PEEL MINING LIMITED — Investor Presentation 2012

Feb 22, 2012

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Mallee Bull Copper-polymetallic Discovery

ASX: PEX February 2012 Managing Director Rob Tyson Investor Presentation

peel mining LIMITED

• 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 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 .

• The information in this report that relates to mineral resource estimation for Apollo Hill is based on work completed by Mr Jonathon Abbott who is a full time employee of Hellman and Schofield Pty Ltd and a member of the Australasian Institute of Mining and Metallurgy. Hellman & Schofield was not required to review the quality or validity of the sampling data, as Peel Mining are accepting responsibility for these aspects of the estimates. Mr Abbott 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 Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• The information in this report relating to the Attunga resources is based on information compiled by Mr Murray Hutton, who is a Member of the Australian Instituteof Geoscientists and is employed by Geos Mining. He has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves.’ Mr Hutton consents to the inclusion in this report of this information in the form and context in which it appears.

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peel mining LIMITED

• Capital structure

• Fully paid shares 110 million

0.2 million

• Options

• Mkt Cap (@ 14 cps) $15 million

• Enterprise Value $13.5 million

~57%

– Top 20

• ~26%

• Directors

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• Business model

• Identify and acquire undervalued/prospective mineral assets

• Add value through systematic exploration

• Monetise (through JV/sale/IPO) or take to production

• PEX difference

• Very low admin costs of ~$125k per quarter

• Small, efficient technical/operations team

• High exploration success rate

• Maximising every dollar – money goes into the ground

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peel mining LIMITED

Company	Mcap ($m)	Admin ($k) YTD	Explor ($k) YTD	Admin Costs as % of Explor+Admin
PEX	17.1	268.0	1280.0	17.3%
AAJ	5.5	318.0	716.0	30.8%
SFX	19.5	370.0	1618.0	18.6%
ENR	51.0	390.0	3982.0	8.9%
MRP	59.7	424.0	2820.0	13.1%
ERL	7.1	446.0	1075.0	29.3%
IPT	7.3	458.0	1880.0	19.6%
RXL	10.3	463.0	1735.0	21.1%
MDS	54.8	502.0	479.0	51.2%
MGV	11.9	534.0	1960.0	21.4%
VRX	39.2	542.0	2800.0	16.2%
NRR	7.7	563.0	971.0	36.7%
GUN	43.9	608.0	1483.0	29.1%
EXC	4.2	625.0	752.0	45.4%
TRF	36.6	674.0	724.0	48.2%
BRW	15.9	681.0	1573.0	30.2%
IVR	86.9	820.0	506.0	61.8%
IRD	74.9	917.0	11511.0	7.4%
AZS	9.9	952.0	2371.0	28.6%
VXR	80.4	1048.0	4581.0	18.6%
ERM	59.1	1068.0	4635.0	18.7%
SXG	17.5	1120.0	3472.0	24.4%
PXG	24.2	1144.0	1975.0	36.7%
IDC	71.2	1559.0	10853.0	12.6%
TAM	203.6	2000.0	7300.0	21.5%
EME	52.4	2000.0	5227.0	27.7%
NST	339.7	2117.0	5924.0	26.3%
AGS	122.8	2370.0	374.0	86.4%
BAU	30.6	2414.0	2252.0	51.7%
DRX	27.7	2533.0	2905.0	46.6%
SRR	28.0	2851.0	4283.0	40.0%
RDR	96.7	3706.0	7912.0	31.9%

Figures based on December 2011 quarter Appendix 5B year to date expenditures. Does not factor in operating companies.

