PEEL MINING LIMITED — Investor Presentation 2014

May 13, 2014

High-grade Copper in the Cobar Superbasin

Rob Tyson Managing Director

RIU Sydney Resources Round-up Presentation

Peel Mining Limited (ASX:PEX) May 2014

www.peelmining.com.au

Disclaimer & Competent Persons Statement

• Disclaimer

– The views expressed here other than historical fact constitute forward-looking statements. Forwardlooking 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

• Information in this presentation that relates to the Mallee Bull Project has been reported by the Company in compliance with JORC 2012 in a market release dated 30 April 2014. The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcement dated 30 April 2014.
• Information reported in this presentation (other than in respect of the Mallee Bull Project) relating to Exploration Results was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
• 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.

Capital and Corporate

• Capital structure

Fully paid shares: 132 million	Cash: ~$3.9 million (at 31 March 2014)
Options: 3 million	Top 20 investors: ~60%
Marketcap (@ 18 cps): $24 million	Directors' holding: ~19%

• Business model

– To explore, find and develop high grade mineral deposits.

Technical and Practical Team = Money into the Ground

Absent

Graeme Hardie Ryan Woodhouse Steve Leggett Dave Vaarwerk Bob Brown Jason Bryan Audrey Lee Darren Presnell • Maximising PEX's discovery potential:

• Low admin/corp costs at ~$200K per quarter
• Small, efficient, technical and practical team
• High exploration success rate
• Focus on drill testing
• Maximising every dollar – money goes into the ground

Project Summary

Cobar Superbasin is high-grade worldclass mineral province

• 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

"Cobar–style" Deposits vs Mallee Bull Discovery

Cobar-styleattribute	Mallee Bull
Polymetallic(Cu-Ag-Au-Pb-Zn)	
Proximity to major structures(growth/transfer faults)	
Shear-hosted	
Strongly leached near surface	
Chloriteand silica alteration	
Faciesand rock competency contrasts	
Moderate to high strain zone	
Short strike length (<200m)	
Narrow widths (5-20m)	
Vertical continuity(>400m)	
Clustered/stacked lenses	

Mallee Bull Project

Mallee Bull Identification - Coincident Geophysical Anomalies

Total Magnetic Intensity VTEM – Late Time

Mallee Bull Discovery Timeline vs PEX Share Price

2013 confirms Mallee Bull as High-Grade Copper Discovery

CBH farm-in Stages 1 & 2 confirms Mallee Bull as major copper discovery

• July 2013 CBH Farm-in commences whereby CBH can earn 50% by spending $8.33m
• CBH Farm-in Stages 1 & 2 (to earn 30%) test >400m below surface (Jul 2012 to Jul 2013)
• Some of the most significant copper results reported anywhere in the world in 2012/13 with better drill results including:
  • 41m @ 1.71% Cu, 33 g/t Ag, 1.84 g/t Au from 363m MBDD002
  • 31m @ 2.65% Cu, 51 g/t Ag, 0.18 g/t Au from 415m MBDD002
  • 42m @ 1.01% Cu, 23 g/t Ag, 0.91 g/t Au from 356m MBDD004
  • 69m @ 3.48% Cu, 34 g/t Ag, 0.14 g/t Au from 533m – MBDD009
  • 53m @ 4.08% Cu, 42 g/t Ag, 0.22 g/t Au from 470m – MBDD009W1
  • 84m @ 4.42% Cu, 38 g/t Ag, 0.14 g/t Au from 575m – MBDD009W2W1
  • 32m @ 3.62% Cu, 46 g/t Ag, 0.21 g/t Au from 634m MBDD010
• True width of mineralisation varies from 5m-35m
• Strike of mineralisation = ~120m
• Shallowest sulphide intercept = ~150m below surface
• Deepest sulphide intercept = ~800m below surface

Mallee Bull Current Status

CBH Farm-in complete: resource drilling completed (for now)

• Stage 3 of farm-in commenced Jul 2013; completed Mar 2014; 50:50 JV now underway
• Stage 3 comprised:
  • Search for additional mineralisation; Cobar-style deposits cluster/stack
  • Multiple geophysical surveys including DHEM, MMR, MT/AMT, gravity
  • RAB and diamond drilling targeting Butchers Dog, Mallee Bull, 4-Mile Goldfields
• Lots of smoke results to date show widespread, broad scale alteration and anomalous geochemistry up to 1km from Mallee Bull; indicative of large hydrothermal system
• Resource definition drilling at Mallee Bull completed for now; maiden resource estimation underway
• MBDD017 (metallurgical/exploration/deep DHEM) drillhole completed with known mineralisation extended to >800m below surface
• Excellent early met-testwork results showing that bulk of Mallee Bull mineralisation (footwall/stringer lode) produced ~25% Cu-in-concentrate at >90% recovery; further testwork underway
• Peel completes purchase of Wirchilleba Station (Mallee Bull footprint)

Mallee Bull Looking Ahead

Mallee Bull Maiden Resource May 2014; Scoping to follow

• Maiden Resource Estimate May 2014 based on ~50 mineralised intercepts
• Scoping studies and further exploration over balance of calendar 2014 (subject to JV approval)
• Cobar-style deposits typically cluster/stack; continue search for the next Mallee Bull
• BDDD001 (drilled August 2013) targeted coincident strong DHEM conductor and magnetic anomalies; intersected broad alteration zone
• BDDD002 (drilled March 2014) targeted strong offhole anomaly and intersected a broad zone of pyrrhotite mineralisation coincident with the modeled conductor; highly anomalous base and precious metal geochemistry returned
• Disseminated pyrrhotite alteration halos can be associated with Cobar-style deposits
• Identified conductors at Butcher's Dog are in contrast to the position of the main magnetic anomaly 500m further north. Further work to involve additional modelling of magnetic data

