Mr. Scott McLean reports

TRANSITION METALS PROVIDES UPDATE ON REMOTE SENSING AND FIELD PROGRAMS AT THE PIKE WARDEN PROJECT, YUKON

Transition Metals Corp. has provided an update regarding work completed on its Pike Warden project located near Whitehorse, Yukon.

The company has received final products from the remote sensing surveys previously announced in press releases dated June 24 and Sept. 11, 2023. The results, together with interpretation of the summer fieldwork that highlighted a large unexplored prospective area, sparked the company to stake additional claims and complete a follow-up program of sampling in late September. This work has resulted in the discovery of two new occurrences of molybdenite.

Scott McLean, PGeo, chief executive officer of Transition Metals, expressed his enthusiasm, stating: "I would like to congratulate our dedicated team and partners for their efforts to expand our understanding of what increasingly looks like a large and overlooked epithermal gold-silver/porphyry copper system. We are looking forward to presenting some of the data and our findings at the upcoming Yukon Geoscience Forum and Trade Show in Whitehorse next month. It is truly an exciting time for discovery in Yukon."

Discussion of results

Multispectral satellite alteration mapping

PhotoSat successfully collected cloud-free multispectral data over the property from the WorldView-3 satellite on Aug. 27, 2023. PhotoSat utilizes high-resolution multispectral satellite imagery to recognize mineral system associated alteration through spectral mapping and deep-learning technology, identifying target areas for follow-up exploration. A preliminary review of these data highlighted a previously unrecognized corridor of focused alteration and mineralization within a widespread propylitic alteration signature developed around one of the major caldera collapse-style structures, located in the northeastern portion of the property. Alteration along this corridor consists of strong sericite plus or minus pyrite plus or minus iron-oxide signatures within an elevated potassic trend highlighted by a previous airborne radiometric survey. Increases in the intensity of sericite, pyrite and potassic alteration signatures, along with other metallic elements such as molybdenum, bismuth and tellurium, can be indicator pathfinders to vector toward porphyry copper mineralization.

September sampling and staking program

In late September, a sampling program was conducted to assess features highlighted by the multispectral survey. This work identified two new occurrences of molybdenite, hosted in strong sericite plus or minus pyrite plus or minus iron-oxide altered biotite quartz diorite. In total, 78 surface grab and float samples were collected from across the underexplored northeast section of the property and have been submitted to ALS-Chemex for analysis with results expected in mid-November. During this program, the company also staked an additional 18 claims (approximately 376 hectares) to secure prospective terrain highlighted by the multispectral survey in the northeastern portion of the property.

Lidar and orthophotography survey

Final deliverables from a high-resolution lidar and orthophotography survey completed by Pioneer Exploration Consultants Ltd. have been received. Products from this survey will be used to highlight lineaments toward further defining key contacts, structural and mineralized trends, and will aid in the planning for future field programs.

Next steps

Once results from the recently completed sampling program are received, they will be integrated into the company's growing data set for this project. Over the coming months, the exploration team will review the data, continue to refine the geological model, initiate petrographic and lineament studies to better understand controls on mineralization, and highlight and refine priority targets for diamond drilling on the property. Results from sampling have been encouraging thus far, and the company will seek appropriate permits for next season from the government of Yukon while continuing to engage with Carcross/Tagish First Nation about future planned work programs.

In addition, company representatives will be attending the Yukon Geoscience Forum and Trade Show from Nov. 19 to 22 in Whitehorse, where they will present an update on the Pike Warden project for attendees. This forum is the largest geoscience and minerals industry conference north of 60, and provides an opportunity for the mining sector, first nations, government and local communities to meet and explore challenges and opportunities related to advancing Yukon's exploration and mining industry.

About the Pike Warden property

The Pike Warden property is located approximately 65 kilometres southwest of Whitehorse, Yukon. It is composed of 203 contiguous mining claims totalling approximately 41 square kilometres. The property encompasses a combination of historic and recently discovered high-grade polymetallic gold, silver, copper and molybdenum showings that are potentially indicative of a large epithermal-porphyry system in the vicinity of the Bennett Lake volcanic complex. In June, 2022, Transition entered into an option agreement to acquire a 100-per-cent interest in the property from the vendor in exchange for cash, shares and work expenditures over a four-year period (see company news release dated June 28, 2022). Additional claims were staked and added to the property in late September, 2023.

Yukon Mineral Exploration Program and Archer-Cathro

Transition Metals would like to acknowledge financial support from the 2023/2024 Yukon Mineral Exploration Program (YMEP). This program supports placer and hard-rock exploration projects by reimbursing a percentage of approved exploration expenditures, with the intent to support early-stage projects and stimulate new mineral discoveries. It is important to note that the opinions and views expressed in this announcement are those of Transition Metals, and do not necessarily reflect those of the government of Yukon.

In addition, the company would like to extend its thanks to Archer, Cathro & Associates (1981) Ltd. and Capital Helicopters (1995) Inc. for their assistance and support toward the completion of this work at the end of the alpine field season.

Qualified person

The technical elements of this press release have been approved by Benjamin Williams, PGeo (PGO), who is a qualified person as defined under National Instrument 43-101.

About Transition Metals Corp.

Transition Metals is a Canadian-based, multicommodity explorer. Its award-winning team of geoscientists has extensive exploration experience which 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 shareholder's equity dilution.

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