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A NEW ERA IN THE COBAR BASIN

A N A F T E R N O O N W I T H O R D S C O B A R

M A R C H 2 0 2 6

IMPORTANT NOTICE DISCLAIMER

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~~This announcement has been approved for release to the ASX by the Board of Directors of Peel Mining Limited~~

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

CORPORATE OVERVIEW

PEEL MINING (ASX: PEX)

LAST 12 MONTHS SHARE PRICE (A$/SHARE)

CORPORATE SUMMARY

Share Price (52-week range)	c	13.5 (5.7 – 20.0)
Ordinary shares on issue (pro forma)	m	863.1
Market Capitalisation	A$m	116.5
Pro Forma Cash (31 Dec 2025)	A$m	17.6
Enterprise Value	A$m	98.9

SUBSTANTIAL SHAREHOLDERS

Name	Shares (m)	% of Shares on Issue
Perth Capital	143.2	16.6%
Institutions	227.6	26.4%
Directors & Management	83.1	9.6%
Sub Total	453.9	52.6%
Other Peel shareholders	409.2	47.4%
Total	863.1	100.0%

ANALYST COVERAGE

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Paul Howard Mike Millikan

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

COBAR: A TIER 1 REGIONAL HUB

LEADING JURISDICTION WITH OVER 150 YEARS OF MINING HISTORY.

Established Prolific Minerals Processing Capacity Province 5 operating plants, 2 on C&M ~33Mt of Resources discovered Major plant upgrades underway since 2011 (70% by Peel)

Tier-1 Mining Jurisdiction

Established infrastructure Long-life, high-grade operations

~33Mt of Resources discovered since 2011 (70% by Peel)

Recent track record of M&A, mine development and major capital investment

CSA Mine

Mineral Hill Mine

Kingston Resources’ restart of mining operations & expansion

A$1.6bn acquisition by Harmony Gold, May 2025

Endeavor Mine

Tritton Mine

Mine acquisition by Polymetals (2023) and restart (2025)

Aeris Resources’ Constellation discovery and ramp-up of Tritton Operations in FY26, acquisition of Mallee Bull & Wirlong Feb 26

Federation Mine

Wonawinta Mine

Manuka Resources financing facility and 10-year mine plan

First production delivered by Aurelia Metals September 2024

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

PEEL MINING COMPANY PILLARS

HIGH-GRADE MRE TOTALLING 22.9MT @ 2.20% CUEQ[1] FOR ~500KT CUEQ[1] (64% INDICATED) ACROSS 5 DEPOSITS

Southern Nights Complex

Exploration and Growth

South Cobar Copper Project

MRE of 10.0Mt @ 8.20% ZnEq[1] for 819kt contained ZnEq (46% Indicated)

10.0Mt @ 0.35% Cu, 0.41g/t Au, 52g/t Ag, 2.78% Zn, 1.19% Pb

Wagga Tank & Southern Nights Projects

Base metal rich baseload underground orebodies with precious metals by-products
Precious metals dominant open-pit at Wagga Tank
Potential to produce multiple base metals concentrates and gold and silver doré

Key Work Programs

Infill and extension drilling
Mining study review
Metallurgical and geotechnical test work
Regional processing and logistics assessment

Numerous prospects to be targeted for near-term growth potential; business development opportunities now being assessed

Cobar Exploration

1,375km[2 ] of 100% owned tenure hosting SNC and many untested prospects (to be retained)
Targeting structurally controlled Cu-Au-Ag-Pb-Zn deposits
Four major deposits discovered by Peel at a A$0.10/lb CuEq average cost of discovery

Key Work Programs

Nombinnie drilling completed
Drilling at Southern Nights underway
Extensive drilling and fieldwork programs planned throughout FY2026
Active business development – Cobar & Tier 1 M&A

MRE of 11.3Mt @ 2.18% CuEq[1] for 246kt contained CuEq (76% Indicated)

11.3Mt @ 1.76% Cu, 0.25g/t Au, 20g/t Ag, 0.35% Zn, 0.33% Pb

Mallee Bull & Wirlong Projects

Copper dominant with gold and silver by-products
Conventional underground mining
High-quality copper concentrate
Exploration declines approved at both deposits

Key Work Programs

Review of extensional potential both down-plunge and along strike
Mining study review including optimal underground mining rate and potential starter pit at Mallee Bull
Regional processing review including metallurgical testwork and logistics assessment
Announcement of sale to Aeris Resources in February 2026

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See metal equivalent calculations on Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SALE OF THE SOUTH COBAR COPPER PROJECT & SPECTRE METALS IPO

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SALE OF COPPER PROJECTS & SPECTRE METALS IPO

Transformational $214 million transaction

Aeris to acquire Peel’s South Cobar copper projects (Mallee Bull + Wirlong) via Scheme of Arrangement

