Full size / Ross Carroll
Disseminated on behalf of Commerce Resources Corp. and Zimtu Capital Corp.
With Chris Grove at the helm, Commerce Resources Corp. has developed Ashram into the largest rare earth and fluorspar deposit in the Western Hemisphere, setting it up to be one of the lowest-cost rare earth producers globally. After an extensive global search for a leader to guide the company‘s next growth phase, the highly experienced resources executive Ross Carroll was announced recently as the new President and CEO. He also joins the company‘s Board of Directors. Chris Grove has resigned as President, CEO and Director, and will become the company’s Director of Corporate Development, assisting Ross Carroll with his vast knowledge of the Ashram Project and critical minerals landscape in North America.
As Commerce Resources is gearing up to dual-list on the Australian Securities Exchange (ASX), Melbourne-based Ross Carroll will expand the company‘s horizons beyond the TSX Venture Exchange while simultaneously ramping up discussions with the Québec Government. Canadian-listed companies heading Down Under for a secondary listing on the ASX not only seek a possible uptick in value through an expanded shareholder base in “a more liquid, more highly-valued and more broadly-followed market“, but more importantly, to access larger pools of capital for financing mine development projects, particularly in energy transition metals like rare earths and lithium.
Commenting on his appointment, Ross said in the news-release: “I am excited about the significant potential the Ashram Project offers. It is very rare that you get the opportunity to work on a Tier-1 project in a Tier-1 jurisdiction like this, and I look forward to being involved in the delivery of the project at a time when [...] North America needs additional critical mineral projects.”
On LinkedIn, Ross commented: “[...] I‘m looking forward to working with the team to bring Ashram into development and then production.“
ROSS CARROLL has multiple decades of experience overseeing finance, M&A and strategy, operations and major projects across the natural resources sector. He has a proven track record of leadership and strategic oversight. His international experience spans Australia, USA, Africa, Latin America, and Asia, having worked with leading companies such as BHP (Australia‘s largest company and with $204 billion AUD currently the world‘s largest mining company by market capitalisation), Woodside Energy (Australia‘s largest oil and gas company), Macmahon Holdings (a diversified mining services contractor with leading capabilities in surface and underground mining, civil construction and resources engineering with a current market capitalization of $690 million AUD), and MMG (a Melbourne-based global copper, gold, silver, lead and zinc miner with $4.3 billion USD revenue in 2023 and a current market capitaliation of $5.3 billion AUD).
Most recently, during his 8 years as CFO of MMG (until June 2024), Ross oversaw its growth into a significant international base metals producer, including the delivery of the Dugald River Project in Australia (one of the world’s top-10 zinc operations), the recent acquisition of the $1.875 billion USD Khoemacau Copper Mine in Botswana, and numerous debt refinancings and equity raises. Prior to MMG, Ross was CEO of Macmahon, a major and well-regarded Australian mining contractor, for which company he worked for 8 years (also as Chief Operating Officer - Mining as well as CFO and Director International Mining). Prior to Macmahon, Ross served as CFO of Woodside Energy (currently the 14th most valued company on the ASX). Ross started his career at BHP in 1987, for which leading mining company he worked for 18 years (until 2005) in Melbourne, San Francisco, Newman-Pilbara, Perth and Houston-Texas.
Ross holds a Bachelor’s degree in Commerce from the University of Melbourne and is a Certified Public Accountant with the Australian Society of Certified Practicing Accountants. He is also a member of the Australian Institute of Company Directors and previously served on the Executive Committee of the Western Australian Chamber of Mines.
Full size / Photo: Bloomberg / Source
Excerpts from “Canadian miners head Down Under as mining IPOs on TSX dry up“ (S&P Global, February 2024):
Toronto-listed miners that have dual-listed on the Australian Securities Exchange in the last six years outnumbered ASX-listed miners that have dual-listed on Canadian boards three to one, according to an S&P Global Commodity Insights analysis.
