PEEL MINING LIMITED — Investor Presentation 2020

Jul 15, 2020

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GROWING A SUBSTANTIAL
BASE METALS BUSINESS
Noosa Virtual Conference
July 2020
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CORPORATE SNAPSHOT

Capital Structure - ASX: PEX

Shares on issue: 244 million Options: 10.5 million Market cap (@ $0.19/sh): $46 million Cash (est.): ~$8 million STN holding (current): ~$3 million Substantial Shareholders ~~St Barbara Ltd 16%~~ Hampton Hill Mining and assoc. 16% Directors 11% Ariki Investments Pty Ltd 7% Top 20 62%

3 Year Share Price Performance

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Board & Management

Simon Hadfield Non-Executive Chairman Graham Hardie Non-Executive Director Rob Tyson Managing Director Jim Simpson Executive Director Mining

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AN EFFICIENT TARGETED COMPANY AMEC Prospector Award 2019

Drill

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Discover

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• 220 km since listing in 2007

• 110 km since 2017

• Mallee Bull

• Wirlong

• Wagga Tank (re-discovery)

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•
Southern Nights
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Define

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Deliver

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• Define critical mass

• Increase resource confidence

• Increase mine-life

• Studies (Scoping/PFS/DFS)

• Substantial mine developments

• Safe & efficient operations

• Pipeline of growth opportunities

• Return to Shareholders

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COBAR – 150 YEARS OF MINING Peel Dominates the Exploration Landscape

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Ag =
>4000t
Pb =
Zn =
>2.8Mt
>4.8Mt
Au =
>200t
Cu =
>2.5Mt
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Cobar Basin Metal Endowment (Recovered or Current Resource Inventory) Cobar Deposits – Structural Control Vladimir David Mar 2019

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Endeavor 50 km
CSA
Cobar Barrier H’way
Mt
Peak
Boppy
Kidman
Way
Three discoveries
in seven years
Wirlong
x
Hera
Manuka
x Mallee Bull
Wagga Tank
x
Kidman
Peel 100%
Way
JOGMEC JV
CBH JV
TLM JV
4
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GROWING A SUBSTANTIAL BASE METALS BUSINESS

Our Company

• Three major base metals discoveries in 7 yrs in the prolific Cobar Basin

• Global Resources of >10Mt high grade mineralisation

• Experienced team preparing for commercialisation

Our Project Development Approach

• Money into the ground

• Drilling to achieve critical mass and mine life

• Improving resource confidence for ore reserve establishment

Our Ground

• Cobar history: 150 years of high-grade, long-life mines – CSA, Peak, etc

• Peel has established pre-eminent Cobar greenfields position

• Excellent potential for further discoveries

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STRATEGIC OBJECTIVE

Establish a Resource Base to Support a Robust Standalone Operation

Targeting ~10 Mt (8Yrs x 1.2 Mtpa) of Mineable Resources by 2022:

• Increase scale and improve quality of Wagga Tank-Southern Nights Resource through step-out and infill drilling

• Improve quality of Mallee Bull Resource through infill drilling

• Maiden high-quality resource at Wirlong through systematic drilling

• Commodity Exposure

• Targeting increased exposure to gold and copper mineralisation

• Target Generation and Testing

• Ongoing regional (JV and 100%) target generation

• Siegals/Mt Allen/Double Peak drill testing over next 18 months

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FORWARD PROGRAM 2[ND] HALF 2020

Project Activities

Siegals

• Initial drill testing of high priority geophysical targets proximal to historic

• workings and strong geochemical anomalism

• Up to $200k of NSW GS New Frontiers Cooperative Drill Funding support

Wagga Tank-Southern Nights

• Follow-up extensional drilling targeting gold-rich mineralisation at Southern

• Nights South and strong mineralisation at the Corridor Zone

• Ongoing scoping study work including mine design

• Ongoing metallurgical testwork

Mallee Bull

• Ongoing dialogue with CBH to advance project towards definition of mineable resource

