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Canada
Mont Royal Resources Ltd
An ASX- and TSX-V-listed company developing the Ashram rare earth and fluorspar deposit in Nunavik, Quebec, acquired with Commerce Resources in 2025; its latest study is a June 2026 preliminary economic assessment.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The PEA's C$1.231 billion initial capex excludes the ~C$684 million standalone cost of the access road, which is instead modeled as a third-party usage charge in operating costs.
- A PFS for Ashram was first expected in Q4 2013 / Q1 2014 and again pursued from about 2021, but none was published; the current PFS was targeted to commence in H2 2026.
- The Critical Minerals Infrastructure Fund support is a conditional approval of up to C$2.6 million for road studies only, with the contribution agreement not yet signed as of 26 Feb 2026.
- Cash fell from A$10.17 million at 31 Oct 2025 to A$4.79 million at 30 Apr 2026, against a PEA initial capex of C$1.231 billion with no project financing or offtake announced.
- The PEA base case does not recover fluorspar, although the project is named for fluorspar and the resource carries 4.0-6.6% CaF2; about 7% of PEA mill feed is Inferred material.
At a glance
- Founded
- 2018 — Mont Royal Resources Limited was incorporated in Australia on 26 Mar 2018 and explored gold, copper and lithium in Quebec. It acquired 100% of TSXV-listed Commerce Resources Corp. (owner of Ashram since the deposit outcrop was located and sampled in 2009) by BC plan of arrangement, announced 10 Apr 2025 and completed 22 Oct 2025, then re-listed on ASX and listed on TSXV on 5 Nov 2025.
- Headquarters
- Vancouver, British Columbia, Canada (head office per Oct 2025 release); Australian registered office Sydney, NSW (per FY2023 annual report)
- Ownership
- Listed on ASX (MRZ) and TSX Venture Exchange (MRZL); quoted OTC as MTRRF. Pro forma at announcement (Apr 2025, at A$10 million max raise): former Commerce shareholders 56.6%, capital raising investors 26.1%, prior Mont Royal shareholders 9.7%, convertible note investors 7.6%. 192,493,084 shares outstanding at 30 Apr 2026 (279,210,516 fully diluted). Commerce Resources Corp. is now a wholly owned subsidiary holding Ashram.
- Stage
- Early stage. No investment decision: Ashram has an updated PEA (Jun 2026) and a PFS starting H2 2026, with no pilot plant at scale, permits, financing or offtake announced.
- Listing
- ASX: MRZ · TSX Venture Exchange: MRZL · OTC Markets: MTRRF
- Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Ashram updated PEA: mill feed | 1.8 Mt/yr ore in (nameplate); ~53 Mt mill feed over 30 years (~93% Indicated, ~7% Inferred) | Announced | Jun 2026 |
| Ashram updated PEA: product out (MREC from Saguenay hydromet) | ~17,466 t/yr saleable REO in MREC, including ~4,035 t/yr NdPr oxide, ~100 t/yr Dy+Tb oxide and ~230 t/yr Y2O3 (all contained in mixed carbonate, not separated) | Announced | Jun 2026 |
| Ashram 2012 PEA (Commerce Resources) | 4,000 t/day ore in; ~16,850 t/yr REO out as mixed rare earth carbonate | Historical | May 2012 |
Narrative
Ashram is a monazite-dominant carbonatite in Nunavik, northern Quebec, about 130 km south of Kuujjuaq, explored for more than a decade by Commerce Resources. Mont Royal, an Australian-incorporated explorer, acquired Commerce by plan of arrangement in October 2025 and listed on the TSX Venture Exchange in November. The resource is 73.2 Mt Indicated at 1.89% TREO and 131.1 Mt Inferred at 1.91%, with NdPr about 21% of TREO and fluorspar present. An updated preliminary economic assessment in June 2026 plans 1.8 Mt/yr of ore floated on site to a concentrate of about 30% rare earth oxide, shipped to a proposed hydrometallurgical plant at Saguenay producing mixed rare earth carbonate containing about 4,035 t/yr of NdPr, for capital of C$1.231 billion; the site has no road, and the roughly C$684 million access road is modeled as an operating charge rather than capital. No production year is stated. Commerce published a preliminary economic assessment in 2012 and expected a pre-feasibility study in 2013-14 that was never released; a new one is targeted to begin in the second half of 2026.
Where public sources disagree
- Merger consideration is described differently: the 10 Apr 2025 announcement gives 2.3271 new Mont Royal shares per Commerce share with a separate 0.2195-for-1 Mont Royal share consolidation, while the 22 Oct 2025 completion release (as summarized) describes Commerce holders receiving 2.3271 shares 'followed by a 0.2195-for-1 post-consolidation adjustment'. If the ratio applied pre-consolidation, it equals about 0.511 post-consolidation shares per Commerce share (2.3271 x 0.2195).
- Currency of the 30 Apr 2026 MD&A cash figures is reported as A$ in the summary reached (A$4,794,187), while the company's head office is in Vancouver and the PEA is in C$; the primary MD&A was not read directly to confirm the reporting currency.
