PEEL MINING LIMITED — Capital/Financing Update 2019

Jul 8, 2019

ASX ANNOUNCEMENT 9[th] JULY 2019

==> picture [155 x 69] intentionally omitted <==

ROBUST MAIDEN RESOURCE CONFIRMS OUSTANDING MINING & GROWTH POTENTIAL AT SOUTHERN NIGHTS-WAGGA TANK

Highlights:

• Maiden JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for Southern Nights-Wagga Tank of 4.1Mt @ 5.1% Zn, 1.9% Pb, 71 g/t Ag, 0.28% Cu and 0.32 g/t Au for:

• 210,000t contained Zn,

• 80,000t contained Pb,

• 9.5Moz contained Ag,

• 12,000t contained Cu, and

• 42,000 oz contained Au

• or 9.2% Zinc Equivalent[1] (ZnEq) for 382,000t contained ZnEq

• High-grade estimate of 1.8Mt @ 9.0% Zn, 3.6% Pb, 116 g/t Ag, 0.19% Cu and 0.29 g/t Au or 15% ZnEq included in MRE

• 290,000t @ 21.4% Zn, 9.1% Pb, 215 g/t Ag, 0.28% Cu, 0.57 g/t Au (34.5% ZnEq) occurs as massive sulphide mineralisation at Southern Nights, commencing at 150m below surface

• Discovery cost of US$30 per ZnEq tonne (US$0.015 per ZnEq pound)

• MRE provides a solid foundation to immediately commence Scoping Studies to advance the potential development scenarios

• Wagga Tank-Southern Nights system remains open along strike and down dip; exploration to expand resource now underway

Table 1 – Southern Nights and Wagga Tank Mineral Resource (3.5% ZnEq[1] cutoff)

Mineral Resource	Mineral Resource	Estimate for the Southern Nights Deposit - June 30, 2019	Estimate for the Southern Nights Deposit - June 30, 2019	Estimate for the Southern Nights Deposit - June 30, 2019	Estimate for the Southern Nights Deposit - June 30, 2019	Estimate for the Southern Nights Deposit - June 30, 2019
Resource Classification	Tonnes	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Indicated	1,182,000	8.4	3.4	104	0.28	0.44	14.6
Inferred	2,306,000	4.2	1.4	67	0.14	0.13	7.3
Total Resource	3,488,000	5.6	2.1	79	0.19	0.23	9.7
Mineral Resource Estimate for the Wagga Tank Deposit - June 30, 2019
Resource Classification	Tonnes (t)	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Inferred	667,000	2.0	1.0	26	0.75	0.74	6.4
Total Resource	667,000	2.0	1.0	26	0.75	0.74	6.4
Mineral Resource Estimate for the Southern Nights and Wagga Tank Deposit - June 30,							2019
Resource Classification	Tonnes	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Indicated	1,182,000	8.4	3.4	104	0.28	0.44	14.6
Inferred	2,973,000	3.7	1.3	58	0.28	0.27	7.1
Total Resource	4,155,000	5.1	1.9	71	0.28	0.32	9.2

Note: Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding. 1 - Zinc equivalent (ZnEq) has been calculated using assumptions regarding metal sale prices detailed in Table 3 of this announcement. It is Peel Mining’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

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

==> picture [155 x 69] intentionally omitted <==

Peel Mining Ltd ( ASX Code: PEX ) (“Peel” or “the Company”) is pleased to announce a maiden JORC 2012 Indicated & Inferred Mineral Resource Estimate (“MRE”) for its 100% owned Wagga Tank and Southern Nights deposits located in the Cobar Basin of western NSW (Australia).

The MRE provides Peel with a solid foundation to immediately commence Scoping Studies to advance the potential development scenarios at Wagga Tank-Southern Nights. Activities underway at the time of reporting include detailed metallurgical testwork, ongoing geotechnical studies, pre-development environmental baseline work, new geophysical surveys and drill planning targeting potential extensions to mineralisation. The Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

Peel Mining Managing Director Mr Rob Tyson commented:

“The high-grade Maiden Resource at Wagga Tank-Southern Nights is a pleasing addition to Peel’s Cobar Basin assets. Peel’s exceptional exploration team were able to deliver this major resource in less than 2 years from discovery and at a fraction of the cost of many of our peers. A great deal of knowledge has come from this work and the potential for the project to grow is excellent.”

“It is worth noting that the scale of resource at Wagga Tank-Southern Nights is similar to that of other Cobar Basin mines at the time they were brought into production – mines that have gone on to become world-class operations. We now look forward to advancing Wagga Tank-Southern Nights’ development scenario studies to ultimately complement our pending development of Mallee Bull.”

Maiden Resource Estimate

The 2019 Mineral Resource is reported at a 3.5% ZnEq cut-off. The Mineral Resource Estimate (MRE) for the Wagga Tank and Southern Nights deposits is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code (2012)).

A Mineral Resource of 4.1Mt @ 5.1% Zn, 1.9% Pb, 71 g/t Ag, 0.28% Cu and 0.32 g/t Au for 210,000t contained Zn, 80,000t contained Pb, 9.5Moz contained Ag, 12,000t contained Cu and 42,000 oz contained Au, or 9.2% ZnEq for 382,000t contained ZnEq, was estimated using a 3.5% ZnEq cut-off. Approximately 28% of the resource tonnage and 45% of the contained metal tonnage was classified at an Indicated level with the respective balances being classified at an Inferred level.

The MRE includes a high-grade estimate of 1.8Mt @ 9.0% Zn, 3.6% Pb, 116 g/t Ag, 0.19% Cu and 0.29 g/t Au, or 15% ZnEq, using a 7% ZnEq cut-off.

290,000t @ 21.4% Zn, 9.1% Pb, 215 g/t Ag, 0.28% Cu, 0.57 g/t Au, or 34.5% ZnEq, occurs as massive sulphide mineralisation at Southern Nights, commencing at 150m below surface.

The Southern Nights-Wagga Tank Maiden Inferred & Indicated Mineral Resource Estimate is the culmination of more than 70,000m of RC and diamond drilling completed by Peel since acquiring the Wagga Tank project in 2016. The bulk of that drilling has been focused on the high-grade Southern Nights deposit following its discovery in late 2017.

The estimate has been completed by independent mining consultants Mining Plus Pty Ltd. Peel Mining accept Competent Person responsibility for the sampling, analytical and data management processes, interpretation and mineralisation modelling and the Mineral Resource Estimation process and outputs.

The discovery cost for the Maiden Mineral Resource of ~US$30 per tonne (US$0.015 per pound) Zinc Equivalent compares very favourably against recent global industry averages of more than US$100 per tonne (US$0.05 per pound) zinc.

