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peel mining SEPTEMBER 2021 QUARTERLY REPORT LIMITED 29 OCTOBER 2021 HIGHLIGHTS FOR SEPTEMBER QUARTER 2021 Mallee Bull resource upgrade drilling ~ 75 % complete ; high - grade copper and very high- grade zinc - lead - silver mineralisation including : о о 36m @ 3.55 % Cu , 72g / t Ag from 345m in MBDD038 24.7m @ 4.33 % Cu , 33g / t Ag from 414.3m in MBDD048 57m @ 3.70 % Cu , 39g / t Ag from 614m in MBDD052 7.85m @ 17.72 % Zn , 18.13 % Pb , 127g / t Ag , 0.34 % Cu , 0.58g / t Au from 371.2m in MBDD046 Wirlong maiden resource definition drilling ~ 85 % complete ; further wide high - grade copper hits including : о 205m @ 1.4 % Cu , 3g / t Ag from 434m including : 161m @ 1.53 % Cu , 3g / t Ag from 434m including : • 7m @ 3.63 % Cu , 7g / t Ag from 458m • 9m @ 3.19 % Cu , 9g / t Ag from 475m • 11m @ 4.32 % Cu , 8g / t Ag from 501m • 10m @ 4.6 % Cu , 7g / t Ag from 584m ■ 16m @ 2.02 % Cu , 3g / t Ag from 622m in WLDD040 о о 22m @ 1.36 % Cu , 4g / t Ag from 256m in WLDD024 21m @ 1.31 % Cu , 6g / t Ag from 336m in WLDD022 Wirlong maiden mineral resource estimate anticipated for release Dec Qtr . Permitting and Pre - development studies continuing to focus on developing the Mallee Bull and Wirlong copper assets as a priority in accordance with the company's ' Copper First ' strategy Wirlong returns further outstanding metallurgical results from early testwork : о 95 % Cu recovery to 32 % Cu concentrate grade from Locked Cycle flotation Excellent ore - sorting results at Wirlong and Mallee Bull highlight pre - concentration potential Wirlong achieved high waste rejection of 35 % to 62 % with low copper losses of < 6 % Mallee Bull achieved high waste rejection of 17 % to 41 % with low copper losses of < 8 % PLANS FOR DECEMBER QUARTER 2021 • Continued resource definition drilling at Wirlong targeting growth and upgrade potential Continued resource infill drilling at Mallee Bull ahead of an upgrade to the current mineral resource estimate • Ongoing metallurgical and ore sorting testwork at Mallee Bull and Wirlong Continue REF permitting for Wirlong and Mallee Bull declines Progress the full concept study of the Company's development strategy across its South Cobar Project ( SCP ) assets Peel Mining Limited ACN 119 343 734 Unit 1 , 34 Kings Park Rd , West Perth , WA 6005. Ph : ( 08 ) 9382 3955. E : info@peelmining.com.au www.peelmining.com.au ASX : PEX