Snow Lake Secures Strategic Stake in North America's Largest Undeveloped Rare Earths Project Amid Global Supply Chain Pressures

Winnipeg, Manitoba--(Newsfile Corp. - May 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), is pleased to announce a cornerstone investment in Commerce Resources Corp (TSXV: CCE), ("Commerce"), to advance its Ashram Rare Earths Project - the largest undeveloped Rare Earths Project in North America.

This investment comes at a critical moment for the global technology supply chains, as the world's dependency on China—currently responsible for approximately 90% of all processed rare earth output—faces mounting pressure. Beijing's recent tightening of export controls on key REEs, including rare earth magnets, has further accelerated the race among Western governments and companies to establish secure, domestic sources of critical minerals.

Highlights¹

• Snow Lake will invest C$1.1million in Commerce's C$2.2 million secured convertible note financing (the "Convertible Note Financing") to support advancement of the Ashram Project and Commerce's strategic merger with Mont Royal Resources Limited

• Commerce owns 100% of the Ashram Rare Earth and Fluorspar Project in Quebec (the "Ashram Project") the largest undeveloped Rare Earths Project in North America

• The Ashram Project is one of the worlds largest monazite-dominant carbonatite-hosted Rare Earth Elements deposits with a NI 43-101 resource of 204.3 million tonnes averaging ~1.94% Total Rare Earth Oxides (TREO). (73.2 million indicated tonnes averaging 1.89% TREO and 131.1 million inferred tonnes at 1.98% TREO)

• Ashrams' mineralogy enables high-grade concentrate production at high recovery rates, a rare technical advantage that aligns it with the capabilities of current global producers. ²

• Commerce also owns 100% of the Eldor Niobium Project, located immediately adjacent to the south-east of the Ashram Project, and which is considered to be an advanced exploration stage project

• As of the date of the Merger Agreement (before taking into account the Capital Raise and the Convertible Note Financing), the existing shareholders of Commerce and shareholders of Mont Royal will own 85.3% and 14.7%, respectively, of the outstanding shares of Mont Royal following completion of the Merger

CEO Remarks