PEEL MINING LIMITED — Capital/Financing Update 2022

Apr 19, 2022

Announcement Summary

Entity name

PEEL MINING LIMITED

Announcement Type

New announcement

Date of this announcement

20/4/2022

The Proposed issue is: A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

ASX +security code	+Security description	Maximum Number of+securities to be issued
PEXAA	OPTION EXPIRING VARIOUS DATES EX VARIOUSPRICES	13,000,000

Proposed +issue date

21/4/2022

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of +Entity

PEEL MINING LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN

42119343734

1.3 ASX issuer code

PEX

1.4 The announcement is

New announcement

1.5 Date of this announcement

20/4/2022

1.6 The Proposed issue is:

A placement or other type of issue

Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? No

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description

PEXAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES

Number of +securities proposed to be issued

13,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Granted as incentive options to Company Directors for nil conideration.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.000001

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?

Part 7C - Timetable

7C.1 Proposed +issue date 21/4/2022

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 13/4/2022

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? Yes

7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow

The Fully Paid Ordinary Shares issued on exercise of the Incentive Options issued to Jim Simpson and Rob Tyson will be subject to the following restriction periods in accordance with the Plan:

1/3rd- 3,000,000 12 months ending 21 February 2023

1/3rd- 3,000,000 24 months ending 21 February 2024

1/3rd- 3,000,000 36 months ending 21 February 2025

The Fully Paid Ordinary Shares issued on exercise of the Incentive Options issued to Mark Okeby will not be subject to a restriction period.

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Nil

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

The Company granted 13,000,000 Incentive Options to Jim Simpson (6,000,000), Mark Okeby (4,000,000) and Robert Tyson (3,000,000) pursuant to the Performance Rights and Option Plan (Plan) as part of their remuneration packages.

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

The Company received shareholder approval on the 13th April 2022 for the issue of 13,000,000 Incentive Options to Jim Simpson, Mark Okeby and Robert Tyson pursuant to the Performance Rights and Option Plan (Plan) and on the terms and conditions set out in the Notice of Meeting released to the ASX on 9th March 2022.

The Incentive Options will be distributed amongst the Related Parties as follows:

• (a) 4,000,000 Incentive Options to Mark Okeby;
• (b) 6,000,000 Incentive Options to Jim Simpson;
• (c) 3,000,000 Incentive Options to Robert Tyson.

The Incentive Options will have an exercise price of $0.236 per Incentive Option and expiry date of 21 February 2025. The incentive options were issued for nil consideration.