ASX ANNOUNCEMENT 9

th JANUARY 2023

20MT RESOURCE BASE FOR SOUTH COBAR PROJECT

KEY POINTS:

A global Mineral Resource Estimate (MRE) base of approximately 20Mt containing 216kt copper, 322kt zinc, 151kt lead, 22Moz silver, and 204koz gold.
Approximately 14Mt (or 70%) of the global MRE, including approximately 152kt of contained copper (or 77%) of copper-dominant Resources is classified as Indicated.

Deposit	MRECategory	Tonnes(kt)	Cu (%)	Ag (g/t)	Cont Cu(kt)	Cont Ag(moz)
Mallee Bull	Ind+Inf	6,340	1.92	26	122	5.3
Wirlong	Ind+Inf	4,300	1.75	6	75	0.8
Combined	Ind+Inf	10,640	1.85	18	197	6.2

South Cobar Project Copper Resources 1 (A$80/t NSR cut-off) of:

	South Cobar Project Zinc-Lead-Silver Resources		1	(A$80/t NSR cut-off) of:

Deposit	MRECategory	Tonnes(kt)	Zn (%)	Pb (%)	Ag (g/t)	ContZn (kt)	ContPb (kt)	Cont Ag(moz)
Mallee Bull	Ind+Inf	670	4.21	3.56	52	28	24	1.1
WT-SN	Ind+Inf	6,830	3.92	1.52	62	268	104	14
Combined	Ind+Inf	7,500	3.95	1.71	61	296	128	15

A range of Net Smelter Return (NSR) cut-offs have been utilised for reporting, representing a variety of potential mining and operating scenarios.

PEEL MINING MANAGING DIRECTOR JIM SIMPSON COMMENTED:

"Peel has established a strong resource base at its South Cobar Project with a level of resource confidence to advance mining studies and permitting for exploration declines.

"The strong drill results from Mallee Bull and Wirlong over the last 18 months have translated into a significant upgrade in confidence of these copper resources, with ~77% of the Company's copperdominant resources now classified as Indicated Resources, for approximately 152kt of the 197kt copper metal contained in these two copper-rich deposits.

At Wirlong the MBX lens has delivered coherent high-grade mineralisation, and exploration drilling has confirmed it is surrounded by a broad halo of stockwork copper mineralisation, which remains open and will be subject to further exploration and definition."

1 Figures in these tables are rounded to reflect the precision of the estimates and include rounding errors.

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

Peel Mining Ltd (ASX Code: PEX) ("Peel" or "the Company") is pleased to report updated Indicated & Inferred Mineral Resource Estimates (MRE) for its 100% owned South Cobar Project, centred around 100km south of Cobar in Western NSW. The MREs provide Peel with an excellent foundation to undertake mining studies and continue permitting for exploration declines.

SOUTH COBAR PROJECT

The South Cobar Project is located within Peel's 100%-owned tenure and comprises the Mallee Bull, Wirlong, Wagga Tank-Southern Nights and May Day deposits. Peel was initially attracted to the Cobar area in 2010 by the presence of world-class, high-grade, and long-life base and precious metals rich deposits as demonstrated by the CSA, Peak and Elura/Endeavor mines (Figure 1).

Since Peel's entry into the Cobar district, the Company has aggregated more than 3,000km2 of tenure and defined significant mineral systems at Mallee Bull, Wirlong, Southern Nights-Wagga Tank and May Day. During this time, Peel has completed more than 334km of drilling across its Cobar project holdings, including about 289km of diamond and RC drilling. The bulk of this drilling, totalling about 249km of diamond and RC drilling, was in the general area of the South Cobar Project MREs.

Most of the Peel's activity in 2022 was aimed at upgrading the Company's copper resources, particularly Wirlong, where infill and extensional drilling results and updated modelling has yielded a considerable improvement to that deposit's contained copper and MRE classification.

Notably, drilling focussed on the key MBX lens which delivered increases in the quantity of contained copper, up 29%, and the relative proportion of Indicated-classified Resource tonnes from 33% to 82%, from the maiden November 2021 MRE*2* . Recent Wirlong drilling has also identified a significant halo of stockwork copper mineralisation which remains unconstrained, and which will be subject to future drilling to determine its full potential.

MINERAL RESOURCE ESTIMATES

The MREs for the Mallee Bull, Wirlong, Wagga Tank-Southern Nights, and May Day deposits are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code (2012)).

Except for May Day Open pit estimates, the MREs are reported within constrained mineable shapes, created using Deswik mining software, reflecting underground mining, generated at A$80/t NSR cut off with a minimum mining width of three metres and include internal dilution. Tables 1 to 4 show MREs by dominant mineralogy and relevant deposits.

The MREs have been completed by independent mining consultant Mr Jonathon Abbott of Matrix Resource Consultants Pty Ltd (Matrix). Mr Abbott accepts responsibility for the block modelling and the MREs. Mr Robert Tyson, an employee of Peel Mining, accepts responsibility for the geological interpretation, sampling and analytical data upon which the MREs are based. NSR calculations and mineable shape creation was completed by ANTCIA Consulting Pty Ltd.

2 Relative percentages utilise a $90/t cut-off as used in the 2021 maiden MRE.

								South Cobar Project Copper MREs as at January 2023 ($A80/t NSR cut-off)
Deposit	MRECategory	Tonnes	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)	Cont Cu	Cont Ag	Cont Zn	Cont Pb	Cont Au
		(kt)						(kt)	(moz)	(kt)	(kt)	(koz)
	Ind	5,590	1.93	27	0.13	0.21	0.38	108	4.85	7.3	11.7	68
Mallee	Inf	750	1.87	21	0.04	0.08	0.11	14	0.51	0.3	0.6	2.7
Bull	Subtotal	6,340	1.92	26	0.12	0.19	0.35	122	5.36	7.6	12.3	71
	Ind	2,290	1.92	6	0.08	0.03	0.03	44	0.47	1.9	0.6	1.9
Wirlong	Inf	2,010	1.54	6	0.07	0.01	0.03	31	0.37	1.4	0.3	1.7
	Subtotal	4,300	1.75	6	0.08	0.02	0.03	75	0.84	3.3	0.9	3.6
Combined	Ind	7,880	1.93	21	0.12	0.16	0.28	152	5.33	9.2	12.4	70
	Inf	2,760	1.63	10	0.06	0.03	0.05	45	0.87	1.7	0.9	4.4
	Total	10,640	1.85	18	0.10	0.12	0.22	197	6.20	10.8	13.3	74

Table 1 - South Cobar Project Copper Mineral Resource Estimate Summary

Table 2 - South Cobar Project Zinc-Lead Mineral Resource Estimate Summary

				South Cobar Project Zinc-Lead MREs as at January 2023 ($A80/t NSR cut-off)
Deposit	MRECategory	Tonnes(kt)	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)	Cont Cu(kt)	Cont Ag(moz)	Cont Zn(kt)	Cont Pb(kt)	Cont Au(koz)
Mallee	Ind	660	0.38	52	4.24	3.60	0.67	2.5	1.1	28	24	14
Bull Zn-Pb	Inf	10	0.22	22	2.16	1.23	0.46	0.0	0.01	0.2	0.1	0.2
	Subtotal	670	0.38	52	4.21	3.56	0.67	2.5	1.1	28	24	14
	Ind	3,790	0.23	68	4.39	1.72	0.31	8.7	8.3	166	65	38
WT-SN	Inf	3,040	0.26	55	3.34	1.28	0.28	7.9	5.4	102	39	27
	Subtotal	6,830	0.24	62	3.92	1.52	0.30	16.4	13.6	268	104	66
	Ind	4,450	0.25	66	4.37	2.00	0.36	11.2	9.4	194	89	52
Combined	Inf	3,050	0.26	55	3.34	1.28	0.28	7.9	5.4	102	39	28
	Total	7,500	0.26	61	3.95	1.71	0.33	19.5	14.7	296	128	80

Table 3 - South Cobar Project Gold Mineral Resource Estimate Summary

		South Cobar Project Gold MRE as at January 2023 ($A40/50/80/t NSR cut-offs)
Deposit	MRE	Tonnes						Cont Cu	Cont Ag	Cont Zn	Cont Pb	Cont Au
	Category	(kt)	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)	(kt)	(moz)	(kt)	(kt)	(koz)
	OP Ind	970	-	25	0.78	0.46	1.10	-	0.8	7.6	4.5	34
May Day	UG Ind	590	-	27	1.20	0.89	0.77	-	0.5	7.1	5.3	15
	UG Inf	50	-	17	0.28	0.19	1.02	-	0.03	0.1	0.1	1.6
	Total	1,610	-	25	0.92	0.61	0.98	-	1.3	14.8	9.8	51

Table 4 - South Cobar Project Global Mineral Resource Estimate Summary

	South Cobar Project MRE as at January 2023 ($A40/50/80/t NSR cut-offs)
Deposit	MRE	Tonnes						Cont Cu	Cont Ag	Cont Zn	Cont Pb	Cont Au
	Category	(kt)	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)	(kt)	(moz)	(kt)	(kt)	(koz)
All	Ind	13,890	1.17	36	1.57	0.80	0.38	163	16	218	111	170
	Inf	5,860	0.90	33	1.77	0.68	0.18	53	6.3	104	40	34
	Total	19,750	1.09	35	1.63	0.76	0.32	216	22	322	151	204

Note: The South Cobar Project MREs are above A$80/tonne NSR cut-off and utilises mineable shapes, which include minimum mining widths and internal dilution to bound the MREs, except for May Day Open Pit which utilised $40 and $50/t NSR cut-offs for oxide and sulphide Resources within an optimal pit respectively. Figures are rounded to reflect the precision of estimates and include rounding errors.

NET SMELTER RETURN

For the reporting of the MREs, a Net Smelter Return (NSR) value has been used to reflect the polymetallic nature of mineralisation. NSR in A$/t, represents the potential economic value of mineralisation net of all costs after it leaves site, and was applied to each block within the block model after estimation. The NSR formula includes assumptions regarding metal prices, exchange rates, metallurgical recoveries, metal marketing terms (including payabilities and deductions/penalties), freight, smelting and refining charges, and royalties.

The NSR formula is:

NSR = (metal grades x metallurgical recoveries x payabilities x A$ metal prices) less (concentrate freight and treatment charges, penalties, and royalties)

Metal price assumptions were based on late 2022 Australian dollar metal pricing and are listed in Table 5.

Commodity	Assumption
A$ Copper Price	$12,000 / tonne
A$ Silver Price	$30 / ounce
A$ Zinc Price	$4,700 / tonne
A$ Lead Price	$3,000 / tonne
A$ Gold Price	$2,600 / ounce

Table 5 – Metal price assumptions used in Mallee Bull, Wirlong and Wagga Tank-Southern Nights MREs

MINING ASSUMPTIONS

The underground MREs are constrained and reported within mineable shapes produced by Deswik's Shape Optimiser (SO) using NSR cut-offs of A$60/t A$80/t and A$100/t. SO runs were performed by ANTCIA Consulting Pty Ltd with NSR inputs supplied by Peel Mining. The mineable shapes were based upon the smallest mineable unit (SMU) for the SO shapes being 5m long, 5m high, with a minimum mining width of 3m. These inputs were used to provide a balance between practical mining and mineralisation shapes.

May Day Open Pit MRE is reported within an optimal pit generated by Matrix utilising cost and revenue parameters specified by Peel, including the metal prices and recoveries shown in Table 5 and 8 respectively, and mining costs for oxide waste/ore and fresh waste/ore of A$12/bcm and A$15/bcm respectively. The underground MRE for this deposit is constrained below the optimal pit.

CUT-OFF VALUES

The underground MREs reported for Mallee Bull, Wirlong, Southern Nights-Wagga Tank and May Day include internal dilution but do not include footwall or hanging wall dilution outside the mineralised domains.

The $60/t, $80/t, and $100/t NSR cut-off values represent conceptual operating cut-off costs associated with a variety of underground mining methods from bulk mining (e.g., sub-level caving) to selective mining (e.g., bench stoping) and haulage, along with other site operating costs including processing and administration. The May Day open pit MRE utilise $40/t and $50/t NSR cut-offs for oxide and sulphide mineralisation respectively, reflecting oxide and sulphide processing concepts.

Material above the chosen cut-offs within underground mineable shapes and pit shell, is considered by Peel to have reasonable prospects of eventual economic extraction. Tables 6 and 7 detail South Cobar Project Copper MREs and Zinc-Lead MREs at $60/t, $80/t and $100/t NSR cut-offs. Figures in these tables are rounded to reflect the precision of estimates and include rounding errors.

Deposit	NSRCut-off	MRECategory	Tonnes (kt)	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)
		Ind	6,760	1.70	25	0.14	0.21	0.37
	A$60/t	Inf	1,020	1.57	18	0.04	0.07	0.11
		Total	7,780	1.68	24	0.13	0.19	0.34
		Ind	5,590	1.93	27	0.13	0.21	0.38
MalleeBull	A$80/t	Inf	750	1.87	21	0.04	0.08	0.11
		Total	6,340	1.92	26	0.12	0.19	0.35
		Ind	4,600	2.18	29	0.13	0.21	0.38
	A$100/t	Inf	540	2.22	26	0.04	0.09	0.10
		Total	5,140	2.18	29	0.12	0.20	0.35
		MBX Ind	1,980	2.06	6	0.09	0.03	0.02
		MBX Inf	510	2.61	7	0.13	0.03	0.04
	A$60/t	Stockwork Ind	880	0.81	3	0.05	0.01	0.01
		Stockwork Inf	3,110	0.93	4	0.05	0.01	0.02
		Total	6,480	1.39	5	0.07	0.02	0.02
		MBX Ind	1,850	2.15	7	0.09	0.03	0.03
		MBX Inf	440	2.87	8	0.13	0.03	0.05
Wirlong	A$80/t	Stockwork Ind	440	0.97	4	0.05	0.02	0.01
		Stockwork Inf	1,570	1.17	5	0.05	0.01	0.02
		Total	4,300	1.75	6	0.08	0.02	0.03
		MBX Ind	1,670	2.28	7	0.10	0.03	0.03
		MBX Inf	370	3.20	8	0.15	0.04	0.05
	A$100/t	Stockwork Ind	220	1.08	5	0.06	0.02	0.01
		Stockwork Inf	850	1.40	5	0.05	0.01	0.02
		Total	3,110	2.06	6	0.09	0.03	0.03
		Ind	9,620	1.69	19	0.12	0.15	0.27
	A$60/t	Inf	4,640	1.26	7.3	0.06	0.03	0.04
		Total	14,260	1.55	15	0.10	0.11	0.19
		Ind	7,880	1.93	21	0.12	0.16	0.28
Combined	A$80/t	Inf	2,760	1.63	9.8	0.06	0.03	0.05
		Total	10,640	1.85	18	0.10	0.12	0.22
		Ind	6,490	2.17	23	0.12	0.16	0.28
	A$100/t	Inf	1,760	2.03	12.3	0.07	0.04	0.05
		Total	8,250	2.14	20	0.11	0.13	0.23

Table 6 – South Cobar Project Copper Mineral Resource Estimates – Various Cut-offs

Deposit	NSRCut-off	MRECategory	Tonnes (kt)	Cu (%)	Ag (g/t)	Zn (%)	Pb (%)	Au (g/t)
		Ind	4,220	0.24	63	4.10	1.61	0.31
	A$60/t	Inf	4,180	0.24	48	2.95	1.11	0.26
		Total	8,400	0.24	56	3.53	1.36	0.29
		Ind	3,790	0.23	68	4.39	1.72	0.31
SN-WT	A$80/t	Inf	3,040	0.26	55	3.34	1.28	0.28
		Total	6,830	0.24	62	3.92	1.52	0.30
		Ind	3,270	0.23	74	4.78	1.89	0.32
	A$100/t	Inf	2,110	0.28	65	3.87	1.50	0.32
		Total	5,380	0.25	70	4.42	1.74	0.32
		Ind	830	0.35	46	3.62	3.07	0.65
	A$60/t	Inf	30	0.16	18	2.12	1.05	0.29
		Total	860	0.34	45	3.57	3.00	0.64
		Ind	660	0.38	52	4.24	3.60	0.67
MalleeBull	A$80/t	Inf	10	0.22	22	2.16	1.23	0.46
		Total	670	0.38	52	4.21	3.56	0.67
		Ind	530	0.40	58	4.82	4.11	0.71
	A$100/t	Inf	-	-	-	-	-	-
		Total	530	0.40	58	4.82	4.11	0.71
		Ind	5,050	0.26	60	4.02	1.85	0.37
	A$60/t	Inf	4,210	0.24	48	2.94	1.11	0.26
		Total	9,260	0.25	55	3.53	1.51	0.32
		Ind	4,450	0.25	66	4.37	2.00	0.36
Combined	A$80/t	Inf	3,050	0.26	55	3.34	1.28	0.28
		Total	7,500	0.26	61	3.95	1.71	0.33
		Ind	3,800	0.25	72	4.79	2.20	0.37
	A$100/t	Inf	2,110	0.28	65	3.87	1.50	0.32
		Total	5,910	0.26	69	4.46	1.95	0.35

Table 7 – South Cobar Project Zinc-Lead Mineral Resource Estimates – Various Cut-offs

METALLURGY AND CONCEPTUAL PROCESSING FLOWSHEETS

Metallurgical testwork completed by Peel, primarily undertaken at ALS Burnie, has guided the metallurgical recoveries assigned to the MREs for the various deposits. Work to date has comprised series of sequential and locked cycle flotation tests, as well as cyanide leach and gravity recovery for gold/precious metals.

