NEAR, MEDIUM AND LONG-TERM DEVELOPMENT OPPORTUNITIES

RESOURCES

JORC-2012, Non-JORC-2012, and growing surface stockpile inventory

TOTAL ALL RESOURCES (>0.5% Cu sub-surface and >1% cut-off surface resources)

Partially reported to JORC 2012 guidelines
Externally & internally estimated
Tonnes
(million)
Cu % Au ppm Cu tonnes Au oz Notes:
JORC 2012
TOTAL RESOURCES (HORSESHOE)
0.96 1.50 0.10 14,134 3,859 1
NON-JORC 2012
TOTAL RESOURCES (OTHERS)
1.02 0.97 0.08 9,887 2,646 1
NON-JORC 2012
SURFACE RESOURCES (VISUAL)
0.10 2.30 0.23 2,341 0 2
TOTAL ALL RESOURCES 2.08 1.28 0.10 26,362 6,505

Notes:
1. Open, requires drilling. 2. Inventory still building.

TABLE 1

MEDIUM AND LONG-TERM DEVELOPMENT OPPORTUNITIES

1. JORC 2012 Resources

Resources reported to JORC2012 guidelines

HORSESHOE MINERAL RESOURCES (>0.5% Cu cut-off)

Reported to JORC 2012 guidelines
Independently estimated
Tonnes
(million)
Cu % Au ppm Cu tonnes Au oz Notes:
Indicated 0.28 1.40 0.10 3,830 985 1
Inferred 0.68 1.50 0.13 10,304 2,874 1
TOTAL JORC2012 RESOURCES (HORSESHOE) 0.96 1.50 0.10 14,134 3,859

Notes:
1. Open at depth. Closed off east and west at surface only by shallow (<30m) drill holes. Mineralsation could continue beneath these. refer QMC ASX announcement 25 July 2017 “Resources Statements Clarification”.

HORSESHOE

Horseshoe is the most significant deposit of the Duck Creek group of prospects and includes the deepest ore-grade copper intervals yet intersected in the Duck Creek area at depths greater than 200m down-hole. It is a single mineralised zone about 140m along strike, with a true thickness of 10-12 metres and may be widening at depth. It is closed off along strike at surface by several shallow (<30m) drill holes, but it is possible mineralisation could continue below these.

The Horseshoe Resource is located on ML2778.

Indicated and inferred resource using 0.5% cut-off:

0.94Mt @ 1.49% Cu, 0.13g/t Au, 0.2% Co

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

The Resource remains open at depth (and possibly along strike) with drill intersections including:

  • Drill Hole HS11RC13:
    35m @ 2.73% Cu, 0.23g/t Au, 243ppm Co (from 198m)
    Including
    11m @ 4.2% Cu, 564 ppm Co, 0.30g/t Au (from 222m)
  • Drill Hole HS11RC09:
    37m @ 1.72% Cu, 0.15g/t Au, 113ppm Co (from 186m)
    Including
    13m @ 2.95% Cu, 140 ppm Co, 0.23g/t Au (from 201m)
  • Drill hole HS11RC06:
    22m @ 1.99% Cu, 0.19g/t Au, 309ppm Co (from 91m)
    Including
    5m @ 4.21% Cu, 1045 ppm Co, 0.26g/t Au (from 104m)

Additional drilling is required

TABLE 2

MEDIUM AND LONG-TERM DEVELOPMENT OPPORTUNITIES

2. Non-JORC 2012 RESOURCES

Resources generated internally, not reported to JORC2012 guidelines, remain open

DUCK CREEK RESOURCES (>0.5% Cu cut-off)

Not reported to JORC 2012 guidelines
Internal estimates (inferred)
Tonnes
(million)
Cu % Au ppm Cu tonnes Au oz Notes:
New Dollar 0.28 1.26 0.07 3,578 639 1
Duck Creek North (Junction and Forget-Me-Not) 0.31 0.85 0.10 2,635 997 2
Dulce 0.09 1.11 0.08 1,032 239 3
Ready Rhino 0.05 1.12 0.09 526 136 4
Mountain Maid 0.28 0.75 0.07 2,115 635 5
TOTAL NON-JORC2012 RESOURCES (OTHERS) 1.02 0.97 0.08 9,887 2,646

Notes:
1: Open to west and at depth; 2. Forget-Me-Not: open east, west and possibly at depth; 3. Open all directions; 4. Open to west; 5. Open at depth and separate Co rich zones need follow-up.

