PEEL MINING LIMITED

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DECEMBER 2018 QUARTERLY REPORT 31 JANUARY 2019

Highlights for December Quarter 2018

ASX code: PEX ACN: 119 343 734

Wagga Tank-Southern Nights resource drilling commenced October 2018.
Southern Nights Central Zone returns thick very high-grade mineralised intercepts:

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

18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m in WTRCDD150.

Ph: (08) 9382 3955 Fax: (08) 9388 1025 E: [email protected] Web: www.peelmining.com.au

20.65m @ 9.92% Zn, 4.83% Pb, 0.51 % Cu, 104 g/t Ag, 0.53 g/t Au from 355.35m in WTRCDD153.

Contact: Rob Tyson Managing Director [email protected]

53m @ 7.43% Zn, 3.46% Pb, 1.48% Cu, 114 g/t Ag, 1.47 g/t Au from 218m in WTRCDD157.
40m @ 10.2% Zn, 2.83 % Pb, 0.61% Cu, 49 g/t Ag, 1.04 g/t Au from 365m in WTRCDD166.

220 million shares in issue for ~$106m Market Capitalisation at 31 Jan 2019.

26.63m @ 5.39% Zn, 1.36% Pb, 0.2% Cu, 48 g/t Ag, 0.34 g/t Au from 217.37m in WTRCDD165.

About Peel Mining Limited:

The Company’s projects cover more than 6,000 km[2] of highly prospective tenure with a focus on the Cobar Basin in NSW.
Southern Nights Central Zone shaping up as a coherent body of high-grade mineralisation; remains open down dip/plunge.
- Drilling at the main Wagga Tank deposit returns new high-grade intercept:
The 100%-owned Wagga Tank-Southern Nights project represents a major zinc-rich polymetallic Cobar-type or VMS discovery and is currently the Company’s primary focus.
- 19.3m @ 7.32% Zn, 3.38% Pb, 0.3% Cu, 183 g/t Ag, 0.69 g/t Au from 243m in WTRCDD006.
- Drilling at the Bedooba and Wirlong prospects (CSP JV) underway; strong conductor identified at Bedooba.
Mallee Bull is an advanced copperpolymetallic deposit that is subject to a development study; the deposit remains open in many directions.
Cobar Superbasin Project Farm-in Agreement with JOGMEC offers funded, highly-prospective and strategic • greenfields exploration potential and includes the exciting Wirlong copper • discovery.

Plans for March Quarter 2019

Resource drilling at Wagga Tank-Southern Nights continuing.
Southern Nights Central Zone being targeted with close-spaced infill to better define the geometry and scale of the high-grade mineralisation.
36.3% shareholding in Saturn Metals Ltd (ASX: STN) offers exposure to excellent gold assets in WA goldfields.
Mallee Bull JV development decision.

Peel Mining Limited – Quarterly Report December 2018

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Exploration

Wagga Tank/Mount View Projects: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 100%). Targets : Cobar-style polymetallic mineralisation; Volcanogenic Massive Sulphide mineralisation.

Wagga Tank is located ~130 km south of Cobar on the western edge of the Cobar Superbasin and is host to the namesake polymetallic Cobar-style or VMS-type deposit with multiple significant historic drill intercepts. Mineralisation straddles a broad zone of intense tectonic brecciation and hydrothermal alteration (sericite-chlorite with local silicification) and is believed to occur as sub-vertical elongate shoots/lenses. Work by Peel to date has focused on defining the geometry and extent of large-scale Znrich mineralisation at Wagga Tank-Southern Nights.

During the quarter, an infill and extensional resource definition drilling programme commenced at Wagga Tank and Southern Nights as part of a programme to establish a maiden JORC-compliant mineral resource estimate by end fiscal 2018/19. The initial programme was to comprise up to 60 drillholes for ~20,000m of RC/diamond drilling. This programme has been recently modified following the discovery of very highgrade mineralisation in the Southern Nights Central Zone, and now comprises ~70 drillholes for ~25,000m of RC/diamond drilling.

Also, during the quarter, Peel completed the acquisition of the 2% NSR royalty over the various tenements acquired from MMG (including Wagga Tank), delivering 100% unencumbered ownership.

Southern Nights Central Zone

During the quarter, resource drilling at Southern Nights yielded a stunning zinc-lead-silver-gold-copper massive sulphide intercept with drillhole WTRCDD150 returning 18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m, the highest-grade zinc-rich intercept that Peel has reported since its inception. The intercept in WTRCDD150, when coupled with adjacent drillhole intercepts, indicates a zone of near-surface, very high-grade zinc-rich mineralisation in the central Southern Nights area (now known as Southern Nights Central Zone). The Southern Nights Central Zone is now the target of closespaced infill and extensional drilling to better define the geometry and scale of the high-grade mineralisation in anticipation of the commencement of a scoping study.

During the quarter, drillholes WTRCDD153 and WTRCDD157 successfully tested down-dip from drillhole WTRCDD150 returning significant mineralised intercepts. Recently received final full assay results for drillholes WTRCDD153 and WTRCDD157 have extended the high-grade mineralised intercepts present in those drillholes with strong copper-gold mineralisation confirmed in drillhole WTRCDD157.

Drillhole WTRCDD153 intersected 20.65m @ 9.92% Zn, 4.83% Pb, 0.51 % Cu, 104 g/t Ag, 0.53 g/t Au from 355.35m including 8.29m @ 16.91% Zn, 10.26% Pb, 0.7% Cu, 210 g/t Ag, 0.63 g/t Au from 355.35m.

Drillhole WTRCDD157 intersected 53m @ 7.43% Zn, 3.46% Pb, 1.48% Cu, 114 g/t Ag, 1.47 g/t Au from 218m including 18.1m @ 20.37% Zn, 9.77% Pb, 0.36% Cu, 238 g/t Ag, 1.09 g/t Au from 218m; and 18m @ 3.04% Cu, 2.49 g/t Au, 81 g/t Ag, 0.93% Zn, 0.06 % Pb from 252m . The copper-gold mineralisation intersected in WTRCDD157 is the most significant copper-gold intercept returned to date at Wagga TankSouthern Nights.

Drillholes WTRCDD165, WTRCDD166 and WTRCDD167 were all drilled as follow-up to target the recently recognized high-grade mineralised structure present in Southern Nights Central Zone area.

Peel Mining Limited – Quarterly Report December 2018

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Drillhole WTRCDD165 was drilled ~45m south of WTRCDD150 targeting ~40m further down dip at ~200m below surface. WTRCDD165 intersected 26.63m @ 5.39% Zn, 1.36% Pb, 0.2% Cu, 48 g/t Ag, 0.34 g/t Au from 217.37m including 12m @ 9.28% Zn, 1.99% Pb, 0.19% Cu, 59 g/t Ag, 0.37 g/t Au from 218m and 5.5m @ 7.21 g/t Au, 0.59% Cu, 13 g/t Ag, 0.78% Zn, 0.14% Pb from 325m to EOH . An extension to this drillhole is planned in due course to test for additional significant gold-copper mineralisation.

Drillhole WTRCDD166 was drilled ~50m north and 100m west of WTRCDD150 targeting ~160m further down dip/plunge; north along strike. WTRCDD166 intersected 40m @ 10.2% Zn, 2.83 % Pb, 0.61% Cu, 49 g/t Ag, 1.04 g/t Au from 365m including 16.21m @ 16.91% Zn, 5.01% Pb, 0.43% Cu, 87 g/t Ag, 0.98 g/t Au from 366.23m and 5.63m @ 17.23% Zn, 3.75% Pb, 1.02% Cu, 49 g/t Ag, 1.44 g/t Au from 392.42m .

Drillhole WTRCD167 was drilled ~40m south and 40m west of WTRCDD150 targeting ~100m down dip and south along strike (at ~300m below surface). WTRCDD167 intersected 13.17m @ 7.78% Zn, 3.6% Pb, 0.12% Cu, 248 g/t Ag, 0.55 g/t Au from 329m including 9m @ 10.81% Zn, 5.11% Pb, 0.18% Cu, 343 g/t Ag, 0.75 g/t Au from 330m .

Drillholes WTRCDD166 and WTRCDD167, when coupled with drillholes WTRCDD153 and WTRCDD122, confirm significant down-dip continuity to the known high-grade mineralised structure at Southern Nights Central Zone.

The Southern Nights Central Zone has returned the most significant zinc-rich mineralised intercepts to date, and the intercepts returned from WTRCDD150, WTRCDD153, WTRCDD157 and WTRCDD166, when coupled with adjacent intercepts highlights the presence of an important zone of very high-grade mineralisation. The true widths of mineralisation encountered in drillholes drilled to approx. 090 azimuth are estimated at about 70-80% of the downhole widths.

The high-grade mineralised zone is thought to be steep westerly dipping; covering up to ~180m strike and has been defined from ~120m below surface to ~350m below surface. Importantly, this mineralisation remains open down-dip/plunge.

Wagga Tank

During the quarter an extensional diamond-tail drill program commenced at the main Wagga Tank prospect, to test for further extensions of mineralisation. WTRCDD006 (initially drilled in 2016) was extended with diamond drilling resulting in a mineralised intercept of 19.3m @ 7.32% Zn, 3.38% Pb, 0.3% Cu, 183 g/t Ag, 0.69 g/t Au from 243m including 12m @ 10.36% Zn, 4.75% Pb, 0.2% Cu, 265 g/t Ag, 0.71 g/t Au from 250.3m . The above-mentioned mineralised intercepts includes 6m and 4.8m (respectively) of core loss to which zero grade was applied in determining the average grade of the intervals.

Next Steps

Infill and extensional resource drilling will continue at Wagga Tank-Southern Nights with a primary focus on targeting the high-grade mineralised Southern Nights Central Zone with close spaced drilling to further define the geometry and scale of the high-grade mineralisation in anticipation of the commencement of a scoping study. Further drilling is also Wagga Tank–Southern Nights mineralised trend as part of the resource definition programme.

Siegal's Shaft/MD-2

The Siegal's Shaft/MD2 prospect area is defined by historic workings, coincident geochemical and geophysical anomalies including a large “bulls-eye” magnetic anomaly. Historic drilling predominantly focused on following-up surface geochemical anomalism and associated IP anomalies. Encouragingly,

Peel Mining Limited – Quarterly Report December 2018

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holes on the margin of the magnetic anomaly encountered disseminated sulphide mineralisation with better intercepts including 9m @ 32 g/t Ag, 0.24 g/t Au, 0.41% Cu, 0.76% Pb, 1.44% Zn from 108m in MMGMD2001 (incl. 1m @ 84 g/t Ag, 0.50 g/t Au, 0.98% Cu, 2.09% Pb, 4.58% Zn from 115m), 1m @ 65 g/t Ag, 0.80% Cu, 3.40% Pb, 4.44% Zn from 70m in SD1 and 6m @ 55 g/t Ag, 0.73 g/t Au, 1.11% Cu, 1.30% Pb, 3.41% Zn from 55m in SP1.

Previous work completed by Peel includes the drilling of 3 RC drillholes, all of which returned anomalous multi-element geochemistry, and various geophysical surveys including gravity, surface and downhole EM and Induced Polarization (IP).

During the quarter further IP surveying was conducted, identifying a number of chargeable and resistive anomalies. A follow-up work program including drilling is planned to target untested geophysical anomalies.

Peel Mining Limited – Quarterly Report December 2018

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Figure 1: Wagga Tank Project, main prospect location

Peel Mining Limited – Quarterly Report December 2018

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Figure 2: Wagga Tank-Southern Nights Drill Plan

Peel Mining Limited – Quarterly Report December 2018

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Figure 3: Wagga Tank-Southern Nights Long Section

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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). Drilling in the June 2017 quarter led to an update to the initial May 2014 maiden JORC compliant Mineral Resource with a 65% increase in total contained copper equivalent tonnes; the new estimate now comprises 6.76 million tonnes at 1.8% copper, 31 g/t silver, 0.4 g/t gold, 0.6% lead and 0.6% zinc (2.6% copper equivalent) containing approximately 119,000 tonnes of copper, 6.6 million ounces silver, 83,000 ounces gold, 38,000 tonnes of lead and 38,000 tonnes of zinc (175,000t copper equivalent) (using a 1% copper equivalent cutoff). Details of the update can be found in the announcement released 6 July 2017; "Mallee Bull Resource Grows 65% to 175,000 CuEq".

Mallee Bull Development Study

During the quarter, finalisation of studies into the conceptual development of Mallee Bull as a "dig and truck" operation under which ore would be milled at CBH’s Endeavor mine approximately 150km away where surplus milling capacity exists were completed.

This work included remodelling of the upper parts (from surface to ~300m below surface) of the Mallee Bull mineral resource, mineable shape optimisation of the mineral resources, mine and infrastructure design, geotechnical engineering, additional flora and fauna investigations, and completion of the financial modelling of several development concepts. Field activities completed during the quarter focused on engineering and geotechnical studies.

In December, the financial models for the development concepts were delivered to Peel’s joint venture partner CBH Resources for review and consideration. Peel was awaiting a response from CBH at the time of reporting.

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

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

The Cobar Superbasin Project is subject to a Memorandum of Agreement with Japan Oil, Gas, and Metals National Corporation (JOGMEC). Details of the JOGMEC MoA can be found in Peel's ASX Announcement released on 30 September 2014.

Exploration activities undertaken during the December quarter predominantly focused on the Wirlong and Bedooba prospects. The Wirlong prospect represents a very large hydrothermal system containing significant high-grade copper mineralisation. The Bedooba prospect is defined by a NE/SW trending magnetic anomaly with a coincident gravity high and geochemical anomaly.

Wirlong

During the quarter a SQUITEM (surface EM) survey was completed to follow up on previously identified anomalous results. Analysis and interpretation of the data was continuing at the time of reporting.

JOGMEC phase 6 drilling program commenced during the December quarter targeting down-dip from significant surface geochemical anomalies, south of most drilling completed to date. Drilholes WLRC058 and WLRC058A were terminated early due to excessive deviation from design. Additional drilling commenced subsequent to the quarter’s end with drillholes WLRCDD059 and WLRCDD060 underway at the time of reporting.

Peel Mining Limited – Quarterly Report December 2018

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Bedooba

Four percussion drill holes were completed during the December quarter to follow up on significant multielement geochemical anomalies, associated with magnetic and gravity geophysical anomalies. These drill holes intersected minor base and precious metals mineralisation confirming the potential of the prospect. Better intercepts included 2m@ 0.835% Cu, 3 g/t Ag from 220m in BERC002, 1m @ 0.88% Cu, 2.23 g/t Au, 12 g/t Ag from 227m in BERC004, 2m @ 0.32% Zn from 116m in BERC004.

Subsequent to the quarter’s end, DHEM surveys were completed on these drillholes, along with historic drillhole CBD013DD11. CB013DD11 was drilled by Oz Minerals in 2011 to 635.1m, targeting a surface geochemical anomaly, and magnetic and gravity anomalies.

Encouragingly, a strong offhole late-time conductor was recently detected. The anomaly sits semicoincident with the magnetic anomaly, and the responsible modelled “plate” has dimensions of ~80m strike by ~350m plunge component, commencing ~150m below surface and measuring 800 siemens conductivity thickness.

Follow-up drilling comprising 2 deep RC drillholes is anticipated to commence next week.

Armageddon

The Armageddon prospect is located 30km southeast of the Mallee Bull deposit and is defined by anomalous Cu/Pb/As gossanous rocks and a strong N-S magnetic low. Laboratory assay results of the preliminary soil sampling, completed previous quarter, returned low order anomalous results.

Other Projects

At the Koonenberry Project near Broken Hill in western New South Wales, assay results for reconnaissance rock chip sampling on EL 8721 Bilpa returned significant results includes 0.97% Pb, 0.33% Zn and 19 g/t Ag (sample BL032), 3.52% Cu, 0.92% Pb and 15 g/t Ag (sample BL029), and 9.08 g/t Au and 1.04% Cu (sample BL016). Further work is planned.

Corporate

During the quarter, Peel completed a fully underwritten non-renounceable entitlement offer (as announced on 7 September 2018) which closed 2pm (WST) on Wednesday 3 October 2018. The entitlement issue offered eligible shareholders the ability to subscribe for 1 New Share for every 8 Shares held, at an issue price of $0.36 per Share raising $8,736,119.

Also, during the quarter, Peel completed the acquisition of the 2% NSR royalty over the various tenements acquired from MMG (including Wagga Tank), delivering 100% unencumbered ownership.

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.

