PEEL MINING LIMITED — Interim / Quarterly Report 2020

Apr 29, 2020

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MARCH 2020 QUARTERLY REPORT 30 APRIL 2020

Highlights

• Substantial resource upgrade completed at Southern Nights-Wagga Tank with 30% increase in Resource tonnage to 4.95Mt and 161% increase in Indicated classification to 2.95Mt.

• The updated MRE provides the basis for updated scoping studies and further delineation drilling to better understand the potential development opportunities available.

• Southern Nights-Wagga Tank system remains open along strike and down dip, particularly in the south following on from high-grade intercepts in WTRCDD229 and WTRCDD238.

• Recently completed drilling at Wirlong returns new high-grade copper intercepts confirming the revised structural model.

• First-pass diamond drilling completed at Double Peak with encouraging gold intercepts returned.

Plans for June Quarter 2020

• Ongoing Wagga Tank Southern Nights scoping study and metallurgical testwork.

• Continued infill and extensional drilling at Wirlong.

Exploration

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

The Wagga Tank project is located on the western edge of the Cobar Superbasin, ~130 km south of Cobar or ~30km northwest of Mount Hope and is host to the namesake polymetallic VMS-type deposit. Mineralisation straddles a broad zone of intense tectonic brecciation and hydrothermal alteration (sericite-chlorite with local silicification) and occur as sub-vertical elongate shoots/lenses. Drilling by Peel to date has focused on defining the geometry and extent of large-scale Zn-rich mineralisation at Wagga Tank-Southern Nights.

- Southern Nights Wagga Tank Mineral Resource Estimate

During the quarter Peel completed a Mineral Resource Estimate (“MRE”) upgrade at Southern Nights -Wagga Tank deposits located in the Cobar Basin of western NSW. The Southern Nights-Wagga Tank Indicated & Inferred MRE is the product of 81,885m of RC and diamond drilling completed by Peel

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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since acquiring the Wagga Tank project in 2016. The bulk of that drilling has been focused on the highgrade Southern Nights deposit following its discovery in late 2017. See announcement dated 26[th] March 2020 – “Substantial Resource Upgrade for Southern Nights” .

Table 1 – Southern Nights and Wagga Tank Mineral Resource Estimate as at March 2020

Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,540	173	5.90	2.30	88.9	0.19	0.33
Inferred	1,600	120	3.7	1.4	59	0.3	0.3
Total Resource	4,140	150	5.0	2.0	77	0.2	0.3
Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	410	169	4.67	2.52	64.3	0.50	0.53
Inferred	400	180	5.3	2.3	98	0.3	0.5
Total Resource	810	170	5.0	2.4	81	0.4	0.5
Combined Southern Nights-Wagga Tank Mineral					Resource	Estimate
Resource Classification	Tonnes (Kt)	NSR **$/t **	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,950	172	5.73	2.33	85.5	0.23	0.36
Inferred	2,000	130	4.0	1.6	67	0.3	0.3
Total Resource	4,950	160	5.0	2.0	78	0.3	0.4

Note: The Wagga Tank – Southern Nights Mineral Resource Estimate utilises AU$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution. Net Smelter Return (NSR) is an estimate of the net recoverable value per tonne including offsite costs, payables, royalties and mill recoveries. Figures are rounded to reflect the precision of estimates and include rounding errors.

The MRE has been reported within mineable shapes generated at AU$80/t NSR with a minimum mining width of 3 metres and includes internal dilution. The Mineral Resource Estimate (MRE) for the Wagga Tank and Southern Nights deposits is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code (2012)).

An Indicated and Inferred MRE of 4.95Mt @ 5.0% Zn, 2.0% Pb, 78 g/t Ag, 0.3% Cu, and 0.4 g/t Au has been reported within AU$80/t NSR mineable shapes, a 31.5% increase in Indicated and Inferred resource tonnage from the previous MRE of 3.8Mt @ 5.5% Zn, 2.1% Pb, 75 g/t Ag, 0.27% Cu and 0.31 g/t Au.

