Renowned research firm analyzes Commerce Resources’ Ashram REE project and the rare earths market

Wall Street analyst Jim McFadden shows the way to production and that a storm is brewing on the horizon that CCE should benefit from

The Toronto-based Tormont Group is a renowned research and portfolio management company, whose members are informed about growth opportunities in the stock market. More than 70 institutional investors from North America are currently members of the Tormont Group.

The experienced Wall Street analyst worked for the Tormont Group Jim McFadden Commerce Resources Corp.’s Ashram REE Fluorspar Project (TSX.V: CCE) and the market for rare earth metals and came to the conclusion that the share is not only extremely undervalued, but that the REE market offers much better long-term opportunities for growth-oriented investors than the market for junior Gold exploration companies. The analyst comes to the following conclusion:

“Despite its small size, CCE has a unique opportunity to become a major player in the REE industry. CCE’s Ashram REE deposit, along with related processing facilities, could prove to be the key to diversifying the West’s dependence on China to supply REOs and rare earth metals prove. “

The English Research Report has been translated into German and can be viewed as a web version below.

Also interesting and brand new: Saville Resources Inc. (TSX.V: SRE; WKN: A2DY3Z; the option partner of Commerce Resources) published an interesting news update today about the fluorosaving potential in the Mallard area of ​​the Niobium Claim Group property, the adjacent to the Commerce Ashram Project:

“The Mallard property is characterized by numerous drill intercepts with high grade niobium along with variably associated high levels of tantalum, phosphate and fluorspar / fluorspar … The company is pleased to report that a further review of the historical drilling logs in conjunction with the results the latest drilling in 2019 outlined a mineralized fluorosaving trend within the primary niobium trend, which is wider and more extensive than previously thought. “

Interpreted fluorite mineralization trend within the broader niobium trend: “High-grade niobium zones have the potential to overlap with high-grade fluorosaving zones and indicate a key type of mineralization that should be targeted within these two overlapping trends” (Source: Saville press release on July 23, 2020)

If you were unable to attend the recent Commerce Resources online conference, a recording of the presentation was made available on YouTube: (See video on the Rockstone Research website)

Jim McFadden (Research & Strategy at Tormont Group) has worked as a stock analyst and portfolio manager on Wall Street for more than 25 years, first as an institutional investor rated energy provider analyst at Bear Stearns and Goldman Sachs and then as a long-short portfolio manager with hedge funds such as Amaranth Advisors and the Bass Brothers. He also led JP Morgan’s North American equity trading. Jim holds an MBA in finance from the Wharton School of the University of Pennsylvania (with distinction), a bachelor’s degree in civil engineering from the University of Notre Dame (Magna Cum Laude) and an MS degree in aeronautical engineering from the Air Force Institute of Technology. He is a Chartered Financial Analyst (CFA).

Description: Micro-cap Commerce Resources Corp. (CCE) owns 100% of the Ashram Rare Earth Deposit in Northern Quebec. Ashram is one of the world’s largest, most valuable and best located rare earth element (“REEs”; “Rare Earth Elements”). Given the beneficial mineralogy and geology of Ashram (see pages 2-5), CCE will be able to produce a rare earth mineral concentrate that is richer than other global deposits of the most valuable rare earth oxides known as “Magnet Feed REOs”. These materials, for which there are no practical substitutes, are used in critical industries such as Magnets in the motors of electric vehicles, widely used (see page 3). Overall, global annual sales of REOs and rare earth metals are $ 3 to $ 5 billion and are growing rapidly.

One of the most compelling parts of CCE’s business opportunity is that Ashram’s resources, in conjunction with the rare earth processing facilities that may be operational in the U.S. next year or so, could enable western companies and governments to extract rare earth oxides (REOs) and rare earth metals from from a friendly and reliable source outside of China. China currently controls about 80% or more of the world’s rare earth refining capacity (e.g., the capacity to convert rare earth concentrates to REOs and rare earths).

With the Ashram project nearing production, CCE could become a key player in the REE industry with a total enterprise value of $ 11 million. As investors begin to appreciate the potential of CCE, the company’s valuation could increase dramatically. It is important to note that CCE plans to process the ashram resources using proven technical steps and methods that are used in other parts of the world – primarily in China, but also in France, Estonia, Malaysia, the UK and Norway and refine.

