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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. (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.
Commerce Resources Corp. (TSXV:CCE, FSE:D7H0, OTCQX:CMRZF) has extended the deadline for its previously announced non-brokered private placement offering. The company aims to raise up to $2,016,000 by issuing 16,000,000 units at $0.126 per unit. Each unit includes one common share and one warrant, with the warrant allowing the purchase of an additional share at $0.25 for two years. The new deadline is August 26, 2024.
Churchill SIG Pty will act as the exclusive lead manager for a portion of the offering, receiving a 5% cash fee and 12.5% in finder's warrants for subscribers they introduce. The net proceeds will fund the completion of an updated PEA for the Ashram REE/Fluorspar Deposit and general working capital.
Commerce Resources has filed a technical report on SEDAR+ for the Ashram Rare Earth Element & Fluorspar Deposit in Quebec, Canada. The report, prepared in line with NI 43-101 standards, follows a May 22, 2024 announcement of an updated mineral resource estimate for Ashram featuring 73.2 Mt at 1.89% TREO and 6.6% CaF2 indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 inferred. Prepared by BBA Inc. with contributions from PLR Resources, DRA Global , and L3 Process Development, the report is now available on SEDAR+ and will soon be on the company’s website.
Commerce Resources has launched its summer diamond drilling program at the Eldor property in Nunavik, Quebec, targeting niobium deposits. The program aims to explore several high-priority targets identified from previous geological surveys and geophysical data. The drilling is expected to enhance the understanding of the mineralization and potentially expand the resource base. This initiative aligns with the company's strategic focus on advancing its niobium project, a critical mineral used in the aerospace, automotive, and energy sectors.
Commerce Resources Corp. has successfully closed a non-brokered private placement, raising $5,040,000 through the sale of 28,000,000 flow-through units at $0.18 each. Each unit includes one common share and one transferable warrant, which can be used to purchase an additional share at $0.25 within 24 months. The proceeds will fund exploration expenses for the Company's niobium targets in Nunavik, Quebec. Peartree Securities Inc. structured the offering, and Churchill SIG Pty facilitated investor introductions, receiving $162,890 and 3,231,945 finder's warrants. These warrants allow Churchill to buy additional shares at $0.20 over two years. All securities involved are subject to a four-month hold period.
Commerce Resources Corp. (OTCQX:CMRZF) announced the completion of the sale of its Blue River property in British Columbia. The assets sold include mineral claims and real property.
In return, Commerce Resources received 20,000,000 shares of the purchasing private company, valued at $0.05 per share. The company intends to distribute these shares to its shareholders pro rata.
Details about the transaction are available on SEDAR+.
Commerce Resources has announced a non-brokered private placement to issue up to 16,000,000 units at $0.126 per unit, targeting gross proceeds of $2,016,000. Each unit contains one common share and one warrant, with the warrant allowing the purchase of an additional share at $0.25 within two years. Churchill SIG Pty will act as the exclusive lead manager for a portion of the offering, earning a 5% cash fee and 12.5% in non-transferable share purchase warrants for their services. The net proceeds will be used for the updated PEA of the Ashram REE/Fluorspar Deposit and general working capital. All securities will have a statutory hold period of four months and one day, and the offering is subject to TSX Venture Exchange approval.
Commerce Resources Corp. has announced a non-brokered private placement offering of up to 27,777,777 charity flow-through shares at $0.18 per share, aiming to raise up to $5,000,000. Churchill SIG Pty will act as lead manager for this placement outside Canada. Churchill will receive a 5% cash fee and 10% in non-transferable share purchase warrants for funds raised. The raised funds will be used for exploring niobium targets in Nunavik, Quebec. The offering will close around June 18, 2024, subject to regulatory approvals. Insiders may participate, adhering to Multilateral Instrument 61-101 standards. The securities will have a hold period of four months and one day from closing.
Commerce Resources Corp. announced a non-brokered private placement offering of up to 28,000,000 charity flow-through units (FT Units) at $0.18 per unit, aiming to raise up to $5,040,000. Each FT Unit includes one common share and one transferable share purchase warrant exercisable at $0.25 within two years. Peartree Securities Inc. has structured the charity arrangement. Churchill SIG Pty will act as lead manager for three months, introducing potential subscribers outside Canada for a 5% cash fee and warrants equal to 12.5% of the FT Units sold. The offering, subject to regulatory approvals, is expected to close on or around June 18, 2024. The proceeds will fund drilling programs in Nunavik, Quebec, targeting niobium. Certain insiders will participate, qualifying this as a related party transaction under MI 61-101.
Commerce Resources Corp. (OTCQX:CMRZF) has announced its 2024 summer diamond drill program at the Eldor Property, targeting niobium prospects in Quebec. The program includes 20-30 drill holes, totaling at least 7,500 meters. Focus areas are the Mallard and Miranna Prospects, known for high-grade niobium mineralization. Previous drilling at Mallard revealed promising results, including 1.00% Nb2O5 over 17.1 meters. The new drilling aims to further delineate mineralization. Miranna's initial tests in 2021 showed high-grade findings, such as 1.20% Nb2O5 over 3.1 meters. The company plans to expand on these findings during the upcoming campaign.
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