Who are we
Transition Resources Limited (Transition) is an unlisted public company, research focused explorer, and near-term producer.
Mineral assets include over 1,040 km2 of tenements in Cloncurry, Queensland, Australia, which are surrounded by World Class deposits and existing mining infrastructure developed over many decades.
Near term production opportunities include new discoveries by Transition of copper-gold and gold-tungsten deposits. Advanced new and historical drill ready projects include copper, gold, tungsten, rare earths, graphite, vanadium and cobalt.
Our Business Objectives
Transition’s goal is to become a successful wealth generator, with the overriding goal of leaving everyone better off for its actions, including:
- The health and safety of everyone – all stakeholders.
- Fair returns to shareholders who risk capital to make it happen.
- Job security and career prospects for our hard-working loyal staff.
- Social benefit through new jobs, economic activity, and legacy infrastructure.
- Economic benefit for regional businesses and suppliers.
- Environmental benefit through advancing the circular economy.
- Fair compensation for indigenous and pastoral landowners from whose lands we benefit.
- Payment of fees, taxes and royalties to local, state and federal governments.
- Global interests through producing the critical metals required for a greener future.
Thought leaders in exploration
Research
Transition’s early work has been to understand and, where appropriate, redefine the accepted geological model that has dominated the Cloncurry District for recent decades. The result is a novel Mineral System Model for the region and new discoveries.
Discover
New discoveries include high-grade gold-tungsten at Highway where there is no prior modern exploration, and high-grade copper-gold at Duck Creek in historically heavily explored areas. In other areas new drill-ready discoveries include copper, gold, rare earth elements, cobalt and hafnium, and advanced historical prospects include high-grade graphite and large-scale vanadium.
Develop
Transition’s first two mines potentially represent the highest-grade, undeveloped open-pit copper-gold, and gold-tungsten deposits in Cloncurry today. By leveraging regional infrastructure for processing, Transition strengthens the circular economy, upholds environmental stewardship, and fast-tracks its operations for the benefit of all stakeholders.
Research leads to exploration success
Transition’s R&D has linked its new greenfield gold-tungsten discoveries with its new brownfield copper-gold discoveries as one large regional scale system, with enormous implications.
According to Emeritus Professor Ken Collerson…
“Transition may have discovered one of the largest previously unrecognised epithermal-gold, copper-porphyry systems, globally”
See Prof. Collerson’s recently published Geosciences Paper here.
Key milestones
0
Year Transition
was founded
0
Year of first
greenfield discovery
0
Soil and
rock samples
0
km2
High resolution surface walked geophysics surveys
0
Metres
drilled
Leadership
David Wilson
MANAGING DIRECTOR
Founder / Major Shareholder
Exploration and mining executive with 19 yrs experience in the Cloncurry region.
Prior executive roles, in multiple industries over 35 years, include as professional investor (12 years).
Personal successes include significant greenfield and brownfield discoveries of copper, gold, tungsten and REEs in Cloncurry, Qld.
Dr. Andrew Stocky
NON-EXECUTIVE DIRECTOR
MBBS, MPM, FRANZCP, GAICD, Major shareholder
Psychiatrist with extensive clinical, governance and entrepreneurial experience.
A graduate of the Australian Institute of Company Directors (AICD) course, board member of the not-for-profit Fit2Drive Foundation, co-founded medical data joint venture with one of the “Big 4” professional services firms.
Neville Lowe
NON-EXECUTIVE DIRECTOR
Large shareholder
Experienced educator, researcher, advocate and entrepreneur with over 40 years’ experience in many sectors.
Strong focus on investor governance, recently advocating for shareholders at separate Senate Inquiries into ASIC’s operations.
Provided expert representations to the 2014 Financial Services Inquiry, and 2019 Royal Commission into Australia’s Financial Services.
Technical Advisor
Emeritus Prof. Ken Collerson
TECHNICAL ADVISOR – RESEARCH & DEVELOPMENT
BSc (Hons), PhD, FAusIMM, Large Shareholder
Technical Advisor R&D and Emeritus Professor at UQ. Prior to serving as Head of Earth Sciences at UQ he was Professor of Geochemistry at UC Santa Cruz. Geoscientist internationally recognised for crustal evolution and geochemical research, and predictive mineral system exploration. Specialist in exploration for technology metals, battery metals, and alkaline-hosted Au-Cu porphyry systems.
Personnel
Transition’s Cloncurry Exploration Team
All shareholders
Cultural Heritage
Indigenous Australians are the traditional owners and custodians of our lands. Transition thanks the Kalkadoon and Mitakoodi Peoples for the privilege, and permission, to generate benefits for all Australians from their traditional lands.
Environment, Social and Governance
Environment
Transition is committed to minimising the impact of its activities and safeguarding the environment for future generations. We believe environmental protection is most sustainable when it aligns with economic logic. By maximising operational efficiency, we inherently reduce unnecessary activity, lower energy consumption, and decrease carbon emissions – simultaneously protecting the environment and reducing costs.
By way of example, Transition operates under site-specific environmental authorities, ensuring field activities balance commercial progress with responsible land stewardship. While maintaining these high standards increases drilling costs, our high drilling success rate offsets this investment. By hitting targets more often, and more accurately, we minimize environmental disturbance, require fewer drill holes for discovery, and deliver superior cost efficiency.
As Transition moves towards development and production, its low-impact approach will migrate to its key projects:
- Duck Creek Copper Project: Transition is implementing a toll-treating model that leverages existing regional infrastructure. Extending the life of current processing assets rather than building new ones, is the ultimate form of industrial recycling.
- Highway Gold Project: We propose a modular, non-chemical gravity plant that uses only water for processing. These potentially skid-mounted units are mostly constructed off-site to minimise site disturbance and facilitate rapid deployment and decommissioning with a smaller environmental footprint at the end the project’s life. Options at Highway may yet include processing through existing processing assets, through acquisition or collaboration, further championing the circular economy.
Social
Social responsibility is more than a statement of intent or comforting words on a web site; outcomes matter, and this means leaving people and communities better off through our actions.
Transition embraces a multicultural workforce, which to date has included employees with diverse heritage including Aboriginal and non-Aboriginal Australians. This includes people from various parts of the world including Africa, Canada, France, the Nederland’s, New Zealand, Saudi Arabia, South America, Sweden, and many others.
We are a wonderful mix of diverse and friendly people, who come together in remote Australia to share our common rite of safe and respectful co-existence.
Business success enhances social outcomes.
Business failures wreak havoc on remote communities and must be avoided – Cloncurry has suffered far too many business failures during Transition’s time in the region.
Transition is proud to be a successful business that cares for the local community. We understand our decisions and actions must not cause harm or put our license to operate at risk. This includes the health and safety of our work force (personal injury), administrative and procedural matters (local and state government), landowner engagement and respect (indigenous and pastoral), and protecting the needs of remote Australian communities (community care).
Through generous subsidies we encourage our staff to move their families to Cloncurry, which encourages community engagement and a richer experience for everyone. Separately, our fly-in and fly-out personnel reside in Cloncurry during their rostered-on periods, meaning they too become a part of the social fabric that binds Cloncurry.
Our staff include Cloncurry residents and Transition’s Managing Director was once a Cloncurry resident for 10 years and still maintains strong links to the region.
When appropriate, Transition contributes to local events through sponsorships, supports its staff to engage in community care events during working hours (on full pay), and we pitch in like everyone else where we can during times of need such major weather events, including fire and flood.
Governance
Mutual respect and honest behaviour are non-negotiable at Transition, and because we treat each other like family we all have good reason to work towards the common goal. Respectful and honest behaviour is encouraged through risk management protocols that help address issues as they arise, and through governance policies that reinforce and promote responsible behaviour at every level of the organisation.
Establishing a culture of honesty and integrity prevents most problems before they start, including at all levels of the organisation and third-party interactions.
In addition to various employment and contractor agreements that reinforce our non-negotiable stance on honesty and integrity, Transition requires Employees, permanent Contractors, its Board and Executive to sign an Honesty Policy, which forms a condition of engagement. This Policy is taken extremely seriously and may lead to serious disciplinary action if Personnel (no matter their position) engage in the wilful breach of its terms.
