Mr. Chris Grover reports

COMMERCE RESOURCES SIGNS LOI WITH THE SASKATCHEWAN RESEARCH COUNCIL FOR MIXED RARE EARTH CARBONATE

Commerce Resources Corp. has signed a letter of intent with the Saskatchewan Research Council (SRC) to deliver amounts of the mixed rare earth carbonate (MREC) produced from the Ashram rare earth and fluorspar deposit to its rare earth processing facility in Saskatoon, Sask. The intention of this collaboration is to complete the first full rare earth element supply chain in Canada from mine to metal.

SRC is constructing North America's first fully integrated rare earth processing facility, spanning the stages from minerals to metals. The facility is expected to be fully operational in late 2024 and has already demonstrated each individual stage, including NdPr (neodymium, praseodymium) metal ingots.

Company president and chief executive officer Chris Grove states: "We are pleased to sign this letter of intent with SRC, who is positioned to become the first commercial REE processor in Canada. We are happy to provide, once in production, amounts of our mixed rare earth carbonate concentrate from our Ashram deposit to SRC in Saskatchewan."

About the Ashram deposit

The Ashram deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite-dominated (that is, strong NdPr), single mineralized body outcropping at surface, and has a drill delineated footprint of over 700 metres along strike, 300 m across and 600 m deep, and remains open at depth. 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 1.90 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 that 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 43-101 disclosure

Darren L. Smith, MSc, PGeo, Dahrouge Geological Consulting Ltd., a permit holder with the Ordre des Geologues du Quebec and 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, 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.

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