Ann: Quarterly Activities Report, page-4

Mallee Bull Development Study
During the quarter, finalisation of studies into the conceptual development of Mallee Bull as a "dig and truck" operation under which ore would be milled at CBH’s Endeavor mine approximately 150km away where surplus milling capacity exists were completed.
This work included remodelling of the upper parts (from surface to ~300m below surface) of the Mallee Bull mineral resource, mineable shape optimisation of the mineral resources, mine and infrastructure design, geotechnical engineering, additional flora and fauna investigations, and completion of the financial modelling of several development concepts. Field activities completed during the quarter focused on engineering and geotechnical studies.
In December, the financial models for the development concepts were delivered to Peel’s joint venture partner CBH Resources for review and consideration. Peel was awaiting a response from CBH at the time of reporting.