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peel mining LIMITED

• Emerging precious-base metal explorer - key assets:

• Mallee Bull Copper-polymetallic Discovery (Gilgunnia, NSW)

• Ruby Silver project (Armidale, NSW)

• Apollo Hill Gold project (Goldfields WA)

• Attunga Tungsten project (Tamworth, NSW)

• Rise & Shine Gold project (Central Otago, NZ)

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peel mining LIMITED

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Tinderra granite
• N
ELURA
CSA
GREAT COBAR
MT BOPPY
NEW OCCIDENTAL
PEAK
McKINNONS
PERSERVERANCE PIPELINE
Windnok
NYMAGEE
Shelf WO NA WINTA
HERA
MALLEE BULL
Thule granite MAY DAY
Canbelego
WAGGA TANK
- Mineral
Hill Rift
MT HOPE MINE Zone
Erimeran granite
Cobar Basin Architecture
Courtesy Vlad David
Nymagee-Wagga Structure
Buckaroon Fault
Mt Hope TroughWalters Ranges Shelf
lt
Rast Trough
Rookery Fault
Fau
ra
nea
ment
nar
e Li
Gilmor
Coo
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• Cobar Superbasin pre-mining metal inventory:

– >2.2 Mt Cu = US$18b – >7 Moz Au = US$12b – >4.7 Mt Zn = US$9.5b – >2.8 Mt Pb = US$5.5b – >145 Moz Ag = US$4.5b – Total = US$50b

Ag Au

Pb

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Cu
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Zn

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peel mining LIMITED

Zone worked to 1920 Base of oxidation Western System CZ Lens Eastern System QTS North Mineralisation to >2km CSA Mine +1.5 Mt Cu Cu mineralisation Pb-Zn mineralisation Discovered 1960 Discovered in 1976 Gossan discovered 1870 Discovered late 1960s		Attribute	Mallee Bull
		Polymetallic (Cu-Ag-Au-Pb-Zn)	
		Proximity to major structures (growth/transfer faults)	
		Shear-hosted	
		Strongly leached near surface	
		Chlorite and silica alteration	
		Facies and rock competency contrasts	
		Moderate to high strain zone	
		Short strike length (<200m)	
		Narrow widths (5-20m)	
		Vertical continuity (>400m)	?
		Generally occur as clustered/stacked lenses	?

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peel mining LIMITED 8

• 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 including:

o 16m @ 1.78 g/t Au, 42 g/t Ag, 0.25% Cu, 0.95% Pb, 1.33% Zn from 159m o 27m @ 2.12 g/t Au, 27 g/t Ag, 0.11% Cu, 0.43% Pb, 0.75% Zn from 120m o 3m at 1.33 g/t Au, 98 g/t Ag, 0.92% Cu, 7.29% Pb, 8.19% Zn from 140m o 10m at 2.15 g/t Au, 28 g/t Ag, 0.06% Cu, 0.34% Pb, 0.39% Zn from 213m

• Large untested magnetic anomaly below May Day

• Cobar–style precious/base metal system?

• May Day Deeps drilling

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peel mining LIMITED

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VTEM late time

Magnetics

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peel mining LIMITED

• Mallee Bull discovery required perseverance

• November 2010 - Heliborne VTEM survey over May day and historic 4-Mile Goldfield

• January 2011 - Coincident EM & magnetic anomaly recognised at 4-Mile Goldfield

• February 2011 - Follow-up fixed loop EM completed confirms strong conductor

• March 2011 - RC drillholes 1 to 3 intersect anomalous mineralisation

• April 2011 - DHEM /logging says conductor not intersected - drill again

• May 2011 - RC drillholes 4 and 5 intersect anomalous mineralisation

• June 2011 - DHEM /logging says conductor not intersected - drill again

• July 2011 - RC drillhole 6 terminated due to lift; RC drillhole 7 intersects conductor (2m massive sulphides) & ore grade mineralisation

• July 2011 - DHEM says better conductor below – drill again

• August 2011 - Diamond tail added to RC drillhole 6 intersects 14m (combined) of massive sulphides (conductor); high grade Cobar-style mineralisation

• September 2011 - Fixed loop EM survey refines conductor pre- follow-up drilling

• November 2011 - Commencement of +5,000m follow-up drilling

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peel mining LIMITED

Plan of FLEM grid showing late time EM response (13ms)

peel mining LIMITED

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• Mallee Bull Cobar-style discovery results to date

