Peak Minerals : Air Core Program Commences at Green Rocks Project

• A remanent magnetic feature similar to Rixon, known as "Target B", will also be tested for favourable geochemistry and relationship to the Lady Alma Igneous Complex.

Peak Minerals Limited

Registered Office: Level 1, Suite 23, 513 Hay St, Subiaco WA 6008

Email: admin@peakminerals.com.au

ACN: 072 692 365

www.peakminerals.com.au

Peak Minerals Ltd (ASX: PUA) (Peak or the Company) is pleased to announce that Phase 2 of the Green Rocks air core drill program has commenced (Figure 1). The drill program is designed to test geochemical and geophysical anomalies at Tal Val and Target B which are interpreted to be magmatic intrusions (Figure 2). The expectation is that assay results from air core drilling will:

1. confirm the presence of Lady Alma Igneous Complex;
2. map geology and contacts; and
3. confirm the presence or potential for magmatic sulphides.

This systematic approach is in line with our exploration strategy presented in October 2021 and outlined at Figure 5 in this announcement.

ForPeak's CEO Jennifer Neild commented,

"Phase 2 of the air core drill program is an important next step in recognising Tal Val and Target B as part of the Lady Alma Igneous Complex. We've worked out the geochemistry at Rixon and we can apply this characterisation to Tal Val and Target B effectively reducing work timeframes. The geochemistry in combination with the Heli-EM acquired earlier this year will help us confirm whether these are magmatic targets. The air core program over this untested position is the best first step to test the prospectivity of these intrusions."

Overview

onlyThe potential for copper and nickel mineralisation at the Tal Val Prospect has not been revisited since the 1970's. In 1969, Anglo American identified the area as a potential host for nickel mineralisation. Historical mapping shows at least two different stages of mafic and ultramafic rocks. Results indicate anomalous Ni and Cu values both near surface and at depth such as 5.96m at 0.51% Ni from 2.98m and 10.64m at 0.68% Cu from 45.6m including, 1.52m at 1.8% Cu. It is interpreted that Anglo American was exploring for komatiite hosted nickel (Kambalda was discovered in 1966) and that the assays collected were not sufficient to indicate magmatic nickel potential. In 2013, Mithril reviewed this project and determined that the nickel was related to silicate ultramafic, and that copper was remobilised along shears similar to Copper Hills Prospect.

useReconnaissance by Peak completed in May 2021 identified a gossan high in copper with no drilling. One RC hole was planned to test under this area and intersected 1m at 1.51% Cu from 170m and 2m at 0.65% Cu from 206m in chalcopyrite disseminated sulphide. The geology intersected indicated that the main intrusion was to the south. Figure 3 shows the position of the RC hole which was drilled slightly north of the coincident remanent magnetics and EM anomalies.

personalThe area being targeted in this drill program has not been drill tested, is remanently magnetic and is associated with an historical VTEM anomaly identified through reprocessing. Historical or recent

drilling does not intersect the VTEM anomaly. Additionally, rock chip samples showed anomalous Ni values which are attributed to the lithology with 0.31% Ni, and 0.27% Ni and a single rock chip value of 3.25% Cu (Figure 4).

For

Figure 4: Rock Chip assay results Ni (left) and Cu (right) and showing planned positions of AC holes. Image is VTEM survey

(interpreted at 200m depth) overlain with magnetics map.

Target B is a 925m x 500m magnetic feature with central zone that is remanently magnetised, similar to Rixon. Previous exploration by Dominion Mining in the 1990's intersected sheared onlyultramafic and fine-grained basalts on the eastern contact of the interpreted intrusion while exploring for gold. There is no outcrop in the area and the remanent zone of the interpreted

intrusion has not been drill tested.

Additional Work

Peak is continuing to progress towards its discovery strategy at Green Rocks (Figure 5). Upon the usecompletion of the Phase 2 air core program and processing of the Heli-EM, Peak geologists will be able to create a more detailed geological model using lessons learned from Rixon. This model will refine positioning of the ground geophysical survey to best map out disseminated sulphides and

confirm conductors. The detailed EM/IP program is expected to commence in Q2.

For further information please contact:

Jennifer Neild

Chief Executive Officer

Peak Minerals Limited

Tel: +61 8 6143 6740