PEEL MINING LIMITED — Capital/Financing Update 2020

Dec 21, 2020

22[nd] DECEMBER 2020

ASX ANNOUNCEMENT

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RESOURCE DRILLING AT WIRLONG RETURNS SUBSTANTIAL COPPER

Key Points:

• Previous drilling at Peel’s 100%-owned Wirlong has intercepted high-grade copper

• RC resource definition drilling has recently commenced at Wirlong as part of the Company’s aim to attain critical mass and to increase exposure to high-grade copper

• Three drillholes have intersected substantial copper mineralisation over downhole widths of approximately 10m, 15m and 25m

• Visual inspection confirms significant zones of chalcopyrite-dominant sulphide mineralisation including semi-massive/massive sulphides

• Significant grades of copper confirmed by portable XRF analyses

• Mineralisation is consistent with an electromagnetic conductor plate and a revised structural model further supporting Peel’s geophysical and geological modelling

• Drilling to pause over Christmas/New Year period and to resume in early January

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Figure 1: WLRC069 - 259m: Semi-massive chalcopyrite + quartz veining + chlorite-altered volcanics/seds

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

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Peel Mining Limited (ASX:PEX) (Peel or the Company) reports that early drilling at the 100%-owned Wirlong deposit has returned strong copper mineralised intercepts. Wirlong is part of Peel’s South Cobar Project, centred around 100km south of Cobar in Western NSW.

Drilling at Wirlong is part of the Company’s “Hub & Spoke” strategy to advance each of the Company’s deposits to mineable resources, to achieve critical mass in support of a new substantial centrally located processing plant. The resource definition drill program comprises of up to ~11,000m of drilling and is anticipated to be completed in the March quarter of 2021.

Drilling at Wirlong has been designed to test the upper ~300m of the Wirlong Central Zone where highgrade copper (chalcopyrite) mineralisation is believed to be structurally controlled on a NW-SE orientation. Diamond drilling will also be completed to provide further structural knowledge as well as geotechnical information and metallurgical testwork material.

Early drilling has encountered significant deviation in drillhole trace versus design however drillholes WLRC068, WLRC069 and WLRC071 have each intersected substantial copper mineralisation over downhole widths of approximately 10m, 15m and 25m respectively. Significantly, the mineralisation is consistent with the position of an electromagnetic conductor plate, and also with a revised structural model, further supporting Peel’s geophysical and geological modelling.

Visual inspection confirms significant zones of chalcopyrite-dominant sulphide mineralisation including semi-massive chalcopyrite-dominant sulphides with associated significant grades of copper confirmed by portable XRF analyses. The true width of these intercepts remains to be accurately determined however is anticipated to be approximately 40-60% of the downhole widths.

Sampling of the relevant mineralised intervals within the aforementioned drillholes has now been completed with assays expected in early 2021.

Drilling at Wrilong has paused for the Christmas/New Year period and will resume in early January.

Peel Mining Managing Director Rob Tyson commented:

“Three of Peel’s early resource definition drillholes at Wirlong have hit obviously strong copper mineralisation and, most importantly, the intercept positions support Peel’s current geophysical and geological modelling and interpretation.”

“Wirlong has previously returned very high tenor copper mineralisation and the new intercepts show clear similarities.”

“These drillholes are a promising start to the resource definition drilling programme and give encouragement to the Company’s aspiration to both grow our resources base and to increasingly pivot our metal exposure to high-grade copper mineralisation.”

“We look forward to providing further updates as results becomes available.”

This announcement has been approved for release by the Board of Directors.

For further information, please contact: Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020

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

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Wirlong Summary

Wirlong is located within Peel’s 100%-owned EL8307, located ~80km SSE of Cobar or ~35km N of Mallee Bull. It is defined by 2km strike of sheared volcanics and sediments; large multi-element soil geochemical anomalies; and coincident/semi-coincident geophysical anomalies. It has since proven to represent a very large hydrothermal system hosting significant copper mineralisation along more than 2.5km strike length and to depths of up to 950m. To date some of the better copper intercepts returned from the Wirlong prospect include:

• 9m @ 3.29% Cu, 18 g/t Ag from 70m in WLRC035

• 27m @ 5.3% Cu, 23 g/t Ag from 286m in WLRC026

• 31m @ 3.19% Cu, 11 g/t Ag from 299m in WLRC052

• 9m @ 8% Cu, 17g/t Ag, 0.21 g/t Au from 616m in WLDD001

• 17m @ 4.59% Cu, 8 g/t Ag from 738m in WLRCDD043

A program consisting of three diamond drillholes at Wirlong Central was undertaken at the end of 2019/early 2020 to test a new structural model (NW-SE) for the controls on high-grade copper mineralisation ( see ASX announcement dated 3[rd] April 2020 “Wirlong Drill Results and Covid-19 update”) . Assay results returned significant intercepts in all three drillholes with results including:

• 4.26m @ 2.22% Cu, 7 g/t Ag from 380m and 0.74m @ 14.3% Cu, 66 g/t Ag from 396.2m in WLDD003

• 1.15m @ 7.71% Cu, 30 g/t Ag from 54.45m and 30m @ 1.64% Cu, 8 g/t Ag from 305m (incl. 14m @ 2.63% Cu, 12 g/t Ag) from 320m in WLDD004

• 5.9m @ 3.19% Cu, 13 g/t Ag from 347.1m in WLDD005

Down-hole EM was completed on drillholes WLDD003 and WLDD004 with modelling defining a latetime conductor, with approximate dimensions of 120m x 150m and its geometry consistent with the new structural model. High-grade copper mineralisation at Wirlong Central has been defined from near surface to more than 600m below surface and remains open in all directions.

Previous Results

Previous results referred to herein have been extracted from previously released ASX announcements. Previous announcements and reports are available to view on www.peelmining.com.au and www.asx.com.au. Additional information regarding Wirlong is available in the Company’s quarterly reports from March 2015 through to September 2020. 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.

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.

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

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Figure 2 – Wirlong Drill Plan
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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

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Figure 3 – Wirlong Section 1

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

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Figure 4 – Wirlong Section 2

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

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Table 1: Wirlong RC Drillhole Collars

Hole ID	Easting	Northing	Azi	Dip	Final Depth(m)
WLRC067	418337	6447002	210	-54	144
WLRC068	418341	6447001	200	-60	268
WLRC069	418343	6447009	188.5	-71	310
WLRC070	418361	6446961	175	-60	173
WLRC071	418356	6447033	192	-68	352
WLRC072	418358	6446956	201	-51	252

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

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Table 1 - Section 1: Sampling Techniques and Data for South Cobar 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.	• Diamond and reverse circulation (RC) drilling were used to obtain samples for geological logging and assaying. • Diamond core was cut and sampled at 1m intervals on average or intervals determined by geological contacts. RC drill holes were sampled at 1m intervals and split using a cone splitter attached to the cyclone to generate a split of 2-4kg to ensure sample representivity. • Multi-element readings were taken of the diamond core and RC drill chips using an Olympus Delta Innov-X portable XRF machine or an Olympus Vanta portable XRF machine. Portable XRF machines are routinely serviced, calibrated and checked against blanks/standards.
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. Reverse circulation drilling utilised a 5 1/2 inch diameter hammer. A blade bit was predominantly used for RAB drilling. PQ, NQ and HQ coring was used for diamond drilling.
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.	• Core recoveries are recorded by the drillers in the field at the time of drilling and checked by a geologist or technician • RC and RAB samples are not weighed on a regular basis but no significant sample recovery issues have been encountered in a drilling program to date. • 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. • Sample recoveries at Wirlong, May Day and Mallee Bull to date have generally been high. • Sample recoveries at Wagga Tank have been variable with broken ground occurringinplaces andpoorer sample

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

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Criteria	JORC Code explanation	Commentary
		recoveries encountered. Insufficient data is available at present to determine if a relationship exists between recovery and grade. This will be assessed once a statistically valid amount of data is available to make a determination. • Sample recoveries at Southern Nights have beengenerallyhigh to date.
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 core and drill chip samples are geologically logged. Core samples are orientated and logged for geotechnical information. Drill chip samples are logged at 1m intervals from surface to the bottom of each individual hole to a level that will support appropriate future Mineral Resource studies. • Logging of diamond core, RC and RAB samples records lithology, mineralogy, mineralisation, structure (DDH only), weathering, colour and other features of the samples. Core is photographed as both wet and dry. • All diamond, RC drill holes in the current program were geologically logged in full except at May Day where logging is still underway.
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 was cut with a core saw and half core taken. • The RC drilling rigs were equipped with an in-built cyclone and splitting system, which provided one bulk sample of approximately 20kg and a sub-sample of 2- 4kg per metre drilled. • All samples were split using the system described above to maximise and maintain consistent representivity. The majority of samples were dry. • Bulk samples were placed in green plastic bags, with the sub-samples collected placed in calico sample bags • Field duplicates were collected by re- splitting the bulk samples from large plastic bags. These duplicates were designed for lab checks. • Laboratory duplicate samples are split using method SPL-21d which produces a split sample using a riffle splitter. These samples are selected by the geologist within moderate and high-grade zones. • A sample size of 2-4kg was collected and considered appropriate and representative for the grain size and style of mineralisation.
Quality of assay data and	• The nature, quality and appropriateness of the assaying and laboratory procedures used and	• ALS Laboratory Services were used for Au and multi-element analysis work carried

