PEEL MINING LIMITED — Share Issue/Capital Change 2025

Sep 22, 2025

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Announcement Summary

Entity name

PEEL MINING LIMITED

Date of this announcement

Tuesday September 23, 2025

The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Director Performance Rights (Sept 2025). Expiry	20,000,000	21/09/2025
to be confirmed	36 months from issue.
New class - code	Employee Performance Rights (Sept 2025). Expiry	17,500,000	21/09/2025
to be confirmed	36 months from issue.

Refer to next page for full details of the announcement

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 1 - Entity and announcement details

1.1 Name of entity

PEEL MINING LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities. 1.2 Registered number type Registration number

1.2 Registered number type Registration number ABN 42119343734

1.3 ASX issuer code

PEX

1.4 The announcement is

New announcement

1.5 Date of this announcement

23/9/2025

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

+Securities issued under an +employee incentive scheme that are subject to a restriction on transfer and are not being quoted on ASX until the restriction ends

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class)

New +securities issued under an +employee incentive scheme

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ASX +security code +Security description
New class - code to be confirmed Director Performance Rights (Sept 2025).
Expiry 36 months from issue.
+Security type ISIN code
Other
Date the +securities the subject of this notification were issued
21/9/2025
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Were any of the +securities issued to +key management personnel (KMP) or an +associate?
Yes
Provide details of the KMP or +associates being issued +securities.
Name of KMP Name of registered holder Number of +securities
Mr Nicholas Woolrych Woolyco Holdings Pty Limited 20,000,000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
https://wcsecure.weblink.com.au/pdf/PEX/02996056.pdf
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Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02586992-6A1117375?access_token=8 3ff96335c2d45a094df02a206a39ff4 Any other information the entity wishes to provide about the +securities the subject of this notification

The grant of Performance Rights is made in reliance on Exception 12 under ASX Listing Rule 10.12.

Issue details

Number of +securities

20,000,000

New +securities issued under an +employee incentive scheme

ASX +security code

New class - code to be confirmed

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+Security description

+Security type Other

Employee Performance Rights (Sept 2025). Expiry 36 months from issue. ISIN code

Date the +securities the subject of this notification were issued

21/9/2025

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities.

Name of KMP	Name of registered holder	Number of +securities
Mr Warwick Amos	Spectre Ventures Pty Limited atf Spectre Trust	15,000,000
Mr Ryan Woodhouse	Mr Ryan Woodhouse	2,500,000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02586992-6A1117375?access_token=8 3ff96335c2d45a094df02a206a39ff4

Any other information the entity wishes to provide about the +securities the subject of this notification

Performance Rights being issued under the Company's Employee Incentive Securities Plan and are subject to the following performance hurdles.

[Class A] 5,750,000 The Performance Rights will vest upon the Company¿s Shares achieving a volume weighted average price (VWAP) per Share of $0.12 calculated over 20 consecutive trading days on which the Shares have actually traded.

[Class B] 5,750,000 The Performance Rights will vest upon the Company¿s Shares achieving a VWAP of $0.15 calculated over 20 consecutive trading days on which the Shares have actually traded.

[Class C] 6,000,000 The Performance Rights will vest upon the Company¿s Shares achieving a VWAP of $0.20 calculated over 20 consecutive trading days on which the Shares have actually traded.

The performance rights expire at 5.00 pm (WST) on the date that is 36 months from the issue date.

Nil consideration is payable for the Performance Rights.

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Issue details

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Number of +securities

17,500,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
PEX : ORDINARY FULLY PAID	581,084,534
4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
PEXAA : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	5,563,334
New class - code to be confirmed : Director Performance Rights (Sept 2025). Expiry 36	20,000,000
months from issue.
New class - code to be confirmed : Employee Performance Rights (Sept 2025). Expiry 36	17,500,000
months from issue.

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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