PEEL MINING LIMITED — Capital/Financing Update 2021

Jun 16, 2021

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Peel Mining Limited (ASX: PEX) (“the Company”) provides an update to shareholders on the shortfall offer shares (“Shortfall Shares”) announced to the market on 21[st] April 2021, as part of the recent prorata non-renounceable entitlement offer (“Entitlement Offer”).

Under the Entitlement Offer Prospectus, the Board of Directors reserved the right to place the remaining 45,001,534 Shortfall Shares at $0.265 per share until 15[th] June 2021. However, subsequent to that date, the Board of Directors advises that the shortfall offer has lapsed with no additional shares issued. As of 17[th] June 2021, the Company has 418,097,757 ordinary shares on issue.

The Company is well funded to advance its South Cobar Project towards feasibility and continues with resource definition drilling at its Wirlong and Mallee Bull Copper Projects.

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

For further information, please contact:

Ryan Woodhouse – Peel Mining Limited, Company Secretary +61 (8) 9382 3955.

Peel Mining Limited ACN 119 343 734 P: (08) 9382 3955. E: info@peelmining.com.au

PO Box 849, West Perth WA 6872. Unit 1, 34 Kings Park Road, West Perth WA 6005 www.peelmining.com.au