On the basis of this testwork, the MREs reflect conceptual processing flowsheet recoveries for the various deposits as listed in Table 8.

MineralisationStyle	Deposit	Metal	Cumulative Recovery (%)
		Copper	92
	Mallee Bull	Silver	65
Copper MineralResources		Gold	30
		Copper	95
	Wirlong	Silver	65
		Gold	61
		Silver	77
	Wagga TankSouthern Nights	Lead	78
		Zinc	9045
Zinc-lead MineralResources		Copper
		Gold	60
		Silver	897985902080605060
	Mallee Bull	Lead
		Zinc
		Gold
	May Day Oxide	Silver
Gold MineralResources		Gold
		Silver
	May Day Sulphide	Lead
		Zinc

Table 8 – NSR cumulative metallurgical recovery assumptions used in MREs

Metallurgical testwork at ALS Burnie remains ongoing. It is Peel Mining's opinion that all elements included in the conceptual processing flowsheets have reasonable potential to be recovered and sold.

BACKGROUND

The Cobar Superbasin is one of several intracratonic basins developed within the Lachlan Orogen during the Silurian/Devonian; it is the richest polymetallic basin in the Lachlan Orogen as evidenced by estimated premining metal inventories: >2.5Mt copper, >200t gold, >4.8Mt zinc, >2.8Mt lead, and >4,000t of silver3 .

Peel believes that the prospectivity of the southern portion of the Cobar Superbasin (the area covered by Peel Mining's tenements) is extremely high, factoring in the presence of metal-bearing fluids and high strain domains which favour mineral deposits and occurrences; this is supported by the presence of major deposits in the area such as Shuttleton, Nymagee, Hera, Federation, Wirlong, May Day, Mallee Bull, Mt Hope and Southern Nights-Wagga Tank.

MALLEE BULL GEOLOGY & MINERALISATION

Mallee Bull is located within EL7461. Peel was initially attracted to the area by the presence of a strong EM conductor near the historic "4-Mile" gold workings.

3Vladimir David – "Cobar Deposits – Structural Control" (2018).

The Mallee Bull stratigraphy reflects a complex interplay between deposition of below-storm wave base sedimentary rocks (interpreted as turbidites) of siliciclastic provenance and a sequence of rhyolitic volcanic rocks, volcaniclastic rocks and limestone breccia that have attributes which suggest they are derived within or close to the depositional area of Mallee Bull. The rhyolite-limestone package along with intercalated sedimentary units, has previously been referred to as the "allochthonous" package at Mallee Bull, however since many of the facies have developed more or less in situ, it has been renamed it the Cripples Reward Formation (informal) after one of the historic mine shafts. The siliciclastic rocks include the Shume Formation, Mallee Bull Formation, below and above the Cripples Reward Formation, respectively, and the KID sandstone and siltstone-dominant breccia, which are both within the Cripples Reward Formation. The Shume and Mallee Bull formations have both been interpreted as thick turbidite successions.

The KID sandstone is slightly 'cleaner' and more quartzose and massive in texture compared with most of the sandstone in the turbidite successions, however, sporadic occurrences of similar pale, massive sandstone occur within both Shume and Mallee Bull formations. The KID sandstone may simply represent slightly more reworked sand from the same source as the rest of the turbidites. In many drill holes, the KID grades downhole into the siltstone- dominant breccia. This unit differs from the silty facies of the Shume and Mallee Bull formations only in the presence of relatively rare, small, mainly sedimentary clasts. The silt-dominant breccia appears to have taken up the bulk of the strain within the Cripples Reward Formation and is also characterised by small patches of sulphide (mainly pyrrhotite) after small lithic clasts. The presence of the KID sandstone and the siltstone-dominant breccia within the Cripples Reward Formation indicates that turbidite deposition was continuous from the Shume Formation into the Mallee Bull Formation, briefly interrupted by emplacement and reworking of the rhyolites and limestone breccia emplacement. Apart from the included turbiditic sedimentary rocks mentioned above, the Cripples Reward Formation contains two compositionally similar, but usually texturally distinct, coherent, and brecciated rhyolites and limestone breccia, which occurs as horizons and smaller clasts/blocks. Polymictic breccia, composed of varying proportions of rhyolite, limestone, KID sandstone and fine-grained turbidite are also important facies. In parts of the sequence, coarse-grained and pebbly sandstone of presumed volcaniclastic but probably mixed provenance is locally important.

The Mallee Bull deposit occurs on the western flank of, and in proximity of the nose of a south plunging anticline. The nose region is fractured and offset by several local-scale faults, and the regional-scale Moonlight Fault which is tentatively interpreted as a mineralising fluid conduit. A moderate to intense, steeply dipping slaty cleavage is axial planar to the anticline. This cleavage is most strongly manifest within argillaceous lithologies.

Mineralisation within the Mallee Bull deposit extends from about 70m below the surface and has been intersected by drilling to a depth of >800m. It exhibits an elongate sheet-like geometry, dipping westward from 55° near-surface to 75° at depth in a well constrained stratabound form. Massive sphalerite-galena rich mineralisation (excluding Silver Ray) is viewed as laterally equivalent to massive pyrite mineralisation, forming a near continuous lens that spans most of the deposit's strike length and is hosted at the same stratigraphic horizon throughout the deposit, i.e., at the Shume Formation-lower rhyolite contact in the north and the Shume Formation-polymict breccia in the south. Copper mineralisation occurs as chalcopyrite veins and breccia and massive sulphides, commonly associated with pyrrhotite, and occurs in a deeper stratigraphic position than the pyrite-sphalerite-galena.

Figure 2 and Figure 3 show an example cross section and long section of the Mallee Bull $80/t MRE extents relative to drill traces coloured by NSR assay values.

Figure 2 – Mallee Bull cross-section looking north

Figure 3 – Mallee Bull long-section looking west

WIRLONG GEOLOGY & MINERALISATION

Wirlong is located within EL8307 and EL8126. Peel was initially drawn to the area by the presence of historic copper workings, which were shown to be associated with significant geochemical and geophysical anomalism. Exploratory drilling at Wirlong in early 2015 identified primary copper mineralisation with followup drilling in late 2015 yielding strong copper mineralisation.

The deposit is located about 1.5km north of the historic Wirlong workings and is hosted in a N-S striking, moderate to steeply west dipping (~65o ) sequence of interfingering sediments and volcanics that exhibit open to locally tight parasitic folds. The sediments comprise massive to locally laminated quartz-rich sandstones and interbedded shale, siltstone and sandstone turbidites of the Shume Formation. The volcanics comprise massive, porphyritic, flow-banded and auto-brecciated rhyolite of the Shuttleton Rhyolite Member. Soft sediment deformation, intense hydrothermal alteration, local hyaloclastites and peperitic margins are indicative of the rhyolite being emplaced as a very high-level sill into wet, semi-consolidated sediments. Age dating of the Shuttleton Rhyolite Member by Waltenberg et al (2016) suggests an age of 421.9 +/- 2.7Ma for the rhyolite which is consistent with the sequence forming during late Silurian to Early Devonian rifting related to the formation of the Cobar Super Basin. Field observations and younging data from drill core have delineated a westward-younging sequence that is bound to the east by the major N-S striking Woorara Fault.

The geological sequence at Wirlong is overprinted by a strong, consistently N-S striking foliation that dominantly dips steeply to the east, rotating to steeply west where proximal to the Woorara Fault. Evidence from bedding and younging data shows that the west dipping sequence of sediments and volcanics is parasitically folded, dominated by open to locally tight asymmetric style folds.

Wirlong is primarily hosted within a NW-SE striking fault zone (John Owen Fault) which is host to the highgrade MBX domain and is surrounded by a halo of stockwork copper mineralisation that remains spatially open. The John Owen Fault is observed at the surface by local gossanous float and as a series of isolated, massive quartz veins that range in thickness from <1m to over 10m. The fault has been mapped at the surface for a current strike length of over 1.3km and forms a conjugate structure set with a NE-SW striking fault that passes through the historic Wirlong shafts. Peel hypothesises the faults formed during E-W compression during basin inversion that gave rise to conjugate fault sets that are consistent with a Riedel shear model.

Mineralisation at Wirlong is hosted in all lithologies and comprises massive to semi-massive breccia-fill and vein hosted chalcopyrite-pyrrhotite-pyrite (+/- arsenopyrite, sphalerite, galena). In the oxide zone azurite, malachite, chalcocite and smithsonite are observed. Intense Fe-Mg chlorite alteration is spatially associated with chalcopyrite-rich mineralisation. Structural analysis indicates that the intersection of the NW-SE striking John Owen Fault with the regional trending N-S orientation created local zones of dilation that facilitated the movement and emplacement of mineralising fluids into structures and faults (MBX domain) and fractures and foliation (Stockwork domains).

Strong copper mineralisation is thought to form a series of stacked, en-echelon style lenses and stockwork mineralisation hosted within and proximal to the John Owen Fault. Mineralisation increases in intensity towards the east of the deposit which is theorised to reflect an increase in the interaction between the NW-SE striking John Owen Fault and the regional N-S striking Woorara Fault to the east. Stockwork mineralisation exists peripherally to the MBX domain and remains unconstrained by drilling.

Figures 4 to 6 show example long sections and plan views of the Wirlong $80/t MRE extents relative to drill traces coloured by NSR assay values.

Figure 4 – Wirlong cross-section looking northwest (plane of the stockwork domain)

Figure 5 – Wirlong long-section looking southwest (plane of MBX domain)

Figure 6 – Wirlong level plan RL 25m (approx. 300 below surface)

SOUTHERN NIGHTS-WAGGA TANK GEOLOGY & MINERALISATION

The Southern Nights-Wagga Tank deposits are located in EL6695. Peel was initially drawn to the area by the existence of the Wagga Tank deposit - discovered in the 1970s - and subsequent lack of follow-up modern exploration.

Southern Nights-Wagga Tank occur within the Mt Kennan Volcanics and comprises a package of largely volcanic derived subaqueous mass-flow deposits and local coherent rhyolites that are locally informally termed Vivigani Formation. These volcanic rocks are contained within deep water, rhythmically bedded turbidite facies shales, siltstones and sandstones that are referred to as underlying Eastern Formation and overlying Wagga Tank Formation. Metamorphic grade is lower greenschist facies and the area is of low strain, evidenced by a weak penetrative cleavage developed in turbidite facies shales.

Late early Devonian sandstones and conglomerates (Mulga Downs Group) outcrop prominently to the west of the deposit and are also believed to be locally juxtaposed against Wagga Tank Formation shales/siltstones in downfaulted blocks within the main project area. Together these units are unconformably overlain by transported sediments deposited in fluvial/lacustrine environments during the Tertiary period (McQueen, 2008) and aeolian and fluvial/sheetwash sands, gravels, clays and soils deposited throughout the Quaternary to the present day. The thickness of the Tertiary/Quaternary cover varies dramatically over the deposit from >100m at Southern Nights to areas of outcrop at Wagga Tank. A laterite profile is well developed but is commonly partly truncated.

Massive sulphide mineralisation in the Southern Nights-Wagga Tank area have been defined discontinuously over a strike length of approximately 2km at four principal locations: Wagga Tank, Link Zone, Southern Nights Central and Southern Nights South. Massive sulphide mineralisation occurs at the stratigraphic contact between the Vivigani Formation and overlying Wagga Tank Formation. This contact dips steeply WNW at Southern Nights rotating to steep NW/SE at Wagga Tank where minor overturning occurs. The contact marks a change in depositional environment that is coeval with the cessation of volcanic activity and the subsequent on-set of relative quiescence that allowed for the largely undisturbed accumulation of laminated to massive sulphides on the palaeo-seafloor. The massive sulphides are now preserved at the base of the deep-water turbidite facies shales and siltstones that are informally referred to as the Wagga Tank Formation and overlie discordant, intensely altered stockwork vein zones that are developed in the footwall permeable volcaniclastics of the Vivigani Formation.

Facies analysis of the Southern Nights-Wagga Tank deposits has resulted in the identification of the Link Zone volcanic centre and multiple syn-volcanic faults that are spatially associated with stratiform massive and stockwork vein zone mineralisation. The textures and geochemistry of mineralisation and alteration at Southern Nights-Wagga Tank are strongly suggestive of a VAMS origin for mineralisation that formed during the basin rifting phase, however Pb isotope data provides a counterargument to this hypothesis and suggest an age that is consistent with the basin inversion phase. Further work is needed to resolve this issue.

Figure 7 and Figure 8 show an example cross section and long section of the Southern Nights – Wagga Tank $80/t MRE extents relative to drill traces coloured by NSR assay values.

Figure 7 – Southern Nights-Wagga Tank long-section looking west

Figure 8 – Southern Nights cross-section looking north

MAY DAY GEOLOGY & MINERALISATION

The May Day deposit is contained within ML1361 and represents a polymetallic VMS-style mineral system.

The geology of the May Day deposit has been described in detail by Gary Burton, Geological Survey NSW, in "A geological study of the May Day open cut mine, Gilgunnia area" July 2012. The following description is based off this and Peel's current interpretation. The May Day deposit occurs at the contact between the Mount Hope Volcanics and the Upper Amphitheatre Group. The Mount Halfway Volcanics mostly comprise massive porphyritic crystal tuffs and rhyolitic to rhyodacitic lavas, as well as lithic-crystal tuffs and crystalvitric tuffs, and locally intercalated sandstone and siltstone.

The depositional setting has been interpreted to have been deep marine with the rocks having been deposited as pyroclastic ashflows with interbedded turbidites. The Mount Halfway Volcanics are conformably overlain by and interfinger with the Upper Amphitheatre Group. The Upper Amphitheatre Group consists of a sequence of thin to medium-bedded siltstones and sandstones. It contains minor rhyolitic to rhyodacitic crystal, lithic-crystal and vitric tuffs which are interpreted to be stratigraphically equivalent to the Mount Halfway Volcanics. The rocks are interpreted to have been deposited as turbidites within a deep marine environment.

The host rock sequence within the May Day deposit consists of a (lithic)-crystal-vitric tuff (Volcaniclastic Unit 1) in faulted contact with volcaniclastic mudstone and tuff (Volcaniclastic Unit 2) which appears to grade stratigraphically upward into interbedded tuffaceous mudstone and terrigenous turbidites. This in turn grades upward into terrigenous turbidites with sporadic volcaniclastic layers within it (Upper Amphitheatre Group). Based upon consistent younging directions within the Upper Amphitheatre Group rocks, Volcaniclastic Unit 1 is the stratigraphically lowermost unit in this local sequence. The overall sequence appears to represent deposition of volcaniclastic material within a deep marine environment being immediately overlain by terrigenous turbidites.

