Investor Insight

Transition Metals offers investors exposure to discovery-driven upside across critical and precious metals through a proven project generator model, a diversified Canadian asset portfolio, and a capital-efficient strategy designed to minimize dilution while retaining meaningful discovery and monetization leverage.

Overview

Transition Metals (TSXV:XTM) is a Canada-based, multi-commodity exploration company focused on the discovery of critical and precious metals exclusively within Canada’s most prospective and stable mining jurisdictions. The company has assembled a diversified portfolio of exploration projects spanning platinum group metals, nickel, copper, gold, silver and uranium, providing broad exposure to commodities central to electrification, decarbonization and long-term resource security.

Operating under a disciplined project generator model, Transition advances early-stage assets through geoscience-driven exploration before strategically bringing in partners to participate in funding drilling and development. This approach allows the company to preserve capital, limit shareholder dilution and retain upside through royalties, milestone payments and equity interests, while maintaining operatorship and technical control during key exploration phases.

Transition’s portfolio includes flagship assets such as the Saturday Night/Sunday Lake PGM projects near Thunder Bay, the Gowganda Gold project in Ontario and the Pike Warden polymetallic system in Yukon, alongside a pipeline of additional opportunities across Ontario, British Columbia, Saskatchewan and the Northwest Territories. Led by an award-winning technical team with a proven discovery record, the company is positioned to create shareholder value through discovery, disciplined capital management and strategic asset monetization within a secure, Canada-focused footprint.

Company Highlights

• Multi-commodity exploration company with a portfolio of projects and royalties, covering gold, nickel, copper, platinum group metals (PGM), cobalt, tungsten and more located in mining-friendly jurisdictions across Canada
• Flagship PGM exposure at the Saturday Night/Sunday Lake projects in the Thunder Bay region
• Discovery-focused project generator model designed to minimize shareholder dilution while maximizing exploration leverage
• Strong treasury position complemented by marketable securities, milestone payments and royalty interests
• Proven management team with multiple industry discovery awards and a long track record of value creation
• Exposure to critical metals themes supported by government funding, flow-through incentives and secure jurisdictions

Key Projects

Saturday Night / Sunday Lake (Ontario)

The Saturday Night and adjacent Sunday Lake projects form one of the most compelling emerging PGM exploration stories in the Thunder Bay region. The properties are associated with early-stage Midcontinent Rift-related mafic-ultramafic intrusions, analogous in age and style to major North American PGM-Ni-Cu deposits such as Eagle (Michigan), Tamarack (Minnesota) and Thunder Bay North (Ontario). Sunday Lake hosts thick, laterally extensive zones of PGM mineralization, while drilling at Saturday Night has confirmed a large rift-related intrusion with basal PGM-Ni-Cu mineralization. Ongoing and planned drilling is focused on expanding the mineralized footprint and testing the basal contact geometry, positioning the project as a potential district-scale PGM system.

Gowganda (Ontario)

Gowganda is a 100-percent-owned, 87 sq km gold project in the historic Gowganda silver-cobalt camp, where Transition reports it made a gold discovery in 2010 less than 1 km from a paved highway. The company describes a widespread gold mineralized system over ~1.25 km of strike, with “visible gold at surface” and highlights including 97 grams per ton (g/t) gold over 40 cm (channel sample) and drill highlights including 2.4 g/t gold over 7.1 m and 82.5 g/t gold over 0.4 m (within 35 m of surface).

Dessert Lake (Northwest Territories)

Dessert Lake is a strategic uranium exploration opportunity in a large, underexplored basin that shares geological similarities with the Athabasca Basin, which hosts a significant portion of the world’s high-grade uranium deposits. Transition holds the exclusive right to stake claims and is seeking a partner to advance the district-scale opportunity, noting prospective settings along the Wopmay fault and along the basal unconformity/crustal fault intersections.

Pike Warden (Yukon)

Pike Warden is a large polymetallic project situated on the northern margin of the Bennett Lake Caldera, one of the largest collapsed caldera complexes in Canada. Pike Warden is an emerging epithermal gold-silver/porphyry copper system near the Yukon–BC border, ~70 km southwest of Whitehorse, where Transition retains the option to earn 100% of the 41 sq km property. Transition reports 25+ zones of gold-silver-copper-molybdenum-lead mineralization identified to date and sampling highlights up to 48.1 g/t gold, 11,270 g/t silver, 7.49 percent copper, 2.37 percent molybdenum and 59.6 percent lead, with recent work and targeting supported by geophysics and systematic sampling.

Jolly (Ontario)

Jolly Gold is a large, 100-percent-owned and optioned land package covering the western extension of the Beardmore–Geraldton greenstone belt, with multiple undrilled occurrences of high-grade gold mineralization. The company highlights major and splay structures intersecting favourable stratigraphy, describing the target as a camp-scale exploration opportunity.

