# Updated Preliminary Economic Analysis Confirms Ashram as a Major Long-Life North American Rare Earths Development Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70 Original source: https://money.tmx.com/en/quote/MRZL/news/4743841947890035/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north Publisher: tmx Original announcement: 2026-06-09T02:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mont Royal Resources Limited - Ticker: MRZL - Exchange: TSX - Region: Québec, Canada - Primary commodity: Rare earths - Secondary commodities: Fluorspar, Niobium, Tantalum, Phosphate, Neodymium, Praseodymium, Dysprosium, Terbium, Yttrium - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-18 10:49:41 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Reasoning: The updated PEA confirms strong economic viability for the Ashram Rare Earths Project, highlighting its potential as a long-life, low-cost North American rare earths supplier, despite the inherent uncertainties of a Class 5 study and pending financing and permitting. - Positive factor: Robust economics \(NPV, IRR, payback\) - Positive factor: Long mine life \(30 years\) - Positive factor: Competitive cost position \(low C1 and AISC\) - Positive factor: Strategic importance of rare earths for Western supply chains - Positive factor: High proportion of Indicated resources in early mine life \(93%\) - Positive factor: Updated Mineral Resource Estimate \(MRE\) and PEA incorporating optimizations - Positive factor: Clear pathway to Pre-Feasibility Study \(PFS\) - Negative factor: Preliminary Economic Assessment \(PEA\) level study \(AACE Class 5\) with high uncertainty \(±50% accuracy\) - Negative factor: 7% Inferred resources in the mill feed - Negative factor: Significant initial capital funding \(CAD$1.23B\) not yet secured - Negative factor: Permitting for mine and infrastructure still in progress - Negative factor: Access road costs converted to OPEX, potentially understating capital intensity Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 55 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 54. Some facts used in scoring do not have a stored record. ## Resource Estimates (38) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-1) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:c11ed063a33b0f41354a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 73200000 - Grade: 1.89 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource for Total TREO is substantial and reported under high-confidence standards, contributing positively to project viability. - Positive factor: Large indicated resource tonnage - Positive factor: Good TREO grade - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 1.89 Context: 73.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate includes 73.2 Mt of Indicated Resources. Evidence · table > Indicated Context: Tonnes **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE was prepared by a Competent Person in accordance with the JORC Code. Evidence · text > prepared by a Competent Person in accordance with the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \( JORC Code \) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is stated to be NI 43-101 compliant. Evidence · text > NI 43-101 compliant Mineral Resource Estimates **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Pierre-Luc Richard is listed as a Qualified Person for the Mineral Resource Estimate. Evidence · table > Pierre-Luc Richard, P.Geo, M.Sc. PLR Resources Inc. \(PLR\) Geology and Mineral Resource Estimate Context: Name **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-2) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:738304ff658a3a9b9776 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 131100000 - Grade: 1.91 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource for Total TREO is substantial and reported under high-confidence standards, but its lower confidence category means it cannot fully support economic studies without further drilling. - Positive factor: Large inferred resource tonnage - Positive factor: Good TREO grade, similar to indicated - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.91 Context: 131.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes 131.1 Mt of Inferred Resources. Evidence · table > Inferred Context: Tonnes **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE was prepared by a Competent Person in accordance with the JORC Code. Evidence · text > prepared by a Competent Person in accordance with the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \( JORC Code \) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is stated to be NI 43-101 compliant. Evidence · text > NI 43-101 compliant Mineral Resource Estimates **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Pierre-Luc Richard is listed as a Qualified Person for the Mineral Resource Estimate. Evidence · table > Pierre-Luc Richard, P.Geo, M.Sc. PLR Resources Inc. \(PLR\) Geology and Mineral Resource Estimate Context: Name **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-3) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 21.2 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource shows a high percentage of valuable Nd+Pr Oxide within the total TREO, which is a key economic driver for rare earth projects. - Positive factor: High proportion of Nd+Pr Oxide within TREO, indicating valuable magnet rare earths - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 21.2 Context: Nd+Pr Oxide/TREO #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-4) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 21.4 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource shows a high percentage of valuable Nd+Pr Oxide within the total TREO, which is a key economic driver for rare earth projects, though with lower confidence due to its category. - Positive factor: High proportion of Nd+Pr Oxide within TREO, indicating valuable magnet rare earths - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 21.4 Context: Nd+Pr Oxide/TREO #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-5) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource includes a meaningful contribution from critical heavy rare earths Dy+Tb Oxide, adding to the project's value proposition. - Positive factor: Presence of critical heavy rare earths Dy+Tb Oxide within TREO - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 0.7 Context: Dy+Tb Oxide/TREO #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-6) Ashram · rare\_earths #### Identity - Project: Ashram - Commodity: rare\_earths - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 0.5 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource includes a contribution from critical heavy rare earths Dy+Tb Oxide, adding to the project's value proposition, though with lower confidence due to its category. - Positive factor: Presence of critical heavy rare earths Dy+Tb Oxide within TREO - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.5 Context: Dy+Tb Oxide/TREO #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-7) Ashram · lanthanum #### Identity - Project: Ashram - Commodity: lanthanum - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 4829 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Lanthanum Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Lanthanum Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 4,829 Context: La 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-8) Ashram · lanthanum #### Identity - Project: Ashram - Commodity: lanthanum - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 4969 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Lanthanum Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Lanthanum Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 4,969 Context: La 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-9) Ashram · cerium #### Identity - Project: Ashram - Commodity: cerium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 8753 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Cerium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Cerium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 8,753 Context: Ce 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-10) Ashram · cerium #### Identity - Project: Ashram - Commodity: cerium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 8933 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Cerium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Cerium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 8,933 Context: Ce 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-11) Ashram · praseodymium #### Identity - Project: Ashram - Commodity: praseodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 907 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Praseodymium Oxide, a key component of the valuable magnet rare earth basket. - Positive factor: Explicitly reported grade for Praseodymium Oxide, a valuable magnet rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 907 Context: Pr 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-12) Ashram · praseodymium #### Identity - Project: Ashram - Commodity: praseodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 927 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Praseodymium Oxide, a key component of the valuable magnet rare earth basket, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Praseodymium Oxide, a valuable magnet rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 927 Context: Pr 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-13) Ashram · neodymium #### Identity - Project: Ashram - Commodity: neodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 3112 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Neodymium Oxide, a highly valuable component of the magnet rare earth basket, significantly contributing to project economics. - Positive factor: Explicitly reported grade for Neodymium Oxide, a highly valuable magnet rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 3,112 Context: Nd 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-14) Ashram · neodymium #### Identity - Project: Ashram - Commodity: neodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 3162 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Neodymium Oxide, a highly valuable component of the magnet rare earth basket, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Neodymium Oxide, a highly valuable magnet rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 3,162 Context: Nd 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-15) Ashram · samarium #### Identity - Project: Ashram - Commodity: samarium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 412 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Samarium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Samarium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 412 Context: Sm 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-16) Ashram · samarium #### Identity - Project: Ashram - Commodity: samarium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 385 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Samarium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Samarium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 385 Context: Sm 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-17) Ashram · europium #### Identity - Project: Ashram - Commodity: europium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 98 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Europium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Europium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 98 Context: Eu 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-18) Ashram · europium #### Identity - Project: Ashram - Commodity: europium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 87 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Europium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Europium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 87 Context: Eu 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-19) Ashram · gadolinium #### Identity - Project: Ashram - Commodity: gadolinium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 223 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Gadolinium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Gadolinium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 223 Context: Gd 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-20) Ashram · gadolinium #### Identity - Project: Ashram - Commodity: gadolinium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 195 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Gadolinium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Gadolinium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 195 Context: Gd 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-21) Ashram · terbium #### Identity - Project: Ashram - Commodity: terbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 24 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Terbium Oxide, a critical heavy rare earth, adding to the project's strategic value. - Positive factor: Explicitly reported grade for Terbium Oxide, a critical heavy rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 24 Context: Tb 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-22) Ashram · terbium #### Identity - Project: Ashram - Commodity: terbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 19 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Terbium Oxide, a critical heavy rare earth, adding to the project's strategic value, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Terbium Oxide, a critical heavy rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 19 Context: Tb 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-23) Ashram · dysprosium #### Identity - Project: Ashram - Commodity: dysprosium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 102 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Dysprosium Oxide, a critical heavy rare earth, adding to the project's strategic value. - Positive factor: Explicitly reported grade for Dysprosium Oxide, a critical heavy rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 