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

==> picture [155 x 69] intentionally omitted <==

Figure 1 – Southern Nights Tonnage/Grade Curve – Indicated & Inferred – ZnEq (%)

==> picture [452 x 313] intentionally omitted <==

----- Start of picture text -----

14,000,000 13,158,405 29.72 30
28.06
12,000,000 25.83
25
23.45
10,000,000 21.31
19.66 20
18.17
8,000,000 7,265,386 16.66
15.27 15
14.10
6,000,000 12.68
10.72
4,273,566 10
4,000,000 8.54 Tonnage
2,995,201
Zn_Eq (%)
6.03 2,284,867
5
2,000,000 3.99
1,908,8971,654,1991,402,8851,183,7951,010,895857,080 703,743 577,851 489,885 436,454
0 0
0 2 4 6 CUTOFF 8 10 12 14 16
GRADE
TONNAGE
----- End of picture text -----

Figure 2 – Wagga Tank Tonnage/Grade Curve – Indicated & Inferred – ZnEq (%)

==> picture [452 x 314] intentionally omitted <==

----- Start of picture text -----

7,000,000 25
6,435,727
23.59
21.90
6,000,000
20.48
20
19.54
18.56
5,000,000 17.49
15.79
15
4,000,000
13.73
12.38
3,000,000 10.54
10
2,202,431 9.07 Tonnage
7.33 ZnEq (%)
2,000,000
5.47
5
932,856
1,000,000 3.69
489,995
2.19 305,004 217,224 150,339 117,731 84,471 66,432 57,636 50,553 44,690 37,026 30,099
0 0
0 2 4 6 CUTOFF 8 10 12 14 16
GRADE
TONNAGE
----- End of picture text -----

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

==> picture [155 x 69] intentionally omitted <==

Zinc Equivalent

For the reporting of the Mineral Resource Estimate, a 3.5% Zinc Equivalent cut-off grade has been used for an assumed underground mining resource. The Zinc Equivalent grades have been calculated for both the zinc dominated and copper dominated material which contains potentially economic quantities of zinc, lead, copper, gold and silver. The formulas used have been based on the following price assumptions (in Australian dollars): Zinc - A$3,450/t; Copper - A$8,350/t; Lead - A$2,685/t; Gold - A$1,350/oz; Silver - A$20/oz.

The zinc equivalent values have been calculated for each estimated block.

Table 2 – Zinc Equivalent Assumptions

Metal	Price A$	Unit	Recovery	ZnEq Factor
Zinc	3,450	$/t	100%
Copper	8,350	$/t	100%	2.4
Lead	2,685	$/t	100%	0.78
Gold	1,350	$/oz	100%	17680
Silver	20	$/oz	100%	200

Peel Mining have assumed 100% recovery factors for all elements at this early stage in the assessment of the project. In depth metallurgical studies are required to more accurately assess the likely recoveries of the various metals within the resource, however preliminary metallurgical testwork, general observations about the types/styles of mineralisation, and knowledge regarding existing Cobar mining operations provide support for Peel’s assumptions.

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

==> picture [156 x 69] intentionally omitted <==

Figure 3 – Wagga Tank-Southern Nights Indicated & Inferred Resource long section showing >4% Zn domains.

==> picture [719 x 429] intentionally omitted <==

----- Start of picture text -----

Wagga Tank Southern Nights
----- End of picture text -----

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

==> picture [156 x 69] intentionally omitted <==

Figure 4 – Southern Nights Indicated & Inferred Resource long section showing >4% Zn domains.

Southern Nights

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

==> picture [155 x 69] intentionally omitted <==

Figure 5 – Wagga Tank Inferred Resource long section showing >4% Zn domains.

==> picture [452 x 672] intentionally omitted <==

----- Start of picture text -----

Wagga Tank
----- End of picture text -----

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

==> picture [155 x 69] intentionally omitted <==

Background

The 100%-owned Wagga Tank Project is centred on the Wagga Tank and Southern Nights deposits which are located within the EL6695 tenement on the western edge of the Cobar Superbasin, approximately 130 km South of Cobar. The Wagga Tank project represents a major polymetallic VMSstyle mineral system.

In 2016, Peel acquired 100% of EL6695 from the Joint Venture interests of MMG Australia Limited and Golden Cross Operations Pty Ltd, with MMG receiving $1 consideration and a 2% Net Smelter Return (NSR) royalty on any future metals production, and Golden Cross receiving $40,000 cash. In October 2018, Peel acquired the 2% NSR delivering 100% unencumbered ownership.

Recent drilling by Peel has established the Southern Nights discovery as one of the most significant zinc polymetallic discoveries in Australia in recent years. Mineralisation at Wagga Tank-Southern Nights has been defined over a 2.2 km strike footprint.

Geology

The Cobar Superbasin is one of several intracratonic basins developed within the Lachlan Orogen during the Silurian/Devonian; it is the richest polymetallic basin in the Lachlan Orogen as evidenced by estimated pre-mining metal inventories: >2.2 million tonnes copper, >7.0 million ounces of gold, >4.7 million tonnes of zinc, >2.8 million tonnes of lead, and 145 million ounces of silver.

Peel believes that the prospectivity of the southern portion of the Cobar Superbasin (the area covered by Peel Mining’s tenements) is extremely high, factoring in the presence of metal-bearing fluids and high strain domains which favour mineral deposits and occurrences; this is supported by the presence of major deposits/mines in the area such as Nymagee, Hera, May Day, Mallee Bull, Mt Hope and Wagga Tank-Southern Nights.

The predominantly sediment-hosted mineralisation in the southern volcanic/volcaniclastics portion of the Wagga Tank-Southern Nights area is characterised by discontinuous, remobilised, en-echelon sulphide lenses hosted within high strain zones close to early Devonian porphyritic intrusives, which are in close proximity to active syn-sedimentary rift faults.

The informal deposit stratigraphy comprises:

• Eastern Formation : This basal unit comprises massive to thinly bedded shale and minor siltstone, graded bedding is present locally. Collectively the unit has attributes typical of relatively deep marine settings, with the breccias suggesting the presence of proximal unstable shelf/slope areas where episodic collapse was occurring on an occasional basis.

• Vivigani Formation : Overlying the Eastern Formation and representing a marked change in geological activity with coarse to fine volcaniclastic breccias and sandstones dominating. The basal contact is sharp, reflecting the onset of volcanism in an inferred back arc basin setting.

• Wagga Tank Mudstone: Cessation of the Vivigani volcanism event is marked by the Wagga Tank Mudstone, comprising thinly bedded shale and subordinate siltstone and calc-siltstone, with common graded bedding, sharp bases, scours and occasional fine cross bedding. These are typical turbidites, with the apparent absence of mass flow breccias perhaps suggesting a more distal setting than existed in Eastern Formation time. The change from Vivigani to Wagga Tank sedimentation can be sharp, but in most drill holes the boundary appears transitional.

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

==> picture [155 x 69] intentionally omitted <==

One of the most striking features of Vivigani Formation lithologies at Wagga Tank/Southern Nights is the intensity and extent of multi-phase hydrothermal alteration. Dominant styles are chlorite, silica/sericite +/- pyrite, with lesser siderite, calcite, rutile, fluorite and rhodocrosite.

Sulphides are widespread in the Vivigani Formation and at the base of the Wagga Tank mudstone. Pyrite is the dominant sulphide, with subordinate sphalerite, chalcopyrite and galena, and minor arsenopyrite. Sulphides occur in a range of styles and settings with resultant implications for exploration and economics. The majority of the sulphides are interpreted as being the product of a major hydrothermal system that developed during deposition of the volcanoclastics, driven by emplacement of an intrusive of probable acid composition (rhyolite/dacite). Waning of the hydrothermal system was related to cooling of the intrusion(s) and cessation of volcanism and is reflected in the change from volcanic (Vivigani) to fine sediment (Wagga Tank Mudstone) dominated regimes.

The highest-grade sulphides at Wagga Tank/Southern Nights occur as finely laminated sphalerite, pyrite, galena and chalcopyrite, mostly in basal Wagga Tank Mudstone but also in the Vivigani/Wagga Tank transition, interbedded with very fine clastic sediments (shale and siltstone). Locally they are cut or disrupted by later discordant stringer pyrite, chalcopyrite, silica and sphalerite veining. The laminated massive sulphides are interpreted as exhalatives, derived from venting of hydrothermal fluids at the sea floor interface, a setting analogous to sulphide deposits developing proximal to “smokers” on the ocean floor today.

