Mont Royal Resources Limited has signed a Joint Study Agreement with Alta Resource Technologies to evaluate processing mixed rare earth carbonate feedstock from the Ashram Rare Earth and Fluorspar Project in Quebec into separated, high-purity rare earth oxides.

“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.”

— Nicholas Holthouse, Managing Director

The agreement establishes a framework to test Alta's engineered protein-based separation technology on material from the Ashram deposit, potentially extending Mont Royal further downstream into the rare earth value chain. The partners will also assess the potential for a commercial refining facility and a longer-term partnership to support a North American rare earth supply chain.

The Ashram project is 100%-owned by Mont Royal and is backed by over A$50 million in historical investment. A June 2026 Preliminary Economic Assessment outlined a 30-year mine life, average annual production of 17,466 tonnes of saleable rare earth oxides, and a post-tax net present value of C$2.03 billion.

In addition, Mont Royal's subsidiary Commerce Resources received conditional funding of up to C$2.6 million from Natural Resources Canada under the Critical Minerals Infrastructure Fund for road development studies supporting the Ashram project. Mont Royal is advancing the Ashram Project toward a Pre-Feasibility Study over the balance of 2026.

Read the full announcement: Mont Royal and Alta to Assess Pathway to Produce High-Purity Separated Rare Earth Oxides from Ashram