PEEL MINING LIMITED — Capital/Financing Update 2021

Jul 25, 2021

ASX ANNOUNCEMENT26th JULY 2021

PEEL PROGRESSES SOUTH COBAR COPPER PROJECT PRE-DEVELOPMENT ACTIVITIES AND CONCEPT STUDY

KEY POINTS

• Excellent recoveries and grades achieved from initial metallurgical testwork at Wirlong:
• 96.9% Cu recovery to 27.1% Cu concentrate grade
• Further metallurgical and ore-sorting testwork for Wirlong and Mallee Bull underway
• Permitting and pre-development studies continuing for the South Cobar Project
• Successful water-bore drilling at Wirlong
• South Cobar Concept Study on track for delivery Q1 CY2022

Peel Mining Limited (ASX: PEX) (Peel or the Company) is pleased to provide an update on predevelopment operations for its South Cobar Project in New South Wales, including positive metallurgical testwork results from its Wirlong deposit, achieving recoveries of 96.9% Cu. Peel's South Cobar Project (SCP), comprises the Mallee Bull, Wirlong, Southern Nights, Wagga Tank and May Day deposits and associated development-focused activities.

Peel is seeking to establish critical mass via the definition of high-quality mineral resources at each of the Company's deposits to support a substantial operation possessing economy of scale and mine life. The Mallee Bull and Wirlong copper dominant deposits present an opportunity to take advantage of a strong copper market, simplifying the notional sequencing of the deposits and metallurgical processes, and allowing for the potential staging of capital.

PEEL'S DIRECTOR OF MINING JIM SIMPSON COMMENTED:

"Whilst Peel's South Cobar Copper Project comprises at least four deposits, we are focused on developing the Mallee Bull and Wirlong copper assets as a priority, notionally reducing the complexity of operation whilst focusing on our highest value minerals. By sequencing deposits with copper followed by lead and zinc, upfront capital is reduced in mine development and processing plant capital. The excellent drill results and metallurgical testwork from Wirlong are very encouraging and we believe this deposit will be a good compliment to the Mallee Bull project

WIRLONG METALLURGICAL TESTWORK

Metallurgical testwork has recently focused on the Company's Wirlong Copper deposit, in anticipation of the planned release of a maiden mineral resource later this year. No previous metallurgical testwork has been conducted on samples from Wirlong.

First pass metallurgical testwork consisted of a preliminary batch flotation test on one composite sample from Wirlong drillhole WLDD009. The mineralised interval from 265m to 290m was selected for testwork with initial assaying yielding an average copper grade of 2.75% Cu. The interval encompasses several metres of hanging wall and footwall on each end of the high-grade stringer chalcopyrite mineralisation. Initial lab assays for WLDD009 were previously reported in the ASX Announcement "High-Grade Copper Continues at Wirlong; Mallee Bull Copper Resource Upgrade Drilling Underway", released 5 May 2021, and are listed in Table 3.

The testwork program was conducted by ALS Metallurgy Lab in Burnie, Tasmania, and was designed to establish a preliminary flowsheet and assess recoverability of the Wirlong copper mineralisation into a flotation concentrate. The sample went through a primary grind of P80 75micron and "rougher" float followed by a regrind of P80 13 micron and a two-stage "cleaner" float process. This initial program was based around previous testwork performed on samples from Peel's Mallee Bull deposit and provides scope to further optimise grade and recoveries.

Following initial grind establishment, a high-quality copper concentrate was generated via sequential flotation processes. The sample was then run through a sequential flotation process which returned highly encouraging results:

Stage	Cu Recovery %	Cu Grade %	Ag Recovery %	Ag Grade g/t
Rougher	98.2	20.1	75.8	59
Cleaner 1	96.9	27.1	71.0	76
Cleaner 2	90.8	31.0	64.2	84

Table 1: Wirlong WLDD009 Flotation Results

Figure 2 – WLDD009 Rougher Stage Copper Flotation Photo

Figure 3 - Plan and Section view of WLDD009

Table 2: Wirlong WLDD009 Collar Location

Hole ID	Easting	Northing	Azi (grid)	Dip	Final Depth (m)	Status
WLDD009	418402.19	6447031.06	201.70	-59.98	426.70	Completed

Table 3: Wirlong WLDD009 Interval Assay Results

Assay Source	From (m)		To (m) Width (m)	Cu (%)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)
Geochem Lab	265	290	25	2.75	8	0.01	0.05	0.01
Metallurgy Lab	265	290	25	2.79	11	0.05	0.05	0.01

ORE-SORTING

Following on from the successful ore-sorting testwork on the Mallee Bull and Southern Nights deposits in January 2021 (see ASX Announcement "Processing Hub Report & Promising Ore-Sorting Testwork Results", 28 January 2021), Peel has submitted new samples from the Mallee Bull and Wirlong deposits to undergo ore-sorting trials at the TOMRA Sorting facility in Sydney. Previous TOMRA testwork on Mallee Bull mineralisation achieved significant waste mass reductions while maintaining very high copper recoveries (≥95% for the higher-grade Breccia Copper and Massive Sulphide Copper samples). A lower grade Breccia Copper sample upgraded from 0.59% Cu to 1.05% Cu with 77% Cu recovery and 56% mass rejection.

