Commerce Resources Signs LOI with the Saskatchewan Research Council for Mixed Rare Earth Carbonate

VANCOUVER, BC / ACCESSWIRE / July 19, 2023 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce the signing of a Letter of Intent with the Saskatchewan Research Council (SRC) to deliver amounts of the Mixed Rare Earth Carbonate ("MREC") produced from the Ashram Rare Earth and Fluorspar Deposit ("Ashram Deposit") to their Rare Earth Processing Facility in Saskatoon, SK. The intention of this collaboration is to complete the first full rare earth element supply chain in Canada from mine to metal.

SRC is constructing North America's first fully integrated Rare Earth Processing Facility, spanning the stages from minerals to metals. The Facility is expected to be fully operational in late 2024 and has already demonstrated each individual stage including NdPr metal ingots.

Company President and CEO, Chris Grove states "We are pleased to sign this letter of intent with SRC, who is positioned to become the first commercial REE processor in Canada. We are happy to provide, once in production, amounts of our Mixed Rare Earth Carbonate concentrate from our Ashram Deposit to SRC in Saskatchewan."

About the Saskatchewan Research Council

SRC is Canada's second largest research and technology organization. With nearly 350 employees, $232 million in annual revenue and more than 75 years of experience, SRC provides services and products to its 1,600 clients in 22 countries around the world. For more information, go to www.src.sk.ca.

About the Ashram Deposit

The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite dominated (i.e., strong NdPr), single mineralized body outcropping at surface, and has a drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90% REO and 2.9% F, and an inferred resource of 219.8 Mt at 1.88% REO and 2.2% F, at a cut-off grade of 1.25% REO (Effective Date July 5^th, 2012). Note, mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.