PEEL MINING LIMITED — Capital/Financing Update 2022

Apr 10, 2022

PEX:ASX

ASX ANNOUNCEMENT 11th APRIL 2022

MALLEE BULL DELIVERS STRONG HIGH-GRADE COPPER RESULTS

• Assays from resource definition diamond drilling at Mallee Bull completed prior to the end of 2021 have now been received.
• The drill programme commenced in April 2021 and was designed to infill existing inferred resources and confirm the resource model.
• Results from the Mallee Bull resource upgrade drilling confirms the outstanding grade and continuity of the high-grade copper mineralisation including:

MBDD080 (see Image 1 for visuals)

o 29.15m @ 7.08% Cu, 60g/t Ag, 0.24g/t Au from 509.69m MBDD063

• o 29.9m @ 6.52% Cu, 110g/t Ag, 0.15g/t Au from 635.1m MBDD068
  • o 15m @ 2.11% Cu, 34g/t Ag, 0.16g/t Au from 497m
• o 31.07m @ 5.29% Cu, 44g/t Ag, 0.27g/t Au from 524m MBDD060
• o 39m @ 3.93% Cu, 30g/t Ag, 0.29g/t Au from 524m MBDD070
• o 34.54m @ 4.08% Cu, 43g/t Ag, 0.08g/t Au from 654m MBDD059

o 34.55m @ 3.04% Cu, 28g/t Ag, 0.14g/t Au from 544.11m MBDD078

• o 22m @ 3.71% Cu, 40g/t Ag, 0.15g/t Au from 446m
• o 29m @ 1.59% Cu, 22g/t Ag, 0.14g/t Au from 482m

MBDD066 o 36.95m @ 2.55% Cu, 23g/t Ag, 0.14g/t Au from 460.05m

• MBDD077
  • o 23m @ 2.20% Cu, 37g/t Ag, 0.27g/t Au from 510m

o 4.19m @ 2.03% Cu, 15g/t Ag, 0.08g/t Au from 550m MBDD072

• o 6m @ 1.43% Cu, 23g/t Ag, 0.23g/t Au from 350m
• o 6.6m @ 1.56% Cu, 65g/t Ag, 0.15g/t Au from 381.4m

o 12.3m @ 3.57% Cu, 19g/t Ag, 0.07g/t Au from 397m MBDD074

o 23m @ 2.35% Cu, 20g/t Ag, 0.18g/t Au from 471m MBDD076

o 36.1m @ 2.06% Cu, 37g/t Ag, 0.06g/t Au from 555.9m MBDD071

• o 6m @ 1.70% Cu, 36g/t Ag, 0.07g/t Au from 633m
• o 14m @ 2.36% Cu, 13g/t Ag, 0.07g/t Au from 646m MBDD079
  • o 6m @ 1.61% Cu, 21g/t Ag, 0.12g/t Au from 468m

ACN 119 343 734

PO Box 849, West Perth WA 6872 www.peelmining.com.au

PEEL MINING CEO JIM SIMPSON COMMENTED:

"The recent results from the 2021 resource drilling program at Mallee Bull have confirmed Mallee Bull's quality and continuity with exceptional copper-rich intervals from the heart of the Mallee Bull mineral system. Within the next week, Peel will have completed the final infill and extensional holes at Mallee Bull achieving a key milestone for the Southern Cobar Copper Project. The diamond drills will be relocating to Wirlong to commence extensional and infill drilling targeted at achieving critical mass for a future stand alone copper project."

The latest diamond drilling results represent the final assays for all drilling completed at Mallee Bull to the end of 2021. Targeted drilling at Mallee Bull has continued following restart in January 2022, with 10 new drillholes/intercepts completed (and two remaining holes underway) at the time of reporting. A comprehensive table of significant results to date is included in Table 3.

Mallee Bull resource upgrade drilling was undertaken to confirm the robustness of the Mallee Bull resource as a cornerstone of Peel's strategy to advance its South Cobar Copper Project. A total of 33,545 metres and 64 holes have been drilled over this period. The final extensional drill holes at Mallee Bull are anticipated to be completed shortly with the drill rigs relocating to Wirlong in the coming days.

Mineralisation remains open down dip and along strike, with multiple stacked lodes intersected. The assays received to date from this drill programme line up with prior drilling both spatially and for grade which is very positive for resource categorization in the next update, as 5.4mt out of 6.76mt (80%) is currently classified as inferred.

