Peel Mining Raises $21.25M, Unveils Strong Gold Hits at Nombinnie
Peel Mining Limited has successfully raised $21.25 million to fund accelerated exploration, reporting significant gold intercepts at its Nombinnie Prospect and initiating a major drilling campaign at the Southern Nights Complex.
- Completed $21.25 million capital raising via placement and Share Purchase Plan
- Significant gold intercepts at Nombinnie Prospect including 33m @ 2.47g/t Au
- Drilling commenced at Southern Nights Complex targeting high-grade polymetallic zones
- Secured six NSW Government grants to support exploration activities
- Cash balance of $17.6 million supports ongoing exploration and corporate initiatives
Capital Raising Fuels Exploration Momentum
Peel Mining Limited has bolstered its financial position with a highly successful $21.25 million capital raising, comprising a two-tranche placement and an oversubscribed Share Purchase Plan (SPP) priced at $0.085 per share. The placement attracted strong support from both local and international institutional investors, reflecting confidence in Peel’s refreshed strategy and leadership team focused on unlocking value in its copper and polymetallic assets within New South Wales’ Cobar Basin.
The funds raised provide Peel with a solid cash balance of $17.6 million at the end of December 2025, underpinning an intensified exploration program and strategic corporate initiatives.
Encouraging Gold Results at Nombinnie Prospect
Exploration activities accelerated during the quarter with the completion of a 2,706-metre drilling program at the Nombinnie Prospect, located approximately 7km west of Mount Hope. This initial drilling marks Peel’s first at Nombinnie and has returned significant gold intercepts, including a standout 33 metres at 2.47 grams per tonne gold from 21 metres depth. Other notable results include 26 metres at 0.55g/t Au and 15 metres at 2.52g/t Au, highlighting both shallow oxide and deeper primary gold zones.
These results reinforce Nombinnie as a promising emerging gold target within Peel’s portfolio, with follow-up drilling and exploration planned to test extensions along strike and at depth.
Southern Nights Drilling Campaign Underway
Subsequent to the quarter, Peel commenced a significant 4,625-metre drilling campaign at the Southern Nights Complex, aiming to expand the scale and confidence of its silver-rich polymetallic mineralisation. The program targets multiple high-grade zones within Peel’s 100%-owned tenement, including previously recorded impressive intercepts such as 58 metres at 5.41% zinc and 24 metres at 99 grams per tonne silver.
The Southern Nights Complex hosts a large, high-grade polymetallic system with substantial resource potential, including 16.8 million ounces of silver and significant quantities of zinc, lead, copper, and gold. Peel’s ongoing exploration efforts seek to grow this resource base further, capitalising on strong demand for critical minerals.
Strategic Review and Government Support
Alongside exploration, Peel’s leadership is conducting a comprehensive technical and corporate review of its Cobar Basin assets. This includes evaluating regional processing options and potential mergers and acquisitions to unlock latent value. The company benefits from a strategic land position with 100% ownership of key deposits and no third-party royalties or off-take agreements.
Peel also secured six grants from the NSW Government’s Critical Minerals and High-Tech Metals Exploration Program, providing over $230,000 in combined investment to accelerate geochemical and geophysical exploration across multiple prospects.
Financial Position and Outlook
Peel’s cash flow report shows disciplined expenditure on exploration and corporate costs, with $1.25 million spent on operating activities and $0.97 million on drilling and assaying at Nombinnie during the quarter. The company’s strong cash position and capital raising success position it well to advance its exploration programs and strategic objectives in the coming months.
Bottom Line?
Peel Mining’s robust capital raise and promising exploration results set the stage for a pivotal year of resource growth and strategic development.
Questions in the middle?
- How will assay results from the ongoing Southern Nights drilling influence Peel’s resource estimates?
- What strategic partnerships or M&A opportunities might emerge from Peel’s current asset review?
- Can Peel sustain exploration momentum and convert promising targets into economically viable resources?
