Mont Royal Resources (ASX: MRZ) has appointed global rare earths executive Constantine Karayannopoulos as the inaugural member of a newly established advisory board as it nears completion of a revised preliminary economic assessment (PEA) for the Ashram rare earth and fluorspar project in Canada.
Mr Karayannopoulos – who has more than 30 years of senior leadership roles in the rare earth elements, critical minerals, and advanced materials sectors – was co-founder and former non-executive chair of Neo Lithium Corp, which developed a major lithium brine project in Argentina before being acquired in 2022 for approximately US$960 million.
He serves as a strategic advisor and board member to several companies in the critical minerals and battery materials sectors, and will provide Mont Royal with strategic insight and guidance as it progresses beyond Ashram’s PEA and into further study phases and industry engagement.
The company intends to appoint further members to the advisory board in the near term to complement Mr Karayannopoulos’ skill sets.
Inaugural Board Member
Mont Royal managing director Nicholas Holthouse welcomed Mr Karayannopoulos as the inaugural board member.
“Constantine’s deep experience in the global rare earths industry will be invaluable as we advance Ashram towards development, ,” he said.
“We are pleased to have someone of his calibre join as the first member of our advisory board.”
Non-executive chair Cameron Henry said it was the “right moment” to strengthen the company’s advisory capability, as the PEA nears completion and momentum builds at provincial and federal levels in support of Quebec's critical minerals industry.
Large Rare Earth Deposit
The Ashram project is one of the largest monazite-dominant carbonatite-hosted rare earth deposits in North America, hosting a consolidated mineral resource estimate of 73.2 million tonnes grading 1.89% total rare earth oxide (TREO) and 6.6% fluorspar (Indicated), as well as 131.1Mt at 1.91% TREO and 4.0% fluorspar (Inferred).
The revised PEA includes the development of an all-season access road between the Ashram site and the town of Schefferville, along with rail logistics via the Tshiuetin Rail Transportation and Quebec North Shore and Labrador (QNSL) network to the city of Sept-Iles.
It also provides an evaluation of road, rail and sea transportation options to the proposed Saguenay hydrometallurgical facility, and updated mining throughput assumptions to a mixed rare earth oxide final product.
“In a relatively short period, the Mont Royal team and consultants have completed a comprehensive review of previous work and implemented several important improvements which we expect will reduce capital intensity and operating costs while lowering overall project risk and unlocking further value,” Mr Holthouse said.
The assessment is currently 80% complete with mining, geology, and radiation management work packages now finalised and the remaining work streams due for completion later this month.
Increased Commodity Prices
Market prices for rare earth metals praseodymium and neodymium prices have increased by approximately 45% since the revised PEA commenced.
This reflects a strong recovery from mid-2025 cyclical lows, with three-year highs recorded earlier this year.
Price movements have been influenced by market surplus and pricing weaknesses in mid-2025, as well as a gradual recovery following geopolitical and supply side restrictions, and a sharp price increase driven by policy development and supply disruptions with spot prices briefly reaching US$120 per kilogram.
Although prices moderated last month, they remain well above 2025 averages and bode well for the economics of the Ashram project.
