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Commerce Resources Corp.

TICKER: CCE:TSX.V; D7H:FSE; CMRZF:OTCQX

Commerce Resources Corp. is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The company is focused on developing its Blue River tantalum and niobium deposit (British Columbia) and exploring the Eldor rare earth project (Quebec).

Strategy Metals Bulletin: Tantalum Fundamentals


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Stephan Bogner, Rockstone Research Ltd. (4/3/14) "Commerce Resources Corp. is focused on the development of its Ashram REE deposit in Quebec and the Upper Fir tantalum and niobium deposit in British Columbia. Since December 2013, the share price has risen from $0.055 to $0.15, and the company just completed a $2.54M financing with Secutor Capital Management. . .Commerce has just begun a drill program at Ashram [to] increase the confidence level of existing resources from the current Inferred category to the Indicated and/or Measured categories. . .the company is our top-pick in the rare earth space; we are confident that the Ashram deposit will be put into production."

The Mining Report Interview with Stephan Bogner (4/1/14) "Commerce Resources Corp. is our favorite company in the REE space. That stock has more than doubled since December. . . It is in the prefeasibility stage. The company is looking for a partner that is capital-strong before it takes the next risks and brings the Ashram project into production. I have no doubt at all that Commerce will find a partner and that Ashram will be among the next development projects to be put into production." More >

Stephan Bogner, Resource Investor (1/30/14) "Commerce Resources Corp. reported an intriguing new discovery on its Eldor rare earth property in Quebec yesterday, announcing high tantalum-niobium grade boulders that rank impressively against other top deposits worldwide. . .the results are encouraging to say the least, and we believe the potential of these results should be pursued."

The Mining Report Interview with Luisa Moreno (1/28/14) "I think Commerce Resources Corp.'s recent Ashram deposit results are very positive. Being able to produce a mineral concentrate 43.6% TREO usually means using less reagents in the next processing step. . .the next step is to produce, for instance, a mixed REE carbonate product. Individual REEs may then be recovered in a separation plant (e.g. by solvent extraction). I noticed that in the production of the mineral concentrate, Commerce introduced what is described as a weak HCl step after floatation and before the magnetic separation. We don't yet know the cost benefit of using a leaching step before magnetic separation. I am sure we will learn more when the new economic study results are released, giving investors a better idea of the economics of Commerce's Ashram project. It seems that the company is happy about the project's metallurgical improvements and the impact on operating and capital costs, which is encouraging." More >

The Gold Report Interview with Stephan Bogner (12/16/13) "Zimtu management is also behind Commerce Resources Corp., a development company with two advanced-stage REE deposits in Canada. I'm very bullish on REEs. Commerce has two projects, the Ashram REE project and the Blue River tantalum and niobium project. The Ashram REE project is remarkable because 1) it has a huge resource, 2) it has high grades, 3) it has a unique distribution with competitive grades of the most highly in-demand elements namely neodymium, europium, dysprosium, yttrium and terbium, and most important, 4) it is hosted by the three minerals that completely dominate current commercial production globally: bastnaesite, monazite and xenotyme. All of the first three (very positive) points are subservient to the fourth and most important point—that really only these three minerals are processed commercially.

"The capex for Ashram is CA$763M, so it must find a strategic partner. This is only a matter of time because I believe the REE market will soon escalate. Commerce has a new set of drilling and metallurgical results that also will be released shortly, and I am positive that this will revive the stock and bring in a strategic partner, likely from Asia. The Blue River tantalum and niobium project is the world's largest production scenario, cash positive, for tantalum. The Upper Fir capex is only CA$379M and in the last six months Commerce has increased the resource by over 30% and the recovery rate by 15% over the amounts used as the basis for the completed preliminary economic assessment." More >

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The Gold Report Interview with Leonard Melman (11/6/13) "There is Commerce Resources Corp. and its parent company, Zimtu Capital Corp. Commerce's big rare earth project, Ashram, is in northern Quebec. . .Ashram itself appears to have real merit, just like Commerce's Blue River tantalum-niobium project in British Columbia. I like Commerce, and I think the world of the people who run it. This is a company that could use a real break in the junior sector." More >

The Metals Report Interview with Alex Knox (7/16/13) "Commerce Resources Corp. has a large carbonatite-hosted deposit in the Labrador Trough in northern Québec. The company is doing a low-cost drilling program this summer to upgrade its resources. This carbonatite deposit contains substantial, separate showings of high-grade niobium and tantalum. The property could produce both elements from the same carbonatite, thus getting byproduct credits in through the back door. Even though this is an LREE deposit, it has zones enriched in the mediums and heavies. The potential production of niobium, tantalum and even other minerals makes this an attractive carbonatite deposit. My role this summer will be to help Commerce Resources explore and to work on the niobium and tantalum zones." More >

