Transition Metals Options Maude Lake Property; CEO Scott McLean Receives PGO Award of Merit

Executive Summary

• Transition Metals Corp. entered into an option agreement with Springbok Ventures Inc. to acquire a 100% interest in the Maude Lake Ni-Cu-PGE project in Ontario.
• The agreement requires Springbok to pay $400,000 in cash, issue shares, and incur $3,000,000 in exploration expenditures over three years, while granting Transition a net smelter royalty.
• Surface sampling and drilling at Maude Lake have returned significant base and precious metal intercepts, confirming a large emerging magmatic sulphide system.

Key Details

• Transaction Structure: Option agreement granting Springbok the right to acquire a 100% interest in the Maude Lake Property.
• Cash Consideration: Aggregate of $400,000 payable in installments: $50,000 on signing, $50,000 on the first anniversary, $100,000 on the second anniversary, and $200,000 on the third anniversary.
• Share Consideration: Issuance of Springbok common shares valued at $550,000 (1st anniversary), $800,000 (2nd anniversary), and $1,500,000 (3rd anniversary), plus 300,000 shares issued upon signing.
• Exploration Expenditures: Springbok must incur $250,000 prior to the first anniversary, $1,000,000 prior to the second anniversary, and $3,000,000 prior to the third anniversary.
• Royalty Terms: Transition retains a 2.0% net smelter royalty (NSR) on the unencumbered portion and a 1.0% NSR on the encumbered portion of the property.
• Royalty Buyback Option: Springbok may purchase 0.75% of the unencumbered NSR for $1,500,000 and 0.5% of the encumbered NSR for $750,000 prior to commercial production.
• Future Payments: $1,000,000 payable upon completion of a feasibility study, and $5,000,000 payable within 12 months of commercial production.
• Use of Proceeds: Exploration and advancement of the Maude Lake Property.
• Surface Sampling Results: Intercepts up to 6.23% Ni, 0.72% Cu, 0.085% Co, and 1.042 g/t PGE (Pt+Pd+Au).
• Drilling Results: Intersected a semi-continuous zone of magmatic sulphides including 20.01m averaging 0.33% Ni and 0.28% Cu, which includes 4.00m averaging 0.61% Ni and 0.52% Cu.