Mr. Chris Grove reports

COMMERCE RESOURCES CORP. ANNOUNCES WARRANT EXTENSION AND REPRICING

Commerce Resources Corp. has applied to the TSX Venture Exchange for an amendment to the terms of the 9,674,153 warrants issued in connection with the company's private placement, which held its first closing on Oct. 11, 2019, and second closing on Oct. 31, 2019. The company proposes to extend the expiry date of the warrants from Oct. 11, 2021, to Oct. 11, 2024, in respect of the first closing and Oct. 31, 2021, to Oct. 31, 2024, in respect of the second closing. In addition, the company has applied for an amendment of the warrants' exercise price from 50 cents to 28.5 cents. All other terms of the warrants will remain the same. The extension of the expiry date and repricing are subject to the approval of the exchange.

About Commerce Resources Corp.

Commerce Resources is a junior mineral resource company focused on the development of the Ashram rare earth and fluorspar deposit located in Quebec, Canada. The company is positioning to be one of the lowest-cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr (neodymium and praseodymium) oxide to the global market. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large-tonnage resource at favourable grade, and has demonstrated the production of high-grade (greater than 45 per cent REO) mineral concentrates at high recovery (greater than 70 per cent) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.