Transition’s board operates with the highest integrity and is committed to transparency, which manifest in ethical business conduct, proper management of conflicts of interest, oversight of compliance, and both the intent and letter of the law.
We particularly recognise the significant contribution and position of shareholders within the organisation and acknowledge this through regular and detailed updates and disclosures.
Transition’s values
Our Vision
is to achieve our mission and, create a company committed to innovative and creative thinking that will deliver first‐class research, exploration, development, mining and production outcomes, that will make Transition a stand‐out within the industry.
Our Mission
is to monetise new or existing mineral resources in an environmentally, socially and economically sustainable way, for the benefit of all stakeholders.
Our Purpose
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.
Our Stakeholders
include: 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.
Our Behaviour
is motivated by the ethical advancement of our business. We embrace equal opportunity; respect stakeholder rights to exercise their freedoms; and embed honesty and integrity in our actions. We believe in redressing disparity in its many forms between all people within our shores and reject hate in all its manifestations. We recognise that indigenous Australians are the traditional owners and custodians of our lands.
Transition Timeline
2018
2019
2020
2021
2022
2023
2024
2025
2026
Present
Search for high-value assets
Acquisition rights secured to 15 specifically targeted EPMs.
2018
Mar
Transition Resources Founded
Transition Resources Pty Ltd.
David Wilson (Sole director)
Andrew Day (Geologist, deceased)
David Wilson (Sole director)
Andrew Day (Geologist, deceased)
Mar
Shares on issue
35 Million
Apr
Early field due diligence
First pass reconnaissance at select prospects confirm targeting strategy.
Jun
11x EPM assets acquired
Transition acquires EPMs from David Wilson
First placement $0.21 million @ $0.035
First placement $0.21 million @ $0.035
Jun
Shares on issue
42 million
Jul
4x EPM assets acquired
Transition acquires EPMs from David Wilson for zero shares.
Transition issues 1.8 million shares to third party @ $0.20 per share to satisfy balance of transaction.
Transition issues 1.8 million shares to third party @ $0.20 per share to satisfy balance of transaction.
Aug
Exploration strategy formulated
First targets identified in north of
Duck Creek EPMs.
Duck Creek EPMs.
Sep
Seed A investors
Placement $1 million @ $0.0725
From Sep 2018 to May 2019
From Sep 2018 to May 2019
Oct
First field programme
In north of Duck Creek EPMs targeting Cu-Co-Au (strong Co focus).
Dec
New Non-Executive Director
Dr Andrew Stocky joins Transition
2019
Mar
EPM asset acquired
EPM 26744
Apr
Geophysics Phase-1
SAM geophysics completed in north of Duck Creek tenements
May
Seed B investors
Placement $1.1 million @ $0.12
From May 2019 to Apr 2020
From May 2019 to Apr 2020
Jun
Highway Breccia discovery
Field pXRF confirms new discovery of high gold (Au), tungsten (W), and Yttrium (Y): “HIGH W Au Y”
Jun
Shares on issue
64 million
Jun
EPM asset acquired
EPM 26768
Jul
Mineral System Review
Emeritus Prof. Ken Collerson’s “Mineral System Characterisation and Prospectivity Review” completed. Sets of 6-year new R&D programme
Jul
Prof Collerson site visit
Emeritus Prof Ken Collerson undertakes reconnaissance understanding of the new Highway discovery.
Jul
Geophysics Phase-2
SAM geophysics completed at Highway & Duck Creek.
Aug
New Non-Executive Director
Emeritus Prof Ken Collerson joins Transition
Sep
New research focus
New style of mineral system not a match to the region – new geochemistry focus starting at the highway mineral system.
Sep
Liquidity event
Opportunity for shareholders to sell shares to existing and new investors at $0.15 per share
Oct
Maiden EGM
Hosted at the Pullman St Kilda Rd, Melbourne
Oct
Surface programmes expand
Large surface programmes ongoing to test specific geochemical gradients across wide areas.
Oct
EPM asset acquired
EPM 27099
Oct
EA approval for limited drilling
Approval for advanced exploration activities including drilling in limited areas.
Nov
Geophysics 3D inversion model
Phase-1 & 2 SAM geophysics converted to 3D inversion models. Compelling magnetic and conductive anomalies.
Nov
First drilling programme
Shallow RAB drilling commences at Duck Creek, but limited in scope due to environmental limitations.
Dec
EPM assets acquired
EPM 27259, 27278
2020
Jan
EPM assets acquired
EPM 27300
Feb
R&D refund
R&D refund of $0.29 million to be reinvested
Feb
First drilling results
Assay results from shallow RAB drilling indicates numerous deeper copper targets for follow-up drilling.
Feb
Transition awarded CEI grant
Transition awarded CEI grant: $122,000 to complete geochemistry re-assay programme.
Mar
COVID-19 Pandemic
Australia issues Health Emergency Declaration.
Impacts the next 2 years of activity.
Impacts the next 2 years of activity.
Mar
Site Specific EAs approved
Department of Environmental and Science approves Site Specific EAs, clearing the way for drilling at Highway & Duck Creek.
Mar
Surface pXRF programmes
Large scale surface research focused surface programmes. Also identifying dozens of previously unknown historical pits, shafts and workings.
Mar
ERC Approved
Department of Environmental and Science approves Environmental Rehabilitation Cost clearing the way for drilling.
Apr
Seed C investors
Placement $0.99 million @ $0.15
From Apr 2020 to Dec 2020
From Apr 2020 to Dec 2020
May
EPM asset acquired
EPM 27298
Jun
CEI programme completed
Final Reports lodged to DNRME.
Jun
Shares on issue
72 million
Jul
Highway test work
Bulk surface samples from highway sent for Phase-1 preliminary metallurgical test work.
Aug
Highway drill ready
Environmental permitting and cultural heritage clearances completed, access prepared.
Aug
EPM asset acquired
EPM 27407
Aug
Highway drilling commences
Maiden drilling programme commences at the greenfield Highway Au, W, REE, Co prospect.
Aug
R&D refund
R&D refund of $0.66 million to be reinvested
Sep
Convertible Note offer
Convertible Note offer to shareholders at $0.15 strike price, open until results of early drilling is received. Raises $0.36 million.
Oct
Highway gold discovery
Drilling intersects high-grade gold, tungsten and associated metals in carbothermal units. Target quartz breccias remain elusive.
Discovery hole: 5m @ 5.6 g/t Au
Discovery hole: 5m @ 5.6 g/t Au
Oct
Highway drilling paused
Modelling indicates major shift in drilling strategy required at Highway – drill rig moves to nearby copper prospects for short programme (Success).
Oct
High grade copper at Hideaway
Short drill programmes at Success and Hideaway intersect high-grade zones that require follow-up, including:
6m @ 2.22% Cu, 1.12 g/t Au from 10m
6m @ 1.62% Cu, 0.86 g/t Au from 24m
6m @ 2.22% Cu, 1.12 g/t Au from 10m
6m @ 1.62% Cu, 0.86 g/t Au from 24m
Nov
Drill rig returns to Highway
Drilling test new model at Highway
Nov
Highway breccia discovery
Drilling intersects quartz breccias including high-grade gold and tungsten.
Early gold results include:
11m @ 9.6 g/t Au from 31m
8m @ 11.6 g/t Au from 35m
18m @ 5.8 g/t Au from 45m
Tungsten results include:
4m @ 1.2% WO3 from 70m
8m @ 1.6% WO3 from 152m
7m @ 1.2% WO3 from 42m
Early gold results include:
11m @ 9.6 g/t Au from 31m
8m @ 11.6 g/t Au from 35m
18m @ 5.8 g/t Au from 45m
Tungsten results include:
4m @ 1.2% WO3 from 70m
8m @ 1.6% WO3 from 152m
7m @ 1.2% WO3 from 42m
Dec
Seed D investors
Placement $2.64 million @ $0.25
From April 2020 to May 2021
From April 2020 to May 2021
2021
Mar
Expanded ERC Approved
Department of Environmental and Science approves expanded ERC clearing the way for larger drilling programme at Highway.