Peel Mining Limited – Quarterly Report December 2018

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Figure 4: Bedooba Late Time Conductor Drill Plan

Peel Mining Limited – Quarterly Report December 2018

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

DHEM
Conductor
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Figure 5: Bedooba Drill Plan

Peel Mining Limited – Quarterly Report December 2018

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Figure 6: Bedooba Drill Plan with assa

Peel Mining Limited – Quarterly Report December 2018

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Figure 7: Bedooba Long Section (looking West)

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Figure 8: Cobar Tenements and Prospects

Peel Mining Limited – Quarterly Report December 2018

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Wirlong

Wirlong
Hole ID	Northing	Easting	Azi	Dip	Final Depth(m)		Remarks
WLRC058	6446450	417997	83	60	117		abandoned
Bedooba
Hole ID	Northing	Easting	Azi		Dip	Final Depth(m)
BERC001	6428301	402223	90		60	403
BERC002	6429050	402350	90		60	403
BERC003	6429450	402550	90		60	403
BERC004	6429950	403050	90		60	403

Wagga Tank-Southern Nights RC/Diamond Drill Collars

Hole ID	Northing	Easting	Azi	Dip	Final Depth(m)
WTRC154	6386020	378403.3	84.8	60.96	150
WTRC158	6385905	378463.7	83.87	60.27	102
WTRC160	6385893	378379.9	83.63	60.3	150
WTRC161	6385836	378421.3	86.17	59.81	150
WTRC162	6385837	378383.2	85.15	60.44	150
WTRCDD006	6387270	378823.4	311.25	51.8	314.7
WTRCDD009	6387213	378825	312.71	51.25	379.9
WTRCDD010	6387378	378869.6	312.2971	51.67	298.5
WTRCDD012	6387412	378895.8	315.2814	52.63	308.2
WTRCDD014	6387242	378851.6	314.84	51.8	398.8
WTRCDD017	6387356	378955.7	311.51	50.49	395.7
WTRCDD018	6387332	378933.4	313.77	51.26	329.3
WTRCDD027	6387271	379100.6	315.45	50.16	576.4
WTRCDD147	6386390	378441.2	84.33	62.15	273.8
WTRCDD148	6386420	378385.7	91.09	60.07	371.6
WTRCDD149	6386425	378472.7	91.48	60.04	300.7
WTRCDD150	6386336	378403.8	84.94	55.7	324.4
WTRCDD151	6386301	378420	87.98	55.07	272.3
WTRCDD152	6386299	378329	83.92	60.52	456.5
WTRCDD153	6386352	378326	87.85	60.92	428.9
WTRCDD155	6385978	378446.1	82.78	61.95	270.6
WTRCDD156	6385941	378444.3	81.98	60.76	273.4
WTRCDD157	6386336	378392.7	84.42	58.1	335.5
WTRCDD159	6385897	378423.1	85.8	60.1	302.6
WTRCDD163	6387511	378994.4	309.74	54.79	300.6
WTRCDD164	6387416	379009.4	310	55	396.6
WTRCDD165	6386294	378400.9	85.3	60.3	330.5
WTRCDD166	6386385	378298.2	84.61	58.2	450
WTRCDD167	6386306	378361.3	84.4	60.88	399.4

Wagga Tank RC/Diamond Lab Assay Results

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD006	225	226	0.03	0.00	0.01	0	0.02
WTRCDD006	226	227	0.03	0.01	0.01	1	0.03
WTRCDD006	227	228	0.04	0.01	0.01	1	0.04

Peel Mining Limited – Quarterly Report December 2018

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD006	243	244	1.02	0.51	0.13	25	0.19
WTRCDD006	244	245	0.90	0.60	0.16	34	0.38
WTRCDD006	245	246.2	2.50	1.07	0.39	66	0.86
WTRCDD006	246.4	247	10.25	4.51	1.55	167	2.79
WTRCDD006	247.2	248	0.19	0.20	0.04	10	0.17
WTRCDD006	248	248.7	3.89	2.11	0.89	83	1.21
WTRCDD006	248.7	249	5.55	2.90	2.70	147	1.34
WTRCDD006	249.5	249.8	1.97	1.00	0.21	23	0.17
WTRCDD006	249.9	250.1	3.38	1.72	0.05	18	0.16
WTRCDD006	250.3	250.7	12.05	5.47	0.27	73	0.73
WTRCDD006	250.7	251.3	24.20	10.40	0.24	159	1.37
WTRCDD006	251.3	252	21.60	8.72	0.27	123	0.91
WTRCDD006	252	253	4.57	1.52	0.56	50	0.69
WTRCDD006	253	253.3	14.05	7.33	0.14	186	1.8
WTRCDD006	255	255.2	28.10	11.05	0.15	173	1.3
WTRCDD006	255.5	255.7	29.40	12.70	0.45	168	0.74
WTRCDD006	255.9	256.2	23.10	9.04	0.63	167	3.35
WTRCDD006	256.4	256.9	40.40	19.85	1.00	515	4.57
WTRCDD006	257	257.2	42.00	20.70	0.13	553	1.03
WTRCDD006	257.8	258	0.30	0.23	0.02	6	0.02
WTRCDD006	259.4	260.6	8.32	4.81	0.06	89	0.62
WTRCDD006	260.7	261.1	24.10	11.35	0.12	217	0.54
WTRCDD006	261.2	261.5	18.10	9.29	0.29	193	1.12
WTRCDD006	261.6	262.3	12.75	5.74	0.76	3040	0.43
WTRCDD006	262.6	262.8	0.12	0.09	0.02	5	0.06
WTRCDD006	263.1	263.5	3.22	1.11	0.10	37	0.11
WTRCDD006	263.9	264.3	0.17	0.04	0.01	2	0.04
WTRCDD006	265.1	266	1.08	0.40	0.01	10	0.07
WTRCDD006	266	267	0.08	0.01	0.01	1	0.03
WTRCDD010	215.7	217	0.21	1.20	0.21	7	0.07
WTRCDD010	217	218	0.04	0.27	0.16	4	0.05
WTRCDD010	218	219	0.01	0.39	0.11	4	0.09
WTRCDD010	219	220	0.02	0.06	0.12	4	0.05
WTRCDD010	220	221	1.38	0.20	1.05	38	0.28
WTRCDD010	221	222	0.55	0.08	0.50	18	1.81
WTRCDD010	222	223	0.15	0.03	0.85	24	0.59
WTRCDD010	223	224	0.07	0.02	0.19	6	0.05
WTRCDD010	224	225	0.01	0.01	0.12	5	0.07
WTRCDD010	225	226	0.02	0.02	0.26	10	0.22
WTRCDD010	226	227	0.12	0.05	0.32	13	0.18

Peel Mining Limited – Quarterly Report December 2018

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD010	227	228	0.06	0.68	0.76	53	0.09
WTRCDD010	228	229	0.21	0.13	1.61	69	0.7
WTRCDD010	229	230	0.07	0.05	0.74	28	0.48
WTRCDD010	230	231.3	0.08	0.04	1.72	35	0.8
WTRCDD010	231.3	232.4	0.34	0.05	4.88	72	0.98
WTRCDD010	232.4	233	0.24	0.02	1.65	27	0.24
WTRCDD010	233	234	0.20	0.32	0.80	15	0.19
WTRCDD010	234	234.7	0.23	0.06	1.62	36	0.64
WTRCDD010	234.7	236	0.03	0.01	0.12	4	0.12
WTRCDD010	236	237	0.04	0.04	0.51	17	0.38
WTRCDD010	237	238	0.02	0.01	0.04	3	0.25
WTRCDD010	238	239	0.06	0.02	0.03	3	0.26
WTRCDD010	239	240	0.02	0.00	0.00	0	0.05
WTRCDD010	240	241	0.04	0.00	0.02	1	0.09
WTRCDD010	241	242	0.10	0.00	0.04	3	0.21
WTRCDD010	242	243	0.09	0.02	0.15	11	0.34
WTRCDD010	243	244	0.04	0.02	0.02	4	0.26
WTRCDD010	244	245	0.02	0.01	0.00	1	0.17
WTRCDD010	245	246	0.02	0.00	0.01	1	0.1
WTRCDD010	246	247	0.02	0.00	0.00	1	0.08
WTRCDD010	247	248	0.04	0.01	0.00	3	0.16
WTRCDD010	248	249	0.03	0.03	0.01	1	0.12
WTRCDD010	249	250	0.03	0.01	0.01	1	0.08
WTRCDD010	250	251	0.02	0.00	0.00	1	0.05
WTRCDD010	251	252	0.03	0.02	0.00	0	0.07
WTRCDD010	252	253	0.06	0.10	0.23	6	0.2
WTRCDD010	253	254	0.49	0.12	3.39	54	1.6
WTRCDD010	254	255	0.78	0.10	3.28	55	2.29
WTRCDD010	255	256	1.19	0.11	0.98	19	0.22
WTRCDD010	256	257	0.36	0.16	0.08	4	0.06
WTRCDD010	257	258	1.96	0.96	0.18	12	0.08
WTRCDD010	258	259	3.32	1.78	0.67	28	0.39
WTRCDD010	259	260	1.63	0.74	0.42	18	0.13
WTRCDD010	260	260.9	1.71	2.04	0.28	24	0.41
WTRCDD010	261.3	262	4.46	1.60	0.61	25	0.23
WTRCDD010	262	263.1	2.09	3.19	0.22	25	0.17
WTRCDD010	263.4	264	0.72	0.09	0.01	2	0.08
WTRCDD010	264	265	0.03	0.13	0.01	2	0.07
WTRCDD012	203.6	204	0.69	0.26	1.95	42	44.7
WTRCDD012	204	205	0.16	0.11	0.70	10	5.16

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD012	205	206	0.28	0.04	1.20	15	2.78
WTRCDD012	206	207	0.21	0.05	0.31	6	0.35
WTRCDD012	207	208	0.04	0.01	0.02	2	0.1
WTRCDD012	208	209	0.04	0.01	0.00	1	0.06
WTRCDD012	209	210	0.08	0.01	0.01	1	0.08
WTRCDD012	210	210.8	0.34	0.05	0.51	8	0.33
WTRCDD012	210.8	211.5	2.37	1.08	0.17	12	0.16
WTRCDD012	211.5	212	0.47	0.26	0.23	3	0.05
WTRCDD012	212	213	3.14	0.51	0.10	3	0.08
WTRCDD012	213	214	2.08	0.31	0.01	6	0.21
WTRCDD012	214	215	2.15	0.28	0.05	7	0.22
WTRCDD012	215	216	1.32	0.27	0.04	7	0.24
WTRCDD012	216	217	0.17	0.05	0.08	6	0.2
WTRCDD012	217	218	0.33	0.03	0.14	6	0.12
WTRCDD012	218	219	0.23	0.03	0.02	2	0.1
WTRCDD012	219	220	0.11	0.01	0.00	1	0.09
WTRCDD012	220	221	0.05	0.01	0.00	2	0.07
WTRCDD012	221	222	0.03	0.01	0.00	2	0.09
WTRCDD012	222	223	0.07	0.01	0.01	2	0.04
WTRCDD012	223	224	0.31	0.04	0.15	6	0.11
WTRCDD012	224	225	0.12	0.01	0.05	3	0.04
WTRCDD012	225	226	0.04	0.02	0.02	2	0.05
WTRCDD012	226	227	0.10	0.01	0.01	1	0.03
WTRCDD012	227	228	0.15	0.02	0.03	1	0.07
WTRCDD012	228	229	0.10	0.01	0.00	1	0.06
WTRCDD012	229	230	0.22	0.13	0.07	3	0.08
WTRCDD012	230	231	0.29	0.16	0.03	2	0.06
WTRCDD012	231	232	0.21	0.10	0.07	3	0.1
WTRCDD012	232	233	0.43	0.23	0.13	4	0.02
WTRCDD012	233	234	0.55	0.29	0.10	6	0.18
WTRCDD012	234	235	0.75	0.19	0.01	3	0.09
WTRCDD012	235	236	2.77	0.80	0.01	5	0.04
WTRCDD012	236	237	0.15	0.05	0.01	2	0.09
WTRCDD012	237	238	0.73	0.44	0.02	3	0.06
WTRCDD012	238	239	0.32	0.12	0.01	2	0.08
WTRCDD012	239	240	0.08	0.03	0.00	1	0.1
WTRCDD012	240	241	0.42	0.22	0.02	3	0.1
WTRCDD012	241	242	3.53	0.97	0.01	7	0.06
WTRCDD012	242	243	4.32	1.39	0.11	12	0.09
WTRCDD012	243	244	1.98	0.82	0.05	7	0.14

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD012	244	245	0.35	0.22	0.01	3	0.1
WTRCDD012	245	246	0.55	0.22	0.01	4	0.09
WTRCDD012	246	247	0.37	0.11	0.01	3	0.1
WTRCDD012	247	248	0.30	0.08	0.06	5	0.1
WTRCDD012	248	249	0.34	0.08	0.01	2	0.06
WTRCDD012	249	250	0.30	0.05	0.03	2	0.04
WTRCDD012	250	251	0.19	0.31	0.02	4	0.06
WTRCDD012	251	252	0.44	0.38	0.01	5	0.04
WTRCDD012	252	253	1.37	1.15	0.02	12	0.11
WTRCDD012	253	254	3.48	1.31	0.01	13	0.04
WTRCDD012	254	255.2	4.45	2.14	0.02	19	0.09
WTRCDD012	255.2	256	0.74	0.54	0.04	7	0.12
WTRCDD012	256	257	0.20	0.15	0.06	5	0.22
WTRCDD012	257	258	0.12	0.05	0.01	2	1.23
WTRCDD012	258	259	0.10	0.02	0.02	1	1.32
WTRCDD012	259	260	0.27	0.13	0.02	2	0.24
WTRCDD012	260	261	0.21	0.11	0.03	3	1.87
WTRCDD012	261	262	0.13	0.06	0.02	4	0.47
WTRCDD012	262	263	0.31	0.20	0.02	3	0.48
WTRCDD012	263	264	0.06	0.04	0.02	1	0.83
WTRCDD012	264	265	0.22	0.10	0.02	3	0.35
WTRCDD012	265	266	0.14	0.03	0.01	1	0.08
WTRCDD012	266	266.8	0.09	0.05	0.02	2	1.61
WTRCDD012	266.8	267.5	0.52	0.17	0.01	23	1
WTRCDD012	267.5	268	0.05	0.01	0.01	1	0.02
WTRCDD012	268	269	0.07	0.00	0.00	1	0.05
WTRCDD012	269	270	0.12	0.01	0.00	0	0.06
WTRCDD012	270	271	0.63	0.05	0.00	2	0.07
WTRCDD012	271	272	0.67	0.10	0.00	16	0.17
WTRCDD012	272	273	1.88	0.45	0.02	34	0.12
WTRCDD012	273	274	2.63	1.17	0.05	59	0.13
WTRCDD012	274	275	0.70	0.24	0.00	10	0.02
WTRCDD012	275	276	1.00	0.35	0.02	28	0.14
WTRCDD012	276	277	0.61	0.08	0.01	10	0.36
WTRCDD012	277	278	0.13	0.05	0.00	4	0.02
WTRCDD012	278	279	0.27	0.09	0.00	3	0.02
WTRCDD012	279	280	0.81	0.33	0.01	7	0.01
WTRCDD012	280	281	0.33	0.08	0.00	4	0.01
WTRCDD012	281	282	0.58	0.14	0.01	14	0.08
WTRCDD012	282	283	0.15	0.03	0.00	10	0.1

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD014	263.5	264.5	0.04	0.01	0.02	1	0.06
WTRCDD014	264.9	265.3	0.08	0.00	0.04	1	0.06
WTRCDD014	265.3	266.4	0.83	0.01	0.63	3	0.25
WTRCDD014	266.4	267	0.11	0.00	0.05	0	0.11
WTRCDD014	267	268	0.43	0.00	0.20	1	0.15
WTRCDD014	268	269	0.25	0.01	0.06	0	0.13
WTRCDD014	269	270	0.10	0.00	0.11	1	0.1
WTRCDD014	270	271	0.16	0.00	0.11	1	0.07
WTRCDD014	271	272	0.05	0.00	0.03	0	0.04
WTRCDD014	272	273	0.01	0.00	0.00	0	0.06
WTRCDD014	273	274	0.02	0.00	0.00	0	0.05
WTRCDD014	274	275	0.02	0.00	0.00	0	0.05
WTRCDD014	275	276	0.05	0.00	0.00	0	0.05
WTRCDD014	276	277	0.13	0.01	0.01	1	0.09
WTRCDD014	277	278	0.01	0.00	0.03	2	0.13
WTRCDD014	278	279	0.03	0.03	0.03	2	0.15
WTRCDD014	279	280	0.02	0.02	0.04	2	0.11
WTRCDD014	280	281	0.30	0.72	0.15	22	0.14
WTRCDD014	281	282	0.38	0.10	0.04	3	0.02
WTRCDD014	282	283	2.31	1.40	0.10	21	0.14
WTRCDD014	283	284	0.37	0.02	0.03	2	0.06
WTRCDD014	284	285	0.17	0.01	0.28	9	0.15
WTRCDD014	285	286	0.03	0.02	0.01	2	0.14
WTRCDD014	286	287	0.08	0.02	0.09	4	0.17
WTRCDD014	287	288	0.06	0.02	0.01	2	0.15
WTRCDD014	288	289	0.08	0.02	0.17	8	0.12
WTRCDD014	289	290	0.07	0.01	0.41	9	0.07
WTRCDD014	290	291	0.47	0.03	1.51	32	0.1
WTRCDD014	291	292	0.04	0.01	0.42	13	0.13
WTRCDD014	292	293	0.30	0.02	1.56	40	0.16
WTRCDD014	293	294	0.12	0.01	0.64	16	0.21
WTRCDD014	294	295	0.07	0.02	0.17	6	0.14
WTRCDD014	295	296	0.23	0.01	0.35	10	0.07
WTRCDD014	296	297	0.04	0.00	0.32	8	0.06
WTRCDD014	297	298	0.06	0.01	0.43	13	0.09
WTRCDD014	298	299	0.11	0.01	0.14	4	0.1
WTRCDD014	299	300	0.04	0.00	0.22	6	0.06
WTRCDD014	300	301	0.05	0.01	0.20	7	0.07
WTRCDD014	301	302	0.08	0.01	0.42	11	0.14
WTRCDD014	302	303	0.27	0.01	0.21	7	0.09