Significantly, Indicated MRE increased to 2.95Mt @ 5.73% Zn, 2.33% Pb, 86 g/t Ag, 0.23% Cu, 0.36 g/t Au has been reported within AU$80/t NSR mineable shapes, a 161% increase in Indicated resource tonnage from the previous MRE of 1.13Mt @ 8.8% Zn, 3.5% Pb, 107 g/t Ag, 0.28% Cu, 0.44 g/t Au.

The MRE has been completed by independent mining consultant Mr Jonathon Abbott of MPR Geological Consultants Pty Ltd (MPR) . Mr Abbott accepts responsibility for the mineralisation modelling and the MRE. Mr Jason McNamara, an employee of Peel Mining, accepts responsibility for the sampling and analytical data upon which the MRE is based. NSR calculations and mineable shape creation was completed by Antcia Consulting Pty Ltd.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Figure 1 – Southern Nights-Wagga Tank Block Model Tonnage/Grade Curve – Indicated & Inferred

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300
200
Total
Indicated
100
Inferred
0
0 3 6 9
Tonnes (Million)
NSR $/tonne
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Note: Figure 1 shows NSR-tonnage curves from evaluation of the combined models on a block by block basis for cut offs of AU$40 to AU$140/tonne in AU$10 increments relative to the combined Mineral Resource Estimates reported within trimmed mineable shapes (plotted as black dots). The relatively close agreement for the two evaluation methods at AU$80/t cut off may not be representative of all cut offs.

Net Smelter Return

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

The NSR formula is:

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

Metal price assumptions were based off early 2020 Australian dollar metal pricing and are listed in Table 2; metallurgical recovery assumptions are listed in Table 3.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Mining Assumptions

The MRE is reported within mineable shapes produced by Deswik’s Stope Shape Optimiser (SSO) using an NSR cut-off of AU$80/t. SSO runs were performed by Antcia Consulting Pty Ltd with NSR inputs supplied by Peel Mining. The mineable shapes were based upon the smallest mineable unit (SMU) for the SSO shapes being 5 metres long, 5 metres high, with a minimum mining width of 3 metres. These inputs were used to provide a balance between practical mining and mineralisation shapes.

Cut-off

The reported MRE includes internal dilution, where required, representing material estimated at below the AU$80/t NSR cut off but does not include footwall or hanging wall dilution outside the mineralised domains. The cut-off value includes assumptions regarding mine operating, processing and site administration costs. Material at this cut-off within mineable shapes is considered by Peel to have reasonable prospects of extraction.

Table 2 – Metal price assumptions used in MRE

Commodity Price	2020 Price Assumption
AU$ Gold Price	2,206
AU$ Silver Price	26
AU$ Pb Price	2,941
AU$ Zn Price	3,382
AU$ Cu Price	8,529

Metallurgy and Conceptual Processing Flowsheet

Metallurgical testwork completed by Peel at ALS Burnie has guided the company’s metallurgical assumptions for the Southern Nights-Wagga Tank MRE. Work to date has comprised approximately 40 flotation tests, multiple gravity precious metals recovery tests and associated mineralogical studies.

As a result, Peel has assumed a conceptual sequential processing flowsheet for the project comprising: gravity; copper float; lead float; and a bulk zinc-lead float. This flowsheet optimises the theoretical NSR value of the mineralisation. Cumulative metallurgical recoveries for the economic metals of interest are listed in Table 3. Metallurgical testwork at ALS Burnie remains ongoing, and the conceptual processing flowsheet is subject to change in the future.

It is Peel Mining’s opinion that all elements included in the conceptual processing flowsheet have a reasonable potential to be recovered and sold.

Table 3 – NSR metallurgical recovery assumptions used in MRE

Metal	Cumulative Recovery (%)
Zinc	91
Lead	85
Silver	73
Copper	55
Gold	62

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Next Steps

The MRE provides Peel with a solid foundation to immediately commence scoping studies to advance the potential development scenarios at Wagga Tank-Southern Nights. Activities underway at the time of reporting include ongoing metallurgical testwork, geological/structural studies, pre-development environmental baseline work, and drill planning targeting potential extensions to mineralisation. The Wagga Tank-Southern Nights mineral system remains open along strike and down dip.

