PEEL MINING LIMITED — Investor Presentation 2021

Oct 4, 2021

5th October 2021

ASX ANNOUNCEMENT

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Peel Mining Limited (ASX:PEX) is pleased to advise that Managing Director Rob Tyson will deliver an investor presentation at the NWR Virtual Resources Series today, Tuesday 5[th] October 2021. Details of how investors and interested parties can register to attend are below.

Presentation time : 10:00 WST (13:00 AEST), 5[th] October 2021

Attend online : Investors and interested parties can register for the presentation via the following link: https://us02web.zoom.us/webinar/register/WN_DGqmGeFGSaiSDhsOH6thaQ

More information : can be found at https://nwrresourcesconf.webflow.io/

About Peel

Peel Mining Limited is a base and precious metals Company focused on developing its projects in the Cobar Region of New South Wales, Australia. The Company has been active in the Cobar Superbasin since March 2010, and since that time, has established a reputation as NSW’s most successful minerals explorer, with the largest single company landholding of ~3,370km2 in the Cobar Superbasin. The Company has made three major discoveries in this time; the Mallee Bull Copper dominant discovery, the Wirlong Copper discovery and the Wagga Tank-Southern Nights Lead-Zinc-Silver dominant discovery. These deposits, along with the May Day Gold dominant deposit, make up the South Cobar Project (SCP).

Peel is progressing the SCP to establish critical mass via the definition of high-quality mineral resources at each of its deposits. Drilling at the Mallee Bull and Wirlong copper deposits is part of the Company’s copper first strategy, focusing on advancing the Mallee Bull and Wirlong copper assets as a priority.

This announcement has been approved for release by the Board of Directors.

For further information, please contact:

Rob Tyson – Peel Mining: +61 (0)420 234 020

Alex Cowie – NWR Communications: +61 (0)412 952 610

Peel Mining Limited P: (08) 9382 3955 E: info@peelmining.com.au

ACN 119 343 734

PO Box 849, West Perth WA 6872 www.peelmining.com.au

Unit 1, 34 Kings Park Road, West Perth WA 6005

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DEFINING COBAR’S NEXT COPPER DEVELOPMENT COMPANY NWR RESOURCES SERIES INVESTOR PRESENTATION 2021

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DISCLAIMER

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This presentation may contain certain statements and projections provided by or on behalf of Peel Mining Limited (“Peel”) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Peel.

Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Peel which could cause actual results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Peel makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, Peel makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Peel or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Peel undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Peel.

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CORPORATE SNAPSHOT

Capital Structure - ASX: PEX Shares on issue: 418 million Options/Rights (Directors/Staff): 12.7 million Market cap (@ $0.24/sh): $102 million Cash (June Q): $16.8 million

Substantial Shareholders	Substantial Shareholders
Hampton Hill Mining NL and Assoc.	17.9%
St Barbara Ltd	9.9%
Directors	9.0%
Paradice Investments	5.5%
Top 20	~61.0%

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1 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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WORLD CLASS METAL’S ADDRESS

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Cobar Basin Metal Endowment Copper 2.5 Mt Gold 6.5 Moz Silver 148 Moz Lead 2.8 Mt Zinc 4.8 Mt

Source: Cobar Basin Metal Endowment (Recovered or Current Resource Inventory) - Cobar Deposits Structural Control Vladimir David Mar 2019

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COPPER’S TIME IS NOW

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Supply side

• Average mined head grade has fallen from ~0.75% in 2003 to ~0.55% in 2018

• Exploration costing more to find less:

• 1990-2008 yielded 993 Mt Cu

• 2009-2019 yielded 103 Mt Cu

• Forecast deficit of up to 8Mtpa by 2030

Demand side

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• Global de-carbonisation and electrification to drive copper (EVs, renewable energy)

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Conclusion:

SUSTAINED PRICE STEP-CHANGE REQUIRED

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COPPER FIRST Consolidation Delivers Resource Growth and Copper

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Ag - 15%
Ag - 18% Zn - 26%
Pb - 10% Metal
Zn - 35%
Metal
Pb - 11% Exposure /
Exposure Relative
July 2020 Growth
July 2021
Au - 9% Au - 10%
Cu - 27%
Cu - 39%
See Page 18 for information regarding Metal Exposure/Growth
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See Page 18 for information regarding Metal Exposure/Growth