Apr
Geophysics and surface geochemistry at Highway identifies large system.
Surface geochemistry similar to Highway highlights 21km long, “Highway Corridor”.
May
Exploration Facility acquired
Transition secures important base for its Cloncurry operations.
May
Drilling at Highway
Drilling recommences at Highway
May
Seed E investors
Placement $5.8 million @ $0.35
From May 2021 to Jan 2023
From May 2021 to Jan 2023
Jun
Shares on issue
90 million
Jul
Highway test work
Positive results indicate Highway is amenable to gravity pre-concentration options. Sets direction for Phase-2 programmes.
Aug
Tier One geophysics anomaly
3D inversion modelling of magnetics survey identified very large anomaly associated with the Highway deposits.
Aug
Highway Maiden Resource
Maiden resource estimate at Highway completed to provide shareholder guidance, and is reported from just 6 weeks (4900 metres) of drilling:
144kt @ 4.29 g/t Au
144kt @ 4.29 g/t Au
Aug
R&D refund
R&D refund of $1.37 million to be reinvested
Aug
First online AGM
Hosted via the Webex platform
Sep
High grade tungsten confirmed
Assays confirm wide zones of high-grade tungsten, with subsequent results including:
21m @ 0.43% WO3 from 84m
47m @ 0.32% WO3 from 150m
24m @ 0.41% WO3 from 83m
20m @ 0.52% WO3 from 41m
21m @ 0.43% WO3 from 84m
47m @ 0.32% WO3 from 150m
24m @ 0.41% WO3 from 83m
20m @ 0.52% WO3 from 41m
Sep
Highway South discovery
Drilling intersects new zones approximately 300m south of previous drilling at Highway South.
Nov
High-grade gold at Highway South
Ongoing RC drilling at Highway South identifies very high grade gold zones, including:
9m @ 10.74 g/t Au from 76m
11m @ 6.66 g/t Au from 63m
7m @ 8.04 g/t Au from 60m
9m @ 10.74 g/t Au from 76m
11m @ 6.66 g/t Au from 63m
7m @ 8.04 g/t Au from 60m
Nov
Diamond drilling at Highway
Diamond core drilling targets structures and twin-holes. High-grade intervals include:
18.4m @ 4.86 g/t Au from 39.6m
2.6m @ 25.36 g/t Au from 82m
5m @ 11.00 g/t Au from 90m
18.4m @ 4.86 g/t Au from 39.6m
2.6m @ 25.36 g/t Au from 82m
5m @ 11.00 g/t Au from 90m
Dec
Tier One geophysical anomaly
3D inversion isosurface modelling identifies large Tier One scale anomaly associated with the Highway discoveries.
2022
Jan
Research steps up
Tenement wide geochemistry focus, and detailed drilling data assessment.
Mar
Short drilling programme at Highway
Short drilling programme completed at Highway South continues to extend and infill high-grade gold mineralisation.
Mar
Drilling at Duck Creek (copper)
Last three holes of the short drill programme successfully test new modelling of the Horseshoe/Meteor copper
system, guiding approach for planned drilling at Duck Creek later in the year.
system, guiding approach for planned drilling at Duck Creek later in the year.
May
Online shareholder briefing
Strong support from shareholders to fund additional drilling and pre-IPO activities required to move Transition towards a listing on the ASX.
Raises $3 million @ $0.35 per share.
Raises $3 million @ $0.35 per share.
May
Search for sponsoring broker
Transition begins a selection process to secure a Lead Manager to raise essential funding to support pre-listing activities that would be required to support a successful potential IPO and Listing on the ASX.
Jun
Shares on issue
107 million
Aug
Two drill rigs contracted
Infill drilling and limited step-out programme at Highway to support planned resource estimation, and short first pass drilling programme at Toolebuc prior to moving to Duck Creek.
Sep
Highway North discovery
Drilling intersects new high-grade gold zones north of previous mineralisation, potentially adding to in-pit metal.
Sep
Geophysics Phase-3
SAM geophysics completed at Toolebuc & Nuggetty Gully.
Oct
Toolebuc high-grade REEs
Diamond drilling intersects high-grade REEs at Toolebuc, on shoulder of major geophysical anomaly.
Oct
Highway upgraded by twin holes
Twin holes targeted areas previously impacted by poor rig performance, significantly upgrading prior results.
Previous: 7m @ 0.36 g/t Au from 47m.
New: 10m @ 5.01 g/t Au from 51m.
Previous: 7m @ 0.36 g/t Au from 47m.
New: 10m @ 5.01 g/t Au from 51m.
Oct
Drilling moves to Duck Creek
First test of developing new mineral system model, applied to copper prospects.
Oct
Duck Creek copper discovery
Drilling at Scorpion intersects high grade copper sulphides, with subsequent results including:
4m @ 4.00% Cu, 0.28 g/t Au from 35m
5m @ 6.93% Cu, 0.56 g/t Au from 71m
4m @ 4.00% Cu, 0.28 g/t Au from 35m
5m @ 6.93% Cu, 0.56 g/t Au from 71m
Oct
Geophysics Phase-1
SAM geophysics completed over 14km of Highway Corridor
Nov
Duck Creek copper discovery
Drilling at New Dollar intersects significant high grade copper sulphides, with subsequent results including:
10m @ 3.36% Cu, 0.77 g/t Au from 53m
12m @ 2.26% Cu, 0.12 g/t Au from 70m
16m @ 1.97% Cu, 0.12 g/t Au from 135m
10m @ 3.36% Cu, 0.77 g/t Au from 53m
12m @ 2.26% Cu, 0.12 g/t Au from 70m
16m @ 1.97% Cu, 0.12 g/t Au from 135m
Nov
ATO Review of Transition’s 2022 Return
Transition selected for routine audit by the ATO and Ausindustry.
Dec
Three RC rigs at Duck Creek Dec 2022
Multiple new sulphide copper discoveries unfolding.
Dec
Non-dilutive loan secured
Loan funds of $1.4 million secured to replace delayed R&D refund.
Dec
Duck Creek copper discovery
Drilling at Meteor intersects significant high grade copper sulphides, with subsequent results including:
23m @ 1.89% Cu, 0.13 g/t Au from 105m
10m @ 3.31% Cu, 0.28 g/t Au from 76m
14m @ 4.28% Cu, 0.29 g/t Au from 113m
27m @ 3.89% Cu, 0.41 g/t Au from 135m
23m @ 1.89% Cu, 0.13 g/t Au from 105m
10m @ 3.31% Cu, 0.28 g/t Au from 76m
14m @ 4.28% Cu, 0.29 g/t Au from 113m
27m @ 3.89% Cu, 0.41 g/t Au from 135m
Dec
ATO Review all clear
Transition selected for routine audit by the ATO and Ausindustry.
2023
Jan
R&D refund
R&D refund of $1.99 million Includes interest due to delay.
Jan
Highway test work Phase-3
Exceptional results indicate simple crush-grind-gravity flow sheet could produce high-grade pre-concentrate at Highway.
Jan
AusIndustry review
AusIndustry review of Transition’s R&D completed with no identified issues.
Jan
Seed F investors
Placement $1.4 million @ $0.50
From Jan 2023 to Mar 2025
From Jan 2023 to Mar 2025
Jan
Duck Creek copper discovery
Drilling at Asia, Pioneer, Cleopatra, Jones Surprise intersects high grade copper sulphides (follow up required), with subsequent results including:
9m @ 2.64 % Cu, 0.26 g/t Au from 87m
7m @ 1.69 % Cu, 0.16 g/t Au from 59m
12m @ 1.40 % Cu, 0.05 g/t Au from 41m
9m @ 2.64 % Cu, 0.26 g/t Au from 87m
7m @ 1.69 % Cu, 0.16 g/t Au from 59m
12m @ 1.40 % Cu, 0.05 g/t Au from 41m
Jan
Major weather event
Restricted site access but Transition tenements and assets safe. Landowners significantly impacted, Transition lends a hand to restore roads and repair fencing.