Double Peak Prospect: Gold, Copper, Zinc, Lead, Silver; Western NSW (PEX 100%)

Double Peak is a north-south striking, 120m high razorback ridge situated approximately 15km north of Mt Hope. The ridge is dominantly comprised of variably altered sediments, subordinate fine to coarse-grained porphyritic rhyolites and rhyodacites and an intensely altered, variably gossanous horizon that outcrops extensively along the eastern and western margins of the ridge. Previous drilling by Peel Mining Ltd has intersected the Mount Allen Granite at depth beneath the ridge. The altered, gossanous horizon is considered prospective with several historic workings located along it reporting copper and gold mineralisation in a sheared chloritic matrix. Of these workings, the most significant is a historic, government-funded adit that was constructed along an intensely silicified, Fe-rich gossanous portion of the prospective horizon on the western side of the ridge. The adit exposed a Cu-Au rich lode that is reported to dip between 35-55° east and strikes roughly north-south.

Drilling at Double Peak commenced in February 2020 and comprised three diamond drill holes for a total of 298.9m focussing on the southern extent of the ridge. DPDD001 and DPDD002 were situated on the western side of the ridge and drilled to directly test the outcropping silicified, Fe-rich gossan and possible northern strike extension to the oxide Cu-Au lode exposed in the adit. DPDD001 was drilled -80° towards 170° to a total depth of 69.5m and intersected a sequence dominated by eastward dipping chlorite altered sandstone/siltstone with a ~30m interval of intense silica-chlorite-haematitemagnetite alteration considered to be the expression of the Fe-rich gossan at depth. No significant Cu mineralisation was encountered, though 8.15m @ 0.35 g/t Au from 3.85m including 1.15m @ 1.47 g/t Au from 3.85m was intersected (Figure 2).

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Figure 2. DPDD001 gold mineralisation

DPDD002 was drilled ~10m to the south of DPDD001, closer to the adit exposing oxide Cu-Au mineralisation. It was drilled at -80° towards 170° to a total depth of 81.9m. The hole was dominantly comprised of chlorite altered sediments but included a 1m interval of laminated massive pyrite +/haematite overlying an extensive ~27m interval of silica-chlorite-haematite-magnetite alteration similar in style to that intersected in DPDD001. The hole bottomed in an aphanitic rhyolite. The hole intersected 6.35m @ 0.45 g/t Au from 17.65m including 1m @ 1.35 g/t Au from 21m (Figure 3). This

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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interval included the laminated massive pyrite and a portion of the underlying silica-chloritehaematite-magnetite altered horizon. No significant Cu mineralisation was intersected.

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Figure 3. DPDD002 gold mineralisation

DPDD003 was collared on top of the ridge, 55m to the east of DPDD001 and DPDD002 and drilled at - 70° towards 170°. It was drilled to test a coincident geochemical, gravity and magnetic anomaly (Figure 8). The hole intersected an intercalated sequence of chlorite altered sediments, haematite altered spherulitic rhyolites and variably altered fine-grained rhyolites in addition to ~10m of coarse-grained quartz veining postulated to represent a significant structure. No significant mineralisation was reported.

Next steps

Due to its spatial relationship with gold mineralisation and known historic gold and copper mineralisation, the altered Fe-rich gossanous horizon will continue to be tested by drilling. Its outcrop pattern (outcropping on the eastern and western side of the ridge) is suggestive of folding, and field observations have tentatively delineated a gentle, open synclinal style of folding. Follow up programs of work are being designed to further test this horizon.

Cobar Superbasin Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 50%,

JOGMEC 50%).

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 the Company’s ASX Announcement released on 30 September 2014. Exploration activities undertaken during the quarter mainly focused on the Wirlong prospect. The Wirlong prospect represents a very large hydrothermal system containing significant high-grade copper mineralisation.

