President’s Holiday Message

To All Investors and Stakeholders:

2020 will certainly go down in history as a year to remember, which of course actually means, a year that we would all rather forget, or wish that what happened with the pandemic had not.

However, I want to be very clear that on behalf of Commerce Resources, I am very thankful for certain things that did occur, such as the interest and direct support freely offered by investors that will allow us to continue the developments of the world’s best REE/ Fluorspar project that is not yet in production, our Ashram Deposit. Thank you to all investors who participated in these financings in 2020!

We were excited by this interest expressed in the 2 recent financings totalling just over $5M CAD, and we are well prepared to advance key development programs such as the re-start of our flowsheet development at Hazen Research in Golden, Colorado – just a mile or so from the original Coor’s brewery – and the production of more samples of our +45% REO mineral concentrates, as requested and as will be delivered to industry majors.

We are optimistic that one of these industry majors, whether their interest is in our REE concentrates of our fluorspar by product, will enter a project level investment with us, to then allow us to complete our Pre-feasibility Study and Bankable Feasibility Study with limited, to no, further dilution.

As others have pointed out, Covid-19 has highlighted the generally felt anxiety about being wholly dependent upon a single source for anything, and especially the constituent commodities that are essential to allow companies to continue their own business plans, no matter what downstream industry they may be in – magnet manufacturing, catalytic converter manufacturing, EV manufacturing, oil processing etc, etc – and I believe that this is a healthy and much needed “reality check” globally. The amount of effort and capital being directed to alleviate this single source dependency is at a level that I have never seen in my 20 years in this business, and it is admirable.

Covid has also focused exponentially more attention on sustainability and the circular economy, and this is very welcome. The goal of a circular economy is admirable and we here in Canada are in a very strong position as we live in an extremely resource rich country. For example, I cannot think it makes any sense to ship lumber across the globe that is then turned into a table or chair, and that then turns up back in a store in Vancouver for sale for the locals. This also addresses manufacturing, and we should ideally be able to create not just a more efficient production of goods, with a smaller carbon footprint, but also create a huge number of jobs in so many different industries, perhaps led by all of the jobs to be created in the renewal energy sector, as part of the “green revolution” that is well underway now.

In terms of our mineral projects, it is not our belief that we will be successful just because we are in the West, and this has never been a fallback position for us. We believe that we need to be competitive to any country, while we also need all other countries to accept some amount of an economic level playing field in terms of the costs that have so often been historically left out of this equation, such as the costs for a detailed analysis and consideration of environmental impacts and a negation of these, as much as is feasible, and the costs to achieve not just the social license to operate, but to achieve the “buy in” of all social groups and especially those that are physically closest to the actual deposit.

In this regard, let me also say how excited we are that we have a Letter of Intent with the 2 dominant Inuit corporations in Nunavik, being Nayumivik Landholding and the Makivik, and we look forward to ongoing and transparent discussions with both corporations as we look to advance the Ashram Deposit in what I am willing to call the best jurisdiction for mining in the world.

It is one of our regrets that we were not able to attend the annual Kuujjuaq Mining Workshop this past year, and we are looking with great anticipation to be in Nunavik again, and to be able to have crews on site at the Ashram advancing all aspects of our project.

At this time, I would like to thank all of the employees and staff of Zimtu Capital and Commerce Resources, along with our technical team at Dahrouge Geological, our legal team at Clark Wilson, and the technical team at Hazen Research for all of their hard work and tireless efforts to advance our projects. Thank you!

As this year draws to a close, there may be more than a few of you who have an empty seat at the dinner table for a loved one who has passed way, either from the pandemic or for another reason. I am in this group and there are 2 empty seats at the next family dinner. If this is true for you as well, I wish you strength for the road ahead, and it is my distinct hope that next year will be better than this one that we are now exiting.

As the inimitable Ella Fitzgerald sang so compellingly:

“Through the years we all will be together
If the fates allow
Hang a shining star upon the highest bough
And have yourself a merry little Christmas now.”

Happy Holidays, and a Happier New Year in 2021!

Stay safe and take care of each other.

Chris Grove, President
Commerce Resources Corp.

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