Five ASX-listed miners have dual-listed on Canadian bourses since 2018, according to TMX Group Ltd., which owns both the Toronto Stock Exchange and TSX Venture Exchange (TSX-V). That compares with 15 Toronto-listed metals and mining companies that dual-listed on the Australian exchange in the same period, according to the ASX...
More stringent securities regulation and less investment by big funds in Canada as well as a concentration of mining investors Down Under may have given Australia an edge in attracting cash and backing mining equities, experts said.
“Canada is the mining capital of the world,“ Cam Currie, a senior investment adviser at Canaccord Genuity Wealth Management and head of the Currie Metals & Mining Group, told the Mineral Exploration Roundup conference in Vancouver on Jan. 23. “But what we‘re seeing right now is [a] transition over to Australia, because they have these ... innovation funds that invest in the resource industry.“
BDO corporate finance partner Adam Myers told Commodity Insights that the TSX “isn‘t showing as much love as the Australian market ... which is re-emerging as the early-stage resources hot spot.“ [...]
While Canada has generous tax incentives, Australia appears to back its juniors through easier financing rules and broader market participation, giving them an edge over their Canadian counterparts, especially in the past few years, according to Peter Grosskopf, CEO of SCP Resource Finance LP.
Less onerous market rules over financings and the resale of stock help attract investors in Australia, the government of which also encourages pension funds, among others, to hold mining equities, Grosskopf, former CEO of Sprott Inc., told Commodity Insights...
Grosskopf said government support has been one of the main factors creating a more robust market on the ASX. “It‘s mostly driven by flows and the availability of larger investors to be brought into financings; and it is a more liquid, more highly-valued and more broadly-followed market,“ Grosskopf said.
The ASX has the world‘s fifth-largest pension pool with assets of A$3.5 trillion, which is forecast to exceed A$9 trillion in the next 20 years, Galpin said.
Currie said Canadian markets are heavily influenced by US trends, such as a money flows moving into technology stocks, while Australia‘s equity market focuses more on mining.
“They don‘t have the distraction of US equity markets across the border,“ Currie said.
Why Australians invest in Canadian mining projects
“For one, Canada also offers tax incentives for mining companies. These include concentrating, smelting, and refining, as well as for exploration programs. Such incentives from the federal and provincial/territorial governments reduce the tax burden for resources companies doing business in Canada and other countries. The country’s Prime Minister Justin Trudeau and his government have proposed a 30% investment tax credit for expenses related to the exploration of critical minerals. This incentive also encompasses investors that are planning to buy shares in certain critical minerals companies.“ (Source)
“Canada‘s generous flow-through share system – which enables Canadian investors to get a tax deduction for financing dollars aimed at exploration in the country – has seen “an incredible amount of Australian dollars coming in and investing in the Canadian space,“ Kendra Johnston, managing director at investment fund manager PearTree Canada, told Commodity Insights.“ (Source)
Global Business Reports Interview with Chris Grove
gbreports.com on July 10, 2024
Full size / Chris Grove
What have been the main developments for Commerce Resources over the past year?
Commerce Resources recently announced significant advancements and simplifications in the mineral processing and hydrometallurgical flowsheets for the Ashram deposit. The Ashram deposit has the most attractive of the standard fundamentals that typically allow a rare earth element (REE) project to go into commercial production with positive economics, and considering that we have the best versions of both mineralogy and geology, we can produce an extremely high percentage floatation product with greater than 30% TREO. Due to the high grade of the flotation concentrates, we can then reduce the number of steps in the hydrometallurgy to produce a finished end product that is above 98% TREO with extremely high recoveries. We expect that simplifying the process design flowsheet will lower our operating cost, and the actual economics of this will be detailed in our updated preliminary economic assessment which we hope to release by Q4 2024.
Can you elaborate on the timeline for the Ashram project?