The Metals Report Interview with Lisa Reisman (6/4/13) "Commerce Resources Corp. is extremely close to production this year or next. It is probably at the point where it is doing offtake agreements. . .Commerce is targeting 2014 for production at its Blue River tantalum and niobium project. It made the shift from being institutionally focused to being more end-user focused. It is trying to better understand who the big players are in the North American market and tying those relationships together. It is more visible to end users. It used to only be at rare earth metal conferences, but now I'm seeing it at places where end users of tantalum are." More >

The Gold Report Interview with Leonard Melman (3/6/13) "When we talked last time I spoke about Commerce Resources Corp. and Zimtu Capital Corp., which both share the same president. I just met with Chris Grove, a director at Commerce. Chris was telling me that Commerce has completed PEAs on both its tantalum project at Blue River, British Columbia, which is tantalum and niobium, and its REE project in Northern Québec, the Ashram project, also known as the Eldor project. The next goal is to advance metallurgical studies on those projects. That work is underway at the moment so within whatever cash constraints are evident in the industry the company is still moving forward. The fact that Commerce has achieved two PEAs on widely separate projects is a very positive feature. It could conceivably make the company very attractive to end-user companies, which currently rely on China for rare earth elements. China appears to be very shaky looking forward as a source for those materials. Companies will be looking for North American sources and I think Commerce could be sitting the right position." More >

The Metals Report Interview with Alex Knox (1/22/13) "Commerce Resources Corp. has developed a large deposit of REEs, extremely large in the Indicated category. Commerce might like to get a partner. It is a skilled fundraiser and explorer, but it may not want to become a producer. That requires different skills from management and the staff. It has ongoing plans to continue to do definition drilling on its deposit and bring the resources to higher categories. It did take a large, many-ton bulk sample in the summertime, which it is going to use to develop its metallurgical spreadsheet." More >

The Gold Report with Leonard Melman (12/26/12) "Commerce Resources Corp. is unique in that it has two specific projects with preliminary economic assessments. It has the Blue River tantalum-niobium project in British Columbia and a rare earth element project called Eldor in northern Québec. Each project appears to be capable of standing on its own merits; the company is attracting interest from potential end-users and possible joint venture partners. The price of the shares has come down recently, but I believe it's reached the point where the potential rewards truly outweigh the risks." More >

The Critical Metals Report Interview with Luisa Moreno (10/2/12) "Commerce Resources Corp. has a very large deposit and favorable distribution with a good percentage of the most critical elements." More >

The Critical Metals Report Interview with Lisa Reisman (9/4/12) "Commerce Resources Corp. comes to mind as a tantalum miner. We have next to no domestic supply, but Commerce Resources is pretty far along in its process. It would benefit from streamlined rules and public/private partnerships. Dozens of other junior mining firms would also benefit." More >

The Critical Metals Report Interview with Alex Knox (7/24/12) "Commerce Resources Corp.'s Eldor LREE deposit in Northern Quebec is rather heavily enriched for an LREE deposit. Not only that, but the geologic body that it is in contains substantial quantities of high-grade tantalum and niobium as well. This one may be more than just an REE deposit. . .with Indicated and Inferred resources, the company has 300 Mt or more. Given its enormous resource space, the company could increase the throughput without decreasing the mine life. I haven't looked at its PEA in detail, but I suspect that it's chosen a production rate that would fit with its idea of the market." More >

The Critical Metals Report Interview with Siddharth Rajeev (7/10/12) "We produced reports on three critical metals companies. I am pleased to say that stock prices of all three companies have performed well. . .Commerce Resources Corp. is up 11% [since we initiated coverage.]" More >

Adam Currie, Resource Investing News (5/31/12) "Commerce Resources Corp. announced results of an NI-43-101-compliant PEA for the Ashram REE deposit at the Eldor property in Quebec. . .results confirm a strongly positive cash flow from a 4 Ktpd open-pit operation with a 25-year mine life. The economic evaluation was based on an earlier resource estimate that used a base case geologic cutoff grade of 1.25% total rare earth oxide (TREO) and provided 29.3 Mmt of Measured and Indicated resource, as well as 219.8 Mmt of Inferred resource averaging 1.88% TREO."

Henry Lazenby, Mining Weekly (5/25/12) "The results of a PEA of rare earth junior Commerce Resources Corp.'s Ashram deposit, in northern Quebec, pointed to 'robust economics' achievable from a project with significant upside; the PEA established that a rare earth operation on the Eldor property could generate strong cash flow from a 4 Ktpd open-pit operation, with a potential mine life of about 25 years. . .the PEA put a 10% discounted net present value of $2.32B to the project and said it has the potential to generate a pretax internal rate of return of 44%."

The Gold Report Interview with Leonard Melman (5/21/12) "Commerce Resources Corp. has done excellent exploration work. It still has the major tantalum project that has been its focus for many years. But, it's also advancing rare earth projects in Québec and other places. So, Commerce continues to do the things that in the past have produced positive results. . .I think the North American rare earth junior mining shares could easily get hot again. . . .[its light and heavy REE mix] is certainly a positive. The more markets you can attract, the better the prospects become." More >

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