PEEL MINING LIMITED — Investor Presentation 2019

Jul 17, 2019

HIGH GRADE BASE METALS IN THE COBAR BASIN

Investor Presentation

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.

CORPORATE SNAPSHOT

Capital Structure - ASX: PEX

Shares on issue:	242 million
Options:	10 million
Marketcap (@ $0.32/sh):	$77 million
Cashon hand:	~$8 million
Other:	31% of ASX: STN

SubstantialShareholders
-----------------------------

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

2 Year Share Price Performance

Board & Management

Simon Hadfield Non-Executive Chairman Graham Hardie Non-Executive Director Rob Tyson Managing Director Jim Simpson Exec Director Mining (Sep 1)

12 YEARS OF MONEY INTO THE GROUND

AN EFFICIENT TARGETED COMPANY

Our Exploration Approach

• Money into the ground
• Open minded to target styles and methodology
• Continual innovation and R&D improves our chances
• Dominate what we do and where we are
• 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
• 1 st mover at Koonenberry; minimal exploration = unknown potential

Our Team

• Tier 1 – passionate, practical, technical, diligent, respectful

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

Cobar Basin Metal Endowment (Recovered or Current Resource Inventory) Modified from NSW Geological Survey – A Review of Metalliferous Basins in NSW - 2015

THE PRIZE: HIGH-GRADE – LONG-LIFE – WORLD-CLASS

2019-2020 FOCUS

Unlocking The Cobar Basin's Next Mine Development Opportunities

Wagga Tank / Southern Nights

• A Rapidly Emerging High-Grade Zinc-Lead-Silver Mineral System
• Maiden JORC Resource announced July 2019 (3.5% ZnEq cutoff)
  • o 3.8Mt @ 5.5% Zn, 2.1% Pb, 75g/t Ag, 0.31g/t Au (9.2% ZnEq1 )
• High-grade zone underpins economic potential (7% ZnEq cutoff)
  • o 1.7Mt @ 9.3% Zn, 3.7% Pb, 119g/t Ag, 0.29g/t Au (14.7% ZnEq1 )

Mallee Bull

• One of Australia's highest-grade undeveloped copper resources
• Global Resource of 6.76Mt @ 2.6% CuEq1
• Peel and CBH Resources 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, Siegals, May Day Tails

SOUTHERN NIGHTS-WAGGA TANK

A Major Zinc-Rich Mineral System

100% owned - Smart Acquisition

• Non-dilutive acquisition (2% NSR + $40k) in 2016
• Royalty purchased for $3m in October 2018

Under Explored Tenure

• High-grade, economic mineralisation discovered mid-1970s
• Land banked with no drilling from 1989
• +80,000m drilled by Peel since 2016
• Mineralization open at depth and along strike

Camp Scale Mineral System

• Wagga Tank to Southern Nights covers >2km strike
• Significant maiden Resource delineated
• Camp-scale (0.5-10km) mineral system characteristics
• Analagous to VMS-style mineralisation

SOUTHERN NIGHTS-WAGGA TANK JORC RESOURCE

Bringing Critical Mass to Peel's Cobar Basin Endeavours

• Maiden JORC Resource^ provides robust platform to immediately commence Scoping Studies
• Potential development scenarios include both standalone and dig-and-truck processing options
• High-grade zone underpins potential development scenarios:
  • ➢ 1.7Mt @ 9.3% Zn, 3.7% Pb, 119 g/t Ag and 0.29g/t Au (14.7% ZnEq1 )
• Discovery cost of US$33 per ZnEq1 tonne
• Exploration upside: mineralisation open along strike and down dip
• Exploration underway to expand resource further

Mineral Resource Estimate for the Southern Nights Deposit
ResourceClassification	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
ResourceClassification	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
ResourceClassification	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

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

AUSTRALIAN VMS AND COBAR DEPOSITS

Southern Nights-Wagga Tank Resource Geologically & Economically Significant

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

➢ 3.8Mt @ 9.2% ZnEq1= ~348kt contained ZnEq1 metal

• Mineralisation extent delineated to date analogous to other major base metal mines in Australia
• Exploration upside mine life of Cobar operations 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, 16.7g/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