Rather than focusing on one business plan which will be detailed in a PFS, Commerce Resources decided to update our PEA as it gives a wider scope to present the total blue sky for the project. The strategy is to produce a commercially marketable product on site which can then be shipped to REE processors globally, however, we are also looking at downstream processing to produce separated oxides, specifically, neodymium praseodymium oxide, which is the ideal feedstock for a metallization facility that would deliver their end products to a magnet manufacturer. The percentage of products we will produce as mixed rare earth carbonates or downstream oxides will be determined in a PFS after the scenarios are detailed in our updated PEA. An updated PEA will allow us to be re-rated by both the market and the industry in terms of putting a value on the Ashram project and give us a wider range of commercial opportunities in terms of potentially securing an industry partner who recognizes the strong fundamentals of the deposit and who will then ideally deploy capital into Commerce Resources in a non-dilutive project level investment which could allow us to complete a PFS and a BFS. If we are successful in releasing our PEA by Q4 2024, it may be possible to complete a PFS by the end of Q2 2025 and a BFS and environmental and social assessment certificate by mid-2026, whereafter we will be in a position to apply for a mining permit to be in full commercial production by 2028.
How has the North American rare earth supply chain progressed over the past 12 months?
The fact is that Canada has the most demanding mining legislation in the world, making it exponentially more challenging to raise the needed capital to satisfy the demands of the mining legislation. To address this challenge, Commerce Resources has appointed two Australian directors and plans to secure a listing on the ASX, hopefully trading there by September 2024. To illustrate this difference, peer group companies of Commerce Resources are trading on the ASX at market caps of 10 to 50 times our market cap on the TSX Venture Exchange.
What will be the importance of Québec in developing the North American rare earths supply chain?
Québec has a huge opportunity to significantly contribute to the development of the North American rare earth supply chain due to the Ashram project being second to none in terms of its fundamentals that typically allow economic production of REEs. In November 2023, the federal government launched a CA$1.5 billion budget for the Critical Minerals Infrastructure Fund. Commerce Resources applied to that fund in February 2024 and were required to include letters of support from other companies active in the same parts of Nunavik as us. We were fortunate to receive approximately a half dozen letters of support from our peers in the area.
Why is Commerce Resources a great story moving forward?
Due to forces beyond our control, Commerce Resources is currently at a market cap that is an attractive entry point for any investor as we continue to advance our Ashram project in one of the world’s best mining jurisdictions, Québec, with additional blue sky potential of our high-grade niobium claims proximal to the Ashram deposit.
Full size / Jeremy Robinson
In November 2023, Commerce Resources announced the appointment of Jeremy Robinson as a new Director: Jeremy brings with him a wealth of experience in the mineral exploration industry and has held various leadership roles in prominent mining companies. His expertise and vision align well with Commerce’s goals, and the Company looks forward to benefiting from his guidance in the coming years. He is an experienced resources executive having 20 years’ experience in the industry ranging from Business Development to Managing Director positions with a specific focus on critical minerals including rare earths. He is the principal and founder of Churchill Strategic Investments Group which has financed multiple junior explorers and developers across the ASX and TSX. He currently serves as a director of RareX Ltd., Cosmos Exploration Ltd., Ardiden Ltd., Kincora Copper Ltd., and BBX Minerals Ltd. Jeremy stated: “I am excited to be both investing in and joining the board of Commerce Resources as it looks to deliver on the promise of this world-class critical minerals project in Canada.”
”China has unveiled a list of rare earth regulations aimed at protecting supplies in the name of national security, laying out rules on the mining, smelting and trade in the critical materials used to make products from magnets in electric vehicles to consumer electronics. The regulations [...] say rare earth resources belong to the state, and that the government will oversee the development of the industry around rare earths - a group of 17 minerals of which China has in recent years become the world’s dominant producer, accounting for nearly 90% of global refined output. China’s rare earths regulations also come as the EU gears up to impose provisional tariffs on Chinese EVs...” (Source: Reuters on June 29, 2024)
Company Details
Commerce Resources Corp.
