Business
Transition Metals and 1930153 ON Ltd Sell the Fostung Tungsten Property for US$5,000,000 Cash
Sudbury, Ontario--(Newsfile Corp. - June 27, 2025) - Transition Metals Corp. (TSXV: XTM) ("Transi...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Metals and 1930153 ON Ltd Sell the Fostung Tungsten Property for US$5,000,000 CashSudbury, Ontario--(Newsfile Corp. - June 27, 2025) - Transition Metals Corp. (TSXV: XTM) (\"Transition\" or \"the Company\"), together with 1930153 ON Ltd. (\"1930153 ON\"), a private Ontario corporation, collectively the \"Vending Parties\", are pleased to announce the joint sale of their respective 50% interests in the Fostung Tungsten Property (\"the Property\") to UAMY Cobalt Corporation (\"UAMY\"), a wholly owned subsidiary of United States Antimony Corporation (NYSE: UAMY), a public company listed on the New York Stock Exchange.Transaction SummaryUnder the terms of the Agreement dated June 26th, 2025, UAMY has acquired a 100% undivided interest in the Property from the Vending Parties for total consideration of US$5,000,000 in cash (approximately C$7.0 million) and the grant of a 0.5% Net Smelter Return (NSR) royalty. Proceeds from the transaction will be split equally between Transition and 1930153 ON, each receiving US$2,500,000 and 0.25% NSR for their respective 50% interests in the Property. The sale constitutes an arm's length transaction between all three entities. No Finders' Fees were paid in relation to this transaction.Scott McLean, CEO of Transition Metals, commented: \"We are pleased to transact with UAMY, a leading strategic critical metals company which is well positioned to advance Fostung for the benefit of stakeholders, including the nearby communities of Espanola and Sudbury. The proceeds from the sale of just one of our 18 projects highlights the depth of our portfolio, which includes multiple mineral exploration projects, royalties, milestone payments, and marketable securities. Furthermore, this transaction shows the benefit of our ability to utilize our portfolio to generate non dilutive cash to help us advance key projects like Pike Warden and Saturday Night.\"Mark Trevisiol, P.Eng., President of 1930153 Ontario Ltd., commented: \"China controls over 80% of the world's tungsten production and has put restrictions on its export to foreign countries. Classified as a critical mineral, Ontario is fortunate to have a tungsten deposit of this size to counter the control of this important alloying element. UAMY, a North American-based company and a leader in the mining and processing of critical minerals brings both...