Announcement PDF Not for release to US wire services or distribution in the United States 1 12 February 2026 ASX Announcement AERIS RESOURCES TO ACQUIRE PEEL MINING Strategic transaction to extend Tritton’s mine life, reinforcing Aeris as a leading Australian mid-tier copper and gold producer Highlights:  Aeris to acquire Peel’s South Cobar Copper Project (Mallee Bull & Wirlong) via a Scheme of Arrangement – unanimously recommended by the Peel Board of Directors.  Logical consolidation to create a diversified +500kt contained copper mining hub.  Positions Tritton for a +10 year mine life1 .  Improved operating flexibility, optionality, and reduced complexity at Tritton.  Materially enhanced market position, becoming a larger, more liquid and more investable copper and gold producer.  Immediate value realisation for Peel shareholders at an attractive premium whilst retaining ongoing exposure to Mallee Bull, Wirlong and Peel’s remaining precious and base metals assets through NewCo. Aeris Resources Limited (ASX: AIS) (Aeris or the Company) and Peel Mining Limited (ASX: PEX) (Peel) are pleased to announce the execution of a binding Scheme Implementation Deed (SID) under which Aeris has agreed to acquire all of the issued capital of Peel by way of a Scheme of Arrangement (the Scheme). Peel will also undertake a demerger of its remaining precious and base metals assets in the Cobar Basin (including Southern Nights, Wagga Tank and May Day) into a newly formed company (NewCo) allowing Peel shareholders to retain full exposure to the value and upside of these assets in a new vehicle (Demerger). Peel anticipates it will apply for listing of NewCo on the ASX2. The Scheme and the Demerger are inter- conditional3 (together, the Transaction). 1 This vision is an aspirational statement (and not a production target). Refer to the Forward Looking Statements section of the Disclaimer in the ASX Announcement “Strategic Acquisition of Peel Mining” released 12 February 2026. 2 Further details in relation to the assets proposed to be included in NewCo are set out on page 5 of this announcement. At the date of this announcement, the final transaction documents governing the Demerger have not yet been executed but are intended to be finalised by the parties shortly. 3 Which means that neither the Scheme nor the Demerger will be implemented unless they are both implemented, or Aeris and Peel otherwise agree. Not for release to US wire services or distribution in the United States 2 Overview:  A highly synergistic combination of Aeris’ Tritton Operations (Tritton) with Peel’s Mallee Bull and Wirlong Copper Projects.  Concurrently, Peel’s remaining precious and base metals assets in the Cobar Basin (including the high-grade Southern Nights Complex), cash and joint venture interests will be demerged into NewCo via an in-specie distribution of its shares to Peel shareholders.  In exchange for their shares, Peel shareholders will receive: ­ 0.3363 Aeris shares for every one (1) Peel share held, valuing the South Cobar Copper Project and associated tenements at $0.19 per share4; and ­ Indicatively one (1) NewCo share for every 4.6 Peel shares held, valued at $0.044 per Peel share5.  Peel shareholders will own 20.5% of the pro-forma shares outstanding of the enlarged Aeris (Combined Group) if the Scheme is implemented.  The Transaction values Peel at A$0.234 per share (based on the closing price of Aeris on 11 February 2026), and A$214 million on a diluted equity value basis6, representing: ­ 46.0% premium to Peel’s closing share price; ­ 49.1% premium to Peel’s one-month VWAP; and ­ 53.4% premium to two-month VWAP.  The Transaction is unanimously recommended by the Peel Board of Directors, which advises shareholders to vote in favour of the Transaction in the absence of a superior proposal and subject to the independent expert (to be appointed by Peel) concluding (and continuing to conclude) that the Transaction is in the best interest of Peel shareholders7.  