Earnings release
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Peel Mining Limited P: (08) 9382 3955 E: info@peelmining.com.au Unit 1, 34 Kings Park Road, West Perth WA 6005 ACN 119 343 734 PO Box 849, West Perth WA 6872 www.peelmining.com.au DECEMBER 2024 QUARTERLY REPORT 31st JANUARY 2025 HIGHLIGHTS FOR DECEMBER QUARTER 2024 ➢ Phase 2 RC Drilling at Wagga Tank successfully intersects very high grade mineralisation; ➢ High grade intercepts include: o 119m @ 3.17% Cu, 1.49g/t Au, 15g/t Ag from 57m (WTRC279)* o 20m @ 800g/t Ag, 4.02g/t Au,1.59% Cu, 2.26% Pb, 0.70% Zn from 120m (WTRC273) o 44m @ 4.78% Zn, 3.78% Pb, 1.11% Cu, 57g/t Ag, 0.62g/t Au from 166m (WTRC270) o 28m @ 5.49% Zn, 4.23% Pb, 0.58% Cu, 59g/t Ag, 0.53g/t Au from 176m (WTRC271) o 16m @ 626g/t Ag, 0.43g/t Au,0.31% Cu from 74m; and o 40m @ 2.05% Cu, 125g/t Ag, 1.12g/t Au, 5.64% Pb, 0.98% Zn from 98m (WTRC280)* o 33m @ 1.43% Cu, 0.63g/t Au, 14g/t Ag from 75m; and o 34m @ 1.14% Cu, 0.97g/t Au, 22g/t Ag, 1.53% Pb, 0.89% Zn from 122m (WTRC278)* o 13m @ 2.41g/t Au, 15g/t Ag from 16m; and o 18m @ 2.36% Cu, 0.11g/t Au, 10g/t Ag from 87m (WTRC277)* ➢ All Wagga Tank mineralisation styles intersected: oxide gold and silver; oxidised supergene copper-gold-silver; sulphide supergene copper-lead-silver-gold; and sulphide zinc-lead-copper-silver-gold; ➢ The numerous intercepts of strong oxide and supergene -style mineralisation, at relatively shallow depths and predominantly outside of the existing mineral resource, demonstrate the potential for adding significant new resources within open -pittable depths; ➢ Field w ork commence d on the Curnamona Project (Red Hill Minerals manager and earning 75%) including completion of a 1875 line kilometre airborne magnetotelluric (T) survey cover the northern Broken Hill Project tenements. ➢ $3.67M cash at bank at the end of the quarter. * Denotes vertically drilled hole. ASX: PEX For personal use only
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www.peelmining.com.au Page 2 EXPLORATION ACTIVITIES Wagga Tank Supergene-Oxide Copper-Gold The Wagga Tank -Southern Nights deposit is located within Peel’s 100% -owned EL6695 (Wagga Tank) tenement, ~130km south of Cobar. Wagga Tank-Southern Nights represents a major polymetallic VMS-style mineral system and has combined Indicated-Inferred Resources of 6.83Mt @ 3.92% Zn, 1.52% Pb, 0.24% Cu, 62g/t Ag and 0.30g/t Au1 and forms an important part of Peel’s South Cobar Project. The Company recently completed its Wagga Tank Phase 2 drill program, which consisted of 11 RC drillholes (7 angled and 4 vertical) for 1,920m. Phase 1 drilling, undertaken in the September quarter 2024 comprised of 15 vertical RC drillholes for 2,2 48.5m and confirmed the presence of strong oxide gold and silver, oxidised supergene copper, sulphide supergene copper-silver, and new primary sulphide (lead -zinc- copper-silver-gold) mineralisation. Importantly in Phase 2 substantial intercepts of all mineralisation styles were intersected; including oxide gold and silver; oxidised supergene copper -gold-silver; sulphide supergene copper -lead-silver-gold; and sulphide zinc-lead-copper-silver-gold. Exceptional assays results reported post quarter’s end include: WTRC273 o 20m @, 4.02g/t Au, 800g/t Ag 1.59% Cu, 2.26% Pb, 0.70% Zn from 120m including: o 10m @, 6.72g/t Au. 1,443g/t Ag 2.77% Cu, 2.63% Pb, 1.04% Zn from 121m. WTRC280 o 16m @ 626g/t Ag, 0.43g/t Au,0.31% Cu from 74m including: o 40m @ 2.05% Cu, 125g/t Ag, 1.12g/t Au, 5.64% Pb, 0.98% Zn from 98m including: o 5m @ 6.03% Cu, 608g/t Ag, 1.17g/t Au, 14.69% Pb, 0.18% Zn from 98m. WTRC279 o 119m @ 3.17% Cu, 1.49g/t Au, 15g/t Ag from 57m including: o 15m @ 9.65% Cu, 2.96g/t Au, 77g/t Ag from 64m; and o 22m @ 7.28% Cu, 2.67g/t Au, 16g/t Ag from 87m. WTRC270 o 44m @ 4.78% Zn, 3.78% Pb, 1.11% Cu, 57g/t Ag, 0.62g/t Au from 166m including: o 9m @ 14.09% Zn, 13.23% Pb, 0.32% Cu, 172g/t Ag, 0.48g/t Au from 166m; and o 12m @ 2.39% Cu, 