Slide 1: Building a Resources Company – Copper Focused
D I G G E R S & D E A L E R S P R E S E N TAT I O N AUGUST 2025 BUILDING A RESOURCES COMPANY COPPER FOCUSED ASX: PEX
Slide 2: Important Notice Disclaimer
IMPORTANT NOTICE DISCLAMER These presentation materials and the accompanying verbal presentation (together, the Presentation Materials) have been prepared by Peel Mining Limited (Peel) as at 1st August 2025 and statements are current only as at that date. Information in the Presentation Materials re
Slide 3: Important Notice Disclaimer
IMPORTANT NOTICE DISCLAMER 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 ge
Slide 4: Market Capitalisation and Enterprise Value
12 MONTH SHARE GRAPH M A R K E T C A P I TA L I S AT I O N A N D E N T E R P R I S E VA L U E Market Details Units @ 6c Ordinary shares on issue m 581.1 Market Capitalisation $m ~34.9 Cash (30 June 2025) $m ~1.4 Enterprise Value $m ~33.5 S U B S TA N T I A L S H A R E H O L D E R S ( N O V 2 0 2 4 )
Slide 5: Quality Assets
QUALITY ASSETS ST RAT E GIC T E NURE I N T I E R 1 J URI SD I CTIONS • South Cobar Project (central western NSW): o MRE totaling 22.9Mt @ 1.03% Cu, 0.37g/t Au, 35g/t Ag, 0.72% Pb,1.45% Zn (2.20% CuEq1 for 500kt CuEq1). o ~2,764km2 of tenure containing 5 major deposits; numerous under/untested prospe
Slide 6: Cobar: A Hive of Activity
COBAR: A HIVE OF ACTIVITY 1 5 0 Y E A RS OF MI NI NG H I STORY • High-grade/long-life deposits; ongoing greenfields discovery success. • Major supplier of metals; FY2025 Cobar Basin mine production: o Cu - 63kt; Ag - 975koz; Au - 60koz; Zn - 16kt; Pb - 17kt1. • Established infrastructure: 5 operatin
Slide 7: Peel's Deposits – South Cobar Project
PEEL’S DEPOSITS – SOUTH COBAR PROJECT C RI T ICAL ME TA LS RI C H Mallee Bull Wirlong Wagga Tank Open Pit Southern Nights and Wagga Tank May Day Underground • Discovered 2011 • Discovered 2015 • Discovered 1970; Open Pit 2024 • Discovered 1898 • Southern Nights discovered 2017 • 7.01Mt @ 1.78% Cu, •
Slide 8: South Cobar Project
SOUTH COBAR PROJECT PFS L A RG ELY COMPLET E; WAG GA TA NK E VA LUAT ION UND E RWAY • PFS substantially complete for Mallee Bull and Wirlong underground mines supplying a standalone plant at Mallee Bull. • Discovery of Wagga Tank Open Pit mineralisation (late 2024) and completion of MRE (early 2025)
Slide 9: Mallee Bull
MALLEE BULL A DVA NCED H I G H -GRADE COPPER • One of Australia’s highest grade undeveloped copper deposits. • 125kt contained Cu, @1.78% Cu. • ~89% Indicated resource classification. • Situated on 20,000ac Peel-owned property. • Extensive flora, fauna and heritage surveys completed. • REF permit fo
Slide 10: Wirlong
WIRLONG A DVA NCED H I G H -GRADE COPPER • One of Australia’s highest grade undeveloped copper deposits. • 75kt contained Cu, @1.75% Cu. • ~60km by road from Mallee Bull on 12,500ac Peel-owned property. • ~59% of contained copper in Indicated resource classification. • Extensive flora, fauna and her
Slide 11: Wagga Tank
WAGGA TANK OPE N PI T TABLE COPPE R -G OLD-SI LV ER RE SOURC E • ~50km by road from Mallee Bull. • Mineralisation commences near surface and remains open down plunge and along strike. • Extensive flora, fauna and heritage surveys completed. • Metallurgical drilling completed; met testwork now underw
Slide 12: Southern Nights
SOUTHERN NIGHTS A DVA NCED Z I NC -LEAD -SILVER RI C H D E POSIT • ~50km by road from Mallee Bull on 2,650ac Peel-owned property. • ~62% of contained zinc in Indicated resource classification. • Extensive flora, fauna and heritage surveys completed. • Preliminary mine design and scheduling completed
Slide 13: May Day
MAY DAY OPE N PI T & UND E RG ROUND G OL D RE SOURC E • ~10km by road from Mallee Bull. • Situated on granted mining licence. • ~97% Indicated resource classification. • Concept pit optimisation studies completed. • Mineralisation remains open down plunge and along strike. • Untested >300m below sur
Slide 14: Peel's Exploration Delivers
