PEEL MINING LIMITED — Investor Presentation 2019

Aug 6, 2019

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HIGH GRADE BASE METALS IN THE COBAR BASIN Diggers & Dealers Investor Presentation August 2019

CORPORATE SNAPSHOT

Ca ital Structure - ASX: PEX p Shares on issue: 242 million Options: 10 million Market cap (@ $0.25/sh): $60 million Cash (end June Q): ~$7 million Other: 31% of ASX: STN

	Substantial Shareholders	Substantial Shareholders
	St Barbara Ltd	16%
	Hampton Hill Mining and assoc.	15%
	Directors	12%
	Ariki Investments Pty Ltd	8%
	Top 20	60%

3 Year Share Price Performance

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0.75
0.60
0.45
0.30
0.15
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Board & Management	Board & Management
Simon Hadfield	Non-Executive Chairman
Graham Hardie	Non-Executive Director
Rob Tyson	Managing Director
Jim Simpson	Exec Director Mining (Sep 1)

BUILDING A HIGH-GRADE BASE METALS COMPANY

Our Company

• Three major base metals discoveries in the prolific Cobar Basin

• Global Resources (equity share) of >7Mt high grade mineralisation

• Experienced team preparing for commercialisation

Our Exploration Approach

• Money into the ground

• Continual innovation and R&D

• Partnerships are part of our success

Our Ground

• Cobar track record: 150 years of high-grade, long-life

• Cobar prospectivity previously incorrectly viewed as mature

• Peel has established pre-eminent Cobar greenfields position

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COBAR – 150 YEARS OF HIGH-GRADE METALS Peel Dominates the Exploration Landscape

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50 km
Endeavor
CSA
Ag = Cobar
>200
Peak
Pb = Moz
Zn =
>2.7Mt
>4.5Mt
Three discoveries
in seven years
Au =
>6.5Moz
Wirlong x Hera
Cu =
>2Mt
x Mallee Bull
Wagga Tank x
Cobar Basin Metal Endowment (Recovered or Current Resource Inventory) Peel 100%
Modified from NSW Geological Survey – A Review of Metalliferous Basins in NSW - 2015
JOGMEC JV
CBH JV
TLM JV
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THE PRIZE: HIGH-GRADE – LONG-LIFE – WORLD-CLASS

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12 YEARS OF MONEY INTO THE GROUND

Exploration vs Admin

Exploration Admin

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12000
10000
8000
6000
4000
2000
0
30.6.2007 30.6.2008 30.6.2009 30.6.2010 30.6.2011 30.6.2012 30.6.2013 30.6.2014 30.6.2015 30.6.2016 30.6.2017 30.6.2018 30.6.2019
(est)
Metres Drilled
RC DD
Three discoveries
60000
in seven years
40000
20000
0
Mallee Southern
Wirlong
Bull Nights
$000s
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2019-2020 FOCUS

Unlocking The Cobar Basin’s Next Mine Development Opportunities

Wagga Tank / Southern Nights (100%-owned)

• High-Grade Zinc-Lead-Silver mineral system

• Maiden JORC Resource July 2019 (3.5% ZnEq cutoff)

• 3.8Mt @ 5.5% Zn, 2.1% Pb, 75g/t Ag, 0.27% Cu, 0.31g/t Au (9.2% ZnEq[1] )

• Follow up drilling and internal scoping commencing imminently

• Mallee Bull (50%-owned)

• One of Australia’s highest-grade undeveloped copper resources

• JORC Resource update July 2017 (1.0% CuEq cutoff)

• 6.8Mt @ 1.8% Cu, 31 g/t Ag, 0.4 g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq[1] )

• Peel and CBH seeking regulatory approval for exploration decline to ~300m below surface planned to access high-grade copper lens at depth

Regional

• Exploration to continue – Southern Nights, Wirlong, Siegals, May Day Tails

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1: See Appendix for JORC Resource Table and ZnEq & CuEq calculation. ASX Release 12 July 2019

SOUTHERN NIGHTS-WAGGA TANK

A Major Zinc-Rich Mineral System

Under-Explored Tenure

• High-grade, economic mineralisation discovered at Wagga Tank in mid1970s

• Land banked with no drilling from 1989

• +80,000m drilled by Peel since acquisition in 2016

Camp Scale Mineral System

• Wagga Tank to Southern Nights covers >2km strike

• Significant maiden Resource delineated

• Camp-scale (0.5-10km) mineral system characteristics

• VMS-style mineralisation with similarities to worldclass Rosebery deposit

• VMS deposits often cluster/stack

• Excellent potential to grow resource

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SOUTHERN NIGHTS-WAGGA TANK JORC RESOURCE

