Mont Royal Resources Limited has received a C$2.22 million tax credit from Revenue Quebec for its 2023/24 exploration and development activities. The non-dilutive funding provides an immediate boost to the company’s treasury as it pushes ahead with technical and permitting workstreams across its operations in Canada.

During the session coinciding with the tax credit announcement, the company's shares are currently trading up 4.17% at $0.10.

Mont Royal is advancing its 100%-owned Ashram Rare Earth and Fluorspar Deposit in Nunavik, Quebec, toward a Pre-Feasibility Study over the balance of 2026. This follows the completion and filing of a Preliminary Economic Assessment in June 2026. The Ashram project previously secured conditional funding of up to C$2.6 million from Natural Resources Canada under the Critical Minerals Infrastructure Fund to support road development studies.

The cash injection arrives as the company prepares its subsequent 2024/25 tax return and calculations, which will incorporate a fresh application for further Quebec exploration rebates.

“Receipt of the C$2.22 million Quebec tax credit is an important and timely contribution to Mont Royal's funding position as we continue advancing the Ashram Rare Earth and Fluorspar Project toward Pre-Feasibility. The rebate reflects eligible exploration and development expenditure undertaken in Quebec and demonstrates the tangible support available for strategically important critical minerals projects such as Ashram through non-dilutive government funding support.”

“This funding further strengthens our ability to progress key technical, permitting and stakeholder engagement workstreams at Ashram, while continuing to work closely with First Nations, Government agencies, strategic partners and potential offtake participants.”

— Nicholas Holthouse, Managing Director

Read the full announcement: Mont Royal Receives C$2.22 Million Quebec Tax Credit