Transition Metals Acquires Prospective Vanadium Project in Ontario and Updates Financing Plans
Transition Metals Acquires Prospective
Vanadium Project in Ontario and Updates
Financing Plans
Highlights:
>2,000 Ha staked to secure the entire Empire Lake Intrusion, which is rich in vanadium.
Mineralized zones are known to extend over 1,800 metres and are up to 170 metres thick.
Mineralization grades up to 0.63 wt.% V
₂
O
₅
.
Sudbury, Ontario--(Newsfile Corp. - April 27, 2026) - Transition Metals Corp. (TSXV: XTM)
("
Transition
" or the "
Company
") is pleased to announce it has staked a 100% interest in the Empire
Lake Project, a prospective vanadium property located in northwestern Ontario approximately 250
kilometres northwest of Thunder Bay. The staking covers a large regional magnetic anomaly associated
with an underexplored mafic intrusion known to contain widespread vanadium-rich magnetite
mineralization with significant exploration upside.
Commenting on the acquisition, President and CEO Scott McLean stated:
"The Empire Lake Project
provides Transition with exposure to the growing vanadium sector at a time when global supply
dynamics and new technologies are driving demand. With increasing interest in vanadium redox flow
batteries and evolving steel standards, we believe this project represents a compelling opportunity.
Consistent with our business model, we will actively seek a partner to advance exploration and unlock
value."
Vanadium is both an industrial metal used in the mature steel industry and a critical commodity tied to
emerging battery technologies, with an important role in grid and energy security. While steel accounts
for 94% of US vanadium demand today, increased battery production is anticipated to put pressure on
supply with vanadium redox flow batteries to account for 17% of demand by 2033, necessitating 7%
annual growth by 2030
1
. In addition, over 90% of global supply is concentrated in China and Russia
creating significant supply-chain risks for consumers as the former has imposed restrictions on critical
mineral exports and the latter is exposed to sanctions
2
. As recent geopolitical events have
demonstrated, securing stable, diversified supplies of critical commodities has become a strategic
imperative.
Sources
:
1
Milewski, A., (2025), Vanadium: double-edged demand, The Oregon Group, June 9, 2025. Available online at:
https://investingnews.com/daily/resource-investing/battery-metals-investing/vanadium-investing/vanadium-producing-countries/
2
Williams, G., (2025), Top 4 Vanadium-producing Countries, Investing News Network, May 29, 2025. Available online at:
https://investingnews.com/daily/resource-investing/battery-metals-investing/vanadium-investing/vanadium-producing-countries/
About Empire Lake
The Empire Lake Property comprises 97 single-cell mining claims totaling 2,027 hectares. The claims
cover a prominent regional magnetic anomaly associated with an underexplored core of the mafic
intrusion (Empire Lake Intrusion) measuring approximately 3.5 kilometres in length and is known to host
widespread vanadium-rich magnetite mineralization.
Preliminary mapping at Empire Lake showed a mafic layered intrusion extending up to 4.0 km long and
up to 3.2 km wide.
Drilling conducted in 1979
3
and 1985
4
, identified both disseminated magnetite and massive veins of
magnetite in drill holes over core lengths up to 42 metres, with no historic assays reported
3,4
.
Subsequent work in included preliminary mapping and sampling programs aimed at defining the grade
and extent of the main vanadium-bearing magnetite zone
5
. This work outlined a mineralized zone
extending up to 1.8 kilometres in strike length, with widths ranging from 50-170 metres.
Work activities completed by Transition Metals in connection with a partnership with Impala Platinum
between 2012-2014
5
were initially focused on assessing the potential of the Empire Lake intrusion to
host platinum group elements (see Company news release
December 11, 2013
). This work returned
encouraging results relating to the vanadium potential on the property, including values from grab
samples and channel samples of up to 0.63% V
₂
O
₅
, 5.84% TiO
₂
, and 65.1% Fe
₂
O
₃
. Further Davis
Tube metallurgical testing on four composite samples with head-grades ranging from 44.15-60.80%
Fe
₂
O
₃
, 0.37-0.58% V
₂
O
₅
, and 3.77-5.36% TiO
₂
produced concentrates grading 66.2-66.4% Fe
₂
O
₃
,
0.89-1.09% V
₂
O
₅
, and 0.74-2.73% TiO
₂
. Vanadium recoveries from this preliminary testing indicate
potential for favourable metallurgical performance.