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD014	303	304	0.09	0.02	0.28	9	0.11
WTRCDD014	304	305	0.07	0.01	0.49	20	0.11
WTRCDD014	305	306	0.06	0.04	0.31	9	0.1
WTRCDD014	306	307	0.04	0.00	0.00	0	0.04
WTRCDD014	307	308	0.07	0.00	0.14	4	0.06
WTRCDD014	308	309	0.02	0.00	0.02	1	0.04
WTRCDD014	309	310	0.02	0.00	0.00	0	0.06
WTRCDD014	310	311	0.04	0.01	0.01	1	0.05
WTRCDD014	311	312	0.03	0.00	0.00	0	0.09
WTRCDD014	312	313	0.05	0.00	0.01	1	0.06
WTRCDD014	313	314	0.04	0.00	0.01	0	0.03
WTRCDD014	314	315	0.12	0.01	0.02	1	0.04
WTRCDD014	315	316	0.08	0.00	0.01	1	0.04
WTRCDD014	316	317	0.01	0.00	0.00	0	0.04
WTRCDD014	317	318	0.00	0.00	0.00	0	0.03
WTRCDD014	318	319	0.02	0.01	0.00	0	0.12
WTRCDD014	319	320	0.02	0.00	0.00	0	0.05
WTRCDD014	320	321	0.03	0.01	0.07	3	0.06
WTRCDD014	321	322	0.04	0.00	0.00	0	0.06
WTRCDD014	322	323	0.04	0.00	0.00	0	0.05
WTRCDD014	323	324	0.03	0.00	0.01	1	0.09
WTRCDD014	324	325	0.06	0.00	0.03	1	0.05
WTRCDD014	325	326	0.04	0.00	0.03	1	0.06
WTRCDD014	326	327	0.08	0.01	0.17	6	0.05
WTRCDD014	327	328	0.40	0.07	0.65	19	0.12
WTRCDD014	328	329	0.44	0.06	0.05	3	0.03
WTRCDD014	329	330	1.62	0.34	0.05	5	0.05
WTRCDD014	330	331	0.26	0.18	0.07	4	0.09
WTRCDD014	331	332	0.77	0.31	0.28	10	0.2
WTRCDD014	332	333	0.46	0.32	0.34	11	0.08
WTRCDD014	333	334	0.17	0.05	0.00	0	0.04
WTRCDD014	334	335	0.11	0.01	0.00	0	0.02
WTRCDD014	335	336	2.47	1.09	0.17	5	0.33
WTRCDD014	336	337	0.59	0.12	0.05	1	0.07
WTRCDD014	337	338	0.09	0.04	0.04	1	0.06
WTRCDD014	338	339	0.84	0.20	0.08	2	0.06
WTRCDD014	339	340	0.03	0.01	0.03	1	0.02
WTRCDD014	340	341	0.06	0.12	0.24	9	0.1
WTRCDD014	341	342	0.65	0.19	0.59	17	0.22
WTRCDD014	342	343	0.07	0.05	0.01	1	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD014	343	344	0.24	0.18	0.02	2	0.03
WTRCDD014	344	345	0.28	0.06	0.01	1	0.03
WTRCDD014	345	346	0.79	0.22	0.00	3	0.07
WTRCDD014	346	347	0.40	0.16	0.01	2	0.02
WTRCDD014	347	348	1.59	1.27	0.04	15	0.12
WTRCDD014	348	349	0.81	0.20	0.00	8	0.07
WTRCDD014	349	350	0.72	0.24	0.02	13	0.09
WTRCDD014	350	351	0.37	0.21	0.01	7	0.03
WTRCDD014	351	352	0.12	0.15	0.02	9	0.04
WTRCDD014	352	353	1.88	1.86	0.02	32	0.15
WTRCDD014	353	354	2.74	0.65	0.01	15	0.26
WTRCDD014	354	355	0.03	0.03	0.01	2	0.06
WTRCDD014	355	356	0.03	0.02	0.01	1	0.04
WTRCDD014	356	357	0.21	0.30	0.02	4	0.03
WTRCDD014	357	358	0.03	0.03	0.01	1	0.02
WTRCDD017	318	319.15	3.08	1.82	0.02	14	0.2
WTRCDD017	320.55	321.2	6.08	1.57	0.01	10	0.18
WTRCDD017	321.2	322.3	0.09	0.05	0.01	1	0.11
WTRCDD017	322.7	323.5	0.09	0.02	0.00	1	0.01
WTRCDD017	323.7	324.2	0.15	0.12	0.00	1	0.01
WTRCDD017	324.5	325	0.39	0.13	0.01	17	0.07
WTRCDD017	325	326	1.35	0.32	0.01	19	0.31
WTRCDD017	326.3	327.4	0.45	0.20	0.00	5	0.08
WTRCDD017	327.4	328.3	0.17	0.03	0.01	3	0.05
WTRCDD017	328.7	329.3	0.47	0.05	0.01	2	0.02
WTRCDD017	329.3	330	0.15	0.03	0.01	2	0.03
WTRCDD018	251.6	252.15	0.33	0.02	0.97	4	0.16
WTRCDD018	252.15	253	0.10	0.02	0.45	2	0.1
WTRCDD018	253	254	0.15	0.01	0.17	1	0.07
WTRCDD018	254	255	0.01	0.00	0.00	0	0.05
WTRCDD018	255	256	0.01	0.00	0.00	0	0.05
WTRCDD018	256	257	0.02	0.00	0.01	0	0.03
WTRCDD018	257	258	0.02	0.00	0.05	0	0.04
WTRCDD018	258	259	0.06	0.00	0.25	1	0.05
WTRCDD018	259	260	0.02	0.00	0.02	0	0.02
WTRCDD018	260	261.3	0.02	0.00	0.03	0	0.03
WTRCDD018	261.3	262	0.15	0.00	1.06	3	0.07
WTRCDD018	262	263	0.13	0.01	0.35	2	0.18
WTRCDD018	263	264	0.05	0.01	0.09	1	0.21
WTRCDD018	264	265	0.10	0.01	0.23	3	0.39

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD018	265	266	0.06	0.00	0.02	0	0.08
WTRCDD018	266	267	0.07	0.00	0.05	1	0.06
WTRCDD018	267	268	0.03	0.00	0.07	1	0.05
WTRCDD018	268	269	0.02	0.01	0.00	1	0.11
WTRCDD018	269	269.45	0.03	0.01	0.00	1	0.08
WTRCDD018	269.45	270	0.05	0.00	0.00	1	0.21
WTRCDD018	270	271	0.07	0.01	0.00	1	0.22
WTRCDD018	271	272	0.08	0.01	0.00	1	0.14
WTRCDD018	272	273.12	0.05	0.01	0.00	1	0.15
WTRCDD018	273.12	274	0.03	0.01	0.00	2	0.25
WTRCDD018	274	275	0.02	0.01	0.00	3	0.25
WTRCDD018	275	276	0.03	0.00	0.00	1	0.11
WTRCDD018	276	277	0.02	0.01	0.00	1	0.09
WTRCDD018	277	278	9.19	3.12	0.78	81	0.19
WTRCDD018	278	278.9	0.63	0.77	0.85	55	0.19
WTRCDD018	278.9	280	0.18	0.11	0.01	4	0.05
WTRCDD018	280	281	0.01	0.00	0.00	0	0.04
WTRCDD018	281	282	0.10	0.05	0.01	2	0.03
WTRCDD018	282	283	0.08	0.02	0.07	4	0.09
WTRCDD018	283	284	0.08	0.03	0.01	3	0.2
WTRCDD018	284	285	0.81	0.43	0.27	20	0.12
WTRCDD018	285	285.6	1.76	6.46	0.25	153	0.09
WTRCDD018	285.6	286	0.09	0.44	0.00	6	0.1
WTRCDD018	286	287	0.05	0.03	0.14	7	0.31
WTRCDD018	287	288	0.01	0.01	0.00	0	0.07
WTRCDD018	288	289	0.03	0.01	0.00	1	0.18
WTRCDD018	289	290	0.13	0.13	1.52	19	0.16
WTRCDD018	290	290.5	0.02	0.00	0.00	0	0.07
WTRCDD018	290.5	291.5	0.03	0.01	0.01	1	0.16
WTRCDD018	291.5	292.45	0.05	0.01	0.02	1	0.14
WTRCDD018	292.45	293	0.24	0.02	0.23	4	0.36
WTRCDD018	293	293.6	0.03	0.01	0.01	1	0.22
WTRCDD018	293.6	294.6	0.03	0.00	0.01	1	0.16
WTRCDD018	294.6	295.74	0.02	0.00	0.00	0	0.09
WTRCDD018	295.74	297	0.03	0.00	0.00	0	0.11
WTRCDD018	297	298	0.11	0.01	0.11	2	0.14
WTRCDD018	298	299	0.03	0.00	0.00	0	0.07
WTRCDD018	299	300	0.06	0.00	0.03	1	0.08
WTRCDD018	300	301	0.22	0.01	0.51	3	0.28
WTRCDD018	301	302	0.11	0.01	0.27	2	0.21

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD018	302	303	0.21	0.01	0.63	4	0.22
WTRCDD018	303	304	0.21	0.01	1.30	7	1.8
WTRCDD018	304	305	0.66	0.02	2.71	18	0.99
WTRCDD018	305	306	0.46	0.01	3.34	35	1.34
WTRCDD018	306	307	0.31	0.02	4.06	35	0.18
WTRCDD018	307	308.14	0.30	0.03	4.61	74	0.49
WTRCDD018	308.14	309.1	1.88	0.29	0.69	22	1.14
WTRCDD018	309.1	309.9	4.87	0.62	0.08	7	0.12
WTRCDD018	309.9	310.9	2.63	0.47	0.06	3	0.03
WTRCDD018	310.9	311.9	2.52	0.41	0.12	3	0.02
WTRCDD018	311.9	312.5	0.34	0.04	0.06	2	0.08
WTRCDD018	312.5	313.5	0.13	0.01	0.01	1	0.06
WTRCDD018	313.5	314	0.10	0.02	0.02	1	0.05
WTRCDD018	314	315	0.20	0.14	0.04	2	0.11
WTRCDD018	315	316	0.15	0.04	0.02	1	0.03
WTRCDD018	316	317	1.34	0.60	0.10	6	0.11
WTRCDD018	317	318	2.98	1.16	0.25	10	0.24
WTRCDD018	318	319	2.65	1.05	0.08	9	0.15
WTRCDD018	319	320	3.22	1.30	0.15	13	0.23
WTRCDD018	320	321	3.23	1.52	0.18	17	0.27
WTRCDD018	321	322	2.88	1.54	0.06	17	0.16
WTRCDD018	322	323.25	1.97	1.95	0.03	19	0.11
WTRCDD018	323.25	324	11.30	4.08	0.14	47	0.45
WTRCDD018	324	324.9	13.95	3.74	0.10	36	0.33
WTRCDD018	324.9	325.3	6.21	2.46	0.07	21	0.24
WTRCDD018	325.7	326.6	0.69	0.19	0.03	4	0.13
WTRCDD018	327	328	1.68	0.50	0.02	9	0.2
WTRCDD018	328	329.3	1.78	0.36	0.04	12	0.33
WTRCDD147	189	190	0.29	0.01	0.01	2	0.02
WTRCDD147	190	190.7	0.27	0.06	0.01	11	0.16
WTRCDD147	190.7	192	0.45	0.14	0.00	20	0.06
WTRCDD147	192	193	0.74	0.27	0.01	40	0.07
WTRCDD147	193	194	0.47	0.14	0.01	63	0.13
WTRCDD147	194	195	1.04	0.40	0.02	80	0.12
WTRCDD147	195	196	1.62	0.51	0.02	70	0.47
WTRCDD147	196	197	0.41	0.06	0.00	20	0.03
WTRCDD147	197	197.8	0.13	0.01	0.00	9	-0.01
WTRCDD147	198.7	199.6	0.99	0.02	0.00	5	0.02
WTRCDD147	199.8	201	1.32	0.50	0.01	7	0.17
WTRCDD147	201	202	1.77	0.69	0.02	13	0.13

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD147	202	203.3	1.19	0.44	0.00	5	0.08
WTRCDD147	203.6	204	1.53	0.59	0.00	8	-0.01
WTRCDD147	204	205.3	3.65	1.49	0.01	8	0.22
WTRCDD147	205.9	207	0.53	0.17	0.01	2	0.02
WTRCDD147	207	208	1.58	0.54	0.04	7	0.03
WTRCDD147	208	209	2.86	1.25	0.01	4	0.03
WTRCDD147	209	210	3.72	1.13	0.02	4	0.05
WTRCDD147	210	210.8	1.86	0.62	0.02	3	0.05
WTRCDD147	210.8	211.5	1.90	1.12	0.72	11	0.05
WTRCDD147	211.5	212.25	0.06	0.03	0.00	0	0.01
WTRCDD147	212.25	212.75	1.64	1.06	0.75	10	0.05
WTRCDD147	212.75	214	0.17	0.03	0.03	1	0.01
WTRCDD147	214	215	0.10	0.04	0.00	1	0.05
WTRCDD147	215	216	0.10	0.09	0.01	1	0.05
WTRCDD147	216	217	0.36	0.09	0.04	5	0.04
WTRCDD147	217	218	0.45	0.11	0.02	7	0.04
WTRCDD147	218	219	0.17	0.06	0.02	2	0.01
WTRCDD147	219	220	0.08	0.03	0.00	1	0.01
WTRCDD147	220	221	0.34	0.09	0.01	3	0.02
WTRCDD147	221	222	0.97	0.37	0.01	4	0.02
WTRCDD147	222	223	1.29	0.44	0.01	4	0.03
WTRCDD147	223	224	0.70	0.22	0.00	2	0.02
WTRCDD147	224	225	0.82	0.28	0.00	2	0.01
WTRCDD147	225	226	0.63	0.22	0.00	2	0.01
WTRCDD147	226	227	0.44	0.12	0.00	1	0.01
WTRCDD147	227	228	0.35	0.11	0.00	3	0.01
WTRCDD147	228	229	0.52	0.17	0.00	2	0.01
WTRCDD147	229	230	0.59	0.19	0.00	1	0.01
WTRCDD147	230	231	0.46	0.16	0.00	1	0.01
WTRCDD147	231	232	0.56	0.22	0.01	1	0.01
WTRCDD147	232	233	0.74	0.24	0.00	1	0.01
WTRCDD147	233	234	0.22	0.12	0.00	1	0.01
WTRCDD147	234	235	0.65	0.24	0.01	1	0.04
WTRCDD147	235	236	1.58	0.18	0.02	2	0.06
WTRCDD147	236	237	0.74	0.14	0.01	2	0.03
WTRCDD147	237	238	0.26	0.12	0.00	1	0.01
WTRCDD147	238	239	0.28	0.11	0.00	1	0.01
WTRCDD147	239	240	0.24	0.10	0.00	1	0.01
WTRCDD147	240	241	0.59	0.10	0.01	1	0.03
WTRCDD147	241	242	0.75	0.06	0.01	1	0.03

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD147	242	243	0.86	0.26	0.01	2	0.02
WTRCDD147	243	244	1.12	0.37	0.03	4	0.04
WTRCDD147	244	245	0.41	0.14	0.00	1	0.01
WTRCDD147	245	246	0.27	0.05	0.03	1	0.02
WTRCDD147	246	247	0.55	0.07	0.08	1	0.03
WTRCDD147	247	248	1.26	0.47	0.09	4	0.04
WTRCDD147	248	249	0.71	0.28	0.04	2	0.03
WTRCDD147	249	250	0.19	0.04	0.02	1	0.02
WTRCDD147	250	251	0.17	0.05	0.04	2	0.03
WTRCDD147	251	252	0.10	0.01	0.05	2	0.04
WTRCDD147	252	253	0.07	0.01	0.05	2	0.04
WTRCDD147	253	254	0.06	0.00	0.03	1	0.02
WTRCDD147	254	255	0.17	0.02	0.12	4	0.07
WTRCDD147	255	256	0.05	0.00	0.07	2	0.05
WTRCDD147	256	257	0.06	0.01	0.25	6	0.1
WTRCDD147	257	258	0.04	0.01	0.12	5	0.13
WTRCDD147	258	259	0.07	0.01	0.12	4	0.08
WTRCDD147	259	260	0.07	0.01	0.06	4	0.11
WTRCDD147	260	261	0.08	0.01	0.03	2	0.05
WTRCDD147	261	262	0.05	0.00	0.02	1	0.03
WTRCDD147	262	263	0.06	0.00	0.00	1	0.05
WTRCDD147	263	264	0.07	0.00	0.00	0	0.03
WTRCDD147	264	265	0.06	0.00	0.00	1	0.06
WTRCDD147	265	266	0.07	0.00	0.00	2	0.1
WTRCDD147	266	267	0.07	0.00	0.00	1	0.04
WTRCDD147	267	268	0.10	0.02	0.03	4	0.05
WTRCDD147	268	269	0.07	0.01	0.03	3	0.07
WTRCDD147	269	270	0.07	0.00	0.04	3	0.04
WTRCDD147	270	271	0.09	0.00	0.01	2	0.05
WTRCDD147	271	272	0.06	0.00	0.01	1	0.04
WTRCDD147	272	273	0.07	0.00	0.23	7	0.03
WTRCDD147	273	273.8	0.07	0.00	0.12	4	0.03
WTRCDD148	308	309	0.44	0.17	0.01	11	0.02
WTRCDD148	309	309.6	0.15	0.01	0.01	9	0.06
WTRCDD148	310.1	311	0.12	0.01	0.01	16	0.05
WTRCDD148	311	312	0.68	0.27	0.03	24	0.07
WTRCDD148	312	312.8	2.71	1.22	0.02	24	0.06
WTRCDD148	312.8	313.3	6.05	1.71	0.03	27	0.08
WTRCDD148	313.3	314	1.39	0.21	0.02	4	0.03
WTRCDD148	314	315	0.36	0.03	0.02	2	0.03

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD148	315	316	0.05	0.01	0.02	2	0.09
WTRCDD148	316	317	0.03	0.01	0.12	4	0.19
WTRCDD148	317	318	0.01	0.01	0.02	2	0.15
WTRCDD148	318	319	0.06	0.06	0.59	10	0.23
WTRCDD148	319	320	0.32	0.01	0.07	1	0.16
WTRCDD148	320	321	0.14	0.01	0.11	1	0.16
WTRCDD148	321	322	0.56	0.07	0.35	4	0.34
WTRCDD148	322	323	0.07	0.03	0.29	3	0.24
WTRCDD148	323	324	0.07	0.06	0.19	2	0.12
WTRCDD148	324	324.45	0.11	0.01	0.56	2	0.15
WTRCDD148	324.55	325	0.04	0.04	0.09	1	0.1
WTRCDD148	325	326	0.04	0.00	0.00	0	0.08
WTRCDD148	326	327	0.21	0.03	0.57	4	0.19
WTRCDD148	327	328	0.09	0.01	0.07	1	0.12
WTRCDD148	328	329.15	0.09	0.01	0.02	0	0.12
WTRCDD148	329.15	330	0.12	0.01	0.12	1	0.18
WTRCDD148	330	331	0.13	0.01	0.09	1	0.14
WTRCDD148	331	332	0.05	0.00	0.06	1	0.03
WTRCDD148	332	333	0.07	0.01	0.11	3	0.06
WTRCDD148	333	333.9	0.09	0.01	0.06	1	0.05
WTRCDD148	333.9	335	0.10	0.01	0.06	1	0.08
WTRCDD148	335	336	0.08	0.01	0.21	1	0.05
WTRCDD148	336	337	0.20	0.01	0.33	2	0.07
WTRCDD148	337	338	0.73	0.09	0.54	6	0.34
WTRCDD148	338	339	0.74	0.02	0.38	5	0.22
WTRCDD148	339	340	0.56	0.01	0.05	2	0.15
WTRCDD148	340	341	0.13	0.01	0.00	1	0.05
WTRCDD148	341	342.3	0.76	0.04	0.22	4	0.14
WTRCDD148	342.3	343	0.66	0.16	0.12	18	0.54
WTRCDD148	343	344	0.92	0.19	0.12	14	0.3
WTRCDD148	344	344.45	0.20	0.05	0.52	16	0.25
WTRCDD148	344.45	345	0.05	0.02	0.05	6	0.23
WTRCDD148	345	346	1.57	0.07	0.01	4	0.1
WTRCDD148	346	347	0.08	0.01	0.00	1	0.05
WTRCDD148	347	348	0.06	0.00	0.00	1	0.05
WTRCDD148	348	349	0.06	0.01	0.00	1	0.04
WTRCDD148	349	350	0.13	0.03	0.02	6	0.16
WTRCDD148	350	351	0.89	0.02	0.01	3	0.12
WTRCDD148	351	351.85	0.29	0.06	0.07	7	0.15
WTRCDD148	351.85	352.45	3.06	0.63	0.02	15	0.3

