PEEL MINING LIMITED — Investor Presentation 2010

May 10, 2010

2010 RIU Sydney Resources Round-up

11 May 2010 Managing Director – Rob Tyson

• Disclaimer

– The views expressed here other than historical fact constitute forward-looking statements. Forward-looking statements are based upon estimates and assumptions considered reasonable by the Company, albeit subject to uncertainties and contingencies of unknown factors that may cause variation in such forward-looking statements beyond the Company’s ability to control or predict. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

• Competent Persons Statement

– 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 is Managing Director of Peel Exploration Ltd. 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

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• NSW-focused explorer with three key assets:

• Attunga Tungsten Deposit and Attunga Copper Mine prospect (Tamworth)

• May Day gold-lead-zinc (VMS/Porphyry) prospect (Cobar)

• Recent highlights:

• Maiden 1.3Mt resource for Attunga Tungsten Deposit and subsequent identification of metallurgical process route

• Copper-gold-moly (polymetallic) discovery at Attunga Copper Mine

• Acquisition of May Day Mining Lease (ML1361)

• Corporate:

• Supportive major shareholder (Point Nominees – 18%)

• Moving forward in 2010:

• Drilling Attunga copper-gold-moly

• Drilling targeting downdip gold-lead-zinc mineralisation at May Day and geophysics to test for potential repeats of mineralisation

• Off-take discussions and garnet market review for Attunga Tungsten Deposit

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• Capital Structure

• Market Capitalisation (@ 9 cps)

• Enterprise Value

• Fully paid shares

• Options (various exercise prices – 20-30 cps)

• Top 20

$4 million

$3 million

44 million 30.5 million approx 64%

• PEX People

• Rob Tyson (Managing Director)

• Simon Hadfield (Chairman)

• Craig McGown (Non-executive Director)

• Graham Hardie (Non-executive Director)

– David Hocking (Company Secretary)

• Michael Oates (Project Geologist)

• Steve Leggett (Operations Manager)

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• Why PEX?

• Low cost efficient, success focused company

• Highly-experienced board and management

• Attunga Tungsten Deposit amongst richest tungsten deposits in Australia

• Attunga Copper Mine discovery shows strong copper-gold-moly mineralisation less than 1km from Attunga Tungsten Deposit

• May Day represents structurally-controlled gold-lead-zinc deposit, with Cobar–style similarities

• Low MCap, tight register

• PEX difference

• Low admin and corporate costs from start-up

• Experienced, flexible, affordable staff

– $7,000 Landcruiser, $70,000 handheld XRF (repaid after 2 drill programmes)

– Utilise strong relationship with DPI and UNE

• Excellent landowner rapport

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• Skarn-style tungsten mineralisation

• Skarn-style copper-gold-moly (polymetallic mineralisation)

• Stockwork/sheeted vein-style gold-tungsten mineralisation

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• September 2007:

• EL6884 granted, resource modelling at Attunga Tungsten Deposit initiated

• April 2008:

• Maiden JORC compliant Inferred Resource for Attunga Tungsten Deposit of 1.29 Mt @ 0.61% WO3 and 0.05% Mo (Geos Mining)

• March 2009:

• Metallurgical test work completed for Attunga Tungsten Deposit with simple process route identified, high grade WO3 concentrates produced

• May 2009:

• Copper-gold discovery at Attunga Copper Mine skarn (76m at 1 g/t Au, 0.87% Cu, 0.09% Mo, 22 g/t Ag, 0.06% Bi from 135m)

• Apr 2010:

• Drill testing of Attunga Copper Mine, significant visible Moly-Copper mineralisation intercepted, results due mid-May

• Ongoing 2010:

• Undertake tungsten off-take discussions

• Garnet by-product testwork and marketing

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• Project Background:

– Acquired 100% of May Day gold-lead-zinc deposit (granted ML1361)

– Surrounding area (84km[2] ) covered under EL

• Originally discovered late 1800/early 1900’s

• Drilling in 1970’s discovered high-grade VMS system (gold-lead-zinc-silvercopper)

• Drilling in 1980’s delineated shallow oxide gold deposit

• Heap leach gold operation conducted in late 1990’s

• No exploration (drilling) since 1989, minimal step-out/down-dip exploration

• Historic results indicate potential extensions of mineralisation below old pit

• Analogue for Cobar-style deposits which are generally large-scale, eg Cobar, CSA, Peak, Elura

• 50km to YTC Resources’ Hera deposit (under Definitive Feasibility)

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• Activities for 2010…

• Completed gravity and IP geophysical surveys and airborne magnetics modelling targeting potential repeats of the mineralisation (emerging VMS field?)

• Completed 1600m RC drilling programme targeting downdip extension to known mineralisation

• Integrate historic data sets and assess potential to estimate JORC compliant resource based on existing and recent drill data

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Presentation End - Thank You

11 May 2010 Managing Director – Rob Tyson