Combined Annual and Final Technical Report for EL 32538 and EL 32539 Wave Hill Project (GR582 Buntine 1) 29 June 2021 to 03 July 2023

Abstract

This document is submitted as an amalgamated annual technical and final report for the GR582- Buntine 1 reporting group, which comprises tenements EL 32538 and EL 32539. For reporting purposes, Transition Minerals Limited ('Transition') has previously referred to this as their 'Wave Hill Project'. The exploration targets within the Wave Hill Project area were selected on historical exploration data and the distribution of potentially mineralised laterite, hosting the occurrence of Group 4-11 transition minerals. In particular, the laterite was considered a permissive host for vanadium and Rare Earth Element (REE) mineralisation. An exploration programme was also carried out in late 2021, with the aim of understanding the logistics and access within the Wave Hill Project area, and to collect pXRF rock-chip samples to further enhance Transition Minerals' geological understanding of the project area. A total of one rock chip sample was collected from a target area in EL 32539, for which the value for V was 584 ppm. In a rationalisation of the Company's tenement portfolio in 2023, it was deemed that the tenements assigned to the Wave Hill Project were relatively un-prospective relative to the Company's other core assets and this resulted in a decision to surrender in full tenements EL 32538 and EL 32539, with their effective cessation being 3 July 2023. This report adheres to Regulation 86(1) of the Mineral Titles Act 2010.