Peel Mining : Diggers & Dealers 2022 Investor Presentation

PEEL MINING LIMITED - ASX: PEX

DIGGERS AND DEALERS CONFERENCE AUGUST 2022

INVESTOR PRESENTATION

IMPORTANT NOTICE DISCLAIMER

IMPORTANT NOTICE DISCLAIMER

These presentation materials and the accompanying verbal presentation (together, the Presentation Materials) have been prepared by Peel Mining Limited (Peel) as at 28 June 2022 and statements are current only as at that date. Information in the Presentation Materials remains subject to change without notice. Peel has no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this document, which may affect any matter referred to in this document. By receiving the Presentation Materials, you acknowledge and represent to Peel that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of these Presentation Materials to obtain all necessary approvals to receive these Presentation Materials and receipt of the Presentation Materials will be taken by Peel to constitute a representation and warranty that all relevant approvals have been obtained.

Not an offer

These Presentation Materials are for information purposes only. The Presentation Materials do not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation Materials also do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, these Presentation Materials do not constitute an offer to sell or a solicitation to buy, securities in the United States of America.

Summary Information

The Presentation Materials do not purport to be all inclusive or to contain all information about Peel or any of the assets, current or future, of Peel. The Presentation Materials contain summary information about Peel and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in Peel or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America.

While reasonable care has been taken in relation to the preparation of the Presentation Materials, none of Peel or its directors, officers, employees, contractors, agents, or advisers nor any other person (Limited Party) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this document. No Limited Party represents or warrants that this document is complete or that it contains all information about Peel that a prospective investor or purchaser may require in evaluating a possible investment in Peel or acquisition of shares in Peel. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

Confidential information

The Presentation Materials are strictly confidential and are intended for the exclusive benefit of the persons to whom they are given. The Presentation Materials may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express written consent of Peel. By receiving this document, you agree to keep the information confidential, not to disclose any of the information contained in this document to any other person and not to copy, use, publish, record or reproduce the information in this document without the prior written consent of Peel, which may be withheld in its absolute discretion.

Mineral resources reporting of Peel

The Presentation Materials contain estimates of Peel's mineral resources.

The information in the Presentation Materials that relates to the mineral resources of Peel has been extracted from Peel's previous ASX announcements, including the following:

• 17 July 2017 - Mallee Bull Resource grows by 65% to 175,000 CuEq
• 26 March 2020 - Substantial resource upgrade for Southern Knights
• 16 December 2020 - May Day inferred Mineral Resource estimate
• 31 March 2021 - May Day indicated Mineral Resource estimate
• 29 November 2021 - High grade Maiden Copper Resource at Wirlong

Copies of these announcements are available at www.asx.com.au or https://www.peelmining.com.au/site/investor-centre/asx-announcements. Peel confirms that it is not aware of any new information or data that materially affects the information included in those announcements and, in relation to the estimates of Peel's mineral resources, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. Peel confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

Please also see the additional disclosures (about mineral resources reporting, and associated JORC requirements) included in slides at the end of the Presentation Materials titled "JORC Code Information" and "Competent Persons Statement".

IMPORTANT NOTICE DISCLAIMER

Industry data

Certain market and industry data used in connection with or referenced in the Presentation Materials may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Peel nor its advisers, or their respective representatives, have independently verified any such market or industry data. In the case of Cobar VMS Deposits mine life and reserves has been compiled from the latest Resources and Reserves statement lodged by the holding company, accessed via their website.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in the Presentation Materials are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the Presentation Materials.

Financial data

All dollar values are in Australian dollars ("$" or "A$" or "AUD") unless stated otherwise.

Past performance

Past performance metrics and figures (including past share price performance of Peel), as well as pro forma financial information, included in the Presentation Materials are given for illustrative purposes only and should not be relied upon as (and is not) an indication of Peel's or any other Limited Party's (as defined below) views on Peel's future financial performance or condition or prospects. Investors should note that past performance of Peel, including in relation to the historical trading price of Peel shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future Peel performance, including the future trading price of shares. The historical information included in the Presentation Materials is, or is based on, information that has previously been released to the market.

Future performance and forward looking statements

The Presentation Materials contain forward looking statements about Peel. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding Peel's intent, belief or expectations, plans, strategies and objectives of management, future anticipated exploration and project development, production or construction commencement dates, expected costs or production outputs for Peel (based on, among other things, estimates for the periods specifically referred to in the Presentation Materials), the outcome and effects of the Offer and the future operations of Peel. To the extent that these materials contain forward looking information, the forward looking information is subject to a number of risk factors, including those generally associated with the mining industry. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated (refer to the "Key Risks" section of the Presentation Materials). These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic factors, increased capital costs and operating costs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits, diminishing quantities or grades of reserves and the ability to exploit successful discoveries), general mining and development operation risks, closure and rehabilitation risks, changes to the regulatory framework within which Peel operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel, industrial relations issues and litigation.

Any such forward looking statements are also based on assumptions and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider the forward looking statements contained in the Presentation Materials in light of those disclosures and not place undue reliance on such statements (particularly in light of the current economic climate and significant volatility, uncertainty and disruption caused by the COVID-19 pandemic and war in Ukraine). The forward looking statements in the Presentation Materials are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Peel. The forward looking statements are based on information available to Peel as at the date of the Presentation Materials. Except as required by law or regulation (including the ASX Listing Rules), Peel undertakes no obligation to provide any additional or updated information, whether as a result of new information, future events or results or otherwise. Investment risk

The Presentation Materials are not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision.

As noted above, an investment in shares in Peel is subject to investment and other known and unknown risks, some of which are beyond the control of Peel. Peel does not guarantee any particular rate of return or the performance of Peel, nor does it guarantee the repayment of capital from Peel or any particular tax treatment. Prospective investors should have regard to the risks outlined in the Presentation Materials , including the "Key Risks" section, when making their investment decision and should make their own enquires and investigations regarding all information in the Presentation Materials, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Peel and the impact that different future outcomes may have on Peel. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Peel in the future. There is no guarantee that the shares in Peel will make a return on the capital invested, that dividends will be paid on the shares in Peel or that there will be an increase in the value of the shares in Peel in the future. Accordingly, an investment in the Peel should be considered highly speculative and potential investors should consult their professional advisers before deciding whether to acquire shares in Peel.

INVESTMENT HIGHLIGHTS

Peel's high-grade copper resources underpinning a copper-first strategy

• Focused on the Cobar Basin; one of the richest base metal regions in Australia
• Consolidation of assets has accelerated resource growth
• Peel's 3,200km2 of tenure is the largest holding in the Basin with 4 significant base metal discoveries
• • Priority focus on copper growth with Mallee Bull (6.8Mt @ 1.8% Cu, 31g/t Ag) and Wirlong (2.5Mt @ 2.4% Cu, 9 g/t Ag)
  • Excellent brownfields and greenfields growth potential
• Copper resource growth drilling program underway at Wirlong
• Primary aim to define mining inventory for 10-yearcopper-firststand-alone operation
• Pre-developmentactivities including permitting and mining studies underway
• Combined 32,000-acre landholdings over Mallee Bull and Wirlong significantly de-risk project advancement

COPPER - THE MOST CRITICAL OF METALS

Wood Mackenzie1: "COP26 will ensure demand - but what about supply?"

29 Cu

Copper

63.546

1. https://www.woodmac.com/news/opinion/cop26-will-ensure-metal-demand--but-what-about-supply
2. Copper Balance Chart - courtesy Trafigura Research "Copper Market Update" June 2022