• Better drilling results to date are:

o 10m @ 9.01% Pb, 11.00% Zn, 41 g/t Ag, 0.77 g/t Au from 253m o 6.65m @ 3.10% Cu, 34 g/t Ag, 0.93 g/t Au from 267.35m o 10m @ 1.70% Cu, 46 g/t Ag, 0.27 g/t Au from 248m o 4m @ 1.49% Cu, 59 g/t Ag, 0.18 g/t Au from 265m o 6m @ 2.01% Cu, 64 g/t Ag, 0.43 g/t Au from 208m o 11m @ 2.71% Cu, 36 g/t Ag, 0.26 g/t Au from 233m o 10m @ 2.66% Cu, 41 g/t Ag, 0.51 g/t Au from 237m o 10m @ 2.22% Cu, 33 g/t Ag, 0.44 g/t Au from 174m o 4m @ 1.98% Cu, 45 g/t Ag, 0.72 g/t Au from 358m – Results pending for further 11 drillholes

• Strike of mineralisation = >120m?

• Shallowest intercept to date = 150m below surface

• Deepest intercept to date = 310m below surface

• Mineralisation open in multiple directions, including down-dip

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peel mining LIMITED

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peel mining LIMITED

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• 4-Mile mineralisation/geology characteristics

• Cobar-style polymetallic system

• Broad alteration/mineralisation containing multiple intervals of massive sulphide and stringer mineralisation, including chalcopyrite, sphalerite, galena, pyrrhotite, arsenopyrite, pyrite

• Geology comprises package of sheared and brecciated turbidite sequence sediments (including volcaniclastics)

• Mineralisation interpreted as a shoot-like structure dipping west and plunging to north?

• Host geological unit interpreted to be age equivalent of the Chesney and Great Cobar Slate Formations found in the immediate Cobar region

• 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 (Butcher’s Dog) remains unexplained

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peel mining LIMITED

3D Magnetic Inversion Modeling - long section (from the west) of 3 x 10[-3] SI, showing Mallee Bull conductor plate

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peel mining LIMITED

• Deep water turbiditic sediments

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peel mining LIMITED

• Deposit Drillcore comparison – Mallee Bull (left) vs Nymagee (right)

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peel mining LIMITED

• Deposit Drillcore comparison – Mallee Bull (left) vs Nymagee (right)

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peel mining LIMITED

• Mallee Bull forward plan

• Exploration planning following receipt of final assays

• Follow-up DHEM

• MLEM/FLEM and IP targeting 4-Mile Volcanics unit

• RAB drilling targeting potential supergene enrichment

• RAB drilling targeting 4-Mile Volcanics unit

• Tenement wide surface geochemical surveys

• Additional VTEM/Spectrum EM over balance of EL

• Follow-up drilling targeting downdip/updip extensions

• Follow-up DHEM at Butchers’ Dog and, if warranted, follow-up drilling

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peel mining LIMITED

• Location and tenure

• 30 km E of Armidale; 400 km N of Sydney, NSW

• ~120 km2 granted exploration licences

• Geology and mineralisation

• Quartz-carbonate veins develop within fracture/shear/fissure zones, possibly associated with aplite dykes

• Ruby, Tulloch, Rockvale Mines

• ~400,000 ounces silver at ~800 g/t Ag historic production

• Lodes up to 1.5 metres wide; traceable at surface to NE/SW for up to 1,200m

• Silver-rich massive sulphide ore grading up to 60,000 g/t silver

• 1968 drilling at Ruby returned 5.1m grading 6,500 g/t silver; never followed up

• Ruby Silver Exploration/Forward Plan

• Apr/May 2011 – geological mapping and sampling completed; GIS

• May 2011 – 18 line km IP geophysics survey; multiple strong shallow chargeable anomalies identified proximal to historic workings

• March 2012 – RC drilling (weather/rig availability permitting)

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peel mining LIMITED

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Ruby IP Chargeability - Slice Constant 60m Below Surface
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peel mining LIMITED

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peel mining LIMITED

• Location and tenure

• 50 km SE of Leonora, WA

• 360 km2 of tenements (ELs, PLs and ELAs),

• Geology and Mineralisation

• Shear-hosted deposit on splay off Keith Kilkenny Lineament

• Mineralisation straddles strongly deformed felsic/mafic contact

• Extensive mineralisation, >1 km long & up to 250m wide

• Resource Estimate

• Updated JORC inferred resource estimate completed August 2011

• – 17.2 Mt at 0.9 g/t Au for 505,000 oz (using 0.5 g/t cut)

