PEEL MINING LIMITED — Capital/Financing Update 2020

Apr 2, 2020

ASX ANNOUNCEMENT 3

rd April 2020

WIRLONG DRILL RESULTS AND COVID-19 UPDATE

• 1,635m of diamond drilling recently completed at Wirlong with multiple significant intercepts returned, including:

WLDD003:

• o 4.26m @ 2.22% Cu, 7 g/t Ag from 380m (incl. 0.26m @ 15.85% Cu, 58 g/t Ag from 384m)
• o 0.74m @ 14.3% Cu, 66 g/t Ag from 396.2m

WLDD004:

• o 1.15m @ 7.71% Cu, 30 g/t Ag from 54.45m (incl. 0.25m @ 30% Cu, 97 g/t Ag from 54.45m)
• o 4m @ 1.40% Cu, 7 g/t Ag from 187m
• o 7m @ 1.13% Cu, 9 g/t Ag from 251m
• o 12m @ 1.02% Cu, 8 g/t Ag from 264m
• o 30m @ 1.64% Cu, 8 g/t Ag from 305m (incl. 14m @ 2.63% Cu, 12 g/t Ag from 320m)
• o 9.6m @ 1.32% Cu, 2 g/t Ag from 436.4m

WLDD005:

• o 5.9m @ 3.19% Cu, 13 g/t Ag from 347.1m (incl. 0.65m @ 18.65% Cu, 48 g/t Ag from 351.87m)
• New high-grade copper intercepts confirm revised structural model
• DHEM returns strong 120m x 150m conductor that remains poorly drill tested
• COVID-19 precautionary measures implemented

Peel Mining (ASX:PEX) ("Peel" or the "Company") is pleased to report assay results from a recently completed 1,635m diamond drill program at the Wirlong prospect, south of Cobar in western NSW. Wirlong is part of the Company's Cobar Superbasin Project in joint venture with JOGMEC (Japan Oil, Gas and Metals National Corporation). The Company also takes the opportunity to advise of recent changes in response to the COVID-19 pandemic.

Wirlong

Drilling at Wirlong comprised three diamond drillholes: WLDD003 (513.9m); WLDD004 (616.2m); and WLDD005 (505.2m) with drillholes designed to target the Wirlong Central zone testing a newly interpreted strike orientation of high-grade copper mineralisation returned from historic drillholes WLRCDD015, WLDD001 and WLRC026. Importantly, the newly returned high-grade copper intercepts support the revised structural model, offering excellent potential to define high-quality resources and add new mineralisation in the future.

Significant results from WLDD003 included 4.26m @ 2.22% Cu, 7 g/t Ag from 380m (including 0.26m @ 15.85% Cu, 58 g/t Ag from 384m); and 0.74m @ 14.3% Cu, 66 g/t Ag from 396.2m.

Significant results from WLDD004 included 1.15m @ 7.71% Cu, 30 g/t Ag from 54.45m (including 0.25m @ 30% Cu, 97 g/t Ag from 54.45m); 30m @ 1.64% Cu, 8 g/t Ag from 305m (including 14m @ 2.63% Cu, 12 g/t Ag from 320m); and 9.6m @ 1.32% Cu, 2 g/t Ag from 436.4m.

Significant results from WLDD005 included 5.9m @ 3.19% Cu, 13 g/t Ag from 347.1m (including 0.65m @ 18.65% Cu and 48 g/t Ag from 351.87m).

Down-hole EM was completed on drillholes WLDD003 and WLDD004, with a newly designed transmitter loop designed to couple with mineralisation based upon the revised structural model. A significant late-time conductor was modelled with approximate dimensions of 120m x 150m, with its geometry consistent with the new structural model. A number of high-grade copper intercepts in the area intersect the modelled plate or are in close proximity to its position, further supporting the new structural models' validity. The strike of mineralisation remains open to the southeast and northwest, and downdip.