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

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Criteria	JORC Code explanation	Commentary
laboratory tests	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.	on out on 3m to 6m composite samples and 1m split samples. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined at Mallee Bull, May Day, Cobar Superbasin and Wagga Tank Projects: o PUL-23 (Sample preparation code) o Au-AA25 Ore Grade Au 30g FA AA Finish, Au-AA26 Ore Grade Au 50g FA AA Finish o ME-ICP41 35 element aqua regia ICP-AES, with an appropriate Ore Grade base metal AA finish o ME-ICP61 33 element 4 acid digest ICP-AES, with an appropriate Ore Grade base metal AA finish o ME-MS61 48 element 4 acid digest ICP-MS and ICP-AES, with an appropriate Ore Grade base metal AA finish • 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 , reading time for Vanta was 10 & 20 seconds per reading. • The QA/QC data includes standards, duplicates and laboratory checks. Duplicates for drill core are collected by the lab every 30 samples after the core sample is pulverised. Duplicates for percussion drilling are collected directly from the drill rig or the metre sample bag using a half round section of pipe. In-house QA/QC tests are conducted by the lab on each batch of samples with standards supplied by the same companies that supplyour own.
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 geological logging and sampling information is completed Geobank Mobile or in spreadsheets, which are then transferred to a database for validation and compilation at the Peel head office. Electronic copies of all information are backed up periodically. • No adjustments of assay data 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.	• A Garmin hand-held GPS is used to define the location of the samples. Standard practice is for the GPS to be left at the site of the collar for aperiod of 5 minutes 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

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Criteria	JORC Code explanation	Commentary
	• Specification of the grid system used. • Quality and adequacy of topographic control.	obtain a steady reading. Collars are routinely picked up after by DGPS. Down- hole surveys are conducted by the drill contractors using either a Reflex gyroscopic tool with readings every 10m after drill hole completion or a Reflex electronic multi-shot camera will be used with readings for dip and magnetic azimuth taken every 30m down-hole. QA/QC in the field involves calibration using a test stand. The instrument is positioned with a stainless steel drill rod so as not to affect the magnetic azimuth. • Grid system used is MGA 94 (Zone 55). All down-hole magnetic surveys were converted to MGA94grid.
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.	• Data/drill hole spacing is variable and appropriate to the geology and historical drilling. • 3m to 6m sample compositing has been applied to RC drilling for gold and/or multi- element assay where appropriate.
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.	• Most drillholes are planned to intersect the interpreted mineralised structures/lodes as near to a perpendicular angle as possible (subject to access to the preferred collar position).
Sample security	• The measures taken to ensure sample security.	• The chain of custody is managed by the project geologist who places calico sample bags in polyweave sacks. Up to 5 calico sample bags are placed in each sack. Each sack is clearly labelled with: o Peel Mining Ltd o Address of Laboratory o Sample range • 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.	• Data is validated when loading into the database. No formal external audit has been conducted.

Table 1 - Section 2 - Reporting of Exploration Results for South Cobar 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	• The May Day and Mallee Bull prospects are respectively located within Mining Licence ML1361 and Exploration Licence EL7461 . The tenements are subject to a 50:50 Joint Venture (termed the Mallee Bull JV) with CBH Resources Ltd, a wholly owned subsidiaryof Toho Zinc Co Ltd. These

