Taruga Minerals : Peak Minerals to fast-track exploration at Meekatharra JV

• Follow up sampling and additional drilling at Target C returned:

o 18m @ 0.39% Ni from 73m including 6m @ 0.56% Ni from 73m (GRAC0022) o 9m @ 0.44% Ni from 72m including 4m @ 0.52% Ni (GRAC0041)

• One hole at Target B intersected a stringer of pyrrhotite-chalcopyrite in fresh rock

• A Moving Loop Electromagnetic Survey (MLEM) will be completed over Target B in May

Peak Minerals Limited (ASX: PUA) (Peak or the Company) is pleased to share assay results from our Phase 2 air core drill program. The program confirmed the presence of intrusions at Tal Val, Target C and Target B. At Target B, broad zones of highly encouraging nickel intercepts were identified below the regolith/fresh rock interface. One hole intersected a stringer of pyrrhotite and chalcopyrite mineralisation in fresh rock (Figure 1).

ForA previously unidentified, highly conductive body has been modelled from the Helicopter-Borne Electromagnetics (Heli-EM) 250m below surface. Logged ultramafic lithologies are associated with nickel anomalism and occur above the EM anomaly. Identifying conductors in electromagnetics is a key step in the detection of Ni-Cu mineralisation. At Target C, a step out hole was completed to confirm highly anomalous Ni values from the Phase 1 program udertaken, such as 6m @ 0.56% Ni. The Phase 2 follow up hole intersected similar lithologies and nickel anomalism of 4m @ 0.52% Ni. Drilling at Tal Val confirms a complex system with peridotite, pyroxenite and gabbro present with zones of minor copper anomalism and elevated nickel values associated with pyroxenite.

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

onlyuseFigure 1: GRAC0042 at 79m. 2mm stringer of pyrrhotite (dark brown) with minor chalcopyrite (bright yellow).

Peak's CEO, Jennifer Neild commented:

"Given all that we've learned about Lady Alma and Rixon in the last 9 months, we're happy to explore

this new target more aggressively. We received assays back within 6 weeks of drilling which confirmed personalultramafic intrusives and nickel anomalism above a very large, strong EM conductor. The isolated conductor and presence of sulphides is enough for us to go right to MLEM and book the drill rig in. It's

not often you get to move so quickly on a target, but this goes to show that we have a better understanding of the Lady Alma system."

1,810m of air core drilling was completed at Tal Val, Target B and Target C at the end of March. The program confirmed prospective geology and geochemistry at Target B, a magnetics anomaly completely covered by transported material. Two holes, GRAC0037 and GRAC0038, intersected broad zones of nickel anomalism from the saprolite through into fresh rock. Sulphide mineralisation was not intersected, and the nickel anomalism is related to a greenish clay, likely nontronite in the saprolite which extends along fractures into fresh rock. Nickel bearing clays are often found as part of the alteration of high magnesium ultramafic lithologies in regolith or can also be found in the saprolite zone as part of a nickel laterite system. In GRAC0042, a small stringer of chalcopyrite and pyrrhotite mineralisation was intersected (Figure 1).

Target B is part of an earn-in agreement with Taruga Minerals Limited (ASX: TAR) to acquire 80% Forof E51/1832. Target B was initially interpreted by Peak geologists as an intrusion from magnetics, potentially part of the Lady Alma Igneous Complex (Figure 2). The Heli-EM or XciteTM survey has identified an isolated conductive feature of similar size to this interpreted intrusion. The result showed a highly conductive, late-time EM anomaly (Figure 3). Geophysical inversion provided a target approximately 500m x 300m at a depth of 250m. The target remains untested below 100m

(Figure 4).

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personalForFigure 2: Overview of the Targets drilled as part of Phase 2 Air Core Program. The white line is the outline of the closeup area in Figure 3.

A MLEM survey is set to begin to follow Heli-EM conductors at Target B, Rixon and Lady Alma. A drill rig is planned to arrive in June targeting the conductors at 250m. Further heritage surveys have been completed, allowing a step to the south to better target conductors.

Drilling at Tal Val shows a complex system with peridotite, pyroxenite and gabbro present with zones of minor copper anomalism and elevated nickel values associated with pyroxenite. Further lithogeochemical analysis is required to assess the prospectivity of Tal Val in comparison to other intrusions within the Green Rocks Project and will refine the mineralisation model.