The overall pattern of sedimentation, alteration and mineralisation at Wagga Tank/Southern Nights is comparable to many well-known volcanic hosted massive sulphide deposits (“VHMS”).

Sulphide mineralisation at Wagga Tank/Southern Nights is clearly linked to the Vivigani volcanic event and associated hydrothermal activity, and has attributes closely analogous to other known volcanic hosted massive sulphide deposits. In this context it appears quite different from classical “Cobar type” structurally controlled base and precious metal deposits.

At Wagga Tank/Southern Nights high-grade laminated stratiform massive sulphides hosted in a low energy shale/siltstone sequence overlie a very large intensely silica/sericite/pyrite altered, stockwork stringer sulphide veined zone which developed within permeable volcaniclastic breccias and sandstones. It is inferred that the hydrothermal alteration and mineralisation were driven by a high level intrusive of probable rhyolitic to dacitic composition. In the attached schematic representation, the porphyry has been drawn intruding into lower Vivigani, however emplacement may have been at considerably deeper crustal levels. Cessation of volcanism, but continued (albeit waning) hydrothermal venting, resulted in a change in the character of the sulphide mineralisation from dominantly stringer veining within permeable volcaniclastics to exhalative sea floor massive sulphides with substantially higher metal concentrations.

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

==> picture [155 x 69] intentionally omitted <==

Figure 6: Wagga Tank-Southern Nights simplified conceptual mineralisation model

==> picture [459 x 360] intentionally omitted <==

Drilling

Exploration and Resource Definition drilling has been undertaken using Rotary Air Blast (RAB), Reverse Circulation (RC) and Diamond Drilling (DD) methods. Often a combination of RC pre-collars with diamond drill tails (RCD) has been used to reduce the cost through the barren overburden. Each prospect has undergone several campaigns of drilling by various companies as outlined in the table below. RAB drilling has not been used in the estimation process.

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

==> picture [155 x 69] intentionally omitted <==

Table 3: Wagga Tank and Southern Nights drilling campaigns

==> picture [499 x 344] intentionally omitted <==

Drilling and Sampling Techniques

Of the drilling and sampling for the drill holes contained within the MRE for Wagga Tank, 57% of drilling and 66% of sampling has been undertaken by Peel. Drilling and sampling methods during this period are well documented in formal procedures. The sampling procedures used for historical drilling (i.e. 1974-1992) are not known. The maiden drilling undertaken by Peel in 2016 at Wagga Tank aimed at confirming the historical drilling. The drilling successfully returned intercepts and grades similar to those reported in historical drill holes, and in the approximate anticipated locations.

All of the drilling and sampling input into the MRE for Southern Nights has been undertaken by Peel. Drilling and sampling methods during this period are well documented in formal procedures.

RC drilling methods have generally been used for early exploration drilling or as precollars through barren hanging wall. RC sampling was undertaken at the rig via a cone or multitier riffle splitter providing a 3 to 4kg sample. RC samples were taken on 1m intervals. Sample intervals, for submission to the laboratory, were selected based on visual logging and results returned from a portable XRF analyser.

Samples taken from diamond drilling undertaken by Peel, are predominantly of HQ diameter to maximise recovery. Drill core is sampled using half-core on 1m intervals. Sample intervals range from 0.5-1.5m to honour changes in lithology, alteration and mineralisation.

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

==> picture [155 x 69] intentionally omitted <==

Data detailing the recovery of historical drilling is not available. For the drilling undertaken by Peel, core recovery is measured based on the drill run lengths (actual versus recovered). Southern Nights has 93% of the drill runs returning better than 95% recovery. Wagga Tank is more structurally complex with 88% of the drill runs returning better than 95% recovery.

Assaying

Assay methods for historical drilling (non-Peel) is generally unknown. Analyses undertaken by Peel were completed by ALS Laboratories. Sample preparation was undertaken at ALS Orange using the following process:

• Crush entire sample nominal >70% passing 6mm;

• If sample >3kg, riffle split sample to maximum of 3.2Kg and pulverise split in LM5 to 85% passing 75 µm. Retain and bag unpulverised reject (bulk master). If less than 3.2kg, entire sample is pulverised;

with routine assays completed using either:

• ME-ICP41 analysis, Aqua-regia digest (GEO-AR01) ICP-AES finish performed at ALS Orange. Over-limit assays were then undertaken using ME-OG46 analysis if triggered from above (i.e. Cu, Pb, Zn >1%, Ag >100ppm) Aqua-regia digest (ASY-AR01) with ICPAES finish performed in Brisbane from pulp split. Over-limit sulphur was undertaken with S-IR08 Leco Fusion (>10% S);

• ME-ICP61 or ME-MS61, 4 acid digest (GEO-4 ACID) ICP-AES finish /ICP-MS finish performed at ALS Brisbane from pulp split. Over-limit assays were then undertaken using ME-OG62 analysis if triggered from above (i.e. Cu, Pb, Zn >1%, Ag >100ppm) 4 acid digest (ASY-4ACID) with ICPAES finish/ICP-MS finish performed in Brisbane from pulp split. Over-limit sulphur was undertaken with S-IR08 Leco Fusion (>10% S).

During all Peel drilling programs, quality control samples such as field duplicates, standards and blanks have been routinely inserted into the sample stream for the monitoring of analysis. ALS also insert their own set of internal quality control samples into every sample lot analysed.

All standards and blanks returned within acceptable limits, and field duplicates showed good correlation.

Original assay files have been imported into the database without manipulation.

Mineralisation Domains

Raw assays for the Wagga Tank and Southern Nights Deposits have been analysed to identify any distinct grade populations within the key elements which can be used during the interpretation and modelling process. Inflection points within the Zn dataset were identified at 17.5%, 4% and 0.3% Zn. These populations broadly conform to logged mineralisation as massive sulphide, semi-massive and stringer sulphide and disseminated sulphide mineralisation styles. Separate domains were generated for the estimation of copper and gold.

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

==> picture [155 x 69] intentionally omitted <==

• Figure 7: Wagga Tank drill hole type sections showing mineralisation wireframes and drill holes

==> picture [454 x 672] intentionally omitted <==

----- Start of picture text -----

+200
0
-200
----- End of picture text -----

Peel Mining Limited ACN 119 343 734 www.peelmining.com.au

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

==> picture [155 x 69] intentionally omitted <==

Figure 8: Southern Nights drill hole type sections showing mineralisation wireframes and drill holes

==> picture [457 x 638] intentionally omitted <==

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

==> picture [155 x 69] intentionally omitted <==

Estimation

Data validation, geological interpretation and mineralisation domains have been completed by Peel geologists. During 2019, all data including that pertinent to the 2019 MRE has been transferred to an industry standard database (Geobank) which has robust validation protocols incorporated into it. Independent mining industry consultants Mining Plus Pty Ltd were commissioned to validate the mineralisation domains and generate the Maiden Mineral Resource Estimate. The 2019 maiden MRE block model honours the geological controls on mineralisation and forms a robust platform to grow the deposits in the future.