The sequence later underwent deformation which produced steeply north-easterly plunging folds. Within Volcaniclastic Unit 2 and parts of Volcaniclastic Unit 3 the cleavage has manifested as a strong shear fabric. It is considered that the chloritic and talc alteration of those rocks occurred synchronous with the deformation. Mineralised quartz veins were probably emplaced into this shear fabric during its formation, resulting in deformation of those veins. It is considered that the mineralised veins probably formed steeply plunging shoots. It is considered that the folding, shear geometry and mineralisation within the deposit can be explained via asymmetric folding. This deformation is considered to have been associated with the Cobar deformation, because of the steeply plunging nature of the structures.

Mineralisation at May Day occurs as a steeply dipping zone of highly altered, sheared and partly brecciated siltstone and volcaniclastics. Primary mineralisation identified in deeper drilling (100-250m below the surface) comprises pyrite, pyrrhotite, sphalerite, galena, chalcopyrite, tetrahedrite with gold and silver considered to occur within both galena and tetrahedrite. The sulphides occur within a low grade disseminated zone up to 30m wide with local massive sulphide concentrations. Massive sulphides form steeply dipping discrete tabular bodies and are commonly associated with quartz veining and silicification. The sulphides show evidence of recrystallisation and remobilisation. Within about 70m of surface, mineralisation has been affected by weathering and secondary enrichment to produce a gold and silver-rich zone approximately 300m long and 30m wide, with significant amounts of copper, lead and zinc.

It is believed that mineralisation was initially emplaced as exhalative sulphides within a marine environment. Remobilisation of sulphides is considered as possible or that sulphides were syngenetic but have been overprinted by a hydrothermal mineralising event.

Figure 9 shows a long section of the May Day open pit MRE and $80/t underground MRE extents relative to drill traces coloured by NSR assay values.

Figure 9 – May Day long-section looking north

References:

Edgecombe, D., Soininen, L., 2019. Wagga Tank/Southern Nights and Mallee Bull, Evolving stories. In Lewis P., (Ed) 2019, Mines and Wines 2019, SMEDG.
Waltenberg, K., Blevin, P. L., Bull, K. F., Cronin, D. E., and Armistead, S. E., 2016. New SHRIMP U-Pb Zircon ages from the Lachlan Orogen and the New England Orogen, New South Wales.
McQueen, K., G., 2008. A guide for mineral exploration through the regolith in the Cobar Region, Lachlan Orogen, New South Wales
Burton, G. R. 2012. A geological Study of the May Day open cut mine, Gilgunnia area

MINERAL RESOURCE MODELLING

DATA SOURCES

For each deposit area, Peel supplied Mr Abbott with an extract of the drilling database in the form of text files exported from a Geobank Database. Mr Abbott's checking of the compiled database extracts included checking for consistency within and between database tables. These reviews showed no significant discrepancies.

MALLEE BULL MODELLING

The Mallee Bull MRE is the product of 87,133m of RC and diamond drilling completed by Peel since the deposit's discovery in 2011. Mallee Bull modelling is based on mineralised domains interpreted by Matrix with oversight by Peel on the basis of 1m down-hole composited assay grades and mineralised intercepts identified by Peel geologists.

The mineralisation interpretation comprises a moderately to steeply westerly dipping mineralised envelope capturing composited NSR values of greater than around $60/t with lower grade intervals included for continuity. The envelope, which extends over around 370m of strike to approximately 850m depth is subdivided into comparatively higher grade Hangingwall and Footwall zones and lower grade Central zone. Each of these zones are subdivided into shallower, comparatively lead and zinc rich mineralisation designated as the Silver Ray domains, and deeper higher copper grade mineralisation designated as the Union domains. The Hangingwall Union domain is further subdivided zones of comparatively higher and lower zinc grades respectively.

A surface representing the base of weathering interpreted by Peel from drill hole logging was used to partition the estimates into weathered and fresh portions. The oxidation zone ranges from around 48m to 104m thick and averages around 67m thick.

The modelled estimates are based on regular 2m down-hole composited drill sample assays from Peel RC and diamond drilling within the mineralised domains. The combined estimation dataset comprises 12,981 composites of which most (71%) are from diamond drilling, and 29% from RC holes. Un-assayed intervals were generally assigned zero grades.

The block model includes copper, lead, zinc, gold, silver, sulphur and iron values. These grades, which are moderately to strongly correlated, were estimated by Kriging accumulation variables (attribute grade x density) and metal grades back calculated from Kriged density values. Densities were assigned to composite grades from immersion or pycnometer measurements where available. Intervals without density measurements were assigned densities from iron grades.

Parent block dimensions utilised for modelling were selected on the basis of the mineralised domain dimensions, sample lengths and drill spacing. Attribute grades were Kriged into 2 by 10 by 10m parent blocks which were sub-locked to minimum dimensions of 0.4 by 2 by 2m at domain boundaries. The northing and elevation dimensions of the parent blocks approximate half the drill intercept spacing in closely drilled portions of the mineralisation.

Only portions of the domains tested by generally 100 by 100m and closer spaced drilling and extrapolated to around 50m from drill intercepts are included in MREs. Estimates with consistently 50 by 50m and closer

spaced drilling are classified as Indicated, and estimates tested by up to approximately 100 by 100m spaced drilling, extrapolated to around 50m from drilling are assigned to the Inferred category.

Net Smelter Return (NSR) values were assigned to model blocks for two processing streams comprising a copper concentrate or a lead and zinc concentrate and leaching, with the maximum value from the two scenarios selected for each block and model blocks classified as Zinc-Lead or Copper mineralisation on this basis. The Silver Ray zones were dominantly classified as Zinc-Lead and the Union Deeps Zones classified as copper mineralisation.

WIRLONG MODELLING

The Wirlong MRE reflects 66,092m of RC and diamond drilling completed by Peel since the deposit's recognition in 2014. Wirlong modelling incorporates an oxidation surface interpretation and mineralised domains interpreted by Matrix and Peel. New drilling data since Wirlong's maiden MRE in November 2021 has resulted in an updated modelling approach which recognises the potential to use bulk mining techniques from the previous selective mining approach.

The mineralised domains capture drill hole intervals with 2m down hole composited copper grades of nominally greater than 0.1% with lower grade intercepts included for continuity. These domains comprise the high grade MBX domain, which is encapsulated within a sub-vertical northwest trending zone designated as the Main domain, and a cross-cutting sub-northerly trending zone designated as the Oblique domain. The Main and Oblique domains represent a halo of stockwork copper mineralisation proximal to the MBX domain. In the mineralised area the oxidation zone ranges from around 40 to 95m thick and averages around 60m thick.

The Main domain, incorporating the MBX domain, is interpreted over around 320m of strike with widths ranging from around 3 to 80m and averaging around 23m. The Oblique domain is interpreted over around 560m of strike with widths generally ranging from around 10m to 130m and averaging 40m. The intersection of the mineralised domains contains the highest copper grades, and this zone was treated as a separate domain for modelling – the Intersection domain. The mineralised domains extend from surface to around 940m depth, below the base of drill intercepts.

The Mineral Resource modelling is based on regular 2m down-hole composited drill sample assays from Peel RC and diamond drilling within the mineralised domains. The combined estimation dataset comprises 8,635 composites of which most (82%) are from diamond drilling, and 18% from RC. Un-assayed intervals were generally assigned zero grades. The metal grades included in the model, which are positively correlated with density were estimated by Kriging accumulation variables and metal grades back calculated. Densities were estimated by Ordinary Kriging with density values assigned to composites from immersion measurements or copper versus density functions for intervals without density measurements.

The block model is rotated by 60o from north-south reflecting the orientation of the Main domain and dominant drilling orientations. Parent block dimensions utilised for modelling were selected on the basis of the mineralised domain geometries, sample lengths and drill spacing. For the MBX and Main domains, attribute grades were Kriged into 4 by 12 by 10m parent blocks elongate parallel to the northwest (300o ) domain strike. For the Oblique domain 12 by 4 by 10m parent blocks elongate towards the northeast (030o ) were used. Both sets of parent blocks were re-blocked to consistent 4 by 4 by 10m dimensions and merged into a combined model which was sub-locked to minimum dimensions of 1 by 1 by 5m at domain boundaries.

The northing and elevation dimensions approximate half the drill intercept spacing in closely drilled portions of the mineralisation.

Estimates for the MBX and Main domains with consistently 50 by 50m and closer spaced drilling were classified as Indicated, and estimates tested by up to approximately 100 by 100m spaced drilling, extrapolated to around 50m from drill hole intercepts were assigned to the Inferred category. For the Oblique domain, which trends obliquely to the dominant drilling orientation and is less well defined by the available drilling, all estimates extrapolated to around 50m from drilling are classified as Inferred. Only portions of the domains tested by generally 100 by 100m and closer spaced drilling and extrapolated to around 50m from drill intercepts are included in MREs.

SOUTHERN NIGHTS-WAGGA TANK MODELLING

The Southern Nights-Wagga Tank MRE is based on 88,037m of RC and diamond drilling predominantly completed by Peel since the project's acquisition in 2016. Southern Nights and Wagga Tanks modelling included construction of block models for Southern Nights and Wagga Tank. The Wagga Tank block model is rotated by 35o from north-south reflecting general mineralised trends in this area.

The models are based on sampling information and an oxidation surface interpretation provided by Peel and mineralised domains interpreted by Matrix with oversight by Peel. The mineralised domains capture continuous drill hole intervals with NSR values of nominally greater than A$60/t with lower grade intercepts included for continuity. These domains comprise main contact zones at Southern Nights and Wagga Tank and one main and four subsidiary eastern zones at Southern Nights. The Southern Nights contact zone includes three internal zones capturing higher grade, massive sulphide mineralisation.

For each block model zinc, lead, copper, gold and silver grades were estimated by Ordinary Kriging of generally 1m down-hole composited assays from RC and diamond drilling within mineralised domains. Densities were estimated by Ordinary Kriging with density values assigned to composites from immersion measurements or sulphur and zinc versus density functions for intervals without density measurements. Zinc, lead and silver grades, which are strongly positively correlated with density, were estimated by Kriging accumulation variables and metal grades back calculated. Copper and gold grades were directly Kriged.

Composites were assigned density values from immersion density measurements where available. The remaining composites were assigned densities from sulphur versus density functions or less commonly zinc versus density functions.

The combined estimation dataset comprises 3,992 composites of which most (85%) are from diamond drilling, and comparatively few (6%) are from historic holes drilled by previous tenement holders.

Attribute values were Kriged into parent blocks of 1 by 10 by 10m and the parent cells were sub-blocked to minimum dimensions of 0.5 by 2.0 by 2.0m for precise representation of domain volumes. Parent block dimensions were selected on the basis of the commonly narrow mineralised domains, sample lengths and drill spacing. The northing and elevation dimensions approximate half the drill intercept spacing in closely drilled portions of the mineralisation.

Estimates with consistently 40 by 40m and closer spaced drilling were classified as Indicated, and estimates tested by up to approximately 80 by 80m spaced drilling, extrapolated to around 40m from drill hole intercepts were assigned to the Inferred category.

MAY DAY MODELLING

The May Day MRE is the product of 13,886m of RC and diamond drilling predominantly completed by Peel since the deposit's acquisition in 2010. The May Day estimation dataset includes composited assay grades from RC and diamond drilling by Epoch Mining and Peel. Epoch's holes were included only in areas without reasonably close coverage by Peel drilling. Subset below the current topography, the mineralised domain estimation dataset is dominated by composites from Peel's RC and diamond sampling which contribute 69% and 16% respectively. Samples from Epoch Mining RC and diamond drilling contribute 12% and 2% respectively.

Micromine software was used for data compilation, calculating and coding of composite values. GS3M was used for Kriging, and the estimates were then imported into a Micromine block model for pit optimisations and reporting. Modelling domains comprise oxidation surface interpretations provided by Peel and mineralised domains interpreted by Matrix in conjunction with Peel geologists.

The oxidation surfaces subdivide the mineralisation into an oxide zone comprising strongly oxidised and moderately oxidised material, and a sulphide zone comprising predominantly fresh and fresh material. Within the Mineral Resource area, the depths from natural surface to the base of strong oxidation and moderate oxidation average around 70m and 90m respectively, with the fresh rock zone occurring at an average depth of around 130m.

May Day mineralisation strikes perpendicular to the 166oazimuth drilling traverses and dips steeply to the north-northwest at an average of around 75o . The mineralised domains comprise a hanging wall gold domain capturing continuous zones of composited gold grades of greater than approximately 0.1 g/t, and a contiguous footwall domain capturing mineralisation with variably elevated base metal grades. These two domains encompass a high-grade base metal domain capturing zones of elevated lead and zinc grades.

The hanging wall gold domain extends over a strike length of around 300m with average widths of around 28m. The footwall domain extends over around 350m of strike with an average horizontal width of around 20m. The elevated base metal domain extends over 250m of strike averaging around 11m wide.

The block model was set up on a rotated grid (model axes aligned to 166o ) to honour the main mineralisation orientation. Parent block dimensions of 25 by 10 by 5m (X, Y, Z) were selected on the basis of sample spacing in the more closely drilled portions of the deposit. Parent blocks were sub-blocked to minimum dimensions of 6.25m by 1.25m by 1.25m for precise representation of domain boundaries.

Gold grades were estimated by Multiple Indicator Kriging of two metre composited assays with silver, lead and zinc and grades estimated by Ordinary Kriging. Bulk densities were assigned by mineralisation and oxidation domain. Strongly oxidised, moderately oxidised mineralisation and combined sulphide mineralisation outside the high-grade base metal domain was assigned densities of 2.30, 2.55 and 2.75 t/bcm respectively. The high-grade base metal domain was assigned densities of 2.50, 2.60 and 2.90 t/bcm for these zones respectively.

Matrix's block model includes estimates classified as Indicated and Inferred primarily on the basis of estimation search pass. Model blocks tested by consistently 25m spaced drilling are classified as Indicated with blocks in more broadly areas classified as Inferred.

The estimates make no allowance for historic underground workings. Available information including a small number of drill hole intersections with underground workings suggests the workings are narrow and volumetrically insignificant at the current level of project assessment.

The optimal pit used to constrain the Open Pit Mineral Resources was generated on the basis of conceptual cost and revenue, and mining parameters described in Table 9.

Underground Mineral Resources are reported within series of mineable shapes produced by Deswik's Shape Optimiser (SO) using a NSR cut-off of AU$80/t. The SO shapes were reviewed, and areas of continuous stopes used to constrain the MRE. The smallest mineable unit (SMU) for the SO shapes is 5 metres long, 5 metres high, with a minimum mining width of 3 metres. These inputs were used to provide a balance between practical mining and mineralisation shapes. For reporting of Mineral Resources, the SO shapes were trimmed below the optimal pit, and selected peripheral zones excluded.

The reported Underground MRE includes internal dilution representing material estimated at below the $80 NSR cut off. Material at this cut-off within optimised stope shapes, is considered by Peel to have reasonable prospects of extraction.

		Oxide	Fresh
Mining cost ($A)	Cost per bcm	$12.00	$15.00
Trucking + Processing + G&A cost ($A)	Cost per tonne	$40.00	$50.00
Wall Angles	Degrees	45o	55o

Table 9 – Pit optimisation parameters

OPTIMAL STOPE AND OPEN PIT CONSTRAINTS

To provide estimates with reasonable prospects of eventual extraction by underground mining, the Mallee Bull, Wirlong, Southern Nights, Wagga Tanks and May Day block models were reported within a set of mineable shapes produced by ANTCIA Consulting Pty Ltd (an independent mining engineer) at NSR thresholds of A$50/t to $120/t with a minimum width of 3m. Oxidised material and comparatively small volumes of peripheral zones were excluded from the underground MREs.