The 2017 resource estimate for Mallee Bull (see Table 1) comprises 6.76Mt at 1.8% Cu, 31g/t Ag, 0.4g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq) containing approximately 119,000t Cu, 6.6Moz Ag, 83,000oz Au, 38,000t Pb, 38,000t Zn) (using a 1% CuEq cut-off). Refer to Peel Mining's ASX Announcement dated 6th July 2017 "Mallee Bull Resource Grows by 65% to 175,000t CuEq" for further details.

Wirlong

As mentioned above, extensional and infill drilling at Wirlong is anticipated to commence in the coming days utilising three drill rigs.

Assays for 18 drillholes completed prior to the end of 2021 are pending following completion of processing.

Completion of the recent resources review by the Company has highlighted the potential for significant resource growth at Wirlong; with those findings feeding into drill planning and design for the upcoming extensional and resource growth drill program.

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

For further information on Peel Mining Limited please contact:

Jim Simpson Rob Tyson Peel Mining Limited Peel Mining Limited Ph: +61 (08) 9382 3955 Ph: +61 (0)420 234 020

CEO & Managing Director Executive Director - Technical

Image 1 – MBDD080 - 29.15m @ 7.08% Cu, 60g/t Ag, 0.24g/t Au from 509.69m

MALLEE BULL 2017 RESOURCE

Table 1: Mallee Bull 2017 Mineral Resource estimate based on 1% CuEq cut-off grade. Figures in this table are rounded to reflect the precision of the estimates and include rounding errors.

ResourceClassification	Tonnes(Kt)	CuEq %	Cu %	Ag g/t	Au g/t	Pb %	Zn %
Indicated	1,340	2.15	0.91	30	0.4	0.96	1.23
Inferred	5,420	2.7	2.0	31	0.4	0.5	0.4
Total Resource	6,760	2.6	1.8	31	0.4	0.6	0.6

Refer to Peel Mining's ASX Announcement dated 6th July 2017 "Mallee Bull Resource Grows by 65% to 175,000t CuEq" for further details.

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.

The information in this report that relates to the Mallee Bull Mineral Resource estimates and reported by the Company in compliance with JORC 2012 is based on information compiled by Jonathon Abbott, a Competent Person who is a Member of the Australian Institute of Geoscientists. Jonathon Abbott is a full-time employee of MPR Geological Consultants Pty Ltd and is an independent consultant to Peel Mining Ltd. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves". Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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 Mallee Bull and Wirlong is available in the Company's quarterly reports from December 2010 through to June 2021 and in progress reports as reported to the ASX. 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.

