PEEL MINING LIMITED — AGM Information 2022

Nov 23, 2022

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2022 ANNUAL GENERAL MEETING COMPANY PRESENTATION

ASX: PEX

IMPORTANT NOTICE DISCLAIMER

IMPORTANT NOTICE DISCLAIMER

These presentation materials and the accompanying verbal presentation (together, the Presentation Materials) have been prepared by Peel Mining Limited (Peel) as at 16 November 2022 and statements are current only as at that date. Information in the Presentation Materials remains subject to change without notice. Peel has no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this document, which may affect any matter referred to in this document. By receiving the Presentation Materials, you acknowledge and represent to Peel that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of these Presentation Materials to obtain all necessary approvals to receive these Presentation Materials and receipt of the Presentation Materials will be taken by Peel to constitute a representation and warranty that all relevant approvals have been obtained.

Not an offer

These Presentation Materials are for information purposes only. The Presentation Materials do not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation Materials also do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, these Presentation Materials do not constitute an offer to sell or a solicitation to buy, securities in the United States of America.

Summary Information

The Presentation Materials do not purport to be all inclusive or to contain all information about Peel or any of the assets, current or future, of Peel. The Presentation Materials contain summary information about Peel and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in Peel or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America.

While reasonable care has been taken in relation to the preparation of the Presentation Materials, none of Peel or its directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this document. No Limited Party represents or warrants that this document is complete or that it contains all information about Peel that a prospective investor or purchaser may require in evaluating a possible investment in Peel or acquisition of shares in Peel. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Confidential information

The Presentation Materials are strictly confidential and are intended for the exclusive benefit of the persons to whom they are given. The Presentation Materials may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express written consent of Peel. By receiving this document, you agree to keep the information confidential, not to disclose any of the information contained in this document to any other person and not to copy, use, publish, record or reproduce the information in this document without the prior written consent of Peel, which may be withheld in its absolute discretion.

Mineral resources reporting of Peel

The Presentation Materials contain estimates of Peel's mineral resources.

The information in the Presentation Materials that relates to the mineral resources of Peel has been extracted from Peel's previous ASX announcements, including the following:

• 17 July 2017 – Mallee Bull Resource grows by 65% to 175,000 CuEq

• 26 March 2020 – Substantial resource upgrade for Southern Knights

• 16 December 2020 – May Day inferred Mineral Resource estimate

• 31 March 2021 – May Day indicated Mineral Resource estimate

• • 29 November 2021 – High grade Maiden Copper Resource at Wirlong

Copies of these announcements are available at www.asx.com.au or https://www.peelmining.com.au/site/investor-centre/asx-announcements. Peel confirms that it is not aware of any new information or data that materially affects the information included in those announcements and, in relation to the estimates of Peel's mineral resources, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. Peel confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

Please also see the additional disclosures (about mineral resources reporting, and associated JORC requirements) included in slides at the end of the Presentation Materials titled “JORC Code Information” and “Competent Persons Statement”.

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IMPORTANT NOTICE DISCLAIMER

Industry data

Certain market and industry data used in connection with or referenced in the Presentation Materials may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Peel nor its advisers, or their respective representatives, have independently verified any such market or industry data. In the case of Cobar VMS Deposits mine life and reserves has been compiled from the latest Resources and Reserves statement lodged by the holding company, accessed via their website.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in the Presentation Materials are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the Presentation Materials.

Financial data

All dollar values are in Australian dollars ("$" or "A$" or "AUD") unless stated otherwise.

Past performance

Past performance metrics and figures (including past share price performance of Peel), as well as pro forma financial information, included in the Presentation Materials are given for illustrative purposes only and should not be relied upon as (and is not) an indication of Peel's or any other Limited Party’s (as defined below) views on Peel's future financial performance or condition or prospects. Investors should note that past performance of Peel, including in relation to the historical trading price of Peel shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future Peel performance, including the future trading price of shares. The historical information included in the Presentation Materials is, or is based on, information that has previously been released to the market.

