PEEL MINING LIMITED — Investor Presentation 2016

Aug 24, 2016

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High Grade Base Metals in the Cobar Basin

ASX: PEX Investor Presentation

This presentation contains an overview of Peel Mining Ltd and its associated entities (Peel) and their respective activities and operations. The contents of this presentation, including matters relating to the geology of Peel’s projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of Peel’s control, may cause the actual results, performance and achievements of Peel to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Peel does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of Peel, and will not be responsible for any loss or damage arising from the use of the information.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Peel or its activities.

Drill. Discover. Deal. Deliver.

• Competent, hands-on team

• Innovative methodologies

• Low admin/corp costs; money into the ground

• Fund via dilution at project level – CBH/JOGMEC

Drill often (>30km in 2015) Make discoveries (Wirlong, Red Shaft) Do value accretive deals (Wagga Tank) Deliver wealth to shareholders

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Capital Structure

Shares on issue (ASX:PEX): 133 million Options: 4 million Market cap (@ 16 cps): $21 million Cash (at end Jun 2016) $1.8 million

1 Year Chart

Substantial Shareholders

Hampton Hill Mining NL 17.15% and assoc Point Nominees Pty Ltd 11.64% Ariki Investments Pty Ltd 10.50% Rob Tyson 5.30%

NSW and WA-focused Company

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Cobar Superbasin Mines and Deposits

Deposit Metals

Approximate pre-mining resources

An excellent place to explore:

• Highly prospective geology

~50Mt @ 8% Zn, 5% Pb, Endeavor Zn-Pb-Ag 50 g/t Ag CSA Cu ~50Mt @ 3% Cu Au-Cu-PbPeak ~10Mt @ 7 g/t Au Zn-Ag Hera Au-Pb-Zn ~2.5Mt @ 8 g/t AuEq Nymagee Cu-Ag-Pb-Zn ~9Mt @ 1.5% Cu Tritton Cu ~35 Mt @ 2% Cu Mineral Au-Cu-Ag~6Mt @ 3 g/t Au, 1% Cu Hill Pb-Zn

~6Mt @ 3 g/t Au, 1% Cu

• High grade mineral deposits

• Long-life mining operations

• New discoveries being made

• Excellent infrastructure

• Supportive, mining-skilled community

• Large-scale landholdings

Cobar–style Deposits	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 

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Key attributes:
Cobar Nymagee
100km 50km •
EL7461 (80 km [2] ) &
ML1361 (1 km [2] )
•
50:50 JV with CBH
•
Mallee Bull
copper
deposit
•
May Day gold deposit
•
Gilgunnia and 4-Mile
Goldfields
•
100 km via Kidman Way
to Cobar
•
50 km to Nymagee-Hera
Lake Cargelligo
125km • 15 km to Moomba-
Sydney gas pipeline
Condobolin • Peel owns 20k acre 4-
120km
Mile Station (on which
Mallee Bull resides)
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MBRC
DD050
T1
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• –

• August 2011 discovery drillhole

• May 2012 – CBH farmin

• –

• August 2012 confirmation of major discovery

• March 2014 – CBH farmin complete

• –

• May 2014 maiden resource

• May 2015 – new T1 near-surface high-grade Zn-Pb-Ag-Au discovery

• –

• October 2015 new strong extensional Cu intercept - MBRCDD050

9

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T1
81m @ 1.86%
Cu, 33 g/t Ag,
0.97 g/t Au
62m @ 3.15%
Cu, 42 g/t Ag,
0.44 g/t Au 53m @ 4.08%
Cu, 42 g/t Ag,
0.22 g/t Au
69m @ 3.48%
Cu, 34 g/t Ag,
32m @ 3.62% 0.14 g/t Au
Cu, 46 g/t Ag,
0.21 g/t Au
84m @ 4.42%
Cu, 38 g/t Ag,
0.14 g/t Au
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Cut off CuEq %	Category	Kt	Grade	Grade	Grade	Grade
			CuEq	Cu %	Ag g/t	Au g/t
1.0	Indicated	620	2.22	1.73	29.0	0.54
	Inferred	3,300	2.8	2.4	32	0.3
	Total	3,920	2.7	2.3	32	0.3

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T1 Target
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T1 geophysical target returns near surface high-grade mineralisation with better results including:

• 12m @ 35.1% Pb/Zn, 308 g/t Ag, 1.59 g/t Au from 83m

• 7m @ 34.1% Pb/Zn, 203 g/t Ag, 0.58 g/t Au from 71m

• 10m @ 23.4% Pb/Zn, 322 g/t Ag, 1.28 g/t Au from 106m

• 6m @ 15.3% Pb/Zn, 159 g/t Ag, 0.76 g/t Au from 95m

• 6m @ 15.4% Pb/Zn, 53g/t Ag, 0.39 g/t Au from 121m

• • 4m @ 11.6% Pb/Zn, 113 g/t Ag, 1.02 g/t Au from 88m

• 7m @ 9.5% Pb/Zn, 76 g/t Ag, 0.25 g/t Au from 131m

• 18m @ 5.5% Pb/Zn, 20 g/t Ag, 0.38 g/t Au from 107m

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on northern of current Mallee Bull resource Drilling edge model returns:

• 62m (~40m true width) @ 3.15% Cu, 42 g/t Ag, 0.28 g/t Au from 465m including 34m (22m true width) @ 4.6% Cu, 63 g/t Ag, 0.44 g/t Ay from 475m (stringer)

• 13m @ 0.86% Cu, 33 g/t Ag, 1.39 g/t Au, 0.34% Pb, 0.68% Zn from 407m (MS)

• Mallee Bull remains open along strike and at depth

2016 Forward Program:

• Extensional and follow-up drilling (6,000m underway)

• Updated structural review and modelling (underway)

• Additional DHEM, IP

• Commence pre-permitting baseline studies

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Peel’s land position is the largest in the Cobar Superbasin:

• Mallee Bull/CBH JV (PEX 50%) titles: 80 sq km

• Peel (CSP) Pty Ltd/JOGMEC JV (JOGMEC earning up to 50%) titles: 2,742 sq km

• Peel Mining Ltd (PEX 100%) titles & applications: 1,197 sq km (399 units)

• Tenure covers bulk of historic metallic mineral occurrences in southern half of Cobar Basin

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• Comprises 15 tenements covering approx. 2,700 km[2]

• Key terms of the MoA are:

• ⁻ –

• Stage 1 JOGMEC has right to earn a 40% interest in the Cobar Superbasin Project by funding $4,000,000 of exploration expenditure over a period of up to 3 years

• ⁻ –

• Stage 2 JOGMEC has right to earn a further 10% interest in the Project tenements, by funding a further $3,000,000 of exploration expenditure a period of up to 2 further years

• ⁻ Peel as Operator of the project during farm-in

• ⁻ JOGMEC has right to assign its interest

• ⁻ Stage 1 work comprising $4m expenditure practically complete

• ⁻ Stage 2 planning underway

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• Wirlong (and Red Shaft) Prospects ⁻ >6km strike of sheared volcanics and sediments present between prospects

• ⁻ Historic copper workings

• ⁻ Extensive multi-element soil geochemical anomalies

• Wirlong is defined by >2km strike of outcropping, sheared volcanics and sediments with extensive multi-element soil geochemical anomalies and coincident or semi-coincident geophysical anomalies (K/Th radiometric, magnetic, IP, EM)

• • Indications of large, buried, mineralized hydrothermal system

• Minimal modern exploration

• Wirlong bares hallmarks of high-grade “Cobarstyle” copper discovery

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• Drill highlights include:

• ⁻ 9m @ 8.0% Cu, 17 g/t Ag, 0.21 g/t Au from 616m (incl. 2.82m @ 21.85% Cu, 46 g/t Ag, 0.62 g/t Au from 619.68m) and 38m @ 1.18% Cu, 4 g/t Ag from 450m in WLDD001

• ⁻ 4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m (incl. 0.9m @ 19.5% Cu, 58 g/t Ag from 402.1m) and 22m @ 1.0% Cu, 4 g/t Ag from 332m in WLRC015

• ⁻ 26m @ 1.21% Cu, 5 g/t Ag from 227m and 10m @ 1.01% Cu, 4 g/t Ag from 288m in WLRCDD024

• ⁻ 2m @ 3.80% Cu, 11 g/t ag from 36m and 9m @ 1.27% Cu, 4 g/t Ag from 255m in WLRC026

• ⁻ 9m @ 1.29% Cu, 7 g/t Ag from 412m and 19m @ 1.36% Cu, 6 g/t Ag from 432m in WLRCDD028

• • Mineralisation defined from near-surface to more than 500m depth, 200m strike and open

• • Follow-up drill planning underway

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• Mount View deal:

• ⁻ EL7484 and EL7581

• ⁻ Consideration of $1 plus 2% NSR to MMG

• ⁻ Tenure is contiguous with Mallee Bull tenure and includes large May Day Tails coincident magnetic and geochemical anomaly

• Wagga Tank Deal:

• ⁻ EL 6695 and EL7226 - Wagga Tank JV (GCR 20%; MMG 80%)

• ⁻ Consideration of $40,000 to GCR and $1 plus 2% NSR to MMG

• ⁻ Tenure covers multiple significant prospects including Wagga Tank, Fenceline, Siegals, BMW, and Mt Allen

• ⁻ Wagga Tank is highly prospective polymetallic (Zn-PbAu-Ag-Cu) prospect with many significant drill intercepts; no drilling since 1989

• Wagga Tank Deposit:

• ⁻ ~130 km S of Cobar, ~50 km SW of Malle Bull

• ⁻ Volcanic-hosted massive sulphide (VHMS) deposit

• ⁻ Mineralisation straddles the contact between volcaniclastics and siltstone-slates where there is a broad zone of intense tectonic brecciation and hydrothermal alteration (sericitechlorite with local silicification).