• Apollo Hill 2012 workplan

• Metallurgical testwork underway

• Scoping study

• Regional exploration

• Aboriginal Heritage over new ELs and lake edge

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peel mining LIMITED

• Location and tenure

• 20 km N of Tamworth, NSW

• ~120 km2 of tenements (Els)

• Geology and Mineralisation

• Skarn-hosted tungsten and copper-gold mineralisation; orogenic gold mineralisation

• Attunga Tungsten Deposit:

• Updated JORC inferred resource estimate completed April 2008

– 1.29 Mt @ 0.61% WO3 and 0.05% Mo

• March 2009 metallurgical test work identifies potentially simple process route; high grade WO3 concentrates produced

• Attunga Copper Mine

• 75m at 1 g/t Au, 0.87% Cu, 0.09% Mo, 22 g/t Ag, 0.06% Bi from 135m

• 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

• 2012 Forward Program:

• Seeking potential JV/offtake/development partners

• peel mining LIMITED

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peel mining LIMITED

• Location and tenure:

• 20km NE of Cromwell, Central Otago, NZ

• Geology and Mineralisation

• Shear-hosted orogenic gold mineralisation

• Rise and Shine

• Historic production of more than 180,000 oz gold

• Gold workings cover >4km of strike along Rise and Shine Shear Zone

• Structurally similar to Hydes-Macraes Shear Zone, host to multi-million oz Macraes gold mine

• New exploration model suggests Rise and Shine Shear Zone possibly “flatter” lying than previously assumed offering potential for largetonnage, low-grade targets

• 2012 forward program

• Surface mapping and geochemical surveys

• RC/RAB drilling, if warranted

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peel mining LIMITED

Information regarding drilling/assaying data:

1. Drilling was completed using a RC face sampling hammer or HQ/NQ diamond core.

2. Sample recoveries were considered adequate for all samples.

3. Drillcore has been, or is still to be, logged in detail based on lithology, mineralisation, and alteration.

4. Samples for analysis were collected by cone splitter sampling, hand spearing or by sawing core in half.

5. Samples were submitted as 4m composite chip samples, 1m chip samples or 1m half-core intervals unless a geological contact was used.

6. Samples were analysed at ALS Chemex utilising methods: Au‐AA25 for Au (fire assay); ME‐ICP61 for multi-element including Ag, Cu, Pb, Zn; Ag-OG62 for >100 g/t Ag; Cu-OG62 for >1% Cu; Pb-OG62 for >1% Pb; and Zn-OG62 for >1% Zn.

7. Drillhole collars were surveyed by DGPS.

8. Downhole gyroscopic surveys are being run continuously.

Copper Equivalent Calculation Explanation:

• Mineralisation at Mallee Bull consists of copper, silver, gold, lead, zinc and cobalt, but only copper, silver and gold are used for Copper Equivalent Calculation.

• Copper equivalent values have been calculated as (CuEq) = Cu% + Ag(ppm)x0.012 + Au(ppm)x0.625

• Copper Equivalent or “CuEq” is the contained copper, silver and gold that are converted to an equal amount of pure copper and summed (based on assays of mineralised rock and nominated metal prices). It is used to allow interpretation of the possible theoretical ‘value’ of mineralised rock, without consideration of the ultimate extractability of any of the metals.

• Cobar-style copper deposits such as Mallee Bull typically recover those metals subject to prevailing metal prices and metallurgical characteristics.

• The ASX requires a metallurgical recovery be specified for each metal, however, no testwork has ever been undertaken at Mallee Bull and recoveries can only be assumed to be typical for Cobar-style copper deposits

• It is the Company’s opinion that each of the elements included in the metal equivalents calculation has reasonable potential to be recovered if the project proceeds to mining.

• Price Assumptions‐ Cu (US$8,000/t), Ag (US$30/oz), Au (US$1,500/oz)

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Presentation end – Thank you

peel mining LIMITED