PEEL MINING LIMITED — Capital/Financing Update 2021

Feb 3, 2021

4[th] FEBRUARY 2021

ASX ANNOUNCEMENT

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VERY STRONG COPPER INTERCEPTS AT WIRLONG

Key Points:

• Assays continue to confirm very strong copper mineralisation at Wirlong with better results including:

• 9m @ 4.33% Cu, 14g/t Ag, 0.34g/t Au from 181m within 51m @ 1.35% Cu, 6g/t Ag, 0.11g/t Au from 177m in WLRC068

• 6m @ 8.64% Cu, 37g/t Ag, 0.11g/t Au from 255m within 15m @ 3.80% Cu, 17g/t Ag, 0.04g/t Au from 255m in WLRC069

• 10m @ 4.02% Cu, 16g/t Ag from 275m within 28m @ 1.83% Cu, 8g/t Ag from 263m in WLRC071

• Visual inspection and portable XRF analyses confirm additional significant zones of chalcopyritedominant mineralisation in drilling completed since restart in mid-January including a broad intersection over more than 160m downhole in WLRC073; assays pending

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

• Drilling at Wirlong for a maiden mineral resource estimate continuing

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

As reported prior in late December 2020, drillholes WLRC068, WLRC069 and WLRC071 each intersected substantial chalcopyrite-dominant sulphide mineralisation over significant downhole widths. Recently returned assays confirm the presence of very high-grade copper mineralisation. Significantly, the mineralisation is consistent with the position of an electromagnetic conductor plate, and with a revised structural model, supporting Peel’s geophysical and geological modelling.

Also, of note, multiple RC drillholes completed since re-start in mid-January have intersected significant zones of chalcopyrite-dominant mineralisation as determined by visual inspection and portable XRF analyses (see Table 3 for further details). Significantly, WLRC073 has intersected a broad copper mineralised intersection from ~234m downhole to end-of-hole at 396m. Assays are pending.

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 June quarter of 2021.

Peel Mining Managing Director Rob Tyson commented:

“These drillholes continue to demonstrate very high copper tenors, akin to those seen in previous drilling. The results highlight Peel’s opinion of the potential of Wirlong as we push towards a maiden mineral resource and emphasize our desire to become Cobar’s next copper-dominant base and precious metals mining Company. We look forward to receiving the assays for the additional copper intercepts yielded from drilling since restart and reporting them in due course.”

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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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.

Drilling was initially planned to be completed utilising primarily RC drilling; however significant drillhole deviation (as seen in Figure 2) since commencement of drilling will see the Company shift to using diamond drilling to increase drill targeting effectiveness. Diamond drilling will also provide further structural knowledge, geotechnical information and metallurgical testwork material.

As reported, visual inspection of several drillholes completed since re-start in January also 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 (see Table 3 for further details). Sampling of the relevant mineralised intervals in drilling has been completed or is ongoing with assays pending.

The true width of intercepts reported is estimated to be approximately 40-60% of the downhole widths.

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

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 December 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 1 - RC Logging and Sampling 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

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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.

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

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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9m @ 4.33% Cu,
14g/t Ag, 0.34g/t 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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10m @ 4.02% Cu,
16g/t Ag
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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	418344	6447006	185	-70	310
WLRC070	418363	6446959	185	-60	173
WLRC071	418358	6447025	210	-60	352
WLRC072	418362	6446962	200	-50	252
WLRC073	418368	6447055	185	-70	396
WLRC074	418377	6446989	200	-60	263
WLRC075	418360	6447055	200	-72	438
WLRC076	418309	6447032	210	-47	213
WLRC077	418359	6447046	200	-68	380
WLRC078	418393	6446934	210	-50	179
WLRC079	418310	6447033	210	-60	299
WLRC080	418396	6446942	210	-60	243
WLRC081	418330	6447058	210	-60	204
WLRC082	418240	6447014	210	-50	198
WLRC083	418393	6447014	200	-60	Underway
WLRC084	418242	6447015	210	-60	222
WLRC085	418245	6447081	210	-55	Underway
WLRC086	418244	6447073	210	-50	201
WLRC088	418415	6446966	210	-60	259

