PEEL MINING LIMITED — Capital/Financing Update 2013

Jan 8, 2013

ASX / MEDIA RELEASE

9 JANUARY 2013

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PEEL COMPLETES PLACEMENT TO CORNERSTONE INVESTOR

Peel Mining Limited (ASX:PEX) is pleased to announce that it has finalised the terms of a share placement to a new cornerstone investor in the Company to raise $1.9 million, before costs.

Melbourne based investment company, Acorn Capital Limited has subscribed for 6,000,000 shares at 31.5 cents per share. Proceeds from the issue will be used to advance the development of the Company’s Cobar Superbasin, Apollo Hill, and Rise and Shine Projects and to provide the Company with working capital.

Peel Mining Managing Director Rob Tyson said: “We are delighted to welcome Acorn as a cornerstone investor, particularly in these uncertain global financial times. This share placement will provide sufficient funding to proceed with exploration at Peel’s Cobar Superbasin Project, and Apollo Hill and Rise and Shine gold projects, whilst remaining free-carried at Mallee Bull.”

The placement comprising 6,000,000 shares to raise $1.9 million, will be issued pursuant to the Company’s 15% capacity. Bell Potter Securities acted as Manager to the placement which enabled the introduction of Acorn Capital as a new cornerstone institutional investor in Peel. The placement issue is expected to settle on 15 January 2013. On completion, Acorn will be the registered holder of 5.13% of the Company’s issued share capital.

Established in 1998, Acorn is a Melbourne based boutique investment manager and is the largest specialist microcap investor in the Australian market. Acorn applies a disciplined investment process to select stocks and typically narrows the microcap investment universe down from more than 1,800 to a portfolio of usually between 65 and 80 stocks.

For further information, please contact Rob Tyson on +61 420 234 020.

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