Links to Olympic Dam and Prominent Hill deposits
Includes new economy metals endowment

The Cloncurry region is attracting renewed interest on the back of new expert geological interpretations that offer alternative depositional models, with links to Olympic Dam and Prominent Hill deposits and potential game-changing discovery opportunities.

Recent expert reports are suggesting that Co-Cu-Au-REE mineralisation in the Cloncurry district was caused by post-tectonic mantle plume magmatism between 1590 and 1480 million years ago. This caused Australia to break away from western North America when the supercontinent (termed Columbia) broke up.

Mineral deposits, for example, at Olympic Dam and Prominent Hill (SA), Starra, Ernest Henry (Qld) and in the Idaho Cobalt Belt (USA), all formed during this event.

Transition’s Cloncurry tenement package therefore offers significant opportunity for discovery, particularly in areas that were historically poorly understood and whose economic potential has not previously been recognised.

Many previously overlooked areas have now become fertile ground for new Tier One focused exploration activity.

Transition’s recent greenfield discovery at the Highway Prospect of high-grade gold and tungsten, with important by-products including cobalt and rare earth elements essential to battery technology, is one such example



  • Deeper, regional-scale understanding of metal source (includes lower mantle boundary).
  • Enhanced understanding of geodynamic setting and associated minerals/metals.
  • Guidance on metal transport mechanisms and heat source dynamics.
  • Improved comprehension of depositional style and timing of emplacement.


  • Guidance on geophysics interpretation (i.e., structural alignment with timing of mineralisation, including multiple phases/periods).
  • Targeting different metal suit to vector towards economic concentrations.
  • Unique, geobotanical indicators (proprietary, highly reliable, remote capability).


  • Operational acumen (i.e., efficient drill programmes, live data feedback, intra-day adjustments).
  • Discoveries progressed with an economic focus.
  • Development includes sharp focus on earnings per share.



Positioned to benefit from the developing new mineral system model for the Cloncurry region.

  • Exciting new venture with no overhang or asset baggage – all assets 100% owned.
  • 90% of expenditure directed to field activities.
  • Tight corporate footprint, low overheads, clean corporate structure.
  • Staff and personnel are shareholders and highly focused.
  • Attractive risk/reward scenario for investors (with revenue and blue-sky discovery opportunities).
  • Commitment to maximise net earnings per share, through pragmatic and efficient development of resource assets and minimum shareholder dilution.

Large strategic tenement position in world class mineral province

  • Exploration Permits for Minerals (EPMs) = 1100 km2
  • Mining Leases (MLs) = 51.5 hectares

Historically poorly understood

  • New mineral system model transforms overlooked tenements into fertile new opportunities on three fronts:
    1. High‐value rare and technology metals focus
      (Au, W, REE+Y, Co, Sc, +/‐ Cu)
    2. Shallow, high‐grade mid‐scale copper focus
      (Cu, Au, Co)
    3. Deeper large‐scale Tier One exploration focus
      (Cu, Au, Co)

Includes areas overlooked by explorers for decades

  • Areas last explored in a period when 5% Cu was considered “low‐grade”.
  • Surrounded by excellent infrastructure including major regional township (Cloncurry) and serviced by jet airport, national highways and rail, operating mines, grid power and water, regional centre for goods and services, labour, equipment and accommodation.
  • Toll-treating opportunities – short trucking distance to operating mines.


  • Low-risk, low-capex, open pit, commences from surface.
  • Dominated by sulphide copper species (chalcopyrite, bornite).
  • Clean, contaminant free.
  • Orebodies dominated by quartz.
  • Phase-1, toll-treat options available.
  • Phase-2, stand-alone process plant.
  • Significant scale is likely.


In June 2023, Transition engaged WSP AustraliaPty Limited (“WSP Golder”) to complete a mineral resources estimate (“MRE”), and preliminary pit optimisation and mining studies, at its Duck Creek Copper Project, which is located ~44km by road, south-west of Cloncurry, QLD, Australia.

The MREs are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition.

Reasonable Prospects of Eventual Economic Extraction (“RPEEE”) pit optimisation was also completed.

The MREs are classified and reported as total (in-situ) and RPEEE (in-pit), Mineral Resources as follows:

Total (in-situ) Mineral Resources (above a 0.50% Cu cut-off grade):

  • 5.44 million tonnes @ 1.45% Cu, 0.11 g/t Au (78.7kt copper metal)

RPEEE (in-pit) Mineral Resources (above a 0.50% Cu cut-off grade):

  • 2.41 million tonnes @ 1.55% Cu, 0.13 g/t Au (37.5kt copper metal)

Mineralisation remains open, including existing identified zones currently excluded from the MRE due to insufficient drilling. These will be added with modest additional drilling.

To date only 20 of some 207 high-priority targets have been drill tested.


  • Low-risk, open pit, commences from surface.
  • Includes gold in oxide and sulphide profiles.
  • By-products include tungsten, REEs and cobalt.
  • Contaminant free orebodies, dominated by quartz and carbothermal (CO3) units.
  • Test-work indicates high recoveries to gravity pre-concentrate.
  • Low CAPEX development and processing option.
  • Significant scale is possible – 21km long target system not drilled.


In early 2021, Transition engaged Mining Associates Pty Ltd to complete a mineral resources estimate (“MRE”) at its Highway Gold Project, based on 4900 metres of drilling in 2020.

Maiden Highway Inferred Mineral Resource using cut-off grade (COG) of 0.5 g/t Au (JORC2012):

  • 144,000 tonnes @ 4.29 g/t Au


A mineral resource update is underway and will include a total of 29,000 metres of drilling completed in 2020, 2021 and 2022.