Major Peel shareholder, Perth Capital Pty Ltd and its associates which controls 139,017,840 shares in Peel (representing approximately ~16.1% of Peel) also supports the Transaction, and have provided a Voting Intention Statement confirming that it intends to vote, or cause to be voted, all those Peel shares in favour of the Transaction, subject to no superior proposal emerging and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interest of Peel shareholders. Strategic Rationale for the Transaction  Logical consolidation to create a diversified +500kt contained copper mining hub  Peel’s Mallee Bull and Wirlong projects contain a combined MRE (Indicated and Inferred classification) of 10.6Mt @ 1.85% Cu for 197kt of contained Cu (74% Indicated) and are located within haulage distance of Tritton.  Combined Tritton and South Cobar Copper Project MRE of 29.5 Mt @ 1.73% Cu for 511kt of contained Cu8.  Ability to fully utilise Aeris’ +1.8Mtpa Tritton processing plant, reducing unit costs and eliminating the significant capital, complexity and funding risk associated with building a new processing plant at South Cobar. 4 Based on the last closing price of Aeris of $0.565 per share. 5 Refer to Peel’s ASX announcement “Landmark Sale of South Cobar Copper Project to Aeris Resources and Creation of a New ASX-listed Precious and Base Metals Explorer” lodged on 12 February 2026. 6 Based on 863,105,460 ordinary Peel shares,15,400,000 Peel performance rights, and 38,893,334 options, fully diluted. 7 As at the date of this announcement, Peel Directors have a Relevant Interest in 42,034,380 Peel shares held directly, representing approximately 4.9% of Peel’s ordinary shares. In addition, Peel Directors hold 32,166,667 Peel options and 7,000,000 Peel performance rights. 8 Comprised of: Peel’s South Cobar Copper Project which contains a combined MRE (Indicated and Inferred classification) of 10.6Mt @ 1.85% Cu for 197kt of contained Cu (74% Indicated) and Aeris’ Tritton Copper Mining Complex which contains a combined MRE (Measured, Indicated and Inferred) of 18.9Mt @ 1.7% Cu for 314kt of contained Cu (58% Measured and Indicated). Refer to the Disclaimers for further details in respect of the Mineral Resource estimates. Not for release to US wire services or distribution in the United States 3  Combination that positions and de-risks Tritton for a +10 year mine life  Unlocks potential to increase mine life to over 10 years.  Mine life expected to be underpinned by baseload feed from Constellation and Mallee Bull, supplemented by other known deposits at Tritton and Wirlong to diversify the production base.  High quality resource at Mallee Bull with 88% of the Mineral Resource in Indicated status, enabling declaration of a Maiden Ore Reserve within 6 months of completion.  Improved operating flexibility, optionality, and reduced complexity at Tritton  Significant work already undertaken on an integration study, including optimising synergies between Tritton and Mallee Bull.  Potential to optimise mine scheduling providing improved resource and operating efficiency.  Aeris intends to invest in further resource drilling at Wirlong, a highly prospective exploration project and potential future ore source for Tritton.  Materially enhanced market position, becoming a larger, more liquid and more investable copper and gold producer  Pro-forma market capitalisation of A$851 million (pre any potential re-rating including potential inclusion in the ASX300 index).  Combined Group copper resource endowment of 981 kt contained Cu9.  Robust balance sheet with ~A$106 million in cash and concentrate receivables and no debt.  Immediate value realisation for Peel shareholders at an attractive premium whilst retaining meaningful exposure to the ongoing potential of Mallee Bull and Wirlong  Attractive premium of 46.0% to Peel’s closing share price and a 49.1% premium to Peel’s one month VWAP (including the additional value received by Peel shareholders from their shareholding in NewCo).  Transforms Peel shareholders from having an interest in an exploration and development company to having an aggregate ~20.5% interest in a more robust ASX listed copper and gold producer.  Continue to be fully exposed to the exploration and development potential of NewCo, to be led by Peel’s CEO and Managing Director, Nick Woolrych. Executive Chairman of Aeris, Andre Labuschagne, commented: “This transaction represents an exciting step forward in Aeris’ strategy to unlock value from maximising Tritton’s processing capacity and its strategic location. Peel’s South Cobar Copper Project is a logical source of ore for Tritton offering scope to extend mine life and transform our mining complex into a larger, and more resilient operation. The Transaction unlocks compelling value for both Aeris and Peel shareholders – a true ‘win- win’ outcome. We welcome Peel shareholders to become part of our larger, copper and gold company with strong, diversified cash flows, a robust balance sheet and enhanced market position.” 