Estimation of all elements has been completed using ordinary kriging (OK) into 20m (X) by 20m (Y) by 5m (Z) blocks, the dimensions of which were selected following a Kriging Neighbourhood Analysis (KNA). In order for effective boundary definition, a sub-block size of 1m (X) by 1m (Y) by 0.25m (Z) has been used to define the mineralisation edges, with these sub-cells estimated at the parent block scale. Compositing has been undertaken within domain boundaries at 1m with a merge tolerance of 0.1m.

Top-cuts for Zn, Pb, Ag, Cu and Au have been assessed for all mineralised and un-mineralised domains as well as for the internal and external waste domains with only those domains with extreme values having been top-cut. The top-cut levels have been determined using a combination of histograms, log probability and mean variance plots.

Estimation utilised three interpolation passes with each pass using an increased search ellipse size with a decrease in the minimum number of samples required for a block to populate with grade used on subsequent passes.

The Mineral Resource estimate has been validated using visual validation tools combined with volume comparisons with the input wireframes. Mean grade comparisons between the block model and composite and swath plots comparing the composite grades and block model grades by Northing, Easting and RL were undertaken.

No issues material to the reported Mineral Resource have been identified in the validation process.

Classification

The Mineral Resource has been classified in accordance with JORC 2012, based on the confidence in geological continuity, drill hole spacing, data quality and geostatistical measures.

The mineralised blocks that are defined by drill holes spaced closer than 40m by 40m, where there is confidence in the geological and grade continuity, and where the quality of the estimate as defined by the slope of regression is high and where the blocks have been estimated in the first or second search pass have been classified as Indicated Mineral Resources.

The mineralised blocks that are defined by drilling spaced closer than 100m by 100m, where there is confidence in the geological and grade continuity, and where the quality of the estimate as defined by the slope of regression is moderate and the blocks have been estimated in the first, second or third search pass have been classified as Inferred Mineral Resources.

Areas of the deposit that do not meet these criteria remain Unclassified. No Measured Resources have currently been defined.

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

==> picture [155 x 69] intentionally omitted <==

Mining Method and cut-off grades

Peel believes the use of 3.5% Zinc Equivalent as a reporting cut-off is appropriate for deposits of this type which could potentially be extracted through selective underground mining.

Previous Results

Previous results referred to herein have been extracted from previously released ASX announcements. Previous reports are available to view on www.peelmining.com.au and www.asx.com.au. Additional information regarding Wagga Tank is available in the Company’s quarterly reports from September 2016 through to March 2019. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

For further information, please contact: Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020 David Tasker – Chapter One Advisors +61 (0)433 112 936

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

==> picture [155 x 69] intentionally omitted <==

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr 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 announcement and Appendix that relate to data and geological modelling included in Mineral Resource estimates is based on information reviewed by Mr Jason McNamara who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is a full time employee of Peel Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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 McNamara consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.

The information in this announcement and Appendix that relates to grade estimation and Mineral Resource estimates is based on information reviewed by Mr Jason McNamara, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is a full time employee of Peel Mining 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 McNamara consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears. This release may include aspirational targets. These targets are based on management’s expectations and beliefs concerning future events as of the time of the release of this document. Targets 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.

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

==> picture [156 x 69] intentionally omitted <==

JORC Code, 2012 Edition Table 1 Appendices

Table 1 - Section 1 - Sampling Techniques and Data for Wagga Tank Project

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	The following report details the historical data, checks, validation and methodology used to generate the Mineral Resource Estimates (MRE) for the Wagga Tank and Southern Nights Deposits. Data for the Wagga Tank and Southern Nights Deposits have been collected over multiple exploration campaigns by different companies. The majority of the data used for the MRE however has been collected by Peel Mining as outlined in Table 3 (Page 11). • A total of 81 drill holes utilising Percussion (P), Reverse Circulation (RC) and Diamond (DD) drilling methods have been completed for a total of 20,824m at the Wagga Tank Deposit. Of this drilling 11,866m (57%) has been completed by Peel Mining between 2016 and 2019. • A total of 185 drill holes utilising Reverse Circulation (RC) and Diamond (DD) drilling methods have been completed for a total of 58,608m at the Southern Nights deposit. Of this drilling 100% has been completed by Peel Mining between 2016 and 2019. • At Southern Nights, drill holes have been drilled predominantly towards grid east with dips of approximately 60 degrees to optimally intersect the moderate to steeply west dipping mineralised zones. For Wagga Tank where mineralised zones are near vertical or slightly east dipping, drilling is to the west on an azimuth of ~315 and a dip of 60 degrees. • Field procedures include routine multi-element measurement of the diamond core and RC drill chips using an Olympus Delta Innov-X portable XRF tool. Portable XRF tools are routinely serviced and calibrated. Daily checks are performed against blanks/standards. PXRF readings are not included in the dataset for the MRE but are used to aid the selection of samples for primary assaying in conjunction with geological logging and neighbouring results. • RC and RAB drill holes are generally sampled at 1m intervals and split using a cone splitter or multi-tier riffle splitter attached to the cyclone to generate a split of 2-4kg to provide a representative sample of the interval. 6 RC drill holes and 7 precollars were sampled using a spear. Of these speared drill holes, only 2 had significant mineralisation and fall within Wagga Tank. • During exploration drilling, every effort is made to ensure all RC samples are drilled dry. Where this hasn’t been possible samples are logged as wet. For later stage resource definition drilling, diamond drilling has been used through the mineralised zones. • Diamond drill core is generally cut and sampled at 1m intervals. The diamond drill core has been cut longitudinally in half. Sampling was undertaken at predominantly 1m intervals with a range of 0.5m length to 1.5m length to accommodate changes in geology and mineralisation.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		• Metallurgical samples were taken from half core of one the HQ core samples which intersected the main mineralisation zone at Southern Nights. Further samples are needed to provide sufficient variability of the mineralisation to be considered representative.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Drilling to date has been a combination of diamond, reverse circulation and rotary air blast (see Table 3 in body of report). • Reverse circulation drilling utilised a 5 1/2-inch diameter hammer. A blade bit was predominantly used for RAB drilling. RC precollars average 150m in length. With diamond tails generally being between 200 and 400m in length. • Predominantly HQ with minor PQ and NQ diameter coring has been used for diamond drilling. For the majority of the drilling triple tube has been used to maximise recovery. • Core has been orientated predominantly using a REFLEX ACT™ system where data is stored on the controller and cannot be manipulated. Core samples are matched with orientation data using a spirit level jig. Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation. Orientation quality is noted between orientation marks based on a tolerance. Systematic failures are immediatelyraised with the drillingcontractor.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• RC and RAB samples are not weighed on a regular basis due to the exploration or precollar nature of drilling. Minor campaigns of weighing RC bags have been undertaken however no detailed assessment on RC recovery has been conducted. • Diamond drilling is typically undertaken using HQ triple tube methods to maximise recovery. • Core recoveries are recorded by the drillers in the field at the time of drilling by measuring the actual distance drilled for a drill run against the actual core recovered. This measurement is checked by a geologist or technician. • Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking and depths are checked against the depths recorded on core blocks. Rod counts are routinely undertaken by drillers. • When poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to rectify the problem to ensure maximum sample recovery. • For Wagga Tank, of the total recovery dataset for which assays exist, 92% are reported as having greater than or equal to 95% recovery. This drops from 92% to 73% for grade intervals greater than 4% Zinc which generally defines the main mineralisation zone. Allowance for the poorer recoveries in the main mineralisation have been accounted for in classification of the Wagga Tank Resource. • For Southern Nights, of the total recovery dataset for which assays exist, 96% are reported as having greater than or equal to 95%recovery. This drops from 96%to 89%forgrade

