PEEL MINING LIMITED — Capital/Financing Update 2011

Nov 7, 2011

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8[th] November 2011

Manager Announcements Company Announcements Office Australian Stock Exchange Limited Level 4, 20 Bridge St Sydney, NSW 2000

Rights Issue Reminder

Dear Shareholder,

As previously announced, Peel Mining Limited (ASX: PEX) is currently conducting a non-renounceable rights issue of 1 new share for every 4 shares held by Shareholders at an issue price of $0.12 per share. Peel would like to remind eligible shareholders that the rights issue is scheduled to close at 5pm WST on Friday, 11 November 2011.

As advised in the rights issue offer document, the funds raised will primarily be utilised to continue investigation of Peel’s 4-Mile Cobar-style polymetallic discovery, where follow-up RC and diamond drilling is anticipated to commence later next week.

We strongly encourage shareholders to participate in the rights issue and share in the company’s future. Shareholders can apply for entitlement and additional shares via BPay (using the biller code and reference on their personal entitlement form). If paying via BPay, you are not required to mail the entitlement form, however your payment must be received by no later than 5pm WST on Friday, 11 November 2011.

For and on behalf of Peel Mining Limited.

For further information please contact:

Mr Rob Tyson Managing Director Peel Mining Limited Tel: (08) 9382 3955

Peel Mining Limited ACN 119 343 734

Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. Fax (08) 9388 1025. E:rtyson@peelmining.com.au www.peelmining.com.au