Appointment of Nicholas Holthouse as President & CEO Mr. Holthouse brings extensive experience in rare earth exploration and development, including senior roles with Meteoric Resources and Hastings Technology Metals
Appointment of Nicholas Holthouse as President & CEO
Mr. Holthouse brings extensive experience in rare earth exploration and development,
including senior roles with Meteoric Resources and Hastings Technology Metals
News Release – Vancouver, BC, – June 2 nd, 2025: Commerce Resources Corp. (TSXV: CCE,
FSE: D7H0, OTCQX: CMRZF) (the “Company” or “Commerce”) is pleased to announce the
appointment of highly experienced international mining executive Mr . Nicholas Holthouse as
President & Chief Executive Officer, effective from 1 June 2025.
Following completion of the Company’s proposed merger with Mont Royal Resources Limited
(“Mont Royal”) (ASX: MRZ) (see announcement dated 10 April 2025) – which is scheduled to be
completed by late July – Mr. Holthouse will also be appointed as Managing Director of the merged
entity and will be located in Montreal, Quebec..
Mr. Holthouse is a mining engineer and accomplished resource industry executive with 36 years
of experience in senior corporate, operational and project management roles, with the past seven
years focused on the international rare earths industry.
He has most recently served as Chief Executive Officer of Meteoric Resources Limited (ASX:
MEI), which is developing the Caldeira Rare Earth Project in Brazil building and leading the
company through the resource development and Scoping and Pre-Feasibility Study stages with
significant share price appreciation over his tenure . Mr Holthouse was previously also Chief
Operating Officer of Hastings Technology Metals (ASX: HAS), which is currently developing the
Yangibana Rare Earth Project in Western Australia delivering an integrated Bankable Feasibility
Study selling Mixed Rare Earth Carbonate into Europe
With Meteoric, Mr. Holthouse oversaw the delineation of a large-scale rare earth Mineral Resource
Estimate at the Caldeira Project, while also progressing metallurgical testwork, engineering
studies, project financing, environmental approvals and REE product offtakes into North America.
During his tenure, he built a focused project development team from scratch and oversaw all
aspects of the advancement of one of the premier new rare earth projects globally.
His extensive rare earth expertise and company building expertise will be invaluable to Commerce
as it continues to advance its flagship Ashram Rare Earths & Fluorspar Project in Canada towards
development, while also progressing exploration programs across the merged entity’s highly
prospective niobium, lithium, copper and gold assets.
In addition to his more recent roles in the global rare earths sector, Mr. Holthouse has also held
senior roles across a range of jurisdictions and commodities with companies including P.T.
Merdeka Copper, Finders Resources, CSA Global Consulting, Rusina Mining/European Nickel
PLC, Harmony Gold and Merdeka Mining.
Commenting on the appointment, Commerce’s Interim President and CEO , Jeremy Robinson,
said: “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. His vast rare earth industry executive and deep knowledge of rare earth markets, exploration
and project development will serve us well as we complete our merger with Mont Royal Resources,
list on the ASX and accelerate the development of our world -class Ashram Rare Earth and
Fluorspar Project.
“Nicholas has a proven track record as a skilled and capable leader, strong commercial acumen
and demonstrated ability to develop and maintain business relationships across a wide range of
stakeholders, build high-performance teams and deliver standout results. He is a capable company
builder and promoter, and we are delighted to have him join the executive team to lead this next
exciting phase of growth and development.”
For more information, please visit the corporate website at www.commerceresources.com or email
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
Ian Graham
Chairman
Email: [email protected]
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.
FORWARD LOOKING STATEMENTS
This news release contains forward -looking statements, which includes any information about activities, events or
developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking
statements in this news release include statements regarding the expected listing on the Australian Securities Exchange
and the expected appointment of a permanent president and CEO thereafter; the continued advancement of the Ashram
project to development; that Ashram’s fluorspar comp onent which makes it one of the largest potential sources of
fluorspar in the world and could be a long-term supplier to the met -spar and acid-spar markets; that the Company is
positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global
supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other
high-value commodities on the Ashram Property. These forward -looking statements are subject to a var iety of risks
and uncertainties and other factors that could cause actual events or results to differ materially from those projected
in the forward-looking information. Risks that could change or prevent these events, activities or developments from
coming to fruition include: that the Company may not complete a listing on the Australian Securities Exchange; that
the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the
Company is able raise capital, co sts for exploration activities may increase such that the Company may not have
sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill
program and any future work programs may not be completed as proposed or at all; 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 or samples derived from the Ashram
Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the
economic and other outcomes may not be as expe cted; the anticipated market demand for rare earth elements and
other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work
and testing activities; geopolitical risks which may result in market and e conomic instability; 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. The forward -looking statements contained in this
news release are made as of the date hereof and the Company assumes no responsibility to update or revise such
information to reflect new events or circumstances, except as required by law .