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Overview of Commerce Resources Corp.
Commerce Resources Corp. (OTCQX: CMRZF) is a junior mineral resource company dedicated to the exploration and development of critical mineral deposits. Headquartered in Vancouver, British Columbia, the company focuses on advancing its flagship Ashram Rare Earth and Fluorspar Deposit, located within the Eldor Property in northern Quebec, Canada. This deposit is one of the largest undeveloped rare earth element (REE) resources globally and includes a significant fluorspar component, positioning Commerce as a key player in the critical minerals supply chain.
Core Business Areas
The company's primary business revolves around the exploration, development, and potential production of rare earth elements and fluorspar. The Ashram Deposit is characterized by a simple mineralogy dominated by monazite, bastnaesite, and xenotime, which allows for efficient processing. The deposit has demonstrated the production of high-grade REE mineral concentrates (30-45% TREO) at high recovery rates (60-75%), competitive with established global producers. Additionally, the deposit's fluorspar component positions it as a potential long-term supplier to the met-spar and acid-spar markets.
Market Significance
Rare earth elements are indispensable in modern technologies, including electronics, renewable energy systems, aerospace, automotive, and defense applications. Fluorspar is a critical input in industries such as aluminum production, steelmaking, and lithium-ion batteries. With global demand for these materials surging, Commerce Resources is strategically positioned to address supply chain vulnerabilities, particularly in North America and Europe. The company's focus on producing mixed rare earth carbonate and NdPr oxide aligns with the growing demand for magnets used in electric vehicles and wind turbines.
Recent Developments and Exploration Highlights
- Niobium Discoveries: The company has made significant niobium discoveries at its Eldor Property, including high-grade intercepts at the Mallard, Spoke, Knox, and Miranna prospects. These discoveries enhance the property's strategic value, adding to its portfolio of critical minerals.
- Infrastructure Advancements: Commerce Resources has received conditional approval for funding from Natural Resources Canada's Critical Minerals Infrastructure Fund to develop an access road to the Ashram Deposit, facilitating logistics and supporting regional economic growth.
- Processing Innovations: Locked-cycle testing of the Ashram Deposit's simplified flotation-only flowsheet has demonstrated the production of high-grade REE mineral concentrates, significantly enhancing project economics and reducing technical risks.
Competitive Advantages
Commerce Resources benefits from several competitive advantages, including:
- Strategic Location: Situated in Quebec, Canada, the Ashram Deposit is in a geopolitically stable region with access to established infrastructure and skilled labor.
- High-Grade Resource: The Ashram Deposit boasts a large-tonnage resource with favorable grades, making it one of the most attractive rare earth and fluorspar projects globally.
- Diversified Portfolio: In addition to rare earth elements and fluorspar, the company is exploring niobium and phosphate, further enhancing its market appeal.
- Environmental and Social Responsibility: Commerce Resources is committed to sustainable development, working closely with Indigenous communities and adhering to stringent environmental standards.
Future Outlook
Commerce Resources is positioning itself as a low-cost producer of rare earth elements and fluorspar, with a focus on long-term supply agreements for mixed rare earth carbonate and NdPr oxide. The company is advancing its Preliminary Economic Assessment for the Ashram Deposit, scheduled for completion in Q2 2025, and continues to explore the potential of its niobium and phosphate prospects. With strong government and industry support, Commerce Resources is well-positioned to capitalize on the growing demand for critical minerals, contributing to the global transition toward a sustainable, low-carbon economy.
Commerce Resources Corp (OTCQX:CMRZF) has announced the grant of 2.5 million incentive stock options to its officers and consultants under its Equity Incentive Plan. The options allow holders to purchase company shares at $0.12 per share and are exercisable for three years until March 18, 2028. All options vest immediately and carry a four-month hold period.
The company's Interim President and CEO Jeremy Robinson indicated this move is aligned with their plans for a dual listing on the Australian Securities Exchange (ASX) and advancing the Ashram Project, emphasizing the importance of retaining key personnel who have contributed to the project's development.
Commerce Resources Corp (CMRZF) announced immediate management changes as CEO Ross Carroll steps down from his position and board membership by mutual agreement after six months of service. Jeremy Robinson, currently a non-executive Director, will serve as interim President and CEO.
Robinson's primary responsibilities will include overseeing the company's planned dual listing on the Australian Securities Exchange (ASX) in the coming months and managing the development of the Ashram Rare Earths Project. The company plans to appoint a permanent North America-based President and CEO following the completion of the ASX listing.
Commerce Resources Corp (CMRZF) has received conditional approval for $2.6M CAD funding from Natural Resources Canada's Critical Minerals Infrastructure Fund (CMIF) for developing an access road to the Ashram REE/Fluorspar Deposit in Nunavik, Quebec.
The funding will support the development of a 175km road between the Ashram project and the Koksoak River, enhancing access to the Nunavik region and supporting multiple projects and Indigenous groups. The infrastructure development is important for advancing the company's baseline studies, pre-feasibility study, and feasibility study.
