Mont Royal Raises $10M, Targets Q1 2026 for Ashram PEA Update
Mont Royal Resources has kicked off a comprehensive work program at its Ashram Rare Earth and Fluorspar Project following a transformative merger and a successful $10 million capital raise. An updated Preliminary Economic Assessment is expected by the end of Q1 2026.
- Completed merger with Commerce Resources and re-listed on ASX
- Raised A$10 million to fund Ashram project development
- Engaged Altris Engineering for updated Preliminary Economic Assessment
- Recommenced metallurgical flotation test work with Auralia Metallurgy
- Managing Director relocated to Montréal to strengthen local presence
Transformational Merger and Capital Raise
Mont Royal Resources Ltd marked a pivotal moment in late 2025 by completing a merger with Canadian-listed Commerce Resources Corp, effectively creating a dual-listed critical minerals company focused on Québec’s Ashram Rare Earth and Fluorspar Deposit. The company successfully raised A$10 million through an equity offering, providing a solid financial foundation to advance the project.
Trading of Mont Royal shares resumed on the ASX in early November 2025, signaling renewed investor confidence and a fresh chapter for the company’s development ambitions in the critical minerals sector.
Multi-Pronged Work Program Underway
Immediately following the merger, Mont Royal launched a comprehensive work program targeting key areas such as infrastructure development, stakeholder engagement, metallurgical optimisation, and the delivery of an updated Preliminary Economic Assessment (PEA). The PEA, managed by Altris Engineering, is focused on closing gaps from previous studies and incorporating revised project configurations and throughput assumptions, with completion targeted by the end of March 2026.
Metallurgical test work has also recommenced, with Auralia Metallurgy Pty Ltd engaged to refine flotation processes. A substantial bulk sample of approximately 700 kilograms from the Ashram deposit has been expedited to Australia for analysis. This work builds on prior successful flotation results that produced a high-grade rare earth concentrate, while also exploring the potential for commercial fluorspar concentrate production; a valuable by-product that could enhance project economics.
Strengthening Local Presence and Stakeholder Engagement
Recognising the importance of local relationships, Mont Royal’s Managing Director, Nicholas Holthouse, has relocated to Montréal to deepen engagement with Indigenous groups, provincial and federal government agencies, and local communities in the Nunavik region. Early consultations have been positive, reflecting strong support for the project’s development and infrastructure plans, including securing road access funded in part by a C$2.6 million grant from Natural Resources Canada.
Financial Position and Forward Outlook
As at 31 December 2025, Mont Royal held A$7.4 million in cash, bolstered by the recent capital raise and expected exploration tax rebates. The company is preparing to commence a Pre-Feasibility Study (PFS) in the second quarter of 2026, building on the PEA and ongoing metallurgical programs to further define project parameters and market positioning.
Mont Royal’s strategic focus on rare earth elements and fluorspar aligns with growing global demand, particularly in North America, where governments are prioritising critical minerals for technology and energy transition applications.
Bottom Line?
Mont Royal’s next few months will be critical as it delivers the updated PEA and advances metallurgical testing, setting the stage for its Pre-Feasibility Study and potential market positioning as a key rare earths supplier.
Questions in the middle?
- Will the updated PEA confirm improved economics with the inclusion of fluorspar by-products?
- How will ongoing stakeholder consultations influence infrastructure development timelines?
- What impact will emerging processing technologies have on Ashram’s project viability?
