Interview with Nicholas Holthouse, MD & CEO, and Peter Ruse, Head of Corporate Development, Mont Royal Resources

Recording date: 21st October 2025

Mont Royal Resources (ASX:MRZ) is preparing to list on the Australian Securities Exchange on 5th November 2025, following its merger with Commerce Resources. The combined entity brings together North America's largest undeveloped rare earth deposit - the Ashram project in Quebec, Canada—with experienced management and a clear development strategy aimed at capitalizing on unprecedented Western government support for critical minerals.

The Ashram deposit contains nearly 200 million tons of resource grading approximately 2% total rare earth oxide (TREO), supported by over 30,000 meters of drilling. What distinguishes the project is its exceptional metallurgical characteristics, with CEO Nicholas Holthouse noting the asset produces concentrates of 35-37% through strong flotation kinetics, a critical factor where many rare earth projects fail to deliver despite promising headline numbers.

Holthouse, who brings eight years of rare earth sector experience including roles at Hastings Technology Metals and Meteoric Resources, will relocate to Montreal to oversee development. This on-site leadership approach mirrors the successful strategy employed by Michael O'Keefe at Champion Iron, also operating in Quebec.

The company plans to scale operations to 1.2 million tons per year throughput, producing approximately 2,800-3,000 tons of NdPr annually, a "bite-sized chunk" attractive to separators while maintaining scalability for future expansion. The project also contains valuable fluorspar mineralization, contributing 10-15% of projected value and addressing North American supply shortages.

The merged entity will comprise approximately 190 million shares at 20 cents per share with $10 million cash, creating an enterprise value of $25 million - compelling value for a resource of this scale. Near-term focus centers on securing government support for road infrastructure connecting the remote deposit to markets, leveraging Canada's recent commitment to allocate 1.5% of GDP specifically to critical mineral projects and associated infrastructure.

View Mont Royal Resources' company profile: https://www.cruxinvestor.com/companies/mont-royal-resources

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