Figure 1 – Mallee Bull Drill Plan on Magnetics

Figure 2 – Mallee Bull Section 1

Figure 3 – Mallee Bull Section 2

Figure 4 – Mallee Bull Section 3

Figure 5 – Mallee Bull Long Section

Figure 6 – Peel Mining Cobar Tenure

Hole ID	Easting	Northing	Azi	Dip	Final Depth	Status
			(grid)		(m)
MBDD033	415163.49	6413271.23	86.99	-64.00	351.60	Completed
MBDD034	415162.24	6413271.17	87.89	-70.67	404.10	Completed
MBDD035	415160.50	6413271.17	84.86	-75.88	441.50	Completed
MBDD036	415161.77	6413304.94	86.41	-65.36	370.00	Completed
MBDD037	415161.43	6413304.99	86.72	-71.76	440.10	Completed
MBDD038	415155.75	6413339.87	89.90	-68.32	428.60	Completed
MBDD039	415161.10	6413339.50	89.83	-74.92	444.70	Completed
MBDD040	415155.48	6413339.84	95.26	-78.93	471.60	Completed
MBDD041	415161.20	6413339.43	91.17	-65.26	399.60	MET drillhole
MBDD042	415184.36	6413429.26	97.17	-76.15	459.60	Completed
MBDD043	415161.41	6413232.13	87.08	-64.56	330.70	Completed
MBDD044	415220.19	6413463.53	100.73	-74.84	372.60	Completed
MBDD045	415161.15	6413232.04	87.27	-70.82	381.70	Completed
MBDD046	415200.98	6413470.86	106.10	-83.59	621.20	Completed
MBDD047	415160.71	6413232.07	88.40	-74.92	423.80	Completed
MBDD048	415172.50	6413451.13	96.97	-77.00	500.50	Completed
MBDD049	415152.90	6413305.42	91.36	-83.50	501.70	Completed
MBDD050	415155.62	6413232.17	89.59	-78.87	472.30	Completed
MBDD051	415171.51	6413451.50	96.09	-85.03	654.80	Completed
MBDD052	415170.67	6413451.43	99.29	-87.17	701.60	Completed
MBDD053	415143.88	6413305.95	86.96	-85.33	606.70	Completed
MBDD054	415169.45	6413388.29	93.64	-67.08	429.70	Completed
MBDD055	415144.35	6413305.94	85.69	-83.34	537.80	Completed
MBDD056	415168.50	6413388.20	95.55	-76.32	489.00	Completed
MBDD057	415150.88	6413331.96	93.65	-81.71	558.90	Completed
MBDD058	415167.45	6413389.36	95.24	-84.14	600.00	Completed
MBDD059	415149.80	6413332.15	94.49	-87.23	639.80	Completed
MBDD060	415166.33	6413389.40	96.58	-86.37	596.50	Completed
MBDD061	415152.85	6413193.46	87.87	-62.63	370.90	Completed
MBDD062	415152.47	6413193.42	87.38	-70.73	420.70	Completed
MBDD063	415162.00	6413390.00	102.40	-87.93	720.00	Completed
MBDD064	415157.80	6413390.20	112.91	-87.00	741.00	Completed
MBDD065	415148.19	6413193.29	87.95	-80.01	531.40	Completed
MBDD066	415172.71	6413410.60	96.77	-83.00	549.70	Completed
MBDD067	415144.98	6413266.92	87.57	-85.02	618.80	Completed
MBDD068	415169.42	6413410.32	101.26	-85.07	630.90	Completed
MBDD069	415200.39	6413519.47	88.98	-61.71	417.60	Completed
MBDD070	415164.50	6413411.30	97.71	-88.00	720.80	Completed
MBDD071	415197.30	6413519.70	102.09	-85.84	711.60	Completed
MBDD072	415162.30	6413368.80	96.08	-74.47	450.80	Completed
MBDD073	415199.43	6413519.10	105.99	-79.37	576.30	Completed
MBDD074	415159.80	6413364.60	105.68	-82.00	555.70	Completed
MBDD075	415198.30	6413519.40	100.08	-84.90	690.00	Completed
MBDD076	415158.00	6413365.00	106.96	-88.00	634.60	Completed
MBDD077	415172.70	6413430.70	96.34	-84.00	600.80	Completed

Table 2: Mallee Bull Resource Drilling DDH Drillhole Collars

Hole ID	Easting	Northing	Azi(grid)	Dip	Final Depth(m)	Status
MBDD078	415160.50	6413387.60	94.65	-81.23	567.90	Completed
MBDD079	415179.10	6413474.70	94.64	-80.33	567.70	Completed
MBDD080	415151.40	6413337.80	87.12	-85.98	630.60	Completed
MBDD081	415155.30	6413267.60	95.11	-79.80	501.80	Completed
MBDD082	415309.70	6413303.60	94.04	-62.15	203.80	Completed
MBDD083	415161.70	6413230.50	87.77	-71.17	420.00	Assays pending
MBDD084	415190.00	6413492.00	93.30	-66.68	411.70	Assays pending
MBDD085	415188.00	6413492.00	91.49	-70.71	459.70	Assays pending
MBDD046W1	415200.98	6413470.86	106.10	-83.59	557.60	Assays pending
MBDD086	415182.00	6413494.00	94.96	-73.12	509.40	Assays pending
MBDD048W1	415172.50	6413451.13	96.97	-77.00	555.70	Assays pending
MBDD075W1	415198.34	6413519.42	100.08	-84.90	627.70	Assays pending
MBDD087	415052.00	6413275.00	88.58	-70.95	582.30	Assays pending
MBDD088	415171.00	6413451.00	90.26	-67.92	480.80	Assays pending
MBDD089	415051.00	6413270.00	75.78	-68.73	558.40	Assays pending
MBDD090	414970.00	6413430.00	90.28	-66.07	600.60	Processing underway
MBDD091	414970.00	6413430.00	90.88	-74.29	738.40	Processing underway
MBDD091W1	414970.00	6413430.00	90.88	-74.29	Current	Continuing
MBDD092	414950.00	6413510.00	94.66	-69.41	Current	Continuing