Wirlong Next Steps

Future activities for Wirlong are anticipated to include further infill and extensional drilling and geophysical surveying to assist with exploration drill targeting along with the completion of a maiden mineral resource estimate.

COVID-19

In response to the COVID-19 pandemic, Peel has moved to implement a series of precautionary measures. The Company began implementing specific COVID-19 OHS policies in early March to ensure that risk around COVID-19 is minimised for all employees and contractors, whilst also instigating new cost saving measures during the last 2 weeks.

These measures include restrictions on non-essential travel with certain field staff moving to a 3-month field-based roster on a 5-day on, 2-day off week, ensuring ongoing site activities in the near to medium term. The Company's head office staff have moved to a work-from-home basis until further notice, but not earlier than the end of April 2020.

Whilst the Company has reluctantly retrenched a number of casual staff, all remaining staff including management have agreed to a minimum 20% pay cut, with some staff also agreeing to capped work hours whilst the immediate effects of COVID-19 are borne. Peel's Non-Executive Directors have also agreed to waive their fees for the foreseeable future.

The Company will continue to monitor the situation as it develops and will advise of any further measures, if necessary. Importantly, Peel's major shareholders have indicated strong support for the Company in this time.

This announcement has been authorised by the Board of Directors of the Company.

For further information, please contact:

Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Rob Tyson. 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.

Figure 1 – Wirlong Oblique Section WLDD004 Looking NW

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

Figure 2 – Wirlong CSP JV Phase 7 Drill Plan

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

Table 1 – Wirlong Phase 7 Drill Collars

Hole ID	Type	Total Depth m	Northing	Easting
WLDD003	DDH	513.9	6447100	418302
WLDD004	DDH	616.2	6447076	418428
WLDD005	DDH	505.2	6447055	418340

Table 2 – Wirlong Significant Assays Phase 7 (>3000 ppm Cu)

Hole ID	From m	To m	Width m	Ag ppm	Au ppm	Cu ppm	Pb ppm	Zn ppm
WLDD003	291	292	1	2.68	0.04	3230	98.9	232
WLDD003	295	296	1	33.5	0.62	17300	7110	7700
WLDD003	297	298	1	6.96	0.05	4000	1165	6240
WLDD003	358	359	1	1.79	0.07	5440	37.6	260
WLDD003	363	364	1	4.4	0.02	10250	244	806
WLDD003	368	369	1	1.68	0.01	3040	257	564
WLDD003	369	370	1	4.66	0.05	10300	451	1840
WLDD003	374	375	1	4.97	0.03	8760	440	574
WLDD003	375	376	1	3.51	0.04	10150	63.8	263
WLDD003	380	381	1	3.82	0.01	12150	28.4	3760
WLDD003	382	383	1	12.4	0.02	27200	630	7040
WLDD003	383	384	1	3.84	0.02	12050	33.6	1060
WLDD003	384	384.26	0.26	58.1	0.15	158500	789	5240
WLDD003	384.26	385	0.74	2.14	0.01	5160	80.1	719
WLDD003	396.2	396.94	0.74	66.3	0.24	143000	3110	27700
WLDD003	415	416	1	16.65	0.02	8610	20900	37900
WLDD003	418	419	1	6.22	0.06	13750	1080	7970
WLDD003	420	421	1	1.39	0.05	5110	28.7	753
WLDD003	422	423	1	1.4	0.01	4990	31.4	188
WLDD003	439	440	1	1.32	0.01	3710	118	342
WLDD003	452	453	1	1.56	0.01	5850	117	668
WLDD003	455	456	1	1.28	0.01	3860	198	923
WLDD003	456	457	1	7.74	0.01	10350	2500	8860
WLDD004	28	29	1	5	0.005	8190	72.5	145
WLDD004	29	30	1	8.12	0.01	9290	118.5	118
WLDD004	54.45	54.7	0.25	97	0.16	300000	155	20600
WLDD004	54.7	55.6	0.9	11.2	0.01	15200	45.6	3170
WLDD004	187	188	1	2.23	0.01	4610	20.3	113
WLDD004	188	189	1	19	0.06	39500	140	673
WLDD004	189	190	1	3.53	0.005	5990	120.5	230
WLDD004	190	191	1	3.11	0.01	5720	52.5	252
WLDD004	219.2	219.4	0.2	47.6	0.01	47600	5390	13200
WLDD004	251	252	1	3.21	0.01	7740	11.2	108
WLDD004	252	253	1	2.73	0.005	6430	19.7	115
WLDD004	253	254	1	4.6	0.005	11150	14.6	110
WLDD004	254	255	1	4.61	0.02	11400	24.6	112
WLDD004	255	256	1	2.68	0.005	6330	43	148
WLDD004	256	257	1	39.5	0.07	24500	5410	5410
WLDD004	257	258	1	8.37	0.01	11550	655	1050