Feb
Significant research data
Whilst drilling continues, Emeritus Prof. Collerson progresses a novel mineral system model for the region, supported by an enormous array of surface and subsurface data
Apr
Drilling paused still in mineralisation
Drilling pause to reserve conserve funds, prepare and compile mineral resource estimate informing data.
Jun
Pre-development planning
Studies into expedited mining options, long lead time activities (ecology surveys) commence.
Jun
Shares on issue
111 million
Jul
Duck Creek Maiden Resource
Maiden resource estimate at Duck Creek from less than 4 months of interrupted drilling, including 17,196 metres of drilling (4163 metres historical):
Measured and indicated resources:
5.44Mt @ 1.45% Cu, 0.11 g/t Au
Open in most directions.
Measured and indicated resources:
5.44Mt @ 1.45% Cu, 0.11 g/t Au
Open in most directions.
Aug
R&D refund
R&D refund of $2.2 million to be reinvested.
Sep
Preliminary mine layouts
Early mine planning and spatial modelling to help inform Scoping Studies.
Oct
Lead Manager Appointed
Novus Capital appointed as Lead Manager, with a Mandate to raise the required funding to complete essential pre-IPO activities, source funding for working capital requirements, and prepare the groundwork for an IPO and Listing on the ASX.
Total funding target is $32 million.
Total funding target is $32 million.
Dec
New surface discovery at Mt Carter
In a test of its developing R&D modelling, Transition discovers surface enrichment of copper, REEs and hafnium in a remote area 7km west of its Duck Creek copper deposits.
2024
Feb
2024 Scoping Study
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. It is not independent and should not be relied on. Indicates pre-tax free cashflow:
$190 million.
Copper=US$3.95/lb
Gold=US$1985/oz
AUD/USD=0.67
$190 million.
Copper=US$3.95/lb
Gold=US$1985/oz
AUD/USD=0.67
Mar
New surface discovery at Lawlor
First pass reconnaissance identifies highly elevated copper and Yttrium at the historical Lawlor prospect. Subsequent assays confirm high grade REEs in a potentially significant new discovery.
May
R&D advance loan facility
Loan funds of $0.52 million (secured by anticipated R& D refund) provided by Radium Capital.
Jun
Convertible Notes
$2.6 million ref price @ $0.50
From May2024 to Jun 2025
$1.4 million (Novus)
$1.2 million (Transition)
From May2024 to Jun 2025
$1.4 million (Novus)
$1.2 million (Transition)
Jun
Shares on issue
113 million
Jul
Drilling at Highway
Short infill resource focused programme at Highway to be followed by drilling at Duck Creek with the goal of increasing in-pit copper inventory to 60,000 tonnes.
Deepest interval at Highway subsequently intersected:
6m @ 4.76 g/t Au from 216m
(300m down-dip)
Deepest interval at Highway subsequently intersected:
6m @ 4.76 g/t Au from 216m
(300m down-dip)
Aug
Down-hole density programme
Down-hole gamma density surveys at Duck Creek and highway to increase confidence in resource modelling and
reporting.
reporting.
Oct
Drilling at Duck Creek
Drilling commences at Duck Creek to increase in-pit copper inventory to 60,000 tonnes, but with only 35% of the original drilling budget.
Oct
Important R&D update
Emeritus Prof Ken Collerson releases summary R&D extract of new discovery of porphyry copper and epithermal gold system in Transition’s Duck Creek and Highway tenements.
Oct
Duck Creek copper discovery
Drilling at Asia, Pioneer, Artefact intersects very high grade copper sulphides, with subsequent results including:
9m @ 3.58 % Cu, 0.14 g/t Au from 62m
7m @ 5.32 % Cu, 0.25 g/t Au from 91m
7m @ 7.61 % Cu, 0.49 g/t Au from 84m
10m @ 3.91 % Cu, 0.30 g/t Au from 14m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
5m @ 5.34 % Cu, 0.32 g/t Au from 114m
9m @ 3.29 % Cu, 0.18 g/t Au from 112m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
9m @ 3.58 % Cu, 0.14 g/t Au from 62m
7m @ 5.32 % Cu, 0.25 g/t Au from 91m
7m @ 7.61 % Cu, 0.49 g/t Au from 84m
10m @ 3.91 % Cu, 0.30 g/t Au from 14m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
5m @ 5.34 % Cu, 0.32 g/t Au from 114m
9m @ 3.29 % Cu, 0.18 g/t Au from 112m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
Oct
Ecology survey 1 (dry season)
First dry season baseline terrestrial ecology survey completed. Required to support submissions for permitting of
proposed mining operations at Duck Creek and Highway.
proposed mining operations at Duck Creek and Highway.
Oct
R&D refund
R&D refund of $1.0 million to be reinvested
Dec
Duck Creek copper discovery
Drilling at Pioneer Line intersects high grade copper sulphides in last three holes of the 2024 programme, 50m apart with subsequent results including:
4m @ 3.11 % Cu, 0.15 g/t Au from 25m
3m @ 3.49 % Cu, 0.22 g/t Au from 25m
4m @ 3.11 % Cu, 0.15 g/t Au from 25m
3m @ 3.49 % Cu, 0.22 g/t Au from 25m
Dec
Ecology survey 2 (wet season)
First wet season baseline terrestrial ecology survey completed. Required to support submissions for permitting of
proposed mining operations at Duck Creek and Highway
proposed mining operations at Duck Creek and Highway
2025
Feb
Non-Executive Director retires
Emeritus Prof Ken Collerson retires from board duties but continues as R&D Technical Advisor
Feb
Preliminary mine layouts updated
Early mine planning and spatial modelling updated to include internal estimates of the Artefact discovery. These mud-maps help inform key activities such as ecology surveys and Scoping Studies.
Mar
2025 Scoping Study Update
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. Changes from the 2024 Scoping Study include larger resources, increases in opex and capex costs, and alignment of metal prices with market consensus. It is not independent and should not be relied on:
Indicates pre-tax free cashflow: $442 million
Copper=US$4.50/lb
Gold=US$2600/oz
AUD/USD=0.67
Indicates pre-tax free cashflow: $442 million
Copper=US$4.50/lb
Gold=US$2600/oz
AUD/USD=0.67
Mar
Duck Creek 2024 drilling summary
Results from the 2024 drilling programme indicate from 6916 metres of drilling:
• 77 completed RC drillholes
• 67 (87%) to inform new MRE
• 375 informing int. (6.1m av/hole).
• 2.03 % Cu, 0.14 g/t Au (av grade)
• 77 completed RC drillholes
• 67 (87%) to inform new MRE
• 375 informing int. (6.1m av/hole).
• 2.03 % Cu, 0.14 g/t Au (av grade)
Mar
Bid for Rocklands Mine
Transition submits non-binding indicative offer to acquire the Rocklands Mine.
Mar
Seed G investors
Placement $0.72 million @ $0.35
From Jan 2023 to Aug 2025
From Jan 2023 to Aug 2025
Jun
Shares on issue
119 million
Jun
$70 million funding support for Rocklands Bid
Large private international group backs Transitions bid for the Rocklands Mine including $20 million to advance Transition’s resource activities and $50 million to acquire and upgrade Rocklands.
Jun
Rocklands DOCA submitted
Transition submits a binding Deed of Company Arrangement (DOCA) Term Sheet to acquire the Rocklands Mine.
Jun
Rocklands bid unsuccessful
Transition’s proposal was one of only two presented to creditors vote, and provided superior cash returns. Administrator recommends other party, predominately due to execution risk linked to possible FIRB approval delays. Bid goes to ASX listed Austral Resources.
Jul
Ecology survey 3 (dry season)
Second dry season baseline terrestrial ecology survey completed. Required to support submissions for permitting of proposed mining operations at Duck Creek and Highway.
Jul
Funding review
Transition undertakes detailed review of current funding relationships and the ongoing inability to raise the required cash to progress its activities. Focus shifts to new investment audience and new strategy.