Peel shareholders will receive consideration with a total value of $0.234 per share[1] , comprising:
0.3363 Aeris shares for each Peel share held, valued at $0.19 per share; and
Approx 1 Spectre Metals share for every 4.6 Peel shares held, valued at $0.044 per Peel share
Spectre Metals (“Spectre”) is a new company, to IPO on the ASX in Q3 2026
Remaining Peel assets inc. Southern Nights Complex, May Day, 1,375km[2] exploration and cash to remain in Spectre Metals
Peel shareholders will own 20.5% of Aeris
Potential to re-positions Aeris’ flagship Tritton copper mine as a significant, longterm copper producer

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Significant growth upside for existing & new Peel shareholders Exposure to Tier 1 exploration & M&A (Spectre) and a leading, ASX listed copper and gold producer (Aeris)

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Basis closing price of $0.565 per Aeris share on 11 February 2026

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

TRANSACTION SUMMARY

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Aeris Resource – Post Transaction

South Cobar Copper Acquisition : Aeris to acquire Peel’s South Cobar Copper Project, including the Mallee Bull and Wirlong deposits.
Production Scale : Integration supports a significant mine life extension at Tritton, maximizing mill capacity.
Near Term Development : Mallee Bull & Wirlong positioned as a nearterm, high-grade base load ore source for Tritton Operations
Development Status : Approved exploration declines at both projects de-risk and accelerate the development timeline.
Group Gold Production : The Cracow Project contributes 36-46kozpa of gold with material exploration upside at Golden Plateau project and other projects
Market Position : The transaction establishes Aeris as a leading Australian mid-tier copper and gold producer, with material re-rate potential

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Spectre Metals – Post ASX Listing (Q3 2026)

ASX Listing : Spectre Metals will be formed from Peel’s remaining Cobar Basin assets and cash, with the intention to list on the ASX.
Core Asset Portfolio : The foundation includes the high-grade Southern Nights Complex (10.0Mt @ 8.2% ZnEq for 819kt ZnEq)[1] and the May Day deposit.
Regional Exploration Tenure : Spectre Metals holds ~1,375km² of 100% owned, highly prospective exploration tenure within the Cobar Basin.
Management Continuity: Spectre Metals is to be led by Peel’s existing management, exploration team and Board under a renewed growth strategy.
Exploration & M&A : The strategy focuses on resource expansion through drilling and the pursuit of strategic, accretive acquisitions.
Capital & Leadership: Well funded for exploration and led by a management team with a track record of delivering shareholder value
See metal equivalent calculations on Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

TRANSACTION RATIONALE

Strategic Consolidation : Creates a +500kt contained copper mining hub at Aeris’ 1.8Mtpa Tritton plant
Immediate Value Realisation : 49% premium to Peel’s 30-day VWAP, 175% premium to September capital raise[1]
Material Upside: Strong potential for share price re-rating through the development of Tritton into a stable, long-life operation, and from an enhanced market position as a larger, more liquid and more investable base and precious metals producer
Enhanced Scale : Peel shareholders gain ~20.5% ownership in a larger, more liquid ASX-listed producer
Spectre Metals Formation : A well-funded, ASX-bound vehicle comprising the high-grade Southern Nights Complex and ~1,375km² of Cobar Basin tenure
Growth Mandate: Led by Peel’s existing team, Spectre Metals will focus on organic exploration and strategic international M&A in the precious and base metals sectors

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Basis closing price of Aeris on 11 February 2026.

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

TRANSACTION TIMELINE

Scheme Booklet expected to be dispatched to Peel shareholders in early May 2026, ahead of a Scheme Meeting in mid June 2026 and transaction completion by early July 2026

Scheme and Demerger Timeline	Indicative Date
First Court Date for Scheme Early May 2026
Scheme Booklet sent to Peel shareholders Early May 2026
Scheme Meeting of Peel Shareholders to approve Scheme and Demerger Mid June 2026
*If the Scheme and Demerger are approved by Peel shareholders*
Second Court Date Mid to late June 2026
Effective Date Mid to late June 2026
Scheme and Demerger Record Date Late June 2026
Demerger implementation (transfer of Spectre Metals shares) Late June 2026
Implementation Date for Scheme Early July 2026
Proposed Spectre Metals ASX listing(subject to ASX and other required approvals) Q3 CY26

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

DETAILED TRANSACTION SUMMARY

Aeris has entered into a Scheme Implementation Deed for an all-scrip acquisition of Peel Mining Limited ( Peel ), by way of a Scheme of Arrangement ( Scheme )[(1)]
• The Scheme has been unanimously recommended by the Peel Board[(2,3)]

Scheme Structure

• The Scheme is subject to certain customary conditions, including, among other things, the entry into a demerger implementation deed and approval by Peel shareholders and the Court[(1)]

The Scheme is subject to an Independent Expert concluding the Scheme is in the best interests of Peel shareholders
In exchange for their shares, Peel shareholders will receive:
0.3363 Aeris shares for every one (1) Peel share held, valuing the South Cobar Copper Project and associated tenements at $0.19 per share[(4)] ; and

