Partial Surrender Report - Comprising the Buntine Project - GR581 - EL's 32529, 32530, 32531, 32532, 32534, 32535, for the Period 29 June 2001 to 3 July 2023

Abstract

This report adheres to provisions of s29 and (Regulation86(1)) of the Mineral Titles Act 2010. Transition Minerals Limited's ('Transition') work during the year consisted of a desktop review of regional mineral distribution in respective host geological formations, interpretation of public domain geophysics surveys and provisional test-work towards the application of an advanced geophysics interpretation of existing geophysical data (Cauchy Downward Continuation algorithm) for target generation. This work has allowed the Company to isolate and refine more prospective geological formations for continued exploration focus and as a result, has enabled Transition to reduce their Buntine Project ground holding footprint substantially, with the full surrender of eight EL's executed in tandem with the partial surrender of the six EL's from GR581, the latter which form the subject of this report. In all, a total of 1188 blocks were relinquished from the six partially surrender tenements, leaving 306 blocks to be retained. Effective cessation of the nominated blocks was 3 July 2023. Whilst Transition believes the surrendered landholding to still be prospective, this rationalisation has now enabled third parties the capacity to peg land in the Birrindudu Basin in areas previously held by the Company and allowed Transition to retain maximum exposure of its core assets in the project area. Maps showing the nominated blocks and reduced title area, are included in the following report.