Commerce Resources Corp. reported 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 satisfied an additional third-party sample request. A 100 g sample of mixed REC, with an NdPr oxide distribution of 21.9%, has been shipped to a major global processor of rare earth elements ("REEs") located outside of China.

The sample meets typical market specifications and was produced as part of the Company's scale-up from gram quantities to larger kilogram quantities. The mixed REC sample, with a formula of REE2(CO3)3(H2O)8 as determined by XRD, contains approximately 52% REO, <0.1 ppm Th, and <0.1 ppm U. The strong NdPr distributions that characterize these Ashram samples (21.6% to 24.2% NdPr) rank among the in the world for non-cerium depleted mixed REC concentrates and exceeds that of several major global producers. These samples were produced with the Company's conventional flowsheet developed at Hazen Research, CO, in which several process operations have been demonstrated at a continuous pilot-scale level .

The Company is currently in the process of producing another ~1.5 kg of mixed REC concentrate to satisfy additional third-party requests. The additional kilogram quantity sample(s) is nearing the REC precipitation stage and is expected to be completed in the first quarter 2023, and will be delivered to the relevant parties immediately following. In the rare earth industry, a mixed REC concentrate is typically viewed as the initial marketable product in the REE value chain.

A mixed REC is readily saleable as it is the most common feedstock to REE solvent extraction facilities globally, which separate the individual REEs and allow for them to be individually refined into marketable products and disseminated throughout downstream value chains.