Future performance and forward looking statements

The Presentation Materials contain forward looking statements about Peel. Often, but not always, forward looking statements can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding Peel's intent, belief or expectations, plans, strategies and objectives of management, future anticipated exploration and project development, production or construction commencement dates, expected costs or production outputs for Peel (based on, among other things, estimates for the periods specifically referred to in the Presentation Materials), the outcome and effects of the Offer and the future operations of Peel. To the extent that these materials contain forward looking information, the forward looking information is subject to a number of risk factors, including those generally associated with the mining industry. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated (refer to the “Key Risks” section of the Presentation Materials). These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic factors, increased capital costs and operating costs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits, diminishing quantities or grades of reserves and the ability to exploit successful discoveries), general mining and development operation risks, closure and rehabilitation risks, changes to the regulatory framework within which Peel operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel, industrial relations issues and litigation.

Any such forward looking statements are also based on assumptions and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider the forward looking statements contained in the Presentation Materials in light of those disclosures and not place undue reliance on such statements (particularly in light of the current economic climate and significant volatility, uncertainty and disruption caused by the COVID-19 pandemic and war in Ukraine). The forward looking statements in the Presentation Materials are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Peel. The forward looking statements are based on information available to Peel as at the date of the Presentation Materials. Except as required by law or regulation (including the ASX Listing Rules), Peel undertakes no obligation to provide any additional or updated information, whether as a result of new information, future events or results or otherwise. Investment risk

The Presentation Materials are not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision.

As noted above, an investment in shares in Peel is subject to investment and other known and unknown risks, some of which are beyond the control of Peel. Peel does not guarantee any particular rate of return or the performance of Peel, nor does it guarantee the repayment of capital from Peel or any particular tax treatment. Prospective investors should have regard to the risks outlined in the Presentation Materials , including the “Key Risks” section, when making their investment decision and should make their own enquires and investigations regarding all information in the Presentation Materials, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Peel and the impact that different future outcomes may have on Peel. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Peel in the future. There is no guarantee that the shares in Peel will make a return on the capital invested, that dividends will be paid on the shares in Peel or that there will be an increase in the value of the shares in Peel in the future. Accordingly, an investment in the Peel should be considered highly speculative and potential investors should consult their professional advisers before deciding whether to acquire shares in Peel.

Release approval

This announcement has been approved for release to the ASX by the Board of Directors of Peel Mining Limited

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2022 - A YEAR IN REVIEW

Consolidation of resources and balance sheet

• Successful $29M Capital Raising for continued growth of South Cobar Copper Projects and Board Transition

• Mallee Bull drill-out complete with some spectacular numbers

• 29.9m @ 6.52% Cu, 110g/t Ag, 0.15g/t Au from 635.1m in MBDD063

• 29.15m @ 7.08% Cu, 60g/t Ag, 0.24g/t Au from 509.69m in MBDD080

• 25m @ 8.26% Cu, 61g/t Ag, 0.16g/t Au from 626m

• Wirlong current infill drill program consolidates on maiden resource:

• 18.8m @ 3.35% Cu, 13g/t Ag from 293m in WLDD034

• 13m @ 4.49% Cu, 19g/t Ag from 201m in WLDD038

• 15m @ 6.79% Cu, 19g/t Ag from 240m in WLDD079

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• 82m @ 2.07% Cu, 5g/t Ag from 425m in WLDD077

WLDD079 – 7m @ 13.36% Cu, 38g/t Ag from 240m

• Purchase of Shuttleton Station to secure access for Wilrong and potential future biodiversity and carbon offset benefits

• Mallee Bull Exploration Decline REF submission with NSW Government agencies for review

• South Cobar Project Resources Update underway

• Successful metallurgical and oresorting testwork

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COMPANY OVERVIEW

Market Capitalisation and Enterprise Value

Market Details	Units	@ 16c
Ordinary shares on issue	m	580.8
Market Capitalisation	$m	92.9
Cash (30 Sept 2022*)	$m	16.8
Enterprise Value	$m	76.1

