Mont Royal Resources (ASX:MRZ) has signed a non-binding memorandum of understanding with the Saguenay Port Authority to support the development of its Ashram Rare Earths Project in Québec.
The agreement positions the Port of Saguenay as a key logistics hub for the processing and export of rare earth concentrates, aligning with Canada's Northern Corridor strategy for critical minerals.
Under the MOU, Mont Royal is evaluating the potential to locate a Hydrometallurgical facility within the Port's industrial zone, leveraging its year-round deep-water port, rail and road connections, and access to essential services including power, water, and gas.
The initiative aims to move the more complex hydrometallurgical processing off-site, reducing technical risk and capital expenditure while enhancing the value chain within Québec.
Mont Royal Managing Director Nicholas Holthouse said, "The Port of Saguenay complements our development strategy, providing logistics, skilled workforce, and industrial support to advance the Ashram Project."
SPA CEO Carl Laberge described the agreement as "a reflection of the Port’s strategic strengths and its critical role in supporting Québec's growing critical minerals sector."
Luc Boivin, Mayor of Saguenay, highlighted the economic impact, noting the project will generate jobs, innovation, and regional growth while contributing to the clean energy transition.
The MOU, effective until Dec. 31, 2026, establishes a collaborative framework for technical, commercial, and regulatory assessments.
At the time of reporting, Mont Royal Resources' share price was $0.26.