Table 3: Mallee Bull Resource Drilling DDH Significant Assays

Hole ID	From (m)	To (m)	Width (m)	Cu (%)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)
MBDD033	269.35	281.2	11.85	0.06	26	2.15	0.14	0.16
and	281.20	283.00	1.80	1.44	27	0.26	0.07	0.19
MBDD034	315.51	340.00	24.49	1.79	36	1.22	0.08	0.16
incl	326.00	340.00	14.00	2.76	46	1.26	0.09	0.14
MBDD035	353.00	354.91	1.91	0.13	22	0.11	1.61	1.10
and	354.91	375.00	20.09	0.34	19	1.11	0.08	0.18
MBDD036	282.00	319.27	37.27	1.21	12	0.22	0.20	0.15
incl	311.00	319.27	8.27	3.62	23	0.29	0.05	0.09
MBDD037	315.00	324.00	9.00	0.41	16	1.11	0.09	0.18
and	324.00	386.00	62.00	2.14	15	0.18	0.07	0.08
incl	361.00	386.00	25.00	4.18	24	0.13	0.06	0.10
MBDD038	309.00	322.00	13.00	0.10	27	1.31	0.23	0.23
and	345.00	381.00	36.00	3.55	72	0.23	0.17	0.62
incl	346.00	349.00	3.00	6.75	75	0.23	0.28	0.62
and incl	359.00	373.40	14.40	4.71	103	0.31	0.16	0.83
and incl	377.00	380.00	3.00	6.70	88	0.38	0.07	0.04
MBDD039	360.88	364.30	3.42	0.33	23	1.91	0.09	0.20
and	366.00	368.00	2.00	1.14	19	0.18	0.06	0.08
and	390.30	411.00	20.70	2.28	44	0.13	0.04	0.39
incl	404.50	411.00	6.50	5.50	96	0.27	0.06	1.13
MBDD040	377.50	406.00	28.50	0.38	27	1.70	0.17	0.24
and	426.00	436.00	10.00	3.41	35	0.13	0.04	0.07
MBDD042	318.00	320.00	2.00	1.41	33	0.74	0.09	0.40
and	327.00	330.23	3.23	0.94	51	0.78	0.66	4.10
and	382.00	384.00	2.00	1.35	19	0.27	0.16	0.21

MBDD043267.33273.466.131.49150.160.100.13MBDD044298.00302.004.000.09130.022.781.17and316.00321.005.001.07210.090.560.42and346.77348.001.233.501100.110.761.58MBDD045308.00311.003.001.40100.060.020.03and354.70357.002.301.5690.060.040.03MBDD046371.20379.057.850.341270.5817.7218.13and459.00465.006.003.87820.240.130.42and485.00491.006.001.25440.220.060.07and541.00561.0020.001.2660.110.020.03MBDD047367.70376.508.801.88300.390.210.20and384.00389.305.301.71210.220.030.06MBDD048352.59357.004.410.451090.9816.8217.67and414.30439.0024.704.33330.150.060.10incl417.00437.0020.005.12380.180.070.12and451.00456.005.001.8970.030.020.05MBDD049406.00423.7217.720.36261.200.260.38incl421.30423.722.422.03351.170.090.18and427.00429.002.001.47460.220.080.03and440.98447.006.020.75140.470.050.10MBDD050427.00428.001.001.10130.140.070.10MBDD051395.00411.0016.000.64721.017.998.54incl395.00404.009.001.011071.5713.1112.83and428.00434.006.000.05100.072.191.67and448.00450.002.002.41380.750.280.26and554.00606.0052.001.55190.030.030.09incl571.00583.0012.002.61290.040.040.21MBDD052614.00671.0057.003.70390.160.020.09incl632.00663.0031.005.51570.250.020.13MBDD053542.16569.0026.843.12230.140.250.18incl542.16545.603.444.43760.621.751.14and incl553.00563.0010.005.92300.120.050.04MBDD054289.00291.002.000.36500.930.912.17and298.00299.001.001.09280.840.430.51and330.00333.003.000.0390.042.91.62and350.00357.007.000.53350.161.281.15incl352.00353.001.000.23350.113.622.67and incl354.00357.003.001.02520.311.531.2and382.00391.009.002.36440.440.070.31MBDD055479.00493.0014.000.86130.140.080.09MBDD056396.00427.0031.003.21320.220.080.12incl397.00398.101.108.20520.160.640.95and incl400.00412.0012.002.45450.120.070.06and incl419.10424.105.0010.60680.390.140.35MBDD057464.00486.0022.002.75340.110.070.09incl477.00482.105.105.90550.160.110.14MBDD058484.00532.0048.003.61360.220.060.19incl504.07520.0015.936.25570.250.120.29	Hole ID	From (m)	To (m)	Width (m)	Cu (%)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)
and incl524.00531.287.284.48520.280.050.33
MBDD059544.11578.6634.553.04280.140.230.17
incl548.00557.129.125.06420.170.370.22