#1450 - 789 West Pender Street
Vancouver, BC, Canada V6C 1H2
Phone: +1 604 484 2700
Email: cgrove@commerceresources.com
www.commerceresources.com
Shares Issued & Outstanding: 168,021,555
Canada Symbol (TSX.V): CCE
Current Price: $0.12 CAD (08/19/2024)
Market Capitalization: $20 Million CAD
Germany Symbol / WKN (Tradegate): D7H0 / A2PQKV
Current Price: €0.0765 EUR (08/19/2024)
Market Capitalization: €13 Million EUR
Previous Coverage
Report #37 “From Mine to Metal: Commerce Resources to collaborate with the first Rare Earth Processing Facility in Canada“
Report #36 “RIVAL IN THE REE SPACE: Commerce Resources at eye level with the only two major REE miners in the western world“
Report #35 “Major Step Forward: Commerce Resources succeeds in producing marketable mixed rare earth carbonate sample“
Report #34 “All Roads Lead To Ashram, Eventually“
Report #33 “Research & Advisory Firm looks into the Ashram REE & Fluorspar Project from Commerce Resources“
Report #32 “Already Big Ashram Gets Bigger And Bigger“
Report #31 “Fluorspar: The Sweet Spot for Quebec‘s Steel and Aluminium Industries“
Report #30 “Lean and Mean: A Fighting Machine“
Report #29 “Like A Phoenix From The Ashes“
Report #28 “SENKAKU 2: Total Embargo“
Report #27 “Technological Breakthrough in the Niobium-Tantalum Space“
Report #26 “Win-Win Situation to Develop One of the Most Attractive Niobium Prospects in North America“
Report #25 “The Good Times are Back in the Rare Earths Space“
Report #24 “Commerce Resources and Ucore Rare Metals: The Beginning of a Beautiful Friendship?“
Report #23 “Edging China out of Rare Earth Dominance via Quebec‘s Ashram Rare Earth Deposit“
Report #22 “Security of REE Supply and an Unstoppable Paradigm Shift in the Western World“
Report #21 “Commerce well positioned for robust REE demand growth going forward“
Report #20 “Commerce records highest niobium mineralized sample to date at Miranna“
Report #19 “Carbonatites: The Cornerstones of the Rare Earth Space“
Report #18 “REE Boom 2.0 in the making?“
Report #17 “Quebec Government starts working with Commerce“
Report #16 “Glencore to trade with Commerce Resources“
Report #15 “First Come First Serve“
Report #14 “Q&A Session About My Most Recent Article Shedding Light onto the REE Playing Field“
Report #13 “Shedding Light onto the Rare Earth Playing Field“
Report #12 “Key Milestone Achieved from Ashram’s Pilot Plant Operations“
Report #11 “Rumble in the REE Jungle: Molycorp vs. Commerce Resources – The Mountain Pass Bubble and the Ashram Advantage“
Report #10 “Interview with Darren L. Smith and Chris Grove while the Graveyard of REE Projects Gets Crowded“
Report #9 “The REE Basket Price Deception & the Clarity of OPEX“
Report #8 “A Fundamental Economic Factor in the Rare Earth Space: ACID“
Report #7 “The Rare Earth Mine-to-Market Strategy & the Underlying Motives“
Report #6 “What Does the REE Market Urgently Need? (Besides Economic Sense)“
Report #5 “Putting in Last Pieces Brings Fortunate Surprises“
Report #4 “Ashram – The Next Battle in the REE Space between China & ROW?“
Report #3 “Rare Earth Deposits: A Simple Means of Comparative Evaluation“
Report #2 “Knocking Out Misleading Statements in the Rare Earth Space“
Report #1 “The Knock-Out Criteria for Rare Earth Element Deposits: Cutting the Wheat from the Chaff“
Contact:
www.rockstone-research.com
Commerce Resources News-Disclaimer: 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. Cautionary Statement Regarding Forward-Looking Statements: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, that the Ashram deposit has the potential to become one of the largest fluorspar deposits and a long-term supplier to the mixed rare earth carbonate, NdPr oxide, and met-spar and acid-spar markets; and that the Company is positioning to be one of the lowest cost rare earth element producers globally. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including: that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; 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 and even if such tests are successful, the economic and other outcomes may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; the required permits to build and operate the envisaged open-pit shell may not be obtained in a timely or cost-effective manner, or at all; 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; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Rockstone Disclaimer: This report and the referenced news-release contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Rockstone Research, Commerce Resources Corp. and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Commerce Resources Corp.´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through its respective profile on SEDAR at www.sedarplus.ca. Please read the full disclaimer within the full research report as a PDF (here or below) as fundamental risks and conflicts of interest exist. The author, Stephan Bogner, holds equity positions in Commerce Resources Corp. and Zimtu Capital Corp., and thus will profit from volume and price appreciation in these stocks, and is being paid by Zimtu Capital Corp., which company also holds an equity position in Commerce Resources Corp. Note that Commerce Resources Corp. pays Zimtu Capital Corp. to provide this report and other investor awareness services. Also note that Commerce Resources Corp. has common directors with Zimtu Capital Corp.
