PEEL MINING LIMITED — Interim / Quarterly Report 2016

Jul 28, 2016

JUNE 2016 QUARTERLY REPORT 31 JULY 2016

Peel Mining Limited ASX code: PEX ACN: 119 343 734

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

Ph: (08) 9382 3955 Fax: (08) 9388 1025 E: info@peelmining.com.au Web: www.peelmining.com.au

Contact:

Rob Tyson Managing Director info@peelmining.com.au

About Peel Mining Limited:

• The Company's five projects cover more than 5,000 km2 of highly prospective tenure in NSW and WA.
• Mallee Bull is an advanced copperpolymetallic deposit that remains open in many directions.
• Cobar Superbasin Project Farm-in Agreement with JOGMEC offers funded, highly-prospective and strategic greenfields exploration potential along with the exciting new Wirlong copper discovery.
• Apollo Hill hosts a major, protruding, shear-hosted, gold mineralised system that remains open down dip and along strike.
• Attunga Tungsten Deposit is a high grade tungsten deposit.
• 133 million shares on issue for $23m Market Capitalisation at 28 July 2016.

Highlights for June quarter 2016

Follow-up RC and diamond drilling extends the Wirlong copper discovery from near surface to more than 500m below surface, returning multiple significant mineralised intercepts which include:

• o 26m @ 1.21% Cu, 5 g/t Ag from 227m, 5m @ 1.14% Cu, 3 g/t Ag from 260m, and 10m @ 1.01% Cu, 4 g/t Ag from 556m in WLRCDD024
• o 2m @ 3.80% Cu, 11 g/t Ag from 36m and 9m @ 1.27% Cu, 4 g/t Ag from 255m in WLRC026
• o 9m @ 1.29% Cu, 7 g/t Ag from 412m, 19m @ 1.36% Cu, 6 g/t Ag from 432m and 1m @ 6.96% Zn, 0.57% Pb from 546m in WLRCDD028.

Mineralisation at Wirlong remains open along strike and up and down dip

IP and DHEM surveys at Mallee Bull delineate multiple targets for follow-up drilling, with the potential for extensional mineralisation to the north of the current resource and additional near-surface mineralisation at the 'T1' chargeability anomaly.

Metallurgical testwork at the Apollo Hill Gold Project continues to return favourable results; extraction values of 92-98% from agitated cyanide leach tests; 82% extraction from Gravity Recoverable Gold test; 77% and 69% extraction from column leach (heap leach simulation) tests.

Plans for September quarter 2016

RC/Diamond drilling now underway at Mallee Bull, with targets including the 'T3' remanant magnetic anomaly to the south-east, and possible extensional mineralisation to the north of the main deposit.

RC drilling is proposed for the Wagga Tank and Siegal's Shaft/MD2 prospects located on EL6695; transfer of the tenement to Peel Mining Ltd is now complete and approval for the program of work has been granted.

Exploration

Mallee Bull Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 50% and Manager, CBH 50%). Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

The Mallee Bull project is a 50:50 Joint Venture with CBH Resources Limited (CBH). A maiden JORC compliant Mineral Resource estimate was completed in May 2014. Details can be found in the announcement released 27 May 2014; "High Grade Copper Resource at Mallee Bull".

Figure 1: Mallee Bull Drill Plan with IP Chargeability and Magnetic Susceptibility Shells

During the quarter, a 50m dipole-dipole IP survey was completed over the Mallee Bull, comprising 7 traverses for a total 7.2 line km. The survey targeted the top 150m for Pb-Zn mineralisation proximal to Mallee Bull, to provide higher resolution at shallower depths in comparison to deep penetrating IP surveys previously completed. Modelling was completed using data sets from deep and shallow surveys, which interestingly resolved the 'T1' IP target into two lobes.

Subsequent to the end of the quarter, drilling at Mallee Bull recommenced as part of investigations to test for new mineralisation. Proposed targets include untested EM conductors to the north of Mallee Bull, potential shallow mineralisation (T1 repeats/extensions), and the T3 remanant magnetic anomaly southeast of Mallee Bull. The programme is anticipated to encompass up to 6,000m of RC and diamond drilling.

Cobar Superbasin Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%).

Targets: Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

As announced in the September 2014 quarter, the Cobar Superbasin Project is subject to a Memorandum of Agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC), under which JOGMEC may earn up to 50% interest by funding up to $7 million of exploration. Details of the JOGMEC MoA can be found in Peel's ASX Announcement released on 30 September 2014.

The third stage of exploration under the JOGMEC MoA commenced in the June quarter with continued RC and diamond drilling at the Wirlong prospect, which has been confirmed as a new and potentially high grade copper discovery. Wirlong is defined by historic copper workings, a topographic high, a >2km surface multi-element surface geochemical anomaly, and coincident or semi-coincident geophysical anomalies including magnetic, radiometric, gravity, IP and electromagnetic. Results indicate that Wirlong represents a very large, mineralised, hydrothermal system with a strike length of more than 2.5km.

Drilling

Phase 3 drilling at Wirlong commenced in late April and involved the completion of 8 drillholes for 3,691.6m. Drilling comprised a combination of RC drillholes and RC precollar with diamond tail drillholes. Productivity, timing and final design of the drilling programme was impacted by much higher than usual rainfall affecting western NSW over the last 3 months.

The program commenced with the extension of RC drillhole WLRC008 (3m @ 0.57% Cu, 1.24% Zn, 7 g/t Ag from 54m, 5m @ 1.64% Zn, 0.82% Pb, 2 g/t Ag from 93m, 1m @ 6.44% Zn, 3.81% Pb, 0.54% Cu, 18 g/t Ag from 113m), which was initially drilled in August 2015, to a total depth of 450m with the aim of testing an off-hole anomaly identified from DHEM surveying. Minor chalcopyrite and sphalerite was noted in the drill chips, however, results were not highly anomalous.

WLRC022 (403m) was drilled to the south of drillhole WLRC019, which encountered broad zones of anomalous Pb-Zn-Cu values in the December 2015 quarter, to target the northern end of an anomaly identified from a detailed gravity survey. Surveys indicate that the hole passed over the top of the gravity anomaly, with pXRF assays showing a corresponding rise in Fe values (>3%) between 170m-220m. Nevertheless, anomalous results were returned with significant intercepts including 1m @ 0.35% Cu, 1.30% Pb, 0.76% Zn, 29 g/t Ag from 172m and 1m @ 0.46% Pb, 0.95% Zn from 366m. Further testing of the gravity anomaly is anticipated.

WLRCDD023 (588.1m) was drilled to test the Wirlong magnetic and geochemical anomalies from the western side of the Wirlong ridge line. Chalcopyrite and sphalerite mineralisation was observed within and adjacent to the volcaniclastic/sediment boundary, with significant intercepts including 1m @ 0.45% Cu, 1.41% Pb, 0.95% Zn, 37 g/t Ag from 343m, 2m @ 0.79% Cu from 347m, 2m @ 0.57% Cu from 387m, 1m @ 0.67% Cu from 395m and 1m @ 0.38% Pb, 0.80% Zn from 420m.

