Commerce Resources Corp. announced assay results received from three (3) holes completed at the Ashram Rare Earth and Fluorspar Deposit ("Ashram Deposit") as part of the 2021 drill program. The field program, completed in July-August 2021 in support of the Ashram Project's Prefeasibility Study, included twelve (12) drill holes totalling 2,814 m focused on resource infill within the planned open-pit shell. Results for the first four (4) drill holes were announced December 22nd, 2021 with the results for an additional three (3) drill holes reported herein. Highlights include: 1.78% rare earth oxide ("REO") over 274.3 m (EC21-193), including,o 2.09% over 110.4 m 1.83% REO over 300.1 m (EC21-184), including, 2.05% REO over 37.7 m, and 2.08% REO over 29.0 m
1.59% REO over 225.0 m (EC21-186), including, 2.07% over 35.0 m. The primary objective of the 2021 drill program at Ashram was to improve the confidence
of the mineral resource (inferred -> indicated -> measured) in support of an updated mineral resource estimate to be completed as part of the ongoing Prefeasibility Study, which will also determine the initial mineral reserve estimate for the Ashram Project. Based on the drilling to date, the Company anticipates a large portion of Ashram's current inferred and indicated resources will be converted to indicated and measured resources. All three (3) drill holes (EC21-184, 186, and 193) collared in and bottomed in mineralization starting at depths of 1.9 to 3.7 m (core length), consistent with previous drilling, remaining mineralized over their entire length. The NdPr oxide distribution (i.e. % of Nd+Pr oxide of the total REO) continues to remain very strong compared to active global producers, and commonly ranges from 19 - 24+%, including a 22.2% NdPr oxide distribution in EC21-193's 274.3 m interval of 1.78% REO. The relatively high NdPr oxide distribution at Ashram is a result of the monazite dominate rare earth mineralogy and unique chemistry and equates to a relatively high-value end- product that Ashram could supply the market with over the long-term. over 52.5 m at 1.16% REO, remaining mineralized over its entire length and ending in a higher-grade zone of 2.07% REO over 35.0 m at an NdPr oxide distribution of 20%. Drill holes EC21-184 and 193, were part of a group of four (4) holes (EC21-183, 184, 187,
and 193) which targeted the region beneath the shallow bay (<1.5 m water depth) on Centre Pond, in the north-central area of the deposit. These drill holes were completed at various orientations, resulting in the drill holes crossing the deposit at different oblique angles, and were primarily completed to help constrain the geological model. The drill holes continue to re-enforce the strong mineralization (and NdPr distribution) in this area of the deposit and is further highlighted by EC21-193 with 2.09% REO over 110.4 m at an NdPr oxide distribution of 21%.