TRANSFORMA PROVIDES UPDATE ON MAC NICKEL PROPERTY AND ANNOUNCES OFFERING OF CRITICAL MINERALS FLOW-THROUGH SHARES

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Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Transforma Resources Corporation (the "Company" or "Transforma") (TSX-V: TFM) is pleased to report that it has recently completed an initial sampling program on the MAC Nickel Property, the results of which are currently pending. The Company intends to provide results after completion of testing and review by a qualified person.

Separately, the Company is announcing its intention to raise funds for further exploration through the sale of flow-through common shares (the “FT Shares”). The Company intends to sell up to 5,000,000 FT Shares at an offering price of $0.05 per FT Share, to raise gross proceeds of up to $250,000 (the “Offering”). The gross proceeds of the Offering will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures”, as such terms are defined in the Income Tax Act (Canada), and will also qualify for the federal government’s 30% Critical Mineral Exploration Tax Credit announced in the Federal Budget on April 7, 2022 (collectively, the “Qualifying Expenditures”) related to the Company’s MAC Nickel Property, located in British Columbia. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2022. Subscribers resident in the Province of British Columbia may also qualify for additional provincial tax credits.

Transforma is focused on advancing battery metal quality nickel deposits within its flagship MAC Property. Nickel-iron (Ni-Fe) alloy awaruite mineralization is hosted in serpentinized ultramafic rocks located to the west of FPX Nickel’s mineral claims which host the Decar/Baptiste Nickel Deposit. The Decar/Baptiste Deposit was ranked the 7th largest nickel resource in the world in May 2023, based on projects actively being explored (https://www.mining.com/featured-article/ranked-worlds-biggest-nickel-p ...). Mineralization on the Decar/Baptiste Deposit is not indicative of potential mineralization that may be on the MAC Property.

In 2012, highly anomalous levels of nickel and chrome, hosted in ultramafic rocks were discovered on the MAC Property. In 2021, multiple nickel-bearing zones were explored throughout the property along a northwest-trending magnetic feature in ultramafic rocks covering an area of approximately 5800 ha (14,332 acres) and a strike length of over 16 km. Rock samples have returned values up to 0.37% nickel, 0.32% chromium, and 150 ppm cobalt with 138 of the 177 samples returning over 0.1% nickel and 123 of the 177 samples returning over 0.1% chromium.