Mr. Chris Grove reports

COMMERCE RESOURCES FILES NI 43-101 TECHNICAL REPORT FOR THE ASHRAM RARE EARTH ELEMENT & FLUORSPAR DEPOSIT, ELDOR PROPERTY, QUEBEC, CANADA

Commerce Resources Corp. has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, titled "Mineral Resource Estimate for the Ashram Rare Earth Element and Fluorspar Deposit, Nunavik, Quebec, Canada." This filing follows the May 22, 2024, announcement of an updated mineral resource estimate for the Ashram rare earth element and fluorspar deposit, with 73.2 million tonnes at 1.89 per cent TREO (total rare earth oxides) and 6.6 per cent CaF2 (calcium fluoride) indicated and 131.1 million tonnes at 1.91 per cent TREO and 4.0 per cent CaF2 inferred.

The technical report has been prepared by BBA Inc., with contributions from PLR Resources, DRA Global Ltd. and L3 Process Development -- all consulting groups independent of the company -- in accordance with NI 43-101. The report is available on SEDAR+ and will shortly be available on the company's website.

Note: TREO refers to the sum of all lanthanide oxides plus yttrium oxide.

The Ashram mineral resource estimate is reported at a cut-off of $287 net metal return (NMR) per tonne with an effective date of April 4, 2024. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

NI 43-101 disclosure

Patrik T. Schmidt, MSc, PGeo, Dahrouge Geological Consulting Ltd., a permitholder with the Ordre des Geologues du Quebec and a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news release.

About the Ashram deposit

The Ashram deposit is central to the Eldor carbonatite complex and bordered by an earlier-staged calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the Ashram deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and geology can best be described as a moderate to steeply northeast-dipping ovoid, with simple rare earth mineralogy (monazite, bastnaesite and xenotime) that has an unusual enrichment in magnet feed elements (higher Nd+Pr (neodymium plus praseodymium) oxide/TREO). The Ashram deposit is a single mineralized body outcropping at surface and has a drill delineated footprint of over 700 metres along strike, 300 metres across and 600 metres deep and remains open at depth.

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 within its Eldor property in Northern Quebec, Canada. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite and xenotime) and gangue (carbonate) mineralogy and a large-tonnage resource at favourable grade and has demonstrated the production of high-grade (more than 30 per cent to 45 per cent TREO) mineral concentrates at high recovery (more than 60 per cent to 75 per cent) in line with active global producers. The Ashram deposit also has a fluorspar component, which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the metspar and acidspar markets. 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. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

We seek Safe Harbor.