Offer Consideration

Indicatively one (1) NewCo share for every 4.6 Peel shares held, valued at $0.044 per share[(5)]

• The Transaction values Peel at A$0.234 per share (based on the closing price of Aeris on 11 February 2026), and A$214 million on a diluted equity value basis (including the indicative additional A$0.044 of value received by Peel shareholders from their shareholding in NewCo)

Pro-Forma Ownership

Aeris shareholders to hold 79.5% of the combined entity, while Peel shareholders to hold 20.5%

NewCo In-Specie Distribution

Peel to undertake an inter-conditional demerger of Peel’s remaining precious and base metals tenements in the Cobar Basin, plus remaining cash on completion (net of transaction costs and completion adjustments) into a NewCo, which intends to apply to list on the ASX ( Demerger )[(6)]
Peel and NewCo are proposing to enter into a Demerger Implementation Deed, under which Peel will demerge NewCo via a capital reduction
• Demerger will require Peel shareholder approval, and certain other items necessary to prepare NewCo for its eventual listing

Peel Board Support

• Peel directors have confirmed that they each intend to vote any Peel shares in which they have a relevant interest in favour of the Scheme and Demerger[(2)] . At the time of announcement, Peel directors hold approximately 4.9% of Peel ordinary shares[(2,3)]

Peel Major Shareholder Support

• Perth Capital Pty Ltd and its associates, that currently control a 16.1% interest in Peel[(7)] , have provided a Voting Intention Statement, confirming that they intend to vote, or cause to be voted, those shares in favour of the Scheme and Demerger[(2)]

Advisors

Aeris Resources has appointed Jefferies Australia as financial advisor and HopgoodGanim Lawyers as legal advisor
Peel has appointed Euroz Hartleys and Sternship Advisers as financial advisors and Hamilton Locke as legal advisor
See the ASX announcement for further information on the Scheme and the Scheme Implementation Deed.
Subject to no superior proposal emerging and an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Peel shareholders.
As at the date of this announcement, Peel Directors have a Relevant Interest in certain Peel shares, options and performance rights which will be affected by the Scheme. See the ASX announcement of today’s date “Aeris Resource to Acquire Peel Mining” for further information on the interests of the Peel directors.
Based on the last closing price of Aeris of $0.565 at 11 February 2026.
Refer to Peel’s ASX announcement “Landmark Sale of South Cobar Copper Project to Aeris Resources and Creation of a New ASX-listed Precious and Base Metals Explorer” lodged on 12 February 2026.
Investors are cautioned that although the application for admission of NewCo to the official list of ASX is intended to occur after implementation of the Scheme, there can be no certainty as to the timing of when such application will be made or that any such application will be successful. Any application by NewCo to admission of the official list of ASX will be subject to satisfying the requirements of ASX.
Perth Capital Pty Ltd and its associates control 139,017,840 shares in Peel.

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SPECTRE METALS PROJECT OVERVIEW

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SPECTRE METALS STRATEGY

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Leveraging Exceptional Landholding in the Cobar Basin One of Australia’s leading mineral production regions – consolidation underway

High grade Cornerstone Silver-Zinc Project

Southern Nights Complex: 10.0Mt @ @ 8.2% ZnEq (0.35% Cu, 0.41g/t Au, 52g/t Ag, 2.78% Zn, 1.19% Pb)[1] , in world class jurisdiction

Value Accretive M&A

Strong leadership (mining finance, M&A and mining development & operations), balance sheet & share register with mandate for growth

Untapped Growth Potential

Vast land package with ongoing drilling programs

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Refer to resource tables and see metal equivalent calculations in the Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTHERN NIGHTS COMPLEX

HIGH-GRADE 10MT POLYMETALLIC RESOURCE BASE

Southern Nights discovered by Peel in 2017; Wagga Tank in 1970
Situated on 2,650 acres of owned property, ~130km southwest of Cobar
No joint ventures, deferred consideration or third-party royalties or streams
Combined Mineral Resources of 10.0Mt @ 8.20% ZnEq[1] (46% Indicated)
High-grade, baseload underground at Southern Nights and Wagga Tank
6.4Mt @ 9.27% ZnEq[1] (3.92% Zn, 1.49% Pb, 0.22% Cu, 0.29g/t Au, 63g/t Ag)
Copper & precious-metals rich open-pit Mineral Resource at Wagga Tank
3.6Mt @ 0.59% Cu, 0.63g/t Au, 0.7% Zn, 0.64% Pb, 33g/t Ag

Deposit	MRE Cat	Tonnes (kt)	Zn (%)	Pb (%)	Cu (%)	Au (g/t)	Ag (g/t)
OP	Ind	1,210	1.70	1.41	0.79	0.51	34.3
	Inf	2,350	0.19	0.25	0.49	0.70	32.3
	Subtotal	3,560	0.70	0.64	0.59	0.63	33.0
UG	Ind	3,420	4.43	1.68	0.19	0.29	70.0
	Inf	3,010	3.35	1.27	0.26	0.28	55.0
	Subtotal	6,430	3.92	1.49	0.22	0.29	63.0
Total	Ind	4,630	3.72	1.61	0.35	0.35	60.7
	Inf	5,360	1.96	0.82	0.36	0.46	45.1
	Total	9,990	2.78	1.19	0.35	0.41	52.3