Latest reports
| Period | Published | Report |
|---|---|---|
| Six months ended 30 Apr 2026 (Q2 of FY ending 31 Oct) | 2026-06-12 | Management's Discussion and Analysis Q2 30 April 2026 |
| Quarter ended 30 Sep 2025 | 2025-10-29 | Quarterly Activities/Appendix 5B Cash Flow Report |
Across these reports
Cash fell from A$10.2M (Oct 2025) to A$4.8M (Apr 2026). The June 2026 PEA updated the 2012 study; the pre-feasibility study, first expected in 2013-14, is now to start in H2 2026.
| Measure | What the reports show |
|---|---|
| cash | A$0.35 million at 30 Sep 2025 (pre-raise); A$10,165,403 at 31 Oct 2025 after the A$10 million raise; A$4,794,187 at 30 Apr 2026. Six-month net loss to 30 Apr 2026 A$5,942,125. Working capital A$7,630,123 at 30 Apr 2026. C$2.22 million Quebec tax credits received (reported 24 Sep 2026). |
| resource | 2012: 1.6 Mt Measured + 28 Mt Indicated + 220 Mt Inferred at ~1.77-1.90% TREO (~249.6 Mt total); Oct 2025: 73.2 Mt Indicated @ 1.89% + 131.1 Mt Inferred @ 1.91% TREO (204.3 Mt total). Total tonnage lower; Indicated tonnage higher (28 Mt → 73.2 Mt); no Measured in 2025. |
| study | Updated PEA Jun 2026 (post-tax NPV8 C$2.026 billion) replaces 2012 PEA (pre-tax NPV10 C$2.32 billion); initial capex rose from C$763 million (2012) to C$1.231 billion (2026, excluding road). |
| capacity | Mill feed 4,000 t/day (~1.46 Mt/yr) in 2012 PEA vs 1.8 Mt/yr in 2026 PEA; REO output ~16,850 t/yr (2012) vs ~17,466 t/yr saleable (2026). Both are study figures only. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Ashram PFS completion | Q4 2013 / Q1 2014 (Commerce release, 21 Sep 2012) | PFS 'targeted to commence in H2 CY2026' (PEA release, 8 Jun 2026); described as underway on 22 Sep 2026; no completion date | moved later |
| Merger completion and ASX reinstatement | Late July 2025 (merger announcement, 10 Apr 2025) | Merger completed 22 Oct 2025; ASX re-listing and TSXV listing 5 Nov 2025 | moved later |
| Updated PEA | H1 2026 (per Rare Earth Exchanges, Nov 2025: PEA 50% complete, targeting H1 2026) | Released 8-9 Jun 2026 | met |
| First production | No year stated in 2012 PEA | No year stated in 2026 PEA (assumes 2-year construction after an unspecified decision) | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Updated Preliminary Economic Analysis Confirms Ashram as a Major Long-Life North American Rare Earths Development Project — Mont Royal Resources via Newsfile (2026-06-08)
- Mont Royal Files PEA Technical Report for the Ashram Project — Mont Royal Resources via Newsfile (2026-06-19)
- Mont Royal via Commerce Resources Receives an Extension of the Critical Minerals Infrastructure Fund Conditional Approval for Revised Road Strategy for the Ashram Rare Earths & Fluorspar Project, Quebec — Mont Royal Resources via Newsfile (2026-02-26)
- Commerce Resources and Mont Royal Resources Complete Merger to Create a Canadian-Focused Critical Minerals Development Company — Mont Royal / Commerce via Newswire (2025-10-22)
- Mont Royal to Merge with Commerce Resources — Listcorp / Mont Royal Resources (2025-04-10)
- Mont Royal Resources Provides Update on ASX and TSXV Listing — Mont Royal via Newswire (2025-10-31)
- Mont Royal relisting brings large North American rare earths deposit to ASX — Mining Weekly (2025-11-05)
- Mont Royal Re-Lists and Reignites Ashram: A Big Deposit Still Waiting for Big Answers — Rare Earth Exchanges (2025-11)
- Quarterly Activities/Appendix 5B Cash Flow Report (quarter to 30 Sep 2025) — Listcorp / Mont Royal Resources (2025-10-29)
- Management's Discussion and Analysis Q2 30 April 2026 — Listcorp / Mont Royal Resources (2026-06-12)
- Mont Royal Resources Releases Updated Ashram Rare Earths PEA and Advances Quebec Project Development — Kalkine (2026-06-12)
- Mont Royal and Alta to Assess Pathway to Produce High-Purity Separated Rare Earth Oxides from Ashram — Mont Royal Resources via Newsfile (2026-08-31)
- Ashram Rare Earths & Fluorspar Project selected for inaugural Canada Investment Summit Prospectus — StockTitan (Mont Royal release) (2026-09-21)
- Mont Royal Holds First Public Information Meeting in Kuujjuaq for the Ashram Project — FinancialContent (Newsfile) (2026-09-22)
- Mont Royal Resources Advancing Ashram Rare Earths Deposit and Canadian Critical Minerals Portfolio — Small Caps (2026-09-24)
- Ashram Rare Earths & Fluorspar project — Mont Royal Resources (2026-09)
- Commerce Resources Corp. Reports Robust Economics from Preliminary Economic Assessment for the Ashram Rare Earth Element Deposit — Commerce Resources (2012-05-24)
- Commerce Resources Corp. Engages Roche Ltd. for the Ashram Rare Earth Element Deposit Pre-Feasibility Study — Commerce Resources via Newswire (2012-09-21)
- Commerce Resources Corp. Provides Status Update on the Prefeasibility Study for the Ashram Rare Earth and Fluorspar Deposit — Zimtu Capital (Commerce release) (2021-10-27)
- The Ashram Rare Earth Element & Fluorspar Deposit, Quebec, Canada (corporate presentation) — Commerce Resources via MineDocs (2022-12)
- Commerce Resources signs LOI with Inuit for Quebec Rare Earth Project — Resource World
- Mont Royal Resources Limited annual report FY2023 (ACN 625 237 658) — Mont Royal Resources via ASX (2023-09-25)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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