Peel Mining

Resources and Reserves

Mineral Resources & Reserves of Peel Mining projects

Mineral Resources

SOUTH COBAR PROJECT

The South Cobar Project is located within Peel’s 100%-owned tenure and comprises the Mallee Bull, Wirlong, Wagga Tank-Southern Nights and May Day deposits. For full details, refer to Peel Mining’s ASX Announcement dated 9 January 2023 – “20MT Resource Base for South Cobar Project”.

The MREs for the Mallee Bull, Wirlong, Wagga Tank-Southern Nights, and May Day deposits are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code (2012))

Except for May Day Open pit estimates, the MREs are reported within constrained mineable shapes, created using Deswik mining software, reflecting underground mining, generated at A$80/t NSR cut off with a minimum mining width of three metres and include internal dilution. Tables 1 to 4 show MREs by dominant mineralogy and relevant deposits.

The MREs have been completed by independent mining consultant Mr Jonathon Abbott of Matrix Resource Consultants Pty Ltd (Matrix). Mr Abbott accepts responsibility for the block modelling and the MREs. Mr Robert Tyson, an employee of Peel Mining, accepts responsibility for the geological interpretation, sampling and analytical data upon which the MREs are based. NSR calculations and mineable shape creation was completed by ANTCIA Consulting Pty Ltd.

Table 1 – South Cobar Project Copper Mineral Resource Estimate Summary

Table 2 – South Cobar Project Zinc-Lead Mineral Resource Estimate Summary

Table 3 – South Cobar Project Gold Mineral Resource Estimate Summary

Table 4 – South Cobar Project Global Mineral Resource Estimate Summary

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, except for May Day Open Pit which utilised $40 and $50/t NSR cut-offs for oxide and sulphide Resources within an optimal pit respectively. Figures are rounded to reflect the precision of estimates and include rounding errors.