Mr. Scott McLean reports

TRANSITION METALS OPTIONS MAUDE LAKE PROPERTY; CEO SCOTT MCLEAN RECEIVES PGO AWARD OF MERIT

Transition Metals Corp. has entered into an option agreement for its Maude Lake Ni-Cu-PGE (nickel-copper-platinum group element) project with Springbok Ventures Inc. The property is located in the in Pays Plat Lake area, Lower Aguasabon Lake area and Priske township, Ontario, and hosts a large emerging high tenor Ni-Cu-Co-(cobalt)-PGE magmatic sulphide system. Sampling of mineralization exposed at surface has returned up to 6.23 per cent Ni, 0.72 per cent Cu, 0.085 per cent Co and 1.042 g/t PGE (platinum plus palladium plus gold). Drilling at Maude has intersected a large, semi-continuous zone of magmatic sulphides accumulated near the base of a large gabbroic intrusion including; 20.01 m averaging 0.33 per cent Ni, 0.28 per cent Cu including 4.00 m averaging 0.61 per cent Ni and 0.52 per cent Cu.

Pursuant to the terms of the option agreement, to acquire the 100-per-cent interest in the Maude Lake property, Springbok must pay an aggregate of $400,000 in cash, issue common shares of Springbok and incur an aggregate of $3-million in expenditures, as follows:

1. Pay $50,000 in cash and issue 300,000 shares upon the signing of the option agreement;
2. Pay $50,000 in cash and issue $550,000 worth of shares on the first anniversary of the option agreement;
3. Pay $100,000 in cash and issue $800,000 worth of shares on the second anniversary of the option agreement;
4. Pay $200,000 in cash and issue $1.5-million worth of shares on the third anniversary of the option agreement;
5. Incur an aggregate of $250,000 in exploration expenditures on the Maude Lake property prior to the first anniversary of the option agreement, an aggregate of $1-million prior to the second anniversary and an aggregate of $3-million prior to the third anniversary of the option agreement.

The initial cash payment of $50,000 and the issuance of 300,000 shares upon signing of the option agreement are firm commitments of Springbok. In addition, Springbok has agreed to grant to Transition Metals a 2.0-per-cent net smelter royalty on the portion of the Maude Lake property that is not encumbered with an existing underlying royalty agreement and a 1.0-per-cent net smelter royalty on the portion of the Maude Lake property that is encumbered with an existing underlying royalty agreement. Springbok has the right to purchase 0.75 per cent of the unencumbered portion of the royalty for $1.5-million and 0.5 per cent of the encumbered portion of the royalty for $750,000, prior to commercial production, leaving Transition Metals with a 1.25 per cent and 0.5 per cent on the unencumbered and encumbered portions of the royalty, respectively. In addition, if Springbok acquires a 100-per-cent interest under the option agreement, Springbok is required to pay Transition Metals $1-million upon the completion of a feasibility study and $5-million within 12 months of commercial production on the Maude Lake property.

CEO Scott McLean receives PGO Award of Merit

The company is pleased to announce that its chief executive officer, Scott McLean, PGeo, has been awarded the Professional Geoscientists of Ontario (PGO) Award of Merit at the organization's annual general meeting this month. The award is presented annually to a member who, over the course of their career, has made meaningful contributions to the geoscience profession and whose achievements and conduct have reflected positively on the field of geoscience. Mr. McLean was among the core group of geoscientists behind the establishment of the organization in 2000, serving as president to the association from 2005 to 2006 and 2020 to 2021. The primary purpose of PGO is to protect the public interest by regulating the profession and ensuring that registered geoscientists are qualified, competent and ethical.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Benjamin Williams, PGeo (PGO), exploration manager of Transition Metals Corp., and a qualified person as defined under National Instrument 43-101.

About Springbok Ventures Inc

Springbok Ventures is a Canadian mineral exploration company based in Vancouver, B.C., focused on the acquisition, exploration and advancement of mineral resource properties.

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 funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution.

We seek Safe Harbor.