Mont Royal signs critical minerals MOU with Quebec port
Mont Royal Resources Ltd. [MRZL-TSXV, MRZ-ASX] said it has executed a non-binding memorandum of understanding (MOU) with the Saguenay Port Authority in Saguenay, Quebec.
The MOU, which was signed by senior representatives of Mont Royal and the Port on January 27, 2026, establishes a framework for cooperation relating to Mont Royal’s proposed industrial project related to the processing and valorisation of rare earths concentrates.
Under the agreement, Mont Royal (through its wholly-owned subsidiary Commerce Resources) is considering locating a hydrometallurgical facility within the Port of Saguenay industrial zone, subject to further technical commercial and regulatory evaluations.
The MOU has been signed after Mont Royal recently said it had recommenced a preliminary economic assessment (PEA) for its Ashram Rare Earth and Fluorspar Project in northern Quebec.
It is expected that the updated PEA will take three to six months to complete, providing an update on key work programs and strategic priorities for the project and its pathway to development. Altris Engineering has been appointed as lead engineer for the updated PEA. Altris will initially focus on Gap Analysis to ascertain the work undertaken as part of the previous PEA and identify key areas required to close out the study using revised throughputs and an updated project configuration.
Mea;nwhile the Port of Saguenay has been identified as a key piece of infrastructure with the potential to become a strategic export gateway for critical minerals produced in northern Quebec to global markets. The importance of this corridor and the role of the Port of Saguenay in facilitating critical minerals exports, was recognised in Canada’s 2025 Federal Budget.
The MOU is part of a broader effort to develop a local and integrated value chain in Quebec, aimed at maximizing the impact of critical and strategic mineral resources from extraction through processing, while fostering industrial innovation and regional competitiveness.
“We are very pleased to be working with the Port of Saguenay with this agreement making an important step towards the development of the Ashram Rare Earth Project,’’ said Mont Royal’s Managing Director Nicholas Holthouse.
The agreement with Mont Royal highlights the strategic advantages and the role of the Port of Saguenay as a natural logistics hub in north-eastern Quebec for the development of the critical minerals sector and aligns with the strategic Canadian Northern Corridor. The port offers a year-round and integrated port, road and rail logistics solution for the importation of rare earth concentrates from the Ashram Project for further processing and the subsequent export of refined intermediate rare earth products to global markets. The port offers a well serviced location for the Ashram Project’s proposed Hydrometallurgical facility.
It is worth noting that the Saguenay region is home to several significant mining operations and processing facilities, along with a skilled workforce and mature service support industry.
On Wednesday, Mont Royal shares were unchanged at 24 cents and trade in a 52-week range of 36.5 cents and $0.065.
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