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COPPER FIRST Consolidation Delivers Resource Growth and Copper

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		Peel’s Cobar Resources	Peel’s Cobar Resources	Peel’s Cobar Resources	Peel’s Cobar Resources	Peel’s Cobar Resources	Peel’s Cobar Resources	Peel’s Cobar Resources
Min Style		Deposit	Tonnes (kt)	Cu %	Zn %	Pb %	Au g/t	Ag g/t
Cu-Rich ~~CRih~~		Mallee Bull	6,760	1.8	0.6	0.6	0.4	31
~~u-c~~		May Day Wirlong	1,070 ?	0.0 ?	0.7 -	0.5 -	1.0 -	26 ?
~~Zn-Pb-Ag-Au-~~ Rich Zn-Pb-Ag-Au- Rich		Southern Nights May Day	4,140 1 07	0.2 0	5.0 0 7	2.0 0 5	0.3 1 0	77 26
		Wagga Tank Southern Nights	810 4,140	0.4 2	5.0	2.4 0	0.5 3	81 77
	To	tal Wagga Tank	12,780 810	1.0 0 4	2.3 5 0	1.1 2 4	0.4 5	48 81
	Total		>12,780	>1.0	2.3	1.1	0.4	?

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COPPER FIRST PROCESSING HUB CONCEPT

Define Critical Mass to Support a Substantial Standalone Operation

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Wirlong
Cu-Ag
May Day Mallee Bull
Au-Ag-Pb-Zn Cu-Ag-Au-Zn-Pb
Southern
Other Cobar
Nights &
Basin
Wagga Tank Central
Deposits
Zn-Pb-Ag-Au-Cu Processing Mill
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CONSOLIDATION AND CONTROL OF ASSETS

• 100% ownership of entire Cobar Basin Assets including; Wagga Tank, Southern Nights, Mallee Bull, May Day and Wirlong Deposits

• Primary metal exposure repositioned to Copper; add Gold

TARGETING CRITICAL MASS OF 12-15MT RESOURCES

• Maiden Mineral Resource at Wirlong – drilling underway

• Upgrade Mallee Bull Resource – drilling underway

• Upgrade May Day Resource – completed

• Southern Nights-Wagga Tank Resource – completed

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COPPER FIRST PROCESSING HUB CONCEPT Processing Hub Study

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• GR Engineering completed a conceptual polymetallic mill design

• Variable deposit geo-metallurgy requires milling flexibility

• Conceptual mill to have ability to process all ore styles; utilise gravity, (sequential) sulphide flotation and cyanide leach

• Copper First offers simplified mill design and reduced start-up capital

• Ore-sorting offers potential for reduced infrastructure, and operating and capital costs

South Cobar Project Technical Report Conceptual Flowsheet

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WIRLONG – PEEL’S NEXT COPPER RESOURCE Drilling for a Maiden High-Grade Copper Resource Underway

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LOCATION

• 75km South of Cobar; 40km to May Day; 40km to Mallee Bull

DEPOSIT SUMMARY

• Classic Cobar-style Cu-Ag deposit analogous to the CSA mine

• Strong Cu mineralisation commences at ~60m below surface and has been defined to at least 600m below surface

• Excellent recoveries and grades achieved from initial metallurgical testwork at Wirlong:

o 96.9% Cu recovery to 27.1% Cu concentrate grade

• Drilling for Maiden resource underway

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OBJECTIVE Establish a Cu dominant resource, with a significant Indicated classified portion

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WIRLONG – PEEL’S NEXT COPPER RESOURCE

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RESOURCE DEFINITION DRILL RESULTS INCLUDE:

• 9m @ 4.33% Cu, 14g/t Ag from 181m

• 11m @ 3.52% Cu, 16g/t Ag from 207m

• 14m @ 3.11% Cu, 16g/t Ag from 210m

• 7m @ 5.78% Cu, 19g/t Ag from 249m

• 15m @ 3.80% Cu, 17g/t Ag from 255m

• 17m @ 4.00% Cu, 12 g/t Ag from 269m

• 9m @ 4.10% Cu, 15g/t Ag from 270m

• 10m @ 4.02% Cu, 16g/t Ag from 275m

• 10m @ 4.04% Cu, 24g/t Ag from 300m

• 28m @ 3.62% Cu, 12g/t Ag from 306m

• 7m @ 3.58% Cu, 8g/t Ag from 334m

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• 24.4m @ 3.68% Cu, 11g/t Ag from 350m