Bringing Critical Mass to Peel’s Cobar Basin Endeavours

Solid Foundations for Development Planning

• Maiden JORC Resource provides robust platform to commence internal scoping studies

• Potential development scenarios include both standalone and dig-and-truck processing options

• Discovery cost of only US$33 per ZnEq[1] tonne

• Exploration now underway to expand resource further

• Drilling to enhance quality and quantity of resource to commence imminently

• Southern Nights-Wagga Tank mineral system remains open along strike and down dip

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^ASX Release 12 July 2019

SOUTHERN NIGHTS - HIGH GRADE CORE

Central Zone Underwrites Production Potential

• Central Zone presents an early-stage mining target:

• 1.1 Mt @ 8.8% Zn, 3.5% Pb, 107g/t Ag, 0.44g/t Au, 0.28% Cu (14.3% ZnEq[1] )

• Drilling intercepts include:

• 10m @ 16.3% Zn, 11.2% Pb, 387 g/t Ag, 0.63 g/t Au from 148m

• 18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag, 2.77 g/t Au from 182m

• 26m @ 25.5% Zn, 9.9% Pb, 215 g/t Ag, 1.19 g/t Au from 190m

• 28m @ 19% Zn, 10.8% Pb, 0.2% Cu, 166 g/t Ag, 1.21 g/t Au from 224m

• High-grade CZ remains open at depth , a key geological attribute of Cobar deposits

• The high-grade component has the potential to facilitate rapid payback during any mining scenario

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18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu,
10m @ 16.28% Zn, 11.17% Pb, 387 356 g/t Ag, 2.77 g/t Au from 182m
g/t Ag, 0.63 g/t Au from 148m
11m @ 28.35% Zn, 14.84% Pb, 0.46%
Cu, 380 g/t Ag, 1.56 g/t Au from 218m
26m @ 25.45% Zn, 9.92% Pb, 215
g/t Ag, 1.19 g/t Au from 190m
142m @ 7.4% Zn, 3.7% Pb, 101
g/t Ag, 0.54 g/t Au from 108m
38m @ 8% Zn, 2.4% Pb, 0.5% Cu,
54 g/t Ag, 0.63 g/t Au from 195m
22.1m @ 6.62% Zn, 2.19% Pb, 0.87%
Cu, 60 g/t Ag, 0.42 g/t Au from 459m
40m @ 10.2% Zn, 2.83 % Pb, 0.61%
Cu, 49 g/t Ag, 1.04 g/t Au from 365m
20.65m @ 9.92% Zn, 4.83% Pb, 0.51 % Cu,
104 g/t Ag, 0.53 g/t Au from 355.35m
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SOUTHERN NIGHTS CENTRAL ZONE Very High-Grade Zn-Pb-Ag-Au-Cu Core

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WAGGA TANK-SOUTHERN NIGHTS

Extensive High-Grade System – Open Down-Dip and Along Strike

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The Wagga Tank-Southern Nights JORC Mineral Resource long section showing >4% Zn domains.
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AUSTRALIAN VMS AND COBAR DEPOSITS

Southern Nights-Wagga Tank Resource Geologically & Economically Significant

Gossan Hill Discovery vs Time

• Wagga Tank–Southern Nights maiden JORC Resource forms the basis for potential long-life mine

• Mineralisation extent delineated to date analogous to other major base metal mines in Australia

• Exploration upside – mine life of Cobar operations and many VMS systems significantly exceeds initial LoM expectations due to discovery of additional mineralisation

VMS Deposit Examples:

• Jaguar Mine (Cu-Zn-Ag) Pre-Mining Inventory* (2005): ➢ 1.6Mt @ 3.4% Cu, 12.9% Zn, 132g/t Ag

• Bentley Mine (Cu-Zn-Ag) Pre-Mining Inventory* (2009): ➢ 1.9Mt @ 2.2% Cu, 14.3% Zn, 198g/t Ag

• Hera Mine (Au-Zn-Pb-Ag) Pre-Mining Inventory^ (2011): ➢ 2.44Mt @ 4.1g/t Au, 3.8% Zn, 2.8% Pb, 17g/t Ag

• ”Discovery of the Teutonic Bore Jaguar and Bentley VMS Deposits” Presentation, Independence Group Limited 2015 ^ “Hera Definitive Feasibility Study”. 19/09/2011. Aurelia Metals Limited