PEEL’S EXPLORATION DELIVERS D RI LL , D I SCOVE R, D E LI VER • 4 major greenfields discoveries: o Mallee Bull (Cu-Ag-Au-Zn-Pb) in 2011. o Wirlong (Cu-Ag) in 2015. o Southern Nights (Zn-Pb-Ag-Cu-Au) in 2017. o Wagga Tank Open Pit (Cu-Au-Ag) in 2024. • ~A$0.10/lb CuEq cost of discovery. • FY2025 regi
Slide 15: Nombinnie
NOMBINNIE FORG OT TE N H I STORIC G OLD PROSPE C T • ~75km by road from Mallee Bull. • Mineralisation commences near surface; untested at depth. • Historic drilling at Nombinnie in 1980s1 returned numerous strong shallow gold intercepts, including: o 8m @ 2.14g/t Au from 4m in NP131. o 6m @ 3.55g/t
Slide 16: Beanbah
BEANBAH Beanbah oblique view looking NW – Mo ppm geochem over 0.06SI magnetic shell T I E R 1 TA RG ET WI T H IN SI G H T OF COBAR • 35km NE of CSA mine. • Historic workings, topographic high with strong hydrothermal alteration. • 100nT “bullseye” magnetic anomaly with semi-coincident gravity anomal
Slide 17: Broken Hill (Curnamona JV)
BROKEN HILL (CURNAMONA JV) H I G H I MPACT POT E NTIAL • 860km² in highly mineralised province. • Part of Curnamona JV (RHI earning 75% by spending $6.5m). • Tier 1 potential for stratiform zinc-lead-silver deposits and IOCG copper-gold. • Historic drill results include: o 2.02m @ 17.3% Zn, 5.9% Pb,
Slide 18: Anabama (Curnamona JV)
ANABAMA (CURNAMONA JV) H I G H I MPACT POT E NTIAL • 840km² in highly mineralised province. • Part of Curnamona JV (RHI earning 75% by spending $6.5m). • Hosts significant structurally controlled copper-gold mineralisation. • Historic drill results include: • 9m at 0.52% Cu, 1.8 g/t Au from 9m in AR
Slide 19: Investment Thesis
INVESTMENT THESIS ST RAT E GIC COPPE R RE SOURC E S I N T H E COBAR BA SI N • Quality assets: o Solid resource base of 22.9 Mt @ 2.20% CuEq1 for 500kt CuEq1. o ~67% Indicated resource classification. o Mallee Bull and Wirlong advanced; exploration declines approved. o Wagga Tank offers potential for
Slide 20: Thank You
THANK YOU F O R M O R E I N F O R M AT I O N , P L E A S E C O N TA C T U S O N ( 0 8 ) 9 3 8 2 3 9 5 5 O R V I S I T O U R W E B S I T E W W W. P E E L M I N I NG .CO M . A U ASX: PEX PEEL MINING LIMITED I ASX: PEX I WWW.PEELMINING.COM.AU 20
Slide 21: Competent Persons Statement
COMPETENT PERSONS STATEMENT The information in this report that relates to Exploration is based on information compiled by Rob Tyson who is a fulltime employee of the company. Mr Tyson is a member of the Australasian Institute of Mining and Metallurgy. Mr Tyson has sufficient experience of relevance
Slide 22: JORC Code Information – Copper Equivalent Calculation
JORC CODE INFORMATION COPPER E QUI VA LENT C A LCULAT ION • Copper Equivalent (CuEq) grades were calculated from the combined estimates for each deposit zone on the basis of the metal prices and overall metallurgical recoveries shown in Table A. Recoveries are supported by metallurgical testwork for
Slide 23: JORC Code Information – South Cobar MRE Table B
JORC CODE INFORMATION SOUT H COBAR PROJ E CT MRE A PRI L 2 0 2 5 Table B South Cobar Project Copper MREs as at April 2025 ($A80/t NSR cut-off) MRE Deposit Category Tonnes Cont Cu Cont Ag Cont Zn Cont Pb Cont Au Cu (%) Ag (g/t) Zn (%) Pb (%) Au (g/t) (kt) (kt) (moz) (kt) (kt) (koz) Ind 5,590 1.93 27
Slide 24: JORC Code Information – South Cobar MRE Table C
JORC CODE INFORMATION SOUT H COBAR PROJ E CT MRE A PRI L 2 0 2 5 Table C South Cobar Project Zinc-Lead-Silver MREs as at April 2025 ($A40/60/80/t NSR cut-off) MRE Deposit Category Tonnes Cont Cu Cont Ag Cont Zn Cont Pb Cont Au Cu (%) Ag (g/t) Zn (%) Pb (%) Au (g/t) (kt) (kt) (moz) (kt) (kt) (koz) In
Slide 25: JORC Code Information – South Cobar MRE Tables D and E
JORC CODE INFORMATION SOUT H COBAR PROJ E CT MRE A PRI L 2 0 2 5 Table D South Cobar Project Gold MRE as at April 2025 ($A40/50/80/t NSR cut-offs) MRE Deposit Category Tonnes Cont Ag Cont Au Cu (%) Ag (g/t) Zn (%) Pb (%) Au (g/t) Cont Cu (kt) Cont Zn (kt) Cont Pb (kt) (kt) (moz) (koz) OP Ind 970 - 2