Commerce Resources Corp. (TSXV: CCE / OTC: CMRZF)

High Beta Rare Earths Play in Canada

I came across this company around four weeks ago when it was trading at $0.15 per share. Since that point, the stock rose about 50%. After a recent pullback, it’s now back trading at $0.16 per share. I believe there’s meaningful idiosyncratic and thematic upside in this name.

Executive Summary

Commerce Resources is a small Canadian exploration company developing the Ashram Rare Earth and Fluorspar Project in northern Québec. It’s one of the few large-scale rare earth deposits in North America with meaningful exposure to neodymium (Nd) and praseodymium (Pr) two key elements used in permanent magnets for EVs, wind turbines, and defense systems.

In October 2025, the company merged with Mont Royal Resources Ltd., creating a broader platform that now includes exposure to rare earths, niobium, fluorspar, and lithium. The combined entity is targeting a dual listing on the TSXV