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See metal equivalent calculations and Resource tables in the Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTHERN NIGHTS COMPLEX

CLASSIC VMS SYSTEM WITH SIGNIFICANT EXPLORATION UPSIDE

High-grade polymetallic VMS system with multiple lodes across 2km of strike and depth of ~700m
Potential to produce zinc, lead and/or copper concentrates + gold and silver doré (via CIL)
301 RC/DD drillholes for ~91,000m drilling completed
Thick, high-grade base metals mineralisation from 100m depth
Gold-rich shallow oxide area at Wagga Tank and silver-rich upper levels at Southern Nights
Numerous areas for extension potential along strike and down plunge, including potential “Link Zone” between the two deposits
Drilling commenced at the Southern Nights Complex with a 9-hole, ~4,625m drill program currently underway

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All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTHERN NIGHTS COMPLEX

EXCEPTIONAL GRADES UNDERPIN DEVELOPMENT POTENTIAL

Preliminary mine design and scheduling completed for both deposits; currently under review
Preliminary metallurgical testwork and project design completed
First principles review underway including assessment of regional processing options
Extensive flora, fauna and heritage surveys completed
Environmental approvals and baseline studies well advanced
Exploration drilling for strike and down plunge extensions adjacent to the deposits and around the Link Zone underway

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Southern Nights
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Wagga Tank
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All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

UNTAPPED GROWTH POTENTIAL

GROWTH POTENTIAL VIA TARGET-RICH EXPLORATION LANDSCAPE AND STRATEGIC M&A

Exploration

1,375km[2 ] of 100%-owned tenure hosting five major deposits and many un/under-tested prospects
Targeting Cobar-style and VMS Cu-Au-Ag-Pb-Zn deposits
Four major deposits discovered by Peel at a A$0.10/lb CuEq average cost of discovery

Key Work Programs

Curnamona JV exploration drilling – funded by RHI
Nombinnie exploration drilling completed; follow-up planned
Southern Nights growth drilling underway
Geophysical and geochemical surveys at multiple Cobar prospects planned

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Growth

Active corporate development targeting value-accretive acquisitions in Australia and North America
Focus on pre-development projects with defined Resources and study work completed
Emphasis on assets where Peel can accelerate value through technical, permitting and development work
Preference for copper and polymetallic systems aligned with Peel’s existing portfolio
Ongoing review of opportunities to drive Peel towards becoming a leading mid-tier project developer

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

NOMBINNIE

FORGOTTEN GOLD PROSPECT – DRILLING CONFIRMS STRONG POTENTIAL

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Drill program completed in November 2025
20 RC drillholes for 2,706m completed at the Nombinnie gold prospect in NSW
Mineralisation commences near surface; untested at depth
Historical drilling at Nombinnie in 1980s[1] returned numerous strong shallow gold intercepts
Notable gold intercepts from program include:  33m @ 2.47g/t Au from 52m in NBRC002;  26m @ 0.55g/t Au from 29m in NBRC009;  7m @ 2.11g/t Au from 52m in NBRC010; and  15m @ 2.52g/t Au from 15m and 6m @ 0.62g/t Au from 41m in NBRC011
Strong surface geochemical anomalism including highgrade gold rock chips
IP chargeable anomalism beneath surface geochemical anomalism
Follow-up planned

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See ASX announcement “Exploration Drilling Underway at Nombinnie” – 27 Oct 2025 2. See ASX announcement “Nombinnie Exploration Update” – 27 Nov 2025

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

MAY DAY

EMERGING GOLD RESOURCE UNTESTED AT DEPTH

~10km by road from Mallee Bull
Situated on granted Mining Licence
Total Resource: 1.61Mt @ 0.98g/t Au, 25g/t Ag, 0.92% Zn, 0.61% Pb (51koz Au, 1.3Moz Ag, 15kt Zn, 10kt Pb)[1]
~97% Indicated Resource classification
Concept pit optimisation studies completed.
Mineralisation remains open down-plunge and along strike
Untested >300m below surface
Single drillhole targeting potential extensions at depth completed; final assays pending

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All intercepts showing down-hole thicknesses

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Refer to resource tables in the Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

BEANBAH

TIER 1 TARGET WITHIN SIGHT OF COBAR

35km NE of CSA mine
Historical workings, topographic high with strong hydrothermal alteration
100nT “bullseye” magnetic anomaly with semi-coincident gravity anomaly
Strong Mo-As-Cu geochem anomalism
Historical drilling has failed to test magnetic anomaly
Regulatory approvals and land access received for initial drilling program