WLRCDD024 (858.4m) was drilled to test along strike to the north of WLRCDD015 (4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m and 22m @ 1.0% Cu, 4 g/t Ag from 332m) and its gravity/magnetic target. The drillhole encountered multiple intercepts of strong copper and zinc mineralisation, with sericite and chlorite alteration observed throughout. Significant intercepts include 121m @ 0.73% Cu, 3 g/t Ag from 207m (including 26m @ 1.21% Cu, 5 g/t Ag from 227m, 5m @ 1.14% Cu, 3 g/t Ag from 260m, 2m @ 1.24% Cu, 5 g/t Ag from 278m, 10m @ 1.01% Cu, 4 g/t Ag from 288m), 1m @ 4.81% Cu, 10 g/t Ag from 556m, 2m @ 2.23% Cu from 617m. Encouragingly, mineralisation remains open at depth, with an intercept of 0.4m @ 3.01% Zn from 858m to EOH.

WLRC025 was drilled to test up-dip of WLRCDD015 but was abandoned due to insufficient lift. Follow-up hole WLRC026 (277m) was terminated early for the same reason, however strong copper mineralisation

was returned with intercepts including 2m @ 3.80% Cu, 10.5 g/t Ag from 36m, 1m @ 1.31% Cu from 71m, 2m @ 0.80% Cu from 74m, 2m @ 0.96% Cu from 243m, 1m @ 1.46% Cu from 249m and 9m @ 1.27% Cu from 255m.

WLRCDD027 (598.7m) was drilled to test along strike to the north of WLRCDD024. Significant copper mineralisation was again encountered, with better intercepts including 2m @ 0.64% Cu from 57m, 2m @ 1.14% Cu from 62m, 2m @ 0.86% Cu from 66m, 2m @ 0.96% Cu from 71m, 2m @ 2.06% Cu, 20 g/t Ag from 106m, 1m @ 1.13% Cu from 244m.

WLRCDD028 (594.4m) was drilled to test along strike to the south of WLRCDD015 and its gravity/magnetic target. The drillhole encountered multiple intercepts of strong copper and zinc mineralisation, with sericite and chlorite alteration observed throughout. Better intercepts include 90m @ 0.68% Cu, 3 g/t Ag from 412m (including 9m @ 1.29% Cu, 7 g/t Ag from 412m and 19m @ 1.36% Cu, 6 g/t Ag from 432m), 3m @ 0.70% Zn from 509m, 1m @ 0.57% Pb, 6.96% Zn from 546m and 1m @ 0.95% Zn from 592m.

In general, mineralisation comprises chalcopyrite-pyrrhotite+/-sphalerite+/-galena+/-pyrite and occurs as sulphide disseminations, veins and veinlets, and breccia within occasionally sheared/deformed and altered (silica-chlorite-sericite) turbidite sediments and/or felsic volcanics (rhyolite/rhyo-dacite). The true width of mineralisation is inferred to be between 40-50% of the downhole widths and is thought to be striking approximately north-south and dipping at ~80 degrees to the west.

Significant copper mineralisation at Wirlong has now been defined over ~200m strike, and from near surface to more than 500m below surface. Mineralisation remains open up and down dip and along strike. Initial interpretation of results suggests a possible easterly offset to the mineral system to the north, as evidenced by highly anomalous copper mineralisation returned from the upper part of WLRCDD027.

Future activity at Wirlong will be focused on extending the known mineralisation and targeting potential higher grade structures. Downhole electromagnetic surveying is planned for the near term.

Geophysics

Detailed airborne magnetic surveys were conducted in April over the Wirlong and Bedooba prospects.

The Bedooba prospect is defined by a NE/SW trending magnetic anomaly with coincident gravity high and a substantial multi-element geochemical soil anomaly along strike to the north-east. Two 3D magnetic inversion models were run on the data from Bedooba and both models were found to converge well, indicating that the underlining model is a good representation of the geometry and magnetic susceptibility of the anomaly sources. RC drilling is planned to test the magnetic/gravity anomaly at a depth between 250-300m.

At Wirlong, inversion modelling identified 5 discrete targets and 1 linear target adjacent to the project area, of which the most promising is 'Wir16a'; a coincident magnetic and gravity anomaly with the depth to the top of the target between 90-140m. The anomaly is located approximately 1.8km NNE of the northernmost RC hole at Wirlong (WLRC007; 2m @ 2.30% Zn, 0.81% Pb, 4 g/t Ag from 139m), and a single 250m hole has been recommended to target the centre of this anomaly.

Additional geophysics work this quarter comprised downhole electromagnetic (DHEM) surveys on Wirlong drillholes WLRC008, WLRC022, WLRCDD023 and WLRCDD024 in May/June 2016. A distal off-hole source is interpreted from the former three drillholes, the source of which is thought to be a large conductor dipping sub-parallel to WLRC008 and positioned east of all four holes, possibly representing a

stratigraphic/lithological boundary. In WLRCDD024, on-hole anomalies were identified at depths of 300m, 700m and 730m.

Figure 2: Central Wirlong Prospect Drill Plan with 2nd Order Residual RTP Magnetics

Figure 3: Cobar Superbasin Project Tenements & Prospects

Geochemistry

Soil sampling programs were conducted at Wirlong and Bedooba for a total 111 and 33 samples respectively. At Wirlong, portable XRF surface sampling was completed over the 'Wir16a' coincident magnetic and gravity anomaly identified from the aforementioned airborne magnetic survey. Encouragingly, anomalous Pb and Zn results were returned with maximum values of 167ppm Pb and 86ppm Zn. At Bedooba, soil samples sieved to -80 micron were fire assayed for Au and 4-acid total leach digested for multi-elements; results confirmed arsenic and bismuth surface geochemical anomalies which were previously identified from portable XRF sampling, and an additional partial leach program is anticipated along the anomalous magnetic/gravity trend.

Apollo Hill Project: Gold; Northeastern Goldfields WA (PEX 100%).

Targets: Archean gold deposits.

Metallurgical testwork was undertaken at Apollo Hill this quarter, comprising of column leach (simulated heap leach) and associated tests on -4mm and -8mm crushed and agglomerated products; agitated cyanide leach tests at P80 sizes of 300µm, 150µm and 75µm, with and without upfront gravity gold; gravity recoverable gold; and a standard bond ball mill work index for milling to a P80 of 75µm. Results were highly favourable, continuing to highlight the positive metallurgical characteristics of the project; the column leach tests at HPGR crush sizes of -4mm and -8mm achieved gold extractions of 76.7% and 69.1% respectively, the gravity recoverable gold test returned an 82% extraction value, and the agitated cyanide leach tests gave values of 92% to 98% extraction. Details from the testwork can be found in Peel's ASX announcement released on 16 June 2016; 'Further Metallurgical Testwork Success at Apollo Hill'.

Further drilling is anticipated at the main Apollo Hill deposit to follow-up the mineralisation encountered by RC drilling in March 2016, which increased the potential to add to the existing inferred resource. Significant intercepts included 8m @ 6.39 g/t Au from 71m (incl. 3m @ 15.6 g/t Au from 74m) and 10m @ 4.23 g/t Au from 94m (incl. 5m @ 6.31 g/t Au from 95m) in PARC036, and 28m @ 0.86 g/t Au from 207m in PARC31. Regional activities over the broader tenement package is also set to continue, which include plans for deeper drilling at the '40G/Mud Hut' prospect on E31/1063.

Wagga Tank/Mount View Projects: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%).