• Last reported

Substantial Shareholders

Name	Shares Held (m)	% of Shares on Issue
Perth Capital Pty Ltd & Associates	111.6	19.2%
St Barbara Limited	41.5	7.2%
Directors	49.7	8.6%
Sub Total	202.8	35%
Other Peel shareholders	378	65%
Total	580.8	100%

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Board of Directors

Mark Okeby Non-Executive Chairman Jim Simpson CEO & Managing Director Rob Tyson Technical Director Simon Hadfield Non-Executive Director Graham Hardie Non-Executive Director

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COPPER – THE MOST CRITICAL OF METALS

Wood Mackenzie[1] : “COP26 will ensure demand – but what about supply?”

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29
Cu
Copper
63.546
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1. https://www.woodmac.com/news/opinion/cop26-will-ensure-metal-demand--but-what-about-supply 2. Copper Balance Chart – courtesy Trafigura Research “Copper Market Update” June 2022

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THE COBAR BASIN

A RICH METALLIFEROUS PROVINCE Cobar region is one of the richest base metal regions in Australia

• 4 operating long-life mines:- CSA, Peak, Hera and Tritton

Ongoing investment activity in Cobar region

• US$1.1 Billion Sale Agreement Signed for Glencore’s CSA Mine[1]

• AMI invests A$65 Million to develop Great Cobar Copper[2]

• Completion of feasibility study on Federation[3]

• Australian Financial Review 17 March 2022, “Glencore sells CSA Copper Mine in NSW for $US1.1b”

• Aurelia Metals Limited ASX Release 8 May 2022 “Great Cobar Project set to go following NSW Government Approval” 3. Aurelia Metals Limited ASX Release 10 October 2022 “Federation Feasibility Report and Company Update”

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COBAR’S WORLDCLASS DEPOSITS

High-grade, long-life mining operations due to critical mass

CSA Copper Mine

Endeavor/Elura

Peak Mine Complex

Metals: Cu/Ag Deposit Size: ~51Mt Life to date: 59 years Life remaining: 10 years Mill throughput: 1.3Mt

Metals: Zn/Pb/Ag Deposit Size: ~45Mt Life to date: 37 years Life remaining: C & M Mill throughput: 1.2Mt

Metals: Au/Ag/Cu/Pb/Zn Deposit Size: ~33Mt Life to date: 30 years Life remaining: >7 years Mill throughput: 800kt

Tritton Mine Hera Mine Metals: Cu Metals: Au/Ag/Pb/Zn Deposit Size: ~14Mt Deposit Size: ~3Mt Life to date: 17 years Life to date: 8 years Life remaining: >8 years Life remaining: >2 years Mill throughput: 1.6Mt Mill throughput: 480kt

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Information collated from Vladimir David (2018) Cobar Deposits - Structural control, ASEG Extended & Mick Erceg and Bruce Hooper (2006) New understanding of the Tritton Copper Mine, NSW and its potential from mining of this blind discovery. Mine life taken from recent Company Resource Statements and Presentations:

CSA - https://www.glencore.com/.rest/api/v1/documents/fb0cafaa3ec10b90571130be41ba4270/2021-GLEN_Resources-and-Reserves-report.pdf Peak & Hera - https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02398282-2A1311348?access_token=83ff96335c2d45a094df02a206a39ff4 Tritton - https://clients3.weblink.com.au/pdf/AIS/02524437.pdf

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PEEL’S COPPER DEPOSITS ARE COBAR ANALOGUES

Tip of the iceberg?

