Overview of March 2024 Quarterly Activities Report

Mont Royal Resources (ASX: $MRZ) has confirmed the identification of multiple new lithium targets at the Bohier Lithium Project in Quebec, Canada. The company received the first tranche of ~C$900,000 (~A$1.0M) exploration tax rebate from the Quebec Government, and preparations for the 2024 Summer Exploration Field Season are progressing well.

Executive Commentary on March 2024 Quarterly Activities

While the first quarter of 2024 has been challenging for the lithium sector, there are encouraging signs that prices have bottomed and are beginning to move upwards. The Board decided to defer the start of drilling at Bohier to preserve cash while maintaining tight control on expenditures. The receipt of the exploration tax rebate provided a welcome boost to our cash position, and we continue to closely monitor market conditions to ensure the best possible return for shareholders from the capital invested in exploration.

Summary of March 2024 Quarterly Activities

Mont Royal Resources continues to focus on exploration across three distinct target areas within the Company's Northern Lights tenements in Quebec, Canada. The company's upcoming Summer Field Season aims to follow up on advanced lithium exploration targets identified in 2023. The design for a proposed drilling program at Bohier includes testing potential lateral extents of known pegmatites and identifying the source of gravity lows. Additional lithium targets have been generated at the Bohier Property, and the company plans to send a field team back to these outcrops as part of the Summer 2024 Field Season. The Board will continue to monitor market conditions to optimize the timing of exploration activities. Mont Royal's cash position has been strengthened with the receipt of the exploration tax rebate, and strict cost controls remain in place to ensure solid cash reserves for the company's long-term growth strategy.