CCE’s Ashram REE and Fluorspar Deposit: CCE owns 100% of the Ashram Project, one of the most strategically important, largest and highest quality REE resources in the world. Ashram, located in the Nunavik area in northern Quebec, has nearly 250 million tonnes of resources (on a combined measured, indicated and inferred basis) with an average total REO content of 1.77% -1 , 90%. See Figure 1.

Figure 1: Ashram project overview

Source: Commerce Resources Corp.

Ashram’s Mineralogy and Geology – Ideal for Rare Earth Oxide (REOs), including the most valuable REOs: Ashram consists primarily of the minerals monazite and bastnaesite, two of the four minerals from which rare earth products are produced commercially (profitably) worldwide. In fact, more than 80% of all REOs that have been mined worldwide have monazite (~ 60%), bastnäsite (~ 15%) and xenotime (~ 5%) as host minerals. Monazite and bastnäsite make up 57.0% and 13.8% of Ashram’s mineral concentrate, respectively.

(We would like to point out that the Mountain Pass REE deposit in California, which is the only rare earth mine currently operating in the United States and owned by the private company MP Materials, has bastnasite as the dominant mineral Ashram’s mineral concentrate is much richer in magnetic feed REOs than Mountain Pass – which makes the Ashram concentrate much more valuable (see comparison of Ashram and Mountain Pass in Figure 2 and more details on MP Materials on page 11).

The host rock type at Ashram is carbonatite, a volcanic rock that consists of more than 50% carbonate minerals. (A rock is a solid combination of more than one mineral formation.) Just like the cheap ashram mineralogy, more than 80% of the REOs ever produced had carbonatite as the host rock. We note that carbonatite deposits are often of almost unlimited size; they often continue almost to the center of the earth.

Most importantly, the composition of the ashram concentrate is likely to be richer compared to other REE deposits worldwide, in terms of those REOs – neodymium (Nd) oxide, praseodymium (Pr) oxide, terbium (Tb) – Oxide and Dysprosium (Dy) Oxide – which are used as magnets in the motors of electric vehicles (and in the magnets of wiper, sensor and mirror motors in all cars). See Figure 2. In addition, the ashram deposit extends approximately 600 meters along strike and is at least 600 meters deep. In essence, CCE has an almost unlimited supply of some of the most valuable materials in the world.

Figure 2: Ashram’s mineral concentrate – Rich in the most valuable REOs

Source: Commerce Resources Corp.

Ashram’s degree of purity of rare earths – comparable to currently producing projects: At around 45% on average, the purity level of the rare earth mineral concentrate that ashram can produce is similar to that of the currently largest rare earth producers. See Figure 3 for a graph and Figure 4 for a more detailed geological comparison of the properties. Most of the other large deposits are located in China, including the Bayan Obo Mine, the world’s largest rare earth producer. (We would like to point out that Bayan Obo, located in Baotao, is actually an iron ore mine; it produces rare earths as a by-product). All rare earth projects in commercial production have mineral concentrate purity levels of at least 30% – hence the term “dead zone”, which is attributed to purity levels below this figure in Figure 3.

Figure 3: The purity of the ashram mineral concentrate is in line with other large REE deposits

Source: Commerce Resources Corp.

Figure 4: Key features of the Ashram deposit compared to other REE deposits

Source: Commerce Resources Corp.

In general, the higher the rare earth content in the resulting mineral concentrate, the cheaper and easier it is to refine it to valuable REOs, and the less impurities or harmful elements have to be removed from the concentrate. If a rare earth concentrate is too low, it may not be economical to refine it to a REO or rare earth metal.

Ashram’s Preliminary Economic Assessment (PEA) achieved robust results: CCE completed a PEA for the ashram deposit in 2012 (which was further revised in 2015). Based on a mining operation of 4,000 tons per day, a mine life of 25 years and lower REO price assumptions than in the current market, SGS Consultants concluded that that the Ashram project has a net present value before tax and an internal rate of return (IRR) of $ 2.3 billion, or 44%, and a payback period of only 2.25 years. (In addition, these calculations do not reflect any benefit from the potential sale of the acid spar as a by-product of the ashram refinement process; such sales could generate $ 40 million in annual revenue. See below).

CCE will have a valuable acid savings by-product: After the last magnetic separation stage of the processing process (see page 10), a rare earth mineral concentrate as well as tailings (so-called exits) or a waste product are created. The ashram tailings contain highly concentrated fluorite (> 80%), which is more often referred to as fluorspar (“fluorspar”). Consulting firm Global Industry Analysts expects the global fluorosaving market to reach 5.8 million tonnes in 2020, nearly $ 2 billion worth, even during the COVID-19 pandemic.