Hole ID	From (m)	To (m)	Width (m)	Cu (%)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)
MBDD060	524.00	563.00	39	3.93	30	0.29	0.05	0.15
incl	538.00	557.00	19.00	6.92	49	0.56	0.06	0.16
MBDD063	482.00	485.00	3.00	0.16	190	0.90	16.86	8.67
and	635.10	665.00	29.90	6.52	110	0.15	0.15	0.76
MBDD064	524.00	525.20	1.20	0.02	34	0.04	3.69	1.92
and	585.00	643.00	58.00	4.96	59	0.20	0.05	0.17
incl	589.00	620.00	31.00	7.62	78	0.24	0.06	0.26
MBDD065	412.00	421.00	9.00	3.53	27	0.17	0.04	0.23
incl	416.00	419.75	3.75	7.08	52	0.35	0.06	0.41
MBDD066	460.05	497.00	36.95	2.55	23	0.14	0.14	0.09
incl	481.00	493.60	12.60	5.55	39	0.29	0.11	0.18
MBDD067	520.00	521.00	1.00	1.26	8	0.17	0.04	0.06
and	523.00	524.00	1.00	1.20	20	0.25	1.08	0.99
MBDD068	497.00	512.00	15.00	2.11	34	0.16	0.03	0.14
and	524.00	555.07	31.07	5.29	44	0.27	0.07	0.11
including	529.00	547.00	18.00	8.40	71	0.44	0.10	0.14
MBDD069	231.00	232.00	1.00	0.21	22	1.02	6.41	1.38
and	262.50	263.50	1.00	0.15	18	0.06	8.32	0.96
and	275.20	276.10	0.90	0.27	76	0.07	1.77	2.59
MBDD070	654.00	688.54	34.54	4.08	43	0.08	0.04	0.19
incl	657.00	673.00	16.00	6.61	64	0.11	0.06	0.32
MBDD071	633.00	639.00	6.00	1.70	36	0.07	0.04	0.01
and	646.00	660.00	14.00	2.36	13	0.07	0.04	0.02
MBDD072	350.00	356.00	6.00	1.43	23	0.23	0.14	0.23
and	381.40	388.00	6.60	1.56	65	0.15	0.17	0.45
and	397.00	409.30	12.30	3.57	19	0.07	0.03	0.07
MBDD073	484.00	498.30	14.30	2.14	21	0.21	0.06	0.10
and	517.00	526.50	9.50	2.30	18	0.14	0.11	0.04
MBDD074	471.00	494.00	23.00	2.35	20	0.18	0.04	0.08
MBDD075	637.00	644.00	7.00	1.03	8	0.00	0.06	0.00
and	648.00	653.00	5.00	0.86	6	0.01	0.02	0.00
MBDD076	555.90	592.00	36.10	2.06	37	0.06	0.04	0.28
MBDD077	401.17	417.71	16.54	0.13	38	0.24	7.50	6.40
incl	410.52	417.71	7.19	0.18	64	0.48	12.55	10.79
and	510.00	533.00	23.00	2.20	37	0.27	0.09	0.31
and	550.00	554.19	4.19	2.03	15	0.08	0.04	0.08
MBDD078	446.00	468.00	22.00	3.71	40	0.15	0.06	0.30
incl	454.00	461.02	7.02	8.58	100	0.41	0.05	0.67
and	482.00	511.00	29.00	1.59	22	0.14	0.04	0.15
MBDD079	468.00	474.00	6.00	1.61	21	0.12	0.04	0.12
MBDD080	509.69	538.84	29.15	7.08	60	0.24	0.22	0.34