May Day Open Pit Mineral Resources are reported within an optimal pit generated by Matrix utilising cost and revenue parameters specified by Peel, including the metal prices and recoveries shown in Table 5 and 8 respectively, and mining costs for oxide waste/ore and fresh waste/ore of A$12/bcm and A$15/bcm respectively. Underground Mineral Resources for this deposit are constrained below the optimal pit.

This announcement has been approved for release by the 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

COMPETENT PERSONS STATEMENTS

The information in this announcement that relates to Mineral Resource estimates is based on information compiled by Mr Jonathon Abbott, who is a Member of The Australian Institute of Geoscientists. Mr Abbott is a director of Matrix Resource Consultants Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results, geological interpretation and information informing Mineral Resources estimates is based on information compiled by Mr Robert 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.

This release may include aspirational targets. These targets are based on management's expectations and beliefs concerning future events as of the time of the release of this document. Targets are necessarily subject to risks, uncertainties and other factors, some of which are outside the control of Peel Mining that could cause actual results to differ materially from such statements. Peel Mining makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

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 each of the deposits contained within this report are available in the Company's quarterly reports from December 2010 through to September 2022 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 announcements.

JORC CODE (2012 Edition) – Table 1 Section 1: Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Samplingtechniques	Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to ensuresamplerepresentivityandtheappropriatecalibration of any measurement tools or systemsused.Aspects of the determination of mineralisation thatare Material to the Public Report.In cases where 'industry standard' work has beendone this would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where thereis coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure of	Diamond and reverse circulation (RC) drilling wereused to obtain samples for geological logging andassaying.Diamond core was cut and sampled at 1m intervals onaverageorintervalsdeterminedbygeologicalcontacts. RC drill holes were sampled at 1m intervalsand split using a cone splitter attached to the cycloneto generate a split of 2-4kg to ensure samplerepresentivity.Multi-element readings were taken of the diamondcore and RC drill chips using an Olympus Delta InnovX portable XRF machine or an Olympus Vanta portableXRF machine. Portable XRF machines are routinelyserviced,calibratedandcheckedagainstblanks/standards.Metallurgical samples have been taken from full corePQ, and half core HQ and NQ diameter. A total of 4holes have been used for metallurgical testwork.
Drillingtechniques	detailed information.Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (eg core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc).	Drilling to date has been a combination of diamondand reverse circulation. Reverse circulation drillingutilised a 5 1/2 inch diameter hammer. PQ, HQ and NQcoring was used for diamond drilling.Core has been orientated predominantly using aREFLEX ACT™ system where data is stored on thecontroller and cannot be manipulated. Core sampleswere matched with orientation data using a spirit leveljig. Diamond core was reconstructed into continuousruns on an angle iron cradle for orientation.Orientation quality was noted between orientationmarks based on a tolerance. Systematic failures wereimmediately raised with the drilling contractor.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed.Measures taken to maximise sample recovery andensure representative nature of the samples.Whether a relationship exists between samplerecovery and grade and whether sample bias may	Core recoveries were recorded by the drillers in thefield at the time of drilling and checked by a geologistor technician.RC samples were not weighed on a regular basis butno significant sample recovery issues have beenencountered in drilling programs to date.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Logging	have occurred due to preferential loss/gain offine/coarse material.Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudies andmetallurgicalstudies.	Diamond core was reconstructed into continuous runson an angle iron cradle for orientation marking anddepths are checked against the depths recorded oncore blocks. Rod counts were routinely undertaken bydrillers.When poor sample recovery was encountered duringdrilling, the geologist and driller endeavoured torectify the problem to ensure maximum samplerecovery.Sample recoveries at Wirlong have generally beenhigh.All drill core and drill chip samples were qualitativelygeologicallyandquantitativelygeotechnically,geochemically and structurally logged from surface tothe bottom of each individual hole to a level of detailto support appropriate MRE, mining studies and
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged.	metallurgical studies.All logging of diamond core, RC and RAB samplesrecords lithology, alteration, mineralisation, structure(DDH only), weathering, colour and other features ofthe interval important for defining the location of thedrillhole within the mineralised system.All drill core and chip trays were photographed as bothwet and dry.Where core samples are orientated, drill core waslogged for geotechnical and structural information bymeasuring alpha and beta angles accompanied by adescription of the feature being logged.Bulk density by Archimedes principle (hydrostaticweighing) were taken at regular intervals (minimum 2every core tray through mineralisation).Magnetic susceptibility was recorded at 1m intervals.
Subsamplingtechniquesand samplepreparation	If core, whether cut or sawn and whether quarter,half or all core taken.If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.For all sample types, the nature, quality andappropriatenessofthesamplepreparationtechnique.Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.Measures taken to ensure that the sampling isrepresentative of the in-situ material collected,	Drill core was cut with a core saw with half core takenfor analysis.The RC drilling rigs were equipped with an in-builtcyclone and splitting system, which provided one bulksample of approximately 20kg and a sub-sample of 2-4kg per metre drilled.All samples were split using the system describedabovetomaximiseandmaintainconsistentrepresentivity. The majority of samples were dry.Bulk samples were placed in green plastic bags, withthe sub-samples collected placed in calico samplebags.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	includingforinstanceresultsforfield	Field duplicates were collected by re-splitting the bulk
	duplicate/second-half sampling.	samples from large plastic bags. These duplicates
		were designed for lab checks.
	Whether sample sizes are appropriate to the grain	Laboratory duplicate samples were riffle split using
	size of the material being sampled.	ALS method SPL-21d. These samples were 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.
Qualityof	The nature, quality and appropriateness of the	No geophysical measurements including hand-held
assay data	assaying and laboratory procedures used and	XRF measurements were used in the Mineral Resource
and	whether the technique is considered partial or total.	estimates.
laboratory		Assay quality control procedures adopted by Peel
tests	For geophysical tools, spectrometers, handheld XRF	include reference standards. Although there is some
	instruments,etc,theparametersusedin	variability for individual samples, average assay results
	determining the analysis including instrument make	reasonably match expected values for all attributes.
	and model, reading times, calibrations factors	ALS Laboratory Services located in Orange NSW, was
	applied and their derivation, etc.	generally used for sample preparation, Au, and multi
	Nature of quality control procedures adopted (eg	element analysis work. Analysis for sulphur by Leco or
	standards, blanks, duplicates, external laboratory	multi-element 4 Acid digest was undertaken at ALS
	checks) and whether acceptable levels of accuracy	Brisbane.
	(ie lack of bias) and precision have been established.	The laboratory preparation and analysis methods
		below are for all samples submitted to ALS by Peel and
		are considered appropriate determination of the
		economic minerals and styles of mineralisation
		defined at Wirlong. Sample preparation was generally
		undertaken at ALS Orange using the following process:
		Crush entire sample nominal >70% passing 6mm;
		If sample > 3kg, Riffle split sample to maximum of
		3.2Kg and pulverise split in LM5 to 85% passing 75µm.
		Retain and bag unpulverised reject (bulk master). If
		sample < 3.2kg, entire sample is pulverised;
		Routine assays were completed using either:
		ME-ICP41 analysis, Aqua-regia digest (GEO-AR01) ICP
		AES finish performed at ALS Orange. Over-limit assays
		were then undertaken using ME-OG46 analysis if
		triggered from above (i.e.,Cu, Pb, Zn >1%, Ag
		>100ppm) Aqua-regia digest (ASY-AR01) with ICPAES
		finish performed in Brisbane from pulp split. Over
		limit sulphur was undertaken with S-IR08 Leco Fusion
		(>10% S).
		ME-ICP61 or ME-MS61, 4 acid digest (GEO-4 ACID) ICP
		AES finish /ICP-MS finish performed at ALS Brisbane
		frompulpsplit.Over-limitassayswerethen
		undertaken using ME-OG62 analysis if triggered from
		above (i.e., Cu, Pb, Zn >1%, Ag >100ppm) 4 acid digest

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		(ASY-4ACID)withICP-AESfinish/ICP-MSfinish
		performed in Brisbane from pulp split. Over-limit
		sulphur was undertaken with S-IR08Leco Fusion (>10%
		S).
		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 with a total 3 readings per sample.
		Reading time for Vanta was 10 & 20 seconds per
		reading with 2 readings per sample. At least one daily
		calibration check was performed using standards and
		blanks to ensure the analyser was operating within
		factory specifications. The XRF readings are only used
		as indicative and assist with the selection of sample
		intervals for laboratory analysis.
		QAQC samples were inserted in the form of Certified
		Reference Materials, blanks (sand and coarse) and
		duplicates. CRM and blanks were inserted at the rate
		of at least 1 blank and standard every 20 samples.
		Duplicates for percussion drilling were collecteddirectly from the drill rig at a rate of 1 every 20
		samples. The duplicate rate for drill core varies as they
		are selected by geologists to cover low, medium, and
		high-grade zones. These duplicates were split at the
		laboratory after the crushing stage. At a minimum
		there is one duplicate every 20 samples. Through high
		grade zones, additional blank lab wash is requested
		with analysis randomly selected on these washes by
		Peel to monitor cross contamination.
		The standards generally performed well with results
		falling within prescribed two standard deviation limits
		and only random occurrences outside of these limits.
		The performance of the pulp and coarse blanks have
		been within acceptable limits with no significant
		evidence of cross contamination identified.
		ALS laboratories undertake internal QC checks to
		monitor performance. The results of these are
		available to view on ALS Webtrieve™ (an ALS online
		data platform).
Verification	The verification of significant intersections by either	All significant intersections have been verified by
of sampling	independent or alternative company personnel.	senior staff.
and	The use of twinned holes.	Several unintended (due to drillhole deviation) twin
assaying		drill holes were drilled at Wirlong, with drillholes within
	Documentation of primary data, data entry	10m of an existing drillhole. The twinned drillholes
	procedures, data verification, data storage (physical	showed generally good repeatability in both thickness
	and electronic) protocols.	and average grade through the mineralised zone.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Discuss any adjustment to assay data.	Prior to 2019, geological and field data was enteredinto Microsoft Excel spreadsheets with lookup tablesand fixed formatting. Data was then imported into acustomised SQL database with validation undertakenon import. From 2019, Geobank mobile has been usedfor the collection of data. Data is validated during entryinto Geobank with further validation undertakenduring synchronisation with the main database.Assay data were imported directly from original labfiles into the previous SQL database and now intoGeobank with no prior manipulation of results.The Peel SQL database and recent Geobank database
		have robust validation and constraints incorporatedinto them to ensure validated data is readily availablefor fit for purpose use. The database is managed by adatabase administrator employed by Peel Mining.Database extracts were supplied by Peel Mining toMatrix in the form of text files exported from aGeobank Database.No adjustments of assay data were considered
		necessary.
Location ofdata points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.Specification of the grid system used.Quality and adequacy of topographic control.	A Garmin hand-held GPS is used to define the locationof the drill holes with collars routinely picked up afterdrilling by DGPS.Down-hole surveys are conducted by the drillcontractors using either a Reflex gyroscopic tool withreadings every 10m after drill hole completion or aReflex electronic multi-shot camera with readings fordip and magnetic azimuth taken every 30m downhole. QA/QC in the field involves calibration using atest stand. The instrument is positioned with astainless-steel drill rod so as not to affect the magneticazimuth.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.

DataData spacing for reporting of Exploration Results.spacing anddeposits are included in this announcement.Whether the data spacing, and distribution isdistributionWirlong drill orientationsufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.Whether sample compositing has been applied.2021 Mineral Resource drilling is inclined to the southwest along approximately 40m spaced south-westfrom these holes more difficult.South Cobar Project depositsEstimates.intervals for Mineral Resource modelling.OrientationWhether the orientation of sampling achievesDrilling orientations are believed to have achieve unof data inunbiased sampling of possible structures and thebiased sampling of the mineralisation.relation toextent to which this is known, considering thegeologicaldeposit type.structureIf the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.SampleThe measures taken to ensure sample security.securityindependent couriers, Peel employees or contractors.		COMMENTARY
		No new drill results for the South Cobar ProjectEarlier phases of Wirlong area drilling including Peel's2014 to 2017 drilling comprised east-west drilltraverses of generally westerly inclined RC anddiamond holes. This drilling was designed to test theregional north-south striking rock units. Peel's 2018 tonorth-east traverses, reflecting interpreted dominantnorthwest-southeast mineralisation trends. The 2014to 2017 drill holes intersect the mineralisation at highangles which makes interpreting mineralised trendsThe data spacing has established geological and gradecontinuity sufficiently for the current Mineral ResourceDrill hole samples were composited to 1m down-hole

		Sampling of Peel's drill holes was undertaken by fieldstaff supervised by Peel geologists. Subsequentsample preparation and analyses were undertaken bycommercial assay laboratories. Sub-samples selectedfor assaying were collected in heavy-duty polywovenplastic bags which were immediately sealed. Thesebags were delivered to the assay laboratory byThe South Cobar Project deposits are in a remote areawith limited access by the general public. The generalconsistency of results between sampling phasesprovide confidence in the general reliability of theMineral Resource data.
AuditsorThe results of any audits or reviews of sampling	reviewstechniques and data.formal external audit has been conducted.	Data is validated when loading into the database. No

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		Verification checks undertaken included checking for
		internal consistency between, and within database
		tables.Thesereviewsshowednosignificant
		discrepancies.
		It is considered that the sample preparation, security
		and analytical procedures adopted for the South
		Cobar Project Mineral Resource drilling provide an
		adequate basis for the current Mineral Resource
		estimates.

Section 2 - Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral	Type,referencename/number,locationand	The Mallee Bull deposit is located within EL7461.
tenement and	ownership including agreements or material issues	The Wirlong deposit is located within EL8126 and
landtenure	withthirdpartiessuchasjointventures,	EL8307. The Southern Nights-Wagga Tank deposits
status	partnerships,overridingroyalties,nativetitle	are located within EL6695. The May Day deposit is
	interests, historical sites, wilderness or national park	located within ML1361.
	and environmental settings.	All tenure is 100%-owned by Peel. The tenements
	The security of the tenure held at the time of	are in good standing and no known impediments
	reporting along with any known impediments to	exist.
	obtaining a licence to operate in the area.

Exploration	Acknowledgment and appraisal of exploration by	Mallee Bull
done by other	other parties.	Drilling by previous explorers did not intersect
parties		MalleeBullmineralisation.Exploratorywork
		completed in the area by former tenement holders
		Triako Resources between 2003 and 2009 included
		diamond drilling, IP surveys, geological mapping,
		and reconnaissance geochemical sampling around
		the historic Four Mile Goldfield area. Prior to Triako
		Resources, Pasminco Exploration explored the
		Cobar Basin area for Cobar or Elura type deposits.
		Wirlong
		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.
		Southern Nights-Wagga Tank
		Various programs of work were completed at
		WaggaTankbymultipleprevious explorers
		including Newmont, Homestake, Amoco, Cyprus,
		Arimco, Golden Cross, Pasminco and MMG. Work
		included multiple phases of drilling and general

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		prospecting including soil geochemical surveys andgeophysicalprograms.Minimalworkwascompleted at the Wagga Tank and Fencelineprospects between 1989 and 2016.May DayThe drilling data includes RC and diamond drillingundertaken by Triako Resources (2007), EpochMining NL (1987-88), and historic drilling from the1970's by Mount Hope Minerals and Le NickelExploration. Various companies conducted surfacegeophysical and geochemical surveys.
Geology	Deposit type, geological setting and style ofmineralisation.	See individual deposit geological and mineralisationdiscussions contained on pages 7-19 of report.
DrillholeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation above sealevel in metres) of the drill hole collardip and azimuth of the holedown hole length and interception depthhole length.If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understandingof the report, the Competent Person should clearlyexplain why this is the case.	No exploration results are reported in thisannouncement.
Dataaggregationmethods	InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for such	No exploration results are reported in thisannouncement.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	aggregation should be stated and some typicalexamples of such aggregations should be shown indetail.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationshipbetweenmineralisationwidthsandintercept	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.	No exploration results are reported in thisannouncement.
lengths	If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, true width not known').
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	See diagrams included in this announcement.
Balancedreporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticedtoavoidmisleadingreportingofExploration Results.	No exploration results are reported in thisannouncement.
Othersubstantiveexplorationdata	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 andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousorcontaminating substances.	Metallurgical testwork remains ongoing. Results todate have been utilised to determine NSR inputparameters for the reporting of this MRE.
Further work	The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	Further geophysical surveying, drilling programs,and underground exploration declines are underevaluation.

