Highway Gold Project

Highest grade undeveloped open pit gold-tungsten project in Cloncurry today

The greenfield Highway Gold-Tungsten Project (Highway) is one of two high-value critical minerals projects being developed by Transition Resources, approximately 40 km south-west of Cloncurry, Qld.

Highway includes shallow high-grade gold deposits, with by-products tungsten, heavy rare earth elements, and cobalt. It sits within a 21 km long previously unknown gold-rich mineral system corridor, with no prior drilling and substantial growth potential. Development options include toll treating or construction of a low-cost gravity plant, with first mining from as early as 2027.

Road and rail pass by the mine gate, and the nearby Cloncurry township provides an operational base for a skilled workforce, essential mining services, and modern amenities such as a jet airport.

Key Project Facts

• Large, 100% owned ground position of 1,042 km² of tenure with no prior ownership legacies.
• Breakthrough exploration methods from a 6-year R&D program are delivering new greenfield and brownfield discoveries, with hundreds of priority targets yet to be drill tested.
• The unfolding new discoveries commence from surface, with in-pit grades of ~3.5 g/t gold and ~0.15% tungsten (WO₃), offering attractive starter pit economics and accelerated revenue.
• Clean cohesive orebodies, shallow open-pits, and low-capital development options, including cost sharing with Transition’s nearby copper project.
• The 2021 mineral resource (below) was estimated from 4,900 metres of drilling. The pending resource update will include 34,000 metres of drilling including 203 informing drill holes with 950 cohesive intervals averaging 3.15 g/t Au (weighted average). All resources remain open.
• Target resources are multiples of the below 2021 maiden resources.

Highway Inferred Mineral Resource at a cut-off grade (COG) of 0.5 g/t Au (update pending 2026)

Inferred	Tonnage (Kt)	Au (g/t)	REE+Y (ppm)	W (ppm)	Co (ppm)
West Area	18	3.36	436	129	158
East Area	126	4.43	595	461	211
Total	144	4.29	576	420	204

Note: resource estimate based on drilling over just 2 months in 2020 (4,900 metres). (see Competent Person Statements 5-1-2026)

RC drill chips from high-grade zones at Highway including oxide (left) and sulphides (right)

Drilling at Highway

Earlier drilling programmes included a regional-scale vectoring focus to inform Transition’s R&D programmes.

More recent drilling is dominated by a commercial focus, including infill drilling.

Year	Drill type	Drill holes	Min holes	Min intervals	Av Int width	Au ppm	Metres drilled	Comment
2020	RC	88	52	265	5.1	3.80	5,585	2021 MRE 0.14Mt @ 4.29 g/t Au
2021RC	RC	144	74	299	4.0	3.20	16,881
2021DD	DD	5	5	33	6.6	7.93	433
2022	RC	97	49	190	3.9	2.23	10,374
2024	RC	54	34	180	5.3	2.24	5,031
Totals	ALL	388	214	967	4.5	3.16	38,304	Pending MRE

The above mineralised holes include overlap between the gold and tungsten domains.

The Highway deposits are located at the north end of a new 21km long, regional scale epithermal gold system discovery by Transition. Approximately 2 km of this system has been sporadically drilled, and only 1 km sufficiently drilled to support resource estimation.

The epithermal vein and breccia system which occurs for a strike length of ~21 km, appears to be structurally controlled in axial plane shear zones of parasitic fold on the regional Mitakoodi anticline. Based on U-Pb, LA ICPMS geochronology of xenotime and monazite timing of mineralisation is between ~1,490 and 1,530 Ma. The epithermal Au-Te-W-REE mineralisation is hosted by siliceous breccias and carbothermal lithologies. Gold is present either as free gold or as Au tellurides. Tungsten is hosted by wolframite and scheelite. The REEs are hosted by xenotime and monazite.

Highway is associated with a large-scale geophysical anomaly