Wirlong

A program consisting of three diamond drillholes (WLDD003, WLDD04 & WLDD005) at Wirlong central occurred to test a newly interpreted strike (NW-SE) and the continuation of a high-grade copper lens. The first diamond drillhole, WLDD003, was completed in December 2019 with an additional 2 diamond drillholes (WLDD004 and WLDD005) completed in the quarter for a total of 1,635m as part of the program.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Assay results received during the quarter show significant intercepts in all 3 drillholes with results including:

WLDD003:

• 4.26m @ 2.22% Cu, 7 g/t Ag from 380m (incl. 0.26m @ 15.85% Cu, 58 g/t Ag from 384m)

• o 0.74m @ 14.3% Cu, 66 g/t Ag from 396.2m

WLDD004 returned with multiple zones of significant mineralisation with better results, including:

• 1.15m @ 7.71% Cu, 30 g/t Ag from 54.45m (incl. 0.25m @ 30% Cu, 97 g/t Ag from 54.45m)

• 4m @ 1.40% Cu, 7 g/t Ag from 187m

• 7m @ 1.13% Cu, 9 g/t Ag from 251m

• 12m @ 1.02% Cu, 8 g/t Ag from 264m

• 30m @ 1.64% Cu, 8 g/t Ag from 305m (incl. 14m @ 2.63% Cu, 12 g/t Ag from 320m)

• 9.6m @ 1.32% Cu, 2 g/t Ag from 436.4m

WLDD005:

• 5.9m @ 3.19% Cu, 13 g/t Ag from 347.1m (incl. 0.65m @ 18.65% Cu, 48 g/t Ag from 351.87m)

Down-hole EM was completed on drillholes WLDD003 and WLDD004 with modelling defining a significant late-time conductor, with approximate dimensions of 120m x 150m (Figure 10) and its geometry consistent with the new structural model. The strike of mineralisation at Wirlong remains open to the southeast, northwest and downdip.

Next Steps

The next phase for Wirlong will be geophysical surveying to facilitate further exploration drill targeting, as well as subsequent infill and extensional drilling, advancing the project into producing a maiden mineral resource estimate.

Mallee Bull Project: Copper, Silver, Gold, Lead, Zinc; Western NSW (PEX 50% 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). The project has a JORC compliant Mineral Resource of 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 cut-off). Details of the resource can be found in the announcement released 6 July 2017; "Mallee Bull Resource Grows 65% to 175,000 CuEq".

Mallee Bull

Work continued on compiling and lodging all necessary documentation required to obtain regulatory approval for the establishment of an exploration decline. Further information was provided to the NSW Government in relation to the Review of Environmental Factors (REF) documentation and for Notification of High-Risk Activity application. The Company also continued discussions with its Joint Venture partner CBH Resources/Toho Zinc on pathways for progressing the project forward and ongoing programmes of work and budgets for 2020.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Corporate

COVID-19

During and post quarter end, in response to the COVID-19 pandemic, the Company moved to implement a series of precautionary measures as part of its OHS policies to ensure that risk around COVID-19 was minimised for all employees and contractors. These measures included restrictions on non-essential travel with certain field staff moving to a 3-month field-based roster on a 5-day on, 2- day off week, ensuring ongoing site activities in the near to medium term. The Company’s head office staff have moved to a work-from-home basis until further notice, but not earlier than the end of April 2020.

The Company has instigated a series of new cost-saving measures whilst the immediate effects of COVID-19 are borne. These included retrenchment of a number of casual staff and all remaining staff, including management, agreeing to take temporary pay reductions and capped work hours in some circumstances. Peel’s Non-Executive Directors have also agreed to waive their fees for the foreseeable future.

The Company will continue to monitor the situation as it develops and will advise of any further measures, if necessary. Importantly, Peel’s major shareholders have indicated strong support for the Company at this time.

This announcement has been authorised by the Board of Directors of the Company.

