Partial Surrender Report for Exploration Licence EL 33162, Buntine South Project (GR629) 3 November 2022 to 2 November 2024

Abstract

Exploration licence EL 33162 comprises one of three tenements (EL 32531, EL 32532, EL 33162) that form part of the amalgamated reporting group GR629, comprising the Buntine South Project of Transition Minerals Ltd ('Transition'). The tenement was reduced in accordance with s29 and (Regulation 86(1)) of the Mineral Titles Act 2010 (MTA), requiring a 50% partial surrender of holdings at the end of Year 2. This final report is made under the provisions of s94(2)(e) of the MTA and Regulation 86(4) and (5) of the Minerals Titles Regulations 2011 and is due for lodgement by 05 January 2025. The tenements comprising the Buntine South Project area were selected on the distribution of potentially mineralised laterite was deemed permissive and significant hosts for the occurrence of Group 4-11 transition elements. In addition, historical exploration data revealed mounting evidence regarding the Palaeoproterozoic Limbunya Group sediments as the temporal and spatial lithostratigraphic correlatives to the lithological sub-groups of the economically important McArthur Group, which hosts the mineralised Barney Creek Formation (cf. McArthur River Mine). Transition further established that work conducted by previous explorers, bolstered by recent publications on the geology within the tenements (e.g. Munson et al., 2019), indicated that other equivalent formations in the Buntine South Project area may similarly host economic quantities of polymetallic base metals. This led the company to identify a polymetallic mineralised corridor, of some 9 km in extent, which represents a significant opportunity for base metal targeting. Elevated grades of up to 1,760 ppm cobalt, 7,100 ppm nickel, 1.0% lead, and manganese over 10% have been reported from a legacy sampling campaign. 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 its original Buntine South Project ground holding footprint substantially. The partially surrendered blocks of EL 33162 were considered to be less prospective than those that were retained, due to the absence of identified target formations of the Palaeoproterozoic Limbunya Group. In all, a total of 18 sub-blocks were relinquished, leaving 19 sub-blocks to be retained, with the effective cessation of the nominated blocks being 3 November 2024. While Transition believes the surrendered ground could be potentially prospective, this tenement rationalisation allows Transition to retain maximum exposure to its core assets in the Buntine project area, while freeing-up ground for other explorers. Maps showing the nominated blocks and reduced title area, are included in the following report.