The following guidance is provided based on internal estimates:

  • ~100,000 ounces at an average grade of 3.4 g/t Au.
  • Game changing new mineral system model – Overlooked tenements become fertile opportunities.
  • New greenfield critical metals discovery (Highway) – Greenfield discovery, unknown in the region validates new mineral system model Au‐W‐REE‐Sc‐Co.
  • New brownfield discoveries (Duck Creek Copper Project) – High grade, from surface, shallow sulphides. Significant scale possible.
  • Tier One focus – Cu‐Co‐Au‐W‐REE‐Sc‐Ni‐Pt‐Pd.
  • Regional‐scale targeting – 21km prospective corridor larger‐scale deeper systems.
  • New high‐resolution geophysics programmes – One of the most significant new sub‐surface geophysical records in Queensland areas obscured by transported cover with known mineralisation along strike larger, deeper Tier One anomaly profiles.
  • Large soil sampling programmes ongoing – Combined with proprietary new prospect identification method back‐to‐basics field approach identifying new mineralised systems.
  • Walk‐up targets now drill‐ready – Hundreds of historic pits and workings never explored with modern methods.
  • Drone deployment optimising field efficiencies – Providing valuable first‐pass reconnaissance.



The wider strategy for Transition’s copper focus is to define sufficient resources to support development of a mining and/or production hub, that would be centrally located to any identified deposits, or groups of deposits, within its tenements.

The July 2023 MRE aligns with the objective.

Immediate focus – Phase-1 (simple mine and toll-treat operation)

Transition’s short-term focus is low-risk, low-cost, toll-treating of high-grade sulphide copper ore. This will avoid large up-front capital expenditure (CAPEX) requirements, reduce shareholder dilution, and shorten the timeframes to first revenue. In this scenario, ore would be mined and sold at the mine gate or shipped to one of several local third-party concentrators for toll-treating.

Critically, the Phase-1 development path is within Transition’s fiscal reach, and the relatively modest funding requirements can be sourced through an ASX listing, a cornerstone investor, offtake agreement or even debt funding.

Longer-term focus – Phase-2 (stand-alone mining and processing operation)

Transition’s longer-term focus will be on a potential stand-alone operation, including on-site processing of moderate to high-grade ore, that would reduce operational cut-off levels and thereby result in a larger tonnage, higher throughput operation.

The primary focus of Transition’s development plan is to maximise net earnings per share, through the efficient and successful development of its resource assets, with minimal shareholder dilution. In this regard, Transition is ahead of the curve compared to many of its ASX listed peers.

The availability of existing important infrastructure potentially enhances project economics;

  • Option to use rail to send ore (mined from the pit) or to send concentrate (produced from a stand-alone concentrator) to the Mt Isa operations, or to Townsville and distant markets; or
  • Utilising sealed roads to haul ore (mined from the pit) to one of four local concentrators including Mt Isa, Ernest Henry, Osborne, or Eloise, subject to the availability of excess capacity.
  • Accessing lower-cost power for the Phase-2 development option (i.e., CopperString 2.0).
  • Proximity to Cloncurry reduces the cost of maintaining a remote workforce.
  • Mining focused services and suppliers in Cloncurry and nearby Mt Isa.


Development of the Highway Gold Project is planned to be concurrent with the Duck Creek Copper Project, including shared use of adjacent infrastructure, mining assets and personnel.

Early test-work indicated simple gravity (i.e., non-chemical) pre-concentrate processing model, producing a concentrate value higher than a typical copper concentrate, but at a fraction of the cost of building and operating a flotation plant (i.e., low CAPEX and OPEX).

Development includes low-risk, open pit operations, producing up to ~70,000 ounces of gold in concentrate over a three-year period. Additional resources (yet to be defined along a 21km untested gold-rich corridor) and underground options would follow.

Resources remain open along strike and at depth.

By-products include tungsten (high-grade), REEs and Co.

Details of forward timeframes and development path will be informed by the current resources update, which will include the reporting of pit-constrained resources.

Focus on copper, gold, rare earth elements and technology metals including tungsten and scandium.

AUD/USD forex structural relationship provides strong natural hedge to most commodities, but particularly copper and gold.

Low Carbon future

Copper is particularly critical for a low-carbon future and over time, copper explorers and producers, in geopolitically stable regions, could expect significant tail winds.

The Cloncurry District in north-west Queensland, Australia, is globally recognised as a world class minerals province. However, robust copper investment opportunities are limited.

It’s the same story globally:

  • Big deposits or discoveries are tightly help by large groups.
  • Mid-sized opportunities are rare or do not offer investment attraction.
  • The rest are dealing with metal grades that are too low, or projects that are too small, too deep, or too difficult at current prices.

Transition offers immediate, low-risk, high-grade development opportunities, with genuine growth potential through R&D focused exploration successes.


Is to monetise new or existing mineral resources in an environmentally, socially and economically sustainable way, for the benefit of all stakeholders.


Is to achieve our mission and, create a company committed to innovative and creative thinking that will deliver first‐class mining exploration success, development and production and make Transition a stand‐out within the industry.


Is to achieve our vision through thought leadership, to drive exploration and production success; self-fund development and growth initiatives; and return excess funds to shareholders.


Include, but are not limited to: the company shareholders; board of directors; executive and management; staff and personnel; contractors; indigenous and pastoral landowners; local community; environment; local council; local and state authorities, including road, rail, emergency services and police; state and federal governments; and business partners including suppliers, buyers and industry supporters.


And strengths include our ability to think outside the square and, when warranted, a willingness to challenge accepted thought paths to achieve better outcomes.


Is motivated by the ethical advancement of the business. We embrace equal opportunity; respect stakeholder rights to exercise their different forms of freedom; and embed honour, integrity and honesty in our actions. We believe in redressing the disparity between Indigenous and non-Indigenous Australians. We strive to be the best versions of ourselves.