• Supreme Court approves convening of Peel Mining shareholder meeting to vote on proposed scheme of arrangement with Aeris Resources
• Scheme Booklet to be released and distributed to shareholders
• Peel Board unanimously recommends shareholders vote in favor of scheme and demerger

Peel Mining Limited (ASX: PEX) has announced that the Supreme Court of New South Wales has made orders approving the convening of a meeting of Peel shareholders to consider and vote on a proposed scheme of arrangement (Scheme) between Peel and its shareholders. Under the Scheme, it is proposed that Aeris Resources Limited (ASX: AIS) will acquire 100% of the issued shares in Peel. Prior to the Scheme becoming effective, Peel will undertake a demerger of its wholly-owned subsidiary, Spectre Metals Limited, by way of an equal capital reduction. The Demerger will result in all of the shares in Spectre being distributed on a pro rata in-specie basis to Peel shareholders. Spectre will hold Peel's remaining precious and base metal assets in the Cobar Basin, including the high-grade Southern Nights Complex, together with Peel's cash, leadership team and growth strategy. The Scheme Booklet, including the Independent Expert's Report, Notice of Scheme Meeting, Notice of Demerger Meeting and proxy forms, is expected to be dispatched to Peel shareholders on or around 12 May 2026. The Peel Board unanimously recommends that, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Peel shareholders, Peel shareholders vote in favor of the Scheme and the Demerger.