SOUTHERN NIGHTS - HIGH GRADE CORE

Central Zone Underwrites Production Potential

• Within the Central Zone, 290kt @ 21.5% Zn, 9.1% Pb, 215g/t Ag, 0.57g/t Au, 0.27% Cu (32.9% ZnEq1 ) exists as a discrete massive sulphide lens commencing 150m below surface
• Drilling intercepts include:
  • o 10m @ 16.3% Zn, 11.2% Pb, 387 g/t Ag, 0.63 g/t Au from 148m
  • o 18.2m @ 40.3% Zn, 15.7% Pb, 0.97% Cu, 356 g/t Ag, 2.77 g/t Au from 182m
  • o 26m @ 25.5% Zn, 9.9% Pb, 215 g/t Ag, 1.19 g/t Au from 190m
  • o 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, which is a key geological attribute of Cobar-style deposits
• The high-grade component has the potential to facilitate rapid payback during any mining scenario

SOUTHERN NIGHTS CENTRAL ZONE

Very High-Grade Zn-Pb-Ag-Au-Cu Core

WAGGA TANK-SOUTHERN NIGHTS

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

WAGGA TANK REGIONAL POTENTIAL

A Camp-Scale Mineral System

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.
• Any regional exploration success will supplement Southern Nights mineralisation – potential for 'hub and spoke' central processing facility strategy

SOUTHERN NIGHTS-WAGGA TANK

Forward Program 2019/2020

Key Milestones:

• Resource definition drilling Completed April '19
• Maiden Mineral Resource Estimate Completed July '19
• Scoping study Underway
• Additional Exploration Proximal to Resource Underway
• Substantial metallurgical testwork Underway
• Regional Exploration Underway

Other Activities:

• Pre-development baseline studies (flora, fauna, hydro, weather, dust, Aboriginal Heritage, etc.) underway
• Geotechnical studies
• Preliminary underground mine design
• Cobar Shire / NSW Resources and Energy engagement

MALLEE BULL

One Of The Highest-Grade Undeveloped Copper Resources In Australia

JV Partner

• 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 Development Underway

• Development study completed on a 'dig and truck' scenario to Endeavour
• Peel and CBH advancing mine development via an exploration decline
• Lower capital cost and reduced permitting timeline pathway forward

Favourably Located

• Situated on pastoral lease owned by Peel
• 100km South of Cobar; 50km to Wagga Tank-Southern Nights
• Trucking distance to Endeavor Mine

MINING MALLEE BULL

Lower Risk, Lower Capital Cost Exploration Decline Pathway

• Exploration decline provides a low risk pathway to developing Mallee Bull
• Silver Ray exists between 60m and 130m below surface, characterised by high-grade Zn-Pb-Ag:
  • o 13.5m @ 21.1% Zn, 14.1% Pb, 268g/t Ag from 82m
  • o 12m @ 20.3% Zn, 14.8% Pb, 308g/t Ag from 83m
  • o 9m @ 20.8% Zn, 10.6% Pb, 338g/t Ag from 88m
• Mining of a 20,000t bulk sample from Silver Ray lode to confirm metallurgical characteristics through the Endeavour plant
• Revenue generated from the bulk sample mining is anticipated to provide a significant contribution towards offsetting of capital costs

MALLEE BULL COPPER RESOURCE

The Prize at Depth

• Global Resource of 6.76Mt @ 2.6% CuEq
• 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 of Exploration Decline focused on drilling upper Mallee Bull lodes, establishing underground infrastructure and diamond drilling platform
• Stage 2 to focus on infill drilling the 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
• Successful underground drilling of the Mallee Bull Deeps lodes will see the JV seek approval for conversion to full mining operation
• This will benefit from established surface and UG infrastructure, sunk capital costs and a streamlined regulatory approvals proces
• Mallee Bull is a Cobar-style deposit believed to be a CSA-mine analogue. CSA is one of the highest grade copper mines globally, and is 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:
• o 9m @ 3.29% Cu, 18 g/t Ag from 70m
• o 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

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

• 210 km since listing in 2007

• 90 km since 2017

• Mallee Bull • Wirlong

  • Wagga Tank (re-discovery)
  • Southern Nights

• CBH Resources
• JOGMEC
• Wagga Tank (MMG)
• St Barbara Ltd
• Dominant Land Position
• High Grade Mine Development Opportunities
• Tight Capital Structure

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.

JORC CODE INFORMATION Mallee Bull Resource Table

				Grade				Contained Metal
CutoffCuEq	Domain	ResourceCategory	Kt	CuEq%	Cu %	Agg/t	Aug/t	Pb%	Zn %	CuEqkt	Cukt	AgMoz	Aukoz	Pbkt	Znkt
	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 CuFW Cu1.00		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
		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
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 + (2.18*Cu ppm) + (0.70*Pb ppm) + (15,768*Au ppm) + (168*Ag 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 12th 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