ASX ANNOUNCEMENT 4

th JUNE 2021

STRONG WIDE COPPER INTERCEPTS CONTINUE AT WIRLONG

KEY POINTS

WIRLONG

• Latest assays confirm further wide high-grade copper intercepts at Wirlong copper deposit with new results including**:**

WLDD017

o 117m @ 1.03% Cu, 5g/t Ag from 280m including:
- 21.4m @ 2.37% Cu, 14g/t Ag from 294m including:
  - 10m @ 4.04% Cu, 24g/t Ag from 300m
- 7m @ 2.52% Cu, 7g/t Ag from 338.92m
- 5m @ 2.45% Cu, 5g/t Ag from 361m

WLDD015

o 80m @ 1.15% Cu, 5g/t Ag from 262m including:
- 11m @ 2.40% Cu, 14g/t Ag from 272m
- 26m @ 1.72% Cu, 6g/t Ag from 302m including:
  - 10m @ 1.92% Cu, 7g/t Ag from 302m
    - 10m @ 2.40% Cu, 8g/t Ag from 318m

WLDD016

o 5.75m @ 5.54% Cu, 37g/t Ag from 353.25m
Further significant zones of strong copper mineralisation visible in recent drilling; sampling is continuing with assays pending for multiple drillholes with visible sulphide mineralisation in holes WLDD019, 021, 022 and 025
Maiden resource drilling ongoing with two diamond rigs
High-grade copper mineralisation at Wirlong Central has been defined from near surface to more than 600m below surface and remains open in all directions

Peel Mining Limited (ASX:PEX) (Peel or the Company) is pleased to report that ongoing drilling at its 100%-owned Wirlong copper deposit has returned further high-grade copper-mineralised intercepts.

Wirlong is part of Peel's South Cobar Project, centred around 100km south of Cobar in Western NSW with drilling at part of the Company's "Hub & Spoke" strategy to advance each of the Company's deposits to mineable resources, to achieve critical mass in support of a new substantial centrally located processing plant. Wirlong also represents a core part of the Company's focus on advancing its copper resources.

PEEL MINING MANAGING DIRECTOR ROB TYSON COMMENTED:

"These results continue to build our confidence in the primary target of our Wirlong drilling, the high-grade Western Lens, whilst evidence of additional mineralised lenses is also becoming apparent."

"We also see further indication of broad halo stockwork chalcopyrite mineralisation within many of our drillholes, an indication of the greater metal endowment of the Wirlong mineral system."

"Our understanding of the geometry and controls on mineralisation at Wirlong continues to grow as we complete each drillhole, and once again, we look forward to reporting further results in due course."

WIRLONG

As previously reported, drillholes WLDD015, 016 and 017 were recognised as hosting significant copper mineralisation. WLDD015 and 017 were drilled ~40m grid west from WLDD009, 011 and 013 which all returned high grade copper. WLDD016 was drilled a further ~80m grid west from WLDD015 and 017.

Recently returned assays confirm multiple new mineralised intercepts; better assays include:

WLDD015

o 80m @ 1.15% Cu, 5g/t Ag from 262m including:
- 11m @ 2.40% Cu, 14g/t Ag from 272m
- 26m @ 1.72% Cu, 6g/t Ag from 302m including:
  - 10m @ 1.92% Cu, 7g/t Ag from 302m
  - 10m @ 2.40% Cu, 8g/t Ag from 318m

WLDD016

o 3m @ 1.42% Cu, 6g/t Ag from 328m
o 5.75m @ 5.54% Cu, 37g/t Ag from 353.25m

WLDD017

o 2m @ 1.33% Cu, 10g/t Ag from 88m
o 117m @ 1.03% Cu, 5g/t Ag from 280m including:
- 21.4m @ 2.37% Cu, 14g/t Ag from 294m including: • 10m @ 4.04% Cu, 24g/t Ag from 300m
- 7m @ 2.52% Cu, 7g/t Ag from 338.92m
- 5m @ 2.45% Cu, 5g/t Ag from 361m
o 10m @ 0.77% Cu, 3g/t Ag from 417m

WLDD018

o 11m @ 0.61% Cu, 8g/t Ag from 168m

Table 5 shows visual estimates of mineralisation for drillholes WLDD019, 021, 022, and 025 with assays pending.