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

Hole ID	From m	To m	Width m	Ag ppm	Au ppm	Cu ppm	Pb ppm	Zn ppm
WLDD004	261	262	1	1.99	0.01	4710	47.4	182
WLDD004	264	265	1	5.98	0.01	8290	488	349
WLDD004	265	266	1	18.15	0.01	6730	2520	377
WLDD004	266	267	1	2.64	0.005	3590	228	253
WLDD004	267	268	1	28.2	0.02	7980	7750	630
WLDD004	268	269	1	1.57	0.01	3750	41.2	163
WLDD004	269	270	1	2.18	0.01	5620	56.2	385
WLDD004	270	271	1	7.13	0.005	18650	266	1210
WLDD004	271	272	1	11	0.01	30300	308	2170
WLDD004	272	273	1	8.15	0.01	16900	503	3200
WLDD004	273	274	1	1.7	0.01	4890	27.2	201
WLDD004	274	275	1	2.86	0.02	6200	97.6	2590
WLDD004	275	276	1	3.03	0.01	9040	16	259
WLDD004	305	305.7	0.7	2.68	0.01	5680	9.9	87
WLDD004	305.7	306.6	0.9	10.7	0.03	24800	14.2	187
WLDD004	306.6	308	1.4	4.57	0.01	10100	9.6	120
WLDD004	308	309	1	1.94	0.01	4200	12.4	75
WLDD004	309	310	1	1.85	0.01	3780	18.7	74
WLDD004	310	311.15	1.15	3.41	0.01	7900	13.3	105
WLDD004	311.15	311.6	0.45	19.6	0.31	37700	344	469
WLDD004	312.9	313.9	1	1.96	0.01	4580	8.6	164
WLDD004	313.9	314.3	0.4	17.05	0.02	38400	12.7	1140
WLDD004	315	316	1	1.89	0.01	3800	12.5	129
WLDD004	316	317	1	2.26	0.01	5090	8.2	91
WLDD004	319	320	1	1.52	0.02	3480	10.5	77
WLDD004	320	321	1	19.5	0.26	44700	147.5	230
WLDD004	321	322	1	11	0.1	21000	269	210
WLDD004	322	323.33	1.33	14.6	0.11	27600	461	215
WLDD004	323.33	323.7	0.37	39.1	0.19	81100	409	679
WLDD004	323.7	324	0.3	18.2	0.16	29500	707	202
WLDD004	324	325	1	1.56	0.01	3330	30.3	79
WLDD004	325	326	1	9.88	0.49	25400	64.3	202
WLDD004WLDD004	326327	327328	11	28.512.75	0.530.11	6800027300	316155	440224
WLDD004	328	329	1	5.28	0.01	12850	41.3	160
WLDD004	329	330	1	7.04	0.04	12150	196.5	205
WLDD004	330	331	1	4.71	0.01	10250	55.5	211
WLDD004	331	332	1	4.17	0.01	9130	71.7	154
WLDD004	332	333	1	17.35	0.08	36400	268	325
WLDD004	333	334	1	10.05	0.05	21800	146.5	191
WLDD004	334	335	1	3.27	0.01	8700	22.7	136
WLDD004	335	336	1	1.53	0.005	3950	11.4	114
WLDD004	337	338	1	2.11	0.01	5140	10.4	87
WLDD004	339	340	1	2.39	0.01	6520	6.2	113
WLDD004	340	341	1	1.4	0.01	3830	5.4	86
WLDD004	356	357	1	1.9	0.01	7210	5.9	130