9 Comprised of: Peel’s South Cobar Copper Project which contains a combined MRE (Indicated and Inferred classification) of 10.6Mt @ 1.85% Cu for 197kt of contained Cu and Aeris’ Group MRE (Measured, Indicated and Inferred) of 44.5Mt @ 1.8% Cu for 784kt of contained Cu. Refer to the Disclaimers for further details in respect of the Mineral Resource estimates. Not for release to US wire services or distribution in the United States 4 Managing Director and CEO of Peel, Nick Woolrych, commented: “The combination of Aeris and Peel represents a compelling and logical consolidation within the Cobar Basin, providing a clear pathway to accelerate and de-risk the development of the South Cobar Copper Project by leveraging Aeris’ operational expertise and the high-quality Tritton processing facility. Peel shareholders will receive immediate value at an attractive premium and will hold approximately 20.5% of the combined group – allowing them to benefit from the market re- rate that is expected to flow from the creation of a larger base and precious metals producer with increased mine life and an enhanced production profile. In addition, Peel shareholders will benefit from the proposed demerger of the Company’s Cobar Basin exploration portfolio through NewCo, receiving an in-specie distribution of shares in a new base and precious metals focused exploration company. This transaction provides Peel shareholders with a compelling opportunity to participate in consolidation in the Cobar Basin, with material exposure to copper production under the stewardship of a high-quality management team, and ongoing exploration exposure within NewCo. On behalf of the Peel Board, we are delighted to recommend this transaction to our shareholders.” Transaction Details a) Scheme of Arrangement Aeris and Peel have executed the SID, under which Aeris will acquire all of the issued shares in Peel pursuant to the Scheme. Under the terms of the proposed Scheme, Peel shareholders will receive 0.3363 Aeris shares for every Peel share they hold. Assuming the Scheme is implemented, Peel shareholders will own ~20.5% of the pro-forma shares outstanding of the Combined Group. The Scheme is subject to certain customary conditions set out in the SID (a full copy of which is attached), including:  Approval being obtained from Peel shareholders in relation to both the Scheme (requiring approval of a majority in number of Peel shareholders voting and approval of Peel shareholders who represent at least 75% of the total votes cast) and the Demerger pursuant to the Corporations Act and ASX Listing Rules (if required).  Receipt of requisite Court and other regulatory approvals.  Ministerial consent related to the internal restructure of certain assets held by the Peel group in preparation for the Transaction (as required).  The Independent Expert concluding that the Scheme is in the best interests of Peel shareholders and not changing, or publicly withdrawing that conclusion.  No material adverse change, or prescribed occurrences (each as defined in the SID) occurring in relation to either Aeris or Peel.  The agreement required to effect the demerger of NewCo being duly executed (on terms approved in writing by Aeris).  Other conditions customary for a public transaction of this nature. The SID contains customary deal protection mechanisms including standard exclusivity provisions such as including “no shop”, “no talk”, and “no due diligence”, a notification obligation and a “matching right” in favour of Aeris. Certain deal protection mechanisms are subject to customary exceptions which allow the Peel Directors to comply with their respective fiduciary and/or statutory duties. The SID contains certain circumstances under which Peel may be required to pay a break fee to Aeris or Aeris may be required to pay a break fee to Peel. Not for release to US wire services or distribution in the United States 5 All outstanding Peel options are intended to be exercised or cancelled, and all Peel performance rights are expected to vest and convert into