Mr. Ross Carroll reports

COMMERCE RESOURCES RECEIVES $2.6M CAD FROM CANADA'S CRITICAL MINERALS INFRASTRUCTURE FUND FOR THE ACCESS ROAD TO THE ASHRAM REE/ FLUORSPAR DEPOSIT, QUEBEC

Commerce Resources Corp. has received conditional approval for funding of up to a total of $2,606,977 from Natural Resources Canada's (NRCan) Critical Minerals Infrastructure Fund (CMIF) for progression of the access road to the company's wholly owned Ashram rare earth element/fluorspar deposit in Nunavik, Quebec.

Highlights:

• Conditional funding approval up to $2,606,977 from NRCan as part of the CMIF program, subject to completion of due diligence and the execution of a written agreement;
• Funding is critical to enable the development of a road between the Ashram project and the Koksoak River (175 kilometres), providing greater access to the Nunavik region and supporting multiple projects and indigenous groups in the area;
• This funding will be vital in advancing the company's baseline studies, prefeasibility study and feasibility study.

"This project, under the Canadian critical minerals strategy, will help expand Quebec's sustainable critical minerals production, notably rare earths that are used in electronics, clean energy, aerospace, automotive and defence," said Jonathan Wilkinson, Minister of Energy and Natural Resources Canada. "Developments like this help mines get built faster, and they are a key element in seizing the generational opportunity before us. The government of Canada is supporting projects that strengthen Canada's supply chains, enhance our ability to be a reliable supplier of the critical minerals the world is demanding and foster economic growth while creating good jobs."

Ross Carroll, chief financial officer and president of Commerce, stated: "On behalf of Commerce Resources Corp., I would like to thank NRCan for their conditional approval and strong support for the proposed road between the Ashram project and the Koksoak River. The funding is critical in enabling the progression of the road which is crucial to the development of Commerce Resources' Ashram REE and fluorspar deposit, the highest-quality deposit of its type in Canada and one of the best globally. In addition to bringing the mine into production, the road will provide significant social and economic benefits to the indigenous communities in Nunavik. We look forward to working with our government and community stakeholders as we progress the Ashram project."

Critical Minerals Infrastructure Fund (CMIF)

The CMIF is Natural Resources Canada's flagship program under the critical minerals strategy to support clean energy and transportation infrastructure projects necessary to increase Canada's supply of responsibly sourced critical minerals and the development of domestic and global value chains for the green and digital economy.

This funding is a direct result of enhanced collaboration between the government of Canada and the Province of Quebec through the new Quebec-Canada collaboration table on energy and resources. The aim of the collaboration table is to help ensure the province realizes its full potential in a low-carbon economy by having the two levels of government work even closer together to identify and accelerate Quebec's top economic priorities for a net-zero future in the energy and resource sectors.

Collaboration is essential. As global demand for critical minerals is expected to double by 2040, Canada is uniquely positioned to benefit from this growing market. Canada has an abundance of critical minerals, and it has the workers, businesses and communities with the know-how to scale up the mining, processing and manufacturing of products and the recycling of these minerals responsibly. Critical minerals present a huge economic opportunity for workers -- with the potential for hundreds of thousands of jobs to be created while stepping up to become the supplier of choice for Canada's allies on the world stage and reduce Canada's reliance on authoritarian governments.

Together, the governments of Canada and Quebec are committed to creating good jobs and enduring prosperity that will come with the unprecedented economic opportunities of building a net-zero-emission world. The initiatives announced today will help support a variety of opportunities for clean growth while creating a greener, healthier and more resilient Canada.

Engagement with Nuna Resources for infrastructure study

Nuna Resources, a majority Inuit-owned construction company, has been engaged in conducting a road study for the Ashram rare earth/fluorspar deposit in Quebec.

Nuna Resources is recognized for its expertise in delivering turnkey projects that align with sustainable development and responsible resource management. Its involvement is a key component in ensuring the Ashram project is developed with a focus on maximizing local benefits and economic opportunities for indigenous communities.

The infrastructure study will assess critical transportation, logistics and site access components necessary to facilitate the efficient development of the project while maintaining environmental and social responsibility.

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 their Eldor property in Northern Quebec, Canada. The Ashram deposit is characterized by simple rare earth (monazite, bastnaesite and xenotime) and gangue (carbonates) mineralogy as well as a large-tonnage resource at favourable grade, and it has demonstrated the production of high-grade (more than 30 per cent to 45 per cent TREO (total rare earth oxide)) 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 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 NdPr (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.