Mont Royal Resources Ltd (ASX: MRZ) (TSX-V:MRZL) is pleased to provide an update on the significant fluorspar potential contained within previous drilling results at the Mallard Prospect, located approximately 1.4km south-east of the Ashram Deposit within the Eldor Carbonatite Complex in Québec, Canada.

Highlights

• 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:
  • 4m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including:
    • 0m @ 38.8% CaF2 and 0.3% Nb2O5
  • 0m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including:
    • 6m @ 39.8% CaF2 and 0.3% Nb2O5
  • 8 m @ 35.8% CaF2 and 0.4% Nb2O5 from 221.7m (EC24-209),
  • 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.
• Fluorspar mineralisation remains open in multiple directions, with the interpreted mineralised zone extending over at least an 80m strike length and 150m vertical extent.
• Global fluorspar market dynamics continue to strengthen, driven by growing global demand from the chemicals, steelmaking, semi-conductor and lithium-ion battery industries.
• China’s transition to becoming a net importer of fluorspar is rapidly changing market dynamics and increasing the strategic importance of secure Western and allied supply chains for the critical mineral.

Figure 1. Plan view of Ashram REE & Fluorspar Deposit, the nearby niobium Mallard Prospect and Flux Fluorite Zone

Mont Royal’s Managing Director, Nicholas Holthouse, said:

“The Ashram Fluorspar story continues to strengthen, with a review of historical drilling results of the recently named “Flux Zone” at the Mallard Niobium Prospect confirming another significant fluorite-bearing system within the broader Eldor Carbonatite Complex.

“This separate mineralised system, with contained CaF2 grades of up to 39.8%, is located less than 2km south-east of the Ashram Deposit. Importantly, previous drilling campaigns at Mallard primarily targeted niobium, highlighting the significant potential for future fluorspar upside through targeted drilling.

“With fluorspar rapidly emerging as a strategically important critical mineral and market dynamics continuing to tighten, we believe that Ashram and the broader Eldor Property are increasingly well positioned with the Flux Zone presenting additional fluorspar mineralisation upside and an opportunity for potential future co-development in proximity to the Ashram Deposit”.

Previously Completed Drilling

The fluorspar (i.e. fluorite) mineralized zone at Mallard, now referred to as the “Flux” Fluorite Zone, was discovered in previous drilling (2008) and is located approximately 1.4 km to the south-east of the Ashram Deposit (Figures 1 – 3; see 2018 NI 43-101 Technical Report).

Although not specifically targeted by historical drilling which focused on niobium potential, the zone was expanded along strike during 2010 and 2024. The zone, as interpreted to date, has approximate dimensions of >80m along strike and at least 150m up/down-dip, and remains open in multiple directions.

The fluorspar mineralization occurs predominantly as discrete, >5-30m (apparent width) high-grade intervals (>15% to 39.8% CaF2) within dolomite carbonatite, and with associated modest niobium mineralization (Figure 4).

Drill results include^1,2,3:

• 4 m @ 26.1% CaF2 and 0.4% Nb2O5, from 203.9m (EC10-033), including:
  • 0 m @ 38.8% CaF2 and 0.3% Nb2O5
• 0 m @ 21.7% CaF2 and 0.2% Nb2O5 from 275.0m (EC10-040), including:
  • 6 m @ 39.8% CaF2 and 0.3% Nb2O5
• 3 m @ 21.7% CaF2 and 0.3% Nb2O5 from 249.0m (EC10-041
• 8 m @ 33.0% CaF2 and 0.3% Nb2O5, from 187.8m (EC08-015)
• 8 m @ 31.6% CaF2 and 0.3% Nb2O5, from 202.4m (EC08-016)
• 8 m @ 35.8% CaF2 and 0.4% Nb2O5, from 221.7m (EC24-209)
• 0 m @ 25.8% CaF2 and 0.4% Nb2O5, from 201.9m (EC24-211)
• 9 m @ 38.5% CaF2 and 0.2% Nb2O5, from 275.7m (EC24-211)

^{1 All drill intercepts results are presented as length-weighted averages}

^{2 CaF2 calculated from fluorine assay using conversion factor of 2.055}

^{3 Fluorine assays were selectively in 2008 and 2024 drill holes. Only continuously sampled fluorspar intervals are reported herein.}

Additionally, the previous drill programs in the area focused on niobium, with fluorine (a proxy for CaF2 content) not always analysed. Mont Royal expects to undertake a follow- up drill program at the Flux Fluorite Zone in the future to target expansion and further delineation of these high-grade fluorspar zones at Mallard.