• Mallee Bull and Wirlong are classic Cobar-style deposits analogous to the CSA mine

• Sub-vertical in nature

• Similar structural settings

• Systems consist of multiple lenses

• High grade copper

• mineralisation

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SOUTH COBAR PROJECT Dominating a World Class Jurisdiction

Peel Mining in the Cobar Basin

• 3,200km[2] strategic & prospective land package

• Tenement Package 100% owned (Royalty & JV free)

• Peel focused on the Southern part of the Basin

• Discoveries within a 50km radius of Mallee Bull

• Dozens of targets remain untested

• Ongoing low cost high impact exploration including geochem, geophysics and mapping preparing drill targets

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MOVING TO SHOVEL READINESS

South Cobar Project underpinned by strong copper assets

• Resource Base

Mallee Bull

• Indicated Resources

Cu–Ag–Au–Zn–Pb Infill Drilling Program Completed; REF Submission imminent Wirlong Cu–Ag Infill Resource Drill Program Completed Southern Nights-Wagga Tank Zn-Pb–Ag–Au–Cu Environmental study work underway May Day Au–Ag–Pb–Zn Other Cobar Deposits

• Environmental Surveys

• REF Permitting for Exploration Declines

• Feasibility Studies

• Environmental Studies (EIS)

• Financing

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Exploration Resource Studies Permits Economic Estimation (Enviro, Met, Hydro, (REF) Studies Mining, etc.)

PEEL MINING LIMITED I ASX: PEX I Investor Presentation I www.peelmining.com.au

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FLAGSHIP COPPER ASSETS

Growing Copper Resources with exploration upside

Mallee Bull

• JORC Indicated and Inferred resource 6.76Mt @ 2.6% Cu Eq[1]

• Commences at ~60m below surface and has been defined to at least 800m below surface

• Significant growth potential as open to the North and at depth

• Situated on 20,000-acre pastoral lease owned by Peel

Wirlong

• JORC Indicated and Inferred resource 2.45Mt @ 2.4% Cu[1]

• Strong Cu mineralisation commences at ~60m below surface and has been defined to at least 600m below surface

• Untested growth potential at depth and along 1.5km of strike

• Resource growth drilling program completed

• Situated on 12,000-acre pastoral lease owned by Peel

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Wirlong
Mallee Bull
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1. See JORC Information starting at slide 23 of this presentation.

MALLEE BULL PROGRESSES

Shovel readiness on the horizon

Lead/Zinc Hanging Wall Lode

• Mallee Bull infill drilling program complete

• Numerous broad high grade copper intervals returned

• Resource update underway

• Mineralisation remains open down plunge and along strike

• Baseline studies largely complete

• Exploration decline REF completed; submitted to government agencies

• Mine design to commence shortly

Note: The conceptual Exploration Decline has been designed for the purposes of a Review of Environmental Factors (REF) submission to the NSW Resources Regulator. No economic studies have been completed as part of its design.

10m @ 11.00% Zn, 9.01% Pb, 41g/t Ag 17m @ 16.94% Zn, 11.30% Pb, 215g/t Ag 15m @ 10.79% Zn, 5.31% Pb, 223g/t Ag, 14m @ 17.53% Zn,12.76% Pb, 266g/t Ag, 11m @ 13.80% Zn, 8.26% Pb, 130g/t Ag 16m @ 11.97% Zn, 6.21% Pb, 195g/t Ag, 18m @ 12.08% Zn, 6.81% Pb, 171g/t Ag,

