Commerce Resources Announces Changes to its Board of Directors

VANCOUVER, November 8, 2023 - Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") wishes to announce changes to its Board of Directors. Dr. Axel Hoppe has resigned as a director and Chairman of the Company, effective immediately. The Company would like to express its sincere gratitude to Dr. Hoppe for his invaluable contributions and dedicated service during his tenure. His insights and leadership have been instrumental in guiding the Company through various strategic decisions.

Additionally, Commerce Resources is pleased to announce the appointment of Mr. Jeremy Robinson as a new director. Mr. Robinson brings with him a wealth of experience in the mineral exploration industry and has held various leadership roles in prominent mining companies. His expertise and vision align well with Commerce's goals, and the Company looks forward to benefiting from his guidance in the coming years.

Chris Grove, President of Commerce Resources, commented, "It has been an absolute pleasure to have Axel on our Board, and we look forward to a continued relationship with him on our other ventures. I would also like to welcome Jeremy to the Board, and he brings a wealth of experience in project financing and management to the Commerce team."

Jeremy Robinson is an experienced resources executive having 20 years' experience in the industry ranging from Business Development to Managing Director positions with a specific focus on critical minerals including rare earths. He is the principal and founder of Churchill Strategic Investments Group which has financed multiple junior explorers and developers across the ASX and TSX. He currently serves as a director of RareX Limited, Cosmos Exploration Limited, Ardiden Limited, Kincora Copper and BBX Minerals.

Jeremy has stated "I am excited to be both investing in and joining the board of Commerce Resources as it looks to deliver on the promise of this world class critical minerals project in Canada."

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>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.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
Commerce Resources Corp.

"Chris Grove"
Chris Grove
CEO and President
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

SOURCE: Commerce Resources Corp.