Scheme Booklet registered with ASIC

• Peel Mining proposes scheme of arrangement with Aeris Resources to acquire 100% of Peel shares
• Peel will undertake a demerger of its subsidiary Spectre Metals prior to the scheme
• Peel Board unanimously recommends shareholders vote in favour of the scheme and demerger

Peel Mining Limited (ASX: PEX) has announced that the explanatory statement, containing the Independent Expert's Report and notices of meeting in respect of the proposed scheme of arrangement with Aeris Resources Limited (ASX: AIS) and the proposed demerger of Spectre Metals Limited from Peel, has now been registered with the Australian Securities and Investments Commission (ASIC). The scheme of arrangement proposes that Aeris 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 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 favour of the scheme and the demerger. The Independent Expert has concluded that the scheme is fair and reasonable and therefore in the best interests of Peel shareholders, in the absence of a superior proposal, and that the demerger does not materially prejudice Peel's ability to pay its creditors.