The current results are additional to previously reported resource definition drillholes which intersected substantial chalcopyrite-dominant sulphide mineralisation over significant downhole widths. Better results reported to date from Wirlong copper deposit include:

WLDD006

o 3.61m @ 3.12% Cu, 25g/t Ag from 165m
o 5m @ 2.84% Cu, 10g/t Ag from 291m
WLDD007
o 4m @ 1.70% Cu, 6g/t Ag from 255m

WLDD008

o 10m @ 2.09% Cu, 8g/t Ag from 193m
WLDD009
o 27m @ 0.68% Cu, 5g/t Ag from 57m including:
- 8m @ 1.24% Cu, 9g/t Ag from 66m
o 13m @ 0.74% Cu, 3g/t Ag from 96m including:
- 3m @ 1.23% Cu, 5g/t Ag from 98m
o 39m @ 0.42% Cu, 2g/t Ag from 131m
o 17m @ 4.00% Cu, 12 g/t Ag from 269m including: ▪ 11m @ 5.88% Cu, 17g/t Ag from 271
o 29m @ 0.78% Cu, 6g/t Ag from 301m including:
- 10m @ 1.25% Cu, 9g/t Ag from 307m

WLDD010

o 10m @ 1.65% Cu, 6g/t Ag from 283m including:
6.06m @ 2.51% Cu, 10g/t Ag from 283.94m

WLDD011

o 4.34m @ 1.42% Cu, 9g/t Ag from 64m
o 4m @ 3.15% Cu, 13g/t Ag from 81m
o 4m @ 2.19% Cu, 5g/t Ag from 119m
o 98m @ 1.43% Cu, 5g/t Ag from 261m including:
- 52m @ 2.30% Cu, 8g/t Ag from 296m including:
  - 28m @ 3.62% Cu, 12g/t Ag from 306m

WLDD012

o 2.6m @ 1.13% Cu, 3g/t Ag from 309.4m
o 5.27m @ 1.06% Cu, 8g/t Ag from 319.73m

WLDD013

o 153m @ 0.98% Cu, 3g/t Ag from 239m including:
- 45m @ 2.19% Cu, 7g/t Ag from 333m including:
  - 24.4m @ 3.68% Cu, 11g/t Ag from 350m

WLRC068

o 51m @ 1.35% Cu, 6g/t Ag, 0.11g/t Au from 177m including:
9m @ 4.33% Cu, 14g/t Ag, 0.34g/t Au from 181m

WLRC069

o 15m @ 3.80% Cu, 17g/t Ag, 0.04g/t Au from 255m including**:**
6m @ 8.64% Cu, 37g/t Ag, 0.11g/t Au from 255m

WLRC071

o 28m @ 1.83% Cu, 8g/t Ag from 263m including:
- 10m @ 4.02% Cu, 16g/t Ag from 275m

WLRC073

o 163m @ 1.08% Cu, 4g/t Ag from 233m to end of hole including:
- 21m @ 2.00% Cu, 9g/t Ag from 283m
- 11m @ 1.73% Cu, 5g/t Ag from 337m
- 19m @ 1.58% Cu, 5g/t Ag from 359m

WLRC075

o 9m @ 1.78% Cu, 5g/t Ag from 294m

WLRC077

o 91m @ 0.93% Cu, 5g/t Ag from 254m including:
- 11m @ 2.08% Cu, 16g/t Ag from 268m
- 6m @ 1.40% Cu, 6g/t Ag from 303m
- 7m @ 3.58% Cu, 8g/t Ag from 334m

WLRC079

o 7m @ 5.78% Cu, 19g/t Ag from 249m

WLRC080

o 72m @ 1.01% Cu, 6g/t Ag from 120m including:
- 12m @ 1.70% Cu, 10g/t Ag from 137m
- 13m @ 1.83% Cu, 10g/t Ag from 172m

WLRC083

o 42m @ 1.26% Cu, 5g/t Ag from 258m to end of hole including:

▪ 9m @ 4.10% Cu, 15g/t Ag from 270m

WLRC088

o 51m @ 0.94% Cu, 3g/t Ag from 208m to end of hole including:
- 4m @ 2.17% Cu, 8g/t Ag from 231m
- 3m @ 4.34% Cu, 13g/t Ag from 255m

Mineralisation returned from the resource definition drilling so far is generally consistent with the position of electromagnetic conductor plates, and Peel's geophysical and geological modelling.

Drilling at Wirlong has been designed to test the upper ~300m of the Wirlong Central Zone where highgrade copper (chalcopyrite) mineralisation is understood to be structurally controlled on a NW-SE orientation. The resource definition drill program originally comprised ~15,000m of drilling. A review of Wirlong results to date has recently been completed with designed programme being modified to optimise the resource modeling. Drill results to date have highlighted the open nature of this evolving copper mineral system.

