PEEL MINING LIMITED — Investor Presentation 2011

Aug 31, 2011

Building resources, creating opportunity

ASX: PEX September 2011 Managing Director Rob Tyson Investor Presentation

• 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

2 – 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 Mining 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.

Overview

• Precious-base metal explorer - key assets:
  • May Day-Gilgunnia (4-Mile) gold-base metals project (Cobar, NSW)
  • Ruby silver project (Armidale, NSW)
  • Apollo Hill gold project (Goldfields WA)
  • Attunga tungsten-copper-gold project (Tamworth, NSW)

• Project highlights:

• 4-Mile = Cobar-style polymetallic discovery
• Ruby silver = underexplored, very high grade Ag
• Apollo Hill = large, outcropping gold system – 340 koz Au
• Attunga tungsten = rare metal exposure; tungsten price now pre-GFC levels
• Outlook remainder 2011:
  • 4-Mile Cobar-style discovery drilling and May Day Deeps diamond drilling

3

• Ruby silver drilling
• Apollo Hill revised resource upgrade; scoping study

• Capital structure

• Mkt Cap (@ 15cps) $13 million
• Enterprise Value $12 million
• Fully paid shares 88 million
• Top 20 ~58%

– Options 0.3 million

4

• PEX difference

• Very low admin costs of ~$110k per quarter
• Small, efficient technical/operations team
• High exploration success rate
• Maximising every dollar – $7,000 ute, $70,000 XRF analyser

May Day-Gilgunnia including 4-Mile

May Day-Gilgunnia including 4-Mile

• Location and tenure

• 100 km S of Cobar, NSW
• 80 km2 of granted leases (EL and ML)
• Geology and mineralisation
  • Located in Silurian-Devonian Cobar Superbasin
  • Cobar-style polymetallic (Cu-Au-Ag-Pb-Zn) mineralisation

• May Day Au-Ag-Pb-Zn-Cu deposit

• Open pit oxide Au heap leach operation in 1990s
• Structurally-controlled Au-Ag-Pb-Zn-Cu near-vertical deposit below pit
• Drilling by Peel in 2010 returned better results of: 16m @ 1.78 g/t Au, 42 g/t Ag, 0.25% Cu, 0.95% Pb, 1.33% Zn from 159m, and 27m @ 2.12 g/t Au, 27 g/t Ag, 0.11% Cu, 0.43% Pb, 0.75% Zn from 120m

6

• Large untested magnetic anomaly below May Day
• Cobar–style precious/base metal system?
• DHEM commencing shortly
• May Deeps drilling (dependent on DHEM)

• 4-Mile Cobar-style discovery

• Coincident VTEM-magnetic anomaly identified at 4-Mile goldfield early 2011
• Follow-up ground FLEM completed
• Phase 1 RC drilling intersects anomalous mineralisation in all three drillholes best result of 10m @ 24 g/t Ag, 0.09 g/t Au, 1.17% Pb, 2.2% Zn from 110m
• DHEM says conductor not intersected - drill again
• Phase 2 RC drilling intersects highly anomalous mineralisation in both drillholes
• DHEM says conductor not intersected - drill again
• Phase 3 RC drilling intersects conductor & ore grade mineralisation with best result including 8m @ 1.94% Cu, 55 g/t Ag, 0.3 g/t Au, 0.16% Pb, 0.29% Zn
• DHEM says better conductor still below – drill again
• Phase 4 Diamond drilling intersects massive sulphide conductor(s) and high grade Cobar-style mineralisation including 10m @ 0.14% Cu, 41 g/t Ag, 0.77 g/t Au, 9.01% Pb, 11% Zn and 6.65m @ 3.1% Cu, 34 g/t Ag, 0.93 g/t Au, 0.65% Pb, 0.13% Zn

8

9

• 4-Mile mineralisation/geology characteristics
  • Cobar-style polymetallic system
  • Broad alteration/shear zone containing multiple intervals of massive sulphide and stringer mineralisation, including chalcopyrite, sphalerite, galena, pyrrhotite, arsenopyrite, pyrite
  • Geology comprises package of sheared and brecciated sediments comprising siltstones and mudstones (turbidite sequence)
  • Mineralisation interpreted as a shoot-like structure dipping moderately to the south-west and plunging to south-east
  • Host geological unit interpreted to be age equivalent of the Chesney and Great Cobar Slate Formations found in the immediate Cobar region

11

• Positioned in a favourable geological and structural position, sited on the "nose" of an anticline – a suitable high-stress environment
• Multiple additional coincident geochem/magnetic anomalies
• Large proximal magnetic anomaly to north (G5) remains unexplained

