PEEL MINING LIMITED — Capital/Financing Update 2017

Nov 8, 2017

9 November 2017

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ASX ANNOUNCEMENT

$6m Share Placement to Accelerate Southern Nights Drilling

• Placement oversubscribed following excellent support from major shareholders and new sophisticated and institutional investors

• Funds raised will allow accelerated evaluation of exciting new Southern Nights zinc-leadsilver discovery in NSW’s Cobar Basin

Peel Mining Limited (ASX:PEX) (“Peel”, “the Company”) is pleased to announce the successful placement of 15,000,000 fully paid ordinary Peel shares at an issue price of $0.40 each, raising $6,000,000 before costs.

The placement, which was priced at an 11.1% discount to Peel’s last traded price of $0.45 and a 5% discount to the Company’s five-day volume weighted average price (VWAP), was significantly oversubscribed, reflecting excellent support from major shareholders and new sophisticated and institutional investors.

Proceeds from the placement will be allocated primarily to exploration activities at the 100%-owned Wagga Tank Project, south of Cobar in New South Wales, along with funding pre-development activities at the 50%-owned Mallee Bull polymetallic project, also in the Cobar Basin, and working capital.

Further evaluation of the exceptionally high-grade zinc-lead-silver massive sulphide mineralisation recently identified at the Southern Nights prospect at Wagga Tank has become a priority for Peel. Following completion of the placement, the Company will embark on a drilling program of up to 30,000 metres on the tenements.

Peel Managing Director Rob Tyson said: “We are extremely pleased with the level of interest in the placement from both existing shareholders and new investors as it has ensured we have the funding to properly test Southern Nights and the broader Wagga Tank area. Early indications are that the Project has the potential to host a major mineralised system.”

The placement was completed within the Company’s 15% placement capacity in accordance with ASX Listing Rule 7.1.

Settlement of the Placement is scheduled to occur on Tuesday, 14 October 2017, with the New Shares expected to be issued and commence trading on Wednesday, 15 October 2017.

For further information, please contact:

Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020 Luke Forrestal – M&C Partners, Account Director +61 (0)411 479 144

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au