Mr. Ian Graham reports

APPOINTMENT OF NICHOLAS HOLTHOUSE AS PRESIDENT & CEO

Commerce Resources Corp. has appointed highly experienced international mining executive Nicholas Holthouse as president and chief executive officer, effective from June 1, 2025.

Following completion of the company's proposed merger with Mont Royal Resources Ltd. (see announcement dated April 10, 2025), which is scheduled to be completed by late July, Mr. Holthouse will also be appointed as managing director of the merged entity and will be located in Montreal, Que.

Mr. Holthouse is a mining engineer and accomplished resource industry executive with 36 years of experience in senior corporate, operational and project management roles, with the past seven years focused on the international rare earth industry.

He has most recently served as chief executive officer of Meteoric Resources Ltd., which is developing the Caldeira rare earth project in Brazil, building and leading the company through the resource development, scoping and prefeasibility study stages with significant share price appreciation over his tenure. Mr. Holthouse was previously also chief operating officer of Hastings Technology Metals, which is currently developing the Yangibana rare earth project in Western Australia, delivering an integrated bankable feasibility study selling mixed rare earth carbonate into Europe.

With Meteoric, Mr. Holthouse oversaw the delineation of a large-scale rare earth mineral resource estimate at the Caldeira project, while also progressing metallurgical testwork, engineering studies, project financing, environmental approvals and REE product offtakes into North America. During his tenure, he built a focused project development team from scratch and oversaw all aspects of the advancement of one of the premier new rare earth projects globally.

His extensive rare earth expertise and company building expertise will be invaluable to Commerce as it continues to advance its flagship Ashram rare earth and fluorspar project in Canada toward development, while also progressing exploration programs across the merged entity's highly prospective niobium, lithium, copper and gold assets.

In addition to his more recent roles in the global rare earth sector, Mr. Holthouse has also held senior roles across a range of jurisdictions and commodities with companies including: P.T. Merdeka Copper, Finders Resources, CSA Global Consulting, Rusina Mining/European Nickel PLC, Harmony Gold and Merdeka Mining.

Commenting on the appointment, Commerce's interim president and chief executive officer, Jeremy Robinson, said: "Nicholas is an accomplished and highly regarded global mining executive, and we are absolutely delighted to have secured someone of his experience and calibre join the Commerce team. His vast rare earth industry executive and deep knowledge of rare earth markets, exploration and project development will serve us well as we complete our merger with Mont Royal Resources, list on the ASX, and accelerate the development of our world-class Ashram rare earth and fluorspar project.

"Nicholas has a proven track record as a skilled and capable leader, strong commercial acumen, and demonstrated ability to develop and maintain business relationships across a wide range of stakeholders, build high performance teams and deliver standout results. He is a capable company builder and promoter, and we are delighted to have him join the executive team to lead this next exciting phase of growth and development."

We seek Safe Harbor.