The true width of intercepts reported is estimated to be approximately 40-60% of the downhole widths. The geology of the Wirlong deposit comprises intercalated and sheared/deformed felsic volcanics and siltstones/sediments with associated alteration including silica, sericite and black chlorite.

WIRLONG BACKGROUND

Wirlong is located within Peel's 100%-owned EL8307, located ~80km SSE of Cobar or ~35km N of Peel's 100%-owned Mallee Bull copper deposit. It is defined by 2km strike of sheared volcanics and sediments; large multi-element soil geochemical anomalies; and coincident/semi-coincident geophysical anomalies. It has since proven to represent a very large hydrothermal system hosting significant copper mineralisation along more than 2.5km strike length and to depths of up to 950m. To date some of the better copper intercepts returned from the Wirlong prospect include:

9m @ 3.29% Cu, 18 g/t Ag from 70m in WLRC035
27m @ 5.3% Cu, 23 g/t Ag from 286m in WLRC026
31m @ 3.19% Cu, 11 g/t Ag from 299m in WLRC052
9m @ 8% Cu, 17g/t Ag, 0.21 g/t Au from 616m in WLDD001
17m @ 4.59% Cu, 8 g/t Ag from 738m in WLRCDD043

A program consisting of three diamond drillholes at Wirlong Central was undertaken at the end of 2019/early 2020 to test a new structural model (NW-SE) for the controls on high-grade copper mineralisation (see ASX announcement dated 3rd April 2020 "Wirlong Drill Results and Covid-19 update").

Assay results returned significant intercepts in all three drillholes with results including:

4.26m @ 2.22% Cu, 7 g/t Ag from 380m and 0.74m @ 14.3% Cu, 66 g/t Ag from 396.2m in WLDD003
1.15m @ 7.71% Cu, 30 g/t Ag from 54.45m and 30m @ 1.64% Cu, 8 g/t Ag from 305m (incl. 14m @ 2.63% Cu, 12 g/t Ag) from 320m in WLDD004
5.9m @ 3.19% Cu, 13 g/t Ag from 347.1m in WLDD005

Down-hole EM was completed on drillholes WLDD003 and WLDD004 with modelling defining a late-time conductor, with approximate dimensions of 120m x 150m and its geometry consistent with the new structural model. High-grade copper mineralisation at Wirlong Central has been defined from near surface to more than 600m below surface and remains open in all directions.

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

For further information, please contact: Rob Tyson – Peel Mining, Managing Director +61 (0)420 234 020

PREVIOUS RESULTS

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 Mallee Bull and Wirlong is available in the Company's quarterly reports from December 2010 through to March 2021 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 announcement.

COMPETENT PERSONS STATEMENTS

The information in this report that relates to Exploration Results is based on information compiled by Mr 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.

Figure 1 – Wirlong Drill Plan on Magnetics

Figure 4 – Peel Mining Cobar Tenure

Figure 5 – Drillcore Processing at Wilkerboon

Table 1: Wirlong RC Drillhole Collars

Hole ID	Easting	Northing	Azi (grid)	Dip	Final Depth (m)
WLRC067	418338.93	6447000.80	210.00	-54.00	144
WLRC068	418341.91	6447000.52	199.23	-59.82	268
WLRC069	418344.37	6447007.80	188.00	-70.64	310
WLRC070	418364.72	6446959.16	185.00	-60.00	173
WLRC071	418357.19	6447027.13	210.00	-60.00	352
WLRC072	418360.60	6446959.50	200.90	-51.00	252
WLRC073	418369.26	6447055.99	184.59	-69.57	396
WLRC074	418378.52	6446987.56	199.61	-59.69	263
WLRC075	418365.89	6447052.82	201.68	-72.29	438
WLRC076	418309.37	6447029.00	202.82	-47.89	213
WLRC077	418361.61	6447040.12	198.41	-68.00	380
WLRC078	418389.17	6446930.74	202.42	-51.68	179
WLRC079	418310.34	6447033.06	200.36	-60.44	299
WLRC080	418393.97	6446942.44	192.88	-60.88	243
WLRC081	418325.32	6447057.86	199.95	-60.47	204
WLRC082	418239.97	6447012.65	200.20	-50.85	198
WLRC083	418391.83	6447013.49	200.28	-60.11	300
WLRC084	418241.58	6447015.88	189.66	-60.26	221.5
WLRC085	418243.99	6447079.50	195.78	-56.62	290
WLRC087	418286.80	6447074.97	193.02	-61.69	296
WLRC088	418414.37	6446966.75	195.38	-60.91	259