Two main types of Fluorspar are sold worldwide. Met-Spar, with a purity range of 60% -85%, is often used to lower the melting temperature and to remove impurities in the molten iron. Met saver prices have risen significantly in recent months as China’s iron ore demand has risen sharply. In June 2020, iron ore imports to this country reached their highest level since October 2017. Acidspar, which has a much higher concentration of 97% or more, is chemically converted to hydrofluoric acid (HF). HF has key applications as an oil and water repellent, as well as in pharmaceuticals and coolants.

CCE plans to further process its fluorosaving by-product with a purity level of more than 80% so that its concentration level meets the Acidspar standards. With the 4,000 tons / day of resources planned by CCE, about 80,000 tons of acid savings would be produced annually. The current price for Acidspar shipped to China is around $ 500 / ton. At these levels, CCE could generate approximately $ 40 million annually from the sale of this valuable by-product. (Note that this estimate may prove conservative as Acidspar prices have increased five-fold since 2000).

CCE’s time window or path to production: As mentioned on page 5, CCE completed or updated its PEA in 2012 and 2015, and the PEA expects the Ashram Project to have a net present value of several billion dollars. The next steps are the ongoing pre-feasibility study, followed by the bankable feasibility study (including environmental and social impact assessments), each of which should take about a year to complete and the total cost will be around $ 15 million. Given Ashram’s impressive resource characteristics and strong investor interest in the rare earth industry, CCE could choose to fund these studies with non-dilutive project funding, where CCE has a percentage of future decrease over a period of time, or maybe a small one Would swap ownership of the ashram project. This would be far less watery than traditional financing of capital through the creation of new equity through private placements.

CCE would then apply for a dismantling permit for the project – and hopefully get it quickly. Following this, CCE would hope to take advantage of Ashram’s good economic prospects to establish a low-cost debt facility, and CCE would use this facility to fund all of the capital expenditures required to begin the ashram mining process. All of these steps could take about a year, so it could be expected that ashram production could start in about three years.

Although Figure 5 is by no means a complete flowchart, it is a graphical representation of how the resources of the ashram deposit can be converted into salable rare earth and fluorosaving products. (CCE is also evaluating other business plans; see page 11.) After mining and processing in the processing plant, the mineral concentrate being produced would be taken to a loading plant by truck along a 180-kilometer road that CCE would build. (The capital expenditures for the construction of the road are included in CCE’s PEA calculation with a net present value of $ 2.3 billion; in fact, CCE has subsequently refined the planned transportation road route by approximately $ 70 million in road construction costs – lower dollar). In return, the concentrate is shipped by sea to a potential refinery on the St. Lawrence River. Depending on CCE’s market analysis and production specifications, the refinery may be designed to produce a variety of REOs as well as a fluorosaving by-product.

Figure 5: Graphical representation of how Ashram’s REE resource can get on the market

Source: Commerce Resources Corp.

REEs – the basics: By and large, the production of rare earths includes exploration and mining of rare earth elements, followed by the main processing, refining or separation processes (see page 10). The refining process creates valuable REOs. Rare earth metals can be produced by a smelting process using REOs and other forms of rare earths.

REEs are relatively abundant in the earth’s crust, but are generally widely dispersed, making their extraction in one place prohibitively expensive and generally impractical. The molecular structure of rare earth elements (REEs) is such that REEs often occur together in minerals, perhaps even in several mineral structures. Not surprisingly, these properties generally make their separation / separation and recovery difficult. There are more than 150 rare earth minerals, but only four (monazite, bastnasite, xenotime and loparite) enabled REE-producing, commercial (profitable) mines. Of these four minerals, monazite is the most dominant / predominant and probably the easiest and most economical host mineral to process. As mentioned on page 2, monazite is the primary mineral at Ashram.

The total of 17 REEs are generally categorized as light or heavy elements. See Figure 6 (the 17 REEs are often referred to as the 15 lanthanoids plus yttrium and scandium. Two of the 17, including scandium, cannot be refined to REOs by standard configured refineries).

Figure 6: The 17 REEs

Source: Lynas Corp.

