Peel Mining (PEX) Q3 2025 TU earnings summary

Executive summary

• Wagga Tank resource upgraded to 3.56Mt at 0.59% Cu, 0.63g/t Au, 33g/t Ag, 0.64% Pb, 0.70% Zn (1.82% CuEq), adding 21.1kt Cu, 72.5koz Au, 3.77Moz Ag, 22.9kt Pb, 24.9kt Zn to resources.

• South Cobar Project global resource base increased to 22.91Mt containing 235kt Cu, 271koz Au, 25.4Moz Ag, 166kt Pb, 331kt Zn.

• Pre-feasibility study (PFS) for South Cobar Copper Project nearly complete, with Wagga Tank resource to be incorporated for potential capex and timeline benefits.

• $2.62M cash at bank at quarter end; NSW government contributed $500,000 to PFS funding.

Financial highlights

• Cash and cash equivalents at quarter end: $2.62M, down from $3.67M previous quarter.

• Net cash used in operating activities: $(417)k for the quarter, $(1.38)M for nine months.

• Net cash used in investing activities: $(627)k for the quarter, $(2.27)M for nine months.

• Payments to directors during the quarter totaled $212,905, including superannuation.

Outlook and guidance

• Wagga Tank resource to be evaluated in PFS, potentially reducing upfront capital and development time.

• Further drilling and metallurgical testwork planned at Wagga Tank to extend and define resources.

• Exploration at Chuchi and Curnamona projects ongoing, with new drilling and soil sampling programs.