*ORANGE denotes new 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
Samplingtechniques	Nature and quality of sampling (eg cutchannels, random chips, or specificspecialisedindustrystandardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting the broadmeaning of sampling.Include reference to measures taken toensure sample representivity and theappropriatecalibrationofanymeasurement tools or systems used.Aspectsofthedeterminationofmineralisation that are Material to thePublic Report.In cases where 'industry standard' workhas been done this would be relativelysimple (eg 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other casesmore explanation may be required, suchas where there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (egsubmarinenodules)maywarrantdisclosure of detailed information.	Diamondandreversecirculation(RC)drilling were used to obtain samples forgeological logging and assaying.Diamond core was cut and sampled at 1mintervalsonaverageorintervalsdetermined by geological contacts. RC drillholes were sampled at 1m intervals andsplit using a cone splitter attached to thecyclone to generate a split of 2-4kg toensure sample representivity.Multi-element readings were taken of thediamond core and RC drill chips using anOlympusDeltaInnov-XportableXRFmachine or an Olympus Vanta portable XRFmachine.PortableXRFmachinesareroutinely serviced, calibrated and checkedagainst blanks/standards.
Drillingtechniques	Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details (egcore diameter, triple or standard tube,depth of diamond tails, face-sampling bitor other type, whether core is orientedand if so, by what method, etc).	Drilling to date has been a combination ofdiamond and reverse circulation. Reversecirculation drilling utilised a 5 1/2 inchdiameter hammer. PQ, HQ and NQ coringwas used for diamond drilling.
Drill samplerecovery	Method of recording and assessing coreand chip sample recoveries and resultsassessed.Measures taken to maximise samplerecoveryandensurerepresentativenature of the samples.Whether a relationship exists betweensample recovery and grade and whethersample bias may have occurred due topreferentialloss/gainoffine/coarsematerial.	Core recoveries are recorded by the drillersin the field at the time of drilling andchecked by a geologist or technician.RC samples are not weighed on a regularbasis but no significant sample recoveryissues have been encountered in drillingprograms to date.Diamondcoreisreconstructedintocontinuous runs on an angle iron cradle fororientationmarkinganddepthsarechecked against the depths recorded oncore blocks. Rod counts are routinelyundertaken by drillers.

Criteria	JORC Code explanation	Commentary
		When poor sample recovery is encounteredduring drilling, the geologist and drillerhave endeavoured to rectify the problem toensure maximum sample recovery.Sample recoveries at Wirlong and MalleeBull to date have generally been high.
Logging	Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriateMineralResourceestimation,miningstudiesandmetallurgical studies.Whetherloggingisqualitativeorquantitative in nature. Core (or costean,channel, etc) photography.The total length and percentage of therelevant intersections logged.	Allcoreanddrillchipsamplesaregeologicallylogged.Coresamplesareorientated and logged for geotechnicalinformation. Drill chip samples are loggedat 1m intervals from surface to the bottomof each individual hole to a level that willsupportappropriatefutureMineralResource studies.Logging of diamond core and RC samplesrecordslithology,mineralogy,mineralisation,structure(DDHonly),weathering, colour and other features ofthe samples. Core is photographed as bothwet and dry. Chips are photographed aswet samples.All diamond and RC drill holes in the currentprogram were geologically logged in full.
Subsamplingtechniquesand samplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.Ifnon-core,whetherriffled,tubesampled, rotary split, etc and whethersampled wet or dry.For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.Quality control procedures adopted forall sub-samplingstages to maximiserepresentivity of samples.Measures taken to ensure that thesampling is representative of the in-situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.Whether sample sizes are appropriate tothe grain size of the material beingsampled.	Drill core was cut with a core saw and halfcore taken.The RC drilling rigs were equipped with anin-built cyclone and splitting system, whichprovided one bulk sample of approximately20kg and a sub-sample of 2-4kg per metredrilled.All samples were split using the systemdescribed above to maximise and maintainconsistent representivity. The majority ofsamples were dry.Bulk samples were placed in green plasticbags, with the sub-samples collected placedin calico sample bags.Field duplicates were collected by resplitting the bulk samples from large plasticbags. These duplicates were designed forlab checks.Laboratory duplicate samples are splitusing method SPL-21d which produces asplit sample using a riffle splitter. Thesesamples are selected by the geologist withinmoderate and high-grade zones.A sample size of 2-4kg was collected andconsidered appropriate and representativeforthegrainsizeandstyleofmineralisation.