The company has engaged Nuna Resources, a majority Inuit-owned construction company, to conduct a road study for the project. The Ashram deposit is recognized as the highest quality deposit of its type in Canada and among the best globally.
Commerce Resources Corp (TSXv:CCE, FSE:D7H0, OTCQX:CMRZF) announced the resignation of Jody Dahrouge from its Board of Directors, effective December 20, 2024. Dahrouge, who served as Director since January 2000, was instrumental in discovering the Ashram Rare Earth and Fluorspar project in 2008 and contributed to the company's recent Niobium exploration success. His team led the discovery of Ashram, and he played a important role in guiding the company's exploration and development programs. CEO Ross Carroll acknowledged Dahrouge's exceptional contribution to both Commerce Resources and the development of the Ashram REE project in Québec, Canada.
Commerce Resources Corp has confirmed significant niobium discoveries forming two high-grade trends surrounding the Ashram Rare Earth and Fluorspar Deposit in Quebec. The 2024 niobium-focused drill program revealed impressive results, including a notable intercept of 24.0 m at 0.91% Nb2O5 at the Mallard Prospect. New high-grade discoveries were made at the Northwest Prospect (7.5 m at 0.93% Nb2O5) and Moira Prospect (11.5 m at 0.63% Nb2O5). The program significantly expanded the niobium mineralized footprint with multiple prospects showing potential connectivity. All niobium prospects are within ~2 km of the Company's Ashram Deposit, which holds a resource of 73.2 million tonnes at 1.89% REO Indicated and 131.1 Mt at 1.91% REO Inferred.
Commerce Resources Corp. has successfully completed flotation locked-cycle testing on the Ashram Rare Earth and Fluorspar Deposit, achieving high-grade rare earth mineral concentrates of 35.8% to 36.8% REO with 65% to 68% overall recovery. The results significantly outperform the historical 10% REO concentrate grade from the 2012 PEA. The improved grades will be incorporated into a pending PEA update scheduled for Q2-2025. The higher-grade concentrate is expected to reduce downstream processing costs, plant size, and overall project risk. Variability and pilot plant testing are planned for early 2025, along with evaluation of fluorite recovery from tailings.
Commerce Resources has announced a significant niobium discovery at its Eldor Property in Quebec through its 2024 drill program. The Knox Prospect revealed substantial high-grade intercepts, including 69.4 m at 0.61% Nb2O5 within 96.5 m at 0.51% Nb2O5. The Miranna Prospect also delivered impressive results with 65.7 m at 0.53% Nb2O5, including 35.7 m at 0.67% Nb2O5. The discoveries are located within 2 km of the Company's Ashram Rare Earth and Fluorspar Deposit, which holds 73.2 million tonnes at 1.89% TREO (indicated) and 131.1 Mt at 1.91% TREO (inferred). Results from thirteen additional drill holes are pending.
Commerce Resources Corp. (TSXv:CCE, OTCQX:CMRZF) reports significant niobium mineralization from its 2024 drill program at the Eldor Property in Quebec, Canada. Key highlights include:
- 122.5 m at 0.62% Nb2O5 and 6.4% P2O5 at the Mallard Prospect
- 27.5 m at 0.60% Nb2O5 and 8.7% P2O5 at the Spoke Target
The program, consisting of 29 drill holes totaling 8,253 m, aimed to follow up on known niobium mineralization and test new geophysical anomalies. The Eldor Property is located within 2 km of the Company's Ashram Rare Earth and Fluorspar Deposit. Results from the first seven drill holes confirm substantial niobium mineralization, suggesting potential for a stand-alone niobium project near the Ashram Deposit.
Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0) has successfully closed a non-brokered private placement, raising gross proceeds of $2,016,000 through the issuance of 16,000,000 units at $0.126 per unit. Each unit comprises one common share and one warrant, allowing the purchase of an additional share at $0.25 for two years.
The company paid $70,235 in cash finder's fees and issued 1,393,551 finder's warrants to Churchill SIG Pty for introducing non-Canadian investors. The net proceeds will fund the updated PEA for the Ashram REE/Fluorspar Deposit and general working capital. The securities are subject to a four-month hold period, and the offering involved related party transactions exempt from certain regulatory requirements.
Commerce Resources Corp. (TSXV:CCE, OTCQX:CMRZF) has appointed Ross Carroll as its new President and CEO, effective August 1, 2024. Carroll, with decades of experience in the resources sector, will also join the company's board. His appointment aims to drive the development of the Ashram Rare Earth and Fluorspar Project in Quebec, Canada, and explore the adjacent Eldor Niobium Project.
Carroll's extensive background includes leadership roles at BHP, Woodside Energy, Macmahon Holdings, and MMG . He holds a commerce degree from the University of Melbourne and is a Certified Public Accountant. The current President and CEO, Chris Grove, will transition to the role of Director of Corporate Development.
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