Table 2: Wirlong DDH (incl. RC pre-collar) Drillhole Collars

Hole ID	Easting	Northing	Azi	Dip	Final Depth	Status
			(grid)		(m)
WLRCDD086	418240.37	6447067.17	187.00	-51.30	283.90	Completed
WLDD006	418326.99	6447057.91	199.77	-61.15	372.80	Completed
WLDD007	418284.89	6447075.52	206.60	-53.00	300.40	Completed
WLDD008	418312.00	6447033.00	205.64	-55.91	280.10	Completed
WLDD009	418402.19	6447031.06	201.70	-59.98	426.70	Completed
WLDD010	418281.45	6447077.88	202.90	-58.90	339.50	Completed
WLDD011	418404.00	6447035.08	203.20	-65.77	388.70	Completed
WLDD012	418292.45	6447081.11	204.10	-62.00	405.60	Completed
WLDD013	418419.08	6447059.82	203.35	-63.86	549.80	Completed
WLDD014	418298.02	6447092.43	207.50	-60.00	144.40	Abandoned
WLDD015	418367.00	6447049.70	203.30	-65.07	411.70	Completed
WLDD016	418299.34	6447094.26	202.60	-64.00	400.00	Completed
WLDD017	418377.35	6447069.94	199.04	-63.99	468.80	Completed
WLDD018	418311.16	6447026.70	204.80	-44.80	240.00	Completed
WLDD019	418417.00	6447138.00	203.10	-63.85	605.60	Assays pending
WLDD020	418336.00	6446997.00	203.80	-45.00	211.90	Completed
WLDD021	418342.00	6447004.00	205.00	-57.00	270.80	Assays pending
WLDD022	418415.00	6446970.00	205.82	-63.04	414.70	Assays pending
WLDD023	418345.00	6447011.00	205.00	-64.90	228.80	Completed
WLDD024	418442.00	6447020.00	206.43	-62.10	363.20	Assays pending
WLDD025	418346.00	6447008.00	205.50	-60.50	300.90	Assays pending
WLDD026	418442.00	6447020.00	207.23	-63.10	423.90	Processing underway
WLDD027	418246.00	6447082.00	203.70	-63.30	327.60	Processing underway
WLDD028	418254.00	6447098.00	205.00	-62.90	320.50	Processing underway

Peel Mining Limited ACN 119 343 734

Unit 1, 34 Kings Park Rd, West Perth, WA 6005. Ph: (08) 9382 3955. E: [email protected] www.peelmining.com.au

Hole ID	Easting	Northing	Azi(grid)	Dip	Final Depth(m)	Status
WLDD029	418400.00	6446937.00	226.45	-56.57	351.70	Processing underway
WLDD030	418459.00	6446974.00	209.22	-60.12	Current	Continuing

Table 3: Wirlong RC Significant Assays

Hole ID	From (m)	To (m)	Width (m)	Cu (%)	Ag (g/t)	Au (g/t)	Zn (%)	Pb (%)
WLRC068	177.00	228.00	51.00	1.35	6	0.11	0.15	0.05
including	181.00	190.00	9.00	4.33	14	0.34	0.20	0.01
WLRC069	255.00	270.00	15.00	3.80	17	0.04	0.42	0.17
including	255.00	261.00	6.00	8.64	37	0.11	0.83	0.32
WLRC070	141.00	148.00	7.00	0.75	5	0.01	0.02	0.01
and	171.00	173.00**	2.00	0.95	4	0.01	0.08	0.01
WLRC071	251.00	255.00	4.00	1.13	9	0.04	0.04	0.02
and	263.00	291.00	28.00	1.83	8	0.02	0.32	0.07
including	275.00	285.00	10.00	4.02	16	0.02	0.26	0.10
WLRC072	241.00	244.00	3.00	0.89	6	0.03	0.02	0.01
WLRC073	233.00	396.00**	163.00	1.08	4	0.01	0.06	0.02
including	283.00	304.00	21.00	2.00	9	0.01	0.29	0.09
and including	310.00	317.00	7.00	2.09	6	0.01	0.04	0.01
and including	337.00	348.00	11.00	1.73	5	0.01	0.02	0.01
and including	359.00	378.00	19.00	1.58	5	0.02	0.02	0.01
WLRC074	203.00	215.00	12.00	0.52	2	0.01	0.02	0.01
and	226.00	234.00	8.00	0.93	4	0.01	0.03	0.01
WLRC075	272.00	304.00	32.00	0.78	2	0.01	0.02	0.01
including	294.00	303.00	9.00	1.78	5	0.02	0.01	0.01
and	334.00	338.00	4.00	0.58	1	0.01	0.01	0.01
and	413.00	416.00	3.00	0.74	1	0.01	0.02	0.01
WLRC076	187.00	195.00	8.00	1.17	6	0.04	0.48	0.20
and	210.00	213.00	3.00	0.81	2	0.02	0.05	0.02
WLRC077	254.00	345.00	91.00	0.93	5	0.01	0.06	0.02
including	268.00	279.00	11.00	2.08	16	0.01	0.31	0.08
and including	303.00	309.00	6.00	1.40	6	0.03	0.08	0.05
and including	334.00	341.00	7.00	3.58	8	0.03	0.04	0.01
WLRC079	249.00	256.00	7.00	5.78	19	0.06	0.80	0.19
WLRC080	120.00	192.00	72.00	1.01	6	0.01	0.07	001
including	137.00	149.00	12.00	1.70	10	001	0.04	0.01
and including	172.00	185.00	13.00	1.83	10	0.01	0.03	0.10
WLRC081	120.00	122.00	2.00	0.08	11	0.13	1.82	0.63
WLRC083	122.00	148.00	26.00	0.58	5	0.00	0.14	0.03
and	206.00	208.00	2.00	2.17	22	0.07	0.06	0.15
and	222.00	246.00	24.00	0.54	2	0.00	0.01	0.00
and	258.00	300.00**	42.00	1.26	5	0.00	0.07	0.03
including	270.00	279.00	9.00	4.10	15	0.01	0.23	0.09
WLRC087	262.00	264.00	2.00	1.11	13	0.06	0.27	0.07
WLRC088	71.00	75.00	4.00	1.21	5	0.01	0.13	0.01
and	208.00	259.00**	51.00	0.94	3	0.01	0.01	0.01
including	231.00	235.00	4.00	2.17	8	0.01	0.03	0.01