Targets**:** Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

Preliminary field reconnaissance was undertaken on the EL6695 'Wagga Tank Project' tenement previously held by MMG Australia Limited (80%) and Golden Cross Operations Pty Ltd (20%). Transfer of the tenement into Peel Mining Ltd was completed in mid-July 2016. Two rock chip samples were taken from the Wagga Tank and Siegal's Shaft prospects located on the licence, with highly anomalous values returned; 0.69% Pb, 0.31% Zn, 16 g/t Ag, 2.01 g/t Au from PRT01 and 0.31% Pb, 0.93 g/t Au from PRT02 at Siegal's Shaft; 0.26% Cu, 2.97% Pb, 0.20% Zn from PRT03 and 0.29% Cu, 1.45% Pb, 0.30% Zn from PRT04 at Wagga Tank.

At the Wagga Tank prospect, historic drilling led to the defining of a non-JORC compliant inferred resource estimate comprising polymetallic (Zn-Pb-Cu-Ag-Au) mineralisation. Historic significant drill intercepts include 5.3m @ 2.09 g/t Au, 1164 g/t Ag, 9.36% Cu, 0.78% Pb from 119.8m in HD-9; 15.4m @ 133 g/t Ag, 0.4% Cu, 4.5% Pb, 12.5% Zn from 140.1m in HD-11; 7.5m @ 99.4 g/t Ag, 7.25% Pb, 18.0% Zn from 215.6m in HD-12 and 2.5m @ 0.24 g/t Au, 100 g/t Ag, 0.25% Cu, 8.59% Pb, 11.6% Zn from 216.2m in HD-14. An initial review of data at Wagga Tank indicates that the mineralised system remains open along strike and at depth.

The Siegal's Shaft/MD2 prospect area is defined by historic workings, coincident geochemical and geophysical anomalies, including a strong positive magnetic anomaly which appears to be insufficiently

tested. Historic drilling predominantly focused on following-up surface geochemical anomalism and associated IP anomalies. Encouragingly, holes on the margin of the magnetic anomaly encountered disseminated sulphide mineralisation with better intercepts including 9m @ 31.7 g/t Ag, 0.24 g/t Au, 0.41% Cu, 0.76% Pb, 1.44% Zn from 108m in MMGMD2001 (incl. 1m @ 83.8 g/t Ag, 0.50 g/t Au, 0.98% Cu, 2.09% Pb, 4.58% Z from 115m), 1m @ 65 g/t Ag, 0.80% Cu, 3.40% Pb, 4.44% Zn from 70m in SD1 and 6m @ 55.2 g/t Ag, 0.73 g/t Au, 1.11% Cu, 1.30% Pb, 3.41% Zn from 55m in SP1.

RC drilling programs are proposed to commence at both prospects during the September quarter.

Further information regarding historic exploration results from the Wagga Tank and Siegals prospects can be accessed via the "NSW DIGS" online archive system maintained by the Geological Survey of NSW, part of the Resource & Energy Division of NSW Department of Industry.

Other Projects

No fieldwork was undertaken on any other project during the quarter.

Corporate

During the quarter, Peel Mining Limited received a tax refund of $769,885 (before costs) for the 2014/15 year in relation to Research & Development activities undertaken by the Company.

For further information, please contact Managing Director Rob Tyson on (08) 9382 3955.

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr Robert Tyson, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Tyson 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 2004 Edition of the '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 his information in the form and context in which it appears.

Wirlong RC & Diamond Drill Collars

Hole ID	Northing	Easting	Azi	Dip	Final Depth (m)
WLRC008	6445669	418702	262.88	-66.21	450
WLRC022	6445309	418935	275.83	-70.29	403
WLRCDD023	6446412	418158	82.41	-54.96	588.1
WLRCDD024	6447064	418529	258.11	-66.93	858.4
WLRC025	6446953	418564	254.8	-55	270
WLRC026	6446927	418465	259.02	-55.82	277
WLRCDD027	6447134	418590	268.7	-59.67	598.7
WLRCDD028	6446900	418613	254.77	-55.64	594.4

Wirlong RC/Diamond Drilling Significant Assay Results (1m intervals)

Hole ID	From (m)	To (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
WLRC026	36	37	2.29	0.01	0.09	6	-0.01
	37	38	5.30	0.04	0.16	15	0.02
	71	72	1.31	0.01	0.06	5	0.02
	74	75	1.01	0.01	0.06	-5	-0.01
	75	76	0.58	0.00	0.06	-5	-0.01
	229	230	0.80	0	0.03	-5	-0.01
	232	233	0.69	0	0.01	-5	-0.01
	234	235	0.80	0.01	0.02	-5	-0.01
	235	236	0.55	0	0.02	-5	0.01
	236	237	0.69	0	0.02	-5	-0.01
	243	244	1.02	0	0.02	-5	-0.01
	244	245	0.91	0.01	0.03	-5	0.02
	249	250	1.46	0.01	0.03	6	0.01
	255	256	0.52	0	0.02	-5	0.01
	256	257	1.11	0.01	0.03	-5	-0.01
	257	258	1.05	0.02	0.03	5	0.01
	258	259	1.26	0.02	0.06	5	0.01
	259	260	1.79	0.02	0.05	7	-0.01
	260	261	2.71	0.03	0.06	11	-0.01
	261	262	1.52	0.01	0.25	6	0.02
	262	263	0.93	0.01	0.15	-5	-0.01
	263	264	0.56	0.01	0.26	-5	0.01
	274	275	0.61	0.03	0.07	-5	-0.01
WLRCDD023	343	344	0.45	1.41	0.95	37	0.01
	347	348	0.71	0.02	0.05	-5	0.04
	348	349	0.87	0.01	0.03	-5	0.02
	387	388	0.50	0.01	0.02	-5	-0.01
	388	389	0.64	0.01	0.03	-5	-0.01
	391	392	0.53	0.09	0.12	-5	-0.01
	395	396	0.67	0.01	0.02	-5	-0.01
	402	403	0.60	0	0.02	-5	-0.01
	420	421	0.01	0.38	0.80	-5	-0.01
	476	477	0.55	0	0.01	-5	-0.01
WLRCDD024	208	209	1.75	0.01	0.06	8.63	-0.01
	217	218	0.80	0	0.05	4.31	-0.01
	218	219	0.51	0.02	0.05	3.81	0.01
	221	222	0.88	0.02	0.14	5.54	-0.01
	227	228	0.68	0.05	0.05	4.47	0.01
	229	230	1.49	0	0.03	6.34	-0.01

Peel Mining Limited – Quarterly Report June 2016 9

Hole ID	From (m)	To (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
	231	232	1.31	0.02	0.03	6.28	0.01
	232	233	1.96	0	0.06	8.38	0.01
	233	234	0.71	0.01	0.10	3.32	-0.01
	236	237	0.68	0	0.02	2.95	-0.01
	237	238	2.22	0.01	0.04	9.98	0.01
	238	239	2.72	0.01	0.05	11.7	0.01
	243	244	1.36	0	0.02	4.7	0.02
	244	245	1.90	0.03	0.04	7.07	0.01
	245	246	2.08	0.02	0.05	7.33	0.02
	246	247	2.90	0.04	0.12	10.9	0.02
	247	248	3.18	0.03	0.16	11.1	-0.01
	248	249	1.87	0.03	0.11	8.29	-0.01
	249	250	1.16	0.01	0.05	3.7	-0.01
	250	251	0.89	0.01	0.03	2.86	-0.01
	251	252	1.25	0.02	0.04	5.09	-0.01
	252	253	0.51	0.01	0.03	1.87	-0.01
	260	261	1.72	0	0.03	4.58	0.01
	262	263	0.95	0	0.03	2.23	-0.01
	263	264	1.42	0	0.03	3.35	-0.01
	264	265	1.33	0	0.03	3.91	-0.01
	266	267	0.94	0.01	0.03	2.39	0.05
	268	269	0.98	0	0.04	2.25	0.01
	269	270	0.61	0.01	0.04	1.59	0.01
	270	271	0.85	0.01	0.07	2.03	-0.01
	273	274	0.59	0.01	0.04	1.57	0.01
	274	275	0.68	0.01	0.03	1.67	-0.01
	275	276	0.73	0.08	0.06	4.97	-0.01
	276	277	0.61	0.25	0.16	2.5	-0.01
	278	279	1.44	0.06	0.47	6.54	0.01
	279	280	1.04	0.03	0.15	4.13	-0.01
	282	283	0.97	0.01	0.05	2.3	-0.01
	283	284	0.53	0	0.03	0.97	-0.01
	284	285	0.85	0	0.02	1.46	-0.01
	285	286	0.57	0	0.02	0.98	-0.01
	286	287	0.73	0	0.02	1.28	-0.01
	288	289	0.75	0	0.02	2.15	-0.01
	289	290	1.03	0.01	0.05	2.77	-0.01
	290	291	0.61	0	0.02	1.93	-0.01
	291	292	1.13	0	0.03	4.29	-0.01
	292	293	0.54	0.01	0.05	1.72	-0.01
	294	295	0.92	0.01	0.03	2.88	-0.01
	296	297	0.90	0	0.03	2.5	-0.01
	297	298	3.24	0.26	1.05	17.7	0.04
	298	299	0.60	0.18	0.13	5.6	-0.01
	300	301	0.57	0.04	0.14	3.64	-0.01
	305	306	0.84	0.01	0.06	6.09	0.01
	306	307	1.06	0.02	0.13	8.38	-0.01
	307	308	0.70	0.01	0.07	4.76	-0.01
	308	309	1.12	0.06	0.30	9.18	0.01
	310	311	1.10	0.02	0.52	7.71	0.02
	311	312	0.57	0.01	0.23	4.55	0.02

Hole ID	From (m)	To (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
	325	326	1.80	0	0.04	7.27	0.02
	326	327	0.70	0	0.02	2.97	0.02
	327	328	0.47	0	0.02	1.95	0.02
	556	557	4.81	0.01	0.09	10	0.09
	608	609	0.62	0	0.03	-5	0.01
	617	618	3.91	0.01	0.15	11	0.05
	618	619	0.54	0	0.04	-5	-0.01
	624	625	0.64	0	0.02	-5	0.02
	723	724	2.00	0.01	0.03	7	0.03
	725	726	0.59	0	0.01	-5	-0.01
	726	727	1.61	0	0.04	-5	0.02
	858	858.4	0.06	0.02	3.01	-5	-0.01
WLRCDD027	57	58	0.68	0.12	0.14	-5	-0.01
	58	59	0.60	0.05	0.02	-5	-0.01
	60	61	0.74	0.04	0.04	6	-0.01
	62	63	1.38	0.04	0.09	10	-0.01
	63	64	0.89	0.02	0.07	5	-0.01
	66	67	0.65	0.01	0.03	-5	0.03
	67	68	1.06	0.07	0.03	10	0.17
	71	72	1.20	0.01	0.06	10	0.17
	72	73	0.71	0	0.07	6	0.11
	106	107	2.88	0.16	0.05	31	0.03
	107	108	1.24	0.04	0.02	9	0.01
	110	111	0.71	0.01	0.05	-5	0.01
	112	113	0.72	0	0.07	-5	0.01
	115	116	0.55	0	0.08	-5	0.02
	244	245	1.13	0	0.04	-5	-0.01
	408	409	0.77	0.01	0.09	4.5	0.06
WLRCDD028	264	265	0.85	0.01	0.06	4.9	0.01
	265	266	0.76	0	0.03	3.5	-0.01
	383	384	0.83	0	0.02	3.2	-0.01
	384	385	1.33	0	0.03	4.7	-0.01
	385	386	0.94	0	0.02	3.5	-0.01
	386	387	0.66	0	0.03	2.6	-0.01
	412	413	0.54	0.04	0.29	3.9	-0.01
	415	416	0.83	0.01	0.02	3.4	-0.01
	416	417	0.59	0.03	0.24	3.8	-0.01
	418	419	1.90	0.04	0.10	8.9	-0.01
	419	420	3.98	0.28	0.55	24.6	-0.01
	420	421	2.64	0.09	0.18	10.5	-0.01
	427	428	0.55	0	0.01	1.7	-0.01
	432	433	3.15	0.04	0.09	11.5	0.02
	433	434	1.09	0.01	0.04	4.3	-0.01
	436	437	1.19	0	0.01	4.1	-0.01
	437	438	1.06	0	0.01	3.6	0.01
	440	441	0.52	0	0.01	1.8	-0.01
	442	443	2.88	0.01	0.05	11.6	0.16
	443	444	8.63	0.16	0.11	41.8	0.16
	444	445	2.56	0.04	0.06	10.8	-0.01
	445	446	1.02	0.02	0.04	4.4	-0.01
	450	451	1.79	0	0.03	4.9	-0.01

Hole ID	From (m)	To (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)	Au (g/t)
	455	456	0.65	0	0.01	1.8	-0.01
	462	463	1.21	0	0.01	3.3	0.02
	464	465	1.08	0	0.01	3.2	-0.01
	465	466	0.65	0	0.01	1.8	-0.01
	467	468	0.91	0	0.02	2.4	-0.01
	469	470	1.00	0	0.01	2.8	0.03
	470	471	2.64	0	0.03	7.8	0.02
	471	472	1.06	0.01	0.03	3.6	-0.01
	482	483	0.85	0.01	0.04	2	0.04
	483	484	0.76	0.02	0.03	2.3	0.02
	488	489	0.73	0	0.04	1.6	0.02
	489	490	1.12	0.16	0.14	9.7	0.06
	498	499	0.21	0	0.02	1.1	0.77
	502	503	1.35	0	0.06	4.5	0.01
	503	504	0.66	0	0.04	2.5	0.01
	504	505	1.02	0	0.08	4	0.04
	505	506	0.58	0	0.09	2.2	0.02
	509	510	0.03	0	0.54	-0.2	-0.01
	510	511	0.01	0	0.91	-0.2	-0.01
	511	512	0.01	0.17	0.67	6.2	-0.01
	546	547	0.03	0.57	6.96	5.7	0.07
	592	593	0.01	0.03	0.95	0.8	-0.01

Table 1 - Section 1: Sampling Techniques and Data for Mallee Bull/Cobar Superbasin Project

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 there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrantdisclosure ofdetailed information.	Diamondand reverse circulation (RC)drilling were used to obtain samples forgeological logging and assaying.Diamond core was cut and sampled at 1mintervals. RC drill holes were sampled at1m intervals and split using a cone splitterattached to the cyclone to generate a splitof 2-4kg to ensure sample representivity.Multi-element readings were taken of thediamond core and RC drill chips using anOlympus Delta Innov-X portable XRF tool.The portable XRF was calibrated againststandards after every 30 readings.
Drillingtechniques	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 or	Drilling to date has been a combination ofdiamond, reverse circulation and rotary airblast. Reverse circulation drilling utilised a5 1/2 inch diameter hammer. A blade bit

