• Peel Mining to be acquired by Aeris Resources
• Peel to undertake a demerger of subsidiary Spectre Metals
• Scheme Booklet to be distributed to shareholders

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) under which 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 (Spectre), 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 despatched to Peel shareholders on or around 12 May 2026. The Scheme Meeting, at which Peel shareholders will vote on the proposed Scheme, will be held at 10:30am (Sydney time) on Monday 15 June 2026. The Demerger Meeting will be held at 10:00am (Sydney time) on the same day. Peel shareholders are encouraged to read the Scheme Booklet in its entirety before making a decision on how to vote in relation to the Scheme and Demerger.