1.13g/t Au, 16g/t Ag, 4.39% Zn 1.34% Pb from 184m. WTRC271 o 28m @ 5.49% Zn, 4.23% Pb, 0.58% Cu, 59g/t Ag, 0.53g/t Au from 176m including: o 10m @ 10.48% Zn, 8.24% Pb, 0.53% Cu, 104g/t Ag, 0.87g/t Au from 177m. WTRC277 o 13m @ 2.41g/t Au, 15g/t Ag from 16m; and o 18m @ 2.36% Cu, 0.11g/t Au, 10g/t Ag from 87m. WTRC278 o 33m @ 1.43% Cu, 0.63g/t Au, 14g/t Ag from 75m; and o 34m @ 1.14% Cu, 0.97g/t Au, 22g/t Ag, 1.53% Pb, 0.89% Zn from 122m. 1 – Complete details of the Mineral Resource and associated Competent Persons Statements were published in ASX announcement dated 9 January 2023 titled “20Mt Resource Base for South Cobar Project”. Peel is not aware of any new information or data that mater ially affects the information included in that Mineral Resource, and that all assumptions and technical parameters underpinning the estimates continue to apply and there have been no adverse material changes. See Table 4 below. For personal use only
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www.peelmining.com.au Page 3 WTRC270 was drilled to follow up vertical hole WTRC255 (Phase 1) , which intersected new sulphide mineralisation outside the current resource. The hole was successful and intersected 44m (true width 24m) of mineralisation. This intersection is ~20m to the west and outside of the current Wagga Tank/Southern Nights resource model. WTRC271, intersected similar tenor mineralisation 25m to the north, extending this mineralisation. Supergene and oxide style mineralisation is currently defined over ~220m strike, with oxide gold occurring within 5m of surface; oxide supergene silver and gold occurring within ~60m of surface; sulphide supergene copper-silver within ~100m of surface; and primary sulphides from ~120m below surface. Final assay results were also received for WTRC255, which had to undergo gravimetric assaying on high grade silver samples. The final results were reported post quarter’s end and were 2m @ 6,621g/t Ag, 6.45% Cu, and 1.54g/t Au from 112m downhole. WTRC273 intersected similar supergene mineralisation at approximately the same RL, 45m to the north -east. The intercepts have ~45m spatial separation with no drilling in between. Early in the quarter, the Company completed a Mis e-A-La-Masse (M ALM) geoph ysical survey over the Wagga Tank area. The survey results highlighted resistivity and chargeability anomalies indicating potential mineralisation extensions, primarily to the north of the recently completed drilling. The MALM results in combination with other geophysical data, as well as learnings from Phase 1 of the local geology was used to guide Phase 2 drill program design. Figure 1 - Wagga Tank Southern Nights For personal use only
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www.peelmining.com.au Page 4 Wagga Tank Formation Sediments Vivigani Formation Volcanics Figure 2 - Wagga Tank Drilling Plan For personal use only
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www.peelmining.com.au Page 5 Figure 3 - Wagga Tank Section For personal use only
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www.peelmining.com.au Page 6 Nombinnie Prospect As part of the ongoing regional exploration and target generation activities, field work was undertaken on the Nombinnie prospect 23km South East of Wagga Tank Southern Nights . Nombinnie was explored for gold at the turn of the 20th century, and for base metals during the 1970’s and 1980’s. The prospect is interpreted to lie on a volcanic/sedimentary contact within the Mt Halfway Volcanics of the Mount Hope Group proximal to contact with the Broken Range Group. Historic RC and diamond drilling at the prospect returned significant intercepts of base metals and gold confirming the prospect as highly prospective. During the previous quarter, mapping of the area was conducted and nine rock chip samples were collected and sent for lab assay (ME-MS61), sample locations and their corresponding results can be seen in Table 3. Notable high-grade Au results (up to 53.2g/t) were returned for several samples along with low grade and anomalous base metals (up to 2.0% Pb, 0.57% Cu and 0.28% Zn) and the presence of strong mineral system pathfinder elements (up to 5150ppm As, 27.6ppm Bi, 1.3ppm In, 112ppm Mo, 2550ppm Sb and 8.68ppm Tl) were identified. Planning for geophysics over the area is underway and approvals for drill testing are being sought. Figure 4 - Nombinnie Rockchip Results For personal use only
