Commerce Resources Ships 0.43 kg Sample of Mixed REC Concentrate to Emerging Non-Chinese Processor

Commerce Resources Corp. (TSXv: CCE, FSE: D7H0, OTCQX: CMRZF) (the 'Company' or 'Commerce') is pleased to report that, further to its news release dated October 27, 2022, where it announced a successful scale-up of its process flowsheet to kilogram quantities of mixed rare earth carbonate ('mixed REC'), it has produced additional amounts of mixed REC concentrate to satisfy third-party sample requests.

A 0.43 kg sample of mixed REC, with an NdPr distribution of 21.1% and TbDy distribution of 0.82%, has been shipped to an emerging processor of rare earth elements ('REEs') located outside of China. The sample meets typical market specifications and was produced through processing of feed material generated from its prior pilot plant operations on bulk sample material collected from the Ashram Rare Earth and Fluorspar Deposit. The mixed REC sample grades approximately 63% REO with 70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

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Forward Looking Statements

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that that mixed REC is readily saleable; that partial separation of REEs will allow for the marketability of individual elements to be produced; that Ashram has the potential to become one of the largest fluorspar deposit and a long-term supplier to the met-spar and acid-spar markets and that the Company is positioning to be one of the lowest cost rare earth element producers globally. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable; The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

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