Jul
Preliminary mine layouts updated
Early mine planning and spatial modelling updated to include internal estimates of the Artefact discovery. These mud-maps help inform key activities such as ecology surveys and Scoping Studies.
Aug
R&D advance loan facility
Kashcade R&D advance of $0.96 million used to retire Radium loan and provide working capital, secured by pending R&D refund.
Aug
Shareholders vote at EGM to become a public company
Unanimous vote by shareholders to convert Transition to an unlisted public company limited by shares and adopt new constitution.
Aug
Large scale surface geochemistry
Large surface sampling and geochemistry programme provides ongoing support to Prof Collerson’s pending publication of significant scientific research Paper about his work at Transition’s Duck Creek tenements.
Aug
Seed H investors
Placement $0.45 million @ $0.375
From Aug 2025 to Nov 2025
From Aug 2025 to Nov 2025
Aug
R&D refund
R&D refund of $1.2 million to be reinvested
Sep
New foreign investor interest
Large group linked to support for Transition’s Rocklands Bid indicates investment interest.
Oct
Transition converts to unlisted public company
Shareholders vote at EGM to convert to unlisted public company and approve new constitution.
Oct
Site visit by potential investor
Large technical team from potential new investor completes due diligence site visit.
Nov
Corporate investor meeting
Long Melbourne meeting between Transition’s executive and potential investor’s senior technical team.
Nov
Investor close-out meeting
Technical close out of due diligence and general heads of agreement on potential funding terms.
Nov
Ecology survey 4 (wet season)
Second wet season baseline terrestrial ecology survey completed. Required to support submissions for permitting of proposed mining operations at Duck Creek and Highway. Ecology surveys at practical completion.
Minor follow-up survey early 2026 recommended for completeness.
Minor follow-up survey early 2026 recommended for completeness.
Nov
Potential sale of east assets
Transition enters discussions with third parties around the potential sale of its east Cloncurry assets potentially linked to toll treatment of its Highway gold ore.
Nov
R&D advance loan facility
Kashcade R&D advance of $0.36 million to cover working capital.
Nov
Investor delays decision
The potential new investors continue to engage with Transition, but requests delay as it reviews internal strategies.
Dec
Large surface copper discovery
Field pXRF programmes at Lame Beast triggered by the potential sale of Transition’s east Cloncurry EPMs, identifies significant surface copper anomaly. Over 2.2km long and up to 300m wide and remains open.
2026
Jan
Major weather event
Restricted site access but Transition tenements and assets safe.
Jan
Toll treating MOU signed
Transition and ASX listed Austral (ASX:AR1) sign non-binding MOU to explore collaboration and alignment of Transition’s Duck Creek and Highway operations with Austral’s planned Rocklands processing operations.
Feb
New Non-Executive Director
Shareholder advocate Neville Lowe joins Transition
Feb
Major research Paper published
In the culmination of 6 years of research, Emeritus Professor Ken Collerson publishes his groundbreaking findings in the highly respected journal, Geosciences.
The Paper is titled:
“Post-Collisional Cu-Au Porphyry and
Associated Epithermal Mineralisation in the
Eastern Mount Isa Block: A New Exploration
Paradigm for NW Queensland.”
The Paper is titled:
“Post-Collisional Cu-Au Porphyry and
Associated Epithermal Mineralisation in the
Eastern Mount Isa Block: A New Exploration
Paradigm for NW Queensland.”
Feb
Shares on issue
122 million
Feb
Scoping Study Update 2026
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. Changes from the 2025 Scoping Study include increases in opex and capex costs, and alignment of metal prices with market consensus.
Indicates pre-tax free cashflow: $563 million
Copper=US$5.00/lb
Gold=US$4,000/oz
AUD/USD=0.67
Indicates pre-tax free cashflow: $563 million
Copper=US$5.00/lb
Gold=US$4,000/oz
AUD/USD=0.67
Shares on Issue
Operations
Corporate
Search for high-value assets
Acquisition rights secured to 15 specifically targeted EPMs.
Transition Resources Founded
Mar2018
Transition Resources Pty Ltd.
David Wilson (Sole director)
Andrew Day (Geologist, deceased)
David Wilson (Sole director)
Andrew Day (Geologist, deceased)
Shares on issue
Mar 2018
35 Million
Shares on issue
Mar2018
35 Million
Early field due diligence
Apr2018
First pass reconnaissance at select prospects confirm targeting strategy.
11x EPM assets acquired
Jun2018
Transition acquires EPMs from David Wilson
First placement $0.21 million @ $0.035
First placement $0.21 million @ $0.035
Shares on issue
Jun 2018
42 million
Shares on issue
Jun2018
42 million
4x EPM assets acquired
Jul2018
Transition acquires EPMs from David Wilson for zero shares.
Transition issues 1.8 million shares to third party @ $0.20 per share to satisfy balance of transaction.
Transition issues 1.8 million shares to third party @ $0.20 per share to satisfy balance of transaction.
Exploration strategy formulated
Aug2018
First targets identified in north of
Duck Creek EPMs.
Duck Creek EPMs.
Seed A investors
Sep2018
Placement $1 million @ $0.0725
From Sep 2018 to May 2019
From Sep 2018 to May 2019
First field programme
Oct2018
In north of Duck Creek EPMs targeting Cu-Co-Au (strong Co focus).
New Non-Executive Director
Dec2018
Dr Andrew Stocky joins Transition
EPM asset acquired
Mar2019
EPM 26744
Geophysics Phase-1
Apr2019
SAM geophysics completed in north of Duck Creek tenements
Seed B investors
May2019
Placement $1.1 million @ $0.12
From May 2019 to Apr 2020
From May 2019 to Apr 2020
Highway Breccia discovery
Jun2019
Field pXRF confirms new discovery of high gold (Au), tungsten (W), and Yttrium (Y): “HIGH W Au Y”
Shares on issue
Jun 2019
64 million
Shares on issue
Jun2019
64 million
EPM asset acquired
Jun2019
EPM 26768
Mineral System Review
Jul2019
Emeritus Prof. Ken Collerson’s “Mineral System Characterisation and Prospectivity Review” completed. Sets of 6-year new R&D programme
Prof Collerson site visit
Jul2019
Emeritus Prof Ken Collerson undertakes reconnaissance understanding of the new Highway discovery.
Geophysics Phase-2
Jul2019
SAM geophysics completed at Highway & Duck Creek.
New Non-Executive Director
Aug2019
Emeritus Prof Ken Collerson joins Transition
New research focus
Sep2019
New style of mineral system not a match to the region – new geochemistry focus starting at the highway mineral system.
Liquidity event
Sep2019
Opportunity for shareholders to sell shares to existing and new investors at $0.15 per share
Maiden EGM
Oct2019
Hosted at the Pullman St Kilda Rd, Melbourne
Surface programmes expand
Oct2019
Large surface programmes ongoing to test specific geochemical gradients across wide areas.
EPM asset acquired
Oct2019
EPM 27099
EA approval for limited drilling
Oct2019
Approval for advanced exploration activities including drilling in limited areas.
Geophysics 3D inversion model
Nov2019
Phase-1 & 2 SAM geophysics converted to 3D inversion models. Compelling magnetic and conductive anomalies.
First drilling programme
Nov2019
Shallow RAB drilling commences at Duck Creek, but limited in scope due to environmental limitations.
EPM assets acquired
Dec2019
EPM 27259, 27278
EPM assets acquired
Jan2020
EPM 27300
R&D refund
Feb2020
R&D refund of $0.29 million to be reinvested
First drilling results
Feb2020
Assay results from shallow RAB drilling indicates numerous deeper copper targets for follow-up drilling.
Transition awarded CEI grant
Feb2020
Transition awarded CEI grant: $122,000 to complete geochemistry re-assay programme.
COVID-19 Pandemic
Mar2020
Australia issues Health Emergency Declaration.
Impacts the next 2 years of activity.
Impacts the next 2 years of activity.