and including	255.00	259.00	4.00	3.35	10	0.01	0.02	0.01

Table 4: Wirlong DDH Significant Assays

Hole ID	From (m)	To (m)	Width (m)	Cu(%)	Ag (g/t)	Au (g/t)	Zn(%)	Pb(%)

















































WLDD018	168.00	179.00	11.00	0.61	8	0.06	0.10	0.23

**denotes end of hole *ORANGE denotes new results.

Table 5: Wirlong mineralised intersection descriptions (Visual Estimate)

Interval (m)
From	To	Width	Mineralisation Description Sulphide %
	WLDD019
255	263.3	8.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
263.3	270	6.7	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 2 – 5%
270	272.6	2.6	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
272.6	279.05	6.45	Volcanic + Qtz veins + vein/semi-massive sulphide (Cpy) 20 – 40%
279.05	291.1	12.05	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
291.1	304	12.9	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
304	320	16	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
320	329	9	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 2 – 5%
329	355	26	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
355	360	5	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
490	494.55	4.55	Sediments + vein/blebby sulphide (Cpy) 0.2 – 1%
494.55	497.7	3.15	Sediments + vein/blebby sulphide (Cpy) 2 – 5%
497.7	500	2.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
500	503	3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
	WLDD021
205.2	206.6	1.4	Sediments + vein/blebby sulphide (Cpy) 1 – 3%
206.6	207.8	1.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
207.8	209	1.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 2 – 5%
209	214	5	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
214	217	3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 1 – 3%
217	231	14	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
231	237	6	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 1 – 3%
237	243	6	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 2 – 5%
243	248.4	5.4	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 2 – 5%
248.4	256	7.6	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 1 – 3%
256	258	2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 2 – 5%
258	271	13	Volcanic + Qtz veins + vein/blebby sulphide (Cpy, Sph) 1 – 3%
	WLDD022
195	207.3	12.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
207.3	208.6	1.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 2 – 5%
208.6	213.9	5.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
213.9	217.3	3.4	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 10 – 20%
217.3	229	11.7	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
229	244.3	15.3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
244.3	249.9	5.6	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
249.9	250.1	0.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 20 – 40%
250.1	300.1	50	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
300.1	300.8	0.7	Volcanic + Qtz veins + vein/semi-massive sulphide (Cpy) 20 – 40%
300.8	310	9.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
	WLDD025
207	210.2	3.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
210.2	213.45	3	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 2 – 5%
213.45	214.6	1.15	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 20 – 40%
214.6	218	3.4	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
218	218.5	0.5	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 10 – 20%
218.5	219.9	1.4	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%
219.9	223.8	3.9	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 5 – 10%
223.8	228.7	4.9	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 1 – 3%
228.7	300.9	72.2	Volcanic + Qtz veins + vein/blebby sulphide (Cpy) 0.2 – 1%

