Mr. Ross Carroll reports

COMMERCE CONFIRMS SIGNIFICANT NIOBIUM DISCOVERY, INCLUDING 24 M OF 0.91% NB2O5, ADJACENT TO THE ASHRAM RARE EARTH AND FLUORSPAR DEPOSIT IN QUEBEC, CANADA

Commerce Resources Corp. has released the final batch of drill hole results from its highly successful 2024 niobium-focused drill program at the Eldor property in Quebec, Canada. All of the niobium prospects at the Eldor property are within approximately two kilometres of the company's wholly owned and unencumbered Ashram rare earth and fluorspar deposit.

Assays are reported herein for 13 of the total 29 total NQ-size diamond drill holes completed during the program targeting the Mallard, Spoke, Northwest, Moira and Loon prospects (see attached table). A total of 3,753 metres from the total 8,253 metres completed during the program are reported herein.

Highlights:

• Commerce Resources is excited to confirm significant niobium discoveries forming two high-grade trends surrounding the Ashram rare earth and fluorspar deposit on the Eldor property in Quebec, Canada.
• The 2024 niobium-focused drill program at Eldor has significantly expanded the niobium-mineralized footprint, including the discovery of two new high-grade zones: the Northwest and Moira prospects.
• The Mallard prospect continues to impress with the final suite of assays returning 24.0 metres at 0.91 per cent Nb2O5 within a wider interval of 45.5 m at 0.65 per cent Nb2O5 in hole EC24-232. This is in addition to the previously reported 122.5 m at 0.62 per cent Nb2O5 in hole EC24-208.
• New high-grade discoveries have been made at the Northwest and Moira prospects, both of which remain open in multiple directions:
  • Northwest: 7.5 m at 0.93 per cent Nb2O5 within a wider mineralized interval of 20.0 m at 0.57 per cent Nb2O5 (EC24-233);
  • Moira: 11.5 m at 0.63 per cent Nb2O5 (EC24-231).
• The company has expanded the mineralized zone with further high-grade intercepts at the Spoke prospect:
  • 2.6 m at 0.92 per cent Nb2O5 within a wider mineralized interval of 22.0 m at 0.62 per cent Nb2O5 (EC24-227).
• Core assay results from the final 13 holes of the niobium-focused 2024 drill program are reported herein and include the Mallard, Spoke, Moira, Loon and Northwest prospects.
• Multiple drill holes demonstrate the significant scale and relative continuity potential of niobium mineralization over a widespread area adjacent to the southeast of the Ashram deposit. Carbonatites are host to the world's major niobium mines, including Araxa and Catalao, Brazil, and Niobec, Quebec.

Patrik Schmidt, vice-president of exploration for the company, commented: "We are very happy with the results of the 2024 niobium exploration drilling at Eldor. The program has significantly expanded the niobium mineralized footprint at the property, including the discovery of several new high-grade zones. This final set of assays delivered one of the highest-grade drill intercepts to date on the property with 24.0 m at 0.91 per cent Nb2O5. The team is now focused on the interpretation of the program's results in context with prior drill data and the collective data set for the property to determine the focus for 2025. It is clear that the niobium-mineralized system at Eldor is extensive, extending well beyond the Mallard prospect. Further, exploration to date suggests a strong potential for connectivity between some of the various niobium prospects at the property. Future exploration will, in part, test this interpretation as the project advances toward a maiden mineral resource estimate for niobium," added Mr. Schmidt.

Ross Carroll, director, president and chief executive officer of the company, commented: "It is very exciting and encouraging, to receive further high-grade niobium drill intercepts from Mallard and several new prospects drilled this program. With significant drill intercepts of greater than 0.9 per cent Nb2O5 now discovered at no less than four prospects and the potential for connectivity between the various prospects, the probability of a sizable deposit at meaningful grade is high. These results continue to provide confidence that the company has the potential to be host to a significant niobium resource in addition to rare earth elements and fluorspar. Moreover, considering the location of the niobium prospects being proximal to the Ashram rare earth and fluorspar deposit, the benefits of a joint development scenario and shared infrastructure would be significant."

Mallard prospect: Results at Mallard continue to impress, with drill hole EC24-232 returning arguably the second-best niobium drill intercept to date on the property with 24.0 m at 0.91 per cent Nb2O5 within a wider interval of 45.5 m at 0.65 per cent Nb2O5. It ranks second to EC21-175 with 17.1 m at 1.00 per cent Nb2O5, within a larger interval of 42.3 m grading 0.82 per cent Nb2O5 (see news release dated Nov. 1, 2021). The intersection of high-grade niobium mineralization in drill hole EC24-232 expands the potential of the Mallard prospect not only at depth but also widens the mineralized corridor farther east at Mallard.

