Mont Royal’s Merger Vote Looms Amid Updated Financial Disclosures

• Replacement Prospectus lodged with ASIC on 30 September 2025
• Updated use of funds and pro forma balance sheet following audited FY2025 results
• Shareholder meeting scheduled for 10 October 2025 to vote on merger with Commerce Resources
• Merger aims to combine Mont Royal’s lithium and base metals assets with Commerce’s rare earth and fluorspar projects
• Shareholders urged to review updated documents carefully before voting

Mont Royal’s Replacement Prospectus Signals Key Updates

Mont Royal Resources Limited (ASX – MRZ) has taken a significant step in its proposed merger with Commerce Resources Corp by lodging a Replacement Prospectus with the Australian Securities and Investments Commission (ASIC) on 30 September 2025. This updated document revises the company’s use of funds and pro forma balance sheet, reflecting the release of Mont Royal’s full year audited consolidated financial statements for the period ended 30 June 2025.

The timing of this update is critical as Mont Royal prepares for its upcoming shareholder general meeting on 10 October 2025, where resolutions related to the merger will be put to a vote. The Replacement Prospectus replaces the initial prospectus released on 17 September 2025 and provides shareholders with more comprehensive financial information to inform their decision-making.

Merger Aims to Create a Rare Earth and Battery Metals Powerhouse

The proposed merger with Commerce Resources represents a strategic alignment of complementary assets. Mont Royal holds a 75% stake in the Northern Lights Minerals tenement package in Quebec’s James Bay area, a region rich in lithium, precious metals like gold and silver, and base metals including copper and nickel. Commerce Resources, meanwhile, is focused on developing the Ashram Rare Earth and Fluorspar Deposit, also in northern Quebec, which is notable for its high-grade rare earth mineral concentrates and potential as a major fluorspar supplier.

By combining these portfolios, the merged entity aims to position itself as a significant player in the critical minerals sector, supplying essential materials for emerging technologies such as electric vehicles and renewable energy infrastructure. Commerce’s Ashram project, with its simple mineralogy and large tonnage resource, complements Mont Royal’s diverse mineral base, potentially unlocking operational synergies and cost efficiencies.

Shareholders Face Important Decisions

Shareholders of Mont Royal are advised to carefully review the Replacement Prospectus and the Notice of Meeting, both available on the company’s website. These documents contain detailed information about the merger terms, financial updates, and the resolutions to be voted on. Given the material changes in financial disclosures and the strategic importance of the merger, shareholders’ votes will be pivotal in determining the company’s future direction.

Mont Royal’s management, including Company Secretary Shaun Menezes and Executive Director Peter Ruse, have emphasized the importance of these documents and encouraged shareholders to seek professional advice if uncertain about the implications of the merger or the resolutions.

Looking Ahead

The outcome of the 10 October meeting will set the stage for the next chapter in Mont Royal’s evolution. Should the merger be approved, the combined entity will be well-positioned to advance development of critical mineral projects in a Tier-1 mining jurisdiction, potentially attracting increased investor interest and market attention.

Bottom Line?

Mont Royal’s updated prospectus sharpens focus on a merger that could reshape its future in critical minerals.

Questions in the middle?

• What specific financial changes are detailed in the Replacement Prospectus compared to the original?
• How will the merger impact Mont Royal’s capital structure and funding requirements?
• What are the key risks and timelines associated with integrating Commerce Resources’ assets?