Disclaimer and Information on Forward Looking Statements: Rockstone Research, Zimtu Capital Corp. (“Zimtu“) and Commerce Resources Corp. (“Commerce“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Commerce´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through their documents filed on SEDAR at www.sedarplus.ca. All statements in this report, other than statements of historical fact should be considered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that Commerce, or any other company or market will perform as expected; that exploration has or will discover a mineable deposit; that Commerce transitions to growth under new leadership of mining veteran Ross Carroll; that with Chris Grove at the helm, Commerce Resources Corp. has developed Ashram into the largest rare earth and fluorspar deposit in the Western Hemisphere, setting it up to be one of the lowest-cost rare earth producers globally; that as Commerce is gearing up to dual-list on the Australian Securities Exchange (ASX), Melbourne-based Ross Carroll will expand the company‘s horizons beyond the TSX Venture Exchange while simultaneously ramping up discussions with the Québec Government; that Canadian-listed companies heading Down Under for a secondary listing on the ASX not only seek a possible uptick in value through an expanded shareholder base in “a more liquid, more highly-valued and more broadly-followed market“, but more importantly, to access larger pools of capital for financing mine development projects, particularly in energy transition metals like rare earths and lithium; that it is very rare that you get the opportunity to work on a Tier-1 project in a Tier-1 jurisdiction like this, and I look forward to being involved in the delivery of the project at a time when [...] North America needs additional critical mineral projects; that Ross commented that “[...] I‘m looking forward to working with the team to bring Ashram into development and then production; that more stringent securities regulation and less investment by big funds in Canada as well as a concentration of mining investors Down Under may have given Australia an edge in attracting cash and backing mining equities; that Australia appears to back its juniors through easier financing rules and broader market participation, giving them an edge over their Canadian counterparts; that Australia is a more liquid, more highly-valued and more broadly-followed market; that Canadian markets are heavily influenced by US trends, such as a money flows moving into technology stocks, while Australia‘s equity market focuses more on mining; that the Ashram deposit has the most attractive of the standard fundamentals that typically allow a rare earth element (REE) project to go into commercial production with positive economics, and considering that we have the best versions of both mineralogy and geology, we can produce an extremely high percentage floatation product with greater than 30% TREO; that due to the high grade of the flotation concentrates, we can then reduce the number of steps in the hydrometallurgy to produce a finished end product that is above 98% TREO with extremely high recoveries; that we expect that simplifying the process design flowsheet will lower our operating cost, and the actual economics of this will be detailed in our updated preliminary economic assessment which we hope to release by Q4 2024; that rather than focusing on one business plan which will be detailed in a PFS, Commerce Resources decided to update our PEA as it gives a wider scope to present the total blue sky for the project; that the strategy is to produce a commercially marketable product on site which can then be shipped to REE processors globally, however, we are also looking at downstream processing to produce separated oxides, specifically, neodymium praseodymium oxide, which is the ideal feedstock for a metallization facility that would deliver their end products to a magnet manufacturer; that the percentage of products we will produce as mixed rare earth carbonates or downstream oxides will be determined in a PFS after the scenarios are detailed in our updated PEA; that an updated PEA will allow us to be re-rated by both the market and the industry in terms of putting a value on the Ashram project and give us a wider range of commercial opportunities in terms of potentially securing an industry partner who recognizes the strong fundamentals of the deposit and who will then ideally deploy capital into Commerce Resources in a non-dilutive project level investment which could allow us to complete a PFS and a BFS; that if we are successful in releasing our PEA by Q4 2024, it may be possible to complete a PFS by the end of Q2 2025 and a BFS and environmental and social assessment certificate by mid-2026, whereafter we will be in a position to apply for a mining permit to be in full commercial production by 2028; that Commerce plans to secure a listing on the ASX, hopefully trading there by September 2024; that peer