The Company cautions that grab samples are selective by nature and may not be representative of the
overall grade or style of mineralization across the property. Further, the historical results referenced
herein have been reviewed by a Qualified Person, including a review of original assessment reports and
available supporting data, and are considered to be reliable for the purposes of this disclosure.
Sources
:
3
Beth-Canada Mining Co., (1979), Diamond Drilling Report 10 Empire Lake, Assessment File 52G09NE0004, Ontario Geological Survey, Ministry
of Energy and Mines, Ontario, Canada.
4
Martinson, F., (1985), Diamond Drilling Report 11 Empire Lake, Assessment File 52G09NE0001, Ontario Geological Survey, Ministry of Energy
and Mines, Ontario, Canada.
5
Flank, S., (2014), Transition Metals Report on the 2012-2014 Empire Lake Property Exploration Programs, Assessment File 20000014769,
Ontario Geological Survey, Ministry of Energy and Mines, Ontario, Canada.
Current Financing
The previously announced financing (see Company news release
March 2, 2026
) has been reduced
from an intention to raise $1,000,000. The Company intends to raise up to $750,000 by way of a non-
brokered private placement consisting of up to 6,521,739 Charity Flow Through Units (the "
CFU
") at a
price of $0.115 per CFU (the "
Offering
"). The initial purchasers of the CFU may subsequently donate
such CFU to registered charitable organizations, who may in turn choose to sell such CFUs (the "
Re-
Offered Units
") to purchasers at a price of $0.08 per Re-Offered Unit (the "
Re-Offer Price
") or sell such
Re-Offered Units to purchasers at the Re-Offer Price. The Company will not be a party to any such
arrangements. The Re-Offered Units will consist of one common share ("
Common Share
") and one half
of one Common Share purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant will entitle
the holder to purchase one Common Share in capital of the Company at a price of $0.115 per Common
Share for a period of 18 months from closing of the Offering. A finder's fee may be paid in connection
with the Offering to finders, as determined by mutual agreement between the Company and the finders
and is subject to regulatory approval. The finders' fee will consist of 6% cash for CFUs sold to
purchasers introduced by such finders, and non-transferable Common Share purchase warrants equal to
6% of such CFUs sold to purchasers ("
Compensation Warrants
"). The Compensation Warrants will
permit the holder to purchase one Common Share in the capital of the Company at a price of $0.115 per
Common Share for a period of 18 month from closing of the Offering.
Proceeds from the Offering will be used to explore and advance a critical minerals property (Saturday
Night PGM) and a precious metal project (Gowganda Au) which are both located in Ontario. The
Common Shares issued in connection with the Offering, including any Common Shares issued upon
exercise of the Compensation Warrants, will be subject to a four-month restricted resale period and
applicable securities legislation hold periods outside of Canada from the closing date. Completion of the
Offering will be subject to all necessary approvals, including the approval of the TSX Venture Exchange.
There can be no assurance that the Offering will be completed as proposed or at all.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by Mr. Benjamin Williams, P.Geo. (PGO), Exploration Manager of Transition Metals Corp., and a
Qualified Person as defined under National Instrument 43-101.
About Transition Metals Corp
Transition Metals Corp.
(TSXV: XTM) is a Canadian-based, multi-commodity 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.
Further information is available at
www.transitionmetalscorp.com
or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 667-6178
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes
"forward-looking information" within the meaning of Canadian securities law.
Such forward-looking
information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects",
"believes", "may", "will" and include without limitation, statements regarding estimated capital and
operating costs, expected production timeline, benefits of updated development plans, foreign exchange
assumptions and regulatory approvals.
There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from such statements.
Factors that could
cause actual results to differ materially include, among others, metal prices, competition, risks inherent in
the mining industry, and regulatory risks.
Most of these factors are outside the control of the Company.
Investors are cautioned not to put undue reliance on forward-looking information.
Except as otherwise
required by applicable securities statutes or regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a result of new information, future
events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/294347