Peel Mining : Mallee Bull Delivers Strong High-Grade Copper Results

ASX ANNOUNCEMENT

PEX:ASX

11th APRIL 2022

MALLEE BULL DELIVERS STRONG HIGH-GRADE COPPER RESULTS

•  Assays from resource definition diamond drilling at Mallee Bull completed prior to the end of 2021 have now been received.

•  The drill programme commenced in April 2021 and was designed to infill existing inferred resources and confirm the resource model.

•  Results from the Mallee Bull resource upgrade drilling confirms the outstanding grade and continuity of the high-grade copper mineralisation including:

MBDD080 (see Image 1 for visuals)

• o 29.15m @ 7.08% Cu, 60g/t Ag, 0.24g/t Au from 509.69m

MBDD063

• o 29.9m @ 6.52% Cu, 110g/t Ag, 0.15g/t Au from 635.1m

MBDD068

• o 15m @ 2.11% Cu, 34g/t Ag, 0.16g/t Au from 497m

• o 31.07m @ 5.29% Cu, 44g/t Ag, 0.27g/t Au from 524m

MBDD060

• o 39m @ 3.93% Cu, 30g/t Ag, 0.29g/t Au from 524m

MBDD070

• o 34.54m @ 4.08% Cu, 43g/t Ag, 0.08g/t Au from 654m

MBDD059

• o 34.55m @ 3.04% Cu, 28g/t Ag, 0.14g/t Au from 544.11m

MBDD078

• o 22m @ 3.71% Cu, 40g/t Ag, 0.15g/t Au from 446m

• o 29m @ 1.59% Cu, 22g/t Ag, 0.14g/t Au from 482m

MBDD066

• o 36.95m @ 2.55% Cu, 23g/t Ag, 0.14g/t Au from 460.05m

MBDD077

• o 23m @ 2.20% Cu, 37g/t Ag, 0.27g/t Au from 510m

• o 4.19m @ 2.03% Cu, 15g/t Ag, 0.08g/t Au from 550m

MBDD072

• o 6m @ 1.43% Cu, 23g/t Ag, 0.23g/t Au from 350m

• o 6.6m @ 1.56% Cu, 65g/t Ag, 0.15g/t Au from 381.4m

• o 12.3m @ 3.57% Cu, 19g/t Ag, 0.07g/t Au from 397m

MBDD074

• o 23m @ 2.35% Cu, 20g/t Ag, 0.18g/t Au from 471m

MBDD076

• o 36.1m @ 2.06% Cu, 37g/t Ag, 0.06g/t Au from 555.9m

MBDD071

• o 6m @ 1.70% Cu, 36g/t Ag, 0.07g/t Au from 633m

• o 14m @ 2.36% Cu, 13g/t Ag, 0.07g/t Au from 646m

MBDD079

• o 6m @ 1.61% Cu, 21g/t Ag, 0.12g/t Au from 468m

Peel Mining Limited

ACN 119 343 734

P: [phone]

E:[e-mail]

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

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

PEEL MINING CEO JIM SIMPSON COMMENTED:

"The recent results from the 2021 resource drilling program at Mallee Bull have confirmed Mallee Bull's quality and continuity with exceptional copper-rich intervals from the heart of the Mallee Bull mineral system. Within the next week, Peel will have completed the final infill and extensional holes at Mallee Bull achieving a key milestone for the Southern Cobar Copper Project. The diamond drills will be relocating to Wirlong to commence extensional and infill drilling targeted at achieving critical mass for a future stand alone copper project."

The latest diamond drilling results represent the final assays for all drilling completed at Mallee Bull to the end of 2021. Targeted drilling at Mallee Bull has continued following restart in January 2022, with 10 new drillholes/intercepts completed (and two remaining holes underway) at the time of reporting. A comprehensive table of significant results to date is included in Table 3.

Mallee Bull resource upgrade drilling was undertaken to confirm the robustness of the Mallee Bull resource as a cornerstone of Peel's strategy to advance its South Cobar Copper Project. A total of 33,545 metres and 64 holes have been drilled over this period. The final extensional drill holes at Mallee Bull are anticipated to be completed shortly with the drill rigs relocating to Wirlong in the coming days.

Mineralisation remains open down dip and along strike, with multiple stacked lodes intersected. The assays received to date from this drill programme line up with prior drilling both spatially and for grade which is very positive for resource categorization in the next update, as 5.4mt out of 6.76mt (80%) is currently classified as inferred.

The 2017 resource estimate for Mallee Bull (see Table 1) comprises 6.76Mt at 1.8% Cu, 31g/t Ag, 0.4g/t Au, 0.6% Pb, 0.6% Zn (2.6% CuEq) containing approximately 119,000t Cu, 6.6Moz Ag, 83,000oz Au, 38,000t Pb, 38,000t Zn) (using a 1% CuEq cut-off). Refer to Peel Mining's ASX Announcement dated 6th July 2017 "Mallee Bull Resource Grows by 65% to 175,000t CuEq" for further details.

Wirlong

As mentioned above, extensional and infill drilling at Wirlong is anticipated to commence in the coming days utilising three drill rigs.

Assays for 18 drillholes completed prior to the end of 2021 are pending following completion of processing.

Completion of the recent resources review by the Company has highlighted the potential for significant resource growth at Wirlong; with those findings feeding into drill planning and design for the upcoming extensional and resource growth drill program.

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	Rob Tyson
Peel Mining Limited	Peel Mining Limited
CEO & Managing Director	Executive Director - Technical
Ph: [phone]	Ph: [phone]
www.peelmining.com.au

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Image 1 - MBDD080 - 29.15m @ 7.08% Cu, 60g/t Ag, 0.24g/t Au from 509.69m

MALLEE BULL 2017 RESOURCE

Table 1: Mallee Bull 2017 Mineral Resource estimate based on 1% CuEq cut-off grade. Figures in this table are rounded to reflect the precision of the estimates and include rounding errors.

Resource Classification	Tonnes (Kt)	CuEq %	Cu %	Ag g/t	Au g/t	Pb %	Zn %
Indicated	1,340	2.15	0.91	30	0.4	0.96	1.23
Inferred	5,420	2.7	2.0	31	0.4	0.5	0.4
Total Resource	6,760	2.6	1.8	31	0.4	0.6	0.6

Refer to Peel Mining's ASX Announcement dated 6th July 2017 "Mallee Bull Resource Grows by 65% to 175,000t CuEq" for further details.

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.

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.

PREVIOUS RESULTS

Previous results referred to herein have been extracted from previously released ASX announcements. Previous announcements and reports are available to view onwww.peelmining.com.au andwww.asx.com.au.Additional information regarding Mallee Bull and Wirlong is available in the Company's quarterly reports from December 2010 through to June 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.

personal use only

Figure 1 - Mallee Bull Drill Plan on Magnetics

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