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Beanbah oblique view looking NW – Mo ppm geochem over
0.06SI magnetic shell
~1.5km
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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

CURNAMONA JV (PEX:RHI)

TIER 1 DISCOVERY POTENTIAL

~1,700km² in highly mineralised province
RHI earning 75% by spending $6.5m
The Broken Hill Project (NSW) has Tier 1 potential for Lead-Zinc-Silver deposits whilst the
Anabama Project (SA) is prospective for structural copper and gold mineralisation.
Historical drill results include:

Broken Hill

2.02m @ 17.3% Zn, 5.9% Pb, 92g/t Ag from 315.59m in 11DF121
2.6m @ 5.1% Cu, 4g/t Ag, 4.4g/t Au from 337.6m in DD95SR11

Anabama

9m at 0.52% Cu, 1.8g/t Au from 9m in ARAB090281.
72m at 0.90% Cu, 0.2g/t Au from 18m including 33m @ 1.06% Cu, 0.3g/t from 42m in ARAB090291.
124m at 0.62% Cu from 48m including 12m @ 1.89% Cu from 86m in CRD101.
Geophysics Complete at both projects (Airborne MT and EM at BH, IP at Anabama)
3,734m diamond drilling program completed at Broken Hill; with BHT-mineralisation intersected
Maiden drilling at Anabama[1] confirms significant copper-gold mineralisation: • 20m @ 0.6% Cu, 0.2g/t Au from 313.1m
No ongoing spend for Spectre forecast in 2026

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1 – See ASX RHI announcement “Maiden Exploration Drilling Results Confirm CopperGold at Anabama” - 27 January 2026

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SPECTRE METALS INVESTMENT SUMMARY

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Exceptional Landholding in the Cobar Basin

One of Australia’s leading mineral production regions – consolidation underway, and will continue

High grade Cornerstone Zinc-Silver Asset

Southern Nights Complex: 10.0Mt @ @ 8.2% ZnEq (0.35% Cu, 0.41g/t Au, 52g/t Ag, 2.78% Zn, 1.19% Pb)[1]

Value Accretive M&A

Strong leadership, balance sheet & share register with mandate for growth with a North American base and precious metals focus

Untapped Growth Potential

Vast land package with ongoing drilling programs

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See metal equivalent calculations and resource tables in the Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

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SOUTH COBAR COPPER PROJECT

ESTABLISHED COPPER PROJECTS WITH SIGNFICANT RESOURCE BASE

 Discovered by Peel in 2011 (Mallee Bull) and 2015 (Wirlong)

Combined Mineral Resource: 11.3Mt @ 2.18% CuEq[1] for 246kt CuEq (76% Indicated)
Mallee Bull located 100km south of Cobar, ~60km from Wirlong
Close to regional processing infrastructure
Dominant land position with 32,500 acres and largely contiguous tenements
No joint ventures, deferred consideration or third-party royalties or streams

 ANNOUNCED SALE TO AERIS RESOURCES IN FEBRUARY 2026

Deposit	MRE Cat	Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)
Mallee Bull	Ind	6,250	1.77	0.41	29.6	0.56	0.57
	Inf	760	1.85	0.11	21.0	0.07	0.10
	Subtotal	7,010	1.77	0.38	28.5	0.51	0.51
Wirlong	Ind	2,290	1.92	0.03	6.4	0.08	0.03
	Inf	2,010	1.54	0.03	5.7	0.07	0.01
	Subtotal	4,300	1.75	0.03	6.0	0.08	0.02
Total	Ind	8,540	1.81	0.31	23.4	0.43	0.42
	Inf	2,770	1.63	0.05	9.9	0.07	0.04
	Total	11,310	1.76	0.25	19.9	0.35	0.33

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See metal equivalents calculations on Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

HIGH-GRADE UNDERGROUND “COBAR-STYLE” DEPOSITS WITH EXTENSION POTENTIAL

Typical Cobar-style deposits Mallee Bull Wirlong
containing Cu-Ag-Au-Zn-Pb mineralisation
469 RC/DD drillholes for ~170,000m drilling completed
Both deposits remain open at depth and along strike
Mallee Bull contains consistent thick mineralization and high-grade core from ~300m depth
Mallee Bull shallow area contains high-grade zinc-lead-silver mineralisation
Wirlong contains high-grade copper commencing at ~200m depth
Wirlong geochemical footprint covers >2km strike with large gaps in drilling

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All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

FIRST PRINCIPLES REVIEW OF MINE DEVELOPMENT AND PROCESSING OPTIONS UNDERWAY

Preliminary mine design and scheduling completed
Significant metallurgical testwork, geotechnical engineering, and project design completed
First principles review underway including assessment of regional processing options
Exploration declines approved at both Mallee Bull and Wirlong deposits
Both projects located on Peel-owned land with extensive flora, fauna and heritage surveys completed
Environmental approvals and baseline studies for full approval well advanced
Supporting infrastructure, access, and land tenure in place enabling near-term development

