Peel Mining Ltd. reported updated Indicated & Inferred Mineral Resource Estimates for its 100% owned South Cobar Project, centred around 100km south of Cobar in Western NSW. The MREs provide Peel with an excellent foundation to undertake mining studies and continue permitting for exploration declines. 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.

Peel was initially attracted to the Cobar area in 2010 by the presence of world-class, high-grade, and long-life base and precious metals rich deposits as demonstrated by the CSA, Peak and Elura/Endeavor mines. Since Peel's entry into the Cobar district, the Company has aggregated more than 3,000km 2 of tenure and defined significant mineral systems at Mallee Bull, Wirlong, Southern Nights-Wagga Tank and May Day. During this time, Peel has completed more than 334km of drilling across its Cobar project holdings, including about 289km of diamond and RC drilling.

The bulk of this drilling, totalling about 249km of diamond and RC drilling, was in the general area of the South Cobar Project MREs. Most of the Peel's activity in 2022 was aimed at upgrading the Company's copper resources, particularly Wirlong, where infill and extensional drilling results and updated modelling has yielded a considerable improvement to that deposit's contained copper and MRE classification. Notably, drilling focussed on the key MBX lens which delivered increases in the quantity of contained copper, up 29%, and the relative proportion of Indicated-classified Resource tonnes from 33% to 82%, from the maiden November 2021 MRE2.

Recent Wirlong drilling has also identified a significant halo of stockwork copper mineralisation which remains unconstrained, and which will be subject to future drilling to determine its full potential. 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. 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 AUD 80/t NSR cut off with a minimum mining width of three metres and include internal dilution.

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.