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SOUTHERN NIGHTS-WAGGA TANK

Bringing Critical Mass to Peel’s Cobar Basin Endeavours

Solid Foundations for Development Planning

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

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

• to enhance and of resource

• Drilling quality quantity planned to commence August 2020

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

Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,540	173	5.90	2.30	88.9	0.19	0.33
Inferred	1,600	120	3.7	1.4	59	0.3	0.3
Total Resource	4,140	150	5.0	2.0	77	0.2	0.3
Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	410	169	4.67	2.52	64.3	0.50	0.53
Inferred	400	180	5.3	2.3	98	0.3	0.5
Total Resource	810	170	5.0	2.4	81	0.4	0.5
Combined Southern Nights-Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,950	172	5.73	2.33	85.5	0.23	0.36
Inferred	2,000	130	4.0	1.6	67	0.3	0.3
Total Resource	4,950	160	5.0	2.0	78	0.3	0.4

Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,540	173	5.90	2.30	88.9	0.19	0.33
Inferred	1,600	120	3.7	1.4	59	0.3	0.3
Total Resource	4,140	150	5.0	2.0	77	0.2	0.3
Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	410	169	4.67	2.52	64.3	0.50	0.53
Inferred	400	180	5.3	2.3	98	0.3	0.5
Total Resource	810	170	5.0	2.4	81	0.4	0.5
Combined Southern Nights-Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,950	172	5.73	2.33	85.5	0.23	0.36
Inferred	2,000	130	4.0	1.6	67	0.3	0.3
Total Resource	4,950	160	5.0	2.0	78	0.3	0.4

Note: The Wagga Tank – Southern Nights Mineral Resource Estimate utilises AU$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution. Net Smelter Return (NSR) is an estimate of the net recoverable value per tonne including offsite costs, payables, royalties and mill recoveries. Figures are rounded to reflect the precision of estimates and include rounding errors.

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WAGGA TANK-SOUTHERN NIGHTS

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

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VMS SYSTEMS ARE ICEBERGS

• Wagga Tank–Southern Nights is a VMS system analogous to worldclass Rosebery mine

• • 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

• Private-backed same neighbours drilling

• mineralised structure more than 10 kms north

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Gossan Hill Discovery Evolution

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Acknowledgment: S.W. Beresford

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EXCELLENT REGIONAL POTENTIAL

Geophysics Supports Large-Scale System

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•
Fenceline - Strong historic and recent
4 km
intercepts including:
Southern Nights Fenceline 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
IP chargeability
Intrusive Target? 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
TMI magnetic shells Au from 92m
•
Large buried magnetic feature
possibly represents intrusive “heat
source/engine” driving mineral
system
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COPPER’S TIME IS APPROACHING

		Supply side: • Mining more and producing less • Average mined head grade has fallen from 0.74% in 2003 to 0.59% in 2017 • Underground head grade has fallen from 1.4% in 2005 to 1.1% in 2017 • Exploration costing more to find less: o 1990-2008 yielded 993 Mt Cu o 2009-2019 yielded 103 Mt Cu • Forecast deficit of up to 8Mtpa by 2030 Demand side: • Greta Thunberg “defining moment” with copper set to drive global electrification • EVs, renewable energy, medical use to expand Cu demand significantly over decade Conclusion: Price step-change required to meet demand
0 20 40 60 80 100 120 Copper in major discoveries (Mt)	Supply side: • Mining more and producing less • Average mined head grade has fallen from 0.74% in 2003 to 0.59% in 2017 • Underground head grade has fallen from 1.4% in 2005 to 1.1% in 2017 • Exploration costing more to find less: o 1990-2008 yielded 993 Mt Cu o 2009-2019 yielded 103 Mt Cu • Forecast deficit of up to 8Mtpa by 2030 Demand side: • Greta Thunberg “defining moment” with copper set to drive global electrification • EVs, renewable energy, medical use to expand Cu demand significantly over decade Conclusion: Price step-change required to meet demand 12 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Copper exploration budget (US$M) Copper in discoveries Projected copper in discoveries Copper exploration budget Acknowledgment: S&P Global Market Intelligence	Supply side: • Mining more and producing less • Average mined head grade has fallen from 0.74% in 2003 to 0.59% in 2017 • Underground head grade has fallen from 1.4% in 2005 to 1.1% in 2017 • Exploration costing more to find less: o 1990-2008 yielded 993 Mt Cu o 2009-2019 yielded 103 Mt Cu • Forecast deficit of up to 8Mtpa by 2030 Demand side: • Greta Thunberg “defining moment” with copper set to drive global electrification • EVs, renewable energy, medical use to expand Cu demand significantly over decade Conclusion: Price step-change required to meet demand

