Transition Metals and 1930153 ON Ltd Sell the Fostung Tungsten Property for US$5,000,000 Cash

Core Viewpoint - Transition Metals Corp. and 1930153 ON Ltd. have sold their 50% interests in the Fostung Tungsten Property to UAMY Cobalt Corporation for US$5,000,000 in cash and a 0.5% Net Smelter Return royalty, highlighting the strategic importance of tungsten and the value of their mineral exploration portfolio [1][2][3]. Transaction Summary - UAMY acquired a 100% interest in the Fostung Property for US$5,000,000 (approximately C$7.0 million) and a 0.5% NSR royalty [2]. - The proceeds from the sale will be split equally between Transition and 1930153 ON, with each receiving US$2,500,000 and a 0.25% NSR [2]. - The transaction is classified as an arm's length transaction, with no finders' fees involved [2]. Company Insights - Transition Metals Corp. has a diverse portfolio of 18 projects, which includes mineral exploration projects, royalties, and marketable securities, allowing for non-dilutive cash generation [3]. - 1930153 ON Ltd. focuses on advancing mineral projects in Ontario using modern extraction and processing technologies [11]. Property Details - The Fostung Property consists of 50 mining claims covering approximately 1,114 hectares, located in Foster Township, Ontario, about 8 kilometers southeast of Espanola [4]. - The property has a historic inferred mineral resource estimated at 12.4 million tonnes grading 0.213% WO₃, based on data from 44 diamond drill holes totaling 9,185 meters [5]. Industry Context - China controls over 80% of the world's tungsten production, making the Fostung deposit significant for North America as a critical mineral resource [3]. - UAMY is positioned as a leader in the mining and processing of critical minerals, which is essential for sustainable development in the industry [3].