Site Specific EAs approved
Mar2020
Department of Environmental and Science approves Site Specific EAs, clearing the way for drilling at Highway & Duck Creek.
Surface pXRF programmes
Mar2020
Large scale surface research focused surface programmes. Also identifying dozens of previously unknown historical pits, shafts and workings.
ERC Approved
Mar2020
Department of Environmental and Science approves Environmental Rehabilitation Cost clearing the way for drilling.
Seed C investors
Apr2020
Placement $0.99 million @ $0.15
From Apr 2020 to Dec 2020
From Apr 2020 to Dec 2020
EPM asset acquired
May2020
EPM 27298
CEI programme completed
Jun2020
Final Reports lodged to DNRME.
Shares on issue
Jun 2020
72 million
Shares on issue
Jun2020
72 million
Highway test work
Jul2020
Bulk surface samples from highway sent for Phase-1 preliminary metallurgical test work.
Highway drill ready
Aug2020
Environmental permitting and cultural heritage clearances completed, access prepared.
EPM asset acquired
Aug2020
EPM 27407
Highway drilling commences
Aug2020
Maiden drilling programme commences at the greenfield Highway Au, W, REE, Co prospect.
R&D refund
Aug2020
R&D refund of $0.66 million to be reinvested
Convertible Note offer
Sep2020
Convertible Note offer to shareholders at $0.15 strike price, open until results of early drilling is received. Raises $0.36 million.
Highway gold discovery
Oct2020
Drilling intersects high-grade gold, tungsten and associated metals in carbothermal units. Target quartz breccias remain elusive.
Discovery hole: 5m @ 5.6 g/t Au
Discovery hole: 5m @ 5.6 g/t Au
Highway drilling paused
Oct2020
Modelling indicates major shift in drilling strategy required at Highway – drill rig moves to nearby copper prospects for short programme (Success).
High grade copper at Hideaway
Oct2020
Short drill programmes at Success and Hideaway intersect high-grade zones that require follow-up, including:
6m @ 2.22% Cu, 1.12 g/t Au from 10m
6m @ 1.62% Cu, 0.86 g/t Au from 24m
6m @ 2.22% Cu, 1.12 g/t Au from 10m
6m @ 1.62% Cu, 0.86 g/t Au from 24m
Drill rig returns to Highway
Nov2020
Drilling test new model at Highway
Highway breccia discovery
Nov2020
Drilling intersects quartz breccias including high-grade gold and tungsten.
Early gold results include:
11m @ 9.6 g/t Au from 31m
8m @ 11.6 g/t Au from 35m
18m @ 5.8 g/t Au from 45m
Tungsten results include:
4m @ 1.2% WO3 from 70m
8m @ 1.6% WO3 from 152m
7m @ 1.2% WO3 from 42m
Early gold results include:
11m @ 9.6 g/t Au from 31m
8m @ 11.6 g/t Au from 35m
18m @ 5.8 g/t Au from 45m
Tungsten results include:
4m @ 1.2% WO3 from 70m
8m @ 1.6% WO3 from 152m
7m @ 1.2% WO3 from 42m
Seed D investors
Dec2020
Placement $2.64 million @ $0.25
From April 2020 to May 2021
From April 2020 to May 2021
Expanded ERC Approved
Mar2021
Department of Environmental and Science approves expanded ERC clearing the way for larger drilling programme at Highway.
Geophysics and surface geochemistry at Highway identifies large system.
Apr2021
Surface geochemistry similar to Highway highlights 21km long, “Highway Corridor”.
Exploration Facility acquired
May2021
Transition secures important base for its Cloncurry operations.
Drilling at Highway
May2021
Drilling recommences at Highway
Seed E investors
May2021
Placement $5.8 million @ $0.35
From May 2021 to Jan 2023
From May 2021 to Jan 2023
Shares on issue
Jun 2021
90 million
Shares on issue
Jun2021
90 million
Highway test work
Jul2021
Positive results indicate Highway is amenable to gravity pre-concentration options. Sets direction for Phase-2 programmes.
Tier One geophysics anomaly
Aug2021
3D inversion modelling of magnetics survey identified very large anomaly associated with the Highway deposits.
Highway Maiden Resource
Aug2021
Maiden resource estimate at Highway completed to provide shareholder guidance, and is reported from just 6 weeks (4900 metres) of drilling:
144kt @ 4.29 g/t Au
144kt @ 4.29 g/t Au
R&D refund
Aug2021
R&D refund of $1.37 million to be reinvested
First online AGM
Aug2021
Hosted via the Webex platform
High grade tungsten confirmed
Sep2021
Assays confirm wide zones of high-grade tungsten, with subsequent results including:
21m @ 0.43% WO3 from 84m
47m @ 0.32% WO3 from 150m
24m @ 0.41% WO3 from 83m
20m @ 0.52% WO3 from 41m
21m @ 0.43% WO3 from 84m
47m @ 0.32% WO3 from 150m
24m @ 0.41% WO3 from 83m
20m @ 0.52% WO3 from 41m
Highway South discovery
Sep2021
Drilling intersects new zones approximately 300m south of previous drilling at Highway South.
High-grade gold at Highway South
Nov2021
Ongoing RC drilling at Highway South identifies very high grade gold zones, including:
9m @ 10.74 g/t Au from 76m
11m @ 6.66 g/t Au from 63m
7m @ 8.04 g/t Au from 60m
9m @ 10.74 g/t Au from 76m
11m @ 6.66 g/t Au from 63m
7m @ 8.04 g/t Au from 60m
Diamond drilling at Highway
Nov2021
Diamond core drilling targets structures and twin-holes. High-grade intervals include:
18.4m @ 4.86 g/t Au from 39.6m
2.6m @ 25.36 g/t Au from 82m
5m @ 11.00 g/t Au from 90m
18.4m @ 4.86 g/t Au from 39.6m
2.6m @ 25.36 g/t Au from 82m
5m @ 11.00 g/t Au from 90m
Tier One geophysical anomaly
Dec2021
3D inversion isosurface modelling identifies large Tier One scale anomaly associated with the Highway discoveries.
Research steps up
Jan2022
Tenement wide geochemistry focus, and detailed drilling data assessment.
Short drilling programme at Highway
Mar2022
Short drilling programme completed at Highway South continues to extend and infill high-grade gold mineralisation.
Drilling at Duck Creek (copper)
Mar2022
Last three holes of the short drill programme successfully test new modelling of the Horseshoe/Meteor copper
system, guiding approach for planned drilling at Duck Creek later in the year.
system, guiding approach for planned drilling at Duck Creek later in the year.
Online shareholder briefing
May2022
Strong support from shareholders to fund additional drilling and pre-IPO activities required to move Transition towards a listing on the ASX.
Raises $3 million @ $0.35 per share.
Raises $3 million @ $0.35 per share.
Search for sponsoring broker
May2022
Transition begins a selection process to secure a Lead Manager to raise essential funding to support pre-listing activities that would be required to support a successful potential IPO and Listing on the ASX.
Shares on issue
Jun 2022
107 million
Shares on issue
Jun2022
107 million
Two drill rigs contracted
Aug2022
Infill drilling and limited step-out programme at Highway to support planned resource estimation, and short first pass drilling programme at Toolebuc prior to moving to Duck Creek.
Highway North discovery
Sep2022
Drilling intersects new high-grade gold zones north of previous mineralisation, potentially adding to in-pit metal.
Geophysics Phase-3
Sep2022
SAM geophysics completed at Toolebuc & Nuggetty Gully.
Toolebuc high-grade REEs
Oct2022
Diamond drilling intersects high-grade REEs at Toolebuc, on shoulder of major geophysical anomaly.
Highway upgraded by twin holes
Oct2022
Twin holes targeted areas previously impacted by poor rig performance, significantly upgrading prior results.
Previous: 7m @ 0.36 g/t Au from 47m.
New: 10m @ 5.01 g/t Au from 51m.
Previous: 7m @ 0.36 g/t Au from 47m.
New: 10m @ 5.01 g/t Au from 51m.
Drilling moves to Duck Creek
Oct2022
First test of developing new mineral system model, applied to copper prospects.
