Commerce names Holthouse as President, CEO

Commerce Resources Corp. [CCE-TSXV, OTCQX-CMRZF, D7HO-FSE] has announced the appointment of Nicholas Holthouse as President and CEO, effective June 1, 2025.

“Nicholas is an accomplished and highly regarded global mining executive and we are absolutely delighted to have secured someone of his experience and calibre to join the Commerce team,’’ said Commerce Interim President and CEO Jeremy Robinson.

Holthouse is a mining engineer and accomplished resource industry executive with 36 years of senior corporate, operational, and project development experience. Over the past several years, he was focused on the global rare earths sector, including leadership roles as CEO of Meteoric Resources [MEI-ASX], and COO of Hastings Technology Metals [HAS-ASX].

The announcement comes after Commerce and Mont Royal Resources [MRZ-ASX] recently entered into a merger arrangement that is expected to create a Canadian-focused critical minerals development company.

Under a definitive agreement, Mont Royal has pledged to acquire 100% of the issued and outstanding shares of Commerce by way of a court-approved plan of arrangement. The transaction will create a Quebec-focused critical minerals explorer and developer via a combination of Commerce’s Ashram rare earths and fluorspar project, and Eldor niobium project, and Mont Royal’s Northern Lights lithium project.

The merger will result in a dual listing on the TSX Venture Exchange and Australian Securities Exchange, allowing for greater access to liquidity and financing for the Ashram project. The combined entity is expected to bring together highly experienced members of the management teams of each company with strong capital markets experience, project development and operational experience.

The transaction is conditional upon, among other things, Mont Royal raising up to $10 million (Australian) through the issue of Mont Royal shares, pursuant to an equity offering in Australia. Net proceeds of the equity raise are expected to be used for, among other things, advancing the preliminary economic assessment (PEA) at the Ashram project, while also advancing the Eldor niobium project and the exploration pipeline at the Northern Lights project.

Following completion of the proposed merger with Mount Royal Resources, expected by late July, Holthouse will also be appointed Managing Director of the merged entity and will be based in Montreal, Quebec.

Commerce shares were unchanged at $0.055. The shares trade in a 52-week range of 16.5 cents and $0.05.

Commerce’s Ashram Rare deposit ranks as one of the largest REE (and Fluorspar) deposits globally, consisting of a monazite dominated, single mineralized body outcropping at surface.

The Ashram deposit has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and a potential long-term supplier to the met-spar and acid-spar markets. The value of the project could be enhanced by confirmation of a significant niobium discovery, including 24 metres of 0.91% Nb205, adjacent to the Ashram deposit.