ASHRAM PERFECTLY PLACED TO CAPITALISE ON CANADA'S PROMISE TO INCREASE SPENDING ON CRITICAL MINERALS
The commitment could deliver substantial benefits to Commerce's Ashram rare earths project, which is the biggest undeveloped rare earths deposit in North America.
Commerce CEO & President, Nicholas Holthouse, said:
"This important announcement from Canadian Prime Minister Mark Carney bodes extremely well for Canada's world class array of critical minerals projects and in particular Commerce Resources' Ashram project in northern Quebec.
"Commerce will continue to work closely with Indigenous Leaders, Industry and Government agencies to explore the appropriate shared Infrastructure options to enable the Ashram project's high value RE elements to be extracted and value added within Quebec, North America and European down stream industries".
Highlights from the reports include
Canada expects to meet its NATO commitment, under which it will spend equal to 5% of its annual GDP on military expenditure, in part by developing - critical mineral mining and processing.
Critical minerals are changing the face of warfare and rare earth mines may assist Canada with meeting its US$109 billion military commitment.
Canadian Prime Minister Mark Carney said five per cent of Canada's GDP would amount to about C$150 billion per year and Canada will reach the target in part by developing deposits of critical minerals.
Canada's pledge to increase military expenditure to 5% GDP will be a significant lift from its previous commitment of 2% GDP.
NATO's proposed military spending target of 5% GDP highlights the changing nature of warfare with critical minerals now essential in technology such as drones, satellites, tracking systems and cybersecurity.
Pursuant to the announcement on 10th April 2025, the transaction with Mont Royal Resources (ASX.MRZ) is making solid progress, with both companies working diligently to achieve all documentation and statutory requirements to reach completion.
We look forward to keeping shareholders updated in the coming weeks with further updates on key documentation and timing of the admission to trading on the ASX.
For more information, please visit the corporate website at www.commerceresources.com or email [email protected].
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 statements regarding the expected listing on the Australian Securities Exchange thereafter; the continued advancement of the Ashram project to development; that Ashram's fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. 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 the Company may not complete a listing on the Australian Securities Exchange; that the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; 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 anticipated market demand for rare earth elements and other minerals 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.
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