MALLEE BULL’S TIME TO SHINE

One of Oz’s Highest Grade Undeveloped Copper Deposits

Favourably Located

• Situated on 20,000 acre pastoral lease owned by Peel

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

JV Details

• 50:50 JV with CBH Resources (CBH spend to date ~$13m) :

• New Developments Give Rise to Strategic Rethink

• CBH have announced impending closure, and seeking to sell Endeavor mine (150km north of Mallee Bull)

• Peel internal scoping study shows combined Mallee Bull and Wagga Tank-Southern Nights development as potentially supportive of stand-alone processing plant

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MALLEE BULL COPPER RESOURCE

High-Grade Copper Core Highlights Cobar Prize

Mallee Bull Details

• JORC Resource 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% CuEq1)

• Mallee Bull lode has a high-grade copper-rich core:

• 14.1m @ 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

• 53m @ 4.08% Cu, 42 g/t Ag, 0.22 g/t Au from 470m

• 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

• Infill drilling proposed to improve quality of resource (subject to ongoing JV dialogue)

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JOGMEC JV

Wirlong Copper Discovery

• 50:50 JV with JOGMEC (Japanese Government - $7.9m spent to date)

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

• 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

• Further drilling targeting high-grade Tally-Ho lode proposed for 2[nd] Half 2020

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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 Exploration Results and sampling information is based on information compiled by Mr Jason McNamara who is a fulltime employee of the company. Mr McNamara is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr McNamara 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 McNamara 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 announcement that relates to grade estimation and Mineral Resource estimates for Southern Nights-Wagga Tank is based on information compiled by Mr Jonathon Abbott, who is a Member of The Australian Institute of Geoscientists. Mr Abbott is a full time employee of MPR Geological Consultants Pty Ltd 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 Abbott consents to the inclusion in the report of the matters based on his 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 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.

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 26[th] March 2020 “SUBSTANTIAL RESOURCE UPGRADE FOR SOUTHERN NIGHTS“. Other details can be found in relevant quarterly reports.

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JORC CODE INFORMATION Mallee Bull Resource Table July 2017

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

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JORC CODE INFORMATION

Wagga Tank-Southern Nights Resource Table March 2020

Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate	Southern Nights Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,540	173	5.90	2.30	88.9	0.19	0.33
Inferred	1,600	120	3.7	1.4	59	0.3	0.3
Total Resource	4,140	150	5.0	2.0	77	0.2	0.3
Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	410	169	4.67	2.52	64.3	0.50	0.53
Inferred	400	180	5.3	2.3	98	0.3	0.5
Total Resource	810	170	5.0	2.4	81	0.4	0.5
Combined Southern Nights-Wagga Tank Mineral Resource Estimate
Resource Classification	Tonnes (Kt)	NSR $/t	Zn (%)	Pb (%)	Ag (g/t)	Cu (%)	Au (g/t)
Indicated	2,950	172	5.73	2.33	85.5	0.23	0.36
Inferred	2,000	130	4.0	1.6	67	0.3	0.3
Total Resource	4,950	160	5.0	2.0	78	0.3	0.4

Note: The Wagga Tank – Southern Nights Mineral Resource Estimate utilises AU$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution. Net Smelter Return (NSR) is an estimate of the net recoverable value per tonne including offsite costs, payables, royalties and mill recoveries. Figures are rounded to reflect the precision of estimates and include rounding errors.

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THANK YOU

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