Mr. Nicholas Holthouse reports

COMMERCE RESHAPES MANAGEMENT TEAM IN PREPARATION FOR RENEWED DEVELOPMENT FOCUS OF ASHRAM RARE EARTHS PROJECT

Commerce Resources Corp. has made key management appointments as it steps up focus on development of the Ashram rare earths project in Quebec, Canada.

As part of the changes, Joel Ives has been appointed chief financial officer and company secretary while Cindy Valence has been promoted to the role of vice-president, government relations and sustainability.

Mr. Ives is a highly experienced finance and business advisory executive who has worked in senior roles for a range of publicly listed companies. Mr. Ives is a member of Chartered Accountants Australia and New Zealand.

Commerce also advises that Jody Bellefleur will step down as chief financial officer and company secretary. Commerce chief executive Nicholas Holthouse thanked Ms. Bellefleur for her contribution to the company and Ashram's development.

Ms. Valence will be promoted from her current role of general manager, sustainability, to vice-president, government relations and sustainability. Ms. Valence has more than 20 years of management experience in her field, most recently as vice-president of sustainable development. Based in Quebec, her experience and her applied knowledge of the energy transition and connections to government and first nations will ensure she is an invaluable member of the Commerce team.

Patrik Schmidt will step down from his role as vice-president, exploration, but will continue to support the project as a consultant with Dahrouge Geological Consulting.

Tariq Safi has resigned from his role as investor relations and corporate communications.

Mr. Holthouse, chief executive officer and president of Commerce, said: "A good first step in the rebuild of a first-class team with a clear development focus to help ensure we can maximize the huge opportunity we have at Ashram.

"A multigenerational resource, combined with exceptional grades, outstanding metallurgical characteristics and a Tier 1 mining jurisdiction, all bode well for building industry and government support. When these key attributes are combined with the team we are assembling, the economic and strategic fundamentals for this project becomes very clear."

We seek Safe Harbor.