of Mine ( LOM ) revenue of ~ CAD $ 24.6B , with a life - of - mine EBITDA margin of ~ 62.7 % . C1 cash cost of CAD $ 17.99 / kg and AISC of CAD $ 18.58 / kg saleable REO . 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 % CaF 2 : O 32.4m @ 26.1 % CaF2 and 0.4 % Nb2O5 , from 203.9m ( EC10-033 ) , including : O о 5.0m @ 38.8 % CaF2 and 0.3 % Nb2O5 29.0m @ 21.7 % CaF2 and 0.2 % Nb2O5 from 275.0m ( EC10-040 ) , including : 6.6m @ 39.8 % CaF2 and 0.3 % Nb2O5 24.8 m @ 35.8 % CaF2 and 0.4 % Nb2O5 from 221.7m ( EC24-209 ) о 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 the addition 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 ~ 1 Moz Eastmain gold project . The programme is scheduled to commence in August 2026 . Mont Royal remains well funded , cash on hand of A $ 4.39m and proforma cash of A $ 6.6m ( pending receipt of tax credit ) at Quarter - end . Mont Royal Resources Ltd ACN : 625 237 658 Level 8,2 Bligh Street Sydney NSW 2000 E : info@montroyalres.com www.montroyalres.com