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

Hole ID	From m	To m	Width m	Ag ppm	Au ppm	Cu ppm	Pb ppm	Zn ppm
WLDD004	409.1	409.3	0.2	4.42	0.03	21800	111	374
WLDD004	436.4	436.7	0.3	9.64	0.09	53800	49.9	518
WLDD004	436.7	438	1.3	3.34	0.01	19700	20.1	244
WLDD004	439	440	1	3.17	0.02	18950	7.6	326
WLDD004	440	441	1	3.32	0.02	19300	14.6	270
WLDD004	441	442	1	3.63	0.02	22000	18.1	327
WLDD004	442	443	1	1.36	0.02	6730	92.5	189
WLDD004	443	444	1	0.92	0.02	5320	23.6	199
WLDD004	444	445	1	1.15	0.02	5970	30.3	270
WLDD004	445	446	1	1.19	0.02	6710	32.6	387
WLDD005	196	197	1	2.26	0.01	3010	40.2	210
WLDD005	198	199	1	6.64	0.01	6150	286	1990
WLDD005	205	206	1	4.73	0.02	6770	18	234
WLDD005	207	208	1	2.25	0.01	3650	24.8	218
WLDD005	209	210	1	10	0.03	8630	1450	2100
WLDD005	214	215	1	4.14	0.11	5230	98	479
WLDD005	215	216	1	5.17	0.05	6060	120.5	386
WLDD005	235	236	1	4.02	0.12	3170	2640	2540
WLDD005	239	240	1	3.96	0.03	11400	175	384
WLDD005	242	243	1	1.8	0.01	4890	60.2	212
WLDD005	244	245	1	1.89	0.01	3780	47.1	260
WLDD005	249	250	1	9.13	0.04	16300	449	1270
WLDD005	323	324	1	3.07	0.02	8430	19.4	310
WLDD005	337	338	1	1.06	0.01	4590	11.5	160
WLDD005	339	340	1	1.97	0.01	7440	117.5	296
WLDD005	347.1	347.6	0.5	69	0.09	105000	12400	13150
WLDD005	347.6	348	0.4	1.13	0.005	4380	52.4	906
WLDD005	351	351.87	0.87	3.91	0.005	6770	597	607
WLDD005	351.87	352.52	0.65	47.6	0.13	186500	2420	5810
WLDD005	352.52	353	0.48	1.36	0.02	6550	21.1	328
WLDD005	356	357	1	1.23	0.01	5370	38.3	228
WLDD005	381	382	1	1.08	0.01	4650	18.1	128
WLDD005	405	406	1	5.34	0.02	24000	46.1	434
WLDD005	465	466	1	2.38	0.03	6730	109.5	435

Table 1 - Section 1: Sampling Techniques and Data for Mallee Bull/Cobar Superbasin/Wagga Tank Projects