Additionally, drill hole EC24-225 tested the most southeastern part of the magnetic-high anomaly that defines the core of the Mallard prospect and intercepted several well-mineralized horizons (16.8 m at 0.60 per cent Nb2O5, 11.0 m at 0.67 per cent Nb2O5 and 16.0 m at 0.62 per cent Nb2O5), with mineralization open in multiple directions. The final drill hole of the program (EC24-235) intersected niobium mineralization from surface, successfully extending the along-strike mineralized trend at the Mallard prospect with 19.6 m at 0.54 per cent Nb2O5, including an interval of 10.6 m at 0.63 per cent Nb2O5. Mallard remains open in all directions.

Spoke prospect: Follow-up on initial drill testing at Spoke returned among the best results thus far at the prospect, including several samples exceeding 0.90 per cent Nb2O5. Starting from near surface, hole EC24-227 returned 22.0 m at 0.62 per cent Nb2O5, including 2.6 m at 0.92 per cent Nb2O5. Additionally, hole EC24-227 returned 23.7 m at 0.61 per cent Nb2O5 within a wider interval of 96.0 m at 0.42 per cent Nb2O5. Coupled with the previously announced intercepts at Spoke (see news release dated Oct. 10, 2024) -- 27.5 m at 0.60 per cent Nb2O5 (EC24-212) and 17.9 m at 0.66 per cent Nb2O5 and 21.3 m at 0.60 per cent Nb2O5 (EC24-213) -- the results to date demonstrate a significant niobium mineralized horizon(s) is present along strike between Mallard and Miranna and therefore provides strong indication of potential connectivity. Spoke remains open in all directions.

Moira prospect: The Moira prospect is situated approximately 400 m northwest of Mallard and was inaugurally drill tested during the 2024 program. Two holes were completed, with highly encouraging results including 11.5 m at 0.63 per cent Nb2O5 (EC24-231). Although only a modest interval of strong mineralization was returned, the result is significant as it widens materially the prospective niobium corridor at the property. Moira remains open in all directions.

Northwest prospect: Four holes were completed at the Northwest prospect during the program, with the best niobium-mineralized interval to date at this target returning 7.5 m at 0.93 per cent Nb2O5 within a wider interval of 20.0 m at 0.57 per cent Nb2O5 (EC24-233). Drill testing at the Northwest prospect was intended to follow-up on the company's maiden drilling campaign on the Eldor property back in 2008, where hole EC08-008 returned 10.0 m at 0.64 per cent Nb2O5 within a wider interval of 46.9 m at 0.46 per cent Nb2O5. The results from drill hole EC24-233 is significant and highlights the potential that remains in this area, which is approximately three kilometres northwest of the Mallard prospect and around 0.7 kilometre northwest of the Ashram rare earth element and fluorspar deposit. The Northwest prospect remains open in multiple directions.

Loon target: A total of two drill holes were completed at the previously untested Loon magnetic-high anomaly. The target is situated southwest of the main Mallard-Knox-Spoke-Miranna trend. The holes targeted a pronounced magnetic-high anomaly; however, no significant mineralization was intercepted.

All of the niobium prospects at the Eldor property are situated within approximately two kilometres of the company's wholly owned and unencumbered Ashram rare earth element and fluorspar deposit. The Ashram deposit boasts a globally significant rare earth mineral resource of 73.2 million tonnes at 1.89 per cent REO (total rare earth oxides) indicated, and 131.1 million tonnes at 1.91 per cent REO inferred (see news release dated May 22, 2024). The discovery of a substantial niobium deposit in proximity to Ashram would add to the company's existing portfolio of critical element occurrences at the Eldor property, presenting a compelling opportunity for a joint development scenario with shared infrastructure.

Overview of the 2024 program

The 2024 drill program, which was the largest niobium-focused drill program since 2008, had two main objectives: (1) follow up on the known niobium (plus or minus tantalum and phosphate) mineralized carbonatites at the Mallard and Miranna prospects; and (2) initial drill testing of several geophysical anomalies and targets characteristic of niobium-mineralized occurrences at the property. Twenty-nine NQ-size drill holes totalling 8,253 m were completed between early July and early September, 2024. Ten holes were drilled to accomplish the first objective for approximately 2,915 m and 19 holes totalling approximately 5,338 m were drilled to accomplish the second.

Mallard prospect: Seven holes were drilled at the Mallard prospect for a total of approximately 2,156 m. Drill hole EC24-208 successfully demonstrated the downdip continuity of niobium enrichment within carbonatite intersected at Mallard, with notable high-grade intercepts of 12.0 m at 0.82 per cent Nb2O5 and 7.5 m at 1.01 per cent Nb2O5, all within a broad interval of 122.5 m of 0.62 per cent Nb2O5 (reported in the news release on the Oct. 10, 2024). Subsequent drill holes at Mallard (EC24-209 to EC24-211) reported in the same news release were designed as stepouts both to the northwest and southwest of previously drill-tested areas of the Mallard prospect. Each hole intercepted significant niobium mineralization, whereby the most significant intervals for each hole are 15.5 m at 0.62 per cent Nb2O5, including 8.1 m at 0.79 per cent Nb2O5 and 42.9 m at 0.60 per cent Nb2O5, including 2.9 m at 1.13 per cent Nb2O5 (EC24-211), 24.0 m at 0.69 per cent Nb2O5 (EC24-210), 14.5 m at 0.66 per cent Nb2O5 and 25.5 m at 0.60 per cent Nb2O5, (EC24-209). With the additional intercepts reported herein (EC24-225, EC24-232 and EC24-235), which tested the southern perimeter of the magnetic-high anomaly that defines the prospect, mineralization at Mallard remains open in all directions.