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD148	352.45	353	2.34	0.71	0.01	6	0.09
WTRCDD148	353	354	2.30	0.48	0.07	8	0.1
WTRCDD148	354	355	0.10	0.03	0.45	15	0.14
WTRCDD148	355	356	0.08	0.03	0.31	10	0.17
WTRCDD148	356	357	0.38	0.06	1.09	12	0.27
WTRCDD148	357	358	0.97	0.24	1.27	15	0.19
WTRCDD148	358	359	0.15	0.08	0.23	6	0.21
WTRCDD148	359	360	0.33	0.05	0.22	8	0.19
WTRCDD148	360	361	0.43	0.07	0.19	4	0.06
WTRCDD148	361	362	1.57	0.49	0.02	10	0.11
WTRCDD148	362	363	1.34	0.32	0.02	13	0.09
WTRCDD148	363	364	1.89	0.48	0.07	7	0.11
WTRCDD148	364	365	0.12	0.05	0.10	3	0.07
WTRCDD148	365	366	0.08	0.01	0.00	0	0.02
WTRCDD148	366	367	0.10	0.01	0.10	1	0.03
WTRCDD148	367	368	0.34	0.01	0.02	0	0.02
WTRCDD148	368	369	0.40	0.03	0.02	0	0.02
WTRCDD148	369	370	1.06	0.04	0.01	0	0.01
WTRCDD148	370	371	0.53	0.07	0.00	0	0.01
WTRCDD148	371	371.6	0.13	0.01	0.00	0	0.02
WTRCDD149	161	162	0.08	0.02	0.00	4	0.03
WTRCDD149	162	163	0.19	0.05	0.01	9	0.46
WTRCDD149	163	164	0.55	0.18	0.00	8	0.13
WTRCDD149	164	164.8	0.78	0.28	0.01	11	0.01
WTRCDD149	164.8	166	5.16	2.01	0.05	40	0.09
WTRCDD149	166	167	10.35	3.13	0.19	55	1.42
WTRCDD149	167	168	6.47	2.97	0.05	23	1.06
WTRCDD149	168	169	5.58	2.26	0.08	20	0.81
WTRCDD149	169	170	3.28	1.63	0.06	9	0.33
WTRCDD149	170	171	3.63	1.16	0.07	6	0.31
WTRCDD149	171	172	3.49	1.28	0.03	5	0.19
WTRCDD149	172	173	0.38	0.08	0.01	1	0.16
WTRCDD149	173	174	0.91	0.40	0.01	2	0.32
WTRCDD149	174	175	1.95	0.94	0.02	4	0.28
WTRCDD149	175	176	2.86	0.99	0.08	5	0.25
WTRCDD149	176	177	3.59	0.77	0.14	4	0.07
WTRCDD149	177	178	0.92	0.30	0.00	1	0.01
WTRCDD149	178.2	179	0.98	0.23	0.01	2	0.01
WTRCDD149	179	179.8	0.71	0.09	0.00	1	0.01
WTRCDD149	180	181.2	0.34	0.03	0.00	1	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD149	181.4	182	0.43	0.16	0.00	2	0.02
WTRCDD149	182	183	1.68	0.62	0.01	5	0.03
WTRCDD149	183	184	0.60	0.25	0.01	2	0.04
WTRCDD149	184	184.9	2.07	0.68	0.01	3	0.03
WTRCDD149	184.9	185.85	5.69	2.74	0.04	9	0.05
WTRCDD149	185.85	187	0.33	0.14	0.00	1	0.02
WTRCDD149	187	188	0.37	0.18	0.00	1	0.03
WTRCDD149	188	189	0.77	0.24	0.02	3	0.06
WTRCDD149	189	190	0.31	0.08	0.04	2	0.05
WTRCDD149	190	191	0.12	0.12	0.00	2	0.07
WTRCDD149	191	192	0.34	0.18	0.01	3	0.06
WTRCDD149	192	193	0.24	0.17	0.00	2	0.01
WTRCDD149	193	194	0.23	0.13	0.00	2	0.01
WTRCDD149	194	195	1.17	0.28	0.01	3	0.03
WTRCDD149	195	196	0.98	0.28	0.00	2	0.02
WTRCDD149	196	197	0.59	0.31	0.00	2	0.01
WTRCDD149	197	198	0.35	0.13	0.00	1	0.01
WTRCDD149	198	199	0.52	0.13	0.00	1	-0.01
WTRCDD149	199	200	0.85	0.22	0.00	1	-0.01
WTRCDD149	200	201	0.61	0.14	0.00	1	-0.01
WTRCDD149	201	202	0.76	0.24	0.01	1	0.01
WTRCDD149	202	203	1.13	0.35	0.01	2	0.01
WTRCDD149	203	204	0.48	0.20	0.00	1	-0.01
WTRCDD149	204	205	0.61	0.21	0.00	1	-0.01
WTRCDD149	205	206	0.26	0.09	0.00	1	-0.01
WTRCDD149	206	207	0.20	0.06	0.00	1	0.01
WTRCDD149	207	208	0.54	0.28	0.00	1	-0.01
WTRCDD149	208	209	0.43	0.17	0.00	1	-0.01
WTRCDD149	209	210	0.20	0.05	0.00	0	-0.01
WTRCDD149	210	211	0.38	0.12	0.00	1	-0.01
WTRCDD149	211	212	0.14	0.03	0.00	0	-0.01
WTRCDD149	212	212.6	0.23	0.05	0.00	1	-0.01
WTRCDD149	212.8	214	0.24	0.07	0.00	4	-0.01
WTRCDD149	214	215	0.13	0.04	0.00	1	0.01
WTRCDD149	215	216	0.30	0.11	0.00	1	0.01
WTRCDD149	216	217	0.68	0.26	0.01	3	0.03
WTRCDD149	217	218	0.27	0.09	0.02	2	0.02
WTRCDD149	218	219	0.25	0.09	0.04	1	0.01
WTRCDD149	219	220	0.29	0.12	0.02	1	0.01
WTRCDD149	220	221	0.52	0.16	0.06	2	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD149	221	222	1.51	0.42	0.07	4	0.02
WTRCDD149	222	223	0.81	0.30	0.05	2	0.02
WTRCDD149	223	224	0.49	0.15	0.09	1	0.02
WTRCDD149	224	225	0.69	0.26	0.21	2	0.01
WTRCDD149	225	226	0.52	0.21	0.01	1	0.02
WTRCDD149	226	227	0.51	0.13	0.11	2	0.05
WTRCDD149	227	228	0.68	0.19	0.03	1	0.01
WTRCDD149	228	229	0.44	0.17	0.01	1	0.01
WTRCDD149	229	230	0.34	0.08	0.00	1	0.01
WTRCDD149	230	231	0.16	0.08	0.00	0	0.01
WTRCDD149	231	232.1	0.33	0.07	0.02	1	0.02
WTRCDD149	232.3	233	0.53	0.14	0.06	1	0.01
WTRCDD149	233	234	0.60	0.17	0.04	1	0.01
WTRCDD149	234	235	0.57	0.13	0.01	1	0.01
WTRCDD149	235	236	0.09	0.01	0.00	0	0.01
WTRCDD149	236	237	0.07	0.00	0.00	0	0.01
WTRCDD149	237	238	0.18	0.03	0.00	1	0.02
WTRCDD149	238	239	0.14	0.04	0.02	2	0.04
WTRCDD149	239	240	0.16	0.08	0.01	3	0.07
WTRCDD149	240	241	0.36	0.12	0.00	1	0.06
WTRCDD149	241	242	0.11	0.01	0.01	1	0.04
WTRCDD149	242	243	0.10	0.00	0.02	1	0.03
WTRCDD149	243	244	0.11	0.00	0.02	1	0.03
WTRCDD149	244	245	0.10	0.00	0.02	1	0.02
WTRCDD149	245	246	0.10	0.00	0.04	2	0.01
WTRCDD149	246	247	0.28	0.04	0.07	4	0.04
WTRCDD149	247	248	0.09	0.07	0.02	1	0.01
WTRCDD149	248	249	0.08	0.01	0.02	1	0.01
WTRCDD149	249	250	0.08	0.02	0.02	1	0.03
WTRCDD149	250	251	0.11	0.03	0.01	1	0.04
WTRCDD149	251	252	0.10	0.02	0.17	4	0.04
WTRCDD149	252	253.1	0.20	0.11	0.23	6	0.06
WTRCDD149	253.2	254	0.07	0.02	0.07	3	0.08
WTRCDD149	254	255	0.06	0.00	0.25	4	0.04
WTRCDD149	255	256	0.08	0.02	0.13	3	0.04
WTRCDD149	256	257	0.73	0.34	0.07	5	0.03
WTRCDD149	257	258	0.39	0.18	0.00	3	0.03
WTRCDD149	258	259	0.62	0.22	0.00	2	0.02
WTRCDD149	259	260	0.32	0.07	0.06	5	0.02
WTRCDD149	260	261	1.14	0.33	0.00	3	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD149	261	262	0.77	0.35	0.00	3	0.01
WTRCDD149	262	263	0.49	0.09	0.00	1	0.02
WTRCDD149	263	264	0.12	0.00	0.00	1	0.02
WTRCDD149	264	265	0.08	0.00	0.00	1	0.01
WTRCDD149	265	266.2	0.26	0.10	0.00	1	0.01
WTRCDD149	266.2	267	0.84	0.29	0.00	3	0.01
WTRCDD149	267	268	0.56	0.17	0.00	2	0.01
WTRCDD149	268	269	0.52	0.26	0.00	2	0.01
WTRCDD149	269	270	0.15	0.05	0.00	1	0.01
WTRCDD149	270	271	0.71	0.32	0.00	2	-0.01
WTRCDD149	271	272	0.34	0.11	0.00	1	-0.01
WTRCDD149	272	273	0.15	0.02	0.00	1	0.01
WTRCDD149	273	274	0.13	0.01	0.00	0	0.01
WTRCDD149	274	275	0.60	0.07	0.01	1	0.01
WTRCDD149	275	276	0.28	0.04	0.00	1	0.01
WTRCDD149	276	277	0.11	0.02	0.00	0	0.01
WTRCDD149	277	278	0.15	0.02	0.00	1	0.01
WTRCDD149	278	279	0.49	0.06	0.00	1	0.01
WTRCDD149	279	280	0.54	0.00	0.00	1	0.03
WTRCDD149	280	281	0.18	0.01	0.02	2	0.07
WTRCDD149	281	282	0.06	0.02	0.00	3	0.1
WTRCDD149	282	283	0.04	0.00	0.01	1	0.03
WTRCDD149	283	284	0.03	0.00	0.00	0	0.01
WTRCDD149	284	285	0.10	0.01	0.00	1	0.02
WTRCDD149	285	286	0.04	0.01	0.00	1	0.01
WTRCDD149	286	287	0.17	0.06	0.02	2	0.03
WTRCDD149	287	288	0.12	0.16	0.01	3	0.06
WTRCDD149	288	289	0.08	0.01	0.02	2	0.05
WTRCDD149	289	290	0.03	0.00	0.00	1	0.03
WTRCDD149	290	291	0.03	0.00	0.00	1	0.04
WTRCDD149	291	292	0.05	0.01	0.00	1	0.06
WTRCDD149	292	293	0.04	0.00	0.00	1	0.06
WTRCDD149	293	294	0.05	0.00	0.01	1	0.02
WTRCDD149	294	295	0.10	0.01	0.00	0	0.02
WTRCDD149	295	296	0.11	0.01	0.00	0	0.02
WTRCDD149	296	297	0.05	0.00	0.00	0	0.01
WTRCDD149	297	298	0.09	0.01	0.02	2	0.06
WTRCDD149	298	299	0.06	0.01	0.02	1	0.03
WTRCDD149	299	300	0.06	0.00	0.01	1	0.03
WTRCDD149	300	300.7	0.03	0.01	0.00	0	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD150	180	181	0.02	0.01	0.01	1	0.31
WTRCDD150	181	182	0.02	0.02	0.01	3	0.56
WTRCDD150	182	182.5	0.19	3.92	0.11	85	1.52
WTRCDD150	182.5	183.47	9.01	16.00	0.73	358	4.36
WTRCDD150	183.47	184	47.20	22.70	0.09	551	7.62
WTRCDD150	184	185	39.90	23.30	0.22	661	2.23
WTRCDD150	185	186	47.00	21.20	0.37	619	2.52
WTRCDD150	186	187	44.00	16.30	1.25	402	1.79
WTRCDD150	187	188	39.20	11.40	2.90	413	4.58
WTRCDD150	188	189	23.90	6.85	5.84	442	4.17
WTRCDD150	189	190	52.50	11.30	1.16	342	2.3
WTRCDD150	190	191	54.70	13.10	0.20	327	1.02
WTRCDD150	191	192	57.20	5.72	0.38	206	1.56
WTRCDD150	192	193	53.00	5.43	1.00	191	1.94
WTRCDD150	193	194	45.80	8.99	1.30	192	3.69
WTRCDD150	194	195	48.10	18.55	0.20	207	1.08
WTRCDD150	195	196	33.60	17.05	0.51	233	2.83
WTRCDD150	196	197	33.80	21.60	0.58	323	3.8
WTRCDD150	197	198	37.80	22.10	0.36	339	2.46
WTRCDD150	198	199	39.10	18.65	0.29	344	2.77
WTRCDD150	199	200.2	41.70	21.50	0.31	462	2.13
WTRCDD150	200.2	201	0.60	0.18	0.01	5	0.04
WTRCDD150	201	202	0.48	0.23	0.01	10	0.13
WTRCDD150	202	203	0.35	0.23	0.01	11	0.12
WTRCDD150	203	204	0.34	0.20	0.01	8	0.07
WTRCDD150	204	205	0.40	0.08	0.01	5	0.09
WTRCDD150	205	206	1.22	0.04	0.01	3	0.08
WTRCDD150	206	207	0.17	0.03	0.02	2	0.1
WTRCDD150	207	208	0.10	0.01	0.04	2	0.2
WTRCDD150	208	209	0.05	0.01	0.09	6	0.15
WTRCDD150	209	210	0.71	0.25	0.50	13	0.42
WTRCDD150	210	211	0.76	0.17	0.61	13	0.4
WTRCDD150	211	212	0.55	0.15	0.78	23	1.08
WTRCDD150	212	213	0.37	0.15	0.36	14	0.28
WTRCDD150	213	214	1.01	0.35	0.07	2	0.21
WTRCDD150	214	215	1.91	0.61	0.06	2	0.29
WTRCDD150	215	216	3.88	1.51	0.08	4	0.13
WTRCDD150	216	217	4.04	0.53	0.46	3	0.24
WTRCDD150	217	218	2.06	0.11	0.45	2	0.37
WTRCDD150	218	219	0.05	0.06	0.42	2	0.11

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD150	219	220	0.76	0.06	0.49	2	0.19
WTRCDD150	220	221	0.47	0.10	0.86	5	0.22
WTRCDD150	221	222	1.68	0.19	0.44	4	0.16
WTRCDD150	222	223	0.73	0.04	0.35	4	0.12
WTRCDD150	223	224	0.18	0.09	0.49	8	0.97
WTRCDD150	224	225	0.55	0.06	0.17	3	0.24
WTRCDD150	225	226	2.98	0.04	0.15	3	0.3
WTRCDD150	226	227	0.03	0.01	0.02	1	0.13
WTRCDD150	227	228	0.02	0.10	0.31	5	0.07
WTRCDD150	228	229	0.86	0.16	0.26	6	0.05
WTRCDD150	229	230	0.04	0.01	0.03	1	0.09
WTRCDD150	230	231	0.03	0.01	0.04	1	0.1
WTRCDD150	231	232	0.02	0.01	0.02	1	0.22
WTRCDD150	232	233	0.02	0.01	0.01	1	0.19
WTRCDD150	233	234	0.03	0.01	0.01	1	0.16
WTRCDD150	234	235	0.08	0.02	0.03	3	0.25
WTRCDD150	235	236	0.19	0.01	0.22	7	0.76
WTRCDD150	236	237	0.07	0.03	0.01	2	0.09
WTRCDD150	237	238	0.30	0.03	0.17	5	0.58
WTRCDD150	238	239	0.01	0.00	0.00	1	0.07
WTRCDD150	239	240	0.03	0.01	0.01	2	0.09
WTRCDD150	240	241	0.02	0.00	0.01	1	0.08
WTRCDD150	241	242	0.04	0.00	0.01	2	0.24
WTRCDD150	242	243	0.05	0.03	0.00	1	0.04
WTRCDD150	243	244	0.10	0.09	0.00	2	0.05
WTRCDD150	244	245	1.25	0.41	0.21	19	0.16
WTRCDD150	245	246	0.12	0.05	0.01	2	0.06
WTRCDD150	246	247	0.36	0.16	0.01	4	0.06
WTRCDD150	247	248	0.36	0.14	0.01	3	0.04
WTRCDD150	248	249	0.18	0.03	0.05	6	0.08
WTRCDD150	249	250	1.20	0.36	0.02	9	0.1
WTRCDD150	250	251	0.22	0.04	0.02	3	0.1
WTRCDD150	251	252	0.15	0.03	0.01	2	0.1
WTRCDD150	252	253	0.77	0.29	0.03	5	0.09
WTRCDD150	253	254	0.23	0.07	0.01	2	0.11
WTRCDD150	254	255	0.40	0.13	0.00	2	0.05
WTRCDD150	255	256	0.14	0.03	0.05	3	0.07
WTRCDD150	256	257	0.12	0.02	0.27	11	0.25
WTRCDD150	257	258	0.27	0.14	0.43	21	0.85
WTRCDD150	258	259	0.12	0.03	0.29	12	0.64

