Quarterly Activities/Appendix 5B Cash Flow Report

• Peel Mining to be acquired by Aeris Resources via Scheme of Arrangement
• Peel's remaining assets to be demerged into new ASX-listed company Spectre Metals
• Drilling results confirm high-grade polymetallic mineralization at Southern Nights Complex

Peel Mining has entered into a binding Scheme Implementation Deed with Aeris Resources, under which Aeris will acquire 100% of Peel's issued capital via a Scheme of Arrangement. Concurrently, Peel will undertake a restructure of its remaining precious and base metal assets in the Cobar Basin, including the Southern Nights Complex, into a newly-formed subsidiary called Spectre Metals, which will be demerged from Peel via an in-specie distribution of Spectre Metals shares to Peel shareholders. The Demerger and the Scheme are inter-conditional. The formation of Spectre Metals will allow Peel shareholders to retain full exposure to the value and upside of these assets through a new ASX-listed precious and base metals company, to be led by the existing Peel management team. The Transaction will crystallise immediate value for Peel shareholders at a significant premium, while allowing shareholders to retain meaningful exposure to Peel's remaining assets in the Cobar Basin through Spectre Metals. Drilling results from the Southern Nights Complex have confirmed the presence of thick, silver-rich polymetallic mineralization, with grades and widths comparable to other high-grade zones within the system. A deep diamond drill-hole has also intersected visually significant sulphide mineralization beyond the current Mineral Resource envelope, highlighting the potential for further resource growth.