group companies of Commerce are trading on the ASX at market caps of 10 to 50 times our market cap on the TSX Venture Exchange; that Québec has a huge opportunity to significantly contribute to the development of the North American rare earth supply chain due to the Ashram project being second to none in terms of its fundamentals that typically allow economic production of REEs; that due to forces beyond our control, Commerce Resources is currently at a market cap that is an attractive entry point for any investor as we continue to advance our Ashram project in one of the world’s best mining jurisdictions, Québec, with additional blue sky potential of our high-grade niobium claims proximal to the Ashram deposit; that Commerce looks forward to benefiting from Jeremy’s guidance in the coming years. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties include: The receipt of all necessary approvals for commercial mining; the ability to find sufficient mineralization to mine; uncertainty of future production, uncertain capital expenditures and other costs; financing and additional capital requirements for exploration, development and construction of a mine may not be available at reasonable cost or at all; mineral grades and quantities on the projects may not be as high as expected; samples found to date and historical drilling may not be indicative of any further potential on the properties; that mineralization encountered with drilling will be uneconomic; that the targeted prospects can not be reached; substitute minerals may be found to work effectively in place of fluorspar for many industries; the receipt in a timely fashion of further permitting; legislative, political, social or economic developments in the jurisdictions in which Saville and Commerce carry on business may hinder progress; there may be no agreement with neighbors, partners or government on developing infrastructure; operating or technical difficulties or cost increases in connection with mining or development activities; the ability to keep key employees and operations financed; what appear at first to be similarities with operating mines and projects may not be substantially similar; share prices of these companies may fall as a result of many factors, including those listed here and others listed in the companies’ and other mining exploration company disclosure; and the resource prices available when the resource is mined may not be sufficient to mine economically. Accordingly, readers should not place undue reliance on forward-looking information. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report except as required by law.
Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital, a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu Capital is to research and report on companies in which Zimtu Capital has an investment. So while the author of this report is not paid directly by Commerce Resources Corp., the author’s employer Zimtu Capital will benefit from appreciation of Commerce Resources’ stock prices. The author also owns equity of Commerce Resources Corp., as well as of Zimtu Capital Corp., and thus will also benefit from volume and price appreciation of those stocks. Commerce pays Zimtu to provide this report and other investor awareness services. In June 2024, Zimtu Capital Corp. has signed an agreement with Commerce Resources Corp. to provide its ZimtuAdvantage program, whereas Zimtu will receive $150,000 from Commerce for the duration of the one-year contract. ZimtuAdvantage is a comprehensive marketing initiative designed to assist companies in navigating capital markets through strategic marketing efforts. It includes services such as in-depth research reports, content creation, investor lead generation, targeted awareness advertising, video news releases, social media management and newsletters. This program aims to enhance a company’s visibility and engagement with high-value investors, leveraging various digital platforms and media outlets for effective dissemination of company updates and information. Overall, multiple conflicts of interests exist. Therefore, the information provided in this report should not be construed as a financial analysis or recommendation but as an advertisement. In some cases, the companies the author features have one or more common directors with Zimtu Capital. Rockstone’s and the author’s views and opinions regarding the companies that are featured in the reports are the author‘s own views and are based on information that was received or found in the public domain, which is assumed to be reliable. Rockstone and the author have not undertaken independent due diligence of the information received or found in the public domain. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, Rockstone and the author do not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons that were made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Tradingview, Stockwatch, Commerce Resources Corp. and the public domain.