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		intervals greater than 4% Zinc which generally defines the main mineralisation zone. These recoveries are considered acceptable. • For samples with greater than or equal to 1% Zn, 94% are reported as having 90% or better recovery. • Analysis for diamond core indicates that there is no observed relationship between zinc grade and recoveryand no correction or weightingfactors were required.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• All drill core and drill chip samples are qualitatively geologically and quantitatively geotechnically, geochemically and structurally logged from surface to the bottom of each individual hole to a level of detail to support Mineral Resource estimation, mining studies and metallurgical studies. • All logging of diamond core, RC and RAB samples records lithology, alteration, mineralisation, structure (DDH only), weathering, colour and other features of the interval important for defining the location of the drillhole within the mineralised system. • All drill core and chip trays are photographed as both wet and dry. • Where core samples are orientated, drill core is logged for geotechnical and structural information by measuring alpha and beta angles accompanied by a description of the feature being logged. • Bulk density by Archimedes principle are taken at regular intervals (~2 every core tray). • Magnetic susceptibilityis recorded at 1m intervals.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Drill core is cut with a core saw with half core taken for analysis. Sampling is consistent on one side of the orientation line so that the same part of the core is sent for analysis. • The RC and RAB drilling rigs were equipped with a cone or multitier riffle splitter attached to the cyclone. The splitter provided one bulk sample of approximately 20kg and a sub-sample of 2- 4kg per metre drilled. • Bulk samples were placed in green plastic bags, with the sub-samples collected placed in calico sample bags. • Core duplicates have been taken at the laboratory at specified intervals after crushing to a nominal >70% passing 6mm. Field duplicates for RC were collected directly from the splitter at the time of sampling or later by resplitting the bulk samples from large plastic bags using a spear. Scatter and HARD plots were used to assess the performance of duplicate samples. For most elements more than 90% of the samples returned less than 10% HARD which indicates sampling quality and size is appropriate. Analysis of gold showed poorer performance with around 80% of samples returning less than 10% HARD. This is still considered satisfactory considering the higher variability normally associated with gold. • No sample nomogram analysis has been undertaken however the sample volumeprovided

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		by 51/2-inch RC and HQ diamond core drilling methods are considered appropriate and representative for thegrain size and style of mineralisation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Analysis methods used for historical drilling is not known. • ALS Laboratory Services located in Orange NSW, was generally used for sample preparation, Au and multi-element analysis work. Requirements for Sulphur by Leco or multi-element 4 Acid digest was undertaken at ALS Brisbane. The laboratory preparation and analysis methods below are for all samples submitted to ALS by Peel and are considered appropriate determination of the economic minerals and styles of mineralisation defined at Wagga Tank. Sample preparation was undertaken at ALS Orange using the following process: • Crush entire sample nominal >70% passing 6mm; • If sample > 3kg, Riffle split sample to maximum of 3.2Kg and pulverise split in LM5 to 85% passing 75 µm. Retain and bag unpulverised reject (bulk master). If sample < 3.2kg, entire sample is pulverised; Routine assays were completed using either: • ME-ICP41 analysis, Aqua-regia digest (GEO-AR01) ICP-AES finish performed at ALS Orange. Over-limit assays were then undertaken using ME-OG46 analysis if triggered from above (i.e. Cu, Pb, Zn >1%, Ag >100ppm) Aqua-regia digest (ASY-AR01) with ICPAES finish performed in Brisbane from pulp split. Over-limit sulphur was undertaken with S-IR08 Leco Fusion (>10% S). • ME-ICP61 or ME-MS61, 4 acid digest (GEO-4 ACID) ICP-AES finish /ICP-MS finish performed at ALS Brisbane from pulp split. Over-limit assays were then undertaken using ME-OG62 analysis if triggered from above (i.e. Cu, Pb, Zn >1%, Ag >100ppm) 4 acid digest (ASY-4ACID) with ICP-AES finish / ICP-MS finish performed in Brisbane from pulp split. Over-limit sulphur was undertaken with S-IR08 Leco Fusion (>10% S). • Assaying of samples in the field was by portable XRF instruments: Olympus Delta Innov-X or Olympus Vanta Analysers. Reading time for Innov-X was 20 seconds per reading with a total 3 readings per sample. Reading time for Vanta was 10 & 20 seconds per reading with 2 readings per sample. At least one daily calibration check was performed using standards and blanks to ensure the analyser was operating within factory specifications. The XRF readings are only used as indicative and assist with the selection of sample intervals for laboratory analysis. • QC samples were inserted in the form of Certified Reference Materials, blanks (sand and coarse) and duplicates. CRM and blanks are inserted at the rate of at least 1 blank and standard every20 samples. Duplicates forpercussion drillingare collected directlyfrom the

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		drill rig or the metre sample bag by spearing using a half round section of pipe at a rate of 1 every 20 samples. The duplicate rate for drill core varies as they are inserted by geologists to cover low, medium and high grade zones. These duplicates are split at the laboratory after the crushing stage. At a minimum there is one duplicate every 20 samples. Through high grade zones, additional blank lab wash is requested with analysis randomly selected on these washes by Peel to monitor cross contamination. • Performance of standards for monitoring the accuracy, precision and reproducibility of the assay results received from ALS have been reviewed. The standards generally performed well with results falling within prescribed two standard deviation limits and only random occurrences outside of these limits. • The performance of the pulp and coarse blanks have been within acceptable limits with no significant evidence of cross contamination identified. • ALS laboratories undertake internal QC checks to monitor performance. The results of these are available to view on ALS Webtrieve™(an ALS online dataplatform).
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All significant intersections have been verified by senior staff. • Two twin drill holes were drilled into the main mineralisation at Southern Nights. Twin drill holes were within 5m of the original hole in both cases. Minor differences in analytical methods used introduced an element of error but both drill holes showed good repeatability in both thickness and average grade through the main zone. • Most of the drilling undertaken by Peel involved the logging of geological and sampling information into excel spreadsheets. These spreadsheets were then validated and imported into a customized SQL database at the Peel head office. During 2019 data was transferred into a Geobank database. Logging is now undertaken via Geobank Mobile. The main database resides in the Peel Perth office with a syncronised version available at the site office. Any issues identified by the Database Administrator is raised with site staff to rectify. • No adjustments of assaydata are considered necessary.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• A Garmin hand-held GPS is used to define the location of the planned drill collars. Standard practice is for the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. • Periodically throughout the drilling program, collars have been accurately located using a DGPS by a surveying contractor. 14 drill holes from the most recent program have not been surveyed prior to the MRE being completed. • Down-hole surveys are conducted by the drill or surveying contractors using either a Champ Gyro™ North Seeking solid state gyro or a Gyroflex North Seeking gyro. Measurements are taken duringdrillingevery30m to track drillholeprogress,however on completion of the

