PEEL MINING LIMITED — AGM Information 2010

Nov 24, 2010

AGM Presentation

24 November 2010 Managing Director – Rob Tyson

• Disclaimer

– The views expressed here other than historical fact constitute forward-looking statements. Forward-looking statements are based upon estimates and assumptions considered reasonable by the Company, albeit subject to uncertainties and contingencies of unknown factors that may cause variation in such forward-looking statements beyond the Company’s ability to control or predict. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

• Competent Persons Statement

– The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Tyson, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyson is Managing Director of Peel Exploration Ltd. Mr Tyson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Tyson consents to the inclusion in this report of the matters based on his information in . the form and context in which it appears

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• Precious-base metal explorer with three key assets:

• Apollo Hill gold project, option to purchase (Goldfields WA)

• Attunga Project, tungsten, gold, copper, moly (Tamworth region)

• May Day gold-base metals project (Cobar region)

• Project highlights:

• Apollo Hill is large, protruding gold deposit, never mined

• Apollo Hill is open along strike/down dip; excellent regional exploration potential

• Attunga tungsten = rare metal exposure; tungsten price now pre-GFC levels

• Attunga copper-gold-moly & Kensington gold open along strike/down dip

• May Day gold-base metals is underexplored, open down dip; G5 large unexplained regional magnetic target

• Outlook 2010/2011:

• Apollo Hill maiden JORC resource, extensional/infill drilling; met-testwork; scoping

• Attunga tungsten bulk sample & met-testwork

• May Day VTEM survey, deeps diamond drilling and RAB drilling

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• Capital structure

– Market Capitalisation (@ 7.5 cps)

• Enterprise Value

• Fully paid shares (post rights issue)

– Options (expiry 11/10; exercise prices 20-30 cps)

– Top 20

$4.3 million

$3.2 million 57 million 30.5 million approx 66%

• PEX people

• Rob Tyson (Managing Director)

• Simon Hadfield (Chairman)

– Graham Hardie (Non-executive Director)

– Craig McGown (Non-executive Director)

– David Hocking (Company Secretary)

– Michael Oates (Project Geologist)

– Steve Leggett (Operations Manager)

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• Location and tenure

• 50 km SE of Leonora, WA

• 120 km2 of granted leases (ELs and PLs)

• 100%-owned by Hampton Hill Mining NL

• Option specifics

• PEX granted exclusive call option over entire project

• PEX complete aboriginal heritage survey - done, awaiting final report

• Expiry 30 November 2010

• If PEX exercises

• 11 million PEX FPO shares consideration to HHM

• 5% gross overriding royalty on production >1 Moz

• Value accretive

• Acquisition cost of ~$3/oz vs $20/oz industry average

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• Geology

– Project area is 6 km west of major mineralising Keith-Kilkenny lineament – Apollo Hill is shear-hosted deposit; sits on Apollo Shear, splay off KKL

– Shear can be traced by magnetics for >20 km strike

– Mineralisation straddles strongly deformed felsic/mafic contact

• Discovery, mineralisation and alteration

– Discovered 1986 by Fimiston Mining chasing eluvial gold at base of hill – Extensive mineralisation, >1 km long & up to 250m wide – Carbonate-quartz-sericite-pyrite alteration

– Coarse free gold in quartz veining is common

– Structurally complex; multiple mineralising events – Occurs in 2 separate deposits – Apollo Hill and Camp Zone – Camp Zone located ~300m W of Apollo Hill; concealed beneath cover

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• Exploration

• Multiple campaigns of exploration over 25 years

• Battle Mountain, Homestake, MPI, Teck Cominco farmed-in looking for >1Moz deposits

• Apex last JV partner (earn 60% by spending $5m)

• >$10 million of exploration spent since discovery

• <5% drilling deeper than 100m; <1% drilling deeper than 200m

– Multiple high grade hits at Apollo Hill and Camp Zone deposits: 10m at 6.5 g/t Au from 256m; 2m at 31 g/t Au from 146m; 12m at 4.5 g/t Au from 186m (all from Apex drilling)

• High grade hit 500m north of Apollo Hill: 5m at 26 g/t Au needs follow up

– Camp Zone south (14m @ ~1 g/t Au) remains open

• Extensive tracts of Apollo Shear remain untested due to lake cover

• Gold is freemilling; >80% gravity recovery, good cyanidation response

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• Resource estimation

• JORC resource estimate underway; completion imminent

– Based on 23,000m of aircore, RC and diamond drilling

– Truncated at 150m below surface

• SG range used: oxide = 1.8, fresh = 2.6

– Apollo Hill resource is open internally (between drillholes) and to south

• Camp Zone is open down dip and along strike (north-south)

• JORC compliance QA/QC nearly finished

• Exploration planning

• Induced Polarisation survey

– 2,000m RC and 300m diamond infill and extensional drill programme

– Comprehensive met-testwork

• Revised JORC resource estimate

• Scoping study

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• Apollo Hill forward plan

– Nov/Dec 2010 – complete and report JORC-compliant resource

– Dec 2010 – drill programme planning

– Jan 2011 – IP survey

• Feb-Mar 2011 – infill and extensional drilling

– Mar 2011 – commence comprehensive met-testwork

– Apr 2011 – updated JORC resource

• May/Jun 2011 – scoping study

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• Skarn-style tungsten mineralisation

• Skarn-style copper-gold (polymetallic mineralisation)

• Stockwork/sheeted vein-style (IRGS/orogenic?) gold mineralisation

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• April 2008:

• Maiden JORC compliant Inferred Resource for Attunga Tungsten Deposit of 1.29 Mt @ 0.61% WO3 and 0.05% Mo (Geos Mining)

• March 2009:

• Metallurgical test work completed for Attunga Tungsten Deposit with simple process route identified, high grade WO3 concentrates produced

• May 2009:

• 75m at 1 g/t Au, 0.87% Cu, 0.09% Mo, 22 g/t Ag, 0.06% Bi from 135m polymetallic discovery at Attunga Copper Mine

• May 2010:

• Follow-up drilling at Attunga Copper Mine discovers high grade moly: 5.6m at 0.44% Mo, 0.7 g/t Au, 12 g/t Ag, 0.45% Cu from 48m and 1.4m at 22.7 g/t Au, 13 g/t Ag, 0.7% Cu from 55m

• 2010/2011 Forward Program:

• JV discussions underway; seeking potential offtake/development partners

• RAB drilling at Kensington, Kensington NW completed; results pending

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• Gold-Lead-Zinc-Silver-Copper VMS mineralisation:

– Acquired 100% of May Day gold-lead-zinc deposit (granted ML1361)

– Surrounding area (84km[2] ) covered under EL

– Strategic landholding, surrounded by majors MMG and OZ Minerals

– Drilling in 1970’s discovered high-grade VMS system (gold-lead-zinc-silvercopper); drilling in 1980’s discovered shallow oxide gold deposit; heap leach gold operation conducted in late 1990’s

• Analogue for Cobar-style deposits which are generally large-scale, eg Cobar, CSA, Peak, Elura

– Recent drilling by Peel confirms significant deposit: 16m at 1.78 g/t Au, 42 g/t Ag, 0.25% Cu, 0.95% Pb, 1.33% Zn from 159m, and 27m at 2.12 g/t Au, 27 g/t Ag, 0.11% Cu, 0.43% Pb, 0.75% Zn from 120m

– Large untested magnetic anomaly below May Day

• Large untested regional magnetic anomaly identified

– Heli-borne VTEM survey commencing shortly

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Presentation End - Thank You

24 November 2010 Managing Director – Rob Tyson