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

Press Release

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.”

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

“Chris Grove”
Chris Grove
CEO, President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web:http://www.commerceresources.com

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