Criteria	JORC Code explanation	Commentary
	other type, whether core is oriented and if so, bywhat method, etc).	was predominantly used for RAB drilling.NQ and HQ coring was used for diamonddrilling.
Drillsamplerecovery	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 mayhave occurred due to preferential loss/gain offine/coarse material.	Core recoveries are recorded by the drillersin the field at the time of drilling andchecked by a geologist or technicianRC and RAB samples are not weighed on aregular basis due to the exploration natureofdrillingbutnosignificantsamplerecovery issues have been encountered ina drilling program to date.Diamondcoreisreconstructedintocontinuous runs on an angle iron cradle fororientationmarkinganddepthsarechecked against the depths recorded oncore blocks. Rod counts are routinelyundertaken by drillers.Whenpoorsamplerecoveryisencountered during drilling, the geologistand driller have endeavoured to rectify theproblem to ensure maximum samplerecovery.Sample recoveries to date have generallybeen high. Insufficient data is available atpresent to determine if a relationshipexists between recovery and grade. Thiswill be assessed once a statistically validamount of data is available to make adetermination.
Logging	Whethercoreandchipsampleshavebeengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged.	Allcoreanddrillchipsamplesaregeologically logged.Core samples areorientated and logged for geotechnicalinformation. Drill chip samples are loggedat 1m intervals from surface to the bottomof each individual hole to a level that willsupportappropriatefutureMineralResource studies.Logging of diamond core, RC and RABsamples records lithology, mineralogy,mineralisation,structure(DDHonly),weathering, colour and other features ofthe samples. Core is photographed as bothwet and dry.All diamond, RC drill holes in the currentprogram were geologically logged in full.
Sub-samplingtechniquesandsamplepreparation	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.	Drill core was cut with a core saw and halfcore taken.The RC drilling rigs were equipped with anin-built cyclone and splitting system, whichprovidedonebulksampleofapproximately 20kg and a sub-sample of 2-4kg per metre drilled.All samples were split using the systemdescribed above to maximise and maintainconsistent representivity. The majority ofsamples were dry.

Criteria	JORC Code explanation	Commentary
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,includingforinstanceresultsforfieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grainsize of the material being sampled.	Bulk samples were placed in green plasticbags, with the sub-samplescollectedplaced in calico sample bagsField duplicates were collected by resplitting the bulk samples from largeplasticbags.Theseduplicatesweredesigned for lab checks.A sample size of 2-4kg was collected andconsideredappropriateandrepresentative for the grain size and styleof mineralisation.
Qualityofassaydataandlaboratorytests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established.	ALS and SGS Laboratory Services were usedfor Au and multi-element analysis workcarried on out on 5m or 6m compositesamples and 1m split samples.The laboratory techniques below are for allsamplessubmittedtoALSandareconsidered appropriate for the style ofmineralisation defined at Wirlong:oPUL-23 (Sample preparationcode)oAu-AA26 Ore Grade Au 50gFA AA FinishoME-MS61 48 element fouracid ICP-MS, ME-ICP41 35element aqua regia ICP-AES,or an appropriate Ore Gradebase metal AA finishThe laboratory techniques below are for allsamplessubmittedtoSGSandareconsidered appropriate for the style ofmineralisation defined at Wirlong:oPRP-86/88 & SPL-26 (Samplepreparation code)oME-ICP41Qmulti-element,or an appropriate Ore Gradebase metal AA finishoFAA-505 Ore Grade Au 50gFA AA finishAssaying of soil samples in the field was byportable XRF instrument Olympus DeltaInnov-X Analyser. Reading time was 20seconds per reading with a total 3 readingsper sample.TheQA/QCdataincludesstandards,duplicatesandlaboratorychecks.Duplicates for drill core are collected bythe lab every 30 samples after the coresampleispulverised.Duplicatesforpercussion drilling are collected directlyfrom the drill rig or the metre sample bagusing a half round section of pipe. In-houseQA/QC tests are conducted by the lab oneach batch of samples with standardssupplied by the same companies thatsupply our own.

Criteria	JORC Code explanation	Commentary
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data.	Allgeologicalloggingandsamplinginformation is completed in spreadsheets,which are then transferred to a databasefor validation and compilation at the Peelheadoffice.Electroniccopiesofallinformation are backed up periodically.Noadjustmentsofassaydataareconsidered necessary.
Locationofdata 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 definethe location of the samples.Standardpractice is for the GPS to be left at the siteof the collar for a period of 5 minutes toobtain a steady reading. Collars are pickedup after by DGPS. Down-hole surveys areconducted by the drill contractors usingeitheraReflexgyroscopictoolwithreadingsevery10mafterdrillholecompletion or a Reflex electronic multishot camera will be used with readings fordip and magnetic azimuth taken every 30mdown-hole. QA/QC in the field involvescalibrationusingateststand.Theinstrument is positioned with a stainlesssteel drill rod so as not to affect themagnetic azimuth.Grid system used is MGA 94 (Zone 55). Alldown-holemagneticsurveyswereconverted to MGA94 grid.
Data spacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient 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.	Data/drill hole spacing is variable andappropriate to the geology and historicaldrilling.5m or 6m sample compositing has beenapplied to RC drilling at Wirlong for goldassay.
Orientation ofdatainrelationtogeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If 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.	Most drillholes are planned to intersect theinterpreted mineralised structures/lodesas near to a perpendicular angle aspossible (subject to access to the preferredcollar position).
Samplesecurity	The measures taken to ensure sample security.	The chain of custody is managed by theproject geologist who places calico samplebags in polyweave sacks. Up to 5 calicosample bags are placed in each sack. Eachsack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample rangeDetailed records are kept of all samplesthat are dispatched, including details ofchain of custody.

Criteria	JORC Code explanation	Commentary
Auditsorreviews	The results of any audits or reviews of samplingtechniques and data.	Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Cobar Superbasin Project

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The Mallee Bull prospect is wholly locatedwithinExplorationLicenceEL7461"Gilgunnia". The tenement is subject to a50:50 Joint Venture with CBH ResourcesLtd, a wholly owned subsidiary of TohoZinc Co Ltd.The Wirlong prospect is wholly locatedwithin Exploration Licence EL8307 "SandyCreek", part of the Cobar SuperbasinProject. The Cobar Superbasin Project issubject to a farm-in agreement withJOGMEC whereby JOGMEC can earn up to50%.The tenements are in good standing and noknown impediments exist.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration byother parties.	Work was completed in the area by severalformer tenement holders including TriakoResources between 2003 and 2009; itincluded diamond drilling, IP surveys,geological mapping and reconnaissancegeochemical sampling around the historicFour Mile Goldfield area. Prior to TriakoResources, Pasminco Exploration exploredthe Cobar Basin area for a "Cobar-type" or"Elura-type" zinc-lead-silver or coppergold-lead-zinc deposit.
Geology	Deposit type, geological setting and style ofmineralisation.	The prospect area lies within the Cobar-MtHope Siluro-Devonian sedimentary andvolcanic units. The northern Cobar regionconsists of predominantly sedimentaryunits with tuffaceous member, whilst thesouthern Mt Hope region consists ofpredominantly felsic volcanic rocks; theMallee Bull prospect seems to be locatedin an area of overlap between these tworegions. Mineralization at the Mallee BulldiscoveryfeaturestheCobar-styleattributes of short strike lengths (<200m),narrowwidths(5-20m)andverticalcontinuity, and occurs as a shoot-likestructure dipping moderately to the west.
DrillholeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depth	All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded.