Mallee Bull Deeps – high-grade, copper-polymetallic

Cobar Project – June 2011

Cobar Project – January 2014

Cobar Superbasin Project (CSP) – 100% PEX

Large, highly prospective land package supported by Mallee Bull JV

• 100%-owned and highly prospective

• 14 granted ELs covering more than 3,062 km2
• Leveraging off Mallee Bull discovery and exploration presence/infrastructure
• Largely underexplored/underdrilled
• Major geochem (portable XRF) programme continuing
• Multiple walk-up targets including Sandy Creek, Mundoe, Bedooba, Tara, Gilgunnia South prospects
• RC drilling at Mundoe completed 2012 significant drill results returned over 600m strike and open
• Multiple new (previously unknown) prospects identified: several with coincident geophysical and geochemical anomalies
• Exploration continuing with aim of ranking targets prior to drill testing

Sandy Creek

• Sandy Creek key facts

• 20 km along strike and north of Mallee Bull
• Stratigraphic equivalent to Mallee Bull in high strain structural environment
• Coincident magnetic, strong electromagnetic and IP anomalies
• Historic drilling yielding encouraging results:
  • 1.4m at 12.7% Zn, 5.7% Pb, 45g/t Ag from 199.7m
  • 3.0m at 2.0% Zn, 1.2% Pb from 426m
  • 10.2m at 1.6% Cu, 7.4% Pb, 68g/t Ag from 521.8m (incl. 3.3m at 1.5% Cu, 18.0% Pb, 122g/t Ag from 523.7m)
  • PSCDD001 completed by Peel in August 2013 targeting strong offhole DHEM anomaly intersects several broad zones of mineralisation/alteration Including:
  • 25m at 0.9% Zn, 0.4% Pb, 4 g/t Ag from 237m
  • 19m at 0.3% Zn, 2.6% Pb 16 g/t Ag from 493m (incl. 4m at 0.5% Cu, 9.6% Pb, 1.1% Zn, 48g/t Ag from 493m) – approx. coincident with conductor plate model
• Geological logging of PSCDD001 shows strong, broad alteration indicative of significant hydrothermal system
• Untested HeliTEM anomaly identified; follow-up surface EM planned

Wirlong and Red Shaft

• Wirlong and Red Shaft Prospects

• Wirlong and Red Shaft historic Cu workings grab sampling returns values up to 12% Cu; 97 g/t Ag; and 3.14 g/t Au.
• Sheared and outcropping Shuttleton volcanics and sediments present at both prospects
• Extensive and untested Cu and Pb soil geochemical anomalies comprising:

100ppm Cu anomaly: 750m strike with 125m width

700ppm Pb anomaly: 450m strike with 75m width

Investment Highlights

Notes

• 1. Information regarding drilling/assaying data
• 2. Drilling was completed as HQ or NQ diamond core.
• 3. Sample recoveries were considered adequate for all samples.
• 4. Drillcore has been logged in detail based on lithology, mineralisation, and alteration.
• 5. Samples for analysis were collected by sawing core in half.
• 6. Samples were submitted as 1m or 4m composite half-core intervals.
• 7. Samples were analysed at ALS Chemex utilising methods: Au‐AA25 for Au (fire assay); ME‐ICP41, ME-ICP61 or ME MS61 for multi-element including Ag, Cu, Pb, Zn; Ag-OG46 for >100 g/t Ag; Cu-OG46 for >1% Cu; Pb-OG46 for >1% Pb; and Zn-OG46 for >1% Zn.
• 8. Drillhole collars were surveyed by DGPS (GDA94) and downhole gyroscopic surveys were run continuously.
• * Copper Equivalent Calculation Explanation:
• The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage. These results are exploration results only and no allowance is made for recovery losses that may occur should mining eventually result, nor metallurgical flowsheet considerations. The copper equivalent calculation is intended as an indicative value only. No metallurgical testwork has been completed to date however it is the Company's opinion that all the elements included in the copper equivalent calculation have a reasonable potential to be recovered.
• Copper equivalent conversion factors and long‐term price assumptions used follow: Massive Sulphide Zone Copper Equivalent Formula (CuEq) = (Cu (ppm) x 0.0075 + Ag (ppm) x 0.96 + Au (ppm) x 50.00 + Co (ppm) x 0.025)/0.0075;
• Stringer/Breccia Sulphide Zone Copper Equivalent Formula (CuEq) = (Cu (ppm) x 0.0075 + Ag (ppm) x 0.96 + Au (ppm) x 50.00)/0.0075;
• Price Assumptions ‐ Cu (US$7,500/t), Ag (US$30/oz), Au (US$1,500/oz), Co (US$25,000/t).
• Pb and Zn have not been used in copper equivalent calculation.

For more information:

Rob Tyson Managing Director info@peelmining.com.au

Unit 1, 34 Kings Park Road, West Perth, WA 6005 Tel: 08 9382 3955

Peel Mining Limited (ASX:PEX) www.peelmining.com.au