High Grade Copper Core

25m @ 3.24% Cu, 34g/t Ag, 0.08g/t Au 32m @ 3.62% Cu, 46g/t Ag, 0.21g/t Au 54m @ 4.16% Cu, 40g/t Ag, 0.16g/t Au 62m @ 3.15% Cu, 42g/t Ag, 0.28g/t Au 84m @ 4.42% Cu, 38g/t Ag, 0.14g/t Au 20.7m @ 2.28% Cu, 44g/t Ag, 0.13g/t Au 22m @ 2.75% Cu, 34g/t Ag, 0.11g/t Au 24.7m @ 4.33% Cu, 33g/t Ag, 0.15g/t Au 26.84m @ 3.12% Cu, 23g/t Ag, 0.14g/t Au 31m @ 3.21% Cu, 32g/t Ag, 0.22g/t Au 36m @ 3.55% Cu, 72g/t Ag, 0.23g/t Au 48m @ 3.61% Cu, 36g/t Ag, 0.22g/t Au 57m @ 3.70% Cu, 39g/t Ag, 0.16g/t Au 58m @ 4.96% Cu, 59g/t Ag, 0.20g/t Au 62m @ 2.14% Cu, 15g/t Ag, 0.18g/t Au 22m @ 3.17% Cu, 40g/t Ag, 0.15g/t Au 25m @ 8.26% Cu, 61g/t Ag, 0.16g/t Au 29m @ 6.52% Cu, 110g/t Ag, 0.15g/t Au 31.07m @ 5.29% Cu, 44g/t Ag, 0.27g/t Au 34.54m @ 4.08% Cu, 43g/t Ag, 0.08g/t Au 37m @ 5.94% Cu, 52g/t Ag, 0.21g/t Au 40m @ 3.84% Cu, 29g/t Ag, 0.29g/t Au 60.07m @ 3.30% Cu, 32g/t Ag, 0.19g/t Au

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Conceptual
Exploration Decline
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Section Window
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REVIEW OF ENVIRONMENTAL FACTORS

Mallee Bull Exploration Decline REF Permitting Submitted

• REF submitted to gov agencies for exploration decline at Mallee Bull

• Proposed site layout complete

• Further REF’s to be completed for Wirlong and Southern Nights

Benefits of exploration declines:

• Establish underground reserves

• Underground drilling (versus surface) cost benefits

• Improved geological/geotechnical knowledge

• Establish underground infrastructure for future mining

• Shovel readiness

Note: The conceptual Mallee Bull site layout has been designed for the purposes of a Review of Environmental Factors (REF) submission to the NSW Resources Regulator. No economic studies have been completed as part of its design.

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WIRLONG DRILL PROGRAM SUCCESSFULLY COMPLETED

• Numerous strong Cu mineralised intervals from infill drilling not included in current mineral resource

• Broad intercepts highlight largescale potential

• 2022 drill program assays now received & reported

• Resource update due end of 2022

• Mineralisation remains open along strike and down plunge

Extensional Intercepts outside the maiden MRE 17m @ 4.6% Cu, 8g/t Ag 10m @ 1.8% Cu, 3g/t Ag 10m @ 4.6% Cu, 7g/t Ag 4m @ 5.5% Cu, 31g/t Ag 5m @ 5.1% Cu, 13g/t Ag 7m @ 4.3% Cu, 15g/t Ag 4m @ 3.3% Cu, 10g/t Ag 7m @ 3.2% Cu, 10g/t Ag 4m @ 3.1% Cu, 13g/t Ag 4m @ 3% Cu, 10g/t Ag 12m @ 2.5% Cu, 13g/t Ag 16m @ 2% Cu, 3g/t Ag 31m @ 1.9% Cu, 9g/t Ag 20m @ 1.3% Cu, 5g/t Ag 14m @ 1.1% Cu, 4g/t Ag 11m @ 1.1% Cu, 7g/t Ag 34m @ 1% Cu, 4g/t Ag 16m @ 0.9% Cu, 4g/t Ag 34m @ 0.8% Cu, 4g/t Ag 16m @ 0.8% Cu, 5g/t Ag 43m @ 1.92% Cu, 8g/t Ag 5.7m @ 5.54% Cu, 24g/t Ag 49m @ 1.50% Cu, 6g/t 13m @ 4.49% Cu, 19g/t Ag