Criteria	JORC Code explanation	Commentary
	ohole length.
	If the exclusion of this information is justified on the
	basis that the information is not Material and this
	exclusion does not detract from the understandingof the report, the Competent Person should clearly
	explain why this is the case.
Data	InreportingExplorationResults,weighting	No length weighting or top-cuts have been
aggregation	averaging techniques, maximum and/or minimum	applied.
methods	grade truncations (eg cutting of high grades) and	No metal equivalent values are used for
	cut-off grades are usually Material and should bestated.	reporting exploration results.
	Where aggregate intercepts incorporate short
	lengths of high grade results and longer lengths of
	low grade results, the procedure used for such
	aggregation should be stated and some typical
	examples of such aggregations should be shown indetail.
	The assumptions used for any reporting of metal
	equivalent values should be clearly stated.
Relationship	These relationships are particularly important in the	True widths are generally estimated to be
between	reporting of Exploration Results.	about 90-100% of the downhole width
mineralisationwidthsand	If the geometry of the mineralisation with respect	unless otherwise indicated.
intercept	to the drill hole angle is known, its nature should bereported.
lengths	If it is not known and only the down hole lengths are
	reported, there should be a clear statement to this
	effect (eg 'down hole length, truewidth not
	known').
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for any	Refer to Figures in the body of text.
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
Balancedreporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting	All results are reported.
	of both low and high grades and/or widths should
	be practiced to avoid misleading reporting of
	Exploration Results.
Other	Other exploration data, if meaningful and material,	No other substantive exploration data are
substantive	should be reported including (but not limited to):	available.
explorationdata	geological observations; geophysical survey results;geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock
	characteristics;potentialdeleteriousor
	contaminating substances.
Further work	The nature and scale of planned further work (egtests for lateral extensions or depth extensions or	Future work at Mallee Bull and CobarSuperbasin Project will include geophysical
	large-scale step-out drilling).	surveying and RC/diamond drilling to
	Diagrams clearly highlighting the areas of possible	further define the extent of mineralisation
	extensions,includingthemaingeological	attheprospects.Downhole
	interpretations and future drilling areas, provided	electromagnetic (DHEM) surveys will be
	this information is not commercially sensitive.	used to identify potential conductivesourcesthatmayberelatedto
		mineralisation.

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 there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information.	Half and quarter HQ core samples weretaken from diamond holes PADD01 andPADD02 for metallurgical testwork.
DrillingtechniquesDrillsamplerecovery	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).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 mayhave occurred due to preferential loss/gain offine/coarse material.	No drilling was completed at the Apollo Hillproject in the June 2016 Quarter.No significant sample recovery issues havebeen encountered to date.Whenpoorsamplerecoveryisencountered, the geologist and driller haveendeavoured to rectify the problem toensure maximum sample recovery.Sample recoveries to date have generallybeen high. Insufficient data is available atpresent to determine if a relationshipexists between recovery and grade. Thiswill be assessed once a statistically validamount of data is available to make adetermination.
Logging	Whethercoreandchipsampleshavebeengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation,miningstudiesandmetallurgicalstudies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged.	Allcoreanddrillchipsamplesaregeologically logged. Core samples areorientated and logged for geotechnicalinformation. Drill chip samples are loggedat 1m intervals from surface to the bottomof each individual hole to a level that willsupportappropriatefutureMineralResource studies.Logging of diamond core and RC samplesrecordslithology,mineralogy,mineralisation,structure(DDHonly),weathering, colour and other features of

Criteria	JORC Code explanation	Commentary
		thesamples.Coreandchipsarephotographed as both wet and dry.
Sub-samplingtechniquesandsamplepreparation	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,includingforinstanceresultsforfieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grainsize of the material being sampled.	Drill core is cut with a core saw. Both halfandquartercorewastakenformetallurgical testwork.
Qualityofassaydataandlaboratorytests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established.	SGS Minerals Metallurgywas used formetallurgical testwork carried out on thesamples. The laboratory techniques beloware for all samples submitted to SGS and isconsidered appropriate for the style ofmineralisation defined at Apollo HillSolids assay:oFAA303 Gold by fire assay orFAS50K, FAS30K screen fireassayoICPMS/OES(IMS41Q,ICP41Q)andmetalsbymulti-acidoICP/OES (ICP91Q), silicon byperoxide fusion and aciddigestoICP/MS(IMS12S)andmercurybylowtemperature digest.Solution assay:oGold by AAS after extractionintodi-isobutylketone(SOL81X).oMetalsbyICPMS/OES(IMS84V, ICP84V).oWeakAcidDissociableCyanide (WAD CN) and TotalCyanide analysis by Scalarsegmentedflowautoanalyser(SFAAS)atChemCentre WA.Loaded Carbon assay:oGold by fire assay (FAG01V).Metals by ash, acid digestand AAS or ICP methods(ARS12D, IMS12S)TheQA/QCdataincludesstandards,duplicates and laboratory checks. In-house

Criteria	JORC Code explanation	Commentary
		QA/QC tests are conducted by the lab oneach batch of samples with standardssupplied by the same companies thatsupply our own.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data.	Allgeologicalloggingandsamplinginformation is completed in spreadsheets,which are then transferred to a databasefor validation and compilation at the Peelheadoffice.Electroniccopiesofallinformation are backed up periodically.Noadjustmentsofassaydataareconsidered necessary.
Locationofdata 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 definethe location of the samples. Standardpractice is for the GPS to be left at the siteof the collar for a period of 10 minutes toobtain a steady reading. Collars are pickedup after by DGPS.Grid system used is MGA94 (Zone 51).
Data spacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient 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.	Data/drill holespacing is variable andappropriate to the geology.Two composites were prepared from thecoresamples.Theinitialcomposite(Composite 1) was prepared from a total76m of core from hole PADD01. Thesecond composite (Composite 2) wasprepared from a total 6m of core fromholes PADD01 and PADD02.
Orientation ofdatainrelationtogeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If 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.	Most drillholes are planned to intersect theinterpreted mineralised structures/lodesas near to a perpendicular angle aspossible (subject to access to the preferredcollar position). Hole PADD01 was drilledpredominantly for metallurgical purposes,down the plunge of mineralisation.
Samplesecurity	The measures taken to ensure sample security.	The chain of custody is managed by theproject geologist. Samples are collected inindividually numbered bags and detailedrecords are kept of all samples that aredispatched, including details of chain ofcustody.
Auditsorreviews	The results of any audits or reviews of samplingtechniques and data.	Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Apollo Hill

Criteria	JORC Code explanation	Commentary
Mineral	Type,referencename/number,locationand	The 100% Peel owned Apollo Hill project is
tenement and	ownership including agreements or material issues	located 60km southeast of Leonora WA,
landtenure	withthirdpartiessuchasjointventures,	within a package of Exploration and
status	partnerships,overridingroyalties,nativetitle	ProspectingLicences(seeTenement
	interests, historical sites, wilderness or national	Information Table)and Mining Leases
	park and environmental settings.	M39/296 and M31/486.