Section 3 - Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Database	Measures taken to ensure that data has not been	Prior to 2019, geological and field data were entered
integrity	corrupted by, for example, transcription or keying	into Microsoft Excel spreadsheets with lookup tables
	errors, between its initial collection and its use for	and fixed formatting. Data was then imported into a
	Mineral Resource estimation purposes.	customisedSQLdatabasewithvalidation
	Data validation procedures used.	undertaken on import. From 2019, Geobank mobilehas been used for the collection of data. Data isvalidated during entry into Geobank with furthervalidation undertaken during synchronisation withthe main database.Assay data were imported directly from original labfiles into the previous SQL database and now intoGeobank with no prior manipulation of results.The Peel SQL database and recent Geobankdatabase have robust validation and constraintsincorporated into them to ensure validated data isreadily available for fit for purpose use. The databaseis managed by a database administrator employedby Peel Mining.A complete drilling database was supplied by Peel
		Mining to Matrix as text files exported from the
		Geobank Database. Mr Abbott's checking of the
		compiled database extract included checking for
		consistency within and between database tables.
		These reviews showed no significant discrepancies.
Site visits	Comment on any site visits undertaken by the	Mr Tyson has completed regular visits to Mallee Bull
	Competent Person and the outcome of those visits.	since discovery in 2011, and during subsequent
	If no site visits have been undertaken indicate whythis is the case.	Mineral Resource definition drilling programmes.Whilst on site he has reviewed historical drill coreand hole locations as well as historical datamanagementprotocols,densitydeterminationmethods and diamond drilling and samplingprocedures.
		Mr Abbott visited Mallee Bull from the 3rd to the 6thof February 2014. Mr Abbott inspected drill core anddrilling and sampling activities and had detaileddiscussions with Peel field geologists gaining animproved understanding of the geological settingand mineralisation controls, and the MineralResourcesampling activities. In preparing theMineral Resource estimates Mr Abbott relied uponsampling information and geological interpretations

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		provided by Peel and worked closely with Peel
		geologists familiar with the project.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.	See Mallee Bull Geology description in body ofreport.
	Nature of the data used and of any assumptionsmade.	The majority of the Mallee Bull area is overlain bysurficial cover, with only minor bedrock exposures.
	The effect, if any, of alternative interpretations onMineral Resource estimation.	Geological interpretation is primarily based ongeological logging of diamond and RC drill holes.The interpreted mineralised envelope underlying the
	The use of geology in guiding and controllingMineral Resource estimation.	Mineral Resources extends from around 20m belowsurface to around 850m depth over a maximum of
	The factors affecting continuity both of grade andgeology.	around 370m of strike. It generally steepens fromaround 40o near surface to around 80o at depth andis subdivided into three zones as follows:The Hangingwall Zone is interpreted over most offthe strike length of the mineralised envelope andwhere present represents the envelope's westernmargin. It is interpreted over around 280m withhorizontal widths averaging around 6m.The Footwall Zone which represents eastern portionof the mineralised envelope is interpreted over thefull strike length of the envelope with an averagehorizontal width of 24m.The Central Zone represents mineralisation betweenthe Hangingwall and Footwall Zone capturing drillhole intervals with a range of metal grades. Itextends over most of the envelope's strike, exceptwhere locally the Hangingwall and Footwall Zone arecontiguous. Horizontal widths average around 35m.These mineralised zones are further subdivided intoshallower domains, of generally comparativelyhigher lead-zinc grades designated as the Silver Raymineralisation, and deeper domains of generallycomparatively higher copper grades designated astheUnionmineralisation.Hangingwallmineralisation is further subdivided into a northernzone of generally higher lead and zinc grades andsouthern zone of generally lower lead and zincgrades. The contact between the Silver Ray andUnion Deeps zones is generally gently inclinedtowards the east, deepening from around 180m
		below surface in the south of the deposit to around
		260m in the north.
Dimensions	The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), plan	As shown by the figures in the body of thisannouncement, model estimates included in MineralResource estimates comprise a number of individual

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	width, and depth below surface to the upper andlower limits of the Mineral Resource.	zones. The model blocks informing the estimatesextendoveraround330mofstrikelengthrespectively between approximately 65m and 750mdepth.
Estimationand modellingtechniques	The nature and appropriateness of the estimationtechnique(s)appliedandkeyassumptions,including treatment of extreme grade values,domaining,interpolationparametersandmaximum distance of extrapolation from datapoints. If a computer assisted estimation methodwas chosen include a description of computersoftware and parameters used.	The block model includes copper, lead, zinc, gold,silver, sulphur and iron values. These grades, whichare moderately to strongly were estimated by Krigingaccumulation variables (attribute grade x density)and metal grades backcalculatedfrom Krigeddensity values. Densities were assigned to compositegradesfromimmersionorpycnometermeasurements where available. Intervals withoutdensity measurements were assigned densities fromiron grades. Estimation of copper and silver gradesincluded upper cuts which generally approximatethe 99th percentile of each dataset as follows:Hangingwall Silver Ray: Cu 1.3%, Pb 20%, Zn 33%,Au 2.7 g/t, Ag 505 g/tHangingwall Union Cu: Cu 4.5%, Pb 4.0%, Zn4.5%, Au 2.9 g/t, Ag 70 g/tHangingwall Union Zn: Cu 4.0%, Pb 18%, Zn 19%,Au 2.4 g/t, Ag 130 g/tCentral Silver Ray: Cu 0.2%, Pb 0.69%, Zn 0.8%,Au 0.3 g/t, Ag 20 g/tCentral Union Cu 1.5%, Pb 2.8%, Zn 3.6, Au 1.0g/t, Ag 60 g/tFootwall Silver Ray: Cu 2.2%, Pb 5.2%, Zn 7.0%,Au 1.5 g/t, Ag 130 g/tFootwall Union: Cu 20%, Pb 4.0%, Zn 7.0%, Au 3.5g/t, Ag 280 g/tMineralResourceestimatesaregenerallyextrapolated to a maximum of around 50m from drillintercepts.Micromine software was used for data compilation,domain wire-framing, and coding of compositevalues, and GS3M was used for Kriging.The estimation technique is appropriate for themineralisation style.
	The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.	There has been no production to date at Mallee Bull.The current estimates are not directly compatiblewithpreviousMalleeBullMineralResourceestimates which included mineralised domainsbased only on copper equivalent grades. However,where the two models overlap, they are broadlyconsistent, with differences reflecting the reviseddomains and additional drilling.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	The assumptions made regarding recovery of by	Estimated Mineral Resources make no assumptions
	products.	about recovery of by-products. The model includes
	Estimation of deleterious elements or other non	iron and sulphur grades to potentially facilitate
	grade variables of economic significance (eg	future metallurgical and mine planning if needed.
	sulphur for acid mine drainage characterisation).	Density is the only non-grade variable included in themodelling.
	In the case of block model interpolation, the block	Parent block dimensions utilised for modelling were
	size in relation to the average sample spacing and	selected on the basis of the mineralised domain
	the search employed.	dimensions, sample lengths anddrill spacing.
	Any assumptions behind modelling of selective	Attribute grades were Kriged into 2 by 10 by 10m
	mining units	parent blocks which were sub-locked to minimum
		dimensions of 0.4 by 2 by 2m at domain boundaries.
		The northing and elevation dimensions of the parent
		blocks approximate half the drill intercept spacing in
		closely drilled portions of the mineralisation. Small
		sub-blocks can give large block model files which aredifficult to work with. The selected sub-block
		dimensions represent a compromise between
		precise representation of domain boundaries and
		model file size. In Matrix's opinion and experience,
		these dimensions are appropriate for modelling of
		the mineralised domains. Estimation of Mineral
		Resources included a 4-pass octant-based search
		strategy with search ellipsoid radii and minimum
		data requirements comprising the following:
		Search 1: 30 by 40 by 8 minimum 8 data in 2 octants
		Search 2: 60 by 80 by 16 minimum 8 data in 2 octants
		Search 3: 60 by 80 by 6 minimum 4 data in 1 octant
		Search 4: 90 by 90 by 12 minimum 8 data in 2 octants
		Search 5: 180 by 180 by 24 minimum 8 data in 2
		octants
		Search 6: 180 by 180 by 24 minimum 4 data in 1
		octantSearch 7: 180 by 180 by 180 minimum 4 data in 2
		octants
		Indicated Mineral Resources are primarily informed
		by searches 1 and 2. Inferred Mineral Resources are
		dominated by search pass 1 to 6 and search pass 7
		informing only a very small portion.
	Anyassumptionsaboutcorrelationbetween	Composites were assigned densities from copper
	variables.	grades using a copper density versus copper
		function derived from diamond core drill hole
		compositeintervalswithcopperassaysand
		immersion density measurements.
	Description of how the geological interpretation was	Themineralisation interpretationcomprisesa
	used to control the resource estimates.	moderately to steeply westerly dipping mineralised

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		envelope capturing composited NSR values ofgreater than around $60/t with lower grade intervalsincluded for continuity. The envelope is subdividedinto comparatively higher grade Hangingwall andFootwall zones and lower grade Central Zone. Eachof these zones are subdivided into shallower,comparatively lead and zinc rich mineralisationdesignated as the Silver Ray domains, and deeperhigher copper grade mineralisation designated asthe Union domains.These domains are consistent with geologicalunderstanding. Mineral Resource estimates includeonly fresh mineralisation.
	Discussion of basis for using or not using gradecutting or capping.	Estimation of each attribute included upper cutsselected on a domain-by-domainbasis whichgenerally approximate the 99th percentile of eachdataset. These upper cuts reduce the impact of asmall number of outlier composite grades.
	The process of validation, the checking processused, the comparison of model data to drill holedata, and use of reconciliation data if available.	Model validation included visual comparison ofmodel estimates and composite grades, and trend(swath) plots.
Moisture	Whether the tonnages are estimated on a dry basisor with natural moisture, and the method ofdetermination of the moisture content.	Tonnages are estimated on a dry tonnage basis
Cut-offparameters	The basis of the adopted cut-off grade(s) or qualityparameters applied.	Mineral Resource Estimates are constrained within aseries of mineable shapes produced by Deswik'sShape Optimiser (SO) using NSR parameterscompiled by Peel.The NSR estimation takes into account metallurgicalrecovery assumptions derived from metallurgicaltestwork results. It also takes account of the metalpayabilities, metal prices, exchange rates, freight andtreatmentchargesandroyalties.Themetalrecoveries and metal prices used in the NSRestimation are found in the main body of thisannouncement.
Mining factorsorassumptions	Assumptions made regarding possible miningmethods, minimum mining dimensions and internal(or, if applicable, external) mining dilution. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potential miningmethods, but the assumptions made regardingmining methods and parameters when estimatingMineral Resources may not always be rigorous.	Mineral Resource Estimates are reported abovevarious cut-offs within mineable shapes created inDeswik SO mining software. The shapes weregenerated at NSR cut offs of $A60/t, $A80/t and$A100/t. Material at these cut-offs are considered byPeel to have reasonable prospects of extraction. Thesmallest mineable unit (SMU) for the SO shapes is 5mlong by, 5m high, with a minimum mining width of3m.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Where this is the case, this should be reported withan explanation of the basis of the miningassumptions made.	No Hangingwall or Footwall dilution outside themineralised domains is included in the MineralResource Estimates however internal dilution hasbeen included where required for constraining theMRE.No minimum pillar has been designed between thestopeshapeszonestocaptureasmuchmineralisation as possible. The assumption iscemented fill could be used to recover themineralisation, so no pillar is required.For each domain, estimates for a small number ofperipheral mineable shapes, distal to the maingrouping were excluded from the MRE
Metallurgicalfactorsorassumptions	The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary aspart of the process of determining reasonableprospects for eventual economic extraction toconsider potential metallurgical methods, but theassumptions regarding metallurgical treatmentprocesses and parameters made when reportingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the metallurgicalassumptions made.	Metallurgical testwork completed by Peel, primarilyundertakenatALSBurnie,hasguidedthemetallurgical recoveries assigned to the MRE. Workto date has included series of sequential and lockedcycle flotation tests, and cyanide leach and gravityrecovery for gold and silver.
Environmental factors orassumptions	Assumptions made regarding possible waste andprocess residue disposal options. It is alwaysnecessary as part of the process of determiningreasonableprospectsforeventualeconomicextraction to consider the potential environmentalimpacts of the mining and processing operation.While at this stage the determination of potentialenvironmentalimpacts,particularlyforagreenfields project, may not always be welladvanced, the status of early consideration of thesepotentialenvironmentalimpactsshouldbereported. Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	Economic evaluation of the project is at an earlystage,andenvironmentalconsiderationsforpotential mining have not yet been evaluated indetail. Information available to Peel indicates thatthere are unlikely to be any specific environmentalissues that would preclude potential eventualeconomic extraction.
Bulk density	Whether assumed or determined. If assumed, thebasis for the assumptions. If determined, themethod used, whether wet or dry, the frequency ofthemeasurements,thenature,sizeandrepresentativeness of the samples.	Density measurements available for Mallee Bullinclude 6,770 immersion density measurementsperformed by Peel on diamond core samples ofgenerally around 0.2m in length and 262 ALSpycnometer measurements performed on routineassay samples.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	The bulk density for bulk material must have been	For the estimation composite dataset, densities were
	measured by methods that adequately account for	assignedtointervalswithoutimmersionor
	void spaces (vugs, porosity, etc), moisture and	measurements directly from composite iron grades
	differences between rock and alteration zones	utilising iron grade versus density curves derived
	within the deposit.	from composites with copper grades and density
	Discuss assumptions for bulk density estimates usedin the evaluation process of the different materials.	measurements, The association between increasingdensityandirongradesreflectsincreasingconcentration of sulphide minerals.Available information suggests that the densitymeasurementsarerepresentativeofthe
		mineralisation.
Classification	The basis for the classification of the MineralResources into varying confidence categories.	Confidence categories were assigned from longsectional classification polygons outlining zones ofconsistentdrillinterceptspacingforeachmineralised domain. The classification polygonsassign estimates with consistently 50 by 50m andcloser spaced drilling as Indicated, and estimatestested by up to approximately 100 by 100m spaceddrilling extrapolated to around 50m from drill holeintercepts as Inferred.
	Whether appropriate account has been taken of allrelevantfactors(ierelativeconfidencein	The Mineral Resource classification accounts for allrelevant factors.
	tonnage/grade estimations, reliability of input data,confidence in continuity of geology and metalvalues, quality, quantity and distribution of thedata).
	Whether the result appropriately reflects theCompetent Person's view of the deposit.	The Mineral Resourceclassifications reflect theCompetent Person's views of the deposit.
Auditsorreviews	The results of any audits or reviews of MineralResource estimates.	The Mineral Resource estimates have been reviewedbyPeelgeologistsandareconsideredtoappropriately reflect the mineralisation and drillingdata.
Discussionofrelativeaccuracy/confidence	Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach or proceduredeemed appropriate by the Competent Person. Forexample,theapplicationofstatisticalorgeostatistical procedures to quantify the relativeaccuracy of the resource within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factorsthat could affect the relative accuracy andconfidence of the estimate.	Confidence in the relative accuracy of the estimatesis reflected by the classification of estimates asIndicated and Inferred.
	The statement should specify whether it relates toglobal or local estimates, and, if local, state the

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	relevant tonnages, which should be relevant to
	technical and economic evaluation. Documentation
	shouldincludeassumptionsmadeandthe
	procedures used.
	Thesestatementsofrelativeaccuracyand
	confidence of the estimate should be compared with
	production data, where available.

