PEEL MINING LIMITED — Capital/Financing Update 2018

Oct 7, 2018

8 October 2018

==> picture [204 x 72] intentionally omitted <==

==> picture [185 x 18] intentionally omitted <==

==> picture [102 x 18] intentionally omitted <==

==> picture [191 x 17] intentionally omitted <==

Peel Mining Limited (ASX: PEX) (“the Company”) advises that the fully underwritten nonrenounceable entitlement offer (Entitlement Offer) announced on 7 September 2018 closed 2pm (WST) Wednesday, 3 October 2018.

The entitlement issue offered eligible shareholders the ability to subscribe for 1 New Share for every 8 Shares held, at an issue price of $0.36 per Share to raise $8,736,119.

The results of the Entitlement Issue are as follows:

Total number of New Shares Offered 24,266,996 Number of New Shares underwritten 24,266,996 Number of New Shares applied for 14,193,183 Shortfall Shares to be placed with the Underwriter 10,073,813

The Entitlement Offer is fully underwritten by the Underwriter, Patersons Securities Limited. Accordingly, the Underwriter will subscribe for the remaining 10,073,813 shares under the shortfall (Shortfall Shares) in accordance with clause 8.4.1 of the prospectus issued in relation to the Entitlement Offer. Shortfall Shares will be issued to the Underwriter on 9 October 2018 and will commence trading on a normal settlement basis on 10 October 2018.

Post the entitlement issue allotment the company will have 218,502,965 shares on issue and 8,200,000 unexercised options.

For further information, please contact:

Rob Tyson – Peel Mining, Managing Director +61 8 9382 3955

==> picture [596 x 271] intentionally omitted <==