Peak Minerals : Air Core Drilling Defines Interpreted Intrusive at Target C

ASX ANNOUNCEMENT

ASX Codes: PUA, PUAOD

14 April 2022

Air Core Drilling Defines Interpreted Intrusive at Target C

Highlights

• • 4 targets tested: Rixon, West Copper Hills, West Rinaldi and Target C

• • 2,743m of air core drilling completed and geochemically analysed

• • Drilling at Rixon determined the most prospective position within the intrusion which aligns with HELI-EM and VTEM anomalies

• • Rixon intercepts included 15m at 0.79% Cu with 2m at 2.52% Cu and 2m at 1.23% Cu

• • Target C, an untested magnetic anomaly, intersected 20m at 0.39% Ni including 4m at 0.63% Ni at the fresh rock interface

Peak Minerals Limited (ASX: PUA) (Peak or the Company) is pleased to announce the results of its Phase 1 Air Core Program at its Green Rocks Project, Western Australia (see Figure 1). The Phase 1 geochemical analysis confirmed that the southern position of the Rixon intrusion is the most prospective and has the potential to host significant mineralisation. The conductors identified from geophysical modelling carried out in Q1, 2022, independently align with the target area defined by the geochemical work. The holes were designed to confirm the prospectivity of the intrusion autonomously and do not intersect conductors.

Moving Loop Electromagnetics (MLEM) is scheduled for May 2022, which will be followed by RC/Diamond drilling. Testing of an undercover, magnetic anomaly at Target C was extremely encouraging, yielding anomalous nickel and ending in ultramafic rock.

CEO, Jennifer Neild commented:

"The purpose of the program was to test geochemical signatures of intrusions within the Lady Alma Igneous Complex (LAIC) building off work done at Lady Alma and Copper Hills prospects. We're very excited about the results from the air core, confirming targets and defining new ones. As we layer each piece of evidence, we are seeing consistencies again and again. We can apply the learnings from Lady Alma to exploration targets within the Green Rocks Project.

It's our job to make sure we've got the right geology, the right lithogeochemistry and the right geophysical signatures before we set the more expensive drilling methods to work."

Peak Minerals Limited

Registered Office: Level 1, Suite 23, 513 Hay St, Subiaco WA 6008 Email:admin@peakminerals.com.au

ACN: 072 692 365www.peakminerals.com.au

Figure 1: Air core hole location map shown as green stars on regional magnetics data.

In November 2021, Phase 1 of a 5,000m air core program commenced at the Green Rocks Project. Drilling was aimed at testing high priority targets, the interpreted magmatic intrusions delineated from geophysics and geochemistry. Phase 1 focused on Rixon, West Copper Hills and Target C (the latter is part of an earn-in agreement with Technology Metals Australia Limited (ASX: TMT)). A total of 2,743m was drilled in Phase 1, samples were sent to ALS laboratories in early December 2021.

At Rixon, Peak has defined a small intrusion (600m by 325m) that is outlined by high-grade copper (1% - 22% Cu) on surface as rock chips reported 30 November 20211. High-grade intersections at Rixon are within the regolith and near the contact of the prospective host unit with the surrounding country rock. Initial lithogeochemical analysis indicates that the southern portion of Rixon is the most prospective zone. The host rocks show significant increases in sulphur associated with anomalous copper values (but < 0.2%Cu). The increase in this anomalous copper occurs where conductive bodies are in slightly shallower positions (see Figure 2).

The Heli-EM (HDTEM or XciteTM) Survey flown in January 20222, has confirmed the conductivity at Rixon as compared to the historical 2014 VTEM. Figure 2 shows that conductors have been improved upon with the survey. The Heli-EM dataset has been processed for this area using the 2.5D Inversion technique. Given the size of the EM survey, 225km2, target areas will be processed on a priority basis.

Section A-A'

175m

Figure 2: Section A-A' 400m with Phase 1 air core holes at Rixon as they relate to the EM conductors previously discussed in ASX announcement 18 March 20223. 250-300m depth is the limits of confidence in the Heli-EM data. Magnetic data is shown in the background.

At West Copper Hills (see Figure 3 for locations), drilling tested an isolated feature on the western margin of the LAIC. These holes show subtle copper anomalism and elevated nickel values. The drilling confirmed that the remanent magnetic feature is an intrusion and further work is ongoing to understand how these intrusions relate to the larger Green Rocks Project.

The area to the west of Rinaldi (see Figure 3 for locations) shows subtle anomalism likely related to structures in the area. The area is not deemed to be prospective and does not require follow up.

• 1 ASX announcement dated 30 November 2021: Copper Mineralisation in Intrusions Extends Green Rocks.

• 2 ASX announcement dated 20 January 2022: Heli-EM Survey Commences at Green Rocks Project.

• 3 ASX announcement dated 18 March 2022: Nickel Sulphide Mineralisation Confirmed at Green Rocks.

Rinaldi

RixonLady Alma

Copper

Hills

Figure 3: Magnetics (TMI-RTP-Tilt) bright green stars are Phase 1 drillhole collars.

As part of the earn-in agreement executed with Technology Metals Australia Limited, Peak has defined a number of targets which may be intrusions related to the LAIC. Target C, which is 5.5km

NNE of the Gabininthia Gold Mine beneath a broad palaeochannel, is interpreted to represent a regional NE trending shear (see Figure 4). One of the holes intersected anomalous oxide nickel at the top of fresh rock. The intercept, 20m at 0.39% Ni including 4m at 0.63% Ni, terminated in anomalism. Based on these results, an additional hole was drilled to the east of the first hole in the Phase 2 air core program, refer ASX release 11 March 20224, to determine if any sulphur, associated with the nickel, was present below this zone. Preliminary modelling of the recent Heli-EM data suggests conductivity below cover coincident with magnetic anomaly.

4 ASX announcement dated 11 March 2022: Air Core Program Commences at Green Rocks Project.

GRAC023

Figure 4: Magnetics imagery outlines interpreted intrusions using RTP-TMI overlain with 1VD. The palaeochannel outline is interpreted from the Heli-EM and modelling suggests conductive targets below cover (see inset) which is a depth slice at 150m below surface.

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