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www.peelmining.com.au Page 7 Curnamona Project – Farm in Agreement Peel’s Curnamona Project is currently under a Farm-in & Joint Venture agreement with Red Hill Minerals Limited (ASX: RHI) (Red Hill). The agreement allows Red Hill to earn a 75% interest in the Curnamona Project (consisting of the Broken Hill and Anabama Projects) through spending $6.5 million on exploration over a period of up to 5 years. Red Hill must incur a minimum of $1.5 million on in -ground expenditure over the initial 24 months of the farm-in period before it is entitled to withdraw. During the quarter, Red Hill completed an 1,875 line kilometre airborne magnetotelluric (MT) survey over the northern Broken Hill Project tenements. At the time of reporting analysis was still pending. The datasets will assist with assessing cover thicknesses, mapping structural geology at depth and will feed into target modelling and drillhole planning. An orientation soil sampling program was completed with 161 samples collected to replicate / twin previous results, to assess sampling limitations and compare new sampling methods . Assays are expected to be returned early in the next quarter. Several site visits were conducted during the quarter, to engage with the community and undertake early- stage field reconnaissance. At the Anabama Project, field reconnaissance was conducted, and a review of surrounding copper, gold and uranium deposits and prospects was completed to assist with initial targeting. Heritage agreement negotiations with the Wilyakali Native Title Aboriginal Corporation are also being initiated. Figure 5 - Broken Hill MT Survey and Soils For personal use only
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www.peelmining.com.au Page 8 PRE-DEVELOPMENT ACTIVITIES PRE-FEASIBILTY STUDY WORK During the quarter work continued on the Company’s South Cobar Copper Project pre -feasability study, which is focused on the development and mining of the Mallee Bull and Wirlong copper projects. with investigations into, and evaluations of, alternative processing solutions to building a new Standalone processing plant at Mallee Bull continued. The NSW governement Critical Mineral Fund conditions on their contribution of $500,000 towards the cost of the PFS are in the process of being finalised. ENVIRONMENT AND PERMITTING Review of Environmental Factors (REF) for Wirlong The Company was advised by the Resource Regulator on 29th October 2024 that approval had been granted for an exploration decline and underground drilling at the Wirlong Exploration Project. The Wirlong Exploration Project is located approximately 16 km west of Nymagee, NSW and approximately 80 km south, southeast of Cobar. The Exploration Project approval provides for the: • Construction of a box cut with a maximum depth of approximately 12 metres below ground level (mbgl) to enable access for the development of a decline to conduct underground exploration activities. • Construction of an exploration decline with a maximum depth of 400mbgl to provide access for underground exploration activities. • Storage of waste rock extracted during decline development. • Construction of associated surface infrastructure to support underground exploration activities including: – a ventilation rise; – a second means of egress; – a workshop, store and administration area; potentially acid forming and non-acid forming material