Mr. Chris Grove reports

COMMERCE RESOURCES DELIVERS ASHRAM WHOLE ROCK MATERIAL PER INDUSTRY REQUEST

Commerce Resources Corp. has delivered an initial shipment of two kilograms of Ashram deposit, whole-rock, crushed material to an emerging rare earth element (REE) processor as per its request. This follows on the heels of the recently delivered sample of mixed rare earth carbonate (REC) concentrate to satisfy the request of a major global producer (see the news release dated July 15, 2022).

The two-kilogram sample of Ashram deposit, whole-rock, crushed material will be used by the REE processor to assess processing at its internal laboratories and is expected to be followed in the near-term by an additional 200-kilogram shipment of crushed whole rock. The processor has also expressed interest in receiving a sample of mixed REC concentrate produced from the Ashram deposit, whereby the company has demonstrated strong NdPr (neodymium-praseodymium) distributions -- per cent of Nd+Pr oxide of the total rare earth oxide (REO) -- of 21.6 to 24.2 per cent.

The company continues to receive a marked increase in industry interest regarding providing samples for third party evaluation following the announcement that it had produced on-spec mixed REC from Ashram deposit material (see the news release dated March 23, 2022). This interest includes samples of unprocessed whole rock, high-grade monazite concentrate (over 40 per cent REO), and high-NdPr mixed REC concentrate produced from the Ashram rare earth and fluorspar (F) deposit. The company is working diligently to provide samples to satisfy all third party requests and is well advanced in its Ashram project component studies, which will culminate in a prefeasibility study on the Ashram project targeted for the first half of 2023.

About the Ashram deposit

The Ashram deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite dominated, single mineralized body outcropping at surface, and has a footprint approximately 600 metres along strike, over 300 m across and 600 m deep, remaining open in several directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at 1.77 per cent rare earth oxide (REO) and 3.8 per cent F, an indicated resource of 27.7 Mt at 1.9 per cent REO and 2.9 per cent F, and an inferred resource of 219.8 Mt at 1.88 per cent REO and 2.2 per cent F, at a cut-off grade of 1.25 per cent REO (effective date July 5, 2012). Note, mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

National Instrument (NI) 43-101 disclosure

Darren L. Smith, MSc, PGeo, Dahrouge Geological Consulting Ltd., a permit holder with the Ordre des Geologues du Quebec and a qualified person, as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.

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 oxide to the global market. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite and xenotime) and gangue (carbonates) mineralogy, a large-tonnage resource at favourable grade, and has demonstrated the production of high-grade (over 45 per cent REO) mineral concentrates at high recovery (over 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.

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