Mr. Chris Grove reports

COMMERCE RESOURCES ANNOUNCES APPOINTMENT OF PATRIK SCHMIDT AS VICE PRESIDENT OF EXPLORATION

Commerce Resources Corp. has appointed Patrik Schmidt as its new vice-president of exploration, effective March 1, 2024. Jody Dahrouge will be stepping down as vice-president of exploration; however, he will remain as a director of the company. Mr. Dahrouge continues to play a critical and active role with the company as director.

Mr. Schmidt, principal at Dahrouge Geological Consulting Ltd., is a professional geologist (MSc, PGeo) and a member of the Ordre des geologues du Quebec (OGQ), and the Professional Geoscientists of Ontario (PGO). With over 10 years experience, Mr. Schmidt has worked as project manager on multiple projects and commodities covering various deposit types, with a particular focus on rare earth elements (REEs), rare metals (lithium, tantalum, niobium etc.), and carbonatite complexes. Over his career he has developed a versatile skill set which spans grassroots mineral exploration, mineralogy and geochemistry, to high-level project management of multirig drill exploration programs with significant success.

Mr. Schmidt has played a key role in the discovery of the Ashram rare earth element and fluorspar deposit, the Mallard prospect (Nb-Ta-phosphate) and the Miranna prospects (Nb-Ta-phosphate) held by the company. Additionally, as a consultant geologist, Mr. Schmidt led the team that discovered the CAP carbonatite in British Columbia, and more recently has been a key figure in the discovery and exploration of the CV lithium trend where numerous lithium pegmatites have been discovered, including the CV5 spodumene pegmatite in which Mr. Schmidt has been instrumental to its advancement.

Chris Grove, president and chief executive officer of the company, commented: "We are thrilled to have Patrik join our executive team here at Commerce. Patrik has been involved as a consultant to the company as early as 2008 and he is a natural fit as we build out our executive team."

Darren L. Smith, MSc, PGeo, senior technical adviser, rare earths and niobium, to the company, comments: "Since 2008 I have worked closely with Patrik on numerous projects covering a plethora of commodities and deposit types. In addition to his strong understanding of various commodities and deposit styles, his skill set is finely tuned to REEs and rare metals. He has been a key asset in drill targeting and surface exploration of the Eldor property to date and so it is with great pleasure to formalize his involvement."

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 700 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 1.90 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, 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.

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 positioned to become 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.

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