Commerce Resources Corp. announced 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.