Mont Royal Resources has re-listed on the ASX following a merger with Commerce Resources, bringing the Ashram Rare Earth and Fluorspar Deposit in Québec to the forefront of North American critical minerals development.
- Merger creates Canadian-focused critical metals company
- Ashram deposit is one of North America’s largest rare earth resources
- A$10 million capital raised to fund development and strategic initiatives
- Experienced leadership team appointed to drive project advancement
- Updated Preliminary Economic Assessment underway to refine development plan
A New Chapter for Mont Royal
Mont Royal Resources Ltd (ASX, MRZ) has officially re-listed on the Australian Securities Exchange following a transformational merger with Commerce Resources. This strategic union has created a Canadian-focused critical metals company centred on the Ashram Rare Earth and Fluorspar Deposit in Québec, Canada, one of the largest monazite-dominant rare earth deposits in North America.
The re-listing marks a significant milestone for Mont Royal, positioning it as a key player in the evolving Western rare earth supply chain amid growing global demand for these critical minerals. The company’s shares resumed trading at 7, 00am AWST on November 5, 2025, signalling renewed investor interest in a sector vital to high-tech industries and the global energy transition.
Ashram, A Tier-1 Rare Earth Asset
The Ashram Project boasts a substantial Mineral Resource Estimate comprising 73.2 million tonnes of indicated resources at 1.89% total rare earth oxide (TREO) and 6.6% fluorspar, alongside 131.1 million tonnes of inferred resources at similar grades. This scale, combined with excellent mineralogy and a high proportion of neodymium and praseodymium, essential elements for permanent magnets, underscores Ashram’s strategic importance.
With over A$50 million historically invested in exploration and development, Ashram is an advanced asset offering a compelling opportunity to establish a new North American rare earth supply source. The project also includes valuable fluorspar by-products, a mineral critical to steel production and other industrial applications.
Strategic Funding and Leadership
Mont Royal has recently completed a A$10 million capital raising to support ongoing project development and strategic engagement. The company has assembled a development-focused board led by non-executive Chair Cameron Henry, formerly of Primero, and Managing Director Nick Holthouse, ex-Meteoric, bringing deep mining and critical minerals expertise to the helm.
Work has commenced immediately on an updated Preliminary Economic Assessment (PEA) to refine a streamlined development strategy. This PEA will guide future funding applications, strategic partnerships, and offtake discussions, aiming to unlock Ashram’s full potential.
Positioning for Growth in Critical Minerals
The merger and re-listing create a dual-listed entity trading on both the ASX and TSX Venture Exchange, enhancing access to capital and investor reach. With a market capitalisation around A$38 million and an enterprise value near A$28 million, Mont Royal offers significant leverage as it advances Ashram and its other Québec-based assets, including the Eldor Niobium and Northern Lights Lithium projects.
As global supply chains increasingly prioritise secure, Western sources of critical minerals, Mont Royal’s repositioning could not be more timely. The company’s focus on rare earths and fluorspar aligns with strategic imperatives to support emerging technologies and energy transition goals.
Bottom Line?
Mont Royal’s re-listing and merger set the stage for Ashram to become a cornerstone of North America’s rare earth supply; but execution risks remain.
Questions in the middle?
- How will the updated PEA influence Mont Royal’s development timeline and capital requirements?
- What strategic partnerships or offtake agreements might Mont Royal secure to underpin project financing?
- How will market dynamics for rare earths and fluorspar evolve amid increasing geopolitical supply chain concerns?