PEEL MINING LIMITED — Capital/Financing Update 2025

Oct 26, 2025

==> picture [596 x 111] intentionally omitted <==

----- Start of picture text -----

ASX ANNOUNCEMENT
27 [th] October 2025 ASX: PEX
----- End of picture text -----

DRILLING COMMENCES AT NOMBINNIE GOLD PROSPECT AS PEEL ADVANCES EXPLORATION PROGRAM

Highlights

• Phase One drilling program underway at the Nombinnie gold prospect, NSW

• Initial phase comprises 12 Reverse Circulation holes for approximately 1,700m

• Program designed to test down-dip and along-strike extensions of historical gold mineralisation

• IP geophysics and soil geochemistry indicate the potential for a Wagga Tankstyle sulphide system

Peel Mining Limited (ASX: PEX ) (“ Peel ” or “the Company ”) is pleased to advise that drilling has commenced at the Nombinnie prospect (“ Nombinnie ”), located approximately 7km west of Mount Hope in central New South Wales (Figure 1).

The program marks the first drilling undertaken by Peel at Nombinnie and follows recent exploration success highlighting significant mineralisation extending both down-dip and along strike from the historical gold workings.

The initial program provides for up to 20 drill pads, with an initial phase of 12 Reverse Circulation (RC) holes planned for approximately 1,700 metres over an estimated two-week period.

Drilling is designed to test for extensions of known oxide and supergene gold mineralisation, as well as potential primary sulphide mineralisation indicated by coincident surface geochemical anomalies and induced polarisation (IP) geophysics.

The Company looks forward to updating shareholders as drilling progresses and assay results become available.

Nombinnie Prospect

Nombinnie is located 7km west of Mount Hope and approximately 23km southeast of Wagga Tank, on Peel’s 100%-owned EL8751. The prospect lies on a volcanic–sedimentary contact within the Mt Halfway Volcanics of the Mount Hope Group. The area was first prospected for gold at the turn of the 20th century, with numerous shafts and shallow workings present.

Exploration for base metals during the 1970s and 1980s comprised geochemical RAB drilling and soil sampling programs, multiple phases of RC and RCD drilling, geological mapping, and, to a lesser extent, historical geophysical surveys. Systematic analysis for gold only appears to have commenced after 1980 and has been completed on approximately half of the historic drillholes, with better significant gold results including:

Peel Mining Limited P: (08) 9382 3955 E: info@peelmining.com.au Unit 1, 34 Kings Park Road, West Perth WA 6005

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

==> picture [596 x 77] intentionally omitted <==

• 8m @ 2.14g/t Au from 4m in NP13 [1]

• 6m @ 3.55g/t Au from 8m and 14m @ 3.14g/t Au from 28m in NP14 [1]

• 40m @ 1.46g/t Au, 0.86% Cu from 22m in NP17 [1]

• 18m @ 1.03g/t Au from 2m in NR3 [1]

More recently, Peel has undertaken re-mapping, portable XRF and pathfinder ME-MS61 soil and rock-chip surveys, as well as IP and FLEM geophysical surveys. Soil and rock-chip sampling defined a coherent multi-element (Pb-Zn-Ag-Au-Tl-Sb-As) anomaly of approximately 350m by 250m, while IP surveying outlined a coherent, moderate chargeability anomaly extending over 300m of strike (and open), broadly coincident with surface geochemical anomalism and historic drill intercepts (Figure 2).

The presence of strong oxide/supergene gold mineralisation in historic drilling, the favourable geological setting, and the coincidence of surface geochemical and moderate chargeable IP anomalies are considered strong indicators for the presence of a potentially significant gold-rich mineral system.

Managing Director and CEO Nick Woolrych commented:

“We’re excited to start drilling at Nombinnie, a prospect with significant potential as shown by both historical and recent exploration.

“The combination of historical high-grade gold intercepts and favourable geological, geochemical and geophysical characteristics makes this a compelling target within Peel’s broader organic growth portfolio.

“Peel Mining is built on the foundation of high-quality, considered exploration, and we are pleased to re-commence this work in a meaningful way, beginning at Nombinnie. We look forward to sharing results as they come to hand.”

Authorised for release by the Board

Nick Woolrych Peel Mining Limited Managing Director & CEO Email: nick.woolrych@peelmining.com.au

Nicholas Read – Read Corporate Media Inquiries: Phone: +61 419 929 046 Email: nicholas@readcorporate.com.au

1 – See ASX PEX announcement “EXPLORATION UPDATE” - 30 July 2025

ASX:PEX I www.peelmining.com.au 2

==> picture [596 x 77] intentionally omitted <==

==> picture [458 x 643] intentionally omitted <==

Figure 1 - Nombinnie Prospect Location

ASX:PEX I www.peelmining.com.au 3

==> picture [596 x 77] intentionally omitted <==

==> picture [449 x 629] intentionally omitted <==

Figure 2 - Nombinnie Drilling (Historic and Planned) and IP Chargeability

ASX:PEX I www.peelmining.com.au 4