Mont Royal ResourcesASX:MRZ

Over time, the company has reported a resource of just under 200 million tons (Nov 2025) — comprising 70 million tons indicated and 130–140 million tons inferred — and later referenced a resource of "around six" (May 2026, likely million tons) and said 24% of the resource is in the first instance (Jul 2026), though the relationship between these size figures is not reconciled. Fluorspar grades are reported at about 5% on average in indicated and inferred portions, with isolated pods reaching up to 20% and a specific intersection of 51.5 meters at 10.5% fluorspar (May 2026); the rare earths are described as having a total rare-earth oxide grade of just under 2% (Nov 2025). Management also notes over 30,000 meters of drilling has been completed and that yttrium presents an interesting opportunity (Jul 2026).

On permitting, the company points to approval with First Nations and the government for the new southern route as of July 2026.

In May 2026, the company stated that the separation stage "has complexities" and carries technical risk and commissioning risk, and that there is additional cost and technical risk to reach acid spar levels of purity. At the same time, the company noted that production of acid grade fluorspar has been achieved in the past and that the planned metspar circuit is intended to be simpler, cheaper and less technically challenging. Earlier, in November 2025, management reported "incredibly good recoveries" producing a concentrate of around 35–37% TRO recovery with strong flotation kinetics.

The company reports an NPV of just over 2 billion Canadian and a capital expenditure of about 1.2 billion Canadian, with an operating cost of around $80.50 per kilogram of TREO (all as of July 2026). On pricing assumptions, management noted in May 2026 that metspar is assumed at around 400 to 500 dollars per ton US at a 65% level, with acid spar about the same at this stage. Separately, in November 2025 the company stated that a previous PEA undertaken around 2012–2015 assumed the same throughput as the current plan.

In November 2025, the company reported having raised about A$10 million roughly a month earlier and holding a cash position of approximately A$10 million, with a fully diluted market cap around A$35–36 million and an enterprise value of A$25 million. By July 2026, management stated that total capital needed is C$1.2 billion and that the company had secured C$2.6 million in funding from NRCan for a road study.

In November 2025, the company said it expected a permit decision on or before the end of October (i.e., already past at the time of speaking) and noted it was recommencing the second half of the PEA (preliminary economic assessment) as well as working on a road development story and engaging with local First Nations and government. By May 2026, management reported that the PEA was "a few weeks away" and that fluorspar metallurgical work would be incorporated into a PFS over the following 12 months. A longer-term milestone of 30 years was mentioned for the first 25% of the resource, targeted for July 2026.

Managing Director Nick Cotesworth highlighted the company's track record in a July 2026 interview. Separately, in November 2025, the company noted that Nick Holt House has been a mining engineer since the late 1980s, spent four years with Hastings Technology Metals and three years as CEO of Meteoric Resources, giving him eight years in the rare earth space.

They also note an enterprise value of C$25 million on a resource of just under 200 million tons (Nov 2025).