Peel recently drilled PQ diameter diamond drillholes targeting representative mineralised zones at both Mallee Bull and Wirlong. Three samples of whole PQ core were selected from each drill hole and sent to TOMRA to undertake crushing, ore-sorting and sampling testwork, prior to sending the samples to ALS Laboratories for further assaying and metallurgical testwork. Results are expected in the current quarter and Peel will provide further details when available. Results from this work will be included in future Concept Study work.

Table 4: Ore-sorting PQ Metallurgical drill holes

Hole ID	Easting	Northing	Azi (grid)	Dip	Final Depth (m)	Status
MBDD041	415159.00	6413340.01	91.17	-65.26	399.60	MET drillhole
WLDD033	418462.00	6446972.00	207.10	-62.90	369.70	MET drillhole

ENVIRONMENT AND PERMITTING

REVIEW OF ENVIRONMENTAL FACTORS (REF) & STATE SIGNIFICANT DEVELOPMENT (SSD)

The Company is seeking regulatory approvals to establish exploration declines at both Mallee Bull and Wirlong, to enable future underground resource definition drilling and exploration of the deeper portions of the deposit.

After regaining 100% ownership of the Mallee Bull and Wirlong copper projects (Please refer to ASX announcement 6th of January 2021 and 17th of August 2020). Peel has focused on completing baseline environmental field surveys and desktop data analysis as part of the Review of Environmental Factors (REF) for exploration declines at both deposits. This work has included biodiversity surveys, heritage surveys, hydrological studies and monitoring, along with air and soil sampling.

The Company has commissioned R.W Corkery & Co. Pty. Limited to finalise the requisite Review of Environment Factors (REF) for the proposed Mallee Bull and Wirlong exploration declines and associated surface infrastructures.

Successful underground exploration will potentially fast track conversion to a full mining operation, with the benefit of established infrastructure and a streamlined regulatory approval process. Regulatory approval for the exploration declines is anticipated to take six to nine months after the submission of Review of Environmental Factor (REF) to the NSW Department of Planning and Environment – Resource Regulator.

Peel anticipates a State Significant Development (SSD) application for development consent under the NSW Environmental Planning and Assessment Act 1979 will be required for the South Cobar Project. The development application for SSD must be accompanied by an Environmental Impact Statement (EIS). In preparation for lodgement of the EIS, the Company has commenced the required data gathering as part of this process.

The Project's development consent process will be administered by the Department of Planning, Industry and Environment (DPIE) who will place the EIS on public exhibition to allow for stakeholder submissions. Following development consent, several secondary approvals and management plans are required from other government agencies, including mining leases, an environmental protection license, a water access licence, a mining operation plan and a rehabilitation cost estimate. The Company has begun the process of liaising with the relevant agencies in relation to the requirements of these approvals.

WATER MONITORING BORE (WMB) DRILL PROGRAM AT MALEE BULL AND WIRLONG

The Company is undertaking a Water Monitoring Bore (WMB) drill program at the Mallee Bull and Wirlong prospects. This program is to investigate the pre-mining baseline groundwater environment and collect sufficient groundwater information for the Environmental Regulatory Compliance submissions.

A total of eleven water monitoring bores have been drilled, with six water monitoring bores completed at Wirlong and five bores completed at Mallee Bull. Two holes have been fitted with Vibrating Wire Piezometer (VWP). The Company has currently paused the program due to persistent wet weather affecting access, however, anticipates the completion of the program in the current quarter.

The WMB drill program at Wirlong prospect has been successful with the establishment of two water monitoring bore which have provided water flows of more than 5 litres per second. Water samples from Wirlong have been sent for analysis. Analysis of the bores at Mallee Bull will be finalised when drilling is completed. All drilled water bore locations are listed in Table 5 below.

