In the spirit of The Kybalion …

Trans·mute defined according to a typical Dictionary

Change: to change something from one form, nature, substance, or state to another, or be changed in this way;

Change from one element to another: to change one chemical element into another through disintegration or nuclear bombardment, or be changed in this way;

Convert base metal to gold: in alchemy, to convert a base metal into gold or silver, or be converted in this way.

I would say that last is a very limited view:

The {spiritual} meaning of “transmute” is to change or shift the “lead” of the physical universe in all its limitations into the “gold” of spirit … That was the true {original} meaning of alchemy …