Cryderman (Ontario)

Cryderman is a gold project in the Shining Tree West camp located along the Ridout Deformation Zone and sits 55 km east of IAMGOLS’s Côté gold project and 16 km west of Aris Gold’s Juby gold project. It is a gold-mineralized system over ~500 m of strike hosted in N–S trending, multi-phase quartz-carbonate veins. The company reports channel sample highlights including 9.15 g/t gold over 1.07 m (with additional high-grade sub-intervals).

Maude Lake (Ontario)

The Maud Lake project is a high-tenor nickel-copper-cobalt-PGM magmatic sulphide system located ~10 km north of Schreiber, Ontario. Transition reports surface sampling up to 6.23 percent nickel, 0.719 percent copper, 0.085 percent cobalt, and 1.042 g/t PGM (platinum+palladium+gold), and notes drilling that intersected a semi-continuous zone of magmatic sulphides near the base of a gabbroic intrusion including 20.01 m averaging 0.33 percent nickel and 0.28 percent copper (including 4 m averaging 0.61 percent nickel and 0.52 percent copper).

Homathko (British Columbia)

Homathko is a high-grade, drill-ready gold prospect exposed by receding glaciers in British Columbia, with an interpreted lode gold system traced along ~1.5 km of strike and grab sample highlights up to 87 g/t gold.

Island Copper (Ontario)

Island Copper is an IOCG (iron oxide copper-gold) opportunity north of Sault Ste. Marie, Ontario, with Transition reporting two separate mineralized showings along Highway 556. Recent samples and historical drill holes returned values up to 9 percent copper.

Wollaston (Saskatchewan)

Wollaston Copper is a >30 sq km property in north-central Saskatchewan south of the Athabasca Basin, where Transition describes two sediment-hosted base metal target opportunities. The company cites historic drilling by Noranda (1990) including 10.82 m grading 0.25 percent copper and 7.4 m grading 0.49 percent copper (both within 40 m of surface), and a separate zinc showing with 17.0 m grading 2.52 percent zinc and 4.0 m grading 7.18 percent zinc, within the Wollaston Supergroup.

Pipestone (Ontario)

Pipestone is a 33 sq km gold project in the Porcupine camp ~25 km north of Timmins, covering ~13 km of interpreted strike extension of the Pipestone structure (one of two main structural breaks recognized in the Timmins camp). The property is subject to a participating joint venture with Gowest Gold, with provisions for dilution to a 2 percent NSR (with a 1 percent buyback for $1 million).

Bancroft (Ontario)

Bancroft is a southern Ontario nickel-coper-cobalt-PGM greenfield land package that has benefited from ~$5 million in exploration expenditures and includes drilling intersections of 5.05 m averaging 1.98 g/t PGM and 60 m of 1.34 g/t PGM. It comprises 2,789 hectares of mining claims and is located less than a 2-hour drive from Toronto.

Management Team

Scott McLean – President, CEO and Co-founder

Scott McLean has over 30 years of experience in mineral exploration and corporate leadership. He spent 23 years with Falconbridge Limited where he was involved in the discovery of the Nickel Rim South deposit in Sudbury, Ontario. For this work, he was named Prospector of the Year (2004) by the Prospectors & Developers Association of Canada. McLean is responsible for corporate vision, capital structure, governance and investor relations, and also serves as an executive director of SPC Nickel Corp.

Greg Collins – Chief Operating Officer and Co-founder

Greg Collins is a professional geologist with more than 25 years of experience across gold and base metals exploration, resource estimation, mine planning, operations and management. His career spans Canada and international jurisdictions. Collins is a founding partner and COO of Transition Metals and is also CEO of Canadian Gold Miner.

Carmelo Marrelli – Chief Financial Officer

Carmelo Marrelli is a chartered professional accountant and principal of The Marrelli Group of Companies. He acts as CFO for a number of public issuers on the TSX, TSX Venture Exchange and CSE, bringing financial, governance and regulatory expertise. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and is a member of the Institute of Chartered Secretaries and Administrators.

Bill Stormont – Business Development

Bill Stormont is a capital markets executive with experience in institutional equity (buy-side, sell-side and fund management), investor relations and stakeholder engagement. He has served in equity analyst and institutional sales roles, worked as a European equity fund manager, and supports business development, partnerships and strategic communications for Transition Metals. Stormont holds an MBA from the University of British Columbia.

Tom Hart – Chief Geologist

Tom Hart is an award-winning geologist with over 40 years of exploration experience across government and industry, including Inco and the Ontario Geological Survey. He specializes in lode gold and base metal systems and has expertise in soil, till and rock analytical methods. Hart was co-recipient of the Northwestern Ontario Prospectors Association’s Discovery of the Year Award (2004).