Criteria	JORC Code explanation	Commentary
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The tenements are in good standing and noknown impediments exist.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration byother parties.	ThemainApolloHilldepositwasdiscovered in 1986 by Fimiston Mining Ltdduring a drill program aimed at finding thesource of abundant eluvial gold at the baseof a prominent hill in the area. ActivedrillingbyFimiston,BattleMountain(Australia)Ltd,HomestakeGoldofAustralia Ltd, Mining Project Investors PtyLtd and Hampton Hill Mining NL since thenhas outlined extensive gold mineralisationand alteration over a 1km strike length.
Geology	Deposit type, geological setting and style ofmineralisation.	The project is located in the Archean agedNorseman-Wiluna Belt, Eastern GoldfieldsProvince of the Yilgarn Craton. The depositoccursinamineralisedstructureassociated with the 1km wide Apollo ShearZone, a component of the Keith-KilkennyFault system. Strongly deformed felsicvolcanoclastic rocks lie to the west of theApollo shear, with relatively undeformedpillow basalt and dolerite to the east.Zonesofmylonitisation,shearing,brecciation and fracturing caused by theshear is present along the contact, andresultingopenspacestructuresarefavourablefor trapping ore fluids andformingoredeposits.Multiplegoldmineralisation events are interpreted tohave occurred at Apollo Hill during acomplexdeformationalhistory.Goldmineralisation is accompanied by quartzveinsandcarbonate-pyritealterationassociated with a mafic-felsic contact.
DrillholeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole 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.	All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded
Dataaggregationmethods	InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.	No length weighting or top-cuts have beenapplied.No metal equivalent values are used forreporting exploration results.

Criteria	JORC Code explanation	Commentary
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation 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.
Relationshipbetweenmineralisationwidthsandinterceptlengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (eg 'down hole length, truewidth notknown').	True widths are generally estimated to beabout 90-100% of the downhole widthunless otherwise indicated.
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.	Refer to Figures in the body of text.
Balancedreporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	All results are reported.
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;bulk density, groundwater, geotechnical and rockcharacteristics;potentialdeleteriousorcontaminating substances.	No other substantive exploration data areavailable.
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.	Future work at Apollo Hill will includefurtherRC and diamonddrillingandgeochemical sampling.

Table 1 - Section 1: Sampling Techniques and Data for Wagga Tank

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 ensuresamplerepresentivityandtheappropriate	Rock chip samples were collected in thefield from outcrop and mullock material.

Criteria	JORC Code explanation	Commentary
	calibration of any measurement tools or systems
	used.
	Aspects of the determination of mineralisation that
	are Material to the Public Report.In cases where 'industry standard' work has been
	done this would be relatively simple (eg 'reverse
	circulation drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay'). In other cases more
	explanation may be required, such as where there is
	coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure ofdetailed information.
Drilling	Drill type (eg core, reverse circulation, open-hole	No drilling was completed at the Wagga
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc)	Tank project during the June 2016 quarter.
	and details (eg core diameter, triple or standard
	tube, depth of diamond tails, face-sampling bit or
	other type, whether core is oriented and if so, by
Drillsample	what method, etc).	
recovery	Method of recording and assessing core and chipsample recoveries and results assessed.	No drilling was undertaken at the WaggaTank project during the June 2016 quarter.
	Measures taken to maximise sample recovery and
	ensure representative nature of the samples.
	Whether a relationship exists between sample
	recovery and grade and whether sample bias may
	have occurred due to preferential loss/gain of
Logging	fine/coarse material.Whethercoreandchipsampleshavebeen	All rock chip samples were logged for
	geologically and geotechnically logged to a level of	geology.
	detail to support appropriate Mineral Resource
	estimation,miningstudiesandmetallurgical
	studies.
	Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc) photography.The total length and percentage of the relevant
	intersections logged.
Sub-sampling	If core, whether cut or sawn and whether quarter,	Rock chip samples were collected dry.
techniques	half or all core taken.	Samples were prepared for assay at SGS by
andsample	If non-core, whether riffled, tube sampled, rotary	drycoarsecrushto6mmanddry
preparation	split, etc and whether sampled wet or dry.	pulverisation to 75 microns.
	For all sample types, the nature, quality andappropriatenessofthesamplepreparation
	technique.
	Quality control procedures adopted for all sub
	sampling stages to maximise representivity of
	samples.
	Measures taken to ensure that the sampling is
	representative of the in situ material collected,includingforinstanceresultsforfield
	duplicate/second-half sampling.
	Whether sample sizes are appropriate to the grain
	size of the material being sampled.
Qualityof	The nature, quality and appropriateness of the	Rock chip sample analysis was undertaken
assaydata	assaying and laboratory procedures used and	by SGS Laboratory for multi-elements and
and	whether the technique is considered partial or total.	gold:

Criteria	JORC Code explanation	Commentary
laboratorytests	For geophysical tools, spectrometers, handheld XRFinstruments,etc,theparametersusedindetermining the analysis including instrument makeand model, reading times, calibrations factorsapplied and their derivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(ie lack of bias) and precision have been established.	oICP41Q 4 acid digest with anICP-OES finishoAAS43B over-ranges with anAAS and ICP-OES finishoFAA505 Gold by fire assayoIMS40Q 4 acid digest with anICP-MS and ICP-OES finishTheQA/QCdataincludesstandards,duplicates and laboratory checks. In-houseQA/QC tests are conducted by the lab oneach batch of samples with standardssupplied by the same companies thatsupply our own.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentationofprimarydata,dataentryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data.	All sampling and geological logging andsampling information is completed inspreadsheets, which are then transferredtoadatabaseforvalidationandcompilation at the Peel head office.Electronic copies of all information arebacked up periodically.Noadjustmentsofassaydataareconsidered necessary.
Locationofdata 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 definethe location of the samples.Grid system used is MGA94 (Zone 55).
Data spacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution issufficient 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.	Variablesamplespacingisusedtoadequately test targets.No sample compositing has been applied.
Orientation ofdatainrelationtogeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.If 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.	It is unclear at this stage whether samplinghas a set bias; no orientation basedsampling is known at this time.
Samplesecurity	The measures taken to ensure sample security.	The chain of custody is managed by theproject geologist. Samples are collected inindividually numbered bags and detailedrecords are kept of all samples that aredispatched, including details of chain ofcustody.
Auditsorreviews	The results of any audits or reviews of samplingtechniques and data.	Data is validated when loading into thedatabase. No formal external audit hasbeen conducted.

