Transition metals have partially filled \( (n-1)d \) orbitals along with outer \( ns \) electrons.
Both \( ns \) and \( (n-1)d \) electrons can participate in bonding.
Reason:
- Small energy difference between \( ns \) and \( (n-1)d \) orbitals
- Electrons from both orbitals are used in bond formation
Hence, different numbers of electrons can be lost.
\[
\therefore \text{Transition metals exhibit variable oxidation states.
\]