WIRLONG
CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Database	Measures taken to ensure that data has not been	Prior to 2019, geological and field data were entered
integrity	corrupted by, for example, transcription or keying	into Microsoft Excel spreadsheets with lookup tables

Data validation procedures used.

Mineral Resource estimation purposes.

errors, between its initial collection and its use for

validated during entry into Geobank with further validation undertaken during synchronisation with the main database. Assay data were imported directly from original lab files into the previous SQL database and now into Geobank with no prior manipulation of results. The Peel SQL database and recent Geobank database have robust validation and constraints incorporated into them to ensure validated data is readily available for fit for purpose use. The database is managed by a database administrator employed

and fixed formatting. Data was then imported into a customised SQL database with validation undertaken on import. From 2019, Geobank mobile has been used for the collection of data. Data is

A complete drilling database was supplied by Peel Mining to Matrix as text files exported from the Geobank Database. Mr Abbott's checking of the compiled database extract included checking for consistency within and between database tables. These reviews showed no significant discrepancies.

by Peel Mining.

Site visits Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why Mr Tyson has completed regular visits to Wirlong since 2014, and during subsequent Mineral Resource definition drilling programmes. Whilst on site he has reviewed historical drill core and hole locations as well as historical data management protocols, density determination methods and diamond drilling and sampling procedures.

In preparing the Mineral Resource estimates Mr Abbott relied upon sampling information and geological interpretations provided by Peel and

this is the case.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		worked closely with Peel geologists familiar with theproject. Mr Abbott has previously visited Peel's fieldoffice and is familiar with Peel's general drilling andsampling procedures. With no surface mineralisationand no current drilling activities, a site visit wouldprovide little additional information and Mr Abbotthas not visited the Wirlong project.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.Nature of the data used and of any assumptionsmade.The effect, if any, of alternative interpretations onMineral Resource estimation.The use of geology in guiding and controllingMineral Resource estimation.	See Wirlong Geology description in body of report.The deposit is hosted in a moderate to steeply westdipping sequence of interfingering sediments andvolcanics that exhibit open to locally tight parasiticfolds. The sediments comprise massive to locallylaminated quartz-rich sandstones and interbeddedshale, siltstone and sandstone turbidites. Thevolcanicscomprisemassive,porphyritic,flowbanded and auto-brecciated rhyolite.
	The factors affecting continuity both of grade andgeology.	Wirlong mineralisation is interpreted as being hostedwithin and proximal to a NW-SE striking fault zone(John Owen Fault) which form a conjugate structureset with a NE-SW striking fault. Peel interprets theconjugate fault sets formed during compressionduring basin inversion.
		The mineralisation which transgresses all rock unitscomprises massive to semi-massive breccia-fill andveinhostedchalcopyrite-pyrrhotite-pyrite(+/-arsenopyrite, sphalerite, galena). Structural analysisindicates that movement along the John Owen Faultcreated local zones of dilation that facilitated themovement of mineralising fluids into prepreparedstructures and fabrics such as faults, fractures andfoliation. The majority of the Wirlong area is overlainbysurficialcover,withonlyminorbedrockexposures. Geological interpretation is primarilybased on geological logging of diamond and RC drillholes.
		MineralResourcemodellingincorporatesanoxidation surface and three mineralised domainwireframes produced by Matrix on the basis of initialinterpretations provided by, and with oversight byPeel. The mineralised domains comprise a highcopper grade sub-vertical, northwest trending zonedesignated as the "MBX" domain, and two lowergrade domains designated as "Main" and "Oblique"which encapsulate stockwork mineralisation.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		TheMBXdomaincaptures2mdownholecomposited copper grades of nominally greater than0.5% with a minimum down-hole width of 3m andlower grade intercepts included for continuity. Thedomain trends northwest and is sub-vertical.The Stockwork domains capture 2m down holecomposited copper grades of nominally greater than0.2% with lower grade intercepts included forcontinuity. The Main domain encompasses and issub-parallel to the MBX mineralisation. The Obliquedomain is sub vertical and north-east trending. Theintersection of the Main and Oblique domainscontains comparatively elevated copper grades andwas treated as a separate domain – Intersection – formodelling purposes.
		In the mineralised area the oxidation zone rangesfrom around 40 to 95m thick and averages around60m thick. Mineral Resource Estimates include onlyfresh mineralisation.
Dimensions	The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), planwidth, and depth below surface to the upper andlower limits of the Mineral Resource.	The MBX domain is interpreted over around 300m ofstrike with widths generally ranging from around 2 to30m and averaging around 5m. The Main domain,which encompasses and is sub-parallel to the MBXmineralisation is interpreted over around 320m ofstrike with widths ranging from around 3 to 80m andaveraging around 23m inclusive of the MBX zone.ThenortheasttrendingObliquedomainisinterpreted over around 530m of strike with widthsgenerally ranging from around 10 m to 130m andaveraging 40m.As shown by the figures in the body of thisannouncement, model estimates included in MineralResource estimates comprise a number of individualzones. The Main and Oblique domain model blocksinforming the estimates extend over around 300mand 530m of strike length respectively betweenapproximately 50 and 610m depth.
Estimationand modellingtechniques	The nature and appropriateness of the estimationtechnique(s)appliedandkeyassumptions,including treatment of extreme grade values,domaining,interpolationparametersandmaximum distance of extrapolation from datapoints. If a computer assisted estimation methodwas chosen include a description of computer	Copper, silver, zinc, lead, and gold grades wereestimated by Ordinary Kriging of generally 2m downhole composited assays from RC and diamonddrilling within the mineralised domains. Densitieswere estimated by Ordinary Kriging with densityvalues assigned to composites from immersionmeasurements or copper versus density functionsfor intervals without density measurements. The

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	software and parameters used.	metal grades included in the model, which arepositively correlated with density were estimated byKriging accumulation variables (attribute grade xdensity)andmetalgradesbackcalculated.Estimation of copper and silver grades includedupper cuts which generally approximate the 99thpercentile of each dataset.
		Upper cuts applied to estimation of the MBX, Main,Intersection,andObliquedomainswere,respectively:
		Cu %: 14, 3.0, 3.5, 5.0Ag g/t: 45, 16, 12, 21Pb %: 0.50, 0.50, 0.10, 0.30Zn %: 1.2, 1.2, 0.25, 0.80Au g/t: 0.30, 0.20, 0.08, 0.30MineralResourceestimatesaregenerallyextrapolated to a maximum of around 50m from drillintercepts.
		Micromine software was used for data compilation,domain wire-framing, and coding of compositevalues, and GS3M was used for Kriging.
		The estimation technique is appropriate for themineralisation style.
	The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.	There has been no production to date from theWirlong Mineral Resource area.New drilling data since Wirlong's maiden MRE inNovember 2021 has resulted in an updatedmodelling approach which recognises the potentialto use bulk mining techniques, a change from theprevious selective mining approach.
	The assumptions made regarding recovery of byproducts.Estimation of deleterious elements or other nongrade variables of economic significance (egsulphur for acid mine drainage characterisation).	Estimated Mineral Resources make no assumptionsabout recovery of by-products. The model includesiron and sulphur grades to potentially facilitatefuture metallurgical and mine planning if needed.Density is the only non-grade variable included in themodelling.
	In the case of block model interpolation, the blocksize in relation to the average sample spacing andthe search employed.	The block model is rotated by 60ofrom north-southreflecting the orientation of the Main domain anddominant drilling orientations. For the MBX and Maindomains, attribute grades were Kriged into 4 by 12

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
	Any assumptions behind modelling of selectivemining units	by 10m parent blocks elongate parallel to thenorthwest (300o) domain strike. For the Obliquedomain 12 by 4 by 10m parent blocks elongatetowards the northeast (030o) were used. Both sets ofparent blocks were re-blocked to consistent 4 by 4 by10m dimensions and merged into a combined modelwhich was sub-locked to minimum dimensions of 1by 1 by 5m at domain boundaries. The northing andelevation dimensions approximate half the drillintercept spacing in closely drilled portions of themineralisation. Drill hole intercept spacing variesfrom around 40 by 40m and locally tighter in centralareas of the mineralisation to greater than 50 by 50min peripheral areas and at depth.
		Estimation of Mineral Resources included a 4-passoctant-based search strategy with search ellipsoidradii and minimum data requirements comprisingthe following:
		Main domain
		Search 1: 30 by 30 by 4 minimum 8 data in 2 octantsSearch 2: 45 by 45 by 6 minimum 8 data in 2 octantsSearch 3: 45 by 45 by 6 minimum 4 data in 1 octantSearch 4: 60 by 60 by 8 minimum 4 data in 1 octant
		Oblique domain
		Search 1: 30 by 30 by 4 minimum 8 data in 2 octantsSearch 2: 39 by 39 by 5.2 minimum 8 data in 2 octantsSearch 3: 39 by 39 by 5.2minimum 4 data in 1 octantSearch 4: 60 by 60 by 8 minimum 4 data in 1 octantIndicated Mineral Resources are primarily informedby searches 1 and 2. Inferred Mineral Resources aredominated by search pass 2 to 4 blocks.
	Anyassumptionsaboutcorrelationbetweenvariables.	Composites were assigned densities from coppergrades using a copper density versus copperfunction derived from diamond core drill holecompositeintervalswithcopperassaysandimmersion density measurements.
	Description of how the geological interpretation wasused to control the resource estimates.	MineralResourcemodellingincorporatedmineralised domains capturing drill hole intervalswith 2m down hole composited copper grades ofnominally greater than 0.2% with lower gradeintercepts included for continuity. These domainsareconsistentwithgeologicalunderstanding.Mineral Resource estimates include only fresh

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
		mineralisation.
	Discussion of basis for using or not using gradecutting or capping.	Estimation of each attribute included upper cutsselected on a domain-by-domainbasis whichgenerally approximate the 99th percentile of eachdataset. These upper cuts reduce the impact of asmall number of outlier composite grades.
	The process of validation, the checking processused, the comparison of model data to drill holedata, and use of reconciliation data if available.	Model validation included visual comparison ofmodel estimates and composite grades, and trend(swath) plots.
Moisture	Whether the tonnages are estimated on a dry basisor with natural moisture, and the method ofdetermination of the moisture content.	Tonnages are estimated on a dry tonnage basis
Cut-offparameters	The basis of the adopted cut-off grade(s) or qualityparameters applied.	Mineral Resources are constrained within a series ofmineable shapes were produced by Deswik's ShapeOptimiser (SO) using NSR parameters compiled byPeel.The NSR estimation takes into account metallurgicalrecovery assumptions derived from metallurgicaltestwork results. It also takes account of the metalpayabilities, metal prices, exchange rates, freight andtreatmentchargesandroyalties.Themetalrecoveries and metal prices used in the NSRestimation are found in the main body of thisannouncement.
Mining factorsorassumptions	Assumptions made regarding possible miningmethods, minimum mining dimensions and internal(or, if applicable, external) mining dilution. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potential miningmethods, but the assumptions made regardingmining methods and parameters when estimatingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the miningassumptions made.	Mineral Resource estimates are reported withinoptimal stope shapes generated at NSR cut offs of$A60/t, $A80/t and $A100/t. Material at these cut-offsare considered by Peel to have reasonable prospectsof extraction. The smallest mineable unit (SMU) forthe SO shapes is 5m long by, 5m high, with aminimum mining width of 3m.No HW or FW dilution was applied to the MineralResource shapes however internal dilution has beenincluded where required.No minimum pillar has been designed between thestopeshapeszonestocaptureasmuchmineralisation as possible. The assumption iscemented fill could be used to recover themineralisation, so no pillar is required.For each domain, estimates for a small number ofperipheral mineable shapes, distal to the maingrouping were excluded from the MRE.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Metallurgicalfactorsorassumptions	The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary aspart of the process of determining reasonableprospects for eventual economic extraction toconsider potential metallurgical methods, but theassumptions regarding metallurgical treatmentprocesses and parameters made when reportingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the metallurgicalassumptions made.	Metallurgical testwork completed by Peel, primarilyundertakenatALSBurnie,hasguidedthemetallurgical recoveries assigned to the MRE. Workto date has included series of sequential and lockedcycle flotation tests, and cyanide leach and gravityrecovery for gold and silver.
Environmental factors orassumptions	Assumptions made regarding possible waste andprocess residue disposal options. It is alwaysnecessary as part of the process of determiningreasonableprospectsforeventualeconomicextraction to consider the potential environmentalimpacts of the mining and processing operation.While at this stage the determination of potentialenvironmentalimpacts,particularlyforagreenfields project, may not always be welladvanced, the status of early consideration of thesepotentialenvironmentalimpactsshouldbereported. Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	Economic evaluation of the project is at an earlystage,andenvironmentalconsiderationsforpotential mining have not yet been evaluated indetail. Information available to Peel indicates thatthere are unlikely to be any specific environmentalissues that would preclude potential eventualeconomic extraction.
Bulk density	Whether assumed or determined. If assumed, thebasis for the assumptions. If determined, themethod used, whether wet or dry, the frequency ofthemeasurements,thenature,sizeandrepresentativeness of the samples.The bulk density for bulk material must have beenmeasured by methods that adequately account forvoid spaces (vugs, porosity, etc), moisture anddifferences between rock and alteration zoneswithin the deposit.Discuss assumptions for bulk density estimates used•in the evaluation process of the different materials.	Peelroutinelyperformedimmersiondensitymeasurements on air dried samples of drill core withthe Wirlong data including density measurementsfor 8,838 intervals averaging around 0.21m inlength. Density measurements are available for 30%of the estimation dataset composites. Compositeswithout density measurements were assigneddensities from the following density versus coppergrade unction derived from the full set ofcomposites with both measurements:Density (t/m3) = -0.002 x Cu%2 + 0.09 x Cu% +2.77This function reflects an association betweenincreasing density and copper grade reflectingincreasingconcentrationofcoppersulphideminerals.Available information suggests that the densitymeasurementsarerepresentativeofthemineralisation.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Classification	The basis for the classification of the MineralResources into varying confidence categories.	Confidence categories were assigned from longsectional classification polygons outlining zones ofconsistentdrillinterceptspacingforeachmineralised domain. The classification polygonsassign MBX,and Main domainestimates withconsistently 50 by 50m and closer spaced drilling asIndicated,andestimatestestedbyuptoapproximately 100 by 100m spaced drilling includingall Oblique domainestimates, extrapolated toaround 50m from drill hole intercepts as Inferred.
	Whether appropriate account has been taken of allrelevantfactors(ierelativeconfidenceintonnage/grade estimations, reliability of input data,confidence in continuity of geology and metalvalues, quality, quantity and distribution of thedata).	The Mineral Resource classification accounts for allrelevant factors.
	Whether the result appropriately reflects theCompetent Person's view of the deposit.	The Mineral Resourceclassifications reflect theCompetent Person's views of the deposit.
Auditsorreviews	The results of any audits or reviews of MineralResource estimates.	The Mineral Resource estimates have been reviewedbyPeelgeologistsandareconsideredtoappropriately reflect the mineralisation and drillingdata.
Discussionofrelativeaccuracy/confidence	Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach or proceduredeemed appropriate by the Competent Person. Forexample,theapplicationofstatisticalorgeostatistical procedures to quantify the relativeaccuracy of the resource within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factorsthat could affect the relative accuracy andconfidence of the estimate.	Confidence in the relative accuracy of the estimatesis reflected by the classification of estimates asIndicated and Inferred.
	The statement should specify whether it relates toglobal or local estimates, and, if local, state therelevant tonnages, which should be relevant totechnical and economic evaluation. Documentationshouldincludeassumptionsmadeandtheprocedures used.
	Thesestatementsofrelativeaccuracyandconfidence of the estimate should be compared withproduction data, where available.