Criteria	JORC Code explanation	Commentary
Qualityofassay dataandlaboratorytests	The nature, quality and appropriatenessoftheassayingandlaboratoryproceduresusedandwhetherthetechnique is considered partial or total.For geophysical tools, spectrometers,handheldXRFinstruments,etc,theparameters used in determining theanalysis including instrument make andmodel,readingtimes,calibrationsfactors applied and their derivation, etc.Nature of quality control proceduresadopted(egstandards,blanks,duplicates, external laboratory checks)andwhetheracceptablelevelsofaccuracy (ie lack of bias) and precisionhave been established.	ALS Laboratory Services were used for Auand multi-element analysis work carriedon out on 1m split RC samples and halfcoreDDHsamples.Thelaboratorytechniques below are for all samplessubmitted to ALS and are consideredappropriate for the style of mineralisationat Wirlong and Mallee Bull:oCRU-21 (Sample preparationcode – primary crush)oPUL-23 (Sample preparationcode - pulverising)oAu-AA25 Ore Grade Au 30g FAAA Finish, Au-AA26 Ore GradeAu 50g FA AA FinishoME-ICP41 35 element aquaregiaICP-AES,withanappropriate Ore Grade basemetal AA finishoME-ICP61 33 element 4 aciddigestICP-AES,withanappropriate Ore Grade basemetal AA finishoME-MS61 48 element 4 aciddigest ICP-MS and ICP-AES,withanappropriateOreGrade base metal AA finishAssaying of samples in the field was byportable XRF instruments: Olympus DeltaInnov-X or Olympus Vanta Analysers.Reading time for Innov-X was 20 secondsper reading, reading time for Vanta was 10& 20 seconds per reading.TheQA/QCdataincludesstandards,duplicatesandlaboratorychecks.Duplicates for percussion drilling arecollected directly from the drill rig or themetre sample bag usinga half roundsection of pipe or via sample splitter. Inhouse QA/QC tests are conducted by thelab on each batch of samples withstandardssuppliedbythesamecompanies that supply our own.
Verificationof samplingandassaying	Theverificationofsignificantintersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, dataentry procedures, data verification, datastorage(physicalandelectronic)	Allgeologicalloggingandsamplinginformation is completed via GeobankMobile or in spreadsheets, which are thentransferred to a database for validation andcompilationatthePeelheadoffice.Electronic copies of all information arebacked up periodically.

Criteria	JORC Code explanation	Commentary
	protocols.Discuss any adjustment to assay data.	Noadjustmentsofassaydataareconsidered necessary.
Location ofdata points	Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andother locations used in Mineral Resourceestimation.Specification of the grid system used.Quality and adequacy of topographiccontrol.	A Garmin hand-held GPS is used to definethe location of the drill holes. Standardpractice is for the GPS to be left at the siteof the collar for a period of 5 minutes toobtainasteadyreading.Collarsareroutinely picked up after by DGPS.Down-hole surveys are conducted by thedrill contractors using either a Reflexgyroscopic tool with readings every 10mafter drill hole completion or a Reflexelectronic multi-shot camera will be usedwith readings for dip and magnetic azimuthtaken every 30m down-hole. QA/QC in thefield involves calibration using a test stand.Theinstrumentispositionedwithastainless steel drill rod so as not to affectthe magnetic azimuth.Grid system used is MGA 94 (Zone 55). Alldown-holemagneticsurveyswereconverted to MGA94 grid.DGPSpick-updeliversadequatetopographic control.
Dataspacing anddistribution	Data spacing for reporting of ExplorationResults.Whetherthedataspacinganddistribution is sufficient to establish thedegree of geological and grade continuityappropriate for the Mineral Resourceand Ore Reserve estimation procedure(s)and classifications applied.Whether sample compositing has beenapplied.	Data/drill hole spacing is variable andappropriate to the geology and historicaldrilling.3m to 6m sample compositing is applied toRC drilling for gold and/or multi-elementassay where appropriate.
Orientationof data inrelationtogeologicalstructure	Whether the orientation of samplingachieves unbiased sampling of possiblestructures and the extent to which this isknown, considering the deposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	Most drillholes are planned to intersect theinterpreted mineralised structures/lodes asnear to a perpendicular angle as possible(subject to access to the preferred collarposition).Drillhole deviation may affect the true widthofmineralisationandwillbefurtherassessedwhenresourcemodellingcommences.
Samplesecurity	The measures taken to ensure samplesecurity.	The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of Laboratory

