Mont Royal advances Ashram strategy as PEA nears completion
Mont Royal Resources Ltd (ASX:MRZ, TSX-V:MRZL, OTC:MTRRF, FRA:ZG1) has moved a step closer to a refreshed development pathway for its 100%-owned Ashram Rare Earth and Fluorspar Project in Quebec, with the company saying its updated Preliminary Economic Assessment (PEA) is now about 80% complete...
Mont Royal Resources Ltd(ASX:MRZTSX-V:MRZLOTC:MTRRF) View Price & Profile Mont Royal advances Ashram strategy as PEA nears completion
Last updated: 22:15 09 Apr 2026 EDT, First published: 21:48 09 Apr 2026 EDT
Mont Royal Resources Ltd (ASX:MRZ, TSX-V:MRZL, OTC:MTRRF, FRA:ZG1) has moved a step closer to a refreshed development pathway for its 100%-owned Ashram Rare Earth and Fluorspar Project in Quebec, with the company saying its updated Preliminary Economic Assessment (PEA) is now about 80% complete and remains on track for completion this month.
The update is more than a routine study milestone. Mont Royal is using the revised PEA to reshape key parts of the project’s development strategy, with a focus on lowering upfront capital requirements, trimming operating costs and reducing execution risk as it works to position Ashram as a more robust rare earths and fluorspar development story.
Ashram to Schefferville road study area shown in bold dark blue. Existing rail to Sept-Îles and road/sea link to Saguenay complete the logistics route.
Management said the revised study incorporates updated assumptions around site access, logistics, processing throughput and the location of a downstream hydrometallurgical processing facility. Those changes are expected to improve the project’s overall economics and provide a clearer pathway toward future development.
“We are very pleased with the strong progress of the Ashram Project PEA, with the study now approximately 80% complete and on track for April completion. In a relatively short period, the Mont Royal team and consultants have completed a comprehensive review of previous work and implemented several important improvements which we expect will reduce capital intensity and operating costs while lowering overall project risk and unlocking further value," Mont Royal’s managing director, Nicholas Holthouse, said.
“We are also delighted to welcome Constantine Karayannopoulos to our Advisory Board. His deep experience in the global rare earths industry will be invaluable as we advance Ashram towards development, and we are pleased to have someone of his calibre join as the first member of our Advisory Board.”
Ashram already stands out for its scale, with a consolidated mineral resource estimate of 73.2 million tonnes at 1.89% total rare earth oxide and 6.6% fluorspar in the indicated category, plus 131.1 million tonnes at 1.91% total rare earth oxide and 4.0% fluorspar inferred. That gives Mont Royal a sizeable resource base to work with as it fine-tunes how the project could be brought into production.
Updated plan targets lower-cost development pathway
Among the major changes being assessed are development of an all-season access road between the Ashram site and Schefferville, rail logistics through the Tshiuetin Rail Transportation and Quebec North Shore and Labrador rail network to Sept-Îles, and transport options linking the project to a proposed hydrometallurgical facility in Saguenay. The company is also reviewing revised mining throughput assumptions and a final product strategy based on mixed rare earth oxide.
Those changes point to a more integrated and potentially less capital-intensive development model, while also aligning Ashram more closely with downstream processing and supply chain considerations in Quebec and broader North America.
The timing could also be favourable. Mont Royal noted praseodymium and neodymium oxide prices have strengthened significantly over the past year, rising about 30% to 45% and reaching three-year highs in early 2026 before easing back in March. Even after that moderation, prices remain well above 2025 averages, which could provide support for project economics as the updated PEA is finalised.
Alongside the study progress, Mont Royal has strengthened its corporate capability by appointing former Neo Performance Materials chief executive Constantine Karayannopoulos as the inaugural member of its new advisory board. The move adds rare earths, processing and downstream expertise at a point when the company is preparing to move Ashram beyond study work and into its next phase of development planning.