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		hole the hole is surveyed on shorter intervals (6 or 10m). QA/QC in the field involves calibration using a test stand located on the project site. • Grid system used is MGA 94 (Zone 55). • Attempts to locate and survey the collars of historical drill holes in Wagga Tank was undertaken. Not all drill holes could be located. The locations of drill holes which could not be found have been calculated via grid transformations off old maps. • The method of downhole surveys for historical drilling is unknown. • A topographical surface has been generated from the DGPS surveys of drill collars. The terrain of the project area is flat and topographical control is considered appropriate for the MRE.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Drill holes covering the areas covered by the MREs are drilled predominantly on a 20x20m or 40x40m grid spacing. Wider spacing occurs at the extremities and at depth in the MRE area. • The data density is sufficient to demonstrate grade continuity to support a Mineral Resource estimate (MRE) under the 2012 JORC code. • Physical compositing to 6m of some RC and precollars has occurred predominantly for the exploratory analysis of gold. If anomalous gold values have been encountered 1m sampling is then undertaken.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The nature and controls on mineralisation at the Wagga Tank and Southern Nights deposits are considered to be well understood in the area of the MRE. • Drill holes at Southern Nights are predominantly drilled towards the east at an average dip of 60 degrees to optimally intersect the moderate to steeply west dipping north south striking mineralised zones. • Drill holes at Wagga Tank are predominantly drilled towards the west at an average dip of 60 degrees to optimally intersect the sub-vertical to slightly east dipping north-north east south-south west striking mineralised zones. • Based on the current understanding sampling is considered to be unbiased with respect to drill hole orientation versus strike and dipof mineralisation.
Sample security	• The measures taken to ensure sample security.	• The chain of custody is managed by the project geologist. • All drill core is brought to the site core processing facility on a daily basis. • Following sampling, calico sample bags are placed in polyweave sacks and stored in the processing facility until shipment is undertaken by Peel staff or courier, to ALS laboratory in Orange. • Despatch details are checked and logged into the laboratory tracking system, on arrival at ALS.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		• Detailed records are kept of all samples that are dispatched, including details of chain of custody.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No formal external audit has been conducted. • Regular audits of logging and sampling protocols are undertaken by senior Peel staff whilst onsite.

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

==> picture [156 x 69] intentionally omitted <==

Table 1 - Section 2 - Reporting of Exploration Results for Wagga Tank Project

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The MRE has been undertaken on drilling carried out on the Wagga Tank Project which is located on EL6695 and is 100%-owned by Peel Mining Ltd. • The tenement is in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Various programs of work were completed at Wagga Tank by multiple previous explorers including Newmont, Homestake, Amoco, Cyprus, Arimco, Golden Cross, Pasminco and MMG. Work included multiple phases of drilling and general prospecting including soil geochemical surveys and geophysical programs. Minimal work was completed at the Wagga Tank and Fenceline prospects between 1989 and 2016. • Details of drilling programs can be seen in Table 3 in the bodyof the release.
Geology	• Deposit type, geological setting and style of mineralisation.	The predominantly sediment-hosted mineralisation in the southern volcanic/volcaniclastics portion of the Wagga Tank-Southern Nights area is characterised by discontinuous, remobilised, en-echelon sulphide lenses hosted within high strain zones close to early Devonian porphyritic intrusives, which are in close proximity to active syn-sedimentary rift faults. The informal deposit stratigraphy comprises: • Eastern Formation: this basal unit comprises rather massive to thinly bedded shale and minor siltstone, graded bedding is present locally. Collectively the unit has attributes typical of relatively deep marine settings, with the breccias suggesting the presence of proximal unstable shelf/slope areas where episodic collapse was occurring on an occasional basis. • Vivigani Formation: overlies the Eastern Formation and marks a striking change with coarse to fine volcaniclastic breccias and sandstones dominating. The basal contact is sharp, reflecting the onset of volcanism in an inferred back arc basin setting. • Wagga Tank Mudstone: Cessation of the Vivigani volcanism event is marked by Wagga Tank Mudstone, comprising thin bedded shale and subordinate siltstone and calc-siltstone, with common graded bedding, sharp bases, scours and occasional fine cross bedding. These are typical turbidites, with the apparent absence of mass flow breccias perhaps suggesting a more distal setting than existed in Eastern Formation time. The change from Vivigani to Wagga Tank sedimentation can be sharp, but in most drill holes the boundary appears transitional. • One of the most strikingfeatures of Vivigani Formation rocks at Wagga Tank/Southern

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		Nights is the intensity and extent of multi-phase hydrothermal alteration. Dominant styles are chlorite, silica/sericite +/- pyrite, with lesser siderite, calcite, rutile, fluorite and rhodocrosite. • Sulphides are widespread in Vivigani Formation and at the base of the Wagga Tank mudstone. Pyrite is the dominant sulphide, with lesser sphalerite, chalcopyrite and galena, arsenopyrite is also commonly present at minor levels. Sulphides occur in a range of styles and settings with resultant implications for exploration and economics. The majority of the sulphides are interpreted as being the product of a major hydrothermal system that developed during deposition of the volcanoclastics, driven by emplacement of an intrusive of probable acid composition (rhyolite/dacite). Waning of the hydrothermal system was related to cooling of the intrusion(s) and cessation of volcanism and is reflected in the change from volcanic (Vivigani) to fine sediment (Wagga Tank Mudstone) dominated regimes. • The highest grade sulphides at Wagga Tank/Southern Nights occur as finely laminated sphalerite, pyrite, galena and chalcopyrite, mostly in basal Wagga Tank Mudstone but also in the Vivigani/Wagga Tank transition, interbedded with very fine clastic sediments (shale and siltstone). Locally they are cut or disrupted by later discordant stringer pyrite, chalcopyrite, silica and sphalerite veining. The laminated massive sulphides are interpreted as exhalatives, derived from venting of hydrothermal fluids at the sea floor interface, a setting analogous to sulphide deposits developing proximal to “smokers” on the ocean floor today. • The overall pattern of sedimentation, alteration and mineralisation at WT/SN is comparable to many well-known volcanic hosted massive sulphide deposits (“VHMS”). • Sulphide mineralisation at Wagga Tank/Southern Nights is clearly linked to the Vivigani volcanic event and associated hydrothermal activity, and has attributes closely analogous to other known volcanic hosted massive sulphide deposits. In this context it appears quite different from classical “Cobar type” structurally controlled base and precious metal deposits. • At Wagga Tank/Southern Nights high grade laminated stratiform massive sulphides hosted in a low energy shale/siltstone sequence overlie a very large intensely silica/sericite/pyrite altered, stockwork stringer sulphide veined zone which developed within permeable volcaniclastic breccias and sandstones. It is inferred that the hydrothermal alteration and mineralisation were driven by a high level intrusive of probable rhyolitic to dacitic composition. In the attached schematic representation (see page 10), the porphyry has been drawn intrudinginto lower Vivigani,however emplacement mayhave been at

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		considerably deeper crustal levels. Cessation of volcanism but continued (albeit waning) hydrothermal venting resulted in the change in character of sulphide mineralisation from dominantly stringer veining within permeable volcaniclastics to exhalative sea floor massive sulphides with substantiallyhigher metal concentration.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• No exploration results are reported in this release.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No length weighting or top-cuts have been applied when reporting exploration results. • No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are	• At Wagga Tank, drilling to date indicates a sub-vertical mineralised system, with a steep to slightly easterly dip implying true widths of 50-60% of the downhole intervals reported for north west-oriented (~315 degree collar azimuth) or south east (~135 degree collar azimuth) drill holes. • At Southern Nights,drillingto date indicates a ~70 degree west dippingmineralised system,

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
intercept lengths	reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	with a implying true widths of 70-90% of the downhole intervals reported for east-oriented (085/090 degree collar azimuth) drill holes, and between 30-50% for all west-oriented (270 degree collar azimuth)drill holes.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to Figures in the body of text.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• No exploration results are reported in this release.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Preliminary metallurgical testwork is currently in progress.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The consistency, grade, and potential for extension to the intersections at Wagga Tank and Southern Nights to date warrants further drilling to extend the mineralisation along strike (East –West) and at depth. This drilling is currently in planning stages.

