Mr. Chris Grove reports

COMMERCE RESOURCES CORP. ANNOUNCES EXTENSION TO $2,000,000 PRIVATE PLACEMENT

The TSX Venture Exchange has granted a 30-day extension until Dec. 5, 2022, for the completion of Commerce Resources Corp.'s non-brokered private placement, previously announced in the company's news release dated Aug. 16, 2022.

The terms of the offering provide for the issuance of up to 12.5 million units at a price of 16 cents per unit for gross proceeds of up to $2-million. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share of the company at a price of 25 cents per share for a period of three years from the closing of the offering. The offering is subject to the approval of the exchange. Insiders may participate in the offering.

Finders' fees may be payable in connection with the offering in accordance with the policies of the exchange.

All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to the approval of the exchange. Any participation by insiders in the offering will constitute a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the sale of the offering will be used toward continued work on the prefeasibility study for the company's Ashram REE (rare earth element)/fluorspar deposit, the production of commercially marketable samples of rare earth concentrates as requested by industry majors and for general working capital purposes.

About Commerce Resources Corp.

Commerce Resources is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The company is focused on the development of its Ashram REE/fluorspar deposit in Quebec and the Upper Fir tantalum-niobium deposit in British Columbia.

We seek Safe Harbor.