Table 2: Wirlong RC Significant Assays

Hole ID	From(m)	To(m)	Width(m)	Cu(%)	Ag (g/t)	Au(g/t)	Zn(%)	Pb(%)
WLRC068	177.00	228.00	51.00	1.35	6	0.11	0.15	0.05
including	181.00	190.00	9.00	4.33	14	0.34	0.20	0.01
WLRC069	255.00	270.00	15.00	3.80	17	0.04	0.42	0.17
including	255.00	261.00	6.00	8.64	37	0.11	0.83	0.32
WLRC071	263.00	291.00	28.00	1.83	8	0.02	0.32	0.07
including	275.00	285.00	10.00	4.02	16	0.02	0.26	0.10

Table 3: Wirlong mineralised intersection descriptions (Visual Estimate)

Interval(m)	Interval(m)	Interval(m)	Mineralisation Description Sulphide %
From	To	Width
	WLRC073
268	283	15	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
283	292	9	Volcanic +Qtz veins + vein/blebbysulphide(Cpy-Sph)1-3%
292	296	4	Volcanic +Qtz veins + vein/blebbysulphide(Cpy-Sph)5-10%
296	304	8	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)3-5%
304	315	11	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
315	316	1	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy)20-40%
316	359	43	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
359	372	13	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)3-5%
372	374	2	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy)10-20%
374	396	12	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
	WLRC074
205	228	23	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%

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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228	231	3	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)3-5%
231	236	5	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
	WLRC075
294	297	3	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)3-5%
297	307	10	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
	WLRC076
169	170	1	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy-Sph)5-10%
187	189	2	Volcanic +Qtz veins + vein/blebbysulphide(Cpy-Sph)5-10%
189	194	5	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
	WLRC077
256	260	4	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
260	263	3	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)5-10%
263	268	5	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
268	274	6	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)5-10%
274	276	2	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy-Sph)10-20%
276	286	10	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
303	309	6	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)3-5%
334	336	2	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy)10-20%
336	341	5	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
	WLRC079
249	253	4	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%
253	255	2	Volcanic +Qtz veins + vein/semi-massive sulphide(Cpy-Sph)20-40%
255	257	2	Volcanic +Qtz veins + vein/blebbysulphide(Cpy)1-3%

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.

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 (Wirlong)

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.	• Reverse circulation (RC) drilling were used to obtain samples for geological logging and assaying. • 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). _	• RC drilling utilised a 5 1/2 inch or diameter hammer.
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.	• RC samples are not weighed on a regular basis but no significant sample recovery issues have been encountered in a drilling program to date. • When poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to rectify the problem to ensure maximum sample recovery.
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 drill chip samples are geologically logged. 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 RC samples records lithology, mineralogy, mineralisation, structure (DDH only), weathering, colour and other features of the samples. Chips are photographed as wet samples. • All RC drill holes in the current program weregeologicallylogged in full.
Sub-sampling techniques	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary	• The RC drilling rigs were equipped with an in-built cyclone and splitting system, which provided one bulk sample 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

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Criteria	JORC Code explanation	Commentary
and sample preparation	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.	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 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 are used for Au and multi-element analysis work carried on out on 1m split RC samples. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation at Wirlong: 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 percussion drilling are collected directlyfrom the drill rigor 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
		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 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 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.
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 projectgeologist whoplaces calico 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
		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 (Wirlong)	Table 1 - Section 2 - Reporting of Exploration Results for South Cobar Project (Wirlong)	Table 1 - Section 2 - Reporting of Exploration Results for South Cobar Project (Wirlong)
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 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.
Geology	• Deposit type, geological setting and style of mineralisation.	• 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.	• No length weighting or top-cuts have been applied. • No metal equivalent values are used for reporting exploration results.

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
	• 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.
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 estimated to be 40-60% 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.
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.	• 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.	• Further drilling (as part of the current resource drilling) and geophysical surveys are planned 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