Benjamin Williams – Exploration Manager Geologist

Benjamin Williams has more than 10 years of geological experience and has been with Transition Metals since 2018. He obtained a BSc with Honours in Geology from Saint Mary;s University, Halifax, followed by Graduate work at Carleton University in Ottawa, where his work focused on igneous petrology and isotope geochemistry. Prior to joining Transition Metals, Mr. Williams worked in collaboration with the Northwest Territories Geological Survey, as a Senior Mapping and Research Assistant, where he conducted various value-added mapping and isotopic research programs on Neoarchean volcanic belts within the Slave Craton, with a focus on VMS-style mineralization.

Sarah Reese – Project Geologist

Sarah Reese is a geological engineer with a Bachelor of Applied Science in Geological Engineering from Queen’s University. She contributes to field programs and geological interpretation, while developing her professional expertise through ongoing education and field experience.

Target rate probabilities for January Fed meeting.

Chart via CME Group.

The Fed’s next rate announcement is set for January 28, and CME Group’s (NASDAQ:CME) FedWatch tool shows strong expectations for a hold. That’s despite core consumer price index (CPI) data showing that inflation rose by a lower-than-expected 0.2 percent for December. On an annual basis, core CPI was up 2.6 percent.

Trump has frequently criticized Powell for not lowering rates quickly enough, and Powell’s replacement, who has not yet been announced, is widely expected to be more in line with Trump’s views.

“We see increased interference with the Fed as a key bullish wildcard for the precious metals in 2026,” Carsten Menke, head of next-generation research at Julius Baer Group, told Bloomberg. He noted that because silver is a smaller market than gold, it typically reacts “more strongly to such concerns.”

Silver price chart, January 15 to 23, 2026.

Silver and its sister metal gold tend to fare better when rates are lower, meaning rate cut expectations coupled with the investigation of Powell and the Fed have helped to stoke prices for the precious metals.

While silver is known for lagging behind gold before outperforming, it’s now ahead in terms of percentage gains — silver is up about 220 percent year-on-year, while gold has risen around 78 percent.

The yellow metal also hit a new all-time high on Friday, peaking at US$4,987.28 per ounce.

In addition to rate-related factors, silver’s breakout this year has been driven by various other elements.

As a precious metal, it’s influenced by many of the same factors as gold, but its October price jump, which took it past the US$50 level, was also driven by a lack of liquidity in the London market.

While that issue appears to have resolved, silver remains in a multi-year supply deficit. Tariff concerns and silver’s new status as a critical mineral in the US have also provided support.

In addition to its appeal as a precious metal, silver’s industrial side shouldn’t be forgotten — according to the Silver Institute, the white metal’s ‘global silver industrial demand is poised to grow further as demand from vital technology sectors accelerates over the next five years. Sectors such as solar energy, automotive electric vehicles and their infrastructure, and data centers and artificial intelligence will drive industrial demand higher through 2030.’

Investor Insight

Coelacanth Energy presents strong growth potential in the Canadian light oil and natural gas sector, supported by rapidly increasing production, robust pad performance at Two Rivers, and continued infrastructure buildout. Encouraging well test results and a management team with a track record of repeated success position Coelacanth as a compelling long-term growth story.

Overview

Coelacanth Energy (TSXV:CEI) is a junior oil and natural gas exploration and development company, focusing primarily on the prolific Montney region in northeastern British Columbia, Canada. With a substantial landholding of approximately 150 net sections in the Two Rivers area of Montney, Coelacanth is strategically positioned to harness the potential of one of the most resource-rich natural gas basins in North America.

Coelacanth distinguishes itself with a two-pronged strategy: near-term production growth and long-term resource development. Supported by advanced geological delineation and a robust infrastructure buildout, the company is poised to scale efficiently as it transitions from exploration to production.

Backed by a management team that has built and sold six successful oil and gas companies, Coelacanth is focused on delivering returns through disciplined capital deployment and operational execution.

The Montney Advantage

The Montney Formation spans British Columbia and Alberta and is known for its high levels of recoverable natural gas and liquids. Montney has attracted numerous large oil and gas producers, including companies like Canadian Natural Resources (CNQ), Shell, ARC Resources (ARX), Tourmaline Oil Corp (TOU), and ConocoPhillips (COP). The presence of such large players highlights the importance of this region in contributing to both the Canadian and global energy markets.

Coelacanth’s landholdings are strategically located in the Two Rivers area of Montney, giving it access to a highly productive portion of the basin. Unlike many junior exploration companies, Coelacanth is drill-ready, positioning it favorably among its peers. By securing significant infrastructure and landholdings, Coelacanth ensures its ability to tap into the natural gas and oil resources that lie beneath its properties, a key advantage in the competitive Montney region.