Duck Creek copper discovery
Oct2022
Drilling at Scorpion intersects high grade copper sulphides, with subsequent results including:
4m @ 4.00% Cu, 0.28 g/t Au from 35m
5m @ 6.93% Cu, 0.56 g/t Au from 71m
4m @ 4.00% Cu, 0.28 g/t Au from 35m
5m @ 6.93% Cu, 0.56 g/t Au from 71m
Geophysics Phase-1
Oct2022
SAM geophysics completed over 14km of Highway Corridor
Duck Creek copper discovery
Nov2022
Drilling at New Dollar intersects significant high grade copper sulphides, with subsequent results including:
10m @ 3.36% Cu, 0.77 g/t Au from 53m
12m @ 2.26% Cu, 0.12 g/t Au from 70m
16m @ 1.97% Cu, 0.12 g/t Au from 135m
10m @ 3.36% Cu, 0.77 g/t Au from 53m
12m @ 2.26% Cu, 0.12 g/t Au from 70m
16m @ 1.97% Cu, 0.12 g/t Au from 135m
ATO Review of Transition’s 2022 Return
Nov2022
Transition selected for routine audit by the ATO and Ausindustry.
Three RC rigs at Duck Creek Dec 2022
Dec2022
Multiple new sulphide copper discoveries unfolding.
Non-dilutive loan secured
Dec2022
Loan funds of $1.4 million secured to replace delayed R&D refund.
Duck Creek copper discovery
Dec2022
Drilling at Meteor intersects significant high grade copper sulphides, with subsequent results including:
23m @ 1.89% Cu, 0.13 g/t Au from 105m
10m @ 3.31% Cu, 0.28 g/t Au from 76m
14m @ 4.28% Cu, 0.29 g/t Au from 113m
27m @ 3.89% Cu, 0.41 g/t Au from 135m
23m @ 1.89% Cu, 0.13 g/t Au from 105m
10m @ 3.31% Cu, 0.28 g/t Au from 76m
14m @ 4.28% Cu, 0.29 g/t Au from 113m
27m @ 3.89% Cu, 0.41 g/t Au from 135m
ATO Review all clear
Dec2022
Transition selected for routine audit by the ATO and Ausindustry.
R&D refund
Jan2023
R&D refund of $1.99 million Includes interest due to delay.
Highway test work Phase-3
Jan2023
Exceptional results indicate simple crush-grind-gravity flow sheet could produce high-grade pre-concentrate at Highway.
AusIndustry review
Jan2023
AusIndustry review of Transition’s R&D completed with no identified issues.
Seed F investors
Jan2023
Placement $1.4 million @ $0.50
From Jan 2023 to Mar 2025
From Jan 2023 to Mar 2025
Duck Creek copper discovery
Jan2023
Drilling at Asia, Pioneer, Cleopatra, Jones Surprise intersects high grade copper sulphides (follow up required), with subsequent results including:
9m @ 2.64 % Cu, 0.26 g/t Au from 87m
7m @ 1.69 % Cu, 0.16 g/t Au from 59m
12m @ 1.40 % Cu, 0.05 g/t Au from 41m
9m @ 2.64 % Cu, 0.26 g/t Au from 87m
7m @ 1.69 % Cu, 0.16 g/t Au from 59m
12m @ 1.40 % Cu, 0.05 g/t Au from 41m
Major weather event
Jan2023
Restricted site access but Transition tenements and assets safe. Landowners significantly impacted, Transition lends a hand to restore roads and repair fencing.
Significant research data
Feb2023
Whilst drilling continues, Emeritus Prof. Collerson progresses a novel mineral system model for the region, supported by an enormous array of surface and subsurface data
Drilling paused still in mineralisation
Apr2023
Drilling pause to reserve conserve funds, prepare and compile mineral resource estimate informing data.
Pre-development planning
Jun2023
Studies into expedited mining options, long lead time activities (ecology surveys) commence.
Shares on issue
Jun 2023
111 million
Shares on issue
Jun2023
111 million
Duck Creek Maiden Resource
Jul2023
Maiden resource estimate at Duck Creek from less than 4 months of interrupted drilling, including 17,196 metres of drilling (4163 metres historical):
Measured and indicated resources:
5.44Mt @ 1.45% Cu, 0.11 g/t Au
Open in most directions.
Measured and indicated resources:
5.44Mt @ 1.45% Cu, 0.11 g/t Au
Open in most directions.
R&D refund
Aug2023
R&D refund of $2.2 million to be reinvested.
Preliminary mine layouts
Sep2023
Early mine planning and spatial modelling to help inform Scoping Studies.
Lead Manager Appointed
Oct2023
Novus Capital appointed as Lead Manager, with a Mandate to raise the required funding to complete essential pre-IPO activities, source funding for working capital requirements, and prepare the groundwork for an IPO and Listing on the ASX.
Total funding target is $32 million.
Total funding target is $32 million.
New surface discovery at Mt Carter
Dec2023
In a test of its developing R&D modelling, Transition discovers surface enrichment of copper, REEs and hafnium in a remote area 7km west of its Duck Creek copper deposits.
2024 Scoping Study
Feb2024
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. It is not independent and should not be relied on. Indicates pre-tax free cashflow:
$190 million.
Copper=US$3.95/lb
Gold=US$1985/oz
AUD/USD=0.67
$190 million.
Copper=US$3.95/lb
Gold=US$1985/oz
AUD/USD=0.67
New surface discovery at Lawlor
Mar2024
First pass reconnaissance identifies highly elevated copper and Yttrium at the historical Lawlor prospect. Subsequent assays confirm high grade REEs in a potentially significant new discovery.
R&D advance loan facility
May2024
Loan funds of $0.52 million (secured by anticipated R& D refund) provided by Radium Capital.
Convertible Notes
Jun2024
$2.6 million ref price @ $0.50
From May2024 to Jun 2025
$1.4 million (Novus)
$1.2 million (Transition)
From May2024 to Jun 2025
$1.4 million (Novus)
$1.2 million (Transition)
Shares on issue
Jun 2024
113 million
Shares on issue
Jun2024
113 million
Drilling at Highway
Jul2024
Short infill resource focused programme at Highway to be followed by drilling at Duck Creek with the goal of increasing in-pit copper inventory to 60,000 tonnes.
Deepest interval at Highway subsequently intersected:
6m @ 4.76 g/t Au from 216m
(300m down-dip)
Deepest interval at Highway subsequently intersected:
6m @ 4.76 g/t Au from 216m
(300m down-dip)
Down-hole density programme
Aug2024
Down-hole gamma density surveys at Duck Creek and highway to increase confidence in resource modelling and
reporting.
reporting.
Drilling at Duck Creek
Oct2024
Drilling commences at Duck Creek to increase in-pit copper inventory to 60,000 tonnes, but with only 35% of the original drilling budget.
Important R&D update
Oct2024
Emeritus Prof Ken Collerson releases summary R&D extract of new discovery of porphyry copper and epithermal gold system in Transition’s Duck Creek and Highway tenements.
Duck Creek copper discovery
Oct2024
Drilling at Asia, Pioneer, Artefact intersects very high grade copper sulphides, with subsequent results including:
9m @ 3.58 % Cu, 0.14 g/t Au from 62m
7m @ 5.32 % Cu, 0.25 g/t Au from 91m
7m @ 7.61 % Cu, 0.49 g/t Au from 84m
10m @ 3.91 % Cu, 0.30 g/t Au from 14m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
5m @ 5.34 % Cu, 0.32 g/t Au from 114m
9m @ 3.29 % Cu, 0.18 g/t Au from 112m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
9m @ 3.58 % Cu, 0.14 g/t Au from 62m
7m @ 5.32 % Cu, 0.25 g/t Au from 91m
7m @ 7.61 % Cu, 0.49 g/t Au from 84m
10m @ 3.91 % Cu, 0.30 g/t Au from 14m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
5m @ 5.34 % Cu, 0.32 g/t Au from 114m
9m @ 3.29 % Cu, 0.18 g/t Au from 112m
8m @ 5.62 % Cu, 0.51 g/t Au from 101m
Ecology survey 1 (dry season)
Oct2024
First dry season baseline terrestrial ecology survey completed. Required to support submissions for permitting of
proposed mining operations at Duck Creek and Highway.
proposed mining operations at Duck Creek and Highway.