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.•Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.•Aspects of the determination of mineralisation thatare Material to the Public Report.•In cases where 'industry standard' work has beendone this would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information.	•Diamond and reverse circulation (RC)drilling were used to obtain samples forgeological logging and assaying.•Diamond core was cut and sampled at 1mintervals. RC drill holes were sampled at1m intervals and split using a cone splitterattached to the cyclone to generate a splitof 2-4kg to ensure sample representivity.•Multi-element readings were taken of thediamond core and RC drill chips using anOlympusDeltaInnov-XportableXRFmachine or an Olympus Vanta portableXRF machine. Portable XRF machines areroutinely serviced, calibrated and checkedagainst blanks/standards.
Drillingtechniques	•Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (eg core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc).	•Drilling to date has been a combination ofdiamond, reverse circulation and rotary airblast. Reverse circulation drilling utilised a5 1/2 inch diameter hammer. A blade bitwas predominantly used for RAB drilling.NQ and HQ coring was used for diamonddrilling.
Drillsamplerecovery	•Method of recording and assessing core and chipsample recoveries and results assessed.•Measures taken to maximise sample recovery andensure representative nature of the samples.•Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	•Core recoveries are recorded by the drillersin the field at the time of drilling andchecked by a geologist or technician•RC and RAB samples are not weighed on aregular basis due to the exploration natureofdrillingbutnosignificantsamplerecovery issues have been encountered ina drilling program to date.•Diamondcoreisreconstructedintocontinuous runs on an angle iron cradle fororientationmarkinganddepthsarechecked against the depths recorded oncore blocks. Rod counts are routinelyundertaken by drillers.•Whenpoorsamplerecoveryisencountered during drilling, the geologistand driller have endeavoured to rectify theproblem to ensure maximum samplerecovery.•Sample recoveries at Wirlong and MalleeBull to date have generally been high.•Sample recoveries at Wagga Tank havebeenvariablewithbrokengroundoccurring in places and poorer samplerecoveries encountered. Insufficient data

Criteria	JORC Code explanation	Commentary
		is available at present to determine if arelationship exists between recovery andgrade. This will be assessed once astatisticallyvalidamountofdataisavailable to make a determination.•Sample recoveries at Southern Nights havebeen generally high to date.
Logging	•Whethercoreandchipsampleshavebeengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.•Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.•The total length and percentage of the relevantintersections logged.	•Allcoreanddrillchipsamplesaregeologically logged. Core samples areorientated and logged for geotechnicalinformation. Drill chip samples are loggedat 1m intervals from surface to the bottomof each individual hole to a level that willsupportappropriatefutureMineralResource studies.•Logging of diamond core, RC and RABsamples records lithology, mineralogy,mineralisation,structure(DDHonly),weathering, colour and other features ofthe samples. Core is photographed as bothwet and dry.•All diamond, RC drill holes in the currentprogram were geologically logged in fullexcept at Wagga Tank where logging is stillunderway.
Sub-samplingtechniquesandsamplepreparation	•If core, whether cut or sawn and whether quarter,half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.•For all sample types, the nature, quality andappropriatenessofthesamplepreparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.•Measures taken to ensure that the sampling isrepresentative of the in-situmaterial collected,includingforinstanceresultsforfieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grainsize of the material being sampled.	•Drill core was cut with a core saw and halfcore taken.•The RC drilling rigs were equipped with anin-built cyclone and splitting system, whichprovidedonebulksampleofapproximately 20kg and a sub-sample of 2-4kg per metre drilled.•All samples were split using the systemdescribed above to maximise and maintainconsistent representivity. The majority ofsamples were dry.•Bulk samples were placed in green plasticbags, with the sub-samples collectedplaced in calico sample bags•Field duplicates were collected by resplitting the bulk samples from largeplasticbags.Theseduplicatesweredesigned for lab checks.•A sample size of 2-4kg was collected andconsideredappropriateandrepresentative for the grain size and styleof mineralisation.
Qualityofassaydataandlaboratorytests	•The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.•Nature of quality control procedures adopted (eg	•ALS Laboratory Services were used for Auand multi-element analysis work carriedon out on 3m to 6m composite samplesand 1m split samples.The laboratory techniques below are for allsamplessubmittedtoALSandareconsidered appropriate for the style ofmineralisation defined at Mallee Bull,

