Peel Mining Ltd (ASX:PEX) Significant Silver-Rich Hits Extend Depth at Southern Nights Complex, NSW

16 April 2026

Price Sensitive Announcement $

Highlights:

• Multiple broad, high-grade silver-zinc-lead intercepts returned from recent Reverse Circulation (RC) drilling at the Link Zone South Target at the Southern Nights
  Complex in NSW.
• Results confirm the continuity of mineralisation and the presence of high-tenor sulphide zones:
  o WTRC284: 24m @ 138g/t Ag, 5.70% Zn, 3.27% Pb, 0.58g/t Au, 0.18% Cu from 141m
  ▪ Including: 15m @ 205g/t Ag, 8.44% Zn, 5.04% Pb, 0.79g/t Au, 0.21% Cu from
  141m

  o WTRC287: 9m @ 202g/t Ag, 5.43% Zn, 3.13% Pb, 0.10g/t Au, 0.10% Cu from 129m
  ▪ Including: 2m @ 554g/t Ag, 18.20% Zn, 11.27% Pb, 0.27% Cu from 130m

  o WTRC288: 12m @ 67g/t Ag, 5.20% Zn, 2.61% Pb, 0.10g/t Au from 128m
  ▪ Including: 4m @ 74g/t Ag, 11.73% Zn, 4.35% Pb, 0.22g/t Au, 0.14% Cu from 134m

• Recent drilling has confirmed shallow, silver-rich polymetallic mineralisation at Link Zone South, with the system remaining open along strike and up- and down-dip.
• Diamond drill-hole WTRCDD300, designed to test the deeper Link Zone, intersected multiple zones of alteration and disseminated to vein sulphide mineralisation1
  .
• Ongoing drilling at the Link Zone continues to highlight the significant growth potential of the Southern Nights Complex

Overview:

Exploration Update

Peel Mining Limited (ASX: PEX) has reported assay results from recent Reverse Circulation drilling completed at Link Zone South together with a significant drilling update from the main Link Zone within the Southern Nights Complex in NSW.

The LZS drilling program, which targeted extensions to known silver-rich zinc-lead mineralisation along the Wagga Tank Formation–Vivigani Formation contact, successfully intersected multiple zones of strong polymetallic sulphide mineralisation across several drill-holes.

Assays from the LZS have confirmed the presence of broad mineralised intervals with locally exceptional silver tenors, including results from holes WTRC284 and WTRC287, which returned
high-grade massive to semi-massive sulphide intercepts consistent with the high-grade zones previously identified elsewhere within the SNC system.

In addition, a recently completed deep diamond drill‑hole at Link Zone has intersected visually significant sulphide mineralisation beyond the current Mineral Resource envelope, providing
further evidence that the SNC system remains open at depth.

Significant Drill Results – Link Zone South

Significant assay results from the LZS program include:
o WTRC284: 24m @ 138g/t Ag, 5.70% Zn, 3.27% Pb, 0.58g/t Au, 0.18% Cu from
141m
▪ Including: 15m @ 205g/t Ag, 8.44% Zn, 5.04% Pb, 0.79g/t Au, 0.21% Cu from
141m

o WTRC287: 9m @ 202g/t Ag, 5.43% Zn, 3.13% Pb, 0.10g/t Au, 0.10% Cu from
129m,
▪ Including: 2m @ 554g/t Ag, 18.20% Zn, 11.27% Pb, 0.27% Cu from 130m
from 130m

o WTRC288: 12m @ 67g/t Ag, 5.20% Zn, 2.61% Pb, 0.10g/t Au from 128m
▪ Including: 4m @ 74g/t Ag, 11.73% Zn, 4.35% Pb, 0.22g/t Au, 0.14% Cu from
134m

Numerous additional intercepts across the drill-holes confirm consistent multi-element mineralisation across the LZS target area (see Table 2 for significant assay results). Key insights derived from the recent LZS drilling are:

• Discrete repetitions: shallow high-grade mineralisation may occur as discrete repeated zones, highlighting the potential for additional repetitions along the SNC corridor, where drill spacing remains broad at up to 80m line spacing.
• Weathered profile potential: mineralisation at LZS extends into the weathered profile, indicating the potential for near-surface Wagga Tank-style oxide and supergene
  mineralisation.

Assays remain pending for two further LZS drill-holes, WTRC295 & WTRC296.

Company Notes:

Managing Director and CEO Nick Woolrych commented:
“The recent Link Zone South assays are an excellent result, delivering strong widths and high silver grades consistent with the best parts of the Southern Nights system.

“Equally encouraging is the deep Link Zone intersection, where we have encountered visually strong sulphide mineralisation well below the existing resource. While assays are still pending for this hole, this clearly demonstrates that the system remains open and reinforces SNC’s significant growth potential.

“With its scale, grade and expansion upside, we believe the potential of SNC is substantial and that it provides a robust foundation as the cornerstone asset of the proposed Spectre Metals demerger and IPO.”

Full ASX Announcement: https://discoveryalert.com.au/documents/6A1320666.pdf