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

JORC CODE (2012 Edition) – Table 1 Checklist of Assessment and Reporting Criteria Section 1: Sampling Techniques and Data for South Cobar Project

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (egcut channels, random chips, orspecific specialised industry standard measurement tools appropriate tothe minerals under investigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples should not be taken aslimiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivity andthe appropriate calibration of any measurement tools or systems used.•Aspects of the determination of mineralisation that are Material to thePublic Report.•In cases where 'industry standard' work has been done this would berelatively simple (eg 'reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 30 g charge for fireassay'). In other cases more explanationmay be required, such as wherethere is coarse gold that has inherent sampling problems. Unusualcommodities or mineralisation types (eg submarine nodules) maywarrant disclosure of detailed information.	•Diamond and reverse circulation (RC) drilling were used to obtain samples forlogging and assaying.geological•Diamond core was cut and sampled at 1m intervalson average or intervalsdetermined by geological contacts. RC drill holes were sampled at 1m intervalsand split using a cone splitter attached to the cyclone to generate a split of 2-4kg to ensure sample representivity.•Multi-element readings were takenof the diamond core and RC drill chips usingan Olympus Delta Innov-X portable XRF machine or an Olympus Vanta portableXRF machine. Portable XRF machines are routinely serviced, calibrated andchecked against blanks/standards.
Drillingtechniques	•Drill type (eg core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, bywhat method, etc).	•Drilling to date has been a combination of diamondandreverse circulation.Reverse circulation drilling utilised a 5 1/2 inch diameter hammer. PQ, HQ andNQ coring was used for diamond drilling.
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveries andresults assessed.•Measures taken to maximise sample recovery and ensure representativenature of the samples.•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.	•Core recoveries are recorded by the drillers in the field at the time of drillingand checked by a geologist or technician.•RC samples are not weighed on a regular basis but no significant samplerecovery issues have been encountered in drilling programsto date.•Diamond core is reconstructed into continuous runs on an angle iron cradle fororientation marking and depths are checked against the depths recorded oncore blocks. Rod counts are routinely undertaken by drillers.•When poor sample recovery is encountered during drilling, the geologist anddriller have endeavoured to rectify the problem to ensure maximum samplerecovery.•Sample recoveries at Wirlong, May Day,Mallee Bulland Southern Nightstodate have generally been high.

Criteria	JORC Code explanation	Commentary
		•Sample recoveries at Wagga Tank have been variable with broken groundoccurring in places and poorer sample recoveries encountered. Insufficientdata is available at present to determine if a relationship exists betweenrecovery and grade. Sample recoveries at Southern Nights have been generallyhigh to date.
Logging	•Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc) photography.•The total lengthand percentage of the relevant intersections logged.	•All core and drill chip samples are geologically logged. Core samples areorientated and logged for geotechnical information. Drill chip samples arelogged at 1m intervals from surface to the bottom of each individual hole toa level that will support appropriate future Mineral Resource studies.•Logging of diamond core and RC samples records lithology, mineralogy,mineralisation, structure (DDH only), weathering, colour and other featuresof the samples. Core is photographed as both wet and dry.Chips arephotographed as wet samples.•All diamond and RC drill holes in the current program were geologicallylogged in full.
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn and whether quarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature, quality and appropriateness of thesample preparation technique.•Quality control procedures adopted for all sub-sampling stages tomaximise representivity of samples.•Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for fieldduplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of the materialbeing sampled.	•Drill core was cut with a core saw and half core taken.•The RC drilling rigs were equipped with an in-built cyclone and splitting system,which provided one bulk sample of approximately 20kg and a sub-sample of 2-4kg per metre drilled.•All samples were split using the system described above to maximise andmaintain consistent representivity. The majority of samples were dry.•Bulk samples were placed in green plastic bags, with the sub-samples collectedplaced in calico sample bags.•Field duplicates were collected by re-splitting the bulk samples from largeplastic bags. These duplicates were designed for lab checks.•Laboratory duplicate samples aresplit using method SPL-21d which producesa split sample using a riffle splitter. These samples are selected by the geologistwithin moderate and high-grade zones.•A sample size of 2-4kg was collected and considered appropriate andrepresentative for the grain size and style of mineralisation.
Quality of assaydata andlaboratory tests	•The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc, theparameters used in determining the analysis including instrument make	•ALS Laboratory Services were used for Au and multi-element analysis workcarried on out on 1m split RC samples. The laboratory techniques below arefor all samples submitted to ALS and are considered appropriate for the styleof mineralisation at Wirlong:

Criteria	JORC Code explanation	Commentary
	and model, reading times, calibrations factors applied and theirderivation, etc.•Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levels ofaccuracy (ie lack of bias) and precision have been established.	oPUL-23 (Sample preparation code)oAu-AA25 Ore Grade Au 30g FA AA Finish, Au-AA26 Ore GradeAu 50g FA AA FinishoME-ICP41 35 element aqua regia ICP-AES, with an appropriateOre Grade base metal AA finishoME-ICP61 33 element 4 acid digest ICP-AES, with anappropriate Ore Grade base metal AA finishoME-MS61 48 element 4 acid digest ICP-MS and ICP-AES, with anappropriate Ore Grade base metal AA finish•Assaying of samples in the field was by portable XRF instruments: OlympusDelta Innov-X or Olympus Vanta Analysers. Reading time for Innov-X was 20seconds per reading, reading time for Vanta was 10 & 20 seconds perreading.•The QA/QC data includes standards, duplicates and laboratory checks.Duplicates for percussion drilling are collected directly from the drill rig orthe metre sample bag using a half round section of pipe or via samplesplitter. In-house QA/QC tests are conducted by the lab on each batch ofsamples with standards supplied by the same companies that supply ourown.
Verification ofsampling andassaying	•The verification of significant intersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data.	•All geological logging and sampling information is completed via GeobankMobile or in spreadsheets, which are then transferred to a database forvalidation and compilation at the Peel head office. Electronic copies of allinformation are backed up periodically.•No adjustments ofassay data are considered necessary.
Location of datapoints	•Accuracy and quality of surveys used to locate drill holes (collar anddown-hole surveys), trenches, mine workings and other locations used inMineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control.	•A Garmin hand-held GPS is used to define the location of the drill holes.Standard practice is for the GPS to be left at the site of the collar for a periodof 5 minutes to obtain a steady reading. Collars are routinely picked up afterby DGPS.•Down-hole surveys are conducted by the drill contractors using either aReflex gyroscopic tool with readings every 10m after drill hole completion ora Reflex electronic multi-shot camera will be used with readings for dip andmagnetic azimuth taken every 30m down-hole. QA/QC in the field involvescalibration using a test stand. The instrument is positioned with a stainless

Criteria	JORC Code explanation	Commentary
		steel drill rod so as not to affect the magnetic azimuth.•Grid system used is MGA 94 (Zone 55). All down-hole magnetic surveys wereconverted to MGA94 grid.•DGPS pick-up delivers adequate topographic control.
Data spacing anddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classificationsapplied.•Whether sample compositing has been applied.	•Data/drill hole spacing is variable and appropriate to the geology andhistorical drilling.•3m to 6m sample compositing is applied to RC drilling for gold and/or multielement assay where appropriate.
Orientation ofdata in relation togeologicalstructure	•Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, considering thedeposit type.•If the relationship between the drilling orientation and the orientation ofkey mineralised structures is considered to have introduced a samplingbias, this should be assessed and reported if material.	•Most drillholes are planned to intersect the interpreted mineralisedstructures/lodes as near to a perpendicular angle as possible (subject toaccess to the preferred collar position).•Drillhole deviation may affect the true width of mineralisation and will befurther assessed when resource modelling commences.
Sample security	•The measures taken to ensure sample security.	•The chain of custody is managed by the project geologist who places calicosample bags in polyweave sacks. Up to 5 calico sample bags are placed ineach sack. Each sack is clearly labelled with:oPeel Mining LtdoAddress of LaboratoryoSample range•Detailed records are kept of all samples that are dispatched, including detailsof chain of custody.
Audits or reviews	•The results of any audits or reviews of sampling techniques and data.	•Data is validated when loading into the database. No formal external audithas been conducted.

Section 2 - Reporting of Exploration Results for South Cobar Project

Criteria	JORC Code explanation	Commentary
Mineral tenement and	•Type, reference name/number, location and ownership including	•TheWirlong prospect is located within 100%-owned tenements –EL8126
land tenure status	agreements or material issues with third parties such as joint ventures,	and EL8307.
	partnerships, overriding royalties, native title interests, historical sites,	•The Mallee Bull prospect is located within 100%-owned tenement -
	wilderness or national park and environmental settings.	EL7461.
	•The security of the tenure held at the time of reporting along with any	•The tenements are in good standing and no known impediments exist.

