Commerce Resources Corp. announced assay results for the twelve (12) holes completed at the Ashram Rare Earth and Fluorspar Deposit (Ashram Deposit) as part of its 2022 drill program. The Ashram Deposit is one of the large rare earth element (REE) deposits in the world, and monazite is its primary rare earth mineral resulting in a strong NdPr oxide distribution (% of Nd+Pr oxide of the total REO).

The July through September 2022 program included twelve (12) drill holes totaling 2,778.6 m at the Ashram Deposit - EC22-194 to 200, and 204 to 207. The program was completed in support of the Ashram Project's advancing Prefeasibility Study ("PFS"), with the primary objective of resource/pit infill to improve resource confidence from the inferred/indicated categories to the indicated/measured categories within the planned open-pit shell (focus of six holes - EC22-196, 197, 198, 198A, 199, and 200). These resource/pit infill holes returned grades of REO and NdPr distributions consistent with previous drilling, starting from surface and remaining mineralized over their entire length (i.e., ended in mineralization a short distance past the base of the pit shell).

Highlights include 392.8 m at 2.12% REO (21.6% NdPr) (EC22-197), 379.1 m at 2.04% REO (21.4% NdPr) (EC22-199), and 406.4 m at 1.99% REO (21.3% NdPr) (EC22-198A). Additionally, several wide intervals with =24% NdPr distribution were returned including 36.0 m at 1.56% REO (24.0% NdPr) (EC22-198A), 32.6 m at 1.34% REO (25.8% NdPr) (EC22-196), as well as 13.8 m at 1.54% REO (26.9% NdPr) and 11.1 m at 1.40% REO (33.3% NdPr) (EC22-200). The 2022 drill hole plan was developed to target a revised pit shell which could accommodate a production scenario approximately 50% larger than that which was considered in the Project's 2012 Preliminary Economic Assessment.

This larger pit shell is anticipated to underpin an initial mineral reserve estimate upon completion of the Prefeasibility Study for the Project. All six (6) infill drill holes were collared along the perimeter of the deposit pit shell design and targeted specific regions of the pit at depth. Secondary objectives included improving the confidence of the geological model at the southern end of the deposit where mineralization remains open (EC22-194, 195, 204, 205, 206, and 207).

These holes were successful at confirming several primary geological contacts as well as returning several moderate to well-mineralized intervals including 180.1 m at 1.59% REO (21.5% NdPr) (EC22-207) and 25.5 m at 1.82% REO (20.8% NdPr) (EC22-194). As announced September 8th, 2022, in this area, drill hole EC22-195 extended the Ashram Deposit southerly by approximately 100 m with a wide intersection of lower-grade A-Zone (79.4 m at 1.47% REO (22.6% NdPr)). Geochemical analysis of logged A-Zone in drill hole 205 have now extended mineralization an additional ~90 m southerly with intersections of relatively small intervals of lower-grade A-Zone including 6.9 m at 1.01% REO (23.0% NdPr) (EC22-205).

These REO grades and intersections are lower than that of the main deposit and, coupled with adjacent lithologies, indicate the southerly contact of the Ashram Deposit is proximal. The Ashram Deposit ranks as one of the large REE (and fluorspar) deposits globally, consisting of a monazite dominated (i.e., strong NdPr), single mineralized body outcropping at surface, and through the 2022 have drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth.