Peel Mining (PEX) Investor Update summary

Leadership and strategy update

• New managing director and CFO appointed, bringing proven track records in resource sector value creation.

• Board and management have been refreshed, with a strengthened balance sheet after a successful AUD 21 million capital raise.

• Mandate established to unlock latent value and pursue growth through exploration and regional consolidation.

Asset portfolio and project focus

• Holds a dominant land position in the Cobar Basin, with a high-grade resource base of 23 million tonnes across advanced projects.

• Three strategic pillars: South Cobar Copper Project (Mallee Bull and Wirlong), Southern Nights Complex (Wagga Tank and Southern Nights), and regional exploration.

• South Cobar Copper Project has 11.3Mt at 2.18% copper equivalent, with development to leverage existing regional processing infrastructure rather than building a new plant.

• Southern Nights Complex hosts nearly 10Mt at 8% zinc equivalent, with significant exploration upside and plans for renewed drilling.

Exploration and growth initiatives

• Ongoing drilling at Nombinnie and planned deeper drilling at May Day to test for gold extensions.

• AUD 4 million allocated to regional exploration over the next 12 months, targeting Cobar style and VMS systems.

• Track record of discovering 65% of the Cobar region’s resources over the past 13 years at low discovery cost.