PEEL MINING LIMITED — Investor Presentation 2018

Feb 21, 2018

HIGH GRADE BASE METALS IN THE COBAR BASIN Investor Presentation February 2018

Rob Tyson MANAGING DIRECTOR

DISCLAIMER

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.

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EFFICIENT TARGETED COMPANY

Money Into The Ground

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Drill
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Discover

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• 150 km since listing in 2007

• 30 km in 2017

• Mallee Bull

• Wirlong

• Wagga Tank (re-discovery)

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•
Southern Nights
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Deal
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Deliver

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• CBH Resources ($8.3m)

• • JOGMEC ($7m)

• • Wagga Tank (MMG)

• St Barbara Ltd ($3.3m)

• Dominant Land Position

• • High Grade Discoveries/Deposits

• Tight Capital Structure

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CORPORATE SNAPSHOT

Capital Structure - ASX: PEX	Capital Structure - ASX: PEX	Capital Structure - ASX: PEX
Shares on issue:	184 million
Options:	9 million
Market cap (@ 65 cps):	$120 million
Cash (31 Dec 2017):	$8.5 million
Substantial Shareholders
Hampton Hill Mining and assoc.		19.3%
Directors		14.4%
St Barbara Ltd		16.3%
Ariki Investments Pty Ltd		9.5%
Top 20		~66.4%

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COBAR-FOCUSED

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Apollo Hill
Cobar
Au
Ag
Cu-Zn-Pb-Ag-Au
W
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COBAR

A Rich Mining Heritage

Cobar Basin metal endowment of more than $A50B (2017)

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Ag =
$A4B
Pb = Zn =
$A8B $A15B
Au =
$A10B
Cu =
$A16B
Modified from NSW Geological Survey – A Review of Metalliferous Basins in NSW - 2015
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An excellent place to explore:

Excellent geology; proven prospectivity

High grade mineral deposits Long-life mining operations New discoveries being made Excellent infrastructure Supportive, mining-skilled community Large-scale landholdings

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COBAR STYLE = VERTICAL CONTINUITY, CLUSTERING/STACKING

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2km
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9km

NSW’s LEADING GREENFIELD’S EXPLORER

• Outstanding technical and field team

• More than $25m expended in Cobar Basin since 2010

• Dominant Cobar Basin land position, comprising:

• Mallee Bull/CBH JV (PEX 50%) titles: 81 sq km

• Peel (CSP) Pty Ltd/JOGMEC JV (PEX 60%) titles: 1,722 sq km

• Peel Mining Ltd (PEX 100%) titles & applications: 1,947 sq km

• Tenure covers bulk of historic metallic mineral occurrences in central/southern part of Cobar Basin

• Most prospects have received little previous historic exploration

• Constant monitoring for new opportunities

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Mallee Bull
Pre-Development Study
Wagga Tank-
Southern Nights;
Wirlong
Advanced exploration
Mt Allen;
Mt Dromedary-
Double Peak
Early stage exploration
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WAGGA TANK-SOUTHERN NIGHTS Expanding Zinc-Rich Mineral System

• 100%-owned

• Discovered mid-1970s; landbanked for 3 decades

• 42 historic drillholes at Wagga Tank; 24 returned significant intercepts; with better results including:

• 32m @ 3.00 g/t Au, 24 g/t Ag from 10m

• 20m @ 3.11 g/t Au, 63 g/t Ag from 28m

• 25.9m @ 8.7% Zn, 3.3% Pb, 82 g/t Ag from 141.6m

• 15.7m @ 10.3% Zn, 4.4% Pb, 69 g/t Ag from 215.6m

• 18.15m @ 5.8% Zn, 3.0% Pb, 32 g/t Ag, 1.01 g/t Au from 222.85m

• 24m @ 2.7% Cu, 0.56 g/t Au, 13 g/t Ag from 86m

• 13.55m @ 4.6% Cu, 1.14 g/t Au, 470 g/t Ag from 119.75m

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WAGGA TANK

A Forgotten High-Grade Zn-Pb-Ag-Au-Cu Deposit

• Wagga Tank drilling confirms historic data; adds strike and depth extensions; better results include:

• ⁻ 27m @ 10% Zn, 6.4% Pb, 89 g/t Ag, 0.4 g/t Au, 0.2% Cu from 240m

• ⁻ 15m @ 8.5% Zn, 4.1% Pb, 114 g/t Ag, 1.57 g/t Au, 0.3% Cu from 280m

• ⁻ 8m @ 8.5% Zn, 6.2% Pb, 134 g/t Ag, 1.45% Cu from 173m

• ⁻ 6m @ 8.5% Zn, 2.9% Pb, 12 g/t Ag from 282m ⁻ 11m @ 7.1% Zn, 2.3% Pb, 58 g/t Ag from 396m ⁻ 16m @ 3.2 g/t Au, 0.3% Cu, 1.1% Zn, 0.57% Pb, 12 g/t Ag from 226m ⁻ 13m @ 3.34 g/t Au, 0.8% Cu, 0.7% Zn, 0.2% Pb, 20 g/t Ag from 299m ⁻ 12m @ 3.0% Cu, 97 g/t Ag, 1.36 g/t Au from 92m