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Mallee Bull Wirlong

All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

ESTABLISHED COPPER PROJECTS WITH SIGNFICANT RESOURCE BASE

 Discovered by Peel in 2011 (Mallee Bull) and 2015 (Wirlong)

Combined Mineral Resource: 11.3Mt @ 2.18% CuEq[1] for 246kt CuEq (76% Indicated)
Mallee Bull located 100km south of Cobar, ~60km from Wirlong

 Close to regional processing infrastructure

Dominant land position with 32,500 acres and largely contiguous tenements
No joint ventures, deferred consideration or third-party royalties or streams

Deposit	MRE Cat	Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)
Mallee Bull	Ind	6,250	1.77	0.41	29.6	0.56	0.57
	Inf	760	1.85	0.11	21.0	0.07	0.10
	Subtotal	7,010	1.77	0.38	28.5	0.51	0.51
Wirlong	Ind	2,290	1.92	0.03	6.4	0.08	0.03
	Inf	2,010	1.54	0.03	5.7	0.07	0.01
	Subtotal	4,300	1.75	0.03	6.0	0.08	0.02
Total	Ind	8,540	1.81	0.31	23.4	0.43	0.42
	Inf	2,770	1.63	0.05	9.9	0.07	0.04
	Total	11,310	1.76	0.25	19.9	0.35	0.33

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See metal equivalents calculations on Appendix Slides

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

HIGH-GRADE UNDERGROUND “COBAR-STYLE” DEPOSITS WITH EXTENSION POTENTIAL

Typical Cobar-style deposits Mallee Bull Wirlong
containing Cu-Ag-Au-Zn-Pb mineralisation
469 RC/DD drillholes for ~170,000m drilling completed
Both deposits remain open at depth and along strike
Mallee Bull contains consistent thick mineralization and high-grade core from ~300m depth
Mallee Bull shallow area contains high-grade zinc-lead-silver mineralisation
Wirlong contains high-grade copper commencing at ~200m depth
Wirlong geochemical footprint covers >2km strike with large gaps in drilling

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All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

SOUTH COBAR COPPER PROJECT

FIRST PRINCIPLES REVIEW OF MINE DEVELOPMENT AND PROCESSING OPTIONS UNDERWAY

Preliminary mine design and scheduling completed
Significant metallurgical testwork, geotechnical engineering, and project design completed
First principles review underway including assessment of regional processing options
Exploration declines approved at both Mallee Bull and Wirlong deposits
Both projects located on Peel-owned land with extensive flora, fauna and heritage surveys completed
Environmental approvals and baseline studies for full approval well advanced
Supporting infrastructure, access, and land tenure in place enabling near-term development

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Mallee Bull Wirlong

All intercepts showing down-hole thicknesses

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

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PEEL MINING MINERAL RESOURCES

APRIL 2025 MRE UPDATE ~23MT RESOURCE BASE WITHIN A 50KM RADIUS OF MALLEE BULL

Deposit	MRE Category	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)	Peel Mining Total MRE as at April 2025 (various NSR cut-offs)
		Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cont Cu (kt)	Cont Au (koz)	Cont Ag (moz)	Cont Zn (kt)	Cont Pb (kt)
South Cobar Copper Project	Ind	8,540	1.81	0.31	23.4	0.43	0.42	154	84	6	37	36
	Inf	2,770	1.63	0.05	9.9	0.07	0.04	45	5	1	2	1
	Total	11,310	1.76	0.25	19.9	0.35	0.33	200	90	7	39	37
Southern Nights Complex	Ind	4,630	0.35	0.35	60.7	3.72	1.61	16	52	9	172	74
	Inf	5,360	0.36	0.46	45.1	1.96	0.82	19	80	8	105	44
	Total	9,990	0.35	0.41	52.3	2.78	1.19	35	131	17	277	119
May Day	Ind	1,560	0.00	0.98	25.8	0.94	0.62	0	49	1	15	10
	Inf	50	0.00	1.02	17.00	0.28	0.19	0	2	0	0	0
	Total	1,610	0.00	0.98	25.5	0.92	0.61	-	51	1	15	10
Total	Ind	14,730	1.16	0.39	35.4	1.52	0.82	170	185	17	224	120
	Inf	8,180	0.79	0.33	33.0	1.31	0.55	64	86	9	107	45
	Total	22,910	1.03	0.37	34.5	1.45	0.72	235	271	25	331	166

Note: The South Cobar Project MREs are above A$80/tonne NSR cut-off and utilises mineable shapes, which include minimum mining widths and internal dilution to bound the MREs. May Day Open Pit utilised $40 and $50/t NSR cut-offs for oxide and sulphide Resources; Wagga Tank Open Pit utilised $40 and $60/t NSR cut-offs for oxide and transition/fresh Resources within optimal pits respectively. Figures are rounded to reflect the precision of estimates and include rounding errors.