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

==> picture [156 x 69] intentionally omitted <==

Table 1 - Section 3 - Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	• Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. • Data validation procedures used.	• The database of historical data has been validated by reconciling all available hardcopy drill logs and assay results. This data has been reviewed in 3D against drilling undertaken by Peel. • Prior to 2019, geological and field data was entered into Microsoft Excel spreadsheets with lookup tables and fixed formatting. Data was then imported into a customised SQL database with validation undertaken on import. For 2019 data, Geobank mobile has been used for the collection of data. Data is validated during entry into Geobank with further validation undertaken during synchronisation with the main database. • Assay data is imported directly from original lab files into the previous SQL database and now into Geobank with no prior manipulation of results. • The Peel SQL database and recent Geobank database have robust validation and constraints incorporated into them to ensure validated data is readily available for fit for purpose use. The database is managed by a database administrator employed by Peel Mining. • The construction and estimation of the Wagga Tank and Southern Nights block models have been undertaken by Mining Plus Pty Ltd. • A complete drilling database has been supplied by Peel Mining to Mining Plus in the form of csv files extracted from a Geobank Database. • Mining Plus has undertaken a high-level review of all files for syntax, duplicate values, from and to depth errors and EOH collar depths. • Data validation processes are in place and run upon import into the database to be used for the MRE in Maptek Vulcan Software v 11.0.1 byMiningPlus.
Site visits	• Comment on any site visits undertaken by the Competent Person and the outcome of those visits. • If no site visits have been undertaken indicate why this is the case.	• The Peel Competent Person completed three site visits to the Wagga Tank and Southern Nights deposits from 2018-2019. • While on site the CP has reviewed historical drill core and hole locations. • Historical data management protocols, density determination methods and diamond drillingand sampling procedures have also been reviewed.
Geological interpretation	• Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit.	• The geological information is built out on 385 drill holes within the Wagga Tank deposit and 381 drill holes (inclusive of RAB) within the Southern Nights deposit. • The base of weatheringhas been modelled usingthe drill logs with thesepoints used to

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Nature of the data used and of any assumptions made. • The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation. • The factors affecting continuity both of grade and geology.	create an oxidation bounding surface for the deposit – only minor supergene mineralisation is located above this oxidation surface and has not been considered as part of this MRE. • The data used in the geological model is a combination of diamond core and RC drilling. • Only minor surface exposures of the host lithologies and structures occurs at Wagga Tank. Southern Nights is hidden under Tertiary cover. • The mineralisation is interpreted to be closely associated with strong alteration zones, although the logging of these is not currently consistent enough to enable confidence to create an alteration model. Further work on the logging of alteration is planned. • The base metal mineralisation at Southern Nights has been interpreted to be located sub- parallel to the stratigraphy which dips at between 60-70 degrees to the west. • The base metal mineralisation at Wagga Tank is more structurally complex and has been interpreted to be sub-vertical with a slight dip to the east in some places. Due to the structural complexity, the deposit comprises generally thin, discontinuous lenses of base metal mineralisation. • Due to the multi-element nature of the mineralisation at Wagga Tank and Southern Nights, element correlation analysis has been undertaken to determine which elements can be grouped together with Zn for modelling purposes and which ones need to be modelled and estimated separately. Analysis indicates that the correlation between the other elements of economic significance, namely Pb, Ag, S is adequate to enable estimation inside the primary zinc mineralisation domains. Copper and gold showed a weak correlation and a separate domain for the estimation of these elements has been created. Due to what is interpreted to be later epithermal mineralisation over-printing earlier phases of mineralisation, further work is needed to separate this phase of mineralisation which may improve the gold estimation in areas. • The length weighted raw assays for the Wagga Tank and Southern Nights Deposits were analysed by Peel and used to identify distinct grade populations within the key elements which can be used during the interpretation and modelling process. • Inflection points within the Zn dataset have been identified at 0.3%, 4% and 17.5% Zn. These grades can be broadly correlated with visually logged mineralisation styles. As such, these grades have been used as the basis for the interpretation and modelling process. • For the copper-gold domains, inflection points were identified at 0.15% Cu and 1.5% copper. Wireframes were created for 0.15% Cu however the inability to create continuous zones between drill holes for the higher 1.5% cut-off precluded it from use. • The lithological loggingof host rocks in combination with the Zn,Pb,Ag,Cu,Au,Fe and S

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		assays, have been used to guide the numeric interpolation of mineralised grade shells in Leapfrog Geo 3-D modelling software. • The Zn and Cu mineralisation interpretation is contained wholly within the respective mineralised grade shells. • No alternative interpretations have been considered. • Mining Plus have reviewed the domain selection criteria and found it to be appropriate for use in the MRE.
Dimensions	• The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	• At Wagga Tank, drilling to date has defined the main mineralisation over a strike length of approx. 250m down to 450m below surface. The main mineralisation thickness varies between 1-10m in thickness. • At Southern Nights, drilling to date has defined the main mineralisation over a strike length of approx. 850m down to 450m below surface. The main mineralisation thickness varies between 1-20m in thickness.
Estimation and modelling techniques	• The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. • The assumptions made regarding recovery of by- products. • Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	• Grade estimation for Zn ppm, Pb ppm, Ag g/t, S %, Cu ppm Au g/t and Fe % has been completed using Ordinary Kriging (OK) into 18 separate Zn dominant domains and 29 separate Cu dominant domains using Maptek Vulcan 11.0.1 software. Zn domains have been estimated for Zn, Pb, Ag and S. Cu Domains have been estimated for Cu, Au and Fe after review of assay correlation matrices. • Ordinary Kriging has been used as the interpolation technique to estimate the Mineral Resource with this method considered appropriate given the nature of mineralisation and mineralisation configuration. • The geological, mineralisation and weathering wireframes generated have been individually coded into the block model. Zn domain and Cu domains have been used to estimate the appropriate assay data. The drill holes have been flagged with the domain code and composited using the domain code to segregate the data. Hard boundaries have been used at all domain boundaries for the grade estimation. • Compositing has been undertaken within domain boundaries at 1m with a merge tolerance of 0.1m. The majority of the samples within the Wagga Tank and Southern Nights mineralised domains are at the selected composite length of 1m. • Top-cuts for Zn, Pb, Ag, Cu and Au have been assessed for all mineralised and un- mineralised domains as well as for the internal and external waste domains with only those domains with extreme values having been top-cut. The top-cut levels have been determined using a combination of histograms, log probability and mean variance plots. • Variography has been completed in Supervisor 8.9 software on a grouped domain basis to ensure that enough data ispresent. Domains with too few samples have borrowed