Each source of rare earth material will generally contain the full range of REEs, but in different percentages. The heavy elements are generally less common and are sold at significantly higher prices because they are less common and are much more expensive to separate. In contrast, the light rare earth elements (LREE) are produced in larger quantities, since they occur naturally in larger quantities. The producers strive to meet the high demand for Nd and Pr, which is the overproduction of all related LREEs, e.g. reasonably priced cerium (Ce) and lanthanum (La). For example, a typical mine mine rare earth concentrate may contain 75% of the inexpensive La and Ce, perhaps 15% Nd and Pr, and about 10% of other heavy REE such as Dy and Tb. Dy and Tb oxides are sold for approximately $ 270,000 per ton and $ 660,000 per ton, respectively. La-Oxid, on the other hand, trades at less than $ 1,500 a ton. See Table 1 for approximate current pricing for various REOs.

We note that after the Senkaku 2010 boat collision, the price of Dy-Oxide in controversial waters off China and Japan rose from $ 90,000 a ton to about $ 3 million a ton. In response, China unofficially banned the export of rare earths to Japan. In return, technology product manufacturers revised their magnet designs to use less Dy and more of the other three magnet REOs – Tb and especially Nd and Pr. In 2010, Dy accounted for approximately 13% of the REOs used in a REE magnet; today this percentage is only around 1%. Of course, this shift has pushed up the prices of the other magnetic REOs, and this movement has a decidedly positive impact on CCE, since virtually all magnetic REOs in the high quality ashram mineral concentrate are Nd oxide and Pr oxide. See Figure 2 on page 3.



Beneficiation process: Through processing, including the processes of flotation, HCl leaching, gravity, and magnetic separation, the REEs are aggregated into a mineral concentrate that is rich in rare earths. Such a concentrate is typically 40-65% pure.

CCE has already built pilot plants for the steps of flotation and HCl leaching. Many large companies, including Solvay, a large rare earth refinery in France, Mitsubishi, Siemens, Thyssen-Krupp, as well as companies based in North America such as Albemarle, Innovation Metals Corp., K-Tech and Rare Earth Salts have obtained concentrate samples from the Pilot plant requested by CCE.

Refining: When refining, or separation, an element is further separated from its ore, removing almost all contaminants. Depending on the efficiency and the detailed steps of the refining process, the final purity can range from 97% to maybe 99.9995%. This process is labor intensive, takes up a lot of space in the factory and the costs increase considerably with the degree of purity. In particular, the refinement process consists of front-end and back-end processes. The front-end process produces a rare earth chemical concentrate and generally includes the following steps:

• “Alkaline Cracking “: The mineral concentrate from the preparation is boiled alkaline. This process creates a rare earth hydroxide.

• “Acid Dissolving “: The rare earth hydroxide is dissolved by HCl acid, creating a rare earth chloride filtrate. During this step, thorium is removed from the rare earth fluid.

In the back end of the refining process, the rare earth elements in the chemical concentrate are precipitated as solid carbonates or calcined to an oxide state (boiled).

• “Solvent Extraction ”: The rare earth chloride solution is next contacted with another insoluble liquid. In return, the rare earth compounds are separated in different liquids due to their different solubility. This will transfer the rare earth materials from their original solution to the other liquid solution.

• “Separation ”: The rare earth chloride extracts from the solvent extraction process are separated into individual rare earth chloride products and then subjected to the solvent extraction process again.

US efforts to promote native rare earth development: Rising tensions with China, including the widespread desire to limit the supply chain threat from economic and political rivals / enemies in the face of the COVID 19 pandemic, have prompted U.S. government officials to take initiatives to create a complete domestic rare-earth supply network Would create earth. In addition, China views rare earths as a strategic material, and the country routinely tightens export quotas and increases export tariffs on REOs and rare earth metals. For example, on July 14, 2020, China announced that it may stop supplying rare earth materials to Lockheed Martin after the company signed a contract to sell anti-aircraft missiles to Taiwan. REOs are used extensively in the production of advanced weapons.

The United States cannot tolerate such political and business practices. Examples of US efforts to dull China’s actions include:

• In June 2019, President Trump and Canadian Prime Minister Trudeau created the framework for the Canada and US Joint Action Plan on Critical Minerals, and signed it in January 2020, reflecting countries’ shared desire for supply chains for secure vital minerals, including REEs.

• In July 2019, President Trump, after realizing that REEs were essential to the national defense of the United States, enacted an Executive Order to enforce the law called the Defense Production Act to strengthen domestic ones industrial base and supply chain approved for REEs.