Criteria	JORC Code explanation
	standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established.	CommentaryCobarSuperbasinandWaggaTankProjects:oPUL-23 (Sample preparationcode)oAu-AA25 Ore Grade Au 30gFA AA Finish, Au-AA26 OreGrade Au 50g FA AA FinishoME-ICP41 35 element aquaregiaICP-AES,withanappropriate Ore Grade basemetal AA finishoME-ICP61 33 element 4 aciddigestICP-AES,withanappropriate Ore Grade basemetal AA finishoME-MS61 48 element 4 aciddigest ICP-MS and ICP-AES,with an appropriate OreGrade base metal AA finish•Assaying of samples in the field was byportable XRF instruments: Olympus DeltaInnov-X or Olympus Vanta Analysers.Reading time for Innov-X was 20 secondsper reading with a total 3 readings persample. Reading time for Vanta was 10 &20 seconds per reading with 2 readings persample.•TheQA/QCdataincludesstandards,duplicatesandlaboratorychecks.Duplicates for drill core are collected bythe lab every 30 samples after the coresampleispulverised.Duplicatesforpercussion drilling are collected directlyfrom the drill rig or the metre sample bagusing a half round section of pipe. In-houseQA/QC tests are conducted by the lab on
		each batch of samples with standardssupplied by the same companies thatsupply our own.
Verification ofsampling andassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.•Discuss any adjustment to assay data.	•Allgeologicalloggingandsamplinginformation is completed in spreadsheets,which are then transferred to a databasefor validation and compilation at the Peelheadoffice.Electroniccopiesofallinformation are backed up periodically.•Noadjustmentsofassaydataareconsidered necessary.
Locationofdata points	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•A Garmin hand-held GPS is used to definethe location of the samples. Standardpractice is for the GPS to be left at the siteof the collar for a period of 5 minutes toobtain a steady reading. Collars areroutinely picked up after by DGPS. Downhole surveys are conducted by the drillcontractorsusingeitheraReflexgyroscopic tool with readings every 10m

Criteria	JORC Code explanation	Commentary
		after drill hole completion or a Reflexelectronic multi-shot camera will be usedwithreadingsfordipandmagneticazimuth taken every 30m down-hole.QA/QC in the field involves calibrationusing a test stand. The instrument ispositioned with a stainless steel drill rod soas not to affect the magnetic azimuth.•Grid system used is MGA 94 (Zone 55). Alldown-holemagneticsurveyswereconverted to MGA94 grid.
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.•Whether sample compositing has been applied.	•Data/drill hole spacing is variable andappropriate to the geology and historicaldrilling.•3m to 6m sample compositing has beenapplied to RC drilling at Mallee Bull for goldand/or multi-element assay.
Orientation ofdatainrelationtogeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.•If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	•Most drillholes are planned to intersect theinterpreted mineralised structures/lodesas near to a perpendicular angle aspossible (subject to access to the preferredcollar position).
Samplesecurity	•The measures taken to ensure sample security.	•The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample range•Detailed records are kept of all samplesthat are dispatched, including details ofchain of custody.
Auditsorreviews	•The results of any audits or reviews of samplingtechniques and data.	•Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Cobar Superbasin/Wagga Tank Projects

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	•Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or nationalpark and environmental settings.	•The Mallee Bull prospect is wholly locatedwithinExplorationLicenceEL7461"Gilgunnia". The tenement is subject to a50:50 Joint Venture with CBH ResourcesLtd, a wholly owned subsidiary of TohoZinc Co Ltd.
	•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	•The Cobar Superbasin Project comprises ofmultiple exploration licences that aresubject to a farm-in agreement withJOGMEC where JOGMEC has earned a 50%interest.•The Wagga Tank Project comprises of

