Mr. Ian Graham reports

HIGHLY EXPERIENCED MINING EXECUTIVE ROSS CARROLL APPOINTED AS PRESIDENT AND CEO OF COMMERCE RESOURCES CORP. TO DRIVE DEVELOPMENT OF WORLD-CLASS ASHRAM RARE EARTHS AND FLUORSPAR PROJECT

Commerce Resources Corp. has appointed highly experienced resources executive Ross Carroll as its new president and chief executive officer, effective Aug. 1, 2024. Mr. Carroll will also join Commerce's board of directors with immediate effect.

With multiple decades of experience overseeing finance, M&A (merger and acquisition), and strategy, operations and major projects across the natural resources sector, Mr. Carroll has a proven record of leadership and strategic oversight. His international experience spans Australia, the United States, Africa, Latin America and Asia, having worked with leading companies such as BHP, Woodside Energy, Macmahon Holdings and MMG Ltd.

Mr. Carroll has been appointed following an extensive global search to lead the company's next phase of its growth as it advances the development of its world-class Ashram rare earth and fluorspar project in Quebec, Canada, in conjunction with exploration of the adjacent and highly prospective Eldor niobium project.

Most recently, during his time as chief financial officer of MMG, he has overseen its growth into a significant international base metals producer, including the delivery of the Dugald River project in Australia, the recent acquisition of the $1,875,000 (U.S.) Khoemacau copper mine in Botswana, and numerous debt refinancings and equity raises.

Prior to MMG, Mr. Carroll was CEO of Macmahon, a major and well-regarded Australian mining contractor.

Mr. Carroll holds a bachelor's degree in commerce from the University of Melbourne and is a certified public accountant with the Australian Society of Certified Practicing Accountants. He is also a member of the Australian Institute of Company Directors and previously served on the executive committee of the Western Australian Chamber of Mines.

Commenting on his appointment, Mr. Carroll said: "I am excited about the significant potential the Ashram project offers. It is very rare that you get the opportunity to work on a Tier 1 project in a Tier 1 jurisdiction like this and I look forward to being involved in the delivery of the project at a time when the North America needs additional critical mineral projects."

Concurrently with Mr. Carroll's appointment, the current president and CEO, Chris Grove, has resigned as president, CEO and director and will become the company's director of corporate development. Mr. Grove will assist Mr. Carroll with his vast knowledge of the Ashram project and critical minerals landscape in North America.

The board would like to thank Mr. Grove for his many years of service to the company as president and CEO and his considerable efforts in advancing the Ashram project.

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.

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