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SIMPLE MET FOR PREMIUM COPPER CONCENTRATES

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WIRLONG

• Clean, high-grade chalcopyrite mineralogy

• Substantial metallurgical testwork at Wirlong shows premium product with:

o >95% Cu recovery to >32% Cu concentrate grade

o Negligible deleterious elements or penalties

o P80 of 75 micron; moderate reagent use

MALLEE BULL

• Clean, high-grade chalcopyrite mineralogy

• Substantial metallurgical testwork at Mallee Bull shows premium product with:

o >90% Cu recovery to ~30% Cu concentrate grade

o Negligible deleterious elements or penalties o P80 of 75 micron, moderate reagent use

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ORE SORTING ADVANTAGE

Test work continues to show strong results

Excellent results from second round of TOMRA oresorting testwork on Mallee Bull and Wirlong samples:

Mallee Bull

• 1.89% Cu head grade sample resulted in:

• 23.9% mass rejection

• 96.1% overall copper recovery

• Upgraded head grade to 2.45% Cu

Wirlong

• 0.99% Cu head grade sample resulted in:

• 72.5% mass rejection

• 91.1% overall copper recovery

• Upgraded head grade to 3.28% Cu

• Unsorted crushed material

• Scanners evaluate material

• Scanners evaluate material

• Compressed air sorts material

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ZINC/POLYMETALLIC ASSETS

High grade polymetallic resources provide optionality

Southern Nights-Wagga Tank

• 50km to Mallee Bull

• Zn-Pb-Ag-Au-Cu VMS camp-style deposit

• JORC indicated and inferred resource 4.95Mt

• @ 7% Zn/Pb, 0.3% Cu, 78g/t Ag, 0.4g/t Au[1]

• Open at depth and along strike

• Excellent resource growth opportunity

• Many untested local targets

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May Day
Southern Nights
Wagga Tank
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SOUTHERN NIGHTS-WAGGA TANK

Extensive high-grade system – Resource growth potential along strike and down dip

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Open
Open
Open
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MAY DAY

Further future exploration potential in close proximity

May Day

• 8km West of Mallee Bull

• March 2021 Indicated MRE (using $27/t and $37/t cutoffs for open pit oxide and sulphide; and $80/t for underground)

• 1.07Mt @ 1.02g/t Au, 26g/t Ag, 0.74% Zn, 0.5% Pb

• MRE contains approximately 35,100oz Au, 903,000oz Ag, 7,950t Zn, 5,330t Pb

• Au-Ag-Zn-Pb-Cu deposit

• Untested below 300mbs (shallow for Superbasin)

• Untested geophysical anomalies near by

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INVESTMENT HIGHLIGHTS

Peel moves forward with drill out of its Resources

• Peel’s 100% owned 3,200km[2] tenure is the second largest holding in the Basin with 4 significant base metal discoveries

• Mallee Bull ( 6.8Mt @ 1.8% Cu, 31g/t Ag)

• Wirlong ( 2.5Mt @ 2.4% Cu, 9 g/t Ag)

• Southern Nights and Wagga Tank (4.95Mt @ 5% Zn, 2% Pb, 78g/t Ag, 0.4g/t)

• Excellent brownfields and greenfields growth potential

• Resource drilling programs completed at Wirlong and Mallee Bull

• Resources update due by the end of this year

• Permitting of exploration declines started with the completion of Mallee Bull REF

• Mining studies continuing

• Near deposit and regional exploration targets being progressively worked up for future growth

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COMPETENT PERSONS STATEMENTS

The information in this report that relates to Exploration Results; and to the geological interpretation and sampling information regarding the Wirlong Mineral Resource Estimate; is based on information compiled by Rob Tyson who is a fulltime employee of the company. Mr Tyson is a member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) 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 information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures.

