Wedoany.com Report-Nov. 6, Mont Royal Resources has re-listed on the Australian Securities Exchange (ASX) following its merger with Canada’s Commerce Resources, forming a new critical minerals company focused on developing the Ashram rare earth and fluorspar deposit in Québec. The project is recognized as one of the largest rare earth deposits in North America.

The company’s shares resumed trading on Wednesday under the ASX code MRZ and will also trade on the TSX Venture Exchange under the code MRZL. The merger brings together a combined market capitalization of approximately A$38 million and an enterprise value of about A$28 million.

“Ashram is a globally significant rare earth asset with the potential to become a cornerstone of North America’s critical minerals supply chain,” said Mont Royal managing director Nicholas Holthouse. “It has been largely forgotten over the past 15 years, despite its Tier-1 scale, excellent mineralogy, and strategic importance. This transaction brings the project into the spotlight, in the hands of a newly established, development-focused and highly experienced leadership team.”

The Ashram deposit hosts an indicated resource of 73.2 million tonnes grading 1.89% total rare earth oxide (TREO) and 6.6% fluorspar, as well as an inferred resource of 131.1 million tonnes grading 1.91% TREO and 4% fluorspar. With more than A$50 million already invested, it is considered one of the most advanced monazite-hosted rare earth projects in North America.

Holthouse stated that the merger and re-listing mark the creation of “a significant new Canada-focused critical minerals developer” listed on both the ASX and TSX-V. He added: “Mont Royal has the people, the resources, and the vision to awaken this sleeping giant and develop a major new Canadian rare earths project at a time of growing need for new, Western supply sources.”

Following the re-listing, the company plans to initiate an updated preliminary economic assessment (PEA) for the Ashram project. The new PEA will aim to refine and optimize development plans, ensuring a streamlined strategy to advance the project toward government funding and potential offtake partnerships.

Mont Royal has also raised A$10 million in new capital to support ongoing development and stakeholder engagement. The company’s broader portfolio includes other critical minerals assets in Québec, such as the Eldor Niobium and Northern Lights Lithium projects.

Located in northern Québec, the Ashram project benefits from well-established infrastructure and strong government support for critical minerals development. Its combination of large-scale resources, high-grade mineralization, and fluorspar co-product potential positions it strategically within the North American supply chain for clean energy and high-technology industries.

Mont Royal’s management emphasized that the company’s immediate focus is to advance Ashram toward feasibility and production, while continuing to strengthen partnerships across Canada’s growing critical minerals sector.