Mr. Scott McLean reports

TRANSITION METALS IDENTIFIES A LARGE GOLD EXPLORATION TARGET ASSOCIATED WITH A CAMP SCALE EXTENSION OF THE BEARDMORE-GERALDTON GREENSTONE BELT, ONTARIO

Transition Metals Corp. has provided an interpretation of results from fieldwork completed at the company's 100-per-cent-owned-and-optioned Jolly gold property, located a one-hour drive north of Thunder Bay, Ont. Work completed in 2021 and 2022 has identified a large gold exploration target, which demonstrates the potential for a camp-scale extension to this highly prospective mineralized region west of Lake Nipigon.

"The data highlights a compelling new gold target at Jolly," stated chief executive officer Scott McLean. "The gold values we have exposed in outcrop occur within a four-kilometre-long trend of elevated gold pathfinder elements in soils occurring in favourable geology between two major fault systems. This is a classic setting for the formation of large gold systems in Archean greenstone settings and is similar to what is observed in the Beardmore-Geraldton gold camp on the east side of Lake Nipigon."

Work completed by Transition in 2021 and 2022 included: the completion of a high-resolution airborne magnetic survey; property-scale orientation mapping and prospecting; the completion of a 1,159-sample MMI (mobile metal ion) soil survey covering approximately one-third of the property; and the mechanical excavation and detailed structural mapping and sampling of four trenches.

Discussion of results

The airborne magnetic survey highlighted three major northeast-trending fault systems transecting the property, trends of iron formation, as well as a network of east-by-northeast cross-structures parallel to those hosting gold at known showings between the Poshkokagan and Warpula Lake fault systems.

The MMI sampling highlights a four-kilometre trend of elevated gold pathfinder elements in soil developed with gold values up to 50 times background. This soil trend appears to follow and underlying cluster of syntectonic intrusions.

Channel sampling in the vicinity of the Fat Beagle showing (located within this trend) exposed two zones of gold mineralization associated with east-west shearing. The Fat Beagle north showing consists of a five-metre-wide zone of veining exposed along strike in trench for 15 metres. The average of 29 samples cut across this shear zone representing 17.08 metres of select channel sampling returned an average grade of 5.23 grams per tonne (g/t) gold (Au), with the highest interval being 146.7 g/t Au over 0.45 metre. At the Roadside showing 1.2 kilometres along strike to the to the east, a much broader zone of elevated gold, copper and tungsten was exposed. Across five-to-10-metre-wide east-west shear zone exposed along strike over 40 metres, 12 samples representing 8.94 metres of select channel sampling returned an average of 0.28 g/t Au.

About the Jolly gold property

The property, which comprises an area of 4,560 hectares, covers an assemblage of metavolcanic and metasedimentary rocks of the Eastern Wabigoon subprovince. It is bisected by the regionally significant, northeast-trending Poshkokagan River fault, and bound to the south by the northeast-trending Max Lake fault, interpreted westerly extensions to the southern bounding structures of the Beardmore-Geraldton greenstone belt (BGB) and the Quetico terrain defined on the east side of Lake Nipigon. Gold deposits elsewhere in the BGB, such as the 6.9-million-ounce Hardrock deposit under development by Greenstone Gold near Geraldton, are considered classic examples of epigenetic, non-stratiform, banded iron formation-hosted gold deposits. Other notable deposits within the BGB include the shear-and-basalt-hosted Brookbank mine (600,000 ounces measured and indicated (M&I)), the turbiditic-sandstone-and-quartz-carbonate-vein-hosted Sand River and Leitch mines (past production of 900,000 ounces), the Northern Empire mine, and Sturgeon River mine.

Qualified person

The technical elements of this news release have been reviewed and approved by Greg Collins, PGeo (PGO), a qualified person as defined under National Instrument 43-101. Analytical work associated with the MMI survey performed was conducted at SGS Canada Inc., an independent, accredited laboratory, with analyses completed in Burnaby, B.C. The quality system used by SGS Canada meets all requirements of international standards ISO/IEC 17025:2017.

About Transition Metals Corp.

Transition is a Canadian-based, multicommodity explorer. Its award-winning team of geoscientists has extensive exploration experience that actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by financing a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholders' equity dilution.

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