R&D refund
Oct2024
R&D refund of $1.0 million to be reinvested
Duck Creek copper discovery
Dec2024
Drilling at Pioneer Line intersects high grade copper sulphides in last three holes of the 2024 programme, 50m apart with subsequent results including:
4m @ 3.11 % Cu, 0.15 g/t Au from 25m
3m @ 3.49 % Cu, 0.22 g/t Au from 25m
4m @ 3.11 % Cu, 0.15 g/t Au from 25m
3m @ 3.49 % Cu, 0.22 g/t Au from 25m
Ecology survey 2 (wet season)
Dec2024
First wet season baseline terrestrial ecology survey completed. Required to support submissions for permitting of
proposed mining operations at Duck Creek and Highway
proposed mining operations at Duck Creek and Highway
Non-Executive Director retires
Feb2025
Emeritus Prof Ken Collerson retires from board duties but continues as R&D Technical Advisor
Preliminary mine layouts updated
Feb2025
Early mine planning and spatial modelling updated to include internal estimates of the Artefact discovery. These mud-maps help inform key activities such as ecology surveys and Scoping Studies.
2025 Scoping Study Update
Mar2025
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. Changes from the 2024 Scoping Study include larger resources, increases in opex and capex costs, and alignment of metal prices with market consensus. It is not independent and should not be relied on:
Indicates pre-tax free cashflow: $442 million
Copper=US$4.50/lb
Gold=US$2600/oz
AUD/USD=0.67
Indicates pre-tax free cashflow: $442 million
Copper=US$4.50/lb
Gold=US$2600/oz
AUD/USD=0.67
Duck Creek 2024 drilling summary
Mar2025
Results from the 2024 drilling programme indicate from 6916 metres of drilling:
• 77 completed RC drillholes
• 67 (87%) to inform new MRE
• 375 informing int. (6.1m av/hole).
• 2.03 % Cu, 0.14 g/t Au (av grade)
• 77 completed RC drillholes
• 67 (87%) to inform new MRE
• 375 informing int. (6.1m av/hole).
• 2.03 % Cu, 0.14 g/t Au (av grade)
Bid for Rocklands Mine
Mar2025
Transition submits non-binding indicative offer to acquire the Rocklands Mine.
Seed G investors
Mar2025
Placement $0.72 million @ $0.35
From Jan 2023 to Aug 2025
From Jan 2023 to Aug 2025
Shares on issue
Jun 2025
119 million
Shares on issue
Jun2025
119 million
$70 million funding support for Rocklands Bid
Jun2025
Large private international group backs Transitions bid for the Rocklands Mine including $20 million to advance Transition’s resource activities and $50 million to acquire and upgrade Rocklands.
Rocklands DOCA submitted
Jun2025
Transition submits a binding Deed of Company Arrangement (DOCA) Term Sheet to acquire the Rocklands Mine.
Rocklands bid unsuccessful
Jun2025
Transition’s proposal was one of only two presented to creditors vote, and provided superior cash returns. Administrator recommends other party, predominately due to execution risk linked to possible FIRB approval delays. Bid goes to ASX listed Austral Resources.
Ecology survey 3 (dry season)
Jul2025
Second dry season baseline terrestrial ecology survey completed. Required to support submissions for permitting of proposed mining operations at Duck Creek and Highway.
Funding review
Jul2025
Transition undertakes detailed review of current funding relationships and the ongoing inability to raise the required cash to progress its activities. Focus shifts to new investment audience and new strategy.
Preliminary mine layouts updated
Jul2025
Early mine planning and spatial modelling updated to include internal estimates of the Artefact discovery. These mud-maps help inform key activities such as ecology surveys and Scoping Studies.
R&D advance loan facility
Aug2025
Kashcade R&D advance of $0.96 million used to retire Radium loan and provide working capital, secured by pending R&D refund.
Shareholders vote at EGM to become a public company
Aug2025
Unanimous vote by shareholders to convert Transition to an unlisted public company limited by shares and adopt new constitution.
Large scale surface geochemistry
Aug2025
Large surface sampling and geochemistry programme provides ongoing support to Prof Collerson’s pending publication of significant scientific research Paper about his work at Transition’s Duck Creek tenements.
Seed H investors
Aug2025
Placement $0.45 million @ $0.375
From Aug 2025 to Nov 2025
From Aug 2025 to Nov 2025
R&D refund
Aug2025
R&D refund of $1.2 million to be reinvested
New foreign investor interest
Sep2025
Large group linked to support for Transition’s Rocklands Bid indicates investment interest.
Transition converts to unlisted public company
Oct2025
Shareholders vote at EGM to convert to unlisted public company and approve new constitution.
Site visit by potential investor
Oct2025
Large technical team from potential new investor completes due diligence site visit.
Corporate investor meeting
Nov2025
Long Melbourne meeting between Transition’s executive and potential investor’s senior technical team.
Investor close-out meeting
Nov2025
Technical close out of due diligence and general heads of agreement on potential funding terms.
Ecology survey 4 (wet season)
Nov2025
Second wet season baseline terrestrial ecology survey completed. Required to support submissions for permitting of proposed mining operations at Duck Creek and Highway. Ecology surveys at practical completion.
Minor follow-up survey early 2026 recommended for completeness.
Minor follow-up survey early 2026 recommended for completeness.
Potential sale of east assets
Nov2025
Transition enters discussions with third parties around the potential sale of its east Cloncurry assets potentially linked to toll treatment of its Highway gold ore.
R&D advance loan facility
Nov2025
Kashcade R&D advance of $0.36 million to cover working capital.
Investor delays decision
Nov2025
The potential new investors continue to engage with Transition, but requests delay as it reviews internal strategies.
Large surface copper discovery
Dec2025
Field pXRF programmes at Lame Beast triggered by the potential sale of Transition’s east Cloncurry EPMs, identifies significant surface copper anomaly. Over 2.2km long and up to 300m wide and remains open.
Major weather event
Jan2026
Restricted site access but Transition tenements and assets safe.
Toll treating MOU signed
Jan2026
Transition and ASX listed Austral (ASX:AR1) sign non-binding MOU to explore collaboration and alignment of Transition’s Duck Creek and Highway operations with Austral’s planned Rocklands processing operations.
New Non-Executive Director
Feb2026
Shareholder advocate Neville Lowe joins Transition
Major research Paper published
Feb2026
In the culmination of 6 years of research, Emeritus Professor Ken Collerson publishes his groundbreaking findings in the highly respected journal, Geosciences.
The Paper is titled:
“Post-Collisional Cu-Au Porphyry and
Associated Epithermal Mineralisation in the
Eastern Mount Isa Block: A New Exploration
Paradigm for NW Queensland.”
The Paper is titled:
“Post-Collisional Cu-Au Porphyry and
Associated Epithermal Mineralisation in the
Eastern Mount Isa Block: A New Exploration
Paradigm for NW Queensland.”
Shares on issue
Feb 2026
122 million
Shares on issue
Feb2026
122 million
Scoping Study Update 2026
Feb2026
Transition’s internally generated Duck Creek and Highway Scoping Study is not for public release, and is provided to shareholders for guidance only. Changes from the 2025 Scoping Study include increases in opex and capex costs, and alignment of metal prices with market consensus.
Indicates pre-tax free cashflow: $563 million
Copper=US$5.00/lb
Gold=US$4,000/oz
AUD/USD=0.67
Indicates pre-tax free cashflow: $563 million
Copper=US$5.00/lb
Gold=US$4,000/oz
AUD/USD=0.67
Present
“Transition may have discovered one of the largest previously unrecognised epithermal-gold, copper-porphyry systems, globally.”
Transition’s Technical Advisor R&D, Emeritus Professor Ken Collerson