PEEL MINING LIMITED — Investor Presentation 2014

Mar 16, 2014

17 March 2014

ASX Announcement

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Amended RIU Conference Presentation

Peel Mining Limited (ASX: PEX) advises that its RIU Conference Presentation released to ASX on 21 February 2014 contained a slide entitled Project Summary (page 5). The slide did not specify the category of resource type for the Apollo Hill and Attunga projects. The attached presentation has been amended to reflect the type of resource at each of these projects.

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Rob Tyson Managing Director

For further information, please contact Rob Tyson on +61 420 234 020.

Peel Mining Limited ACN 119 343 734

Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. Fax (08) 9388 1025. E:rtyson@peelmining.com.au www.peelmining.com.au

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Peel Mining Limited (ASX:PEX) February 2014

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High-grade Copper in the Cobar Superbasin

Rob Tyson Managing Director RIU Explorers Conference Presentation

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 20 December2013. 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 20 December 2013.

• 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 .

2

Capital and Corporate

• Capital structure

Fully paid shares: 132 million Cash: ~$4.7 million (at 31 January 2013) Options: 3 million Top 20 investors: ~60% Market cap (@ 26 cps): $34 million Directors’ holding: ~19%

• Business model

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

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3 Year Chart

3

Technical and Practical Team = Money into the Ground

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$7,000 landcruiser
Greg Chris Dean
Simon Nathan Angus Mick
Rob
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Absent

Graeme Hardie Bob Brown Ryan Woodhouse Jason Bryan Steve Leggett Audrey Lee Dave Vaarwerk 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

4

Project Summary

Growing base-precious metal resources company

• Key assets:

• Mallee Bull Copper-Polymetallic Discovery

• Cobar Superbasin Project (CSP)

• Apollo Hill Gold Project

• Rise & Shine Gold Project

• Attunga Tungsten Project

• Ruby Silver Project

Historic production Inferred Resource of 17.2 Mt 400,000 oz Ag @ 0.9 g/t Au for 505,000 oz CSP Inferred Resource of 1.29 Mt @ 0.61% WO3

Historic production 180,000 oz Au

5

Cobar Superbasin is high-grade worldclass mineral province

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•
Cobar Superbasin pre-mining metal
Tinderra granite
inventory:
• N
ELURA
–
>2.2 Mt Cu = US$18b
–
>7 Moz Au = US$12b
CSA
GREAT COBAR – >4.7 Mt Zn = US$9.5b
MT BOPPY
PEAK NEW OCCIDENTAL – >2.8 Mt Pb = US$5.5b
McKINNONS
PERSERVERANCE PIPELINE –
>145 Moz Ag = US$4.5b
Windnok NYMAGEE
WONAWINTA –
Shelf HERA Total = US$50b
SANDY CREEK
MALLEE BULL Ag
Thule granite MAY DAY Pb Ag Au
Au
Canbelego
WAGGA TANK
- Mineral
Hill Rift
MT HOPE MINE MUNDOE Zone
Erimeran granite Zn
Zn
Cu
Cu
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:

6

“Cobar–style” Deposits vs Mallee Bull Discovery

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Cobar-style 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)	
Clustered/stacked lenses	

7

Mallee Bull Project

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Mallee Bull Identification - Coincident Geophysical Anomalies

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Butchers Dog
Mallee Bull Mallee Bull
Total Magnetic Intensity VTEM – Late Time
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Mallee Bull Discovery Timeline vs PEX Share Price

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Dec 2010 Aug 2011 Jan 2012 May 2012
60 line 4MRCDD006 - 10m @ 4MRC016 - 11m @ CBH $8.33m Aug 2012
MBDD002 –
km VTEM 20% Pb/Zn, 41 g/t 2.7% Cu, 36 g/t Ag; farm-in values
survey Ag; 6.7m @ 3.1% Cu, 4MRC019 – 10m @ Mallee Bull at 31m @ 1.7%
Cu, 33 g/t Ag,
34 g/t Ag, 9.3m @ 2.66% Cu, 41 g/t Ag 2 x PEX Mcap
1.8 g/t Au;
1.2% Cu, 19 g/t Ag
41m @ 2.65%
Feb 2011 Feb 2012
Aug 2011 Cu, 51 g/t Ag
Initial 4MRC024 - 10m @
4MRC007 - 4m @
drilling at Nov 2011 2.22% Cu, 33 g/t
1.42% Cu, 18 g/t Ag;
Mallee Bull Start of Ag
10m @ 1.7% Cu, 55
Phase 1
g/t Ag; 4m @ 1.49%
Drilling
Jan 2011 Cu, 55 g/t Ag Mar 2012
Mallee Bull Mallee Bull
EM anomaly Apr 2011 confirmed as
recognised Follow-up Cobar-style
drilling at discovery
Jul 2012
Mallee Bull
Phase 2
Drilling
commences
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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

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Mallee Bull Current Status

Final Stage of CBH Farm-in: looking for new mineralisation; commence resource definition drilling

• Stage 3 of farm-in (to complete earn-in of 50%) commenced Jul 2013; completion expected by mid-Mar 2014 at which point 50:50 JV begins

• Exploration for new mineralisation has comprised:

• 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 now 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)

12

Mallee Bull Looking Ahead

Mallee Bull Maiden Resource May 2014; Looking for the next Mallee Bull

• Maiden Resource Estimate May 2014

• Drillout and scoping study over balance of calendar 2014 (subject to JV approval)

• Cobar-style deposits typically cluster/stack; continue search for the next Mallee Bull

• Butchers Dog = high priority target

• BDDD001 (drilled August 2013) targeted coincident strong DHEM conductor and magnetic anomalies; intersected broad alteration zone

• Highly anomalous precious and base metal geochemistry in alteration zone

• Very strong DHEM offhole conductor (~170 ms time constant = 2 x as strong as Mallee Bull)

• Disseminated pyrrhotite alteration halos can be associated with Cobar-style deposits

• Follow-up exploration planned

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13

Mallee Bull Deeps – high-grade, copper-polymetallic

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14

Cobar Project – June 2011

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Cobar Project – January 2014

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January 2014
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Cobar Superbasin Project (CSP) – 100% PEX

Large, highly prospective land package underwritten by Mallee Bull Farm-in

• 100%-owned and highly prospective

• 14 granted ELs covering more than 3,062 km[2]

• Leveraging off Mallee Bull discovery and exploration presence/infrastructure

• Largely underexplored/underdrilled

• Major geochem (portable XRF) programme underway

• 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

17

Sandy Creek: the next Mallee Bull?

• 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

• Wirlong and Redshaft copper workings never drilled with oxide copper at surface

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Investment Highlights

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1
Cobar Basin = worldclass mineral province
2
Mallee Bull = high grade copper discovery
3
Strong partnership through CBH Resources Farm-in
4
Large strategic landholding with exciting prospects
5
Small team, high success rate, money goes into the ground
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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.

20

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Peel Mining Limited (ASX:PEX)

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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

www.peelmining.com.au