PEEL MINING LIMITED — Share Issue/Capital Change 2022

Mar 20, 2022

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ASX: PEX
ASX ANNOUNCEMENT 21st MARCH 2022
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SHARE PURCHASE PLAN HEAVILY OVERSUBSCRIBED

Peel Mining Limited (ASX: PEX) (“the Company”) is pleased to announce that its share purchase plan (SPP) which closed on 16 March 2022, attracted strong demand from shareholders, with subscriptions totalling $10,295,164.16 more than 5 times the amount of $2 million initially sought.

In light of this overwhelming demand from shareholders the Company has exercised its discretion to accept subscriptions of $8,006,702. The Company has provided all applicants with a minimum subscription amount of $2,000 and has scaled back subscriptions pro rata to the size of the applicants existing shareholding at the Record Date.

After these adjustments and the rejection of invalid applications the Company will accept subscriptions for a total of $8,006,702 and a total of 44,481,428 new shares will be issued. The issue of new shares under the SPP will occur on 21 March 2022 and refunds will be issued to applicants as soon as practical after this. The additional amount raised will be applied to the funding of ongoing work on the Company’s South Cobar Copper Project.

Peel Mining CEO & Managing Director Jim Simpson commented:

“The strong show of support from shareholders is much appreciated and reflects the strong outlook for the Company and its South Cobar Copper Project. We are currently drilling at Mallee Bull and extensional drilling will recommence at Wirlong in early April and will continue throughout the year as we target increasing the existing resources as part of the company’s evolution from an explorer into a project developer.”

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

For further information on Peel Mining Limited please contact:

Jim Simpson Peel Mining Limited CEO & Managing Director Ph: +61 (08)9382 3955

Alex Cowie

NWR Communications Public/Investor Relations Ph: +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