Flotation Test Work Restart Raises Questions on Ashram’s Economic Upside

Restarting Flotation Test Work

Mont Royal Resources Ltd (ASX, MRZ) has announced the recommencement of metallurgical flotation test work on its flagship Ashram Rare Earth Elements (REE) and Fluorspar Project in Northern Quebec, Canada. The company has engaged Auralia Metallurgy Pty Ltd, a specialist in rare earth flotation, to lead this critical phase of process optimisation. A substantial bulk sample of approximately 700 kilograms of mineralised material has been expedited to Australia for analysis, marking a significant step in advancing the project’s technical development.

Building on Proven Success

This new program builds on the impressive results from previous locked-cycle flotation tests conducted by SGS Lakefield in Ontario. Those tests yielded a high-grade rare earth concentrate with a rare earth oxide (REO) content of around 36%, achieved through a flotation-only beneficiation flowsheet targeting key minerals such as monazite and bastnasite. Mont Royal’s Managing Director, Nicholas Holthouse, emphasised that the new flotation concentrate will bolster confidence in the project’s flowsheet ahead of upcoming economic assessments.

Exploring Fluorspar as a Valuable By-Product

In addition to refining rare earth recovery, the test work will evaluate the potential to produce a commercial fluorspar concentrate from flotation tailings. Fluorspar, a critical mineral used in various industrial applications including lithium-ion battery production, represents a high-value by-product opportunity that could enhance the Ashram Project’s economics. Mont Royal has previously demonstrated the ability to produce saleable fluorspar products, and this program aims to optimise recovery and assess the feasibility of incorporating fluorspar into the initial development stage.

Supporting Future Study Phases and Technology Exploration

The flotation concentrates generated will also support further hydrometallurgical test work, particularly around sulphation bake process optimisation, which is essential for the Pre-Feasibility Study (PFS) targeted for commencement in the third quarter of 2026. Moreover, Mont Royal is exploring new and emerging processing technologies that could offer alternatives or enhancements to the current flowsheet, with samples from this program allocated for testing by potential technology partners in 2026.

Strategic Positioning in Critical Minerals

The Ashram Project is positioned as one of North America’s largest undeveloped monazite-mineralised carbonatite-hosted REE deposits, with significant strategic importance given the global push for critical minerals. With over A$50 million invested historically, Mont Royal is advancing Ashram as a Tier-1 deposit with the potential to become a low-cost, long-term supplier of mixed rare earth carbonate and neodymium-praseodymium oxide. The inclusion of fluorspar further diversifies the project’s commodity exposure, aligning with growing demand from key markets including Canada, Europe, Japan, and the United States.