Peel shares, prior to the record date for the Scheme. The SID (a full copy of which is attached) sets out the detailed provisions relating to the implementation of the Scheme. Further information in relation to the Scheme will be set out in the Scheme booklet, currently expected to be released in early May 2026. b) Peel Demerger of NewCo Peel and NewCo are proposing to enter into a Demerger Implementation Deed (DID), under which Peel will demerge NewCo via a capital reduction. Under the Demerger, Peel shareholders are currently anticipated to receive one (1) share in NewCo for every 4.6 Peel shares they hold. The capital reduction to effect the Demerger will require Peel shareholder approval, and certain other items necessary to prepare NewCo for its application for listing on the ASX may also be put to Peel shareholders for approval. The composition of NewCo will include the following assets:  The Southern Nights Complex located in the Cobar Basin (includes the Southern Nights and Wagga Tank deposits) which contains a combined MRE of 10.0Mt @ 7.69% ZnEq10 for 768kt contained ZnEq (46% Indicated);  The May Day deposit located in in the Cobar Basin which hosts a MRE of 1.61Mt @ 0.98g/t Au, 25g/t Ag, 0.92% Zn, 0.61% Pb (51koz Au, 1.3Moz Ag, 15kt Zn, 10kt Pb) and remains open down-plunge and along strike;  ~1,375km2 of 100% owned highly prospective exploration tenure in the Cobar Basin; and  Peel’s cash on completion, net of transaction costs and completion adjustment, is to be transferred from Peel to NewCo as part of the Transaction, on implementation of the Demerger. NewCo will pursue a dual track growth strategy to: 1. Unlock the value of its high quality precious and base metals assets in the Cobar Basin; and 2. Pursue M&A growth opportunities in the international precious and base metals sector. NewCo intends to apply for listing on the ASX (subject to receipt of necessary regulatory approvals)11. More information in relation to the Demerger, the capital reduction, NewCo and any other resolutions in relation to NewCo will be set out in the Explanatory Memorandum in the Notice of Extraordinary General Meeting for the proposed Demerger, currently expected to be released in late May 2026. Peel Board Recommendation The Board of Peel has unanimously recommended that, in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Transaction is in the best interest of Peel shareholders, all Peel shareholders vote in favour of the Transaction, and any other resolutions put to Peel shareholders at the meetings to implement the Demerger and otherwise to prepare NewCo for listing. 10 See metal equivalent calculations included in Peel’s investor presentation lodged with ASX on 5 November 2025. 11 Investors are cautioned that although the application for admission of NewCo to the official list of ASX is intended to occur after implementation of the Scheme, there can be no certainty as to the timing of when such application will be made or that any such application will be successful. Any application by NewCo to admission of the official list of ASX will be subject to satisfying the requirements of ASX. Not for release to US wire services or distribution in the United States 6 As at the date of this announcement, Peel Directors have a Relevant Interest in 42,034,380 Peel shares held directly, representing approximately 4.9% of Peel’s ordinary shares. In addition, Peel Directors hold 32,166,667 Peel options and 7,000,000 Peel performance rights. As noted above, the Peel options are expected to be exercised or cancelled and all Peel performance rights are expected to vest and convert into Peel shares, prior to the Record Date for the Scheme. The Peel Board members intend to vote in favour of the Transaction and any general meeting resolutions in relation to their personal shareholdings in Peel, in the absence of a superior proposal (and subject to any other applicable voting restrictions) and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interest of Peel shareholders. Peel Shareholder Intention Statements Perth Capital Pty Ltd and its associates which controls 139,017,840 shares in Peel (representing approximately ~16.1% interest in Peel) have provided a Voting Intention Statement confirming that it intends to vote, or cause to be voted, all those Peel shares in favour of the Transaction and any resolutions