• 5.75m @ 5.54% Cu, 37g/t Ag from 353.25m

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WIRLONG – AN ELEPEHANT IN SIGHT? Geophysics, Geochemistry and Structures Point to a Large Mineral System

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4km
3D Inversion Modelling of Total Magnetic Intensity
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MALLEE BULL’S TIME TO SHINE One of Oz’s Highest-Grade Undeveloped Copper Deposits

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LOCATION

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

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

DEPOSIT SUMMARY

• JORC Inferred and Indicated 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)

• Classic Cobar-style Cu-Ag-Au-Zn-Pb deposit with similar attributes to the world-class CSA mine

• Commences at ~60m below surface and has been defined to at least 800m below surface

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• Resource upgrade drilling underway

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MALLEE BULL COPPER RESOURCE High-Grade Copper Core Highlights the Cobar Prize

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RESOURCE INFILL DRILL RESULTS INCLUDE:

• 25m @ 4.18% Cu, 24g/t Ag from 361m

• 21m @ 2.03% Cu, 38g/t Ag from 319m

• 36m @ 3.55% Cu, 72g/t Ag from 345m

• 20.7m @ 2.28% Cu, 44g/t Ag from 390.3m

• 24.7m @ 4.33% Cu, 33g/t Ag from 414.3m

• 10m @ 3.41% Cu, 35g/t Ag from 426m

• 52m @ 1.55% Cu, 19g/t Ag from 554m

• 57m @ 3.70% Cu, 39g/t Ag from 614m

• And new high-grade Zn-Pb-Ag lense

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Objective Upgrade the current Cu dominant resource, focusing on increasing the Indicated classification

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SOUTHERN NIGHTS-WAGGA TANK A Camp-scale VMS system

LOCATION

• 150km South of Cobar; 40km to May Day; 50km to Mallee Bull

DEPOSIT SUMMARY

• JORC Inferred and Indicated Resource March 2020 ($80/t NSR cutoff)

• 4.95Mt @ 5.0% Zn, 2.0% Pb, 78 g/t Ag, 0.3% Cu, 0.4 g/t Au

• Zn-Pb-Ag-Au-Cu VMS-style deposit with open-pittable potential

• Open in along strike and down dip

• Further drilling for resource upgrade proposed

• Ongoing pre-development study work

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SOUTHERN NIGHTS-WAGGA TANK Extensive High-Grade System – Open Along Strike and Down Dip

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Open
Open
Open
Open
Open
Open
Open
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MAY DAY Golden Opportunity

LOCATION

• 100km South of Cobar;

• 40km to Wagga Tank-Southern Nights; 8km to Mallee Bull

DEPOSIT SUMMARY

• March 2021 Indicated MRE (using $27/t and $37/t cutoffs for open pit oxide and sulphide; and $80/t for underground)

• 1.07Mt @ 1.02g/t Au, 26g/t Ag, 0.74% Zn, 0.5% Pb

• MRE contains approximately 35,100oz Au, 903,000oz Ag, 7,950t Zn, 5,330t Pb

• Au-Ag-Zn-Pb-Cu VMS-style deposit

• Untested below 300mbs with strong magnetic anomaly at depth

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FORWARD PROGRAM 2021/22 Southern Cobar Project Timetable to Development Decision

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ASX: PEX I www.peelmining.com.au Activity Jun Q 21 Sep Q 21 Dec Q 21 Mar Q 22 Jun Q 22 Sep Q 22 Dec Q 22 May Day Drilling Resource Est Met/Env/Hydro Wirlong Drilling Resource Est Met/Env/Hydro Mallee Bull Drilling Resource Est Met/Env/Hydro Southern Nights/WT Drilling Met/Env/Hydro SCP Scoping SCP Feasibility		Activity	Jun Q 21	Jun Q 21	Sep Q 21	Dec Q 21	Mar Q 22	Jun Q 22	Sep Q 22	Dec Q 22
	May Day	Drilling
		Resource Est
		Met/Env/Hydro
	Wirlong	Drilling
		Resource Est
		Met/Env/Hydro
	Mallee Bull	Drilling
		Resource Est
		Met/Env/Hydro
	Southern Nights/WT	Drilling
		Met/Env/Hydro
	SCP Scoping
	SCP Feasibility

