Mr. Nicholas Holthouse reports

COMMERCE RESOURCES STRENGTHENS QUEBEC PRESENCE WITH CEO'S FIRST VISIT TO KUUJJUAQ AND NEW CORPORATE HEADQUARTERS IN QUEBEC

Following the recent appointment of experienced international mining executive Nick Holthouse as Commerce Resources Corp.'s new chief executive officer, the company is reinforcing its commitment to Quebec and the development of its Ashram rare earth element deposit.

Mr. Holthouse, together with key executives including director Jeremy Robinson and general manager, sustainability, Cindy Valence, will lead a series of stakeholder engagements this week including a visit to Kuujjuaq, Nunavik, to meet indigenous leadership and local partners near the Ashram project. This visit reflects the company's strong intent to collaborate transparently and constructively with host communities in the development of the Ashram project.

The company has recently completed a strategic restructuring of the Commerce team to better align resources with critical project advancement milestones. As part of this realignment, the delivery of the preliminary economic assessment has been rescheduled to the second half of 2025. The new management team is diligently progressing through key deliverables to support the successful advancement of the Ashram project.

Commerce Resources is committed to developing Ashram with an innovative and responsible approach that minimizes environmental and social impacts. The company is actively working to incorporate traditional knowledge, culture and local priorities into the project's design, while fostering opportunities for employment and economic participation. These engagements are an essential part of advancing the coming preliminary economic assessment, helping to ensure that the study accurately reflects regional realities and community perspectives.

New headquarters in Montreal

To support the continuing growth and strengthen its strategic presence in Quebec, Commerce Resources is pleased to announce the relocation of its head office to Montreal at 3 Place Ville Marie, Suite 400, Montreal, Que. This move enhances the company's capacity for project development and stakeholder engagement across the province.

This move will enhance the company's capacity to develop the project and facilitate improved engagement with stakeholders across the province.

Coming events

Commerce Resources will be actively participating in key industry events in the coming days, including:

• June 4: mining investment event in Quebec City;
• June 5: Quebec Mining Association Congress in Saint-Sauveur;
• June 9 and June 10: 121 Mining Investment Conference in New York.

These platforms will provide an opportunity to further present the Ashram project and meet with investors and potential partners across North America. The latest presentation is available on the company website.

Mr. Holthouse commented: "Our strengthened presence in Quebec reflects Commerce Resources' commitment to advancing the Ashram project in a responsible and collaborative manner, aligned with the province's strategic vision for critical minerals.

"The Ashram deposit is one of the largest and most significant rare earth projects in North America, and we are positioning it to be a cornerstone of North America's secure and sustainable rare earths supply chain."

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