stockpiles; – growth medium and cleared vegetation stockpiles; – a ROM Pad (also to be used as a laydown yard); – a magazine; – water management infrastructure including, water storage dams, settling ponds, groundwater source access and related infrastructure, and water diversion bunds / drains; – a Site Access Road, internal haul roads, and internal access roads. • Exploration drilling of the Wirlong deposit from underground. • Rehabilitation of the Exploration Project Area. The Company is proceeding to prepare environmental management plans, as per the approval conditions, and other post approval requirements for the project. For personal use only
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www.peelmining.com.au Page 9 Purchase of Vivigani Station The Company’s has contracted to purchase 1,060 hectares of Vivigani Station, covering the Southern Nights portion of the Wagga Tank-Southern Nights prospect. The Company has finalised the subdivision and is completing documentation with the vendor for the settlement of the purchase , expected to occur in the current quarter. CORPORATE At the end of the quarter , the Company had $3.667 million cash at bank. Included in the Appendix 5B – Section 6 are amounts paid to the Directors of the Company during the June quarter totalling $253,035 comprising of remuneration payments to the Directors, including superannuation. This announcement has been authorised by the Chairman of the Board of Directors of the Company. For further information, please contact: Rob Tyson – Peel Mining Limited – Executive Director – Technical: +61 (0)420 234 020 Ryan Woodhouse – Peel Mining Limited – Company Secretary: (08) 9382 3955 For personal use only
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www.peelmining.com.au Page 10 COMPETENT PERSON STATEMENT The information in this report that relates to Exploration Results is based on information compiled by Mr 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 to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Tyson consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures. The information in this announcement that relates to Mineral Resource estimates is based on information compiled by Mr Jonathon Abbott, who is a Member of The Australian Institute of Geoscientists. Mr Abbott is a director of Matrix Resource Consultants Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Cod e for Reporting Exploration Results, Mineral Resources and Ore Reserves”. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Past Exploration results and Mineral Resource Estimates reported in this announcement have been previously prepared and disclosed by Peel Mining Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement, and all material assumptions and technical parameters underpinning Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. Refer to www.peelmining.com.au for details on past exploration results and Mineral Resource Estimates. This release may include aspirational targets. These targets are based on management’s expectations and beliefs concerning future events as of the time of the release of this document. Targets are necessarily subject to risks, uncertainties and oth er factors, some of which are outside the control of Peel Mining that could cause actual results to differ materially from such statements. Peel Mining makes no undertaking to subsequently update or revise the forward-looking statements made in this release to reflect events or circumstances after the date of this release. For personal use only
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www.peelmining.com.au Page 11 DRILL HOLES DRILLED IN THE QUARTER ENDED 31 DECEMBER 2024 Table 1: Wagga Tank Oxide/Supergene Drillhole Locations Hole ID Easting Northing Dip Final Depth (m) Status WTRC270 378711 6387593 -60 210 Completed WTRC271 378735 6387623 -60 222 Completed WTRC272 378763 6387652 -60 228 Completed WTRC273 378783 6387582 -70 180 Completed WTRC274 378814 6387612 -70 180 Completed WTRC275 378820 6387555 -60 120 Completed WTRC276 378818 6387607 -62 126 Completed WTRC277 378789 6387494 -90 138 Completed WTRC278 378775 6387504 -90 192 Completed WTRC279 378760 6387463 -90 186 Completed WTRC280 378752 6387478 -90 138 Completed Table 2: Wagga Tank Oxide/Supergene Drilling Significant Assays Hole ID Style From (m) To (m) Width (m) Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t) WTRC270 Sulp 166 210 44 1.11 3.78 4.76 57 0.62 Incl. Sulp 167 172 5 0.27 20.29 22.17 267 0.55 And incl. Sulp 184 198 14 2.24 1.20 3.89 41 1.09 And incl. Sulp 203 207 4 1.62 0.33 0.66 17 1.19 WTRC271 Sulp 176 187 11 0.41 7.98 9.66 102 0.82 And Sulp 187 204 17 0.58 1.78 2.79 30 0.35 And Sulp 209 212 3 0.11 0.79 1.74 23 0.41 WTRC272 Sulp 187 198 11 0.04 0.71 0.15 4 0.22 Incl. Sulp 187 189 2 0.18 0.84 0.56 12 0.06 And Sulp 214 216 2 0.01 0.05 0.05 18 0.72 WTRC273 Sulp Super 120 140 20 1.59 2.26 0.70 800 4.02 Incl. Sulp Super 121 124 3 2.47 2.41 0.17 1421 2.55 And incl. Sulp Super 125 130 5 3.74 2.97 1.39 1878 11.19 And Sulp 140 156 16 0.17 0.37 0.08 17 0.68 And Sulp 161 168 7 0.13 1.25 1.44 11 0.11 WTRC274 Sulp 126 129 3 1.12 0.51 0.56 58 0.05 Incl. Sulp 128 129 1 2.90 0.30 1.03 106 0.09 And Sulp 152 155 3 - 0.56 0.20 51 0.03 And Sulp 159 168 9 0.03 0.47 0.94 6 0.07 WTRC275 Ox Super 107 111 4 0.67 0.04 - 66 0.33 And Sulp Super 111 116 5 1.30 0.03 - 23 0.22 WTRC276 Sulp 113 126 13 0.04 0.27 0.09 10 0.10 Incl. Sulp 113 117 4 0.08 0.28 0.05 23 0.17 WTRC277 Ox/Gossan 16 29 13 0.09 1.31 0.04 15 2.41 And Ox/Gossan 29 42 13 0.12 2.41 0.06 13 0.21 And Ox Super 83 85 2 0.11 0.22 0.01 1 3.43 For personal use only
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www.peelmining.com.au Page 12 Hole ID Style From (m) To (m) Width (m) Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t) And Ox Super 87 93 6 3.72 0.11 0.01 29 0.14 And Sulp Super 93 105 12 1.68 0.11 - 1 0.1 WTRC278 Ox/Gossan 42 63 21 0.02 0.50 0.01 1 0.53 And Mixed 75 108 33 1.37 0.77 0.10 14 0.63 Incl. Ox Super 74 84 10 0.72 1.91 0.19 5 0.07 And incl. Sulp Super 84 94 10 2.15 0.65 0.14 30 1.55 And Sulp 117 183 66 0.78 1.13 0.75 16 0.68 Incl. Sulp 122 156 34 1.14 1.53 0.89 22 0.97 WTRC279 Mixed 57 177 119 3.17 0.38 0.11 15 1.49 Incl. Ox Super 64 79 14 10.34 1.66 0.12 82 3.33 And incl. Ox Super 87 93 6 6.34 0.18 0.04 49 8.7 And incl. Ox Super 93 98 5 9.84 0.08 0.07 3 1.05 And incl. Sulp Super 98 108 10 6.93 0.12 0.02 3 0.36 WTRC280 Ox/Gossan 18 24 6 0.05 0.94 0.02 7 1.13 And Ox/Gossan 47 54 7 0.02 0.14 0.02 2 0.69 And Ox Super 74 90 16 0.31 2.56 0.06 626 0.43 Incl. Ox Super 77 79 2 0.30 6.99 0.07 >3000* 0.99 And Mixed 98 138 40 2.05 5.64 0.98 125 1.12 Incl. Sulp Super 98 103 5 6.03 14.69 0.18 608 1.17 And incl. Sulp Super 106 122 16 1.49 8.14 2.05 93 1.88 * Ag results remain unfinalised at time of reporting with silver by fire assay with gravimetric finish underway. Legend: NA = not assayed; Ox = oxide; Ox Super = oxidised supergene; Sulp Super = sulphide supergene; Sulp = sulphide. For personal use only
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www.peelmining.com.au Page 13 Rockchips returned from during the Quarter ended 31 December 2024 Table 3: Nombinnie Prospects Rock Chips Mineral Resources referred to in this Quarterly Table 4: Wagga Tank/Southern Nights Resource as reported at 9th January 2023 Deposit MRE Category South Cobar Project Zinc-Lead MREs as at January 2023 ($A80/t NSR cut-off) Tonnes (kt) Cu (%) Ag (g/t) Zn (%) Pb (%) Au (g/t) Cont Cu (kt) Cont Ag (moz) Cont Zn (kt) Cont Pb (kt) Cont Au (koz) WT-SN Ind 3,790 0.23 68 4.39 1.72 0.31 8.7 8.3 166 65 38 Inf 3,040 0.26 55 3.34 1.28 0.28 7.9 5.4 102 39 27 Total 6,830 0.24 62 3.92 1.52 0.30 16.4 13.6 268 104 66 SAMPLE_ID EASTING NORTHING Au_g/t Ag_g/t As_PPM Bi_PPM Cu_PPM Pb_PPM Sb_PPM Tl_PPM Zn_PPM 50721 387863.1 6365641 53.2 0.7 3970 1.71 5560 1895 682 0.58 44 50722 387857.6 6365630 0.621 0.66 1925 0.28 5730 4400 209 0.14 1495 50723 387868.6 6365635 0.775 1 1830 0.18 596 2570 2550 0.61 566 50724 387868.6 6365654 0.074 0.21 218 0.94 121.5 625 44.9 3.12 45 50725 387774.3 6365822 20.7 7.16 5150 0.27 1230 20400 1350 8.68 2840 50726 387759.1 6365812 1.405 0.61 280 0.12 535 738 39.9 0.49 204 50727 387887.2 6365564 0.056 0.77 894 0.92 340 878 290 4.23 2200 50728 387911 6365705 39.3 1.22 3220 27.6 3330 5960 463 0.64 1365 50729 388010.9 6365723 0.506 0.22 218 0.89 209 679 32.6 0.71 161 For personal use only
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www.peelmining.com.au Page 14 PEEL MINING LIMITED TENEMENT HOLDINGS TENEMENT PROJECT LOCATION OWNERSHIP CHANGE IN QUARTER EL6695 Wagga Tank Cobar, NSW 100% EL6961 McGraw Cobar, NSW 100% EL7226 Wongawood Cobar, NSW 100% EL7461 Gilgunnia Cobar, NSW 100% EL7484 Mt View Cobar, NSW 100% EL7519 Gilgunnia South Cobar, NSW 100% EL7976 Mundoe Cobar, NSW 100% EL8071 Manuka Cobar, NSW 100% EL8105 Mirrabooka Cobar, NSW 100% EL8112 Yackerboon Cobar, NSW 100% EL8113 Iris Vale Cobar, NSW 100% EL8126 Norma Vale Cobar, NSW 100% EL8201 Mundoe North Cobar, NSW 100% EL8307 Sandy Creek Cobar, NSW 100% EL8314 Glenwood Cobar, NSW 100% EL8345 Pine Ridge Cobar, NSW 100% EL8447 Linera Cobar, NSW 100% EL8450 Beanbah Cobar, NSW 100% EL8534 Burthong Cobar, NSW 100% EL8655 Brambah Cobar, NSW 100% EL8656 Marigold Cobar, NSW 100% EL8751 Nombinnie Cobar, NSW 100% EL9284 Florida Cobar, NSW 100% EL9398 McGraw East Cobar, NSW 100% EL9483 Brambah South Cobar, NSW 100% EL9539 Pangee Creek Cobar, NSW 100% EL9606 Hillston Cobar, NSW 100% ML1361 May Day Cobar, NSW 100% EL8414 Mt Walton Cobar, NSW 11% EL8877 Thunderdome Broken Hill, NSW 100% EL9108 Thunderdome South Broken Hill, NSW 100% EL9535 Coultra South Broken Hill, NSW 100% EL9586 Thunderdome Central Broken Hill, NSW 100% EL9673 Sentinel Hill Broken Hill, NSW 100% EL9676 Dome One Broken Hill, NSW 100% EL6959 Anabama Olary, SA 100% For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Peel Mining Limited ABN Quarter ended (“current quarter”) 42 119 343 734 31 December 2024 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (211) (474) (e) administration and corporate costs (268) (606) 1.3 Dividends received (see note 3) - - 1.4 Interest received 51 123 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) 1 (4) 1.9 Net cash from / (used in) operating activities (427) (961) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (6) (82) (d) exploration & evaluation (726) (1,624) (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment 52 62 (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) (12) (2) 2.6 Net cash from / (used in) investing activities (692) (1,646) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,786 6,274 4.2 Net cash from / (used in) operating activities (item 1.9 above) (427) (961) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (692) (1,646) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 3,667 3,667 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,167 461 5.2 Call deposits 2,500 4,325 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 3,667 4,786 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 95 6.2 Aggregate amount of payments to related parties and their associates included in item 2 158 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (427) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (726) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,153) 8.4 Cash and cash equivalents at quarter end (item 4.6) 3,667 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 3,667 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.18 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/a 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/a 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/a Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 31/01/2025 Authorised by: The Chairman of the Board of Directors. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only