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD150	259	260	0.78	0.28	0.04	5	0.18
WTRCDD150	260	261	0.83	0.52	0.03	6	0.1
WTRCDD150	261	262	0.08	0.02	0.06	4	0.1
WTRCDD150	262	263	0.04	0.01	0.02	2	0.06
WTRCDD150	263	264	0.06	0.03	0.01	1	0.05
WTRCDD150	264	265	0.05	0.02	0.01	1	0.06
WTRCDD150	265	266	0.12	0.32	0.01	3	0.07
WTRCDD150	266	267	0.07	0.07	0.00	1	0.04
WTRCDD150	267	268	0.20	0.06	0.01	1	0.04
WTRCDD150	268	269	0.13	0.06	0.05	3	0.05
WTRCDD150	269	270	0.09	0.01	0.00	1	0.04
WTRCDD150	270	271	0.12	0.00	0.00	0	0.03
WTRCDD150	271	272	0.04	0.02	0.03	2	0.05
WTRCDD150	272	273	0.04	0.01	0.09	4	0.05
WTRCDD150	273	274	0.04	0.00	0.01	1	0.02
WTRCDD150	274	275	0.09	0.01	0.18	7	0.04
WTRCDD150	275	276	0.07	0.00	0.02	1	0.06
WTRCDD150	276	277	0.07	0.08	0.10	8	0.12
WTRCDD150	277	278	0.05	0.00	0.01	1	0.04
WTRCDD150	278	279	0.04	0.06	0.04	4	0.1
WTRCDD150	279	280	0.04	0.08	0.06	5	0.09
WTRCDD150	280	281	0.05	0.01	0.02	2	0.03
WTRCDD150	281	282	0.05	0.01	0.01	1	0.03
WTRCDD150	282	283	1.24	0.63	1.53	78	1.66
WTRCDD150	283	284	0.38	0.16	0.60	27	0.41
WTRCDD151	183	184	0.16	0.06	0.01	4	0.02
WTRCDD151	184	185	0.75	0.27	0.01	8	0.02
WTRCDD151	185	186	1.08	0.41	0.01	8	0.02
WTRCDD151	186	187	1.15	0.56	0.01	9	0.03
WTRCDD151	187	188	2.63	1.38	0.03	22	0.19
WTRCDD151	188	189	2.82	1.47	0.46	28	0.18
WTRCDD151	189	190	2.75	0.40	0.99	26	0.14
WTRCDD151	190	191	2.39	0.58	0.35	13	0.09
WTRCDD151	191	192	4.24	1.16	0.02	9	0.1
WTRCDD151	192	193	5.00	1.50	0.03	13	0.09
WTRCDD151	193	193.6	3.03	1.27	0.18	14	0.15
WTRCDD151	193.8	195	0.66	0.26	0.11	6	0.08
WTRCDD151	195	196	0.29	0.15	0.02	4	0.07
WTRCDD151	218	219	0.38	0.09	0.00	4	0.02
WTRCDD151	219	220	0.18	0.06	0.01	3	0.02

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD151	220	221	0.39	0.09	0.00	2	0.01
WTRCDD151	221	222	0.21	0.02	0.00	2	0.02
WTRCDD151	222	223	0.70	0.14	0.01	6	0.05
WTRCDD151	223	224	0.85	0.13	0.07	13	0.09
WTRCDD151	224	225	0.49	0.14	0.27	16	0.16
WTRCDD151	225	226	0.82	0.21	0.30	17	0.13
WTRCDD151	226	227.16	0.71	0.17	0.17	9	0.12
WTRCDD151	227.16	228	0.56	0.07	0.02	2	0.06
WTRCDD151	228	229	0.85	0.13	0.01	3	0.1
WTRCDD151	229	230	0.05	0.01	0.00	1	0.05
WTRCDD151	230	231	0.04	0.02	0.01	3	0.09
WTRCDD152	362	363	0.02	0.01	0.01	3	0.02
WTRCDD152	363	364	3.32	2.05	0.05	91	0.04
WTRCDD152	364	365	12.55	7.44	0.15	365	0.12
WTRCDD152	365	366	10.35	5.27	0.07	253	0.07
WTRCDD152	366	367	5.65	2.64	0.04	105	0.04
WTRCDD152	367	368	2.81	1.01	0.02	26	0.02
WTRCDD152	368	369	1.64	0.65	0.01	7	0.01
WTRCDD152	396	397	0.94	0.27	0.01	36	0.02
WTRCDD152	397	398	2.19	0.67	0.01	111	0.03
WTRCDD152	398	399	1.90	0.59	0.01	34	0.03
WTRCDD152	399	400	4.96	1.65	0.01	49	0.03
WTRCDD152	400	401	0.87	0.10	0.00	4	0.02
WTRCDD152	401	401.7	0.09	0.09	0.00	4	0.06
WTRCDD152	401.7	402.91	0.10	0.09	0.39	26	0.56
WTRCDD152	402.91	404	0.15	0.07	0.38	19	0.09
WTRCDD152	404	405	0.26	0.08	0.46	14	0.07
WTRCDD152	405	406	0.04	0.02	0.05	4	0.11
WTRCDD152	406	407	0.05	0.01	0.03	2	0.11
WTRCDD152	407	408	0.02	0.05	0.10	4	0.14
WTRCDD152	408	409	0.02	0.02	0.01	2	0.12
WTRCDD152	409	410	0.05	0.02	0.15	4	0.15
WTRCDD152	410	411	0.03	0.02	0.11	5	0.08
WTRCDD152	411	412	0.05	0.03	0.02	5	0.08
WTRCDD152	412	413	0.05	0.03	0.09	11	0.11
WTRCDD152	413	414	0.05	0.08	0.35	11	0.11
WTRCDD152	414	415	0.05	0.04	0.59	9	0.16
WTRCDD152	415	416	0.30	0.11	1.15	18	0.78
WTRCDD152	416	417	0.10	0.05	0.10	9	0.06
WTRCDD152	417	418	0.04	0.06	0.01	21	0.15

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD152	418	419	0.04	0.07	0.02	12	0.17
WTRCDD152	419	420	0.03	0.02	0.01	3	0.1
WTRCDD152	420	421	0.04	0.02	0.02	3	0.19
WTRCDD152	421	422	0.05	0.01	0.34	2	0.11
WTRCDD152	422	423	0.06	0.03	0.06	3	0.14
WTRCDD152	423	424	0.06	0.01	0.01	1	0.07
WTRCDD152	424	425	0.10	0.04	0.05	3	0.11
WTRCDD152	425	426	0.13	0.03	0.27	3	0.15
WTRCDD152	426	427	0.33	0.12	0.62	8	0.24
WTRCDD152	427	428	0.07	0.04	0.24	4	0.17
WTRCDD152	428	429	0.03	0.01	0.10	2	0.09
WTRCDD152	429	430	0.03	0.02	0.12	3	0.15
WTRCDD152	430	431	0.04	0.05	0.57	5	0.18
WTRCDD152	431	432	0.13	0.07	1.36	10	0.33
WTRCDD152	432	433	0.05	0.05	0.06	7	0.14
WTRCDD152	433	434	0.06	0.05	0.03	5	0.13
WTRCDD152	434	435	0.07	0.02	0.36	3	0.14
WTRCDD152	435	436	1.25	0.72	0.04	3	0.08
WTRCDD152	436	437	0.16	0.18	0.10	2	0.07
WTRCDD152	437	438	0.63	1.38	0.35	46	0.64
WTRCDD152	438	438.7	0.12	1.06	1.30	100	0.42
WTRCDD152	438.9	440	0.55	2.33	0.82	45	0.15
WTRCDD152	440	441	0.16	0.84	0.15	5	0.04
WTRCDD152	441	442	0.85	0.72	0.11	4	0.03
WTRCDD152	442	443	0.30	0.34	0.65	5	0.05
WTRCDD152	443	444	1.57	1.07	0.26	6	0.04
WTRCDD152	444	445	0.25	0.99	0.08	3	0.03
WTRCDD152	445	446	0.54	0.23	0.01	2	0.03
WTRCDD152	446	447	0.02	0.03	0.20	2	0.06
WTRCDD152	447	448	0.01	0.01	0.04	1	0.04
WTRCDD152	448	449	0.07	0.05	0.02	1	0.02
WTRCDD152	449	450	0.05	0.02	0.05	1	0.03
WTRCDD152	450	451	0.04	0.02	0.69	2	0.14
WTRCDD152	451	452	0.02	0.01	0.21	1	0.07
WTRCDD152	452	453	0.02	0.01	0.28	1	0.08
WTRCDD152	453	454	0.03	0.02	0.71	2	0.17
WTRCDD152	454	455	0.03	0.01	0.01	1	0.11
WTRCDD152	455	456	0.03	0.01	0.10	1	0.08
WTRCDD152	456	456.5	0.04	0.03	0.09	2	0.07
WTRCDD153	352	353	0.02	0.04	0.02	6	0.08

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD153	353	354	0.01	0.00	0.00	1	0.01
WTRCDD153	354	355.35	0.05	0.11	0.01	14	0.07
WTRCDD153	355.35	356	3.23	7.68	0.32	180	0.76
WTRCDD153	356	357	16.20	10.20	0.22	241	0.64
WTRCDD153	357	358	3.68	4.94	1.41	190	0.74
WTRCDD153	358	359	7.45	8.62	0.78	214	0.63
WTRCDD153	359	360	30.00	19.15	0.44	285	0.41
WTRCDD153	360	361	26.00	16.55	0.24	252	0.57
WTRCDD153	361	361.64	18.95	8.67	0.54	166	0.63
WTRCDD153	361.64	362.3	3.37	1.26	0.55	50	0.19
WTRCDD153	362.3	363	30.00	9.04	1.12	189	0.8
WTRCDD153	363	363.64	30.30	12.35	1.59	263	0.99
WTRCDD153	363.64	365	2.00	0.79	0.78	59	0.28
WTRCDD153	365	366	5.60	2.55	0.06	53	0.47
WTRCDD153	366	367	13.65	4.66	0.12	54	0.47
WTRCDD153	367	368	5.04	1.15	0.20	24	0.53
WTRCDD153	368	369	5.24	1.03	0.63	43	1.06
WTRCDD153	369	370	12.90	1.60	0.35	30	0.89
WTRCDD153	370	371	6.61	0.66	0.42	25	0.49
WTRCDD153	371	372	4.02	0.70	0.49	27	0.4
WTRCDD153	372	373	3.58	0.45	0.71	31	0.35
WTRCDD153	373	374	1.44	0.20	0.68	24	0.24
WTRCDD153	374	375	0.70	0.12	0.04	4	0.12
WTRCDD153	375	376	3.14	0.44	0.05	10	0.31
WTRCDD153	376	377	0.71	0.09	0.02	6	0.24
WTRCDD153	377	378	0.21	0.04	0.01	3	0.07
WTRCDD153	378	379	0.47	0.16	0.02	3	0.08
WTRCDD153	379	380	0.12	0.02	0.01	2	0.1
WTRCDD153	380	381	0.35	0.08	0.09	8	0.14
WTRCDD153	381	382	0.46	0.15	0.33	12	0.13
WTRCDD153	382	383	0.44	0.10	0.40	11	0.13
WTRCDD153	383	384	0.85	0.19	0.81	18	0.15
WTRCDD153	384	385	0.87	0.24	0.95	24	0.39
WTRCDD153	385	386	0.32	0.04	0.84	5	0.37
WTRCDD153	386	387	0.41	0.21	0.63	6	0.27
WTRCDD153	387	388	0.04	0.04	0.66	2	0.3
WTRCDD153	388	389	0.03	0.02	0.47	2	0.39
WTRCDD153	389	390	0.03	0.02	1.08	3	0.49
WTRCDD153	390	391	0.01	0.01	0.22	2	0.22
WTRCDD153	391	392	0.05	0.08	0.60	8	0.58

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD153	392	393	0.01	0.01	0.02	1	0.17
WTRCDD153	393	394	0.07	0.04	0.25	2	0.12
WTRCDD153	394	395	0.02	0.03	0.73	3	0.17
WTRCDD153	395	396	0.04	0.01	1.29	8	0.19
WTRCDD153	396	397	0.06	0.02	0.04	7	0.34
WTRCDD153	397	398	0.05	0.03	0.01	16	-0.01
WTRCDD153	398	399	0.07	0.02	0.02	7	-0.01
WTRCDD153	399	400	0.07	0.02	0.01	6	-0.01
WTRCDD153	400	401	0.05	0.05	0.04	19	0.58
WTRCDD153	401	402	0.06	0.06	0.03	20	0.43
WTRCDD153	402	403	0.78	0.14	0.57	42	1.75
WTRCDD153	403	404	0.44	0.22	2.28	139	1.96
WTRCDD153	404	405	7.63	1.37	1.10	91	0.68
WTRCDD153	405	406	2.94	0.19	1.51	112	0.98
WTRCDD153	406	407	1.59	0.10	2.47	120	0.99
WTRCDD153	407	408	2.73	0.10	0.58	36	0.33
WTRCDD153	408	409	0.33	0.07	0.85	37	0.38
WTRCDD153	409	410	0.16	0.06	0.68	27	0.52
WTRCDD153	410	411	0.15	0.05	0.19	17	0.34
WTRCDD153	411	412	0.08	0.04	0.08	12	0.28
WTRCDD155	157	158	3.37	1.81	0.05	12	0.07
WTRCDD155	158	159.3	2.71	0.89	0.03	11	0.13
WTRCDD155	159.4	160	7.50	2.89	0.06	19	0.07
WTRCDD155	160	161	4.41	1.00	0.01	11	0.11
WTRCDD155	161	162	2.37	0.38	0.02	12	0.25
WTRCDD155	162	163	5.79	1.46	0.09	39	0.81
WTRCDD155	163	164	5.84	0.44	0.05	12	0.11
WTRCDD155	164	165	7.70	1.49	0.03	21	0.19
WTRCDD155	165	166	1.71	0.13	0.02	3	0.14
WTRCDD155	166	167	5.05	0.97	0.01	9	0.24
WTRCDD155	167	168	4.25	0.93	0.02	16	0.26
WTRCDD155	168	169	4.52	1.65	0.03	15	0.06
WTRCDD155	169	170	3.49	1.54	0.02	10	0.07
WTRCDD155	170	171	2.09	0.23	0.01	8	0.23
WTRCDD155	171	172	4.60	0.44	0.03	11	0.56
WTRCDD155	172	173	1.95	0.15	0.01	7	0.37
WTRCDD155	173	174	0.42	0.19	0.01	3	0.19
WTRCDD155	174	175	1.21	0.16	0.02	3	0.27
WTRCDD155	175	176	0.50	0.25	0.01	2	0.06
WTRCDD155	176	177	3.40	0.37	0.05	6	0.11

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD155	177	178	1.81	0.22	0.03	3	0.07
WTRCDD155	178	179	1.32	0.33	0.00	4	0.04
WTRCDD155	179	180	0.64	0.07	0.00	4	0.11
WTRCDD155	180	181	1.16	0.34	0.00	5	0.06
WTRCDD155	181	182	2.30	1.16	0.00	6	0.02
WTRCDD155	182	183	1.83	0.55	0.00	4	0.03
WTRCDD155	183	184	3.24	0.27	0.01	5	0.12
WTRCDD155	184	185	1.48	0.24	0.00	5	0.15
WTRCDD155	185	186	0.19	0.07	0.01	5	0.2
WTRCDD155	186	187	0.14	0.05	0.01	9	0.42
WTRCDD155	187	188	0.24	0.05	0.01	15	0.57
WTRCDD155	188	189	0.43	0.12	0.01	10	0.34
WTRCDD155	189	190	0.33	0.06	0.01	4	0.16
WTRCDD155	190	191	2.49	0.08	0.04	5	0.23
WTRCDD155	191	192	1.22	0.07	0.02	4	0.27
WTRCDD155	192	193	0.69	0.11	0.00	3	0.06
WTRCDD155	193	194	0.59	0.43	0.00	6	0.06
WTRCDD155	194	195	0.11	0.03	0.00	4	0.18
WTRCDD155	195	196	0.36	0.28	0.00	6	0.19
WTRCDD155	196	197	0.15	0.02	0.00	3	0.1
WTRCDD155	197	198	0.22	0.05	0.00	6	0.17
WTRCDD155	198	199	0.35	0.07	0.01	4	0.19
WTRCDD155	199	200	0.90	0.10	0.01	5	0.18
WTRCDD155	200	200.58	0.50	0.06	0.01	3	0.12
WTRCDD155	200.58	201.44	1.51	0.12	0.06	6	0.23
WTRCDD155	201.44	202.18	0.57	0.08	0.01	3	0.1
WTRCDD155	202.18	203.1	3.21	0.62	0.01	6	0.12
WTRCDD155	203.1	204	1.59	0.57	0.03	4	0.08
WTRCDD155	204	205	2.15	0.78	0.02	6	0.16
WTRCDD155	205	206	3.62	0.70	0.01	5	0.12
WTRCDD155	206	206.8	2.00	0.40	0.03	6	0.17
WTRCDD155	206.9	208	0.07	0.01	0.00	1	0.02
WTRCDD155	208	209	1.30	0.28	0.02	4	0.1
WTRCDD155	209	210	3.20	0.57	0.07	10	0.15
WTRCDD155	210	211	5.02	1.39	0.27	25	0.31
WTRCDD155	211	212	1.35	0.39	0.01	7	0.13
WTRCDD155	212	212.7	0.93	0.22	0.02	6	0.18
WTRCDD155	212.8	214	1.82	0.45	0.19	16	0.29
WTRCDD155	214	215	0.67	0.22	0.03	8	0.18
WTRCDD155	215	216	0.14	0.05	0.01	3	0.03