For further information, please contact:

Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Competent Persons Statements and Mineral Resource Estimates

The information in this report that relates to Exploration Results is based on information compiled by Mr Rob Tyson, who is a fulltime employee of the company. Mr Tyson is a member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tyson consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures.

Mallee Bull

Resource Classification	Kt	CuEq %	Cu %	Ag g/t	Au g/t	Pb %	Zn %
Indicated	1,340	2.15	0.91	30	0.4	0.96	1.23
Inferred	5,420	2.7	2	31	0.4	0.5	0.4
Total Resource	6,760	2.6	1.8	31	0.4	0.6	0.6

The information referred to in this announcement in relation to the Mallee Bull Resource Estimate is based on information compiled by Jonathon Abbott, a Competent Person who is a Member of the Australian Institute of Geoscientists. At the time of calculating the Resource Estimate Mr Abbott was a full-time employee of MPR Geological Consultants Pty Ltd and is an independent consultant to Peel Mining Ltd. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code of Reporting of Mineral Resources and Ore Reserves'. Mr Abbott consented to the release of the matters based on his information in the form and context in which it appears.

– Wagga Tank Southern Nights

Please see Table 1 for the Southern Nights and Wagga Tank Mineral Resource Estimate as at March 2020.

The information in this report that relates to Exploration Results and sampling information is based on information compiled by Mr Jason McNamara who is a fulltime employee of the company. Mr McNamara is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McNamara has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr McNamara consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures.

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

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

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au

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Figure 4 - Wagga Tank-Southern Nights Drill Plan

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au

www.peelmining.com.au ASX: PEX

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Figure 5 – Wagga Tank-Southern Nights Long Section

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 6 – Southern Nights long section showing Indicated and Inferred blocks within mineable shapes

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 7 – Wagga Tank long section showing Indicated and Inferred blocks within mineable shapes

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 8 – Double Peak section showing recent drilling and coincident magnetic (blue) and gravity (purple) anomalies.

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 9: Wirlong Drill Plan

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 10: Wirlong Oblique Section of WLDD004 Looking NW

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Figure 11: Cobar Superbasin Project Tenements and Prospects

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Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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		Wirlong Drill Collars	Wirlong Drill Collars
Hole ID	Easting	Northing	Azi	Dip	Final Depth(m)
WLDD004	418427.586	6447075.781	200	-67	616.20
WLDD005	418340	6447055	210	-65	505.20
TOTAL					1121.40

Double Peak Drill Collars

Hole ID	Easting	Northing	Azi	Dip	Final Depth(m)
DPDD001	394981	6380893	180	-85	69.50
DPDD002	394982	6380883	180	-85	81.90
DPDD003	395037	6380891	180	-70	147.50
TOTAL					298.90

Significant Wirlong Diamond Lab Assay Results received during the quarter

HOLE ID	FROM(m)	TO(m)	Width(m)	Zn(ppm)	Pb(ppm)	Cu(ppm)	Ag (ppm)	Au(ppm)
WLDD003	380	384.26	4.26	3454	214	22176	8	0.02
including	384	384.26	0.26	5240	789	158500	58	0.15
and	396.2	396.94	0.74	27700	3110	143000	66	0.24
WLDD0041	54.45	55.6	1.15	6959	69	77113	30	0.04
including	54.45	54.7	0.25	20600	155	300000	97	0.16
and	187	191	4	317	83	13955	7	0.02
and	251	258	7	1008	883	11300	9	0.01
and	264	276	12	982	1025	10162	8	0.01
and	305	335	30	187	104	16410	8	0.08
including	320	334	14	231	196	26277	12	0.14
and	436.4	446	9.6	265	28	13227	2	0.02
WLDD0051	347.1	353	5.9	2231	1575	31850	13	0.02
including	351.87	352.52	0.65	5810	2420	186500	48	0.13

Significant Double Peak Diamond Lab Assay Results received during the quarter

HOLE ID	FROM(m)	TO(m)	Width	Au(ppm)
DPDD0011	3.85	12.00	8.12	0.35
including	3.85	5	1.15	1.47
DPDD0021	17.65	24.22	6.35	0.45
including	17.65	18.10	0.45	0.60
including	18.30	19.00	0.70	0.52
including	21.00	22.00	1.00	1.35