Criteria	JORC Code explanation	Commentary
		oSample rangeDetailed records are kept of all samples thatare dispatched, including details of chain ofcustody.
Auditsorreviews	The results of any audits or reviews ofsampling techniques and data.	Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Section 2 - Reporting of Exploration Results for South Cobar Project

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence tooperate in the area.	The Wirlong prospect is located within100%-owned tenements – EL8126 andEL8307.The Mallee Bull prospect is located within100%-owned tenement - EL7461.The tenements are in good standing andno known impediments exist.
Explorationdone by otherparties	Acknowledgmentandappraisalofexploration by other parties.	Wirlongisazoneofknownmineralisation within a belt of acidvolcanic rocks, on which four historicshafts have been sunk.In 1982, CRAE completed reconnaissanceexplorationincludingdrillingof1diamond drillhole and 3 percussiondrillholes.Minimal other modern exploration hasbeen completed at Wirlong.Work at Mallee Bull was completed in thearea by several former tenement holdersincludingTriakoResourcesbetween2003 and 2009; it included diamonddrilling, IP surveys, geological mappingandreconnaissancegeochemicalsampling around the historic Four MileGoldfield area. Prior to Triako Resources,PasmincoExplorationexploredtheCobar Basin area for a "Cobar-type" or"Elura-type" zinc-lead-silver or coppergold-lead-zinc deposit.
Geology	Deposit type, geological setting and styleof mineralisation.	Wirlong is believed to be a VHMS orCobar-style deposit similar in style toPeel's Mallee Bull deposit.The Mallee Bull prospect area lies withintheCobar-MtHopeSiluro-Devonian

Criteria	JORC Code explanation	Commentary
		sedimentary and volcanic units. ThenorthernCobarregionconsistsofpredominantly sedimentary units withtuffaceous member, whilst the southernMtHoperegionconsistsofpredominantly felsic volcanic rocks; theMallee Bull prospect appears to be in anarea of overlap between these tworegions. Mineralisation at the Mallee BulldiscoveryfeaturestheCobar-styleattributes of short strike lengths (<200m),narrowwidths(5-20m)andverticalcontinuity and occurs as a shoot-likestructure dipping moderatelyto thewest.
DrillholeInformation	A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:oeasting and northing of the drill holecollaroelevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collarodip and azimuth of the holeodown hole length and interceptiondepthohole length.If the exclusion of this information isjustified on the basis that the informationis not Material and this exclusion doesnot detract from the understanding of thereport, the Competent Person shouldclearly explain why this is the case.	All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded.
Dataaggregationmethods	InreportingExplorationResults,weightingaveragingtechniques,maximumand/orminimumgradetruncations (eg cutting of high grades)and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporateshort lengths of high grade results andlonger lengths of low grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.The assumptions used for any reportingof metal equivalent values should beclearly stated.	No length weighting or top-cuts havebeen applied.No metal equivalent values are used forreporting exploration results.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisationwidthsandinterceptlengths	Theserelationshipsareparticularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	True widths are estimated to be 40-60%of the downhole width unless otherwiseindicated.
Diagrams	Appropriate maps and sections (withscales) and tabulations of interceptsshould be included for any significantdiscovery being reported These shouldinclude, but not be limited to a plan viewofdrillholecollarlocationsandappropriate sectional views.	Refer to Figures in the body of text.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reportingof Exploration Results.	In relation to the disclosure of visualmineralisation, the Company cautionsthat visual estimates of sulphide andoxide material abundance should neverbe considered a proxy or substitute forlaboratory analysis. Laboratory assayresults are required to determine thewidthsandgradeofthevisiblemineralisation reported in preliminarygeological logging. The Company willupdate the market when laboratoryanalytical results become available.
Othersubstantiveexplorationdata	Other exploration data, if meaningfulandmaterial,shouldbereportedincluding (but not limited to): geologicalobservations; geophysical survey results;geochemical survey results; bulk samples–sizeandmethodoftreatment;metallurgical test results; bulk density,groundwater,geotechnicalandrockcharacteristics; potential deleterious orcontaminating substances.	No other substantive exploration dataare available.
Further work	The nature and scale of planned furtherwork (eg tests for lateral extensions ordepth extensions or large-scale step-outdrilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and futuredrilling areas, provided this informationis not commercially sensitive.	Further drilling (as part of the currentresourcedrilling)andgeophysicalsurveys are planned at Wirlong.Further drilling (as part of the currentresourcedrilling)andgeophysicalsurveys are planned at Mallee Bull.