PEEL MINING LIMITED — Capital/Financing Update 2020

Dec 22, 2020

Proposed issue of securities

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Announcement Summary

Entity name

PEEL MINING LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday December 23, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
n/a	Unlisted Director and Employee Performance Rights 22	3,100,000
	December 2020

Proposed +issue date

Wednesday December 23, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

PEEL MINING LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ABN

Registration Number

42119343734

1.3 ASX issuer code

PEX

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Wednesday December 23, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

• 7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

• Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Thursday November 26, 2020 Actual Yes

Comments

2,700,000 performance rights to be issued to the Managing and Executive Director, were approved by shareholders at the Company's Annual General Meeting held on 26th November 2020.

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No Yes

ASX +security code

+Security description

New class-code to be confirmed Unlisted Director and Employee Performance Rights 22 December 2020

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+Security type

Performance options/rights

Number of +securities proposed to be issued 3,100,000 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Please describe the consideration being provided for the +securities Nil Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Performance options/rights details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD Details of the type of +security that will be issued if the option is exercised PEX : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 3,100,000

Performance options/rights details

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. Award: 1,550,000 Class A Performance Rights 465,000 Class B Performance Rights 1,085,000 Class C Performance Rights Expiry: 30 Months from the date of issue. Exercise Price: Nil Conditions for Vesting: As per those noted in the explanatory memorandum of the Notice of Annual General Meeting lodged on the 22nd October 2020. A copy of which can be found at https://peelmining.com.au/wp-content/uploads/2020/10/NOM-2020AGM-PEX-4.pdf . Other terms: Per the Performance Rights and Option Plan approved by shareholders on 28th November 2019.

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Part 7C - Timetable

7C.1 Proposed +issue date Wednesday December 23, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Thursday November 28, 2019 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? No 7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

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7F.01 The purpose(s) for which the entity is issuing the securities

The Company is issuing performance rights to the Managing Director, Executive Director the Company Secretary/Financial Controller of the Company as part of normal remuneration.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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