NEW DOLLAR

New Dollar has around 0.28-0.24Mt at 0.5-1.0% Cu cut-offs. The mineralised estimate consists of two parallel veins between 4-10m thick and about 85m along strike. This estimate is only based on 3 drill holes (6 intercepts) and is heavily influenced by just a few particularly high-grade assays. It is open to the west where the grades appear to be increasing, and requires additional drilling.

The New Dollar Resource is located on ML2777.

Inferred resource using 0.5% cut-off:

0.28Mt @ 1.26% Cu, 0.13g/t Au, 0.2% Co

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

Mineralisation remains open at depth and along strike to the west. The most westerly drilled holes at New Dollar intersected:

  • Drill hole ND11RC02:
    Intersection 1:
    8m @ 1.85% Cu (from 14m)
    Intersection 2:
    18m @ 1.37% Cu (from 40m)
  • Drill hole ND11RC04:
    Intersection 1(from 85m):
    10m @ 2.65% Cu (from 85m)

DUCK CREEK NORTH (FORGET-ME-NOT AND JUNCTION)

The Duck Creek North deposit consists of a combination of the historically named Junction and Forget-Me-Not deposits. The southern part of this group is fairly well drilled, closed off to the east and west along strike, and does not show consistent grades throughout. The Forget-Me-Not vein lies just to the north of this, is the most prospective, remains open to the east and may continue to the west. While grades are not as high as the Horseshoe or New Dollar deposits, it shows good potential with grades appearing to increase to the open eastern side. Forget-Me-Not is approximately 5-10m wide and about 200m along strike.

Inferred resource using 0.5% cut-off:

0.31Mt @ 0.85% Cu, 0.10g/t Au

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

The Forget-Me-Not Prospect is included in the Duck Creek North resource, is located on EPM13336 and has only been drilled to shallow depths. Mineralisation remains open to the west and possibly in all directions, with intersections including:

  • Drill hole DC_08_001RC:
    12m @ 1.19% Cu, 0.13g/t Au (from 8m)
    Including
    3m @ 3.97% Cu, 0.42g/t Au (from 14m)
  • Drill hole DC_08_002RC:
    23m @ 1.02% Cu, 0.10g/t Au (from 7m)
    Including
    12m @ 1.63% Cu, 0.17g/t Au (from 7m)
  • Drill hole DC11RC25:
    6m @ 2.41% Cu, 0.19g/t Au (from 39m)
    Including
    4m @ 3.28% Cu, 0.27g/t Au (from 39m)
  • Drill hole DC11RC25:
    8m @ 1.37% Cu, 0.23g/t Au (from 34m)
    Including
    3m @ 2.99% Cu, 0.38g/t Au (from 35m)

DULCE

The Dulce deposit is located 300m to the west and along strike from the Horseshoe Resource, but slightly offset from its inferred strike direction. The grades are quite high and consistent throughout the zone, with no material estimated below 1% Cu. It is therefore very continuous as currently modelled on just 4 drill holes (4 intercepts) and is open in all directions. It is about 100m along strike and about 5m thick as modelled. Of particular interest is the area between Dulce and the Horseshoe Resource that is characterised by alluvium and transported cover, with little or no exposure of in-situ rock.

Inferred resource using 0.5% cut-off:

0.09Mt @ 1.11% Cu, 0.08g/t Au

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

The Dulce Prospect is partially located on ML2537 and mineralisation remains open in all directions with drill intersections of:

  • Drill hole DC11RC06:
    9m @ 2.10% Cu, 0.13g/t Au, 251ppm Co (from 55m)
    Including
    2m @ 7.20% Cu, 577 ppm Co, 0.40g/t Au (from 56m)

READY RHINO

Ready Rhino is modelled from 8 drill hole intercepts along 200m of strike and is open to the west. It is defined to date to a maximum of 4m in true width and as such includes only ~40,000 tonnes in the mineralised zone despite its large strike. The main ore zone is obscured and mineralisation intersected at depth does not appear to consistently continue up to the interpreted outcrop. Additional drilling is required to help define the sub-surface orientation and extent of the Ready Rhino deposit.

