WORLD CLASS MINERAL PROVINCE

STRATEGIC TENEMENT POSITION

Cloncurry Mineral Belt of Mt Isa Inlier

Through its 100% owned subsidiary Future Mines Pty Ltd, Transition owns highly prospective exploration and mining tenements in the Cloncurry Belt of the Mt Isa Inlier, a recognised world class minerals province and host to major deposits, including Tier One class.

The tenements include Exploration Permits for Minerals (EPMs) and Mining Leases (MLs) and are within short trucking distance to many currently operating mines, planned operating mines and mines on care and maintenance, offering third‐party processing options. Cloncurry boasts excellent modern infrastructure such as rail and national highways, and facilities such as regional hospital and large passenger jet airport.

EPMs and MLs encompass numerous small‐scale historic copper and gold surface workings including some of the most densely mineralised areas of Cloncurry, but also areas with no historic surface workings characterised by geologically recent cover sequences that post‐date mineralisation and obscure deposits at depth. These areas are particularly amenable to modern exploration techniques and represent genuine opportunities for major copper‐cobalt‐gold discoveries.

TENEMENTS

Exploration Permits for Minerals (EPMs) and Mining Leases (MLs)

DUCK CREEK AREA

WEST PROJECT

Metal focus: Cu, Au, Co, W, REE, Sc
12 Exploration Permits for Minerals (EPMs) = 703km2
6 Mining Leases (MLs) = 51 hectares

The West Project tenements include densely mineralised and historically overlooked areas of the Mt Isa Inlier:

  • Hundreds of historical workings and many officially recorded mines including Cu, Co:
    • Copper production ranged from 10s of tonnes (hand-picked high-grade ore) to 90,000 tonnes.
    • Total copper ore production (from available records and estimate) = 193,237 @ 4.36% Cu, 0.61g/t Au.
    • Gold was produced at several prospects however no records can be found.
  • Includes one of only 3 historical cobalt producing mines in Qld (Success (cobalt) Mine):
    • Small scale, but high-grade: 333 tonnes of ore estimated @ 13.5% Co (and 37% Cu).
  • Hundreds of historical pits, workings and surface mineral occurrences with unknown production.
  • Majority of mineralised occurrences located and worked pre-1960:
    • Historically identified by surface mineralisation (secondary copper-oxides) with little or no deep or under-cover exploration.
    • Relatively few prospects tested since the 1960s (high-grade Cu confirmed within project area to 200m+).
    • Widespread areas under shallow alluvial and colluvial cover – significant discovery potential.
    • The deepest historical drill-hole in the Duck Creek area intersected 35m @ 2.73% Cu (from 198m).

TOOLE CREEK AREA

EAST PROJECT

Metal focus: Cu, Au, Co, REE
7 Exploration Permits for Minerals (EPMs) = 333km2

The East Project tenements includes a higher concentration of Au focussed activity and adjacent large-scale Cu mines:

  • At least 10 historically recorded mines and many adjacent mines including Cu and Au:
    • Copper production was small ranging from a few 10’s of tonnes (hand-picked high-grade ore), to 677 tonnes.
    • Total copper ore production (from available records and estimate) = 1,768 tonnes @ 7.49% Cu, 3.53g/t Au.
    • Total gold ore production (from available records) = 140 tonnes @ 36g/t Au.
  • Over seventy historical workings or surface mineral occurrences, with unknown production.
  • Majority of mineral occurrences located and worked pre-1960:
    • Historically identified by surface mineralisation (secondary copper-oxides) with little or no deep or under-cover exploration.
    • Relatively few prospects tested since the 1960s (high-grade Au confirmed regionally to 150m+).
    • Modern focus by larger companies has been mainly on location of major deposits (i.e. Ernest Henry Mine).
  • Predominately exploration focused
    • Test strike and depth extent of known mineral occurrences.
    • Explore for new mineral occurrences.

LARGE PUBLIC DATA RECORD

OPEN FILE GEOPHYSICS AND GEOLOGY

New geophysics surveys to be undertaken