Company Highlights

• Over 150 net sections of contiguous land in the Two Rivers area, located in the Montney geological fairway, one of North America’s most prolific liquids-rich natural gas regions.
• Strategic proximity to major producers like ARC Resources, Tourmaline Oil Corp, Shell and ConocoPhillips.
• Two Rivers East began first production in June 2025, with systematic ramp-up ongoing through the year.
• Phase 1 facilities now operational (30 mmcf/d + associated oil); Phase 2 to add compression and double capacity by late 2025.
• Nine wells drilled and tested on the 5-19 pad with over 11,000 boe/d in aggregate flush test rates; multiple wells exceeding 1,200 boe/d with strong light-oil cuts.
• Q3 2025 production increased 296 percent to 3,280 boe/d, driven by new volumes from Two Rivers East.
• Estimated production growth: 4,000 boe/d in 2025; 11,000 boe/d in 2026; 15,000 boe/d in 2027.

Key Projects

Two Rivers East and Two Rivers West

The Two Rivers Montney development remains the foundation of Coelacanth’s long-term growth strategy. The project includes multiple Montney benches – Lower, Upper, Basal and Middle – providing significant running room for future drilling. The company has now drilled and tested nine wells on the 5-19 pad, with combined flush test rates exceeding 11,000 boe/d and strong light-oil cuts across several Lower Montney wells.

Two Rivers East began first production in June 2025, and wells are being brought on stream in stages as facility capacity becomes available. Phase 1 facilities, capable of processing 30 mmcf/d of gas and associated oil, were completed for the June startup. Phase 2, expected to be commissioned in late 2025, will add compression and approximately double throughput capacity to support ongoing pad development.

The Two Rivers West area remains in production and continues to demonstrate commercial performance, with additional upside in the Upper Montney and opportunities for further delineation across the land base. These results support the broader multi-zone development potential across Coelacanth’s 150-section Montney position.

Market Access and Takeaway Agreements

Coelacanth lands are directly connected to LNG Canada via Coastal Gaslink for potential future delivery.

Coelacanth has secured long-term gas takeaway for its growing production base. The company holds firm commitments for up to 100 mmcf/d of natural gas takeaway capacity and has secured processing capacity of up to 60 mmcf/d at a third-party facility. Oil and condensate produced from the Montney light oil window can be trucked to regional terminals or connected via infrastructure to major hubs including Fort Saskatchewan, Edmonton and Prince George.

On the gas side, Coelacanth has egress options through pipelines such as NGTL, Westcoast and Alliance, and is strategically positioned to benefit from future access to LNG Canada via the Coastal GasLink system.

Board and Management

Rob Zakresky – President and CEO

Rob Zakresky has a significant background in the oil and gas sector, previously serving as the president and CEO of Leucrotta Exploration as well as five additional predecessor companies. He has been with Coelacanth Energy since its inception and is recognized for his strategic leadership and focus on enhancing shareholder value. His expertise in financial management and operations is reflected in his approach to driving the company’s growth.

Bret Kimpton – Vice-president of Operations and COO

Bret Kimpton joined Coelacanth Energy in 2022, bringing a wealth of experience from his previous role as vice president of production at Storm Resources, where he contributed to significant production growth. He has a strong background in construction and operations, especially in the Montney region of British Columbia, managing various fields. His role at Coelacanth focuses on overseeing operational efficiency and implementing the company’s growth strategies.

Nolan Chicoine – Vice-president of Finance and CFO

Nolan Chicoine has also been with Coelacanth Energy since its inception. His responsibilities encompass financial oversight, including financial planning, reporting, and analysis. He plays a crucial role in aligning the financial strategies with the company’s operational goals. His background includes significant experience in financial management as CFO for Leucrotta Exploration, Crocotta Energy, and Chamaelo Energy.

Jody Denis – Vice-president of Drilling & Completions

Jody Denis is the former drilling, engineering & operations engineer at Leucrotta Exploration. Prior to that, he was senior operations advisor at Black Swan Energy, drilling manager at ARC Resources, and drilling and completions manager at Birchcliff Energy.

John Fur – Vice-president, Geosciences

John Fur is the former manager, exploration of Leucrotta Exploration, and former senior geophysicist at Crocotta Energy, Chamaelo Energy, Chamaelo Exploration, Viracocha Energy, Canadian Natural Resources, Post Energy, Amber Energy and Husky Oil.

Dan Rach – Vice-president, Production

Dan Rach joined Coelacanth in Sept 2023 as senior production engineer. Prior to that, he was production engineer at Canadian Natural Resource, engineering manager at Bidell Equipment LP, supplier quality engineer at Flextronics Network Services, and manufacturing engineer at General Motors.