Figure 2. Mallard Prospect area with individual drill intercepts >15% CaF2 and the approximate delineation of the Flux Fluorite Zone (purple).

Figure 3. Select cross-section (15 m cross-section slice width) highlighting historical fluorspar drill intercepts within the Mallard Prospect area.

Figure 4. Example fluorspar (dark purple) mineralization in host dolomite carbonatite (light grey) at the Flux Fluorite Zone, Mallard Prospect (EC24-209; 2024 drilling campaign). The interval shown contains approximately 37% fluorspar (fluorite), with the remainder being predominantly dolomite.

Table 1. Drill hole information

Fluorspar Markets and Pricing

Fluorspar prices remain robust moving into 2026, supported by strong end-market demand from the chemical, metallurgical and energy-transition sectors, together with tightening global supply.

Fluorspar pricing is considered on a Cost, Insurance and Freight basis into Atlantic Basin consuming markets, consistent with delivery into Eastern North America and Western Europe, which are relevant to Québec-based export routes via Sept-Îles and the Port of Saguenay.

Current benchmark fluorspar pricing remains typically in the range of US$500 to US$650 per tonne, dependent on product grade, specification, delivery point and contract terms. This pricing reflects prevailing bulk shipping rates, marine insurance and port handling costs associated with trans-Atlantic and coastal North American freight.

Acid-spar fluorspar (>97% CaF₂), which accounts for approximately two-thirds of global fluorspar consumption, is the highest-value product category. CIF pricing is currently reported in the range of US$540 to US$680 per tonne, reflecting the ongoing sustained demand for hydrofluoric acid and downstream fluorochemicals used in pharmaceuticals, aluminum production, semi-conductors and lithium-ion battery materials. Acid-spar is a consumable and non-recyclable raw material, requiring continuous primary mine supply to satisfy global demand growth.

Met-spar fluorspar (>60% CaF₂) accounts for roughly one-third of global fluorspar demand and is mainly used as a flux in steelmaking and cement production. Current met-spar prices are typically US$420–US$520 per tonne, supported by steel and aluminium output and limited substitution in metallurgical and cement applications.

Quebec’s aluminium industry alone consumes about 150–200 kt of CaF2 equivalent each year. Japan is also a major consumer, importing about 450–500 kt of CaF2 per year. Demand is driven by end uses such as semiconductors, batteries, refrigerants, fluoropolymers, and other advanced materials.

China was historically the dominant fluorspar exporter but has recently shifted to being a net importer, driven by domestic mine closures, tighter environmental regulation, and rising downstream demand. This change has tightened global supply–demand balances and supported prices, increasing consumer interest in securing long-term supply from geopolitically stable Atlantic Basin jurisdictions, including Canada.

About Mont Royal

Mont Royal Resources Limited (ASX: MRZ) (TSX-V: MRZL) is a critical minerals development and exploration company with projects located in Quebec, Canada. The Company is dedicated to advancing its 100%-owned Ashram Rare Earth and Fluorspar Deposit in Nunavik, 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 Mont Royal’s website www.montroyalres.com

Figure 5 Location of the Ashram REE & Fluorspar Project, the Northern Lights Project and the Port of Saguenay

Competent/Qualified Persons Statements

The technical and scientific information in this announcement has been reviewed by Marie-Pier Boivin, M.Sc, P.Geo, a consultant of the Company, and a registered permit holder with the Order des Géologues du Québec, and Qualified Person as defined by National Instrument 43-101. Ms. Boivin has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as described by the JORC Code, 2012. Ms. Boivin consents to the inclusion in this news release of the matters based on the information in the form and context in which it appears.

For and on behalf of the Board

ENDS

Joel Ives | Company Secretary

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