Implementation of Demerger

• Demerger of Spectre Metals from Peel Mining completed
• Spectre shares distributed to Peel shareholders
• Aeris Resources to acquire Peel shares post-demerger
• Spectre shares will not appear in broker accounts until IPO

Peel Mining Limited (ASX: PEX) has successfully implemented the demerger of Spectre Metals Limited (Spectre) from Peel. The distribution of Spectre shares to Peel shareholders has been completed, with each eligible Peel shareholder receiving one Spectre share for every 4.4591 Peel shares held. Ineligible foreign shareholders will have their Spectre shares sold by a sale agent following Spectre's ASX listing. The scheme of arrangement for Aeris Resources Limited to acquire 100% of Peel shares is expected to be implemented on 1 July 2026. Spectre shares will be transferred to Securityholder Reference Numbers (SRNs) and will not appear in broker-sponsored accounts until Spectre completes its IPO and ASX listing.