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Acknowledgment: S.W. Beresford

EXCELLENT REGIONAL POTENTIAL

A Camp-Scale Mineral System

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Wagga
Tank
Southern
Nights
Anomaly G
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The Bird
Fenceline
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Strong Geophysical Indications for a Large System

• Strong 3km x 4km circular magnetic and gravity anomaly

• Large buried magnetic feature possibly represents “heat source/engine” driving mineral system

• • Strong historic and recent intercepts at Fenceline including:

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

• o 14m @ 12.4% Pb, 1.3% Zn, 64 g/t Ag, 2 g/t Au from 118m

• o 10m @ 2.3 g/t Au from 80m

• o 13m @ 21.5% Pb, 120 g/t Ag, 4.36 g/t Au from 119m

• o 3m @ 20.9% Pb, 66 g/t Ag, 2.08 g/t Au from 92m

• • Further drilling planned at regional targets.

• Regional exploration success will supplement Southern –

• Nights mineralisation potential for ‘hub and spoke’ central processing facility strategy

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SOUTHERN NIGHTS-WAGGA TANK Forward Program 2019/2020

Key Milestones:
•	Resource definition drilling	Completed April ‘19
•	Maiden Mineral Resource Estimate	Completed July ‘19
•	Internal Scoping study	Underway
•	Additional Drilling for Resource Upgrade	Underway
•	Substantial metallurgical testwork	Underway
•	Regional Exploration	Underway
Other Activities:
•	Pre-development baseline studies	Underway
•	Preliminary Geotechnical studies	Underway
•	Preliminary underground mine design	Underway
•	Regulatory engagement	Underway

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MALLEE BULL

One Of The Highest-Grade Undeveloped Copper Resources In Australia

Favourably Located

• Situated on pastoral lease owned by Peel

• 100km South of Cobar; 50km to Wagga Tank-Southern Nights

• Trucking distance to Endeavor Mine

JV Details

• 50:50 JV with CBH Resources (CBH spent $8.33m to earn 50%)

• CBH owns the Endeavor Mine and processing facility located 150km away (substantial surplus milling capacity).

Low Capex, Staged Development Proposal

• Development study completed on a ‘dig and truck’ scenario to Endeavour

• Peel and CBH seeking to advance mine development via an exploration decline

• Lower capital cost and potential reduced permitting pathway

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DEVELOPING MALLEE BULL

Lower Risk, Lower Capital Cost Exploration Decline Pathway

• Exploration decline provides a low risk pathway to developing Mallee Bull

• Silver Ray pod lies between 60m and 130m below surface, characterised by high-grade Zn-Pb-Ag:

• 13.5m @ 21.1% Zn, 14.1% Pb, 268 g/t Ag from 82m

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

• 9m @ 20.8% Zn, 10.6% Pb, 338 g/t Ag from 88m

• Mining of a 20,000t bulk sample from Silver Ray lode to confirm metallurgical characteristics

• • Revenue generated from bulk sample anticipated to provide significant contribution towards offsetting of capital costs

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MALLEE BULL COPPER RESOURCE

The Prize at Depth

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• JORC Resource July 2017 (1.0% CuEq cutoff) o 6.8Mt @ 1.8% Cu, 31 g/t Ag, 0.4 g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq1)

• • Infill drilling of Upper Mallee Bull lode returned strong copper results including: o 14.15m @ 4.27% Cu, 51 g/t Ag, 0.25 g/t Au from 262m

• o 11m @ 9.02% Cu, 114 g/t Ag, 0.37 g/t Au from 296m

• • Stage 1: Exploration decline focused on drilling upper Mallee Bull lodes and establishing underground infrastructure

• • Stage 2: Upon successful completion of feasibility study, convert to full scale mining of Mallee Bull Deeps lode where historic drilling returned broad high grade copper intercepts: o 53m @ 4.08% Cu, 42 g/t Ag, 0.22 g/t Au from 470m

• o 69m @ 3.48% Cu, 34 g/t Ag, 0.14 g/t Au from 533m

• o 84m @ 4.42% Cu, 38 g/t Ag, 0.14 g/t Au from 575m

• • - Mallee Bull is a Cobar-style deposit believed to be a CSA-mine analogue one of the highest grade copper mines globally and mining at +1,700m depth

JOGMEC JV

Wirlong Copper Discovery

• 50:50 JV with JOGMEC (Japanese Government - $7m for 50%)