Table 5: Water bore Collar Location

Hole ID	Easting	Northing	Azi (grid)	Dip	Final Depth (m)	Project
WLGW01	416676	6449931	0	-90	210	Wirlong
WLGW02	417069	6446088	0	-90	240	Wirlong
WLGW03	421652	6447589	0	-90	204	Wirlong
WLGW04	418656	6445827	0	-90	210	Wirlong
WLGW05	419667	6443781	0	-90	250	Wirlong
WLGW06	418967	6447059	0	-90	108	Wirlong
MBGW03	415114	6412812	0	-90	240	Mallee Bull
MBGW04	417639	6417224	0	-90	240	Mallee Bull
MBGW06	418159	6412210	0	-90	204	Mallee Bull
MBGW07	414695	6410747	0	-90	204	Mallee Bull
MBGW08	411018	6412917	0	-90	180	Mallee Bull

NEXT STEPS

Peel is commissioning environmental specialist consultants, R.W Corkery, to undertake environmental assessments based on the collected baseline field survey data. Furthermore, Peel and R.W Corkery will work closely together to prepare and submit the Review of Environmental Factors (REF) for lodgement in the coming months.

Following the successful first pass metallurgical testwork assessment on the Wirlong deposit, Peel has selected three more samples for further flotation testwork. This will aim to optimise the recovery process and conceptual process flowsheet. This along with results from ore-sorting trials at Mallee Bull and Wirlong will be considered as part of South Cobar Project Concept Study.

Resource drill-out completion for both the Wirlong and Mallee Bull Copper deposits, with the aim of adding to the Company's resource base and upgrading inferred resources to indicated category is ongoing with resources to form the basis of the copper focused SCP concept study.

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 Jim Simpson – Peel Mining Executive Director – Mining (08) 9382 3955 Nathan Ryan – NWR Communications: +61 (0)420 582 887

COMPETENT PERSONS STATEMENTS AND MINERAL RESOURCE ESTIMATES

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.

Past Exploration results reported in this announcement have been previously prepared and disclosed by Peel Mining Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement. Refer to www.peelmining.com.au for details on past exploration results.

JORC CODE (2012 Edition) – Table 1 Checklist of Assessment and Reporting Criteria

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 and reverse circulation. • Reverse circulation drilling utilised a 5 1/2 inch diameter hammer. • PQ3, HQ3 triple tube and NQ2 standard tube coring was used for diamond drilling. • Reflex digital orientation tool was used to orient core.
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 samples are not weighed on a regular basis but no significant sample recovery issues have been encountered in drilling programs 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

Criteria	JORC Code explanation	Commentary
		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 and Mallee Bull to date have generally been high.
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 and RC samples records lithology, mineralogy, mineralisation, structure (DDH only), weathering, colour and other features of the samples. Core is photographed as both wet and dry. Chips are photographed as wet samples. • All diamond and RC drill holes in the current program were geologically logged in full.
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.

Criteria	JORC Code explanation	Commentary
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.	• ALS Laboratory Services were used for Au and multi-element analysis work carried on out on 1m split RC samples and half core DDH samples. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation at Wirlong and Mallee Bull: o CRU-21 (Sample preparation code – primary crush) o PUL-23 (Sample preparation code - pulverising) 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 percussion drilling are collected directly from the drill rig or the metre sample bag using a half round section of pipe or via sample splitter. In-house QA/QC tests are conducted by the lab on each batch of samples with standards supplied by the same companies that supply our 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 via 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.

Criteria	JORC Code explanation	Commentary
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 drill holes. 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. 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 MGA94 grid. • DGPS pick-up delivers adequate topographic control.
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 is 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). • Drillhole deviation may affect the true width of mineralisation and will be further assessed when resource modelling commences.
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

Criteria	JORC Code explanation	Commentary
		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.

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 reporting along with any known impediments to obtaining a licence to operate in the area.	• The Wirlong prospect is located within 100%-owned tenements – EL8126 and EL8307. • The Mallee Bull prospect is located within 100%-owned tenement - EL7461. • The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Wirlong is a zone of known mineralisation within a belt of acid volcanic rocks, on which four historic shafts have been sunk. • In 1982, CRAE completed reconnaissance exploration including drilling of 1 diamond drillhole and 3 percussion drillholes. • Minimal other modern exploration has been completed at Wirlong. • 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.
Geology	• Deposit type, geological setting and style of mineralisation.	• Wirlong is believed to be a VHMS or Cobar-style deposit similar in style to Peel's Mallee Bull deposit. • 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

Criteria	JORC Code explanation	Commentary
		predominantly felsic volcanic rocks; the Mallee Bull prospect appears to be 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.
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	• True widths are estimated to be 40-60% of the downhole width unless otherwise indicated.

Criteria	JORC Code explanation	Commentary
	width not known').
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.	• In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
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.	• All material and meaningful data, relevant to the scope of work in this report, has been included in this report. • No substantial new information is available other than that reported above.
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.	• Further drilling (as part of the current resource drilling) and geophysical surveys are planned at Wirlong. • Further drilling (as part of the current resource drilling) and geophysical surveys are planned at Mallee Bull.