102 Context: Dy 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-24) Ashram · dysprosium #### Identity - Project: Ashram - Commodity: dysprosium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 73 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Dysprosium Oxide, a critical heavy rare earth, adding to the project's strategic value, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Dysprosium Oxide, a critical heavy rare earth - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 73 Context: Dy 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-25) Ashram · holmium #### Identity - Project: Ashram - Commodity: holmium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 14 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Holmium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Holmium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 14 Context: Ho 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-26) Ashram · holmium #### Identity - Project: Ashram - Commodity: holmium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 10 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Holmium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Holmium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 10 Context: Ho 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-27) Ashram · erbium #### Identity - Project: Ashram - Commodity: erbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 31 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Erbium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Erbium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 31 Context: Er 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-28) Ashram · erbium #### Identity - Project: Ashram - Commodity: erbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 21 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Erbium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Erbium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 21 Context: Er 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-29) Ashram · thulium #### Identity - Project: Ashram - Commodity: thulium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 3 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Thulium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Thulium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 3 Context: Tm 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-30) Ashram · thulium #### Identity - Project: Ashram - Commodity: thulium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 2 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Thulium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Thulium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 2 Context: Tm 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-31) Ashram · ytterbium #### Identity - Project: Ashram - Commodity: ytterbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 18 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Ytterbium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Ytterbium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 18 Context: Yb 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-32) Ashram · ytterbium #### Identity - Project: Ashram - Commodity: ytterbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 13 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Ytterbium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Ytterbium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 13 Context: Yb 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-33) Ashram · lutetium #### Identity - Project: Ashram - Commodity: lutetium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 2 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Lutetium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Lutetium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 2 Context: Lu 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-34) Ashram · lutetium #### Identity - Project: Ashram - Commodity: lutetium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 2 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Lutetium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Lutetium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 2 Context: Lu 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-35) Ashram · yttrium #### Identity - Project: Ashram - Commodity: yttrium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 419 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource provides a specific grade for Yttrium Oxide, contributing to the overall rare earth basket characterization. - Positive factor: Explicitly reported grade for Yttrium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 419 Context: Y 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-36) Ashram · yttrium #### Identity - Project: Ashram - Commodity: yttrium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 280 - Grade Unit: ppm - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource provides a specific grade for Yttrium Oxide, contributing to the overall rare earth basket characterization, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Yttrium Oxide - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 280 Context: Y 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-37) Ashram · fluorspar #### Identity - Project: Ashram - Commodity: fluorspar - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:92e79d5ed5a66bbd7d7a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Grade: 6.6 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The indicated resource includes a significant grade for Fluorspar, which could provide additional value upside for the project. - Positive factor: Explicitly reported grade for Fluorspar, indicating potential by-product value - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate Evidence · table > 6.6 Context: Fluorspar \(CaF 2 \) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-resource-facts-38) Ashram · fluorspar #### Identity - Project: Ashram - Commodity: fluorspar - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Resource scope - Estimate type: resource - Effective date: 2025-10-01T00:00:00.000Z - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre-Luc Richard - Resource group id: resource:342601b8e49b3ba62ab0 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Grade: 4 - Grade Unit: % - Cutoff Grade: 287 - Cutoff Unit: CAD$/t NMR #### Prior Estimate - Resource Date: 2025-10-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The inferred resource includes a significant grade for Fluorspar, which could provide additional value upside for the project, though with lower confidence due to its category. - Positive factor: Explicitly reported grade for Fluorspar, indicating potential by-product value - Positive factor: Compliant with JORC and NI 43-101 standards - Positive factor: QP signed off on the estimate - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.0 Context: Fluorspar \(CaF 2 \) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (16) ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-39) Ashram · scandium #### Identity - Project: Ashram - Commodity: scandium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 72 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Scandium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Scandium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 72% Context: Sc #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-40) Ashram · yttrium #### Identity - Project: Ashram - Commodity: yttrium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Yttrium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Yttrium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Y #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-41) Ashram · lanthanum #### Identity - Project: Ashram - Commodity: lanthanum - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 77 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Lanthanum is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Lanthanum - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 77% Context: La #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-42) Ashram · cerium #### Identity - Project: Ashram - Commodity: cerium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Cerium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Cerium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 83% Context: Ce #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-43) Ashram · praseodymium #### Identity - Project: Ashram - Commodity: praseodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 91 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The high reported hydrometallurgical recovery for Praseodymium is a strong positive, indicating good potential for extracting this valuable magnet rare earth, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: High reported recovery for Praseodymium, a valuable magnet rare earth - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 91% Context: Pr #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-44) Ashram · neodymium #### Identity - Project: Ashram - Commodity: neodymium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 91 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The high reported hydrometallurgical recovery for Neodymium is a strong positive, indicating good potential for extracting this highly valuable magnet rare earth, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: High reported recovery for Neodymium, a highly valuable magnet rare earth - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 91% Context: Nd #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-45) Ashram · samarium #### Identity - Project: Ashram - Commodity: samarium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 84 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Samarium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Samarium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 84% Context: Sm #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-46) Ashram · europium #### Identity - Project: Ashram - Commodity: europium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 84 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Europium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Europium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 84% Context: Eu #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-47) Ashram · gadolinium #### Identity - Project: Ashram - Commodity: gadolinium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 84 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Gadolinium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Gadolinium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 84% Context: Gd #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-48) Ashram · terbium #### Identity - Project: Ashram - Commodity: terbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Terbium is a positive indicator for this critical heavy rare earth, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Terbium, a critical heavy rare earth - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Tb #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-49) Ashram · dysprosium #### Identity - Project: Ashram - Commodity: dysprosium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Dysprosium is a positive indicator for this critical heavy rare earth, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Dysprosium, a critical heavy rare earth - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Dy #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-50) Ashram · holmium #### Identity - Project: Ashram - Commodity: holmium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Holmium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Holmium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Ho #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-51) Ashram · erbium #### Identity - Project: Ashram - Commodity: erbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Erbium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Erbium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Er #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-52) Ashram · thulium #### Identity - Project: Ashram - Commodity: thulium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Thulium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Thulium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Tm #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-53) Ashram · ytterbium #### Identity - Project: Ashram - Commodity: ytterbium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Ytterbium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Ytterbium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Yb #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### hydrometallurgy [Link to this fact](https://atlas-extractions.minestarters.com/news/updated-preliminary-economic-analysis-confirms-ashram-as-a-major-long-life-north--145e61ae-92cf-42c4-af28-0ccfe2585e70#fact-metallurgical-facts-54) Ashram · lutetium #### Identity - Project: Ashram - Commodity: lutetium - Region: canada\_qc - Reported Region: Nunavik, Québec, Canada - Ticker: MRZL #### Test Work - Program Status: scoping - Test Type: hydrometallurgy - Processing Route: acid bake, water leach, solvent extraction, oxalate precipitation and metathesis #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Conc. Grade: 30 - Conc. Grade Unit: % REO #### Lab - Laboratory: UVR-FIA GmbH, Université Laval, Canmet MINING, Hazen Research Inc., SGS Canada, L3 Process Development - Consultant: L3 Process Development #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-09T00:00:00.000Z Reasoning: The reported hydrometallurgical recovery for Lutetium is a positive indicator, though the scoping-level nature of the test work suggests further optimization is needed. - Positive factor: Explicitly reported recovery for Lutetium - Positive factor: Hydrometallurgical processing route identified - Negative factor: Scoping level test work implies higher uncertainty Evidence · table > 78% Context: Lu #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.