PEEL MINING LIMITED — Capital/Financing Update 2022

Apr 20, 2022

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21[st] April 2022

The Manager Company Announcements Office ASX Limited Level 6, 20 Bridge Street SYDNEY NSW 2000

NOTICE UNDER SECTION 708A(5)(e) OF THE CORPORATIONS ACT

On 21[st] of April 2022, Peel Mining Limited ( Company ) (ASX: PEX) completed the issue of 12,142,232 fully paid ordinary shares of the Company ( Shares ), under the second tranche of the placement announced to the ASX on the 23[rd ] of February 2022. The issue was completed at a price of $0.18 per Share to institutional and sophisticated investors. The Company also issued 1,522,014 Shares and 4,248,106 Options as part payment for brokerage services as part of this placement.

The Company gives notice pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ) that:

1. the Company issued the Shares without disclosure under Part 6D.2 of the Corporations Act; and

2. as at the date of this notice, the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act; and

3. as at the date of this notice, there is no information to be disclosed which is excluded information (as defined in section 708A(7) of the Corporations Act) that is reasonable for investors and their professional advisers to expect to find in a disclosure document.

For and on behalf of the Board of Peel Mining Limited.

Ryan Woodhouse

Company Secretary

Peel Mining Limited

Ph: +61 8 9382 3955

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

ACN 119 343 734 PO Box 849, West Perth WA 6872 www.peelmining.com.au

Unit 1, 34 Kings Park Road, West Perth WA 6005