SOUTHERN NIGHTS-WAGGA TANK

Criteria	JORC Code explanation	Commentary
Databaseintegrity	Measures taken to ensure that data has not beencorrupted by, for example, transcription or keyingerrors, between its initial collection and its use forMineral Resource estimation purposes.	The database of historical data has been validated byreconciling all available hardcopy drill logs and assayresults. This data has been reviewed in 3D againstdrilling undertaken by Peel.
	Data validation procedures used.	Prior to 2019, geological and field data were enteredinto Microsoft Excel spreadsheets with lookup tablesand fixed formatting. Data was then imported into acustomisedSQLdatabasewithvalidationundertaken on import. From 2019, Geobank mobilehas been used for the collection of data. Data isvalidated during entry into Geobank with furthervalidation undertaken during synchronisation withthe main database.
		Assay data were imported directly from original labfiles into the previous SQL database and now intoGeobank with no prior manipulation of results.
		The Peel SQL database and recent Geobankdatabase have robust validation and constraintsincorporated into them to ensure validated data isreadily available for fit for purpose use. The databaseis managed by a database administrator employedby Peel Mining.
		A complete drilling database was supplied by PeelMining to Mr Abbott in the form of text files exportedfrom the Geobank Database.
		Mr Abbott's checking of the compileddatabaseextract included checking for consistency within andbetween database tables. These reviews showed nosignificant discrepancies.
Site visits	Comment on any site visits undertaken by the	Mr Tyson has completed regular visits to Southern
	Competent Person and the outcome of those visits.If no site visits have been undertaken indicate whythis is the case.	Nights-WaggaTanksince2016,andduringsubsequent Mineral Resourcedefinition drillingprogrammes. Whilst on site he has reviewedhistorical drill core and hole locations as well ashistorical data management protocols, densitydetermination methods and diamond drilling andsampling procedures.
		In preparing the Mineral Resource estimates MrAbbott relied upon sampling information andgeological interpretations provided by Peel and

Criteria	JORC Code explanation	Commentary
		worked closely with Peel geologists familiar with theproject. Mr Abbott has previously visited Peel's fieldoffice and is familiar with Peel's general drilling andsamplingprocedures.Withnomineralisationoutcrop and no current drilling activities, a site visitwould provide little additional information and MrAbbott has not visited the Southern Nights-WaggaTank deposit.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.Nature of the data used and of any assumptionsmade.The effect, if any, of alternative interpretations onMineral Resource estimation.The use of geology in guiding and controllingMineral Resource estimation.The factors affecting continuity both of grade andgeology.	The majority of the Southern Nights-Wagga Tankarea is overlain by surficial cover, with only minorbedrock exposures in the Wagga Tank area.Geological interpretation is primarily based ongeological logging of diamond and RC drill holes.The geological stratigraphic model built for theMaiden MRE in June 2019, was built utilising 385 drillholes within the Wagga Tank deposit and 381 drillholes (inclusive of RAB) within the Southern Nightsdeposit. Due to the infill nature of the recent MineralResource drilling the geological model was reviewedand it was considered unnecessary to update thestratigraphic model for the current MRE.The base of weathering has been modelled usinginformation from the drill logs. The downhole pointsof the top of fresh rock surface have been used tocreate an oxidation bounding surface for thedeposit. Due to the infill nature of the recent MineralResource drilling the oxidation surface used in themaiden MRE, was reviewed and it was consideredunnecessary to update the stratigraphic model forthe current MRE. Minor supergene mineralisation islocated above this oxidation surface and has notbeen considered as part of this MRE.The base metal mineralisation at Southern Nightshas been interpreted to be sub-parallel to thestratigraphy which dips steeply to the west.The base metal mineralisation at Wagga Tank ismore structurally complex and has been interpretedto be sub-vertical with a slight dip to the east in someplaces.
		MineralResourcemodellingincorporatingmineralised domains capturing zones of continuousmineralisation with 1m composite NSR values ofgreater than $60/t. These domains are consistentwith geological interpretations, and comprise thefollowing:Main contact zones at Southern Nights and Wagga

Criteria	JORC Code explanation	Commentary
		Tankproximaltothecontactbetweenthevolcaniclastic breccias and sandstones of the ViviganiFormation and overlying Wagga Tank Mudstone.The Southern Nights contact zone includes threeinternal zones capturing higher grade, massivesulphidemineralisationwithzincgradesofnominallygreaterthan17.5%.Thesezonesrepresent around 3% of the interpreted contact zonedomain volume.One main and four subsidiary eastern zones atSouthern Nights within the Vivigani Formation.
Dimensions	The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), planwidth, and depth below surface to the upper andlower limits of the Mineral Resource.	Southern Nights mineralised domains trend northsouth and dip at around 85otowards the west. Thecontact zone is interpreted over approximately1.6km of strike with widths ranging from aroundrarely 2 to 28m and averaging around 5.5m. Thedomain extends from the base of oxidation atapproximately 110m depth to around 650m depth.The main eastern Southern Nights domain isinterpreted over approximately 480m of strike fromaround 170 to 540 m depth with an average width ofaround 4.7m. The four subsidiary eastern domains,which contribute around 2% of Mineral Resourcesrange in strike from around 50 to 200m, with averagewidths of around 2.7m.
		The Wagga Tank mineralised domain trends northeast (035o) over around 330m of strike, and dips ataround 85otowards the east with average widths ofaround 6m.
		Mineral Resources are constrained to $60/t, $80/tand $100/t NSR optimal stope shapes, generatedwith minimum widths of 3m, excluding smallperipheral zones.
		The Southern Nights Mineral Resource estimatesextend over around 1,400m of strike from around110 to 640m depth. The Wagga Tank estimatesextend over around 280m of strike from around 110to 390m depth.
Estimationand modellingtechniques	The nature and appropriateness of the estimationtechnique(s)appliedandkeyassumptions,including treatment of extreme grade values,domaining,interpolationparametersandmaximum distance of extrapolation from data	Zinc, lead, copper, silver and gold grades wereestimated by Ordinary Kriging of 1m down-holecomposited assay grades within the mineraliseddomains. Density was also estimated by OrdinaryKriging,withcompositeswithoutdensity

Criteria	JORC Code explanation	Commentary
	points. If a computer assisted estimation methodwas chosen include a description of computersoftware and parameters used.	measurements assigned densities from sulphur, orless commonly zinc assays.
		Zinc, lead and silver grades, which are stronglypositively correlated with density, were estimated byKriging of metal grades multiplied by density, andmetal grades back calculated. Copper and goldgrades were directly Kriged.
		Estimation of each attribute included upper cutswhich generally approximate the 99th percentile ofeach dataset.
		Upper cuts applied to the Southern Nights Low gradecontact, High grade contact, eastern zones andWagga Tank domains respectively were as follows:
		Zn %: 20, 53, 15 and 27Pb %: 12, 25, 5 and 19Ag g/t: 700, 800, 200 and 750Cu %: 3.5, 2.5, 2.5 and 5.5Au g/t: 5, 6, 2.5 and 7Estimates are generally extrapolated to a maximumof around 40m from drill intercepts.
		Micromine software was used for data compilation,domain wire-framing, and coding of compositevalues, and GS3M was used for Mineral Resourceestimation.
		The estimation technique is appropriate for themineralisation style.
	The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.	There has been no production to date at SouthernNights or Wagga Tanks.
	The assumptions made regarding recovery of byproducts.	Estimated Mineral Resources make no assumptionsabout recovery of by-products. Density is the only
	Estimation of deleterious elements or other nongrade variables of economic significance (egsulphur for acid mine drainage characterisation).	non-grade variable included in the modelling.
	In the case of block model interpolation, the blocksize in relation to the average sample spacing andthe search employed.	Grades were Kriged into 1 by 10 by 10m (east, north,vertical) blocks with sub-blocking to minimumdimensions of 0.4 by 2.0 by 2.0m at domainboundaries.
	Any assumptions behind modelling of selectivemining units	Drill hole intercept spacing varies from around 20 by20m and locally tighter in central areas of the

Criteria	JORC Code explanation	Commentary
		mineralisation to greater than 80 by80 m inperipheral areas and at depth.
		Estimation included a six-pass octant-based searchstrategy, with ellipsoids aligned with mineraliseddomain orientations.
		Search ellipsoid radii (across strike, along strike,down dip) and minimum data requirements forthese searches comprise:
		Search 1: 30,30,8 m; Minimum 8 data, 2 octants,maximum 16 data
		Search 2: 60,60,16 m; Minimum 8 data, 2 octants,maximum 16 data
		Search 3: 60,60,16 m; Minimum 4 data, 1 octant,maximum 16 data
		Search 4: 120,120,24 m; Minimum 4 data, 1 octant,maximum 16 data
		Search 5: 240,240,48 m; Minimum 4 data, 1 octant,maximum 16 data
		Search 6: 240,240,48m; Minimum 4 data, 1 octant,maximum 16 data
		Blocks informed by search passes 1 to 3 provide themajority of combined Indicated Mineral Resources,and search passes 1 to 4 estimates dominateInferred Mineral Resources.
	Anyassumptionsaboutcorrelationbetweenvariables.	Compositeswithoutdensitymeasurementsassigned densities from sulphur, or less commonlyzinc assays on the basis of grade versus densityfunctions derived from intervals with assays andimmersion density measurements of diamond core.
	Description of how the geological interpretation wasused to control the resource estimates.	MineralResourcemodellingincorporatingmineralised domains capturing zones of continuousmineralisation with 1m composite NSR values ofgreater than $60. These domains are consistent withgeological understanding.
		The Southern Nights contact zone includes threeinternal zones capturing higher grade, massivesulphidemineralisationwithzincgradesofnominally greater than 17.5%.
	Discussion of basis for using or not using gradecutting or capping.	Estimation of each attribute included upper cutsselected on a domain-by-domainbasis which

Criteria	JORC Code explanation	Commentary
		generally approximate the 99th percentile of eachdataset. These upper cuts reduce the impact of asmall number of outlier composite grades.
	The process of validation, the checking processused, the comparison of model data to drill holedata, and use of reconciliation data if available.	Model validation included visual comparison ofmodel estimates and composite grades, and trend(swath) plots.
Moisture	Whether the tonnages are estimated on a dry basisor with natural moisture, and the method ofdetermination of the moisture content.	Tonnages are estimated on a dry tonnage basis.
Cut-offparameters	The basis of the adopted cut-off grade(s) or qualityparameters applied.	Mineral Resources are constrained within a series ofmineable shapes were produced by Deswik's ShapeOptimiser (SO) using NSR parameters compiled byPeel.The NSR estimation takes into account metallurgicalrecovery assumptions derived from metallurgicaltestwork results. It also takes account of the metalpayabilities, metal prices, exchange rates, freight andtreatmentchargesandroyalties.Themetalrecoveries and metal prices used in the NSRestimation are found in the main body of thisannouncement.
Mining factorsorassumptions	Assumptions made regarding possible miningmethods, minimum mining dimensions and internal(or, if applicable, external) mining dilution. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potential miningmethods, but the assumptions made regardingmining methods and parameters when estimatingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the miningassumptions made.	Mineral Resource estimates are reported withinoptimal stope shapes generated at NSR cut offs of$A60/t, $A80/t and $A100/t. Material at these cut-offsare considered by Peel to have reasonable prospectsof extraction. The smallest mineable unit (SMU) forthe SO shapes is 5 m long by, 5m high, with aminimum mining width of 3m.No Hangingwall or Footwall dilution was applied tothe Mineral Resourceshapes however internaldilution has been included where required.No minimum pillar has been designed between thestopeshapeszonestocaptureasmuchmineralisation as possible. The assumption iscemented fill could be used to recover themineralisation, so no pillar is required.For each domain, estimates for a small number ofperipheral mineable shapes, distal to the maingrouping were excluded from the MRE.
Metallurgicalfactorsorassumptions	The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary aspart of the process of determining reasonableprospects for eventual economic extraction toconsider potential metallurgical methods, but the	Metallurgical testwork completed by Peel, primarilyundertakenatALSBurnie,hasguidedthemetallurgical recoveries assigned to the MRE. Workto date has included series of sequential and lockedcycle flotation tests, and cyanide leach and gravity

Criteria	JORC Code explanation	Commentary
	assumptions regarding metallurgical treatmentprocesses and parameters made when reportingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the metallurgicalassumptions made.	recovery for gold and silver.
Environmental factors orassumptions	Assumptions made regarding possible waste andprocess residue disposal options. It is alwaysnecessary as part of the process of determiningreasonableprospectsforeventualeconomicextraction to consider the potential environmentalimpacts of the mining and processing operation.While at this stage the determination of potentialenvironmentalimpacts,particularlyforagreenfields project, may not always be welladvanced, the status of early consideration of thesepotentialenvironmentalimpactsshouldbereported. Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	Economic evaluation of the project is at an earlystage,andenvironmentalconsiderationsforpotential mining have not yet been evaluated indetail. Information available to Peel indicates thatthere are unlikely to be any specific environmentalissues that would preclude potential eventualeconomic extraction.
Bulk density	Whether assumed or determined. If assumed, thebasis for the assumptions. If determined, themethod used, whether wet or dry, the frequency ofthemeasurements,thenature,sizeandrepresentativeness of the samples.The bulk density for bulk material must have beenmeasured by methods that adequately account forvoid spaces (vugs, porosity, etc), moisture anddifferences between rock and alteration zoneswithin the deposit.Discuss assumptions for bulk density estimates usedin the evaluation process of the different materials.	Peelroutinelyperformedimmersiondensitymeasurements on air dried samples of drill core withresults available for 4,626 intervals ranging in lengthfrom 0.04 to 0.77m and averaging around 0.25m.Immersion density measurements are available foraround one quarter of the combined compositeestimation dataset. The remaining composites wereassigned densities from sulphur or less commonlyzinc assay grades for rare intervals without sulphurassays.The sulphur vs density function was derived fromcomposites with both measurements:Density (t/m3) = 2.60 + 0.047 x S(%), to a maximum of4.5 t/m3. This reflects an association betweenincreasing density and sulphur grade reflectingincreasing concentration of sulphide minerals.The zinc vs density function was derived fromcomposites with both measurements:Density (t/m3) = 2.92 + 0.047 x Zn(%), to a maximumof 4.5 t/m3For a comparatively small portion of the Wagga Tankmineralised domain where diamond core showsnumerous cavities and low-recoveries, assigneddensities were factored by 40% reflecting average

Criteria	JORC Code explanation	Commentary
		core-recoveries for this zone.The available information suggests that the densitymeasurementsarerepresentativeofthemineralisation.
Classification	The basis for the classification of the MineralResources into varying confidence categories.	Estimated Mineral Resources are extrapolated togenerally around 40m from drill intercepts andclassified as Indicated and Inferred on the basis ofpolygons defining areas of relatively consistent drillhole spacing.
		For the Southern Nights and Wagga Tanks contactzone domains, estimates for mineralisation withconsistently 40 by 40m or closer spaced sampling areclassified as Indicated and estimates for morebroadly sampled mineralisation are initially classifiedas Inferred. The interpreted low recovery/cavity zoneat Wagga Tank was re-classified to Inferred.
		TheeasternSouthernNightsdomainsarecomparatively broadly drilled and all estimates forthese domains are classified as Inferred.
	Whether appropriate account has been taken of allrelevantfactors(ierelativeconfidenceintonnage/grade estimations, reliability of input data,confidence in continuity of geology and metalvalues, quality, quantity and distribution of thedata).	The Mineral Resource classification accounts for allrelevant factors.
	Whether the result appropriately reflects theCompetent Person's view of the deposit.	The Mineral Resource classifications reflect theCompetent Person's views of the deposit.
Auditsorreviews	The results of any audits or reviews of MineralResource estimates.	The Mineral Resource estimates have beenreviewed by Peel geologists and are considered toappropriately reflect the mineralisation and drillingdata.
Discussionofrelativeaccuracy/confidence	Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach or proceduredeemed appropriate by the Competent Person. Forexample,theapplicationofstatisticalorgeostatistical procedures to quantify the relativeaccuracy of the resource within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factorsthat could affect the relative accuracy andconfidence of the estimate.	Confidence in the relative accuracy of the estimatesis reflected by the classification of estimates asIndicated and Inferred.