• In May 2020, Alaskan Senator Lisa Murkowski (Republican) introduced bipartisan legislation to reduce America’s dependence on foreign minerals, including REEs.

• Also in May 2020, Texas Senator Ted Cruz (Republican) launched a bill that would provide significant tax breaks for new rare earth projects and extensive tax breaks for end users who buy finished rare earth products from US suppliers. (CCE is considered a domestic rare earth company by the United States.)

• Energy Fuels (NYSE: UUUU) has announced that it is reviewing minor modifications to its White Mesa Mill processing facility that would enable it to process rare earth concentrates into REOs. White Mesa, located in southeastern Utah, is the only fully licensed and operational conventional uranium processing facility in the United States; it has a licensed capacity to process eight million pounds of uranium per year.

•• Energy Fuels believes that its ability to remove and recover uranium and thorium from such concentrates is a key skill and a key competitive advantage. The initial goal of Energy Fuels in establishing a domestic rare earth refinery would be the ability to produce cerium and lanthanum oxides, both key components of automotive internal combustion engines. Cerium oxide is used in catalysts, and lanthanum oxide plays a critical role in cracking or refining fuel oil to gasoline.

•• CCE is currently evaluating the impact of Energy Fuel’s plans. If CCE developed a relationship with Energy Fuels’ White Mesa plant – although White Mesa is not yet able to process rare earth concentrates – it would be associated with a plant related to REO production is further upstream than any other rare earth cooperation in North America.

•• (Other companies could also benefit if Energy Fuels White’s plans were promoted. For example, MP Materials supplies approximately 55,000 tons of rare earth mineral concentrate, which consists primarily of cerium and lanthanum, for refining to Chinese plants each year. It is not able to refine the concentrate itself to rare earth oxides or identify an available refinery outside of China (however, we should note that MP Materials has a contractual relationship with China and there may be difficulties in renegotiating this pact).

Comparison of the CCE investment opportunity with micro-cap and small-cap gold mines: In recent months, the market has seen many junior gold mining companies’ shares appreciate as investors have identified these companies as a source of value or as an inflation hedge against government measures in virtually every country – particularly the accelerated printing and distribution of their paper currencies to combat the economic impact of COVID-19 -Pandemic.

Such a junior mining company is valued based on a preliminary estimate of the gold and / or silver that it could produce in the fairly distant future, although little objective data has been collected to determine the cost of this mining. Based on this investment basis (“investing rationale”) is the assessment of CCE, another raw materials company, is extremely convincing compared to the many junior mining companies. We notice the following:

• Some junior gold mining companies that have reported good drilling results in regions or in individual holes have increased to dramatic valuations. For example, Great Bear Resources (TSX: GBR.V) has reported positive results for its Dixie project at the Red Lake Camp in Ontario, but it still needs to provide a resource estimate or PEA for the project. As a result, production in the Dixie project is likely to be many years away. CCE completed its updated PEA more than five years ago and is currently working on completing a pre-feasibility study for its ashram project. Great Bear’s current market valuation is approximately $ 850 million, compared to approximately $ 250 million in mid-March 2020 and orders of magnitude higher than the CCE market valuation of only $ 11 million.

Despite the positive drilling results and despite the speculators’ euphoria to buy gold while the factories that convert the metal into bars and coins during the pandemic are closed, gold is not in short supply in the long term. In contrast, there is a significant shortage of REOs that can be produced by a commercially viable project. With Ashram, CCE can own such a project.

We also note that if investors start to appreciate the key role that CCE could play in the electric vehicle (EV) industry, CCE stocks could benefit from the generous valuations that the market itself applies to participants in that industry apparently have little more than a business plan. In the longer term, and as the Ashram project is nearing production, a takeover by a well-capitalized EV company could also be an option.

Strong management: CCE is led by President Chris Grove and CEO David Hodge. Mr. Grove, who has been with the company for 16 years, has extensive operational experience and is highly regarded in the financial world of North America and Europe. Mr. Hodge has extensive corporate management experience and has been a director of mineral exploration companies since 1996.

Investment summary: Despite its small size, CCE has a unique opportunity to become an important player in the REE industry. CCE’s Ashram REE deposit, along with related processing facilities, could prove to be the key to diversifying the West’s dependence on China for the supply of REOs and rare earth metals. Furthermore, the limiting factors in this scenario are neither the determination that the reserves are available nor the verification of an untested processing technology; rather, it is crucial that CCE has secured a fairly small amount of funding for its pre-feasibility study and bankable feasibility study. We believe that securing this capital will be a relatively easy hurdle to overcome as investors begin to appreciate CCE’s assets and fundamentals. Moreover, this could create the conditions for a dramatic revaluation of the CCE shares.