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

MINERAL RESOURCES BY AREA

TWO KEY DEPOSIT AREAS BOTH WITH 10MT+ MINERAL RESOURCES

Deposit	MRE Category	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)	South Cobar Copper Project MREs as at April 2025 ($A80/t NSR cut-off)
		Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cont Cu (kt)	Cont Au (koz)	Cont Ag (moz)	Cont Zn (kt)	Cont Pb (kt)
Mallee Bull	Ind	6,250	1.77	0.41	29.6	0.56	0.57	110	83	6	35	35
	Inf	760	1.85	0.11	21.0	0.07	0.10	14	3	1	1	1
	Subtotal	7,010	1.77	0.38	28.5	0.51	0.51	124	86	6	36	36
Wirlong	Ind	2,290	1.92	0.03	6.4	0.08	0.03	44	2	0	2	1
	Inf	2,010	1.54	0.03	5.7	0.07	0.01	31	2	0	1	0
	Subtotal	4,300	1.75	0.03	6.0	0.08	0.02	75	4	1	3	1
Combined	Ind	8,540	1.81	0.31	23.4	0.43	0.42	154	84	6	37	36
	Inf	2,770	1.63	0.05	9.9	0.07	0.04	45	5	1	2	1
	Total	11,310	1.76	0.25	19.9	0.35	0.33	200	90	7	39	37

Note: The South Cobar Copper Project MRE utilises A$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution to bound the MREs. Figures are rounded to reflect the precision of estimates and include rounding errors.

Deposit	MRE Category	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)	Southern Nights Complex MREs as at April 2025 ($A40/60/80/t NSR cut-off)
		Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cont Cu (kt)	Cont Au (koz)	Cont Ag (moz)	Cont Zn (kt)	Cont Pb (kt)
Open-Pit	Ind	1,210	0.79	0.51	34.3	1.70	1.41	10	20	1	21	17
	Inf	2,350	0.49	0.70	32.3	0.19	0.25	12	53	2	4	6
	Subtotal	3,560	0.59	0.63	33.0	0.70	0.64	21	72	4	25	23
Underground	Ind	3,420	0.19	0.29	70.0	4.43	1.68	6	32	8	152	57
	Inf	3,010	0.26	0.28	55.0	3.35	1.27	8	27	5	101	38
	Subtotal	6,430	0.22	0.29	63.0	3.92	1.49	14	59	13	252	96
Combined	Ind	4,630	0.35	0.35	60.7	3.72	1.61	16	52	9	172	74
	Inf	5,360	0.36	0.46	45.1	1.96	0.82	19	80	8	105	44
	Total	9,990	0.35	0.41	52.3	2.78	1.19	35	131	17	277	119

Note: The Southern Nights Complex MRE utilises A$40/60/80/tonne NSR cut-offs within mineable shapes that include minimum mining widths and internal dilution to bound the MREs. . Figures are rounded to reflect the precision of estimates and include rounding errors.

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

MINERAL RESOURCES BY AREA

OTHER MINERAL RESOURCES

Deposit	MRE Category	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)	May Day MRE as at April 2025 ($A40/60/80/t NSR cut-offs)
		Tonnes (kt)	Cu (%)	Au (g/t)	Ag (g/t)	Zn (%)	Pb (%)	Cont Cu (kt)	Cont Au (koz)	Cont Ag (moz)	Cont Zn (kt)	Cont Pb (kt)
May Day	OP Ind	970	0.00	1.10	25.0	0.78	0.46	-	34	1	8	5
	UG Ind	590	0.00	0.77	27.0	1.20	0.89	-	15	1	7	5
	UG Inf	50	0.00	1.02	17.0	0.28	0.19	-	2	0	0	0
	Total	1,610	0.00	0.98	25.5	0.92	0.61	-	51	1	15	10

Note: The May Day MRE utilises A$40/60/80/tonne NSR cut-offs within mineable shapes that include minimum mining widths and internal dilution to bound the MREs. Figures are rounded to reflect the precision of estimates and include rounding errors.

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

JORC CODE INFORMATION

METAL EQUIVALENT CALCULATIONS

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

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COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration 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.

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.

Previous results referred to herein have been extracted from previously released ASX announcements. Previous announcements and reports are available to view on www.peelmining.com.au and www.asx.com.au. Additional information regarding each of the deposits contained within this report are available in the Company’s quarterly reports from December 2010 through to March 2025 and in progress reports as reported to the ASX. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Further information regarding Peel’s mineral resource estimates can be found in the ASX announcements: 9th January 2023 - “20Mt Resource Base For South Cobar Project” - 02619312.pdf (weblink.com.au)

15[th] April 2025 – “Significant Resource Upgrade At Wagga Tank” - 02936775.pdf (weblink.com.au)

Other details (including drilling data) can be found in relevant quarterly reports available on the Company’s website, and NSW Geological Survey online statutory reporting system NSW DIGS.