Criteria	JORC Code explanation	Commentary
	The statement should specify whether it relates toglobal or local estimates, and, if local, state therelevant tonnages, which should be relevant totechnical and economic evaluation. Documentationshouldincludeassumptionsmadeandtheprocedures used.
	Thesestatementsofrelativeaccuracyandconfidence of the estimate should be compared withproduction data, where available.

Criteria	JORC Code explanation	Commentary
Databaseintegrity	Measures taken to ensure that data has not beencorrupted by, for example, transcription or keyingerrors, between its initial collection and its use forMineral Resource estimation purposes.	The database of historical data has been validated byreconciling all available hardcopy drill logs and assayresults. This data has been reviewed in 3D againstdrilling undertaken by Peel.
	Data validation procedures used.	Prior to 2019, geological and field data were enteredinto Microsoft Excel spreadsheets with lookup tablesand fixed formatting. Data was then imported into acustomisedSQLdatabasewithvalidationundertaken on import. From 2019, Geobank mobilehas been used for the collection of data. Data isvalidated during entry into Geobank with furthervalidation undertaken during synchronisation withthe main database.
		Assay data were imported directly from original labfiles into the previous SQL database and now intoGeobank with no prior manipulation of results.
		The Peel SQL database and recent Geobankdatabase have robust validation and constraintsincorporated into them to ensure validated data isreadily available for fit for purpose use. The databaseis managed by a database administrator employedby Peel Mining.
		A complete drilling database was supplied by PeelMining to Mr Abbott in the form of text files exportedfrom the Geobank Database.
		Mr Abbott's checking of the compiled databaseextract included checking for consistency within andbetween database tables. These reviews showed nosignificant discrepancies.

Criteria	JORC Code explanation	Commentary
	Competent Person and the outcome of those visits.If no site visits have been undertaken indicate whythis is the case.	since 2010, and during subsequent Mineral Resourcedefinition drilling programmes. Whilst on site he hasreviewed historical drill core and hole locations aswell as historical data management protocols,density determination methods and diamond drillingand sampling procedures.
		In preparing the Mineral Resource model Mr Abbottrelied upon sampling information and geologicalinterpretations provided by Peel and worked closelywith Peel geologists familiar with the project. MrAbbott has previously visited Peel's field office and isfamiliar with Peel's general drilling and samplingprocedures. With no current drilling activities, a sitevisit would provide little additional information andMr Abbott has not visited May Day.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.Nature of the data used and of any assumptionsmade.The effect, if any, of alternative interpretations onMineral Resource estimation.The use of geology in guiding and controllingMineral Resource estimation.The factors affecting continuity both of grade andgeology.	May Day mineralisation at occurs as a steeplydipping zone of highly altered, sheared and partlybrecciated siltstone and volcaniclastics. Primarymineralisation has identified in deeper drillingcomprises pyrite, pyrrhotite, sphalerite, galena,chalcopyrite, tetrahedrite with gold and silverconsidered to occur within both galena andtetrahedrite. It is believed that mineralisation wasinitially emplaced as exhalative sulphides within amarine environment. Remobilisation of sulphides isconsidered as possible or that sulphides weresyngenetic but have been overprinted by ahydrothermal mineralising event.Mineralised domains used for Mineral Resourcemodellingareconsistentwithgeologicalunderstanding, derived from mapping of exposuresand drill core logging. Mineralisation controls arewell understood, and confidence in mineralisationinterpretation is adequate for the Mineral Resourceestimates.
Dimensions	The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), planwidth, and depth below surface to the upper andlower limits of the Mineral Resource.	The optimal pit constraining open pit MineralResources has dimensions of around 340 by 220mand extends to around 130m depth, approximately90m below the current pit floor. The SO shapesconstrainingUndergroundMineralResourceestimates extend over around 250m of strike frombelow the open pit MRE to around 260m depth.
Estimationand	The nature and appropriateness of the estimationtechnique(s)appliedandkeyassumptions,	Gold grades were estimated by Multiple IndicatorKriging of 2m down-hole composited assays with

Criteria	JORC Code explanation	Commentary
modellingtechniques	including treatment of extreme grade values,domaining,interpolationparametersandmaximum distance of extrapolation from datapoints. If a computer assisted estimation methodwas chosen include a description of computersoftware and parameters used.	silver, lead, zinc and copper (secondary metal)grades estimated by Ordinary Kriging.MultipleIndicatorKrigingofgoldgradesincorporated 14 indicator thresholds, with all bin
		grades determined from bin mean grades, with theexception of the upper bin grades for themineralised domain which was determined from thebin median or rarely bin threshold grade reducingthe impact of small number of outlier grades.
		Ordinary Kriging of silver, lead and zinc gradesincluded a hard boundary between the combinedhangingwall and footwall domains and internal highgrade base metal domain.
		Estimation of the silver, lead and zinc grades for thecombinedhangingwallandfootwalldomainsincluded upper cuts of 60 g/t, 1.0% and 1.1%respectively. Estimation of these metals for the highgrade base metal domain included upper cuts of 160,6% and 9% respectively. These upper cuts wereselected from inspection of ranked composite listsand histograms and approximate the 99th percentileof each dataset.
		Mineral Resource estimates are extrapolated to amaximum of generally less than 15m from drillintercepts.
		Micromine software was used calculating and codingof composite values. GS3M was used for Kriging, andthe estimates were imported into a Micromine blockmodel for pit optimisations and reporting. Theestimationtechniqueisappropriateforthemineralisation style.
	The availability of check estimates, previousestimates and/or mine production records andwhether the Mineral Resource estimate takesappropriate account of such data.	Production records available for historic May Dayopen pit mining are insufficiently detailed formeaningful comparison with model estimates.
		Comparative check modelling included constructionof a MIK recoverable Mineral Resource estimate forgold. The differences in model estimates are in-linewith expectations.
	The assumptions made regarding recovery of byproducts.Estimation of deleterious elements or other nongrade variables of economic significance (eg	Estimated Mineral Resources make no assumptionsabout recovery of by-products. Density is the onlynon-grade variable included in the modelling.

Criteria	JORC Code explanation	Commentary
	sulphur for acid mine drainage characterisation).
	In the case of block model interpolation, the blocksize in relation to the average sample spacing andthe search employed.Any assumptions behind modelling of selectivemining units	Central portions of the May Day mineralisation havebeen tested by generally 25m spaced, 166otrendingtraverses of south-southwest inclined holes. Forperipheral areas the spacing between traverses isgenerally 40m or greater. Across strike spacing isvariable and ranges from around 10m to commonly25m and locally broader.
		Metal grades were estimated for parent blocksaligned with the 166odrilling traverses withdimensions of 25 by 10 by 5m which were subblocked to minimum dimensions of 6.25 by 1.25 by1.25mforpreciserepresentationofdomainboundaries.
		Estimation of gold grades included a four-passoctant-based search strategy, with ellipsoids alignedwith mineralised domain orientations, with radii(strike, down dip, across strike) and data constraintsas follows:
		Search 1: 30x30x8 m, minimum 16 data, minimum 4octants, maximum 48 data.
		Search 2: 45x45x12 m, minimum 16 data, minimum4 octants, maximum 48 data,
		Search 3: 45x45x12 m, minimum 8 data, minimum 2octants, maximum 48 data.
		Search 3: 90x90x16 m, minimum 8 data, minimum 2octants, maximum 48 data.
		Search 4: 135x135x24 m, minimum 8 data, minimum2 octants, maximum 48 data.
		Search pass 4 informs blocks in broadly sampledareas which are not included in the reported MineralResources. Mineral Resources estimates for gold areprimarily based on Search Pass 1 with combinedsearch 2 and 3 blocks contributing only a smallproportion of estimated Mineral Resources.
		Ordinary Kriging of silver, lead and zinc gradesincluded the following search passes:
		Search 1: 30x30x8 m, minimum 8 data, minimum 4octants, maximum 16 data.
		Search 2: 45x45x12 m, minimum 8 data, minimum 4

Criteria	JORC Code explanation	Commentary
		octants, maximum 16 data,
		Search 3: 45x45x12 m, minimum 4 data, minimum 2octants, maximum 16 data.
		Search 3: 90x90x16 m, minimum 4 data, minimum 2octants, maximum 16 data.
		Search 4: 135x135x24 m, minimum4 data, minimum2 octants, maximum 16 data.
		Mineral Resources estimates for silver, lead and zincare primarily based on Search Pass 1 and 2 withcombined search 3 and 4 blocks contributing only asmall proportion of estimated Mineral Resources.
	Anyassumptionsaboutcorrelationbetweenvariables.	Grade modelling did not include any specificassumptions about correlation between variables.
	Description of how the geological interpretation wasused to control the resource estimates.	Modelling domains comprise oxidation surfaceinterpretations provided by Peel and mineraliseddomains interpreted by Mr Abbott in conjunctionwith Peel geologists.
		Themineraliseddomainscompriseamainhangingwall gold domain capturing continuouszones of composited gold grades of greater thanapproximately 0.1 g/t, and a contiguous footwallzone capturing mineralisation with variably elevatedbase metal grades. These two domains encompass ahigh-grade base metal domain capturing zones ofelevated lead and zinc grades.
		Peel geologists have reviewed the mineraliseddomain domains, and confirmed they are consistentwith their current geological understanding and areappropriate for the current study
	Discussion of basis for using or not using gradecutting or capping.	MultipleIndicatorKrigingofgoldgradesincorporated 14 indicator thresholds, with all bingrades determined from bin mean grades, with theexception of the upper bin grades for themineralised domain which was determined from thebin median reducing the impact of small number ofoutlier grades.
		Estimation of the silver, lead and zinc gradesincludeduppercutsapproximatingthe99thpercentile of each dataset which reduce the impactof a small number of outlier composite grades
	The process of validation, the checking process	Model validation included visual comparison of

Criteria	JORC Code explanation	Commentary
	used, the comparison of model data to drill holedata, and use of reconciliation data if available.	model estimates and composite and trend (swath)plots.
Moisture	Whether the tonnages are estimated on a dry basisor with natural moisture, and the method ofdetermination of the moisture content.	Tonnages are estimated on a dry tonnage basis
Cut-offparameters	The basis of the adopted cut-off grade(s) orquality parameters applied.	Oxide and Sulphide Open Pit Mineral Resources arereported at NSR cut offs of $40t and $50/t within anoptimal pit shell generated at the parametersdescribed in the body of this report. The selected cutoffreflectsthebreak-evengradeattheseparameters.
		Underground Mineral Resources are constrainedwithin a series of mineable shapes were produced byDeswik'sShapeOptimiser(SO)usingNSRparameters compiled by Peel.
		The NSR estimation takes into account metallurgicalrecovery assumptions derived from metallurgicaltestwork results. It also takes account of the metalpayabilities, metal prices, exchange rates, freight andtreatmentchargesandroyalties.Themetalrecoveries and metal prices used in the NSRestimation are found in the main body of thisannouncement.
Miningfactorsorassumptions	Assumptions made regarding possible miningmethods, minimum mining dimensions and internal(or, if applicable, external) mining dilution. It isalways necessary as part of the process ofdetermining reasonable prospects for eventualeconomic extraction to consider potential miningmethods, but the assumptions made regardingmining methods and parameters when estimatingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the miningassumptions made.	Oxide and Sulphide Open Pit Mineral Resources arereported at NSR cut offs of $40t and $50/t within anoptimal pit shell generated at the parametersdescribed in the body of this report. The selected cutoffreflectsthebreak-evengradeattheseparameters.Underground Mineral Resources are reported withinoptimal stope shapes generated at NSR cut-offs of$A60/t, $A80/t and $A100/t. Material at these cut-offsare considered by Peel to have reasonable prospectsof extraction. The smallest mineable unit (SMU) forthe SO shapes is 5m long by 5m high, with aminimum mining width of 3m. No Hangingwall orFootwall dilution was applied to the optimal stopeMineral Resource shapes however internal dilutionhas been included where required. No minimumpillar has been designed between the stope shapeszones to capture as much mineralisation as possible.The assumption is cemented fill could be used torecover the mineralisation, so no pillar is required.

Criteria	JORC Code explanation	Commentary
		Estimates for a small number of peripheral mineableshapes, distal to the main grouping were excludedfrom the MRE.
Metallurgicalfactorsorassumptions	The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary aspart of the process of determining reasonableprospects for eventual economic extraction toconsider potential metallurgical methods, but theassumptions regarding metallurgical treatmentprocesses and parameters made when reportingMineral Resources may not always be rigorous.Where this is the case, this should be reported withan explanation of the basis of the metallurgicalassumptions made.	Metallurgical testwork completed by Peel, primarilyundertaken at ALS Burnie, guided the metallurgicalrecoveries assigned to the MRE. Work to date hasincluded series of sequential and locked cycleflotation tests, and cyanide leach and gravityrecovery for gold and silver.
Environmental factors orassumptions	Assumptions made regarding possible waste andprocess residue disposal options. It is alwaysnecessary as part of the process of determiningreasonableprospectsforeventualeconomicextraction to consider the potential environmentalimpacts of the mining and processing operation.While at this stage the determination of potentialenvironmentalimpacts,particularlyforagreenfields project, may not always be welladvanced, the status of early consideration of thesepotentialenvironmentalimpactsshouldbereported. Where these aspects have not beenconsidered this should be reported with anexplanation of the environmental assumptionsmade.	Economic evaluation of the deposit is at an earlystage,andenvironmentalconsiderationsforpotential mining have not yet been evaluated indetail. Information available to Peel indicates thatthere are unlikely to be any specific environmentalissues that would preclude potential eventualeconomic extraction.
Bulk density	Whether assumed or determined. If assumed, thebasis for the assumptions. If determined, themethod used, whether wet or dry, the frequency ofthemeasurements,thenature,sizeandrepresentativeness of the samples.The bulk density for bulk material must have beenmeasured by methods that adequately account forvoid spaces (vugs, porosity, etc), moisture anddifferences between rock and alteration zoneswithin the deposit.Discuss assumptions for bulk density estimates usedin the evaluation process of the different materials.	Bulk densities were assigned by mineralisation andoxidation domain on the basis of 211 immersiondensity measurements performed by Peel ondiamondcoresamples.Stronglyoxidised,moderately oxidised mineralisation and combinedsulphide mineralisation outside the high-grade basemetal domain was assigned densities of 2.30, 2.55and 2.75 t/bcm respectively. The high-grade basemetal domain was assigned densities of 2.50, 2.60and 2.90 t/bcm for these zones respectively.
Classification	The basis for the classification of the MineralResources into varying confidence categories.	Estimates are classified as Indicated and Inferredprimarily on the basis of estimation search pass. This

Criteria	JORC Code explanation	Commentary
		approachclassifiesmodelblockstestedbyconsistently 25m spaced drilling to the Indicatedcategory and estimates for more broadly sampledmineralisation to the Inferred category.
	Whether appropriate account has been taken of allrelevantfactors(ierelativeconfidenceintonnage/grade estimations, reliability of input data,confidence in continuity of geology and metalvalues, quality, quantity and distribution of thedata).	The Mineral Resource classification accounts for allrelevant factors.
	Whether the result appropriately reflects theCompetent Person's view of the deposit.	The Mineral Resourceclassifications reflect theCompetent Person's views of the deposit.
Auditsorreviews	The results of any audits or reviews of MineralResource estimates.	The Mineral Resource estimates have been reviewedbyPeelgeologistsandareconsideredtoappropriately reflect the mineralisation and drillingdata.
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of the relativeaccuracy and confidence level in the MineralResource estimate using an approach or proceduredeemed appropriate by the Competent Person. Forexample,theapplicationofstatisticalorgeostatistical procedures to quantify the relativeaccuracy of the resource within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factorsthat could affect the relative accuracy andconfidence of the estimate.The statement should specify whether it relates toglobal or local estimates, and, if local, state therelevant tonnages, which should be relevant totechnical and economic evaluation. Documentationshouldincludeassumptionsmadeandtheprocedures used.Thesestatementsofrelativeaccuracyandconfidence of the estimate should be compared withproduction data, where available.	Confidence in the relative accuracy of the estimatesis reflected by the classification of estimates asIndicated and Inferred.