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD155	216	217	0.12	0.02	0.01	2	0.04
WTRCDD155	217	218	1.70	0.24	0.57	23	0.16
WTRCDD155	218	219	0.79	0.28	0.01	7	0.07
WTRCDD155	219	220	0.54	0.35	0.05	12	0.09
WTRCDD155	220	221	3.20	0.76	1.14	55	0.52
WTRCDD155	221	222	0.42	0.27	0.07	7	0.09
WTRCDD155	222	223	0.15	0.05	0.02	3	0.08
WTRCDD155	223	224	0.08	0.02	0.00	1	0.04
WTRCDD155	224	225	0.64	0.13	0.03	4	0.07
WTRCDD155	225	226	0.13	0.05	0.00	2	0.07
WTRCDD155	226	227	0.04	0.01	0.00	0	0.02
WTRCDD155	227	228	0.04	0.01	0.00	0	0.02
WTRCDD155	228	229	0.15	0.08	0.00	1	0.02
WTRCDD155	229	230	0.11	0.03	0.00	1	0.01
WTRCDD155	230	231	0.19	0.03	0.00	4	0.14
WTRCDD156	142	143	0.03	0.01	0.01	2	0.03
WTRCDD156	143	144	0.04	0.01	0.01	2	0.02
WTRCDD156	144	145	0.13	0.04	0.01	6	0.04
WTRCDD156	145	146	11.00	6.52	0.05	207	0.14
WTRCDD156	146	147	2.81	1.47	0.04	50	0.18
WTRCDD156	147	148	3.48	1.56	0.06	37	0.19
WTRCDD156	148	149	7.12	1.85	0.04	26	0.24
WTRCDD156	149	150	9.41	1.03	0.08	26	1.08
WTRCDD156	150	151	5.48	1.61	0.02	24	0.53
WTRCDD156	151	152	9.16	3.00	0.13	48	1.53
WTRCDD156	152	153	3.74	1.35	0.07	26	0.45
WTRCDD156	153	154	3.58	1.74	0.10	28	0.59
WTRCDD156	154	155	6.70	0.67	0.15	13	0.53
WTRCDD156	155	156	2.64	0.67	0.21	23	1.08
WTRCDD156	156	157	7.73	1.46	0.11	26	0.7
WTRCDD156	157	158	7.32	1.03	0.04	23	0.31
WTRCDD156	158	159	5.83	0.42	0.05	22	0.67
WTRCDD156	159	160	2.02	0.22	0.02	10	0.44
WTRCDD156	160	161	0.95	0.36	0.02	7	0.35
WTRCDD156	177	178	0.11	0.03	0.00	4	0.18
WTRCDD156	178	179	0.53	0.05	0.01	4	0.13
WTRCDD156	179	180	1.18	0.07	0.03	7	0.15
WTRCDD156	180	180.6	0.12	0.07	0.01	10	0.28
WTRCDD156	180.6	181.6	1.09	0.43	0.04	17	0.44
WTRCDD156	181.6	182.8	0.23	0.07	0.00	6	0.17

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD156	182.8	184	0.36	0.13	0.01	11	0.27
WTRCDD156	184	185	0.55	0.08	0.01	12	0.1
WTRCDD156	185	186	2.04	0.31	0.01	12	0.09
WTRCDD156	186	187	2.39	0.50	0.01	14	0.1
WTRCDD156	187	188	1.15	0.15	0.01	8	0.09
WTRCDD156	188	189	0.63	0.07	0.01	7	0.09
WTRCDD156	189	190	0.88	0.20	0.01	6	0.07
WTRCDD156	190	191	0.71	0.14	0.02	10	0.15
WTRCDD156	191	192	1.38	0.18	0.00	7	0.06
WTRCDD156	192	193	0.84	0.20	0.01	8	0.07
WTRCDD156	193	194	0.54	0.05	0.00	5	0.13
WTRCDD156	194	195	0.63	0.15	0.04	8	0.18
WTRCDD156	195	196	0.18	0.08	0.02	6	0.14
WTRCDD156	196	197	0.25	0.04	0.01	6	0.25
WTRCDD156	197	198	0.63	0.12	0.03	8	0.29
WTRCDD156	198	198.7	0.43	0.11	0.02	8	0.22
WTRCDD156	198.7	199.3	11.85	3.82	0.50	61	0.49
WTRCDD156	199.3	200	0.32	0.06	0.01	4	0.14
WTRCDD156	200	201	0.16	0.04	0.01	10	0.11
WTRCDD156	201	202	0.67	0.12	0.01	14	0.12
WTRCDD156	202	203	0.17	0.04	0.01	9	0.28
WTRCDD156	203	204	0.57	0.18	0.01	12	0.38
WTRCDD156	204	205	0.34	0.10	0.01	5	0.21
WTRCDD156	205	206	1.17	0.61	0.02	8	0.17
WTRCDD156	206	207	0.68	0.25	0.02	6	0.09
WTRCDD156	207	208	0.61	0.13	0.00	3	0.06
WTRCDD156	208	209	0.69	0.20	0.03	9	0.18
WTRCDD156	209	210	0.11	0.07	0.00	1	0.01
WTRCDD156	210	211	0.32	0.10	0.01	3	0.09
WTRCDD156	211	212	0.30	0.13	0.03	3	0.08
WTRCDD156	212	213	0.16	0.03	0.00	1	0.04
WTRCDD156	213	214	0.32	0.03	0.01	2	0.11
WTRCDD156	214	215.15	0.09	0.02	0.01	2	0.05
WTRCDD156	215.15	216.15	9.95	3.35	2.35	89	0.98
WTRCDD156	216.15	217	0.43	0.07	0.01	5	0.11
WTRCDD156	217	218	0.57	0.19	0.02	3	0.13
WTRCDD156	218	219	0.37	0.39	0.04	5	0.09
WTRCDD156	219	220	0.64	0.29	0.08	9	0.16
WTRCDD156	220	221	0.70	0.28	0.14	12	0.19
WTRCDD156	221	222	0.63	0.18	0.11	10	0.11

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD157	215	216	0.04	0.01	0.01	2	0.03
WTRCDD157	216	217	0.02	0.01	0.01	2	0.04
WTRCDD157	217	218	0.27	1.06	0.12	39	0.15
WTRCDD157	218	219	17.55	16.00	0.51	441	2.28
WTRCDD157	219	219.8	21.80	15.15	0.72	444	1.86
WTRCDD157	219.8	221	11.00	9.74	0.44	298	1.31
WTRCDD157	221	222	33.30	16.95	0.19	537	1.19
WTRCDD157	222	223	41.20	25.80	0.35	564	1.29
WTRCDD157	223	224	41.90	17.85	0.88	367	1.25
WTRCDD157	224	225	35.10	21.30	0.91	468	1.47
WTRCDD157	225	226	48.20	19.35	0.17	398	1.01
WTRCDD157	226	227	32.60	17.70	0.81	392	1.98
WTRCDD157	227	227.5	32.70	14.50	0.22	314	1.63
WTRCDD157	227.5	228.35	22.40	2.36	0.09	125	2.42
WTRCDD157	228.35	229	6.60	1.22	0.07	42	1.14
WTRCDD157	229	230	4.28	0.86	0.06	18	0.12
WTRCDD157	230	231	10.15	0.88	0.07	20	0.22
WTRCDD157	231	231.75	2.98	1.36	0.03	15	0.15
WTRCDD157	231.75	232.8	18.90	4.09	0.14	48	0.58
WTRCDD157	234.5	235	8.78	0.60	0.76	25	0.95
WTRCDD157	235	236.1	6.97	0.69	0.56	15	0.89
WTRCDD157	236.1	237	0.98	0.28	1.36	10	1.84
WTRCDD157	237	238	0.20	0.03	0.29	2	0.64
WTRCDD157	238	239	1.35	0.08	1.35	8	1.67
WTRCDD157	239	240	0.56	0.07	0.98	6	1.63
WTRCDD157	240	241	0.15	0.03	0.29	3	0.28
WTRCDD157	241	242	0.20	0.06	0.72	5	0.63
WTRCDD157	242	243	0.55	0.18	1.06	8	0.48
WTRCDD157	243	244	0.83	1.75	2.01	42	1.76
WTRCDD157	244	245	1.85	1.70	2.46	89	2.48
WTRCDD157	245	246	0.46	0.51	0.47	18	0.1
WTRCDD157	246	247	0.72	0.06	1.04	10	0.23
WTRCDD157	247	248	0.09	0.06	1.06	11	0.41
WTRCDD157	248	249	0.13	0.26	1.34	21	0.62
WTRCDD157	249	250	0.08	0.04	0.72	14	0.14
WTRCDD157	250	251	0.08	0.02	0.65	14	0.11
WTRCDD157	251	252	0.04	0.02	0.93	18	0.21
WTRCDD157	252	253	0.37	0.10	1.55	35	2.19
WTRCDD157	253	253.6	0.16	0.05	3.02	61	3.12
WTRCDD157	253.6	254.4	0.16	0.10	3.64	86	4.29

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD157	254.4	255	0.24	0.06	1.27	31	0.72
WTRCDD157	255	256	1.25	0.12	2.58	58	1.04
WTRCDD157	256	257	0.25	0.03	1.14	27	0.28
WTRCDD157	257	258	1.57	0.20	8.44	194	3.77
WTRCDD157	258	259	0.36	0.02	2.28	50	0.19
WTRCDD157	259	260	0.05	0.01	0.26	8	0.44
WTRCDD157	260	261	0.29	0.01	0.91	23	0.82
WTRCDD157	261	262.05	2.51	0.05	3.54	125	2.44
WTRCDD157	262.05	263	3.72	0.06	8.43	224	1.68
WTRCDD157	263	263.4	5.48	0.13	21.40	559	6.63
WTRCDD157	263.4	264	0.60	0.03	2.04	51	0.94
WTRCDD157	264	265	0.03	0.01	0.07	4	0.16
WTRCDD157	265	266	0.37	0.01	0.98	29	1.51
WTRCDD157	266	267	1.80	0.08	6.51	189	9.51
WTRCDD157	267	267.7	0.24	0.07	1.23	46	0.71
WTRCDD157	267.7	268.46	0.50	0.05	1.18	44	1.81
WTRCDD157	268.46	269	0.08	0.04	0.01	1	0.03
WTRCDD157	269	270	0.69	0.12	1.28	57	9.87
WTRCDD157	270	271	0.25	0.02	0.72	19	0.4
WTRCDD157	271	272	0.56	0.04	0.16	8	0.25
WTRCDD157	272	273.1	0.34	0.11	0.04	5	0.12
WTRCDD157	273.1	274	0.17	0.03	0.05	4	0.28
WTRCDD157	274	275	0.37	0.02	0.22	11	0.37
WTRCDD157	275	276	1.84	0.09	0.86	30	0.53
WTRCDD157	276	277	0.56	0.05	0.12	6	0.18
WTRCDD157	277	278	0.33	0.10	0.01	2	0.09
WTRCDD157	278	279	0.52	0.13	0.78	18	0.21
WTRCDD157	279	280	0.09	0.04	0.03	4	0.23
WTRCDD157	280	281	0.10	0.04	0.07	5	0.32
WTRCDD157	281	282	0.56	0.13	0.43	13	0.32
WTRCDD157	282	283	0.51	0.21	0.09	7	0.47
WTRCDD157	283	284	2.22	0.62	0.97	26	0.66
WTRCDD157	284	285	2.61	0.11	0.92	28	1.33
WTRCDD157	285	286	0.37	0.07	0.66	21	0.49
WTRCDD157	286	287	1.51	0.42	1.87	49	0.67
WTRCDD157	287	288	0.99	0.06	0.87	22	0.51
WTRCDD157	288	289	3.65	0.37	2.69	53	1.22
WTRCDD157	289	290	1.08	0.06	0.66	19	1.5
WTRCDD157	290	291	0.50	0.07	0.20	12	0.71
WTRCDD157	291	292	0.48	0.15	2.62	49	1.19

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD157	292	293	0.28	0.10	2.48	44	0.42
WTRCDD157	293	294	0.28	0.11	1.23	27	0.34
WTRCDD157	294	295	0.33	0.09	1.08	20	0.73
WTRCDD157	295	296	0.14	0.09	0.19	9	0.29
WTRCDD159	195	196	0.02	0.01	0.01	2	0.02
WTRCDD159	196	197	0.03	0.02	0.01	2	0.03
WTRCDD159	197	197.5	17.00	14.55	0.24	445	0.2
WTRCDD159	197.5	198	0.36	0.10	0.01	8	0.06
WTRCDD159	198	199	0.47	0.11	0.00	16	0.04
WTRCDD159	199	200	2.13	0.49	0.03	92	0.04
WTRCDD159	200	201	2.34	2.59	0.05	145	0.02
WTRCDD159	201	202	2.18	0.83	0.02	54	0.01
WTRCDD159	202	203	2.35	1.55	0.04	57	0.01
WTRCDD159	203	204	2.92	1.25	0.03	29	0.02
WTRCDD159	204	205	3.21	1.68	0.03	24	0.03
WTRCDD159	205	206	2.01	1.16	0.02	11	0.05
WTRCDD159	206	207	2.25	1.33	0.03	10	0.12
WTRCDD159	207	208	1.94	0.74	0.02	7	0.11
WTRCDD159	208	209	4.50	2.04	0.02	13	0.09
WTRCDD159	209	210	5.53	3.80	0.02	24	0.11
WTRCDD159	210	211	3.58	1.32	0.04	7	0.06
WTRCDD159	211	212	3.65	2.37	0.01	10	0.03
WTRCDD159	212	213	1.18	0.56	0.01	4	0.02
WTRCDD159	213	214	0.97	0.41	0.02	3	0.03
WTRCDD159	214	215	0.68	0.58	0.02	4	0.02
WTRCDD159	215	216	7.86	0.65	0.05	13	0.16
WTRCDD159	216	217	1.80	0.38	0.02	10	0.08
WTRCDD159	217	218	0.40	0.16	0.02	6	0.08
WTRCDD159	218	219	0.13	0.14	0.01	5	0.05
WTRCDD159	219	220	0.19	0.05	0.00	4	0.03
WTRCDD159	235	236	0.51	0.12	0.02	3	-0.01
WTRCDD159	236	237	0.88	0.27	0.01	5	0.01
WTRCDD159	237	238	2.01	0.31	0.01	8	0.01
WTRCDD159	238	239	0.32	0.09	0.00	5	-0.01
WTRCDD159	239	240	0.91	0.28	0.01	8	0.01
WTRCDD159	240	241	0.53	0.13	0.01	4	0.02
WTRCDD159	241	242	0.28	0.06	0.00	3	0.01
WTRCDD159	242	243	0.28	0.08	0.00	3	0.01
WTRCDD159	243	244	0.53	0.13	0.00	4	-0.01
WTRCDD159	244	245	0.44	0.09	0.01	3	-0.01

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD159	245	246	0.23	0.08	0.00	2	-0.01
WTRCDD159	246	247	0.20	0.08	0.00	2	-0.01
WTRCDD159	247	248	0.32	0.10	0.00	2	0.01
WTRCDD159	248	249	0.27	0.11	0.00	2	-0.01
WTRCDD159	249	250	0.15	0.06	0.00	1	-0.01
WTRCDD163	200	201	0.16	0.63	0.01	2	0.04
WTRCDD163	201	202	0.32	1.04	0.03	5	0.01
WTRCDD163	202	203	0.14	0.54	0.01	3	0.01
WTRCDD163	203	204	1.33	2.08	0.05	13	0.03
WTRCDD163	204	205.2	0.27	1.67	0.10	6	0.04
WTRCDD163	205.3	206	0.06	0.83	0.44	28	0.07
WTRCDD163	206	207	0.07	0.14	0.74	40	0.42
WTRCDD163	207	208	0.01	0.07	0.16	15	0.98
WTRCDD163	208	209	0.02	0.40	0.01	8	0.96
WTRCDD163	209	210	0.02	0.08	0.05	26	0.9
WTRCDD163	210	211	0.02	0.09	0.56	45	0.94
WTRCDD163	211	212	0.06	0.26	0.03	2	0.02
WTRCDD163	212	213	0.59	2.56	0.08	9	0.16
WTRCDD163	213	214	0.83	1.13	0.04	10	0.21
WTRCDD163	214	215	0.88	4.07	0.03	14	0.11
WTRCDD163	222	223	0.69	0.15	0.01	6	0.08
WTRCDD163	223	224	0.78	0.23	0.01	5	0.02
WTRCDD163	224	225	1.25	0.41	0.02	13	0.08
WTRCDD163	225	226	0.97	0.26	0.01	7	0.05
WTRCDD163	226	227	0.98	0.29	0.01	7	0.04
WTRCDD163	227	228	2.28	0.88	0.01	14	0.08
WTRCDD163	228	229	2.21	0.59	0.01	13	0.14
WTRCDD163	229	230	0.98	0.18	0.01	6	0.05
WTRCDD163	230	231	0.44	0.24	0.01	4	0.06
WTRCDD163	238	239	0.34	0.24	0.02	4	0.07
WTRCDD163	239	240	0.14	0.30	0.02	5	0.04
WTRCDD163	255	256	0.15	0.18	0.02	3	0.01
WTRCDD163	256	257	5.00	0.03	0.00	2	0.04
WTRCDD163	257	258	4.62	0.58	0.02	7	0.05
WTRCDD163	258	259	0.61	0.63	0.02	13	0.12
WTRCDD163	259	260	2.05	1.82	0.02	25	0.14
WTRCDD163	260	261	2.14	0.54	0.03	12	0.09
WTRCDD163	261	262.2	0.43	0.83	0.02	16	0.07
WTRCDD163	263.1	264.3	0.73	0.49	0.02	8	0.03
WTRCDD163	99	100	0.00	0.12	0.01	2	-0.01