1 Drillholes were drilled in the quarter.

All other drillholes were drilled in the previous quarter and assays received during the current quarter

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Table 1 - Section 1: Sampling Techniques and Data for Mallee Bull/Cobar Superbasin/Wagga Tank 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 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.	• Diamond and reverse circulation (RC) drilling were used to obtain samples for geological logging and assaying. • Diamond core was cut and sampled at 1m intervals. RC drill holes were 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 were taken of the diamond core and RC drill chips using an Olympus Delta Innov-X portable XRF machine or an Olympus Vanta portable XRF machine. Portable XRF machines are routinely serviced, calibrated and checked against blanks/standards.
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. NQ and HQ coring was 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 Wirlong and Mallee Bull to date have generally been high. • Sample recoveries at Wagga Tank have

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Criteria	JORC Code explanation	Commentary
		been variable with broken ground occurring 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. • Sample recoveries at Southern Nights have beengenerallyhigh to date.
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. • All diamond, RC drill holes in the current program were geologically logged in full except at Wagga Tank where logging 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 was cut with a core saw and half core taken. • The RC 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 re- splitting 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	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • Forgeophysical tools, spectrometers, handheld XRF	• ALS Laboratory Services were used for Au and multi-element analysis work carried on out on 3m to 6m composite samples and 1m split samples.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Criteria	JORC Code explanation	Commentary
laboratory tests	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.	The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined at Mallee Bull, Cobar Superbasin and Wagga Tank Projects: o PUL-23 (Sample preparation code) o Au-AA25 Ore Grade Au 30g FA AA Finish, 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 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 supplyour 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	• 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

Peel Mining Limited ACN 119 343 734

Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Criteria	JORC Code explanation	Commentary
	Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	of the collar for a period of 5 minutes to obtain a steady reading. Collars are routinely 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 multi-shot 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 MGA94grid.
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 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.
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/Cobar Superbasin/Wagga Tank 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	• The Mallee Bull prospect is wholly located within Exploration Licence EL7461 “Gilgunnia”. The tenement is subject to a 50:50 Joint Venture with CBH Resources

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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Criteria	JORC Code explanation	Commentary
	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.	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 where JOGMEC has earned a 50% interest. • The Wagga Tank Project comprises of EL6695, EL7226, EL7484 and EL7581 and are 100%-owned by Peel Mining Ltd. • The tenements are in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Work at Mallee Bull was completed in the area 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. Minimal exploration has been completed at the Wagga Tank area since 1989.
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. Mineralisation 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. • Wagga Tank, is believed to be a volcanic- hosted massive sulphide (VHMS) or Cobar- style deposit, and is located ~130 km south of Cobar on the western edge of the Cobar Superbasin. The deposit is positioned at the western-most exposure of the Mt. Keenan Volcanics(Mt. Hope Group)where

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Criteria	JORC Code explanation	Commentary
		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. • 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	• True widths are generally estimated to be about 90-100% of the downhole width unless otherwise indicated. • Southern Nights (part of the Wagga Tank project) true widths are unknown at this point due to the early stage nature of investigation.

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Criteria	JORC Code explanation	Commentary
	_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.	• Future work at Mallee Bull and Cobar Superbasin Project will include geophysical surveying and RC/diamond drilling to further define the extent of mineralisation at the prospects. Down hole electromagnetic (DHEM) surveys will be used to identify potential conductive sources that may be related to mineralisation. • Further drilling and geophysical surveys are planned at Southern Nights/Wagga Tank.

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX

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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%
EL8751	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%
EL8872	Gromit	Cobar,NSW	100%
EL8900	Florida	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%
EL8877	Thunderdome	Broken Hill,NSW	100%
EL8909	Grassmere North	Broken Hill,NSW	100%

Peel Mining Limited ACN 119 343 734 Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: info@peelmining.com.au www.peelmining.com.au ASX: PEX