Mont Royal Resources (ASX: MRZ) has re-listed on the Australian Securities Exchange following its merger with Canadian-listed Commerce Resources, creating a dual-listed critical minerals company with a focus on developing one of North America’s largest rare earth deposits.
The merged entity holds 100% of the Ashram rare earth and fluorspar project in Québec, Canada—a Tier-1 asset containing 73.2 million tonnes at 1.89% total rare earth oxide (TREO) and 131.1Mt at 1.91% TREO in the Indicated and Inferred categories, respectively.
Managing director Nicholas Holthouse said the merger “launches a significant new Canadian-focused critical minerals developer on the ASX and TSX-V,” adding that Ashram has the potential to become “a cornerstone of North America’s critical minerals supply chain.”
Canadian Rare Earth Focus
The re-listing follows a six-month transaction that unites Mont Royal’s exploration and corporate experience with Commerce Resources’ established asset base in Québec.
Ashram, one of the largest monazite-dominant carbonatite-hosted deposits in North America, has already seen more than A$50 million in historical investment across exploration, drilling, and development studies.
The project also includes a significant fluorspar by-product, providing potential exposure to two critical minerals markets vital to steelmaking, clean energy, and high-tech manufacturing.
Mont Royal has assembled an experienced leadership team including non-executive chair Cameron Henry, with both he and Mr Holthouse sharing track records in developing complex processing and critical minerals projects.
Tier-1 Development Opportunity
Located in Québec’s Nunavik region, Ashram contains a high proportion of neodymium and praseodymium (NdPr)—key components in the permanent magnets used for EVs and wind turbines.
The deposit has demonstrated simple mineralogy, with flotation test work producing a 35% TREO concentrate at 65% recovery, while hydrometallurgical studies achieved recoveries of 95% for light rare earths and 82% for heavy rare earths.
These characteristics underpin the project’s potential for near-term development under a staged approach, beginning with high-grade flotation concentrate production before progressing to downstream oxide separation.
An updated preliminary economic assessment (PEA) will commence immediately to support a streamlined development strategy, government funding applications and future offtake discussions.
Mont Royal said the PEA will incorporate updated engineering data and market assumptions to confirm optimal project scale and processing routes.
Fluorspar Adds Strategic Advantage
In addition to its rare earths inventory, Ashram also hosts significant quantities of fluorspar, a high-value industrial mineral used in steel production, aluminium refining, uranium enrichment, and chemical manufacturing.
The project’s potential to deliver metallurgical and acid-grade fluorspar represents an important diversification opportunity, aligning with critical mineral priorities across both Canada and the US.
The company plans to assess commercialisation pathways for the fluorspar stream alongside its rare earth operations as part of the upcoming PEA.
Mont Royal regards the merger as marking a significant step forward in its evolution into a vertically integrated critical minerals developer positioned at the forefront of the North American supply chain transition.