The information in this report that relates to the Mallee Bull Mineral Resource estimates and reported by the Company in compliance with JORC 2012 is based on information compiled by Jonathon Abbott, a Competent Person who is a Member of the Australian Institute of Geoscientists. Jonathon Abbott is a full-time employee of MPR Geological Consultants Pty Ltd and is an independent consultant to Peel Mining Ltd. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mineral Resource estimates for Wirlong, May Day and Southern Nights-Wagga Tank is based on information compiled by Mr Jonathon Abbott, who is a Member of The Australian Institute of Geoscientists. Mr Abbott is a full-time employee of MPR Geological Consultants Pty Ltd and 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 2012 edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

This release may include aspirational targets and objectives. These targets and objectives are based on management’s expectations and beliefs concerning future events as of the time of the release of this document. Targets and objectives are necessarily subject to risks, uncertainties and other factors, some of which are outside the control of Peel Mining that could cause actual results to differ materially from such statements. Peel Mining makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

Past Exploration results reported in this announcement have been previously prepared and disclosed by Peel Mining Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement. Refer to www.peelmining.com.au for details on past exploration results.

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JORC CODE INFORMATION

Mallee Bull, Wagga Tank-Southern Nights, May Day and Wirlong Mineral Resource Estimate Information

Further information can be found in the ASX announcements:

• 6[th] July 2017 - “MALLEE BULL RESOURCE GROWS 65% TO 175,000t CuEq”;

• 26[th] March 2020 - “SUBSTANTIAL RESOURCE UPGRADE FOR SOUTHERN NIGHTS”;

• 31[st] March 2021 - “MAY DAY INDICATED RESOURCE ESTIMATE”

• 29[th] November 2021 - “HIGH GRADE MAIDEN COPPER RESOURCE AT WIRLONG”.

• Other details (including historic drilling data) can be found in relevant quarterly reports available on the Company’s website, and NSW Geological Survey online statutory reporting system NSW DIGS.

Mallee Bull metal equivalent calculations

The information in this report includes metal equivalent calculations for Mallee Bull incorporating copper, silver, gold, lead and zinc values. The copper equivalent grades are based on copper, silver, gold, lead and zinc prices of US$5,500/t, US$17.00/oz, $1,200/oz, US$2,100/t and US$2,500/t with overall recoveries of 95%, 85%, 40%, 90% and 85% respectively. These estimates are based on Peel’s interpretation of potential commodity prices and the Company’s interpretation of early-stage metallurgical test work performed on Mallee Bull diamond core using the following formula: Cu equivalent (%) = Cu (%) + 0.009 x Ag (g/t) + 0.295 x Au (g/t) + 0.362 x Pb (%) + 0.407 x Zn (%). It is the company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

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JORC CODE INFORMATION Wirlong Resource Table November 2021

	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE	WIRLONG MAIDEN MINERAL RESOURCE ESTIMATE
Domain	Resource Classification	Tonnes (Kt)	Cu (%)	Ag (g/t)	Contained Cu (t)	Contained Ag (oz)
MBX	Indicated	450	3.1	11.3	13,900	163,000
	Inferred	930	2.8	10.1	26,000	302,000
	Sub-total	1,380	2.9	10.5	39,900	465,000
B	Indicated	170	1.3	6.7	2,200	37,000
	Inferred	170	1.6	4.9	2,700	27,000
	Sub-total	340	1.4	5.8	4,900	63,000
C	Indicated	120	1.5	6.4	1,800	25,000
	Inferred	120	1.5	7.0	1,800	27,000
	Sub-total	240	1.5	6.7	3,600	52,000
D	Indicated	70	1.9	8.1	1,300	18,000
	Inferred	290	2.0	7.0	5,800	65,000
	Sub-total	360	2.0	7.2	7,100	83,000
E	Indicated	50	1.1	4.8	600	8,000
	Inferred	70	1.5	5.0	1,100	11,000
	Sub-total	120	1.3	4.9	1,600	19,000
All	Indicated	860	2.3	9.1	19,800	252,000
	Inferred	1,590	2.4	8.5	38,200	435,000
	Total Resource	2,450	2.4	8.7	57,900	686,000

Note: The Wirlong MRE utilises A$90/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution. Figures are rounded to reflect the precision of estimates and include rounding errors.