Slide 7 references:

1 – ASX announcement 9 January 2023 – “20Mt Resource Base for South Cobar Project” and 15 April 2025 “Significant Upgrade at Wagga Tank”;
2 – ASX announcement 24 February 2025 by MAC Copper – “MAC Copper Limited Announces 2024 Resource and Reserve Statement and Production Guidance”; 3 – ASX announcement 22 July 2025 – “Group Mineral Resource and Ore Reserve Statement”;
4 – ASX announcement 21 October 2025 – “2025 MROR and Production Target Statement ”;
5 - ASX announcement 21 October 2025 “Investor Presentation - RIU Resources Investor Roadshow”,
6 – ASX announcement 5 August 2024 – “Significantly Improved Endeavor Silver Lead Zinc Mine Plan”;
7 – ASX announcement 6 August 2025 – “An Australian Silver Zinc Producer - Diggers Presentation”;

PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

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N I C K W O O L R Y C H M A N A G I N G D I R E C T O R & C E O N I C K . W O O L R Y C H @ P E E L M I N I N G . C O M . A U + 6 1 ( 0 ) 4 3 2 4 9 2 0 1 0

W W W . P E E L M I N I N G . C O M . A U

A S X : P E X

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PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU

AI assistant

PEEL MINING LIMITED — M&A Activity 2026

65545_rns_2026-03-23_c93b7a63-1ac4-496d-a5d4-d3ffebdb0fb4.pdf

A NEW ERA IN THE COBAR BASIN

IMPORTANT NOTICE DISCLAIMER

CORPORATE OVERVIEW

PEEL MINING (ASX: PEX)

LAST 12 MONTHS SHARE PRICE (A$/SHARE)

CORPORATE SUMMARY

SUBSTANTIAL SHAREHOLDERS

ANALYST COVERAGE

COBAR: A TIER 1 REGIONAL HUB

LEADING JURISDICTION WITH OVER 150 YEARS OF MINING HISTORY.

Tier-1 Mining Jurisdiction

Recent track record of M&A, mine development and major capital investment

CSA Mine

Mineral Hill Mine

Endeavor Mine

Tritton Mine

Federation Mine

Wonawinta Mine

PEEL MINING COMPANY PILLARS

Southern Nights Complex

Exploration and Growth

South Cobar Copper Project

Wagga Tank & Southern Nights Projects

Key Work Programs

Cobar Exploration

Key Work Programs

Mallee Bull & Wirlong Projects

Key Work Programs

SALE OF THE SOUTH COBAR COPPER PROJECT & SPECTRE METALS IPO

SALE OF COPPER PROJECTS & SPECTRE METALS IPO

TRANSACTION SUMMARY

Aeris Resource – Post Transaction

Spectre Metals – Post ASX Listing (Q3 2026)

TRANSACTION RATIONALE

TRANSACTION TIMELINE

DETAILED TRANSACTION SUMMARY

Scheme Structure

Offer Consideration

Advisors

SPECTRE METALS PROJECT OVERVIEW

SPECTRE METALS STRATEGY

High grade Cornerstone Silver-Zinc Project

Value Accretive M&A

Untapped Growth Potential

SOUTHERN NIGHTS COMPLEX

HIGH-GRADE 10MT POLYMETALLIC RESOURCE BASE

SOUTHERN NIGHTS COMPLEX

CLASSIC VMS SYSTEM WITH SIGNIFICANT EXPLORATION UPSIDE

SOUTHERN NIGHTS COMPLEX

EXCEPTIONAL GRADES UNDERPIN DEVELOPMENT POTENTIAL

UNTAPPED GROWTH POTENTIAL

GROWTH POTENTIAL VIA TARGET-RICH EXPLORATION LANDSCAPE AND STRATEGIC M&A

Exploration

Key Work Programs

Growth

NOMBINNIE

FORGOTTEN GOLD PROSPECT – DRILLING CONFIRMS STRONG POTENTIAL

MAY DAY

EMERGING GOLD RESOURCE UNTESTED AT DEPTH

BEANBAH

TIER 1 TARGET WITHIN SIGHT OF COBAR

CURNAMONA JV (PEX:RHI)

TIER 1 DISCOVERY POTENTIAL

Broken Hill

Anabama

SPECTRE METALS INVESTMENT SUMMARY

Exceptional Landholding in the Cobar Basin

High grade Cornerstone Zinc-Silver Asset

Value Accretive M&A

Untapped Growth Potential

SOUTH COBAR COPPER PROJECT

SOUTH COBAR COPPER PROJECT

ESTABLISHED COPPER PROJECTS WITH SIGNFICANT RESOURCE BASE

 ANNOUNCED SALE TO AERIS RESOURCES IN FEBRUARY 2026

SOUTH COBAR COPPER PROJECT

HIGH-GRADE UNDERGROUND “COBAR-STYLE” DEPOSITS WITH EXTENSION POTENTIAL

SOUTH COBAR COPPER PROJECT

PEEL MINING LIMITED M&A Activity 2026