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD163	100	101	0.00	0.08	0.44	8	-0.01
WTRCDD163	101	102	0.00	0.09	0.41	7	0.05
WTRCDD163	102	103	0.00	0.01	0.01	1	0.01
WTRCDD163	103	104	0.00	0.01	0.10	1	0.01
WTRCDD163	104	105	0.01	0.15	0.02	0	-0.01
WTRCDD163	105	106	0.00	0.01	0.03	1	0.02
WTRCDD163	106	107	0.01	0.10	0.19	3	0.02
WTRCDD163	107	107.5	0.00	0.08	0.43	4	0.08
WTRCDD164	150	151	0.27	0.24	0.02	1	0.03
WTRCDD164	151	152	0.02	0.09	0.12	1	0.01
WTRCDD164	152	153	0.17	0.19	0.00	1	0.01
WTRCDD164	153	154	0.07	0.14	0.01	0	0.02
WTRCDD164	154	155	0.02	0.08	0.00	0	0.01
WTRCDD164	201	202	0.01	0.00	0.00	0	0.01
WTRCDD164	202	202.88	0.03	0.05	0.00	1	0.03
WTRCDD164	202.88	204.1	1.83	0.99	0.00	11	0.07
WTRCDD164	204.1	204.82	0.14	0.04	0.00	4	0.05
WTRCDD164	204.82	206	1.57	0.18	0.01	4	0.11
WTRCDD164	206	207	0.52	0.23	0.01	4	0.09
WTRCDD164	207	208	0.01	0.02	0.00	5	0.02
WTRCDD164	208	209	0.04	0.01	0.00	0	0.02
WTRCDD164	209	210	0.03	0.02	0.00	3	0.03
WTRCDD164	210	211	0.17	0.03	0.00	7	0.03
WTRCDD164	211	212	0.38	0.17	0.03	3	0.06
WTRCDD164	212	213	0.30	0.22	0.00	10	0.01
WTRCDD164	213	214	0.83	0.94	0.01	14	0.02
WTRCDD164	239	240	0.82	0.29	0.02	1	0.02
WTRCDD164	240	240.6	0.22	0.10	0.01	1	0.02
WTRCDD164	240.6	241.38	3.31	0.44	0.21	5	0.13
WTRCDD164	241.38	242	0.25	0.28	0.01	1	0.02
WTRCDD164	242	243	0.31	0.19	0.01	1	0.02
WTRCDD164	243	244	0.04	0.03	0.00	0	0.01
WTRCDD164	244	245	1.00	0.49	0.02	2	0.03
WTRCDD164	245	246	0.32	0.41	0.01	1	0.03
WTRCDD164	246	247	0.53	0.22	0.12	3	0.09
WTRCDD164	247	248	0.50	0.20	0.01	1	0.02
WTRCDD164	248	248.95	0.16	0.10	0.01	1	0.02
WTRCDD164	248.95	249.7	3.15	0.41	0.17	5	0.05
WTRCDD164	249.7	250.4	9.15	1.11	0.43	28	0.22
WTRCDD164	250.4	251	1.50	0.86	0.07	8	0.05

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD164	251	252	2.56	0.32	0.03	3	0.06
WTRCDD164	252	253	3.02	1.18	0.08	6	0.08
WTRCDD164	253	254	0.72	0.21	0.01	1	0.06
WTRCDD164	254	255	0.09	0.08	0.01	1	0.05
WTRCDD164	255	256	0.43	0.42	0.10	3	0.08
WTRCDD164	256	257	0.62	0.17	0.00	1	0.05
WTRCDD164	257	258	0.12	0.13	0.00	1	0.04
WTRCDD164	258	259	0.37	0.24	0.00	1	0.02
WTRCDD164	259	260	0.35	0.11	0.00	1	0.03
WTRCDD164	260	261	0.65	0.22	0.00	1	0.02
WTRCDD164	261	262	0.36	0.44	0.00	2	0.04
WTRCDD164	268	269	0.13	0.01	0.00	0	0.02
WTRCDD164	269	270	0.02	0.00	0.00	0	0.02
WTRCDD164	270	271	0.03	0.01	0.00	0	0.03
WTRCDD164	271	272	0.06	0.02	0.01	1	0.06
WTRCDD164	272	273	0.11	0.04	0.01	1	0.09
WTRCDD164	273	274	0.43	0.58	0.08	8	0.08
WTRCDD164	274	275	0.18	0.23	0.02	3	0.06
WTRCDD164	275	276	0.17	0.06	0.01	1	0.03
WTRCDD164	276	277.15	0.54	0.21	0.01	2	0.07
WTRCDD164	277.15	278.4	0.40	0.16	0.02	2	0.05
WTRCDD164	278.4	279.1	0.14	0.08	0.00	2	0.1
WTRCDD164	279.1	280	0.21	0.05	0.01	1	0.04
WTRCDD164	289.1	290.36	0.12	0.06	0.02	1	0.04
WTRCDD164	290.36	290.65	6.76	8.64	1.08	422	0.27
WTRCDD164	290.65	292	0.41	0.06	0.01	2	0.03
WTRCDD164	300	301	0.49	0.24	0.00	2	0.02
WTRCDD164	301	302	0.50	0.12	0.01	1	0.02
WTRCDD164	302	303	0.12	0.07	0.01	3	0.02
WTRCDD164	303	304	0.86	0.37	0.00	2	0.03
WTRCDD164	304	305	2.50	0.46	0.01	2	0.03
WTRCDD164	305	306	1.19	1.03	0.01	4	0.03
WTRCDD164	306	307	1.10	0.43	0.01	3	0.03
WTRCDD164	307	308	0.88	1.22	0.04	9	0.03
WTRCDD164	308	309	0.59	0.23	0.00	2	0.03
WTRCDD164	309	310	0.45	0.21	0.00	2	0.03
WTRCDD164	310	311	0.73	0.33	0.00	2	0.03
WTRCDD164	319	320	1.22	0.56	0.01	5	0.04
WTRCDD164	320	321	0.97	0.54	0.01	5	0.04
WTRCDD164	321	322	1.41	0.27	0.01	4	0.05

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD164	322	323	0.62	0.16	0.01	3	0.06
WTRCDD164	323	324	0.69	0.28	0.01	4	0.08
WTRCDD164	324	325	0.92	0.45	0.01	6	0.08
WTRCDD164	325	326	2.17	0.76	0.01	8	0.05
WTRCDD164	326	326.82	3.61	1.12	0.01	12	0.08
WTRCDD164	326.82	327.4	3.02	0.52	0.01	8	0.03
WTRCDD164	327.4	328	2.87	1.00	0.02	11	0.07
WTRCDD164	328	329	2.16	0.71	0.01	7	0.06
WTRCDD164	329	330	1.10	0.44	0.01	5	0.07
WTRCDD164	330	331	2.09	0.49	0.01	6	0.02
WTRCDD164	331	332	1.18	0.44	0.01	6	0.03
WTRCDD164	332	333	1.01	0.22	0.01	4	0.04
WTRCDD164	333	334	1.79	0.58	0.01	8	0.04
WTRCDD164	334	335	1.44	0.48	0.01	8	0.02
WTRCDD164	335	336	2.26	0.81	0.01	16	-0.01
WTRCDD164	336	337	1.79	0.51	0.02	29	-0.01
WTRCDD164	337	338	0.69	0.06	0.01	24	-0.01
WTRCDD164	338	339	0.50	0.39	0.00	4	-0.01
WTRCDD164	339	340	0.17	0.15	0.00	2	-0.01
WTRCDD164	345	346	0.17	0.08	0.00	3	-0.01
WTRCDD164	346	347	4.77	1.30	0.15	47	0.15
WTRCDD164	347	348.02	1.38	2.15	0.06	39	0.16
WTRCDD164	348.02	349	0.48	0.05	0.01	14	0.02
WTRCDD164	349	350	0.11	0.01	0.00	1	-0.01
WTRCDD165	214	215	0.02	0.01	0.00	1	0.02
WTRCDD165	215	216	0.02	0.02	0.00	2	0.02
WTRCDD165	216	217.37	0.02	0.05	0.01	3	0.05
WTRCDD165	217.37	218	4.75	2.51	0.09	43	0.12
WTRCDD165	218	219	10.05	2.14	0.24	44	0.14
WTRCDD165	219	220	9.16	3.82	0.25	103	1.22
WTRCDD165	220	221	12.45	4.57	0.08	86	0.62
WTRCDD165	221	222	1.63	0.35	0.01	14	0.17
WTRCDD165	222	223	1.32	0.40	0.01	12	0.12
WTRCDD165	223	224	5.61	0.61	0.05	41	0.24
WTRCDD165	224	225	13.25	2.68	0.07	94	0.16
WTRCDD165	225	226	15.25	2.92	0.08	92	0.21
WTRCDD165	226	226.95	2.50	0.72	0.02	24	0.09
WTRCDD165	226.95	228	20.70	3.41	0.11	85	0.32
WTRCDD165	228	229	8.66	0.92	0.11	30	0.31
WTRCDD165	229	230	9.87	1.24	1.27	79	0.86

Peel Mining Limited – Quarterly Report December 2018

==> picture [157 x 69] intentionally omitted <==

Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD165	230	231	2.37	0.74	0.23	45	0.28
WTRCDD165	231	232.2	3.70	1.60	0.87	106	0.76
WTRCDD165	232.2	233	1.40	0.51	0.46	42	0.22
WTRCDD165	233	234	1.50	0.62	0.33	37	0.24
WTRCDD165	234	235	5.39	2.17	0.19	76	0.83
WTRCDD165	235	236	0.89	0.40	0.04	17	0.15
WTRCDD165	236	237	0.67	0.39	0.04	14	0.14
WTRCDD165	237	238	1.71	0.72	0.14	32	0.15
WTRCDD165	238	239	1.41	0.57	0.08	29	0.13
WTRCDD165	239	240	0.92	0.31	0.04	20	0.15
WTRCDD165	240	241	1.26	0.41	0.05	23	0.14
WTRCDD165	241	242	1.65	0.59	0.02	21	0.22
WTRCDD165	242	243	1.85	0.71	0.04	24	0.37
WTRCDD165	243	244	3.90	0.88	0.42	47	0.52
WTRCDD165	244	245	0.50	0.16	0.03	11	0.3
WTRCDD165	245	246	0.60	0.25	0.04	11	0.25
WTRCDD165	246	247	0.28	0.10	0.00	4	0.19
WTRCDD165	247	248	0.37	0.14	0.01	6	0.19
WTRCDD165	248	249	0.37	0.14	0.01	6	0.18
WTRCDD165	249	250	0.92	0.17	0.06	7	0.33
WTRCDD165	250	251	0.17	0.06	0.01	2	0.06
WTRCDD165	251	252	0.85	0.40	0.14	35	0.43
WTRCDD165	252	253	0.16	0.07	0.08	9	0.51
WTRCDD165	253	253.72	0.16	0.34	0.41	15	0.63
WTRCDD165	253.72	254.5	0.17	0.14	2.09	44	1.15
WTRCDD165	254.5	255.2	0.66	0.18	0.17	6	0.23
WTRCDD165	255.2	256	0.29	0.21	0.65	26	1.11
WTRCDD165	256	257	0.22	0.05	0.02	6	0.4
WTRCDD165	257	258	0.13	0.02	0.04	2	0.13
WTRCDD165	258	259	0.35	0.13	0.02	6	0.22
WTRCDD165	259	260	0.06	0.04	0.03	5	0.28
WTRCDD165	260	261	0.08	0.03	0.04	5	0.29
WTRCDD165	261	262	0.17	0.04	0.03	5	0.17
WTRCDD165	262	263	0.07	0.04	0.14	14	0.51
WTRCDD165	263	264	0.06	0.05	0.31	11	0.39
WTRCDD165	264	265	0.30	0.03	0.03	7	0.28
WTRCDD165	265	265.58	0.06	0.03	0.01	4	0.25
WTRCDD165	265.58	266.32	1.47	0.27	0.04	13	0.76
WTRCDD165	266.32	267	0.50	0.09	0.36	15	0.96
WTRCDD165	267	268	0.06	0.02	0.02	2	0.28

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD165	268	269.1	0.50	0.13	0.26	13	0.45
WTRCDD165	269.1	270	0.07	0.03	0.04	5	0.42
WTRCDD165	270	271	0.05	0.01	0.06	2	0.13
WTRCDD165	271	272.3	0.08	0.01	0.03	2	0.12
WTRCDD165	272.3	273.1	0.09	0.05	0.09	7	0.15
WTRCDD165	273.1	274	0.06	0.02	0.03	2	0.28
WTRCDD165	274	275	0.06	0.02	0.04	3	0.33
WTRCDD165	275	276	0.04	0.02	0.10	3	0.4
WTRCDD165	276	277	0.04	0.01	0.06	3	0.4
WTRCDD165	277	278	0.06	0.11	0.20	4	0.21
WTRCDD165	278	279	0.08	0.01	0.07	2	0.42
WTRCDD165	279	280	0.09	0.01	0.04	1	0.19
WTRCDD165	280	281	0.07	0.03	0.02	1	0.24
WTRCDD165	281	282	0.62	0.02	0.02	1	0.15
WTRCDD165	282	283	0.61	0.03	0.03	1	0.11
WTRCDD165	283	284	0.12	0.02	0.19	3	0.23
WTRCDD165	284	284.9	0.08	0.02	0.09	2	0.18
WTRCDD165	284.9	285.15	0.23	0.16	0.42	7	0.25
WTRCDD165	285.15	286	0.04	0.01	0.13	2	0.07
WTRCDD165	286	287.1	0.08	0.02	0.06	2	0.17
WTRCDD165	287.1	288.38	0.07	0.01	0.04	2	0.27
WTRCDD165	288.38	288.64	0.24	0.04	0.66	9	1.38
WTRCDD165	288.64	290	0.04	0.01	0.09	2	0.13
WTRCDD165	290	291	0.03	0.01	0.02	1	0.11
WTRCDD165	291	292	0.07	0.02	0.21	3	0.66
WTRCDD165	292	293	0.05	0.01	0.28	4	0.54
WTRCDD165	307	308	0.02	0.01	0.01	2	0.32
WTRCDD165	308	309	0.03	0.02	0.08	2	0.37
WTRCDD165	309	310	0.01	0.02	0.00	2	0.24
WTRCDD165	310	310.78	0.03	0.02	0.07	1	0.31
WTRCDD165	310.78	311.05	0.12	0.30	0.89	7	0.93
WTRCDD165	311.05	312	0.02	0.01	0.01	1	0.41
WTRCDD165	312	313	0.04	0.08	0.13	2	0.26
WTRCDD165	313	314	0.03	0.01	0.06	1	0.26
WTRCDD165	314	315	0.06	0.01	0.21	2	0.31
WTRCDD165	315	316	0.02	0.01	0.17	2	0.26
WTRCDD165	316	316.86	0.07	0.05	0.54	11	0.3
WTRCDD165	316.86	318	0.01	0.01	0.01	1	0.18
WTRCDD165	318	319	0.04	0.17	0.00	2	0.27
WTRCDD165	319	320	0.05	0.01	0.01	1	0.26

Peel Mining Limited – Quarterly Report December 2018

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD165	320	321.43	0.07	0.01	0.02	2	0.47
WTRCDD165	321.43	322.1	0.38	0.13	0.80	25	1.16
WTRCDD165	322.1	322.8	0.05	0.01	0.02	2	0.22
WTRCDD165	323	324	0.03	0.01	0.05	2	0.18
WTRCDD165	324	325	0.05	0.02	0.13	3	0.46
WTRCDD165	325	326.25	0.06	0.03	0.66	11	9.87
WTRCDD165	326.25	326.65	0.10	0.09	3.60	59	58.8
WTRCDD165	326.65	328	0.32	0.02	0.17	6	0.85
WTRCDD165	328	329	0.11	0.04	0.44	14	1.28
WTRCDD165	329	330	3.63	0.65	0.23	13	1.08
WTRCDD165	330	330.5	0.04	0.02	0.19	3	0.63
WTRCDD166	364	365	0.01	0.00	0.00	2	0.01
WTRCDD166	365	366.23	0.59	1.25	0.03	37	0.08
WTRCDD166	366.23	367	23.80	18.10	0.35	436	2.13
WTRCDD166	367	368	31.20	14.25	0.44	280	2.11
WTRCDD166	368	368.63	30.00	13.70	0.35	196	0.93
WTRCDD166	368.63	369.15	4.66	2.34	0.23	44	0.66
WTRCDD166	369.15	369.88	26.20	8.08	0.27	115	2.34
WTRCDD166	369.88	370.8	2.93	0.77	0.07	16	0.22
WTRCDD166	370.8	372	16.35	2.27	0.17	49	0.82
WTRCDD166	372	373	18.55	3.36	0.47	72	0.74
WTRCDD166	373	374	20.70	4.67	0.39	70	0.73
WTRCDD166	374	375	19.60	4.58	0.28	57	1.17
WTRCDD166	375	376	12.40	3.52	0.11	37	0.53
WTRCDD166	376	377	2.96	1.00	0.03	15	0.14
WTRCDD166	377	377.73	0.68	0.25	0.01	3	0.07
WTRCDD166	377.73	379	23.40	6.18	0.33	46	1.02
WTRCDD166	379	380	13.60	2.37	0.76	36	1.01
WTRCDD166	380	381	24.90	1.49	0.98	44	1.24
WTRCDD166	381	382.44	13.95	3.38	1.46	72	0.97
WTRCDD166	382.44	383	0.28	0.18	0.52	11	0.11
WTRCDD166	383	384	2.36	0.48	0.53	22	0.25
WTRCDD166	384	385	0.16	0.06	0.01	2	0.05
WTRCDD166	385	386	5.57	1.75	0.17	23	0.45
WTRCDD166	386	387	6.45	1.53	0.16	23	0.3
WTRCDD166	387	388	1.57	0.25	0.08	9	0.15
WTRCDD166	388	389	6.61	1.25	0.31	22	0.42
WTRCDD166	389	390	0.91	0.20	0.11	9	0.16
WTRCDD166	390	391	4.22	1.14	0.48	32	0.32
WTRCDD166	391	392.42	4.83	1.52	0.89	40	0.36