which are related to or for the purpose of implementing the Transaction, subject to no superior proposal emerging and subject to the independent expert concluding, and continuing to conclude, that the Scheme is in the best interests of Peel shareholders. Indicative Timetable Peel shareholders are not required to take any action at this stage in relation to either the Demerger or the Scheme. Shareholders of Peel will be asked to approve the Scheme and Demerger to effect the Transaction at meetings which are expected to be held in mid June 2026. Particulars of the Scheme, Transaction terms and recommendations will be provided to Peel shareholders through a Scheme Booklet which will include an Independent Expert’s Report. It is expected that this booklet will be mailed to Peel shareholders in early May 2026. Set out below is an indicative timetable for the Transaction. Event Indicative Date First Court Date Early May 2026 Scheme Booklet sent to Peel Shareholders Early May 2026 Scheme Meeting of Peel Shareholders to approve Scheme and Demerger Mid June 2026 Second Court Date Mid to late June 2026 Effective Date Mid to late June 2026 Scheme and Demerger Record Date Late June 2026 Demerger Implementation (transfer of NewCo shares) Late June 2026 Implementation Date for Scheme Early July 2026 Proposed NewCo ASX listing (subject to ASX and other required approvals) Q3 CY26 Advisers Aeris has appointed Jefferies Australia as its financial adviser and HopgoodGanim Lawyers as its legal adviser. Peel has appointed Euroz Hartleys Limited and Sternship Advisers as its financial advisers and Hamilton Locke as its legal adviser. Not for release to US wire services or distribution in the United States 7 Investor Webinar Aeris will host an investor webinar to discuss the transaction today, Thursday 12 February 2026 at 8:00am AWST / 11:00am AEDT. Attendees are required to register via the link below prior to the start of the call-in order to attend the event: https://us06web.zoom.us/webinar/register/WN_mJqBGORJRaGQWE0VnVIU5A Webinar Passcode: 730449 Please ensure you have a ZOOM account linked with your registration email. This joint ASX Announcement has been approved and authorised for release by the Board of Directors of Aeris and the Board of Directors of Peel. Aeris Management Investor enquiries: Andre Labuschagne Executive Chairman Aeris Resources Limited Ph: +61 7 3034 6200 Stefan Edelman General Manager – Corporate Development Aeris Resources Limited investorrelations@aerisresources.com.au Peel Management Investor enquiries: Media Inquiries: Nick Woolrych Managing Director & CEO Peel Mining Limited nick.woolrych@peelmining.com.au Nicholas Read Read Corporate Ph: +61 419 929 046 nicholas@readcorporate.com.au Important Notices and Disclaimer Announcement Aeris and Peel have jointly prepared this announcement based on information available to them at the time of preparing this announcement. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Aeris or Peel, their respective directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement does not purport to contain all the information that investors may require to make an informed assessment of the transaction and its effect on Aeris and Peel. Further information about the transaction (including key risks) will be released in due course including in the form of a Scheme Booklet. Not for release to US wire services or distribution in the United States 8 Not an offer This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Forward-looking information This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Peel – Competent Persons Statement 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 Code 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. The information in this report that relates to Exploration Results, geological interpretation and information informing Mineral Resources estimates is based on information compiled by Mr Robert 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. Aeris – Competent Persons Statement The Mineral Resource Estimate for the Aeris Group referred to in this announcement were first reported in accordance with the JORC Code in Aeris’ ASX announcement dated 22 July 2025 titled ‘Group Mineral Resource and Ore Reserve Statement as at 31 December 2024’. Aeris confirms that it is not aware of any new information or data