Ann: Southern Nights Returns High Grade Infill Results, page-2

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SOUTHERN NIGHTS RETURNS HIGH-GRADE INFILL RESULTS• Resource drilling at Southern Nights continues to return high grade results with WTRCDD175 returning 33m @ 11.71% Zn, 5.65% Pb, 0.19% Cu, 147 g/t Ag and 1.25 g/t Au from 172m including 10.8m @ 27.49% Zn, 14.54% Pb, 0.5% Cu, 409g/t Ag and 3.16g/t Au.• WTRCDD180 drilled as a metallurgical twin of the high grade zone intersected in hole WTRCDD150 and showed excellent repeatability with assays returning 16.95m @ 43.25% Zn, 14.66% Pb, 1% Cu, 356g/t Ag and 3.11g/t Au from 179.15m against the intercept from WTRCDD150 previously reported as 18.2m @ 40.3% Zn, 15.21% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m.• Geological logging and portable XRF analyses indicate significant intersections in WTRCDD189, WTRCDD199 and WTRCDD179 continuing to delineate a coherent body of high-grade mineralisation.• Close-spaced infill drilling to better define the geometry and scale of the target zone continues with broader step-out drilling being undertaken around WTRCDD166 to test the extent of mineralisation at depth.Peel Mining Limited (ASXEX) (“Peel” or the “Company”) is pleased to report results from its 100%-owned Wagga Tank project, south of Cobar in western New South Wales. The Wagga Tank project, which includes Southern Nights, is emerging as one of the most significant zinc polymetallic discoveries in Australia in recent years.Southern Nights Central ZoneAssays received during February represent additional close spaced (20x20m) infill drilling of the Southern Nights Central Zone and drilling for metallurgical and Mineral Resource Estimate QA/QC purposes.WTRCDD175 was drilled approximately 30m up-dip of WTRCDD043 and crosscuts WTRCDD035 a historical hole which had been drilled down the dip of mineralisation. WTRCDD175 returned 33m @ 11.71% Zn, 5.65% Pb, 0.19% Cu, 147 g/t Ag and 1.25 g/t Au from 172m including 10.8m @ 27.49% Zn, 14.54% Pb, 0.5% Cu, 409g/t Ag and 3.16g/t Au. This drillholehole intersected a zone of significant shearing and experienced 2.2m of core loss from within the 32m mineralised interval. A value of zero was assigned to all elements in intervals of core loss which is considered conservative.WTRCDD180 was drilled as a twin (+/- 5m) of drillhole WTRCDD150 to provide material for further metallurgical testwork and for Mineral Resource Estimate QA/QC purposes. Results for this twin hole showed excellent repeatability of those reported in WTRCDD150. WTRCDD180 returned 16.95m @ 43.25% Zn, 14.66% Pb, 1% Cu, 356g/t Ag and 3.11g/t Au from 179.15m against the intercept from WTRCDD150 previously reported as 18.2m @ 40.3% Zn, 15.21% Pb, 0.97% Cu, 356 g/t Ag and 2.77 g/t Au from 182m.Geological logging and portable XRF analyses indicate significant intersections in WTRCDD189, WTRCDD199 and WTRCDD179 further delineating a coherent body of high-grade mineralisation.