• ⁻ Mineralisation comprises: a near surface oxide Au zone; a possible supergene-enriched CuAu-Ag zone; and a primary Zn-Pb-Ag rich massive sulphide zone starting at the base of oxidation (~120m below surface).

• ⁻ Drilling to date has comprised 20 RC drill and 22 diamond holes with all drillholes intersected mineralisation, with 24 intercepting significant values. No drilling since 1989.

• Drill highlights include:

• ⁻ Oxide Au zone: 20m @ 3.11 g/t Au, 63 g/t Ag from 28m; 30m @ 1.93 g/t Au 24 g/t Ag from 8m; 12m @ 3.27 g/t Au from 19m; and 10m @ 3.19 g/t Au from 64m

• ⁻ Primary Zn-Pb-Ag zone: 25.9m @ 8.74% Zn, 3.39% Pb, 82 g/t Ag; 15.7m @ 10.39% Zn, 4.43% Pb, 69 g/t Ag; 18.15m @ 5.86% Zn, 3.00% Pb, 32 g/t Ag, 1.01 g/t Au;

• Drilling approvals received and commencing soon

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• Strategic, 100%-owned, well-located asset

• ⁻ 60 km SE of Leonora, WA

• ⁻ ~550 km[2] of granted tenure

• Located on splay off Keith-Kilkenny Fault system

• Outcropping mineralisation/alteration stretches more than 1 km strike and several hundred metres wide

• Multiple gold mineralising events during complex deformation period

• 17.2 Mt @ 0.9 g/t Au for 505Koz JORC inferred resource[1]

• Recent drilling returns extensional mineralisation including shallow high grade hit of 8m @ 6.39 g/t Au from 71m and 10m @ 4.23 g/t from 94m up to 250m SE of existing resource model

• Excellent metallurgy

(1 - See ASX announcement dated 9 September 2011 “48% Jump in Apollo Hill Gold Resource to 505,000oz”)

1 Cobar Superbasin = proven high-grade pedigree 2 Mallee Bull = expanding high grade Cu-Pb-Zn-Ag-Au deposit 3 Wirlong = new high grade Cu discovery, excellent potential 4 Well funded via cash reserves and JV/farmin agreements 5 Drill. Discover. Deal. Deliver.

20

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 the Mallee Bull Mineral Resource estimates, and reported by the Company in compliance with JORC 2012 in a market release dated 27 May 2014 is based on information compiled by Jonathon Abbott, a Competent Person who is a Member of the Australian Institute of Geoscientists. Jonathon Abbott is a full time employee of MPR Geological Consultants Pty Ltd and is an independent consultant to Peel Mining Ltd. Mr Abbott has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Abbott 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, and reported by the Company in compliance with the then JORC 2004 in a market release dated 9 September 2011, is based on work completed by Mr Jonathon Abbott. 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 that relates to the validity/quality of the Apollo Hill sampling database and Apollo Hill exploration results, densities, cut off grades, potential for eventual economic extraction and comments on the resource estimates and project background is based on information compiled by Rob Tyson, who is a Member of The Australasian Institute of Mining and Metallurgy. Rob Tyson is a full-time employee of the company and 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 then 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Rob Tyson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Metal equivalent Calculations

Mineral Resource estimates include copper equivalent grades incorporating copper, silver and gold values. The copper equivalent grades are based on copper, silver and gold prices of $7000/t, $20.00/oz and $1300/oz with overall recoveries of 95%, 90% and 66% respectively. These estimates are based on Peel’s interpretation of potential commodity prices and the Company’s interpretation of first pass metallurgical test work performed on Mallee Bull diamond core using the following formula: Cu equivalent (%) = Cu (%) + 0.009 x Ag (g/t) + 0.415 x Au (g/t). It is the company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. Additional test work is required to demonstrate potential metallurgical recoveries for cobalt, lead and zinc.

JORC Code

All information within this presentation relating to Mineral Resources is referred to Table 1 as appended into ASX market release “Highgrade Copper Resource at Mallee Bull” dated 27.05.2014.

Any previously reported information within this announcement is referred to Table 1 of PEX’s Quarterly Activity Statement dated 29.04.2016 or other previously released Quarterly Activity Statements or to the Competent Persons Statements in the Disclaimer.

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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