Miranna prospect: Three follow-up drill holes completed during the 2024 drill program for a total of 759 m tested the continuity of the mineralization along strike initially drilled in hole EC21-180 (see news release dated Dec. 8, 2021). EC24-215 and EC24-216 confirmed continuity of high-grade niobium mineralization hosted in carbonatite-phoscorite intervals from surface (see news release dated Oct. 29, 2024). EC24-215 returned strong grades over wide intervals, including 35.7 m at 0.67 per cent Nb2O5 within a wider interval of 65.7 m at 0.53 per cent Nb2O5 and a deeper interval of 21.5 m at 0.62 per cent Nb2O5 contained within a broader zone of 80.4 m at 0.43 per cent Nb2O5. Additionally, EC24-216 collared in mineralization, returning 20.3 m at 0.62 per cent Nb2O5, within a broader interval of 72.4 m at 0.49 per cent Nb2O5. These strong results, following up from drill hole EC21-180, extend the near-surface mineralized trend of the Miranna prospect in either direction along strike, reaffirming the potential for additional shallow, high-grade niobium mineralization at Miranna. The mineralization at Miranna remains open in all directions and is considered a high-priority prospect for drill follow-up.

Spoke prospect: The anomalous magnetic high known as Spoke was drilled with five holes for a total of 1,530 m. Two holes drilled at the Spoke target (EC24-212 and EC24-213) reported previously (see news release Oct. 10, 2024) returned promising results with niobium-mineralized intercepts, including an interval of 27.5 m at 0.60 per cent Nb2O5 starting from 133 m depth in EC24-212 and two intervals in EC24-213 consisting of 17.9 m at 0.66 per cent Nb2O5 starting from 247.7 m and a wider interval of 21.3 m at 0.60 per cent Nb2O5 starting at a depth of 278.5 m. Drill holes EC24-226 and EC24-227 are reported herein, whereby the strongest interval was intercepted in EC24-227 with 2.6 m at 0.92 per cent Nb2O5 within a wider mineralized interval of 22.0 m at 0.62 per cent Nb2O5. Although further drill testing is required at Spoke, these deeper mineralized intercepts could indicate a continuation of the Mallard niobium-enrichment trend in carbonatites, extending the mineralization trend to the northwest beyond Mallard.

Knox prospect: Inaugural drilling of approximately 1,552 m distributed in six holes at the previously untested geophysical anomaly, referred to as the Knox prospect, has identified substantial high-grade intercepts of niobium mineralization, including 69.4 m at 0.60 per cent Nb2O5, within a wider interval of 96.5 m at 0.51 per cent Nb2O5 (EC24-220). Although follow-up holes EC24-221 and EC24-222 did not return the same high-grade (more than 0.6 per cent Nb2O5) intercepts of hole EC24-220, the presence of a broad 106.0 m interval at 0.4 per cent Nb2O5 in hole EC24-221, including subintervals of 14.5 m at 0.60 per cent Nb2O5 and 20.5 m at 0.60 per cent Nb2O5, along strike of hole EC24-220 warrants significant additional drilling at Knox to test the full extent of the niobium mineralization at the prospect. The discovery remains open in all directions.

Moira prospect: This target was tested with two holes for approximately 543 m. Results are reported herein. The discovery remains open in all directions.

Loon target: This target was tested with two holes for approximately 633 m. Results are reported herein.

Northwest prospect: This target was tested with four holes for approximately 1,080 m. Results are reported herein. The discovery remains open in all directions.

Quality assurance/quality control

A quality assurance/quality control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5 per cent. All core samples collected were shipped to Activation Laboratories Ltd. in Ancaster, Ont., Canada, for sample preparation (code RX1), which includes crushing up to 80 per cent passing two millimetres, riffle splitting (250 grams) and pulverizing (mild steel) to 95 per cent passing 105 micrometres. The samples were homogenized and subsequently analyzed for multielement using fusion with lithium metaborate/tetraborate in platinum crucibles and analysis by fusion XRF (X-ray fluorescence) (codes 8-Nb-Ta; majors plus REE). Fluorine assay was requested based on visual presence of fluorspar by lithium metaborate/tetraborate fusion and acid dissolution with analysis by ion-selective electrode (ISE) with a detection limit of 0.01 per cent.

National Instrument 43-101 disclosure

Patrik T. Schmidt, MSc, PGeo, vice-president of exploration for the company and senior geologist at Dahrouge Geological Consulting Ltd., a permit holder 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 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 to 45 per cent TREO) mineral concentrates at high recovery (more than 60 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 met-spar and acid-spar 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 neodymium-praseodymium 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.