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD166	392.42	393	18.85	4.32	0.43	50	0.73
WTRCDD166	393	394	17.25	4.71	0.99	51	1.36
WTRCDD166	394	395	14.35	7.39	1.11	77	1.37
WTRCDD166	395	396	20.90	4.79	1.02	61	2.06
WTRCDD166	396	397	21.30	1.33	1.03	31	1.07
WTRCDD166	397	398.05	11.70	0.40	1.29	29	1.73
WTRCDD166	398.05	399	0.28	0.02	0.44	2	0.61
WTRCDD166	399	400	0.06	0.01	0.47	1	0.42
WTRCDD166	400	401	0.11	0.01	0.68	2	0.88
WTRCDD166	401	402	0.39	0.04	1.41	4	1.56
WTRCDD166	402	403	0.12	0.31	1.58	10	1.24
WTRCDD166	403	404	0.16	0.13	2.93	10	9.83
WTRCDD166	404	405	0.11	0.01	0.88	2	0.33
WTRCDD166	405	406	0.04	0.01	0.22	1	0.1
WTRCDD166	406	407	0.11	0.02	0.41	1	0.19
WTRCDD166	407	408	0.08	0.01	0.02	1	0.19
WTRCDD166	408	409	0.07	0.02	0.11	1	0.13
WTRCDD166	409	410	0.06	0.04	0.12	1	0.08
WTRCDD166	410	411	0.07	0.01	0.04	1	0.07
WTRCDD166	411	412	0.06	0.01	0.11	1	0.08
WTRCDD166	412	413	0.29	0.03	0.72	3	0.21
WTRCDD166	413	414	0.10	0.01	0.03	1	0.11
WTRCDD166	414	415	0.43	0.03	0.03	1	0.1
WTRCDD166	415	416	0.05	0.01	0.00	1	0.08
WTRCDD166	416	417	0.04	0.00	0.01	1	0.05
WTRCDD166	417	418	0.09	0.01	0.00	0	0.09
WTRCDD166	418	419	0.06	0.01	0.00	1	0.1
WTRCDD166	419	420	0.06	0.01	0.02	1	0.11
WTRCDD166	420	421	0.06	0.01	0.01	1	0.14
WTRCDD166	421	422	0.08	0.02	0.08	6	0.29
WTRCDD166	422	423	0.12	0.03	0.02	6	0.33
WTRCDD166	423	424	0.11	0.02	0.01	3	0.13
WTRCDD166	424	425	0.05	0.04	0.02	10	0.5
WTRCDD166	425	426	0.05	0.04	0.13	10	0.28
WTRCDD166	426	427	0.05	0.01	0.07	2	0.14
WTRCDD166	427	427.75	0.04	0.01	0.07	2	0.13
WTRCDD166	427.75	429	0.05	0.02	0.03	4	0.26
WTRCDD166	429	430	0.09	0.04	0.06	8	0.56
WTRCDD166	430	430.6	0.04	0.04	0.10	8	0.58
WTRCDD166	430.6	432	0.05	0.01	0.06	2	0.1

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Hole ID	From(m)	To(m)	Zn(%)	Pb(%)	Cu(%)	Ag (g/t)	Au(g/t)
WTRCDD166	432	433	0.04	0.01	0.04	1	0.07
WTRCDD167	327	328	0.01	0.00	0.00	2	0.01
WTRCDD167	328	329	0.04	0.02	0.01	13	0.04
WTRCDD167	329	330	0.22	0.05	0.01	99	0.19
WTRCDD167	330	331	1.17	0.68	0.06	280	2.1
WTRCDD167	331	332	4.65	3.07	0.18	440	1.16
WTRCDD167	332	333	4.44	2.92	0.14	412	1.86
WTRCDD167	333	334	5.77	3.06	0.28	211	0.23
WTRCDD167	334	335	14.00	6.87	0.45	394	0.33
WTRCDD167	335	336	15.65	7.53	0.08	387	0.35
WTRCDD167	336	337	21.60	10.45	0.11	440	0.24
WTRCDD167	337	338	19.20	9.20	0.25	397	0.19
WTRCDD167	338	339	10.80	2.17	0.05	128	0.3
WTRCDD167	339	340	1.16	0.60	0.00	30	0.09
WTRCDD167	340	341	2.23	0.81	0.00	29	0.07
WTRCDD167	341	342.17	1.36	0.05	0.00	12	0.07
WTRCDD167	342.17	343	0.45	0.02	0.00	7	0.05
WTRCDD167	343	344	0.08	0.03	0.00	5	0.03
WTRCDD167	344	345	0.13	0.05	0.00	4	0.02
WTRCDD167	374	375	0.72	0.30	0.00	3	0.04
WTRCDD167	375	376	0.92	0.43	0.00	4	0.04
WTRCDD167	376	377	0.30	0.16	0.00	3	0.04
WTRCDD167	377	378	0.39	0.17	0.01	3	0.11
WTRCDD167	378	379	0.75	0.17	0.01	3	0.08
WTRCDD167	379	380	1.70	0.04	0.01	3	0.08
WTRCDD167	380	381	2.26	0.10	0.03	7	0.09
WTRCDD167	381	382	2.56	0.03	0.02	8	0.1
WTRCDD167	382	383	0.16	0.02	0.01	5	0.09
WTRCDD167	383	383.85	0.04	0.01	0.00	3	0.08
WTRCDD167	383.85	385	0.86	0.27	0.00	15	0.09
WTRCDD167	385	386	1.77	0.70	0.00	55	0.05
WTRCDD167	386	387	1.51	0.49	0.01	179	0.02
WTRCDD167	387	388	1.70	0.66	0.01	21	-0.01
WTRCDD167	388	389	4.03	1.16	0.01	29	0.02
WTRCDD167	389	390	1.76	0.48	0.02	13	0.04
WTRCDD167	390	391.26	1.41	0.49	0.05	9	-0.01
WTRCDD167	391.26	392	0.02	0.02	0.62	9	0.09
WTRCDD167	392	393	0.02	0.02	0.01	1	0.07
WTRCDD167	393	394	0.03	0.01	0.28	3	0.08
WTRCDD167	394	395	0.02	0.01	0.31	3	0.12

Peel Mining Limited – Quarterly Report December 2018

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Bilpa Rock Chip Lab Assay Results

SAMPLE_ID	EASTING	NORTHING	Ag (g/t)	Au (g/t)	Cu (ppm)	Pb (ppm)	Zn (ppm)
BL017	632453.9	6472547	5	2.06	6350	15	129
BL027	630283.8	6470678	1	-0.01	92	9	14
BL030	630603.5	6471418	0	0.01	127	97	19
BL014	632404.5	6472540	0	-0.01	21	12	18
BL022	631762	6472146	0	0.02	179	4	30
BL026	631195.4	6471594	0	0.01	19	8	73
BL033	630580.2	6471678	1	-0.01	104	160	65
BL032	630607.7	6471689	19	0.05	337	10000	3260
BL025	631350.6	6472037	0	-0.01	27	4	6
BL028	630340.5	6471188	2	0.01	2070	29	2
BL029	630590.1	6471454	15	0.04	35200	9220	184
BL023	631461.7	6472001	0	-0.01	7	2	13
BL019	632394.1	6472478	0	-0.01	104	11	71
BL020	632661.6	6472431	0	-0.01	1750	30	100
BL013	632393.9	6472520	8	-0.01	2780	19	154
BL018	632491.4	6472683	0	0.01	82	6	25
BL016	632450.5	6472522	9	9.08	10400	20	105
BL024	631494.8	6472089	0	-0.01	33	5	10
BL021	632664.6	6472442	0	0.05	366	20	47
BL015	632406.7	6472580	8	-0.01	2900	22	182
BL031	630571.7	6471449	2	0.01	576	623	71

JORC Code, 2012 Edition Table 1 Appendices

Table 1 - Section 1 - Sampling Techniques and Data for Mallee Bull & Wagga Tank/Cobar Superbasin Projects

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate 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	• Diamond, Reverse Circulation (RC) and Rotary Air Blast (RAB) drilling is used to obtain samples for geological logging and assaying. • Diamond core is generally cut and sampled at 1m intervals. RC and RAB drill holes are generally sampled at 1m intervals and split using a cone splitter attached to the cyclone to generate a split of 2-4kg to ensure sample representivity. • Multi-element readings are generally taken of the diamond core and RC drill chips using an Olympus Delta Innov-X portable XRF tool. Portable XRF tools are routinely serviced, calibrated and checked against blanks/standards.

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Criteria	JORC Code explanation	Commentary
	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 of detailed information.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) 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 what method, etc).	• Drilling to date has been a combination of diamond, reverse circulation and rotary air blast. Reverse circulation drilling utilised a 5 1/2-inch diameter hammer. A blade bit was predominantly used for RAB drilling. PQ, HQ and NQ coring was/is used for diamond drilling.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • 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 fine/coarse material.	• Core recoveries are recorded by the drillers in the field at the time of drilling and checked by a geologist or technician • RC and RAB samples are not weighed on a regular basis due to the exploration nature of drilling but no significant sample recovery issues have been encountered in a drilling program to date. • Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking and depths are checked against the depths recorded on core blocks. Rod counts are routinely undertaken by drillers. • When poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to rectify the problem to ensure maximum sample recovery. • Sample recoveries at Mallee Bull and Wirlong to date have generally been high. • Sample recoveries at Wagga Tank have been variable in places and poorer sample recoveries encountered. Insufficient data is available at present to determine if a relationship exists between recovery and grade. This will be assessed once a statistically valid amount of data is available to make a determination.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical 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.	• All core and drill chip samples are geologically logged. Core samples are orientated and logged for geotechnical information. Drill chip samples are logged at 1m intervals from surface to the bottom of each individual hole to a level that will support appropriate future Mineral Resource studies. • Logging of diamond core, RC and RAB samples records lithology, mineralogy, mineralisation, structure (DDH only), weathering, colour and other features of the samples. Core is photographed as both wet and dry. • RC/Diamond holes at Wirlong were geologically logged in full. Logging at Wagga Tank/Southern Nights,

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Criteria	JORC Code explanation	Commentary
		Fenceline/The Bird, Boolahbone and Double Peak is still underway.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation 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, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Drill core is generally cut with a core saw and half core taken. • The RC and RAB drilling rigs were equipped with an in-built cyclone and splitting system, which provided one bulk sample of approximately 20kg and a sub- sample of 2- 4kg per metre drilled. • All samples were split using the system described above to maximise and maintain consistent representivity. The majority of samples were dry. • Bulk samples were placed in green plastic bags, with the sub-samples collected placed in calico sample bags • Field duplicates were collected by resplitting the bulk samples from large plastic bags. These duplicates were designed for lab checks. • A sample size of 2-4kg was collected and considered appropriate and representative for the grain size and style of mineralisation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• ALS Laboratory Services is generally used for Au and multi-element analysis work carried on out on 3m to 6m composite samples and 1m split samples. The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the styles of mineralisation defined at Mallee Bull, Wirlong and Wagga Tank: o PUL-23 (Sample preparation code) o Au-AA26 Ore Grade Au 50g FA AA Finish o ME-ICP41 35 element aqua regia ICP- AES, with an appropriate Ore Grade base metal AA finish o ME-ICP61 33 element 4 acid digest ICP- AES, with an appropriate Ore Grade base metal AA finish o ME-MS61 48 element 4 acid digest ICP- MS and ICP-AES, with an appropriate Ore Grade base metal AA finish • 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. • The QA/QC data includes standards, duplicates and laboratory checks. Duplicates for drill core are collected by the lab every 30 samples after the core sample is pulverised. Duplicates for percussion drilling are collected directly from the drill

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Criteria	JORC Code explanation	Commentary
		rig or the metre sample bag using a half round section of pipe. In-house QA/QC tests are conducted by the lab on each batch of samples with standards supplied by the same companies that supply our own.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All geological logging and sampling information is completed in spreadsheets, which are then transferred to a database for validation and compilation at the Peel head office. Electronic copies of all information are backed up periodically. • No adjustments of assay data are considered necessary.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• A Garmin hand-held GPS is used to define the location of the samples. Standard practice is for the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collars are picked up after by DGPS. Down-hole surveys are conducted by the drill contractors using either a Reflex gyroscopic tool with readings every 10m after drill hole completion or a Reflex electronic multishot camera will be used with readings for dip and magnetic azimuth taken every 30m down-hole. QA/QC in the field involves calibration using a test stand. The instrument is positioned with a stainless steel drill rod so as not to affect the magnetic azimuth. • Grid system used is MGA 94 (Zone 55). All down-hole magnetic surveys were converted to MGA94 grid.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Data/drill hole spacing is variable and appropriate to the geology and historical drilling. • 3m to 6m sample compositing has been applied to RC drilling at Mallee Bull and Wagga Tank for gold and/or multi-element assay.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Most drillholes are planned to intersect the interpreted mineralised structures/lodes as near to a perpendicular angle as possible (subject to access to the preferred collar position).
Sample security	• The measures taken to ensure sample security.	• The chain of custody is managed by the project geologist who places calico sample bags in polyweave sacks. Up to 5 calico sample bags are placed in each sack. Each sack is clearly labelled with: o Peel Mining Ltd o Address of Laboratory o Sample range • Detailed records are kept of all samples that are dispatched, including details of chain of custody.

Peel Mining Limited – Quarterly Report December 2018

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Criteria	JORC Code explanation	Commentary
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Data is validated when loading into the database. No formal external audit has been conducted.

Table 1 - Section 2 - Reporting of Exploration Results for Mallee Bull/Wagga Tank/Cobar Superbasin Projects

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Mallee Bull prospect is wholly located within EL7461 “Gilgunnia”. The tenement is subject to a 50:50 Joint Venture with CBH Resources Ltd, a wholly owned subsidiary of Toho Zinc Co Ltd. • The Cobar Superbasin Project comprises of multiple exploration licences that are subject to a farm-in agreement with JOGMEC whereby JOGMEC can earn up to 50%. • The Wagga Tank Project comprises of EL6695, EL7226, EL7484 and EL7581 and are 100%-owned by Peel Mining Ltd, subject to 2% NSR royalty agreement with MMG Ltd. • The tenements is in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Work in the Mallee Bull area was completed by several former tenement holders including Triako Resources between 2003 and 2009; it 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 a “Cobar-type” or “Elura- type” zinc-lead-silver or copper-gold-lead- zinc deposit. • Work at Wagga Tank was completed by multiple previous explorers including Newmont, Homestake, Amoco, Cyprus, Arimco, Golden Cross, Pasminco and MMG.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Mallee Bull prospect area lies within the Cobar-Mt Hope Siluro-Devonian sedimentary and volcanic units. The northern Cobar region consists of predominantly sedimentary units with tuffaceous member, whilst the southern Mt Hope region consists of predominantly felsic volcanic rocks; the Mallee Bull prospect seems to be located in an area of overlap between these two regions. Mineralization at the Mallee Bull discovery features the Cobar-style attributes of short strike lengths (<200m), narrow widths (5- 20m) and vertical continuity, and occurs as a shoot-like structure dipping moderately to the west.

Peel Mining Limited – Quarterly Report December 2018

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Criteria	JORC Code explanation	Commentary
		• Wagga Tank is believed to be a volcanichosted massive sulphide (VHMS) deposit, and is located ~130 km south of Cobar on the western edge of the Cobar Superbasin. The deposit is positioned at the westernmost exposure of the Mt. Keenan Volcanics (Mt. Hope Group) where it is conformably overlain by a poorly- outcropping, distal turbidite sequence of carbonaceous slate and siltstone. Mineralisation is hosted in a sequence of rhyodacitic volcanic and associated volcaniclastic rocks comprising polymictic conglomerate, sandstone, slate, crystal- lithic tuff and crystal tuff. This sequence faces northwest, strikes northeast- southwest and dips range from moderate westerly, to vertical, and locally overturned to the east. Mineralisation straddles the contact between the volcaniclastic facies and the siltstone-slate facies where there is a broad zone of intense tectonic brecciation and hydrothermal alteration (sericite- chlorite with local silicification).
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: `o` easting and northing of the drill hole collar `o` elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar `o` dip and azimuth of the hole `o` down hole length and interception depth `o` hole 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 understanding of the report, the Competent Person should clearly explain why this is the case.	• All relevant information material to the understanding of exploration results has been included within the body of the announcement or as appendices. • No information has been excluded.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • 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 in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No length weighting or top-cuts have been applied. • No metal equivalent values are used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• True widths are generally estimated to be about 90-100% of the downhole width unless otherwise indicated.

Peel Mining Limited – Quarterly Report December 2018

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Criteria	JORC Code explanation	Commentary
	• 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, true width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to Figures in the body of text.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All results are reported.
Other substantive exploration data	• 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 and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• No other substantive exploration data are available.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• The pre-feasibility study at Mallee Bull is ongoing and will incorporate the information obtained from the completed infill drilling program for the upper portion of the resource model. • Further drilling and geophysical surveying is planned for Wagga Tank-Southern Nights and Fenceilne-The Bird.

Peel Mining Limited – Quarterly Report December 2018

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TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3

NSW Granted Tenements

TENEMENT	PROJECT	LOCATION	OWNERSHIP	CHANGE IN QUARTER
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%	-
EL8112	Yackerboon	Cobar,NSW	100%	-
EL8113	Iris Vale	Cobar,NSW	100%	-
EL8114	Yara	Cobar,NSW	100%	-
EL8117	Illewong	Cobar,NSW	100%	-
EL8125	Hillview	Cobar,NSW	100%	-
EL8126	Norma Vale	Cobar,NSW	100%	-
EL8201	Mundoe North	Cobar,NSW	100%	-
EL8307	SandyCreek	Cobar,NSW	100%	-
EL8314	Glenwood	Cobar,NSW	100%	-
EL8345	Pine Ridge	Cobar,NSW	100%	-
EL8534	Burthong	Cobar,NSW	100%	-
EL7461	Gilgunnia	Cobar,NSW	50%	-
ML1361	MayDay	Cobar,NSW	50%	-
EL6695	Wagga Tank	Cobar,NSW	100%	-
EL7226	Wongawood	Cobar,NSW	100%	-
EL7484	Mt View	Cobar,NSW	100%	-
EL8414	Mt Walton	Cobar,NSW	100%	-
EL8447	Linera	Cobar,NSW	100%	-
EL8562	Nombinnie	Cobar,NSW	100%	-
EL7711	RubySilver	Armidale,NSW	100%	-
EL8326	Attunga	Attunga,NSW	100%	-
EL8450	Beanbah	Cobar,NSW	100%	-
EL8451	Michelago	Cooma,NSW	100%	-
EL8656	Marigold	Cobar,NSW	100%	-
EL8655	Brambah	Cobar,NSW	100%	-
EL8721	Bilpa	Broken Hill,NSW	100%	-
EL8722	Cymbric Vale	Broken Hill,NSW	100%	-
EL8790	Comarto	Broken Hill,NSW	100%	-
EL8791	Devon	Broken Hill,NSW	100%	-

Peel Mining Limited – Quarterly Report December 2018

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PEEL MINING LIMITED Interim / Quarterly Report 2019

65545_rns_2019-01-31_a199ab65-493f-4970-b138-93965ccbc793.pdf

DECEMBER 2018 QUARTERLY REPORT 31 JANUARY 2019

Highlights for December Quarter 2018