that materially effects the information included in the relevant market announcement and that, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimate in the relevant market announcements continue to apply and have not materially changed. Aeris confirms that the form and context in which the Competent Person’s findings are presented in this document have not been materially modified from the Prior Reports. Not for release to US wire services or distribution in the United States 9 Pro forma Mineral Resources This announcement refers to Aeris and Peel having a combined pro forma Mineral Resource estimate in the Cobar region of 29.5 Mt @ 1.73% Cu for 511kt of contained Cu. This is comprised of the combined Mineral Resource estimates of Aeris and Peel in the Cobar region being the South Cobar Copper Project and Tritton Copper Mining Complex. Refer to the Mineral Resource estimates of the consolidated entity and confirmation in accordance with ASX Listing Rule 5.23 detailed elsewhere in this announcement. This announcement refers to Peel and Aeris having a combined pro forma Mineral Resource estimate globally of 981kt contained Cu. This is comprised of the combined Mineral Resource estimates of Peel and Aeris globally being Peel’s South Cobar Copper Project and the Aeris Group. Refer to the Mineral Resource estimates of the consolidated entity and confirmation in accordance with ASX Listing Rule 5.23 detailed elsewhere in this announcement. Aeris – Group Mineral Resource Estimates at 31 December 202412 BASE METALS Category Tonnes (Mt) Grade Contained Metal Asset Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Tritton Measured 0.4 1.0 - 0.1 2 4 - 1 30 Indicated 11.0 1.6 - 0.4 4 179 - 158 1,270 Inferred 7.5 1.8 - 0.3 4 131 - 73 840 Total 18.9 1.7 - 0.4 4 314 - 233 2,140 Jaguar Measured 0.5 1.6 5.0 0.3 63 8 25 4 1,030 Indicated 4.2 1.4 6.4 0.4 67 59 268 53 8,950 Inferred 2.0 1.1 6.5 1.0 83 23 128 62 5,260 Total 6.6 1.4 6.3 0.6 71 90 422 119 15,240 North Qld Measured 0.2 2.3 - 0.5 0 5 - 3 0 Indicated 2.4 2.0 - 0.2 3 47 - 16 210 Inferred 0.6 2.0 - 0.1 2 12 - 2 30 Total 3.2 2.0 - 0.2 2 64 - 21 240 Stockman Measured - - - - 0 - - - 0 Indicated 13.4 2.1 4.2 1.0 37 288 561 420 16,000 Inferred 2.4 1.1 2.6 1.5 32 27 62 117 2,440 Total 15.8 2.0 4.0 1.1 36 315 624 537 18,450 Total Measured 1.1 1.5 2.3 0.2 29 17 25 9 1,060 Indicated 31.0 1.9 2.7 0.6 27 574 829 647 26,440 Inferred 12.4 1.6 1.5 0.6 22 193 191 254 8,580 Grand Total 44.5 1.8 2.3 0.6 25 784 1,045 910 36,070 12 Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025. Mineral Resource estimates are reported using a variety of cut-off criteria (NSR, copper or gold) depending on which is best suited to each deposit. Discrepancy in summation may occur due to rounding. Not for release to US wire services or distribution in the United States 10 Aeris – Group Mineral Resource Estimates at 31 December 202413 (continued) GOLD Category Tonnes (Mt) Grade Contained Metal Asset Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Cracow Measured 0.4 - - 4.0 3 - - 46 40 Indicated 1.9 3.6 4 224 230 Inferred 2.1 - - 2.6 4 - - 181 300 Total Grand Total 4.4 - - 3.2 4 - - 452 570 Peel – South Cobar Project Copper Mineral Resource Statement14 Deposit MRE Cat Tonnes (kt) Cu (%) Au (g/t) Ag (g/t) Zn (%) Pb (%) Mallee Bull Ind 5,590 1.93 0.13 27 0.21 0.38 Inf 750 1.87 0.04 21 0.08 0.11 Subtotal 6,340 1.92 0.12 26 0.19 0.35 Wirlong Ind 2,290 1.92 0.08 6 0.03 0.03 Inf 2,010 1.54 0.07 6 0.01 0.03 Subtotal 4,300 1.75 0.08 6 0.02 0.03 Total Ind 7,880 1.93 0.12 21 0.16 0.28 Inf 2,760 1.63 0.06 10 0.03 0.05 Total 10,640 1.85 0.10 18 0.12 0.22 Note: The South Cobar Project Copper MRE utilises A$80/tonne NSR cut-off mineable shapes that include minimum mining widths and internal dilution to bound the MREs. Figures are rounded to reflect the precision of estimates and include rounding errors. Peel – Southern Nights Complex Mineral Resource Statement15 Deposit MRE Cat Tonnes (kt) Zn (%) Pb (%) Cu (%) Au (g/t) Ag (g/t) WT-SN Ind 4,630 3.72 1.61 0.35 0.35 60.7 Inf 5,360 1.96 0.82 0.36 0.46 45.1 Total 9,990 2.78 1.19 0.35 0.41 52.3 Note: The Southern Nights Complex MRE utilises A$40/60/80/tonne NSR cut-offs within mineable shapes that include minimum mining widths and internal dilution to bound the MREs. Figures are rounded to reflect the precision of estimates and include rounding