Inferred resource using 0.5% cut-off:

0.05Mt @ 1.12% Cu, 0.09g/t Au

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

The Ready Rhino Prospect is located on EPM13336 and has only been drilled to shallow depths. Mineralisation remains open to the west, with intersections including:

  • Drill hole DC11RC14:
    6m @ 1.43% Cu, 0.10g/t Au (from 12m)
    Including
    2m @ 3.83% Cu, 0.28g/t Au (from 16m)
  • Drill hole DC11RC15:
    6m @ 1.44% Cu, 0.15g/t Au (from 33m)
    Including
    2m @ 3.65% Cu, 0.41g/t Au (from 34m)
  • Drill hole DC11RC18:
    3m @ 4.26% Cu, 0.14g/t Au (from 20m)

MOUNTAIN MAID

Mountain Maid is located on ML2779 and is a single mineralised zone closed off to the east and west. The resource is ~150m along strike with a width of around 8m and has been estimated on just 6 drill holes. It is generally low grade, with few zones above 1.0% Cu.

Inferred resource using 0.5% cut-off:

0.28Mt @ 0.75% Cu, 0.07g/t Au

SIGNIFICANT DRILL INTERSECTIONS THAT REQUIRE FOLLOW-UP

  • Drill hole MD11RC02:
    7m @ 1.33% Cu, 218ppm Co, 0.11g/t Au (from 18m)
    Including
    3m @ 2.42% Cu, 276ppm Co, 0.19g/t Au (from 19m)
  • Drill hole MD11RC05:
    8m @ 1.14% Cu, 299ppm Co, 0.07g/t Au (from 18m)
    Including
    3m @ 2.36% Cu, 403ppm Co, 0.13g/t Au (from 22m)

TABLE 3

NEAR-TERM DEVELOPMENT OPPORTUNITIES

3. Non-JORC 2012 SURFACE RESOURCES

Visually estimated surface resource by professional grade control geologist

TOTAL SURFACE RESOURCES (>1% Cu cut-off)

Not reported to JORC 2012 guidelines
Internal estimates (inferred)
Tonnes
(million)
Cu % Au ppm Cu tonnes Au oz Note:
Success block 0.01 2.60 0.26 181 1
Horseshoe block 0.03 1.96 0.20 643 1
Chinaman block 0.06 2.44 0.24 1,517 1
TOTAL NON-JORC2012 SURFACE RESOURCES (VISUAL) 0.10 2.30 0.23 2,341 0

Notes:
1: Visual estimate by grade control geologists (bulk sampling required). Au factored. Inventory still building.

HISTORICAL MINERALISED WASTE PILES (SURFACE RESOURCES)

To date, some 400 mineralised historical waste piles (Piles) have been identified, visually assessed and ranked for possible retrieval and sale to third parties. Of these, around 192 Piles have been included in a Surface Resource estimate. Only a small area of Transition’s tenements has been assessed to date and the total number of Piles is anticipated to grow over time.

Whilst some Piles have been sampled for assay (including for metallurgical test-work), it is important to note that their inclusion in a possible surface resource is for indicative assessment and planning purposes only and therefore must be viewed as preliminary in nature and with a large possibility of error. The estimates are generated using visual identification and estimation methodology by professional grade control geologists, however mostly only surface observations have been possible to date with very rare depth investigation. Transition does not, and shareholders should not, rely on these estimates to be representative of the total of the combined Piles, whose collective grades may be higher or lower than those estimated.

The below summary of compiled data to date is provided as an indicative guide only and with the above caveat in mind, Transition’s geologists have determined the following indicative numbers:

Historical Mineralised Waste (Surface Resources):

Using a 1% Cu minimum grade cut-off:

101,950 WMT @ 2.3% Cu (2,345 tonnes contained Cu metal)

Using a 2% Cu minimum grade cut-off:

32,435 tonnes @ 4.96% Cu (1,677 tonnes contained Cu Metal)