• 4-Mile forward plan

• Ground magnetics and gravity survey now underway
• Review of Environmental Factors underway
• DHEM on 4MRCDD006 imminent
• MLEM/FLEM targeting upper level of conductor imminent
• 30 RAB drillholes targeting upper level of conductor & potential supergene enrichment imminent
• Surface geochemical orientation surveys imminent
• +2500m RC/diamond drilling predominantly targeting above 200m below surface to commence as soon as possible
• Additional VTEM/Spectrum EM over balance of EL

Ruby Silver Project

Ruby Silver

• Location and tenure

• 30 km E of Armidale; 400 km N of Sydney, NSW
• ~60 km2 granted exploration licence (EL7711)
• Geology and mineralisation
  • Hydrothermal mineralisation has seen quartz-carbonate veins develop within fracture/shear/fissure zones, possibly associated with aplite dykes
• Ruby Mine
  • 350,000 ounces silver at 20 ounces per ton historic production
  • Lode up to 1.4 metres wide, near-vertical dip; worked to 120m below surface; traceable to northeast/southwest at surface for around 650m
  • Silver-rich massive sulphide ore grading up to 1,250 ounces per ton silver
  • Historic IP anomaly to northeast (on-trend with Rockvale mine)
  • 1968 drilling returned a best result of 5.1m grading 216 ounces per ton silver; never followed up

Ruby Silver

• Tulloch Mine

• 50,000 ounces silver at 200 ounces per ton historic production
• Lode is up to 1 metre wide, near-vertical dip; worked to 80m below surface
• Silver-rich ore grading up to several thousand ounces per ton silver
• Rockvale Mine
  • Arsenic mine with strong similarities to Ruby/Tulloch; Ag & Au mineralised
  • On trend with Ruby Mine, lode traceable at surface for at least 1200 metres

• Happy Valley/G Reef

• High silver-gold values in rock chips; up to 1,370 g/t Ag & 6 g/t Au
• G Reef lode traceable at surface for 750m
• Ruby Silver work plan
  • Apr/May 2011 – geological mapping and sampling; GIS
  • May 2011 – 18 line km IP geophysics survey; multiple strong shallow chargeable anomalies identified proximal to historic workings; semi-coincident resistivity anomalies

– Sep/Oct 2011 – RC drilling (weather/access permitting) 16 peel mining LIMITED

Ruby Silver IP Anomalies

• Location and tenure

• 50 km SE of Leonora, WA
• 120 km2 of granted leases (ELs and PLs), 240 km2 of ELAs
• 100%-owned by Peel Mining Ltd
• Discovery and mineralisation
  • Discovered in 1986 chasing eluvial gold at base of hill
  • Occurs in 2 separate deposits – Apollo Hill and Ra (formerly Camp)
• Geology
  • Shear-hosted deposit on splay off Keith Kilkenny Lineament
  • Shear can be traced by magnetics for >20 km strike
  • Mineralisation straddles strongly deformed felsic/mafic contact
  • Structurally complex; multiple mineralising events
  • Extensive mineralisation, >1 km long & up to 250m wide
  • Carbonate-quartz-sericite-pyrite alteration
  • Coarse free gold in quartz veining is common

• Resource estimate

• Maiden JORC inferred resource estimate completed December 2010
• 11.1 Mt at 1.0 g/t Au for 341,000 oz (using 0.5 g/t cut)
• 5.4 Mt at 1.4 g/t Au for 238,000 oz (using 0.8 g/t cut)
• Based on 23,000m of aircore, RC and diamond drilling
• Typical open pit scenario - truncated at 150m below surface

• Apollo Hill forward plan

• Apr/May 2011 – infill and extensional drilling completed
• Sep 2011 – updated JORC resource
• Sep/Oct 2011 – scoping study
• Jul-onwards – regional exploration
• Oct 2011 – aboriginal heritage over new ELs and lake edge

Apollo Hill – Main Zone

Apollo Hill – Ra Deposit

Attunga

Attunga

• Skarn-style tungsten mineralisation
• Skarn-style copper-gold (polymetallic mineralisation)
• Stockwork/sheeted vein-style gold mineralisation

Attunga

• 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:
  • 75m at 1 g/t Au, 0.87% Cu, 0.09% Mo, 22 g/t Ag, 0.06% Bi from 135m polymetallic discovery at Attunga Copper Mine
• May 2010:
  • Follow-up drilling at Attunga Copper Mine discovers high grade moly: 5.6m at 0.44% Mo, 0.7 g/t Au, 12 g/t Ag, 0.45% Cu from 48m and 1.4m at 22.7 g/t Au, 13 g/t Ag, 0.7% Cu from 55m
• 2010/2011 Forward Program:
  • Seeking potential JV/offtake/development partners

Building resources, creating opportunity

Presentation end – Thank you