• • Mineralisation defined over ~300m strike; near surface to ~350mbs; open in all directions

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SOUTHERN NIGHTS DELIVERS

Ultra High-Grade Zn-Pb-Ag-Au

• Southern Nights returns exceptional Zn-rich intercepts, with better results including:

• ⁻ 46m @ 17% Zn, 9.5% Pb, 272 g/t Ag, 1.22 g/t Au from 201m ⁻ 26m @ 25.4% Zn, 9.9% Pb, 215 g/t Ag, 1.19 g/t Au from 190m ⁻ 10m @ 16.2% Zn, 11.2% Pb, 387 g/t Ag, 0.63 g/t Au from 148m ⁻ 22m @ 8.5% Zn, 3.0% Pb, 115 g/t Ag, 0.24 g/t Au from 161m ⁻ 18m @ 8.5% Zn, 3.0% Pb, 40 g/t Ag from 180m

• ⁻ 8m @ 15.2% Zn, 7.4% Pb, 177 g/t Ag, 0.97 g/t Au from 195m ⁻ 6m @ 3.4% Zn, 1.4% Pb, 1399 g/t Ag, 2.22 g/t Au from 181m

• Strong mineralisation defined over >300m strike within >1km zone of significant zinc mineralisation; open in all directions

• Anomalous Zn-Pb in RAB drilling over >2.7km strike; open in all directions

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• 3 drill rigs underway at Wagga Tank/Southern Nights; assays pending

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WAGGA TANK REGIONAL POTENTIAL Large-Scale Mineral System Potential

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• 4km x 3km circular magnetic anomaly

• • Significant geochem and geophysical anomalies

• • Strong historic Zn-Pb-Ag-Au intercepts at Fenceline including:

• • 6m @ 5.4% Zn, 3.9% Pb, 44 g/t Ag, 0.83 g/t Au from 84m

• 10m @ 2.3 g/t Au from 80m

• • 13.9m @ 12.4% Pb, 1.3% Zn, 64 g/t Ag, 2 g/t Au from 118.2m

• 9m @ 4.9% Pb, 3.1% Zn, 1.1 g/t Au from 118m

• • Widespread epithermal-style mineralisation (colloform banded quartz+py+cpy veins)

• First-pass drilling at The Bird completed; assays pending

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MALLEE BULL

Closing in on Development

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50:50 JV with CBH Resources/Toho Zinc

Mallee Bull copper-polymetallic deposit May Day gold-polymetallic deposit Gilgunnia and 4-Mile Goldfields 100 km to Cobar; 50 km to Nymagee 50 km to Wagga Tank 30 km to Wirlong

15 km to Moomba-Sydney gas pipeline 20,000 acre property owned by PEX

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HIGH-GRADE Zn-Pb-Ag OFFERS STAGED DEVELOPMENT OPPORTUNITY

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• Global Resource of 6.76Mt @ 2.6% CuEq

• • Mallee Bull’s Silver Ray (T1) lens = near surface high-grade mineralisation:

• ⁻ 12m @ 20.3% Zn, 14.8% Pb, 308 g/t Ag, 1.59 g/t Au from 83m

• ⁻ 13.5m @ 21.1% Zn, 14.1% Pb, 268 g/t Ag from 82m ⁻ 16m @ 13.5% Zn, 7.6% Pb, 191 g/t Ag and 1.3 g/t Au from 74m

• Met testwork yields total recoveries of up to 90.3% Zn, 92.3% Pb, and 82.3% Ag, producing separate Pb and Zn concentrates with grades of 55.6% Pb, 13.1% Zn, 780 g/t Ag and 49.6% Zn, 2.4% Pb, 75 g/t Ag respectively

• • Prefeasibility study based on small-scale “dig & truck” to CBH’ Endeavor Mine followed by exploration decline to ~400mbs continuing

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JOGMEC JV Wirlong Copper Discovery

• JOGMEC (Japanese Government) JV earning 50% of certain tenements by spending $7m on exploration; final earn-in expected by March 2018

• • Wirlong is defined by

• ⁻ Historic workings

• ⁻ >2km strike of sheared volcanics and sediments

• ⁻ Large multi-element soil geochemical anoms

• ⁻ Coincident/semi-coincident anoms geophysical

• (K/Th radiometric, magnetic, IP, EM, gravity)

• • Indications of large, buried, mineralized hydrothermal system

• • Hallmarks of high-grade “Cobar-style” copper discovery

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WIRLONG DISCOVERY CSA Mine Analogue

• Drill highlights include:

• ⁻ 4.9m @ 4.3% Cu, 13 g/t Ag from 402.1m and 22m @ 1.0% Cu, 4 g/t Ag from 332m in WLRC015

• ⁻ 9m @ 8.0% Cu, 17 g/t Ag, 0.21 g/t Au from 616m and 38m @ 1.18% Cu, 4 g/t Ag from 450m in WLDD001

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

• ⁻ 27m @ 5.3% Cu, 23 g/t Ag from 286m 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

• ⁻ 17m @ 4.59% Cu, 8 g/t Ag from 738m in WLRCDD043

• ⁻ 31m @ 3.19% Cu, 11 g/t Ag from 299m in WLRC052

• ⁻ 9m @ 3.29%Cu, 18 g/t Ag from 70m in WLRC035

• Mineralisation defined from near-surface to more than 600m depth, >500m strike and open

• Follow-up drilling underway

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PEEL INVESTMENT FOUNDATIONS

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Dominant Cobar Wagga Tank/ Mallee Bull Wirlong Land Position Southern Nights: >3700 sq km tenure 100%-Owned High Grade Efficient, targeted High Grade High-grade Cu-Zn-Pb-Ag-Au Company Multiple exciting Zn-Pb-Ag Discovery Cu-Ag Discovery prospects; most Staged Production Money in the ground without modern Major Drill Program Opportunity exploration Underway

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COMPETENT PERSONS STATEMENTS

Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Rob Tyson who is a fulltime employee of the company. Mr Tyson is a member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) 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 information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control measures. (QAQC)

The information in this report that relates to the Mallee Bull Mineral Resource estimates, and reported by the Company in compliance with JORC 2012 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.

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JORC CODE INFORMATION

Metal equivalent Calculations

The information in this report that relates to Exploration Results is based on information compiled by Rob Tyson who is a Mineral Resource estimates include copper equivalent grades incorporating copper, silver, gold, lead and zinc values. The copper equivalent grades are based on copper, silver, gold, lead and zinc prices of US$5,500/t, US$17.00/oz, $1,200/oz, US$2,100/t and US$2,500/t with overall recoveries of 95%, 85%, 40%, 90% and 85% respectively. These estimates are based on Peel’s interpretation of potential commodity prices and the Company’s interpretation of early stage metallurgical test work performed on Mallee Bull diamond core using the following formula: Cu equivalent (%) = Cu (%) + 0.009 x Ag (g/t) + 0.295 x Au (g/t) + 0.362 x Pb (%) + 0.407 x Zn (%). It is the company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

JORC Code

All information within this presentation relating to Mineral Resources is referred to Table 1 as appended into ASX market release “Mallee Bull Resource Grows by 65% to 175,000t CuEq” dated 06.07.2017. See overleaf for table.

Any previously reported information within this announcement is referred to Table 1 of PEX’s Quarterly Activity Statement dated 31.12.2017 or other previously released Quarterly Activity Statements or to the Competent Persons Statements in the Disclaimer.

JORC CODE INFORMATION Mallee Bull Resource Table

Cutoff CuEq	Domain	Resource Category	Kt	Grade	Grade	Grade	Grade	Grade	Grade	Contained Metal	Contained Metal	Contained Metal	Contained Metal	Contained Metal	Contained Metal
				CuEq %	Cu %	Ag g/t	Au g/t	Pb %	Zn %	CuE q kt	Cu kt	Ag Moz	Au koz	Pb kt	Zn kt
1.00	HW Pb/Zn	Indicated	270	3.08	0.10	51	0.22	2.30	4.00	8.3	0.3	0.44	1.9	6.2	11
		Inferred	150	2.0	0.3	23	0.5	1.3	2.2	3.0	0.5	0.1	2.4	2.0	3.3
	HW Cu	Indicated	760	1.98	1.13	23	0.54	0.71	0.56	15	8.6	0.56	13	5.4	4.3
		Inferred	1,300	2.1	0.8	30	0.9	1.1	1.0	28	10	1.3	38	14	13
	FW Cu	Indicated	310	1.75	1.09	28	0.20	0.42	0.48	5.4	3.4	0.28	2.0	1.3	1.5
		Inferred	3,400	3.1	2.6	32	0.2	0.2	0.1	104	88	3.5	22	6.8	3.4
	Central	Inferred	180	2.2	1.6	36	0.2	0.3	0.3	4.0	2.9	0.21	1.2	0.5	0.5
	North	Inferred	390	1.8	1.3	23	0.2	0.3	0.4	7.2	5.1	0.3	2.5	1.2	1.6
	Total	Indicated	1,340	2.15	0.91	30	0.40	0.96	1.23	29	12	1.3	17	13	17
		Inferred	5,420	2.7	2.0	31	0.4	0.5	0.4	146	107	5.4	66	25	22
	Total		6,760	2.6	1.8	31	0.4	0.6	0.6	175	119	6.6	83	38	38

THANK

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