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PEEL INVESTMENT HIGHLIGHTS

A High-Grade Australian Copper Company

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DRILL

• ~275 km since listing in 2007

• ~23 km in 2020

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DISCOVER & REDISCOVER

• Mallee Bull (Cu-Ag-Au-Zn-Pb)

• • May Day (Au-Ag-Zn-Pb-Cu)

• • Wirlong (Cu-Ag)

• Wagga Tank (Zn-Pb-Ag-Au-Cu)

• Southern Nights (Zn-Pb-Ag-Au-Cu)

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CONVERT & DEFINE

• Convert discovery to mineable resources

• Define critical mass (Mtpa x mine life)

• Studies (Scoping/PFS/DFS)

DELIVER

• High-grade copper mining operation

• Long-life/low risk operations

• Safe & efficient operations

• Pipeline of growth opportunities

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• Return to Shareholders

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COMPETENT PERSONS STATEMENTS

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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 announcement that relates to grade estimation and Mineral Resource estimates for Southern Nights-Wagga Tank and May Day 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 and objectives. These targets and objectives are based on management’s expectations and beliefs concerning future events as of the time of the release of this document. Targets and objectives 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.

Past Exploration results reported in this announcement have been previously prepared and disclosed by Peel Mining Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement. Refer to www.peelmining.com.au for details on past exploration results.

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JORC CODE INFORMATION

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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.

Mallee Bull and Wagga Tank-Southern Nights Information

Further information can be found in the 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.

May Day Information

Further information can be found in the ASX announcement dated 16[th] December 2020 “MAIDEN MAY DAY INFERRED MINERAL RESOURCE ESTIMATE”. Other details including historic drilling data can be found at NSW Geological Survey online statutory reporting system NSW DIGS.

Metal Exposure / Relative Growth Charts and Cobar Basin Metal Endowment Table

The simplified information in the pie charts on Page 6 is derived from Peel’s Cobar Basin resource base at the relevant snapshot points in time, i.e. June 2020 – the pie chart comprises 50% of Mallee Bull resources and 100% of Wagga Tank-Southern Nights; whilst the October 2020 pie chart comprises 100% of Mallee Bull, 100% of Wagga Tank-Southern Nights and 100% of May Day. Metal pricing used in the pie chart was based on copper, silver, gold, lead and zinc prices of A$9,874/t, A$31/oz, A$2,448/oz, A$2,448/t and A$2,720/t respectively. This metal pricing was also used to define the relative value of Cobar Basin Metal Endowment.

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JORC CODE INFORMATION Mallee Bull Resource Table July 2017

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

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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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JORC CODE INFORMATION May Day Resource Table December 2020

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	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)	COMBINED MAY DAY INDICATED MINERAL RESOURCE ESTIMATES (ROUNDED)
		Cut off $NSR	Tonnes Kt	Au g/t	Ag g/t	Zn %	Pb %
Open Pit	Oxide	$27/t	510	1.03	20.4	-	-
	Sulphide	$37/t	390	1.00	28.2	1.31	0.84
	Subtotal		900	1.02	23.8	0.57	0.36
Underground (Sulphide)		$80/t	170	1.03	39.4	1.67	1.21
Total Combined Resources			1,070	1.02	26.3	0.74	0.50

The May Day MRE was reported using NSR cut-off values to determine the proportion of the deposit having reasonable prospects for eventual economic extraction. The NSR methodology is common practice at polymetallic mines and deposits and considers metallurgical recoveries for each of the product streams, along with metal prices, exchange rates, payabilities, deductions/penalties, transport, treatment/refining charges, and royalties.

The general formula for calculating the NSR is:

NSR = (metal grades x expected metallurgical recoveries x expected payabilities x metal prices) – (deductions/penalties + transport + treatment/refining charges + royalties)

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