Mont Royal Resources has re-listed on the ASX following its merger with Canada’s Commerce Resources, creating a new critical minerals company focused on developing the Ashram rare earth and fluorspar deposit in Québec, one of the largest rare earth deposits in North America.

The company’s shares resumed trading on Wednesday under the code MRZ, with dual listing on the TSX-V under MRZL. The merger brings together a combined market capitalisation of about A$38-million and an enterprise value of about A$28-million.

“Ashram is a globally significant rare earth asset with the potential to become a cornerstone of North America’s critical minerals supply chain,” said Mont Royal MD Nicholas Holthouse. “It has been largely forgotten over the past 15 years, despite its Tier-1 scale, excellent mineralogy and strategic importance. This transaction brings the project into the spotlight, in the hands of a newly established, development-focused and highly experienced leadership team.”

The Ashram deposit hosts an indicated resource of 73.2-million tonnes grading 1.89% total rare earth oxide (TREO) and 6.6% fluorspar, and an inferred resource of 131.1-million tonnes grading 1.91% TREO and 4% fluorspar.

With more than A$50-million already invested, the project is one of the most advanced monazite-hosted rare earth developments in North America.

Holthouse said the merger and re-listing launch a “significant new Canada-focused critical minerals developer” on both the ASX and TSX-V, adding that Mont Royal has “the people, the resources and the vision to awaken this sleeping giant and develop a major new Canadian rare earths project at a time of growing need for new, Western supply sources".

The company will now begin work on an updated preliminary economic assessment, aimed at refining a streamlined development strategy for Ashram and positioning it to secure government funding and potential offtake partnerships.

Mont Royal has also completed a A$10-million capital raising to fund ongoing development and engagement activities. The company’s broader portfolio includes the Eldor Niobium and Northern Lights Lithium projects, both in Québec.