SmallCaps Spotlight: Mont Royal Resources (MRZ) — moving from PEA to PFS with First Nations at the centre

### Episode highlights - **PEA momentum:** Updated preliminary economic assessment for the Ash monazite-dominant carbonatite project in Quebec, including a **~30-year mine life** and **post-tax NPV exceeding C$2B**. - **Transitioning to pre-feasibility (PFS):** Why MRZ isn’t rushing straight into PFS, and what work can be extracted over the next **~six months**. - **First Nations engagement as a critical path:** Nicholas outlines recent on-site discussions, the importance of agreements with **multiple First Nations groups**, and how feedback is being incorporated. - **Logistics and footprint changes:** Movement of the project narrative from an earlier northbound framing to **south into the Sheffieldville area**, creating a “very different logistic story” for communities. - **Capex “sweet spot” work:** How MRZ has pulled project economics back towards a more realistic hard-rock cost profile—while also exploring ways to **reduce the project size** and potentially **stage development across generations**. - **12-month plan and baseline studies:** Focus on restarting/opening camp facilities and **baseline studies** early next year, aligned with cash burn. - **Funding strategy (non-dilutive + partners):** Increased engagement with **provincial/federal government** and industry interest, with a goal of support ahead of next study milestones. - **Northern Lights soil sampling:** A non-core but necessary spend to maintain tenements has been redirected into a **till-sampling programme targeting gold** linked to structures from the East Main resource (assays expected soon). - **Metallurgy and fluorspar:** Continued work to extend beyond mixed-rare carbonate stages, including hydromet test work and potential **separation/oxide value opportunities**, plus ongoing technology partner conversations with strong interest from **Europe and the US**.

### Key takeaway MRZ’s next phase is about **de-risking execution**—not just through technical studies, but by building a smoother runway for the project via **meaningful First Nations engagement, baseline work, logistics planning, and staged engineering improvements**—while keeping optionality through concurrent exploration at Northern Lights.

### About Mont Royal Resources (MRZ.ASX) Mont Royal Resources is developing the **Ash from Rare Earths** and **fluorspar** project in Quebec, anchored by a monazite-dominant carbonatite deposit and progressing from PEA to the next study steps.

> Disclaimer: This podcast is for information purposes only and does not constitute financial advice.

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