Mr. Joel Ives reports

MONT ROYAL AND ALTA TO ASSESS PATHWAY TO PRODUCE HIGH-PURITY SEPARATED RARE EARTH OXIDES FROM ASHRAM

Mont Royal Resources Ltd. and Alta Resource Technologies Inc. have signed a joint study agreement (JSA) to evaluate a technical pathway for processing mixed rare earth carbonates (MREC) from Mont Royal's Ashram rare earths and fluorspar project in Quebec, Canada, into separated, high-purity rare earth oxides (REO).

Highlights:

• Mont Royal has signed a joint study agreement with Alta Resource Technologies to evaluate the potential application of Alta's engineered-protein-based rare earth separation technology to mixed rare earth carbonate (MREC) feedstock from the Ashram rare earth and fluorspar project.
• The study will assess a pathway to produce separated, high-purity rare earth oxides from Ashram-derived MREC, potentially extending Mont Royal further downstream into the rare earth value chain.
• The parties will also assess the potential for a future commercial refining facility and longer-term partnership supporting a North American rare earth supply chain.
• Alta's technology uses engineered proteins designed to selectively bind and separate target metal ions, offering a modular separation approach that may support cleaner and potentially lower-capital intensity processing outcomes. Alta's recent industry partnerships include a joint venture with Korea Zinc's U.S. subsidiary, PedalPoint, for the establishment of an end-of-life permanent magnet rare earth recycling facility in the United States.
• The Ashram 2026 preliminary economic assessment ("Updated Preliminary Economic Analysis Confirms Ashram as a Major Long Life North American Rare Earths Development Project" -- June 9, 2026) outlines a 30-year mine life, average annual production of 17,466 tonnes of saleable REO, an after-tax NPV (net present value) of $2.03-billion, an after-tax IRR (internal rate of return) of 22 per cent and a 3.9-year payback.

The JSA will also assess the potential for a commercial refining facility and is intended as an initial step toward a potential joint venture to support the long-term production of North American REOs for permanent magnets, advanced technologies and defence applications.

Alta's recent industry collaborations include a partnering agreement with Korea Zinc, the world's largest non-ferrous metals smelter, to establish a U.S.-based rare earth recycling joint venture, targeting commercial production of high-purity NdPr (neodymium-praseodymium), dysprosium and terbium from end-of-life magnets by 2027.

Mont Royal's managing director, Nicholas Holthouse, said: "We are pleased to be working with Alta on this next step in the development pathway for the Ashram project as we assess opportunities to capture more of the value contained within the Ashram resource. Our current focus on producing a mixed rare earth carbonate remains a practical and lower-risk development strategy for the Ashram project. However, the ability to take that product further downstream and potentially produce separated, high-purity rare earth oxides in North America represents a significant opportunity for Mont Royal.

"Working with Alta brings an innovative separation technology and specialist expertise which could provide a pathway for us to achieve that without Mont Royal having to develop the capability independently. Importantly, this also aligns with the growing strategic focus in Canada and the United States on establishing secure Western supply chains for rare earth elements required for permanent magnets, defence and advanced technologies."

Alta Resources Technologies co-founder and chief executive officer Nathan Ratledge said: "Mont Royal has a world-class resource and the expertise to extract it. Alta has a separation technology purpose built for valorizing complex mixtures of rare earth elements. Together, we will provide a durable North American rare earth supply chain necessary for Western manufacturers to produce permanent magnets and advanced technologies."

Joint study agreement opportunity

The Ashram rare earths and fluorspar project, located in Nunavik, Quebec, is one of the largest undeveloped rare earth projects in North America.

Based on the results of the 2026 PEA, the Ashram project is expected to produce approximately 4,035 tonnes per annum of neodymium-praseodymium (NdPr) oxide and is rich in heavy rare earth elements including dysprosium (Dy), terbium (Tb), samarium (Sm), europium (Eu), gadolinium (Gd) and yttrium (Y).

Alta is a pioneer in the emerging field of precision mining -- an approach to sourcing minerals that emphasizes accuracy, lower impact and full mineral valorization. Alta's processing platform uses engineered proteins to separate rare earth elements and other strategic materials with high selectivity.

By tailoring these proteins to bind selectively to individual elements, Alta's process is built to sustainably recover the full value of a resource with a minimal footprint.

The JSA will evaluate pathways for applying Alta's engineered-protein technology to separate Mont Royal's MREC into individual, high-purity REOs, with the two companies collaboratively assessing how to bridge Mont Royal's hydrometallurgical process with Alta's separation process.

Alta's technology has previously been demonstrated on a variety of feedstocks, including the intralanthanide separation of permanent magnet REOs (NdPr, Dy and Tb) and SEG+ (heavy rare earth concentrate) (Sm, Eu, Gd, Y) at greater-than-99.5-per-cent purity and greater-than-90-per-cent yield.

The JSA will determine whether comparable results can be achieved with Mont Royal's Ashram MREC.

Establishing REO production from Canadian resources advances the strategic goal of a secure, North American supply of critical minerals essential for defence, energy and advanced manufacturing. Processing this material in North America is consistent with the Canada-U.S. Joint Action Plan on Critical Minerals and would strengthen an integrated continental supply chain for both countries.

About Mont Royal Resources Ltd.

Mont Royal is a critical minerals development and exploration company with projects in Quebec, Canada. The company is dedicated to advancing its 100-per-cent-owned Ashram rare earth and fluorspar deposit in Nunavik, Quebec, Canada -- one of the largest monazite-dominant, carbonatite-hosted rare earth element deposits in North America. In addition, the company owns 75 per cent of Northern Lights Minerals' 536-square-kilometre tenement package located in the Upper Eastmain greenstone belt. The projects are located in the emerging James Bay area, a Tier 1 mining jurisdiction of Quebec and are prospective for lithium, precious (gold and silver) and base metals (copper and nickel) mineralization.

Cautionary statement -- preliminary economic assessment

The updated PEA referred to in this report is a preliminary technical and economic study of the potential viability of the Ashram rare earth and fluorspar project. The PEA is based on low-level technical and economic assessments and has been completed to a level of accuracy of plus or minus 50 per cent. It is not sufficient to support the estimation of ore reserves or to provide assurance of an economic development case at this stage, nor to provide certainty that the conclusions of the PEA will be realized. Further exploration, technical and economic studies are required before Mont Royal Resources will be in a position to estimate any Ore Reserves or to provide assurance of an economic development case.

Competent and qualified persons

The production target referred to in this report was first reported by the company on June 9, 2026. The company confirms that all material assumptions underpinning the production target and forecast financial information derived from the production target in the original announcement continue to apply and have not materially changed.

We seek Safe Harbor.