In particular, we find that for a number of junior gold mines that have not yet produced resource estimates, their ratings are based solely on the recent increase in the market price for gold. We believe that CCE’s fundamentals and resource value far exceed that of many small-cap gold mining companies, but CCE’s share price has remained largely unchanged since last fall. This underperformance is an excellent opportunity for investors.

Jim McFadden, CFA, MBA

Tormont50 Growth Report

July 2020

Company details

Commerce Resources Corp.
# 1450 – 789 West Pender Street
Vancouver, BC, Canada V6C 1H2

Market shares: 50,890,293

Canada symbol (TSX.V): CCE
Current Price: $ 0.25 CAD (07/22/2019)
Market capitalization: $ 13 million CAD

Germany abbreviation / WKN (Tradegate): D7H0 / A2PQKV
Current Price: € 0.155 EUR (07/22/2019)
Market capitalization: EUR 8 million company details

Saville Resources Inc.
# 1450 – 789 West Pender Street
Vancouver, BC, V6C 1H2 Canada

Market shares: 63,415,400

Canada symbol (TSX.V) SRE
Current Price $ 0.03 CAD (07/22/2020)
Market capitalization $ 2 million CAD

Germany abbreviation / WKN (Frankfurt) S0J / A2DY3Z
Current price € 0.014 EUR (07/23/2020)
Market capitalization € 1 million

Rockstone Research
Stephan Bogner (Dipl. Kfm.)
8260 Stein am Rhein, Switzerland

Tormont disclaimer: Forward Looking Statements: Tormont50 and Commerce Resources Corp. (“Commerce”) indicates to investors that the forward-looking information contained herein does not guarantee future results or performance, and that the actual results may differ materially from the forward-looking information due to various factors. The reader is referred to Commerce’s public filings for a more complete discussion of risk factors and their potential impact, which can be found on SEDAR at published documents can be accessed by Commerce. All statements in this report, other than statements about historical facts, should be viewed as forward-looking statements. Forward-looking statements in this report include that a REE (Rare Earth Element) junior will be highly affordable; that prices for REEs will continue to rise; that CCE could play a crucial role in EVs; that there will be a continuing increase in global demand for REEs and supply side issues; that new REE shipments from the North American continent are important and that Commerce and its Ashram REE project can be this solution; and all of CCE’s financing, development, and mining plans going forward. Such forward-looking statements are subject to a variety of risks and uncertainties, as well as other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks and uncertainties related to mineral exploration and mining companies are generally disclosed in the annual financial or other filing documents of commerce and similar companies submitted to the relevant securities commissions and should be reviewed by every reader of this report. In addition, with respect to commerce, a number of risks relate to the forward-looking statements above, including other risks: that commerce does not find adequate funding to continue with its plans; obtaining all necessary permits and permits to develop the resource; Uncertainty about future REE and metal prices, capital expenditures and other costs; that funding may not be completed or insufficient and additional capital requirements for exploration, development, construction and operation of a mine may be required; political, social or economic developments in the jurisdictions in which commerce operates; operational or technical difficulties associated with mining or development activities; the ability to keep key employees, joint venture partners and operations funded; alternative resources and competition can be much larger than expected; changing exploration and other costs; Interpretations based on current data, which can change with more detailed information; potential process methods and mineral extraction assumptions on the basis of limited test work and by comparison with the deposits considered to be analog, which may not prove to be comparable in further test work; the availability of labor, equipment and markets for the products produced; worldwide and local prices for metals and minerals; that joint venture terms can change or no agreement is reached and that Commerce’s REE deposits may not be economically minable despite positive signs. The author assumes no responsibility to update or revise this information to take account of new events or circumstances, unless required by law.


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Rockstone disclaimer: Please read the full disclaimer in the full Research Reports as a PDF on the Rockstone Research website because of fundamental risks and conflicts of interest. The author, Stephan Bogner, holds shares in Saville Resources Inc., Commerce Resources Corp. and Zimtu Corp., and was founded by Zimtu Corp. which company also shares in Saville Resources Inc. and Commerce Resources Corp. holds. Saville Resources Inc. and Commerce Resources Corp. pay Zimtu for the creation and distribution of this report.

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