Mont Royal Resources to Evaluate Production of High-Purity Separated REO from Ashram Project

Mont Royal Resources (ASX: MRZ) has signed a joint study agreement with US-based Alta Resource Technologies to evaluate a technical pathway for processing mixed rare earth carbonates (MREC) from Mont Royal’s Ashram rare earths and fluorspar project in Canada into separated high-purity rare earth oxides (REO).

The process would employ Alta’s engineered protein-based rare earth separation technology designed to selectively bind and detach target metal ions, offering a modular separation approach that may support cleaner and potentially lower-capital intensity processing outcomes.

The parties will also assess the potential for a commercial refining facility as an initial step toward a joint venture to support the long-term production of North American REOs for permanent magnets, advanced technologies and defence applications.

Alta recently partnered with global non-ferrous metals smelter Korea Zinc to establish a US-based rare earth recycling joint venture targeting the commercial production of high-purity neodymium-praseodymium, dysprosium, and terbium from end-of-life magnets by 2027.

Lower-Risk Development

Mont Royal managing director Nicholas Holthouse said the company was pleased to be working with Alta on the next step of Ashram’s development pathway.

“We are keen to assess opportunities to capture more of the value contained within the Ashram resource and our current focus on producing a mixed rare earth carbonate remains a practical and lower-risk development strategy.”

“The ability to take that product further downstream and produce separated, high-purity rare earth oxides in North America represents a significant opportunity,” he said.

“Working with Alta brings an innovative separation technology and specialist expertise that could offer a pathway for us to achieve this without having to develop the capability independently.”

Alta chief executive officer Nathan Ratledge said Mont Royal had the expertise to extract the world-class Ashram resource while Alta had separation technology purpose-built to sustainably recover the full value of a resource with a minimal footprint.

Strengthening Supply Chains

One of North America’s largest undeveloped rare earth projects, Ashram is expected to produce approximately 4,035 tonnes per annum of neodymium-praseodymium oxide rich in a number of heavy rare earth elements.

A preliminary economic assessment outlined a 30-year mine life based on the production of 17,466tpa saleable REO to deliver a $2.04 billion post-tax net present value, a 22% post-tax internal rate of return, and a 3.9 year payback.

Alta’s technology has previously been demonstrated on a variety of feedstocks including the intralanthanide separation of permanent magnet REOs and heavy rare earths at purities greater than 99.5% and yields of more than 90%.

Processing this material in North America is believed to be consistent with the Canadian-US joint action plan on critical minerals and would strengthen an integrated continental supply chain for both countries.