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  • Transition (XTM) increases its exposure to gold by amending its Gowganda agreement with Battery Mineral Resources (BMR)
  • Under the amended agreement, it has waived the expenditure required for the second-year option and removed the requirement for Battery to expend funds
  • The consideration received by Transition includes a C$300,000 cash payment
  • Transition Metals is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries in Canada
  • Transition Metals Corp. (XTM) is in the grey and is trading at C$0.18 at 2:47 on March 23

Transition Metals Corp (XTM) has amended its agreement with Battery Minerals Resources Corp (BMR ).

The amendment allows BMR to focus its earn-in efforts on portions of the property under option from Transition considered to be more favourable for hosting silver and cobalt mineralization while facilitating the return of portions of the property considered more favourable for hosting gold to Transition.

Under the amended agreement, it has waived the expenditure required for the second-year option and removed the requirement for Battery to expend funds on gold exploration in the future.

The consideration received by Transition includes a C$300,000 cash payment (paid), the return of its Gowganda Gold property totalling 968 hectares with two years of good standing and the assignment of the additional contiguous Battery claims totalling 4,011 hectares with one-year good standing.

The assigned Battery claims include a 1 per cent net smelter return royalty held by Battery.

Transition CEO Scott McLean commented, “We are pleased to achieve a constructive outcome for this project with Battery. We view our Gowganda property to be highly prospective for gold since first acquiring it in 2009.”

“We intend to attract a new partner to advance the gold potential of our property while allowing Battery to continue to focus on exploring the silver and cobalt potential under the current option arrangement,” added McLean.

To earn a 60 per cent interest on the remaining Transition claims, Battery must provide XTM with an additional C$250,000 in cash and expend C$2 million by March 2, 2022.

Battery may increase its interest to 80 per cent by delivering a Feasibility Study within three years of vesting its 60 per cent, subject to certain time extension provisions.

The Project is located adjacent to Gowganda, Ontario, in Nicol, Haultain, and Van Hise townships, in the Larder Lake Mining District.

Transition Metals is a Canadian-based, multi-commodity project generator specializing in converting new exploration ideas into Canadian discoveries in Canada.

Transition Metals Corp. (XTM) is in the grey and is trading at C$0.18 at 2:47 on March 23.

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