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

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Criteria	JORC Code explanation	Commentary
	reporting along with any known impediments to obtaining a licence to operate in the area.	tenements are the subject of a purchase and sale agreement between Peel and CBH. Settlement of the transaction is subject to Ministerial consent for the transfer of title and is expected in the near term. • All other prospects, including Wagga Tank, Southern Nights and Wirlong, are located within 100%-owned tenements. • The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Work at May Day was completed by multiple previous explorers including Mt Hope Minerals, Le Nickel, Epoch Mining, Imperial Corporation, and Triako. Significant work included diamond drilling by Mt Hope Minerals to ~270 m below the surface targeting a resistivity high and a surface geochemical anomaly. Le Nickel continued exploration (in conjunction with Mt Hope Minerals) in the mid-1970s, which included further diamond drilling. Between 1987 and 1991 Epoch Mining carried out relatively shallow (less than 100m below surface) reverse circulation and diamond drilling. • Work at Mallee Bull was completed in the area by several former tenement holders including Triako Resources between 2003 and 2009; it included diamond drilling, IP surveys, geological mapping and reconnaissance geochemical sampling around the historic Four Mile Goldfield area. Prior to Triako Resources, Pasminco Exploration explored the Cobar Basin area for a “Cobar-type” or “Elura-type” zinc- lead-silver or copper-gold-lead-zinc deposit. • Work at Wagga Tank was completed by multiple previous explorers including Newmont, Homestake, Amoco, Cyprus, Arimco, Golden Cross, Pasminco and MMG. Minimal exploration has been completed at the Wagga Tank area since 1989. • Minimal modern exploration has been completed at Wirlong.
Geology	• Deposit type, geological setting and style of mineralisation.	• May Day deposit, a structurally controlled‐ volcanogenic massive sulphide (VMS) system, is a classic analogue for Cobar‐ style precious and base metal mineralisation. May Day was reportedly discovered in 1898. Carne in 1908 described the workings in the May Day area as primarily for gold which was “disseminated through slate near 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

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Criteria	JORC Code explanation	Commentary
		junction of porphyry”. The main rock types within the open cut consist of variably chlorite and talc altered crystal-vitric tuff and tuffaceous siltstone of the Mount Halfway Volcanics and interbedded sandstone, siltstone and claystone of the Upper Amphitheatre Group. The contact between the two units is gradational and well exposed within the open cut. The rocks have been folded by steeply northeast-plunging folds with an associated upright northeast-trending axial plane cleavage. Primary gold, silver, copper, lead and zinc mineralisation occurs within deformed quartz veins, mainly within the volcaniclastic rocks, with associated clinochlore alteration. Based upon previous exploration work and the apparent way in which mining was carried out, the mineralised zones appear to be steeply plunging shoots. A structural analysis suggests that the mineralised veins were emplaced into the zone of shearing, synchronous with its formation, accompanying steeply northeast plunging folds. • The Mallee Bull prospect area lies within the Cobar-Mt Hope Siluro-Devonian sedimentary and volcanic units. The northern Cobar region consists of predominantly sedimentary units with tuffaceous member, whilst the southern Mt Hope region consists of predominantly felsic volcanic rocks; the Mallee Bull prospect seems to be located in an area of overlap between these two regions. Mineralisation at the Mallee Bull discovery features the Cobar-style attributes of short strike lengths (<200m), narrow widths (5- 20m) and vertical continuity, and occurs as a shoot-like structure dipping moderately to the west. • Wagga Tank, is believed to be a volcanic- hosted massive sulphide (VHMS) or Cobar- style deposit, and is located ~130 km south of Cobar on the western edge of the Cobar Superbasin. The deposit is positioned at the western-most exposure of the Mt. Keenan Volcanics (Mt. Hope Group) where it is conformably overlain by a poorly- outcropping, distal turbidite sequence of carbonaceous slate and siltstone. Mineralisation is hosted in a sequence of rhyodacitic volcanic and associated volcaniclastic rocks comprising polymictic conglomerate,sandstone,slate,crystal-

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

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Criteria	JORC Code explanation	Commentary
		lithic tuff and crystal tuff. This sequence faces northwest strikes northeast- southwest and dips range from moderate westerly, to vertical, and locally overturned to the east. Mineralisation straddles the contact between the volcaniclastic facies and the siltstone-slate facies where there is a broad zone of intense tectonic brecciation and hydrothermal alteration (sericite-chlorite with local silicification). • Wirlong is believed to a VHMS or Cobar- style deposit similar in style to Peel’s Mallee Bull deposit.
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.	• All relevant information material to the understanding of exploration results has been included within the body of the announcement or as appendices. • No information has been excluded.
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. • No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	• 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 reported, there should be a clear statement to this effect (eg ‘down hole length, true width not _known’). _	• True widths are generally estimated to be about 80% of the downhole width unless otherwise indicated.
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.

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

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Criteria	JORC Code explanation	Commentary
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.	• All results are reported.
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.	• No other substantive exploration data are available.
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 May Day warrants further drilling to extend the mineralisation along strike (East–West) and at depth. • Future work at Mallee Bull and Cobar Superbasin Project will include geophysical surveying and RC/diamond drilling to further define the extent of mineralisation at the prospects. Down hole electromagnetic (DHEM) surveys will be used to identify potential conductive sources that may be related to mineralisation. • Further drilling and geophysical surveys are planned at Southern Nights/Wagga Tank. • Further drilling and geophysical surveys areplanned at Wirlong.

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