• Hallmarks of high-grade Cobar-style copper discovery at Wirlong; drill highlights include:

• 9m @ 3.29% Cu, 18 g/t Ag from 70m

• 27m @ 5.3% Cu, 23 g/t Ag from 286m

• o 31m @ 3.19% Cu, 11 g/t Ag from 299m

• o 9m @ 8.0% Cu, 17 g/t Ag, 0.21 g/t Au from 616m

• o 17m @ 4.59% Cu, 8 g/t Ag from 738m

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

• Drilling at Wirlong underway

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AN EFFICIENT TARGETED COMPANY Money Into The Ground (Top 10% of ASX Junior Resource Cos)

Drill

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Discover

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• 210 km since listing in 2007

• 90 km since 2017

• Mallee Bull

• Wirlong

• Wagga Tank (re-discovery)

• Southern Nights

Deal

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Deliver

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• CBH Resources

• JOGMEC

• Wagga Tank (MMG)

• St Barbara Ltd

• Dominant Land Position

• High Grade Mine Development Opportunities

• Tight Capital Structure

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DISCLAIMER

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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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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 (QAQC) measures.

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.

The information in this report that relates to the Southern Nights-Wagga Tank Mineral Resource estimates is based on information reviewed by Mr Jason McNamara who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is a full time employee of Peel Mining and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr McNamara consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears.

The information in this report that relates to to grade estimation at the Southern Nights-Wagga Tank Mineral Resource estimates is based on information reviewed by Mr Jason McNamara, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr McNamara is a full time employee of Peel Mining 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 2012 edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr McNamara consents to the inclusion in the documents of the matters based on this information in the form and context in which it appears. This release may include aspirational targets. These targets are based on management’s expectations and beliefs concerning future events as of the time of the release of this document. Targets are necessarily subject to risks, uncertainties and other factors, some of which are outside the control of Peel Mining that could cause actual results to differ materially from such statements. Peel Mining makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release.

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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 %	CuEq 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

JORC CODE INFORMATION Wagga Tank-Southern Nights Resource Table

Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit	Mineral Resource Estimate for the Southern Nights Deposit
Resource Classification	Tonnes	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Indicated	1,126,000	8.8	3.5	107	0.28	0.44	14.3
Inferred	2,106,000	4.5	1.5	69	0.14	0.13	7.2
Total Resource	3,232,000	6.0	2.2	83	0.19	0.24	9.7
Mineral Resource Estimate for the Wagga Tank Deposit
Resource Classification	Tonnes (t)	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Inferred	532,000	2.4	1.2	31	0.74	0.77	6.6
Total Resource	532,000	2.4	1.2	31	0.74	0.77	6.6
Mineral Resource Estimate for the Southern Nights and Wagga Tank Deposit
Resource Classification	Tonnes	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)	ZnEq (%)
Indicated	1,126,000	8.8	3.5	107	0.28	0.44	14.3
Inferred	2,638,000	4.0	1.4	62	0.26	0.26	7.1
Total Resource	3,764,000	5.5	2.1	75	0.27	0.31	9.2

JORC CODE INFORMATION

Mallee Bull metal equivalent calculations

The information in this report includes metal equivalent calculations for Mallee Bull 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.

Southern Nights-Wagga Tank metal equivalent calculations

The information in this report includes metal equivalent calculations for Southern Nights-Wagga Tank incorporating zinc, lead, silver, copper and gold values. The zinc equivalent grades are based on zinc, lead, silver, copper and gold prices of A$3,450/t, A$2,685/t, A$20/oz, A$8,350/t and A$1,880/oz respectively with overall recoveries of 90%, 81%, 81%, 81% and 81% respectively. These estimates are based on Peel’s interpretation of potential commodity prices and the Company’s interpretation of early stage metallurgical testwork performed on Southern Nights diamond core. The metal equivalent used the following formula: Zn equivalent (%) = (Zn ppm + (2.18Cu ppm) + (0.70Pb ppm) + (15,768Au ppm) + (168Ag ppm))/10000. It is the company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

Further Information

Further information can be found within the relevant ASX announcements dated 6[th] July 2017 “MALLEE BULL RESOURCE GROWS 65% TO 175,000t CuEq” and dated 12[th] July 2019 “ROBUST MAIDEN RESOURCE CONFIRMS OUTSTANDING MINING & GROWTH POTENTIAL AT SOUTHERN NIGHTS-WAGGA TANK “. Other details can be found in relevant quarterly reports.

THANK YOU FOR YOUR CONSIDERATION

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