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Any assumptions behind modelling of selective mining units. • Any assumptions about correlation between variables. • Description of how the geological interpretation was used to control the resource estimates. • Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	variography. • The drillhole data spacing ranges from 40m by 40m, to a 100m by 100m resource definition drillhole spacing. Exploration drill spacing steps out to 160 m by 160m. • Kriging Neighbourhood Analysis (KNA) has been undertaken on the mineralisation domains to determine the most appropriate block size and interpolation parameters to apply during the block modelling process. • The KNA indicated a parent block size of 20m (X) by 20 m (Y) by 5 m (Z) be applied to the deposit. The block size selected is considered appropriate for the drill spacing. In order for effective boundary definition, a sub-block size of 1m (X) by 1m (Y) by 0.25m (Z) has been used to define the mineralisation edges, with these sub-cells estimated at the parent block scale. • No assumptions have been made regarding selective mining units. • The interpolations have been constrained within the mineralisation wireframes and undertaken in three passes with the mineralisation wireframes utilised as hard- boundaries during the estimation. • Estimation utilised 3 interpolation passes with each pass using an increased search ellipse size with a decrease in the minimum number of samples required for a block to populate with grade used on subsequent passes: o Pass 1 estimations have been undertaken using a minimum of 6 and a maximum of 32 samples into a search set at approximately half of the variogram range. A 2 sample per drillhole limit has been applied in all mineralised domains. o Pass 2 estimations have been undertaken using a minimum of 4 and a maximum of 32 samples into a search ellipse set at approximately the variogram range. A 2 sample per drillhole limit has been applied in all mineralised domains. o Pass 3 estimations have been undertaken using a minimum of 2 and a maximum of 32 samples into a search ellipse set at twice the Search 2 range. No drillhole limit has been applied to the third pass. • The Mineral Resource estimate has been validated using visual validation tools combined with volume comparisons with the input wireframes, mean grade comparisons between the block model and composite grade means and swath plots comparing the composite grades and block model grades by Northing, Easting and RL. • No mining has taken place of the Wagga Tank and Southern Nights Deposits, hence no reconciliation data is available for validation.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Moisture	• Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	• Tonnages are estimated on a dry basis.
Cut-off parameters	• The basis of the adopted cut-off grade(s) or quality parameters applied.	• For the reporting of the Mineral Resource Estimate, a 3.5% Zinc Equivalent cut-off grade has been deemed appropriate for the reporting of potential underground resources. • The Zinc Equivalent grades have been calculated for both the zinc dominated and copper dominated material which contains potentially economic quantities of zinc, lead, copper, gold and silver. The formulas used have been based on the following price assumptions in Australian dollars: o Zinc - $3,450/t o Copper - $8,350/t o Lead - $2,685/t o Gold - $1,350/oz o Silver - $20/oz • The Zinc Equivalent formula has been calculated using the following formula: o Zn_Eq % = (Zn_ppm + (2.4Cu_ppm) + (0.78Pb_ppm) + (17,680Au_g/t) + (200Ag_g/t)) / 10000 • The Zinc Equivalent values have been calculated for each estimated block.
Mining factors or assumptions	• Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	• It has been assumed that any possible mining of the deposits will be by conventional underground mining techniques.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
Metallurgical factors or assumptions	• The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	• Peel Mining have assumed 100% recovery factors for all elements at this preliminary stage in the development of the project. • In depth metallurgical studies are required to more accurately assess the likely recoveries of the various metals within the resource, however preliminary metallurgical testwork, general observations about the types/styles of mineralisation, and knowledge regarding existing Cobar mining operations provide support for Peel’s assumptions.
Environmental factors or assumptions	• Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	• No environmental factors or assumptions have been incorporated into the reporting of the Mineral Resource Estimate for Wagga Tank and Southern Nights.
Bulk density	• Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void	• A total of 1,657 bulk density measurements were used for analysis of the Wagga Tank and Southern Nights Deposits. • Bulk density measurements have been collected using the water immersion method, with the measurement calculated by weighing the dry sample and then immersing the entire sample in water to determine the weight in water. The formula “Bulk Density = (weight in water) / (weight in air) – (weight in water) has then been calculated. Samples have not been coated or plastic wrapped prior to completing the measurements. • A factor has not been applied to account for void spaces or moisture differences.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. • Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	• The selection of bulk density samples is determined by the logging geologist and is undertaken in a manner to determine the bulk density of all material types. • The bulk densities have been applied to the Mineral Resource block model under the following rules: o For Southern Nights and Wagga Tank drill holes, Mining Plus found 1,657 SG entries within the database. o Vulcan ISIS database with SG data and assay grades for Zn, Pb, Ag, Cu, Au, Fe and S. o From this database (peel_sn_wt_SG_cmp.isis) a raw composite has been created (peel_sn_wt_SG_cmp_entry). o The composite groups SG data for the given assay interval - giving an assay grade for all elements along with an SG value. o Mining Plus examined the scatter plot for SG and Zn, Pb, Fe, Cu and S and generated a formula/calculation for atomic weight estimation based on assay values for Zn, Fe, Pb, Cu and S o CALC = ((Zn%65.41) + (Fe%55.85) + (Pb%207.2) + (Cu%63.55) + (S%*32.07))/100 o Scatter plot for Calc and SG has a Regression co-efficient of 0.802 or ~80% - Correlation is significantly better than individual elemental correlation with SG • The correlation equations for mineralised Zn domains are: o LG Zinc and all Waste Domains: y=0.0315x + 2.6553 o HG Zinc Domains: y=0.0221x + 2.8151 • The correlation equations for mineralised Cu domains are: o LG Copper Domains: y=0.0366x + 2.6228 o HG Copper Domains: y=0.0425x+ 2.5935 • Bulk densitydata are considered appropriate for use in the Mineral Resource estimation.
Classification	• The basis for the classification of the Mineral Resources into varying confidence categories. • Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).	• Classification of the Wagga Tank and Southern Nights Deposits Mineral Resource estimates are in-keeping with the “Australasian Code for Reporting of Mineral Resources and Ore Reserves” (the JORC Code as prepared by the Joint Ore Reserve Committee of the AusIMM, AIG and MCA and updated in December 2012). All classifications and terminologies have been adhered to. All directions and recommendations have been followed, in keeping with the intention of the code. • The classification takes into account the relative contributions of geological and data qualityand confidence,as well asgrade confidence and continuity.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• Whether the result appropriately reflects the Competent Person’s view of the deposit.	• The resource classification has been applied to the MRE based on the drilling data spacing, grade and geological continuity, and data integrity. The resource has been classified on the following basis: o No areas of the Mineral Resource satisfied the requirement to be classified as Measured Mineral Resources. o Mineralised blocks that are defined by drilling spaced closer than 40m by 40m, where there is confidence in the geological and grade continuity, and where the quality of the estimate as defined by the slope of regression is high and the blocks have been estimated in the first or second search pass have been classified as Indicated Mineral Resources. o Mineralised blocks that are defined by drilling spaced closer than 100m by 100m, where there is confidence in the geological and grade continuity, and where the quality of the estimate as defined by the slope of regression is moderate and the blocks have been estimated in the first, second or third search pass have been classified as Inferred Mineral Resources, o Areas of the deposit that do not meet these criteria remain Unclassified. • To avoid the generation of a “spotted dog” classification, Mining Plus has generated wireframes (sn_ind.00t, sn_inf.00t and wt_inf.00t) to encapsulate these blocks. The Resource classification has been assigned inside these solids for the mineralised blocks. • Results reflect the Competent Persons’ view of the deposits.
Audits or reviews	• The results of any audits or reviews of Mineral Resource estimates.	• The Mineral Resource estimate for Southern Nights has not been audited by an external party. • The Mineral Resource estimate for Wagga Tank has not been audited by an external party.
Discussion of relative accuracy/ confidence	• Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.	• The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code. • The statement relates to a global estimate of tonnes and grade based on a cut-off grade of 3.5% ZnEq. • Peel believes the use of 3.5% Zinc Equivalent as a reporting cut-off is appropriate for deposits of this type which could potentially be extracted through selective underground mining. • As no mining has taken place, no production records exist for comparison.

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

==> picture [156 x 69] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	• The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

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