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JORC CODE INFORMATION Mallee Bull Resource Table July 2017

Cutoff CuEq	Domain	Resource Category	Tonnes (Kt)	Grade	Grade	Grade	Grade	Grade	Grade	Contained Metal	Contained Metal	Contained Metal	Contained Metal	Contained Metal	Contained Metal
				CuEq %	Cu %	Ag g/t	Au g/t	Pb %	Zn %	CuEq kt	Cu kt	Ag Moz	Au koz	Pb kt	Zn kt
1.00	HW Pb/Zn	Indicated	270	3.08	0.10	51	0.22	2.30	4.00	8.3	0.3	0.44	1.9	6.2	11
		Inferred	150	2.0	0.3	23	0.5	1.3	2.2	3.0	0.5	0.1	2.4	2.0	3.3
	HW Cu	Indicated	760	1.98	1.13	23	0.54	0.71	0.56	15	8.6	0.56	13	5.4	4.3
		Inferred	1,300	2.1	0.8	30	0.9	1.1	1.0	28	10	1.3	38	14	13
	FW Cu	Indicated	310	1.75	1.09	28	0.20	0.42	0.48	5.4	3.4	0.28	2.0	1.3	1.5
		Inferred	3,400	3.1	2.6	32	0.2	0.2	0.1	104	88	3.5	22	6.8	3.4
	Central	Inferred	180	2.2	1.6	36	0.2	0.3	0.3	4.0	2.9	0.21	1.2	0.5	0.5
	North	Inferred	390	1.8	1.3	23	0.2	0.3	0.4	7.2	5.1	0.3	2.5	1.2	1.6
	Total	Indicated	1,340	2.15	0.91	30	0.40	0.96	1.23	29	12	1.3	17	13	17
		Inferred	5,420	2.7	2.0	31	0.4	0.5	0.4	146	107	5.4	66	25	22
	Total		6,760	2.6	1.8	31	0.4	0.6	0.6	175	119	6.6	83	38	38

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JORC CODE INFORMATION Wagga Tank-Southern Nights Resource Table March 2020

Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,540	5.90	2.30	88.9	0.19	0.33
Inferred	1,600	3.7	1.4	59	0.3	0.3
Total Resource	4,140	5.0	2.0	77	0.2	0.3
Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	410	4.67	2.52	64.3	0.50	0.53
Inferred	400	5.3	2.3	98	0.3	0.5
Total Resource	810	5.0	2.4	81	0.4	0.5
Combined Southern Nights-Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,950	5.73	2.33	85.5	0.23	0.36
Inferred	2,000	4.0	1.6	67	0.3	0.3
Total Resource	4,950	5.0	2.0	78	0.3	0.4

Note: The Wagga Tank – Southern Nights Mineral Resource Estimate utilises AU$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution. Net Smelter Return (NSR) is an estimate of the net recoverable value per tonne including offsite costs, payables, royalties and mill recoveries. Figures are rounded to reflect the precision of estimates and include rounding errors.

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JORC CODE INFORMATION May Day Resource Table December 2020

	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)
		Cut off $NSR	Tonnes Kt	Au g/t	Ag g/t	Zn %	Pb %
Open Pit	Oxide	$27/t	510	1.03	20.4	-	-
	Sulphide	$37/t	390	1.00	28.2	1.31	0.84
	Subtotal		900	1.02	23.8	0.57	0.36
Underground (Sulphide)		$80/t	170	1.03	39.4	1.67	1.21
Total Combined Resources			1,070	1.02	26.3	0.74	0.50

The May Day MRE was reported using NSR cut-off values to determine the proportion of the deposit having reasonable prospects for eventual economic extraction. The NSR methodology is common practice at polymetallic mines and deposits and considers metallurgical recoveries for each of the product streams, along with metal prices, exchange rates, payabilities, deductions/penalties, transport, treatment/refining charges, and royalties.

The general formula for calculating the NSR is:

NSR = (metal grades x expected metallurgical recoveries x expected payabilities x metal prices) – (deductions/penalties + transport + treatment/refining charges + royalties)

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