Latest Drilling Highlights Mallee Bull’s High-Grade Core

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

KEYPOINTS

MALLEE BULL

• Latest assays from Mallee Bull resource upgrade drilling yield new high-grade copper mineralisation:

MBDD064

• 58m @ 4.96% Cu, 59g/t Ag, 0.20g/t Au from 585m including:
  • 31m @ 7.62% Cu, 78g/t Ag, 0.24g/t Au from 589m

MBDD058

• 48m @ 3.61% Cu, 36g/t Ag, 0.22g/t Au from 484m including:
  • 15.93m @ 6.25% Cu, 57g/t Ag, 0.25g/t Au from 504.7m
  • 7.28m @ 4.48% Cu, 52g/t Ag, 0.28g/t Au from 524m

MBDD056

• 31m @ 3.21% Cu, 32g/t Ag, 0.22g/t Au from 396m including:
  • 5m @ 10.60% Cu, 68g/t Ag, 0.39g/t Au from 419.1m

MBDD073

o 14.3m @ 2.14% Cu, 21g/t Ag, 0.21g/t Au from 484m

o 9.5m @ 2.30% Cu, 18g/t Ag, 0.14g/t Au from 517m

MBDD054

o 9m @ 2.36% Cu, 44g/t Ag, 0.44g/t Au from 382m

• Drillholes MBDD054, 056, 058, and 064 are located in the centre of the Mallee Bull and highlight the deposit’s exceptional high-grade core
• Drillhole MBDD073 is located on the northern end of Mallee Bull and indicates continuation of the resource to the north
• Review of Mallee Bull resource drilling completed in Dec 2021 identified opportunity to improve resource quality with targeted infill drilling; drilling commenced mid-Jan 2022
• All drilling completed prior to Christmas has now been logged and processed with assays pending for 19 drillholes.
• Peel expects to deliver a Mallee Bull resource update within Mar Q 2022

WIRLONG

• Latest assays from Peel’s ongoing resource drilling at Wirlong copper deposit in NSW yield further strong copper intercepts, with new results including:

WLDD047 (partial results)

• 4m @ 2.04% Cu, 3g/t Ag from 526m
• 5m @ 6.75% Cu, 11g/t Ag from 544m

• Assays for 3 drillholes are pending; 4 drillholes are now being processed; with a further 12 drillholes currently awaiting processing. These results and any additional drilling will be used in an upcoming resource upgrade expected in mid-2022.
• Review of Wirlong resource drilling completed in Dec 21 identified opportunity to grow and infill the deposit through targeted drilling.

Resource drilling at both prospects was paused for the Christmas/NY period, with reviews of both Wirlong and Mallee Bull resource drilling completed to determine opportunity to increase the resource quality and scale for economic study work. This work has now been completed with targeted infill drilling at Mallee Bull now underway.

Additional to the recently released maiden resource estimation at Wirlong, Peel expects to deliver a Mallee Bull resource update in the March quarter 2022, as part of Peel’s copper first development strategy. Wirlong and Mallee Bull are part of Peel’s South Cobar Project, centred around 100km south of Cobar in Western NSW.

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