Criteria	JORC Code explanation	Commentary
	known impediments to obtaining a licence to operate in the area.
Exploration done byother parties	•Acknowledgment and appraisal of exploration by other parties.	•Wirlong is a zone of known mineralisation within a belt of acid volcanicrocks, on which four historic shafts have been sunk.•In 1982, CRAE completed reconnaissance exploration including drillingof 1 diamond drillhole and 3 percussion drillholes.•Minimal other modern exploration has been completed at Wirlong.•Work at Mallee Bull was completed in the area by several formertenement holders including Triako Resources between 2003 and 2009;it included diamond drilling, IP surveys, geological mapping andreconnaissance geochemical sampling around the historic FourMileGoldfield area. Prior to Triako Resources, Pasminco Explorationexplored the Cobar Basin area for a "Cobar-type" or "Elura-type" zinclead-silver or copper-gold-lead-zinc deposit.
Geology	•Deposit type, geological setting and style of mineralisation.	•Wirlong is believed to a VHMS or Cobar-style deposit similar in style toPeel's Mallee Bull deposit.•The Mallee Bull prospect area lies within the Cobar-Mt Hope SiluroDevonian sedimentary and volcanic units. The northern Cobar regionconsists of predominantly sedimentary units with tuffaceous member,whilst the southern Mt Hope region consists of predominantly felsicvolcanic rocks; the Mallee Bull prospect seems to be located in an areaof overlap between these two regions. Mineralisation at the Mallee Bulldiscovery features the Cobar-style attributes of short strike lengths(<200m), narrow widths (5-20m) and vertical continuity, and occurs as ashoot-like structure dipping moderately to the west.
Drill hole Information	•A summary of all information material to the understanding of theexploration results including a tabulation of the following information forall Material drill holes:easting and northing of the drill hole collarooelevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justified on the basis that the	•Allrelevant information material to the understanding of explorationresults has been included within the body of the announcement or asappendices.•No information has been excluded.

Criteria	JORC Code explanation	Commentary
	information is not Material and this exclusion does not detract from theunderstanding of the report, the Competent Person should clearlyexplain why this is the case.
Data aggregationmethods	•In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of high grades)and cut-off grades are usually Material and should be stated.•Where aggregate intercepts incorporate short lengths of high graderesults and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and some typical examples of suchaggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent valuesshould be clearly stated.	•No length weighting or top-cuts have been applied.•No metal equivalent values are used for reporting exploration results.
Relationship betweenmineralisation widthsand intercept lengths	•These relationships are particularly important in the reporting ofExploration Results.•If the geometry of the mineralisation with respect to the drill hole angleis known, its nature should be reported.•If it is not known and only the down hole lengths are reported, thereshould be a clear statement to this effect (eg 'down hole length, true widthnot known').	•True widths are estimated to be 40-60% of the downhole width unlessotherwise indicated.
Diagrams	•Appropriate maps and sections (with scales) and tabulations of interceptsshould be included for any significant discovery being reported Theseshould include, but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	•Refer to Figures in the body of text.
Balanced reporting	•Where comprehensive reporting of all Exploration Results is notpracticable, representative reporting of both low and high grades and/orwidths should be practiced to avoid misleading reporting of ExplorationResults.	•In relation to the disclosure of visual mineralisation, the Companycautions that visual estimates of sulphide and oxide material abundanceshould never be considered a proxy or substitute for laboratory analysis.Laboratory assay results are required to determine the widths and gradeof the visible mineralisation reported in preliminary geological logging.The Company will update the market when laboratory analytical resultsbecome available.
Other substantiveexploration data	•Other exploration data, if meaningful and material, should be reportedincluding (but not limited to): geological observations; geophysical surveyresults; geochemical survey results; bulk samples –size and method oftreatment; metallurgical test results;bulk density, groundwater,	•No other substantive exploration data are available.

Criteria	JORC Code explanation	Commentary
	geotechnical and rock characteristics; potential deleterious orcontaminating substances.
Further work	•The nature and scale of planned further work (egtests for lateralextensions or depth extensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas of possible extensions, includingthe main geological interpretations and future drilling areas, providedthis information is not commercially sensitive.	•Further drilling (as part of the current resource drilling) and geophysicalsurveys are planned at Wirlong.•Further drilling (as part of the current resource drilling) and geophysicalsurveys are planned at Mallee Bull.

AI assistant

PEEL MINING LIMITED Capital/Financing Update 2021

65545_rns_2021-06-03_202ae0cd-941e-446f-a030-8b4c424418ac.pdf

STRONG WIDE COPPER INTERCEPTS CONTINUE AT WIRLONG

KEY POINTS

WIRLONG

WLDD017

WLDD015

WLDD016

PEEL MINING MANAGING DIRECTOR ROB TYSON COMMENTED:

WIRLONG

WLDD015