en.Wedoany.com Reported - Australian-listed exploration company Mont Royal Resources Limited (ASX: MRZ, TSXV: MRZL) released on June 9, 2026, the results of an updated Preliminary Economic Assessment (PEA) for its Ashram rare earth and fluorspar project located in Nunavik, Québec, Canada. The assessment, completed by Altris Engineering, confirms Ashram as a large-scale, long-life, strategically significant North American rare earth development project.
Mont Royal Resources Limited is a resource company focused on the exploration and development of critical minerals, dual-listed on the Australian Securities Exchange (ASX) and the TSX Venture Exchange (TSXV). The company's core asset, the Ashram project, is one of the largest monazite-bearing, carbonatite-hosted rare earth deposits in North America. Located in the mining-friendly jurisdiction of Québec, the project currently hosts mineral resources comprising 73.2 million tonnes (grading 1.89% total rare earth oxides) in the indicated category and 131.1 million tonnes (grading 1.91% total rare earth oxides) in the inferred category, with calcium fluoride grades of 6.6% and 4%, respectively.
The updated PEA outlines a development model involving "on-site mine beneficiation + Saguenay hydrometallurgical refining." The beneficiation plant is expected to produce a flotation concentrate grading approximately 30% rare earth oxides at an annual output of about 69,500 tonnes; the downstream hydrometallurgical plant is designed to process approximately 69,500 tonnes of flotation concentrate per year, yielding around 33,800 tonnes of mixed rare earth carbonate. Key economic indicators for the project include: an after-tax net present value (8% discount rate) of C$2.03 billion, an after-tax internal rate of return of 22%, an after-tax payback period of 3.9 years, and a mine-life EBITDA of C$15.46 billion. The project envisions a 30-year mine life with average annual production of approximately 17,466 tonnes of saleable rare earth oxides, including about 4,035 tonnes of neodymium-praseodymium oxide (NdPr), 100 tonnes of dysprosium-terbium oxide (DyTb), and 230 tonnes of yttrium oxide. Initial capital expenditure is estimated at C$1.231 billion (including a 30% contingency), with total life-of-mine capital expenditure of C$1.605 billion. The company expects to receive approximately C$347 million in refundable Clean Technology Manufacturing Investment Tax Credits.
Mont Royal Resources Managing Director Nicholas Holthouse stated that the latest study highlights the scale, favorable ore characteristics, and competitive cost advantages of the Ashram project, and sees potential value additions from fluorspar, resource expansion, and downstream partnerships. The company plans to advance the project to the pre-feasibility study stage in the second half of 2026, while concurrently progressing permitting, strategic partnerships, and offtake agreement negotiations. Against the backdrop of China controlling approximately 90% of global rare earth separation capacity, the Ashram project is viewed as a significant potential source for diversifying the Western critical mineral supply chain.
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