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

Criteria	JORC Code explanation	Commentary
		EL6695, EL7226, EL7484 and EL7581 andare 100%-owned by Peel Mining Ltd.•The tenements are in good standing and noknown impediments exist.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	•Work at Mallee Bull was completed in thearea by several former tenement holdersincluding Triako Resources between 2003and 2009; it included diamond drilling, IPsurveys,geologicalmappingandreconnaissancegeochemicalsamplingaround the historic Four Mile Goldfieldarea. Prior to Triako Resources, PasmincoExploration explored the Cobar Basin areafor a "Cobar-type" or "Elura-type" zinclead-silverorcopper-gold-lead-zincdeposit.•Work at Wagga Tank was completed bymultiplepreviousexplorersincludingNewmont, Homestake, Amoco, Cyprus,Arimco,GoldenCross,PasmincoandMMG.Minimal exploration has beencompleted at the Wagga Tank area since1989.
Geology	•Deposit type, geological setting and style ofmineralisation.	•The Mallee Bull prospect area lies withintheCobar-MtHopeSiluro-Devoniansedimentaryandvolcanicunits.ThenorthernCobarregionconsistsofpredominantly sedimentary units withtuffaceous member, whilst the southernMt Hope region consists of predominantlyfelsic volcanic rocks; the Mallee Bullprospect seems to be located in an area ofoverlapbetweenthesetworegions.Mineralization at the Mallee Bull discoveryfeatures the Cobar-style attributes of shortstrike lengths (<200m), narrow widths (5-20m) and vertical continuity, and occurs asa shoot-like structure dipping moderatelyto the west.•Wagga Tank, is believed to be a volcanichosted massive sulphide (VHMS) or Cobarstyle deposit, and is located ~130 km southof Cobar on the western edge of the CobarSuperbasin. The deposit is positioned atthe western-most exposure of the Mt.Keenan Volcanics (Mt. Hope Group) whereit is conformably overlain by a poorlyoutcropping, distal turbidite sequence ofcarbonaceousslateandsiltstone.Mineralisation is hosted in a sequence ofrhyodaciticvolcanicandassociatedvolcaniclastic rocks comprising polymicticconglomerate, sandstone, slate, crystallithic tuff and crystal tuff. This sequencefacesnorthweststrikesnortheastsouthwest and dips range from moderate

Criteria	JORC Code explanation	Commentary
		westerly,tovertical,andlocallyoverturned to the east. Mineralisationstraddlesthecontactbetweenthevolcaniclastic facies and the siltstone-slatefacies where there is a broad zone ofintensetectonicbrecciationandhydrothermal alteration (sericite-chloritewith local silicification).
DrillholeInformation	•A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understandingof the report, the Competent Person should clearlyexplain why this is the case.	•All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.•No information has been excluded.
Dataaggregationmethods	•InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•No length weighting or top-cuts have beenapplied.•No metal equivalent values are used forreporting exploration results.
Relationshipbetweenmineralisationwidthsandinterceptlengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respectto the drill hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, true width notknown').	•True widths are generally estimated to beabout 90-100% of the downhole widthunless otherwise indicated.•Southern Nights (part of the Wagga Tankproject) true widths are unknown at thispoint due to the early stage nature ofinvestigation.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•Refer to Figures in the body of text.
Balancedreporting	•Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	•All results are reported.

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

www.peelmining.com.au

Criteria	JORC Code explanation	Commentary
Othersubstantiveexplorationdata	•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 andmethod of treatment; metallurgical test results;bulk density, groundwater, geotechnical and rockcharacteristics;potentialdeleteriousorcontaminating substances.	•No other substantive exploration data areavailable.
Further work	•The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	•Future work at Mallee Bull and CobarSuperbasin Project will include geophysicalsurveying and RC/diamond drilling tofurther define the extent of mineralisationattheprospects.Downholeelectromagnetic (DHEM) surveys will beused to identify potential conductivesourcesthatmayberelatedtomineralisation.•Further drilling and geophysical surveysare planned at Southern Nights/WaggaTank.