Criteria	JORC Code explanation	Commentary
Mineraltenement andlandtenurestatus	Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships,overridingroyalties,nativetitleinterests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The 100% Peel owned Wagga Tank projectislocatedwithinExplorationLicenceEL6695 "Wagga Tank". The tenement is ingood standing and no known impedimentsexist.
Explorationdone by otherparties	Acknowledgment and appraisal of exploration byother parties.	The Wagga Tank project area has beenexplored since the early 1970s by asuccession of companies including: MtHopeMinerals,BHP,Shell,UnionCorporation,TexasGulf/Kennco,Newmont & Kennecott, Noranda, Amoco,Homestake & Amoco/Cyprus, Arimco &Homestake, CRAE, Arimco & Homestake,Golden Cross Resources, Pasminco, Zinifex,OzMineralsandMMG.Explorationencompassed significant programmes ofwork which cannot be adequately coveredinthisreport.Furtherinformationregarding historic exploration results fromthe Wagga Tank and Siegals prospects canbe accessed via the "NSW DIGS" onlinearchivesystemmaintainedbytheGeological Survey of NSW, part of theResource & Energy Division of NSWDepartment of Industry.
Geology	Deposit type, geological setting and style ofmineralisation.	Theprojectislocatedwithinthevolcanic/volcaniclastics deep-water MountHope Trough of the Cobar Superbasin.Mineralisation at the Wagga Tank andSiegal's Shaft prospects are Cobar-styleand lead-zinc dominant. The Wagga Tankprospect is located at the western-mostexposure of the Mt Keenan Volcanicswhere it is conformably overlain by a nonoutcropping distal turbidite sequence ofcarbonaceousslateandsiltstone.Mineralisation is hosted in a sequence ofrhyodacitevolcanicsandassociatedvolcaniclastics. The Siegal's Shaft prospectis located in a sequence of rhyodaciticpyroclastics which contain thin lensoidoccurrences of fine-grained tuffaceoussediments and ash-fall tuffs. A gossanoccurs roughly at the contact betweenfine-grainedsedimentsandwelldevelopedcoarse-grainedcrystalandcrystal-lithic tuffs. Thin layers of massivesulphide mineralisation also occur withinthe sediments as well as in the form ofdisseminations, wisps, stringers and blebs.

Criteria	JORC Code explanation	Commentary
DrillholeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for allMaterial drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole 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.	All relevant information material to theunderstanding of exploration results hasbeen included within the body of theannouncement or as appendices.No information has been excluded
Data	InreportingExplorationResults,weighting	No length weighting or top-cuts have been
aggregation	averaging techniques, maximum and/or minimum	applied.
methods	grade truncations (eg cutting of high grades) andcut-off grades are usually Material and should bestated.	No metal equivalent values are used forreporting exploration results.
	Where aggregate intercepts incorporate short
	lengths of high grade results and longer lengths oflow grade results, the procedure used for such
	aggregation should be stated and some typical
	examples of such aggregations should be shown in
	detail.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationship	These relationships are particularly important in the	True widths are generally estimated to be
betweenmineralisation	reporting of Exploration Results.	about 40-60% of the down-hole width.
widthsand	If the geometry of the mineralisation with respectto the drill hole angle is known, its nature should be
intercept	reported.
lengths	If it is not known and only the down hole lengths are
	reported, there should be a clear statement to thiseffect (eg 'down hole length, true width not
	known').
Diagrams	Appropriate maps and sections (with scales) and	Refer to Figures in the body of text.
	tabulations of intercepts should be included for any
	significant discovery being reported These shouldinclude, but not be limited to a plan view of drill hole
	collar locations and appropriate sectional views.
Balanced	Where comprehensive reporting of all Exploration	All results are reported.
reporting	Results is not practicable, representative reportingof both low and high grades and/or widths should
	be practiced to avoid misleading reporting of
	Exploration Results.
Other	Other exploration data, if meaningful and material,	No other substantive exploration data are
substantiveexploration	should be reported including (but not limited to):	available.
data	geological observations; geophysical survey results;geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical and rock
	characteristics;potentialdeleteriousorcontaminating substances.

Criteria	JORC Code explanation	Commentary
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.	Future work at Wagga Tank will compriseof RC and Diamond drilling, geophysicalsurveys and geological reconnaissance.

TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3 Granted tenements

TENEMENT	PROJECT	LOCATION	OWNERSHIP	CHANGE IN
				QUARTER
E39/1198	Apollo Hill	Leonora, WA	100%
E39/1236	Apollo Hill	Leonora, WA	100%
P31/1797	Apollo Hill	Leonora, WA	100%	Relinquished
P39/4586	Apollo Hill	Leonora, WA	100%	Relinquished
P39/4587	Apollo Hill	Leonora, WA	100%	Relinquished
P39/4588	Apollo Hill	Leonora, WA	100%
P39/4589	Apollo Hill	Leonora, WA	100%
P39/4590	Apollo Hill	Leonora, WA	100%
P39/4591	Apollo Hill	Leonora, WA	100%
P39/4592	Apollo Hill	Leonora, WA	100%
P39/4677	Apollo Hill	Leonora, WA	100%
P39/4678	Apollo Hill	Leonora, WA	100%
P39/4679	Apollo Hill	Leonora, WA	100%
P39/4789	Apollo Hill	Leonora, WA	100%	Expired
E39/1887	Apollo Hill	Leonora, WA	100%
E40/0296	27 Well	Leonora, WA	100%	Renewal Sought
E40/0303	Bulyairdie	Leonora, WA	100%
M39/0296	Isis	Leonora, WA	100%
E40/0337	The Gap	Leonora, WA	100%
E31/1063	Apollo Hill South	Leonora, WA	100%
E31/1075	Yerilla	Leonora, WA	100%
E31/1076	Mt Remarkable	Leonora, WA	100%
M31/486	Apollo Hill ML	Leonora, WA	100%
E31/1087	Rise Again	Leonora, WA	100%
P31/2071	Rise Again	Leonora, WA	100%
P31/2069	Rise Again	Leonora, WA	100%
P31/2072	Rise Again	Leonora, WA	100%
P31/2073	Rise Again	Leonora, WA	100%
P31/2068	Rise Again	Leonora, WA	100%
P31/2070	Rise Again	Leonora, WA	100%
EL8326	Attunga	Attunga,NSW	100%
ML1361	Mayday	Cobar,NSW	50%	Renewal sought
EL7461	Gilgunnia	Cobar,NSW	50%
EL7711	Ruby Silver	Armidale,NSW	100%
EL7519	Gilgunnia South	Cobar,NSW	100%
EL7976	Mundoe	Cobar,NSW	100%
EL8070	Tara	Cobar,NSW	100%
EL8071	Manuka	Cobar,NSW	100%
EL8105	Mirrabooka	Cobar,NSW	100%	Renewal Sought

EL8112	Yackerboon	Cobar,NSW	100%	Renewal Sought
EL8113	Iris Vale	Cobar,NSW	100%	Renewal Sought
EL8125	Hillview Nth	Cobar,NSW	100%	Renewal Sought
EL8126	Norma Vale	Cobar,NSW	100%	Renewal Sought
EL8201	Mundoe North	Cobar,NSW	100%
EL8114	Yara	Cobar,NSW	100%	Renewal Sought
EL8115	Burthong	Cobar,NSW	100%	Renewal Sought
EL8117	Illewong	Cobar,NSW	100%	Renewal Sought
EL8307	Sandy Creek	Cobar, NSW	100%
EL8314	Glenwood	Cobar, NSW	100%
EL8336	Brambah	Cobar, NSW	100%
EL8345	Pine Ridge	Cobar, NSW	100%
EL8391	Gilgunnia North	Cobar, NSW	100%
EL8414	Mt Walton	Cobar, NSW	100%
EL8426	Marigold	Cobar, NSW	100%

Tenements under application/transfer

TENEMENT	PROJECT	LOCATION	STATUS
E31/1116	Apollo Hill	Leonora, WA	Under application
ELA5206	Beanbah	Cobar, NSW	Under application
ELA5204	Michelago	Cooma, NSW	Under application
ELA5248	Linera	Cobar, NSW	Under application
EL7484	Mount View	Cobar, NSW	Under transfer
EL7581	Lowan	Cobar, NSW	Under transfer
EL6695	Wagga Tank	Cobar, NSW	Under transfer
EL7226	Wongawood	Cobar, NSW	Under transfer