Overview

Exploration programmes completed during the June Quarter includes:

♦ IP survey completed over the Mt Vernon (Ashburton) Base Metals Project.

♦ Pingandy (Ashburton) field reconnaissance geological mapping programme completed.

♦ Menzies Ground Electromagnetic Geophysical Survey (EM) Completed.

♦ Mt Leake (Peak Hill East) geochemical programme completed.

♦ Tanzanian Gold Projects review & commencement of regional exploration programmes.

Activity for the quarter primarily centred around the planning and execution of work programmes at the Company’s Ashburton Base metals project with the implementation of an Induced Polarisation Geophysical Survey (IP) together, field reconnaissance, geophysical programme at Menzies and geochemical work at Peak Hill East.

Additionally, planning and site visits were undertaken on the Tanzanian Gold Projects following completion of acquisition and funding programmes in late May. At the same time agreement was reached in adding under option an additional area to the current Igunga Project Holding.

Peak Resources Limited

Level 1 61 Kishorn Road Mount Pleasant Western Australia 6153

PO Box 1271 Canning Bridge Western Australia 6153

Stock Exchange

Australian Stock Exchange Symbols: PEK, PEKO

Issued Capital

59.45m Shares 32.67m Sept ‘09 Options 0.6m Dec ‘10 Options

www.peakresources.com.au

Base Metal Projects:

Ashburton — Mt Vernon — Pingandy

Australian Gold Projects:

Peak Hill East Peak Hill West Doolgunna Menzies Tanzanian Projects:

Geita North Mara Ikoma Igunga Lupa

Nickel Project:

Yellowdine

HIGHLIGHTS

• Ashburton IP Geophysical Survey Completed — RC Drilling Planned & Works Approvals Process Commenced.

• High Grade Iron & Manganese Rockchips from Ashburton Returned

• Acquisition of Pan African Exploration Competed

• Initial Tanzanian Exploration Programmes Commence

• Igunga Project (Tanzania) Tenement Holdings Expanded Through Acceptance of Option Agreements Terms

• Menzies EM Survey Identifies Strong Conductors, Potential for Nickel/Gold Sulphide Mineralisation

• Fund Raising Programme Completed.

Peak Resources Limited ACN 72 112 546 700

J U N E Q UA R T E R L Y A C T I V I T I E S R E P O R T

31st of July 2008

Contacts:

Mark Maine Managing Director Mob 0416107244 Kell Nielsen Technical Director Mob 0417914328 Tel: +61 8 9316 9599 Fax: +61 8 9316 9588

Email:

info@peakresources.com.au

ASX RELEASE

Ashburton Base Metals Project (EL 08/1239 -Mt Vernon and 1240- Pingandy) - Peak Resources 100% (Metminco earning 40%)

The Ashburton project is located 70 km south of the township of Paraburdoo and 300km NNW of Meekatharra, WA. The Project consists of two granted Exploration Licences E08/1239 (Mt Vernon) & E08/1240 (Pingandy) covering a total combined area of 412km².

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ASX Release Page 2

Mt Vernon IP The recently completed IP Survey has enabled Peak & its joint venture partner (Metminco) to target forthcoming RC Drilling and provide an improved understanding of the weathering profile within proximity to sampled surface mineralisation. The IP programme was completed at Mt Vernon in May with a total of 5 lines being completed for 15.9 line kilometres.

Chargeability anomalies were returned from within an area of anomalism from completed geophysical and geochemical exploration programmes. The returned anomalies were of a lower tenure which was attributed to surface cover and deeper oxidation/leaching than expected within the identified shear zone.

Overall the survey indicates that:

♦ Anomalies as observed within the shear could indicate remnant concentrations of metal/sulphide and will help targeting of proposed drilling in the next phase of exploration; and

♦ Oxidization within the shear zone, (identified by the previous gravity survey), is to a greater depth than anticipated and the potential weathering of sulphides has resulted in lower magnitude chargeability anomalies.

RC drilling is now being planned on IP anomalies within the primary target area where co-incidental EM & gravity geophysical anomalies plus soil & rockchip geochemical anomalies have been identified. Peak has submitted proposed drilling programmes for regulatory approvals with RC Drilling to be undertaken as soon as site clearances can be completed and a suitable drilling rig secured.

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5540

9440

12600

1090

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17100

7520

6624

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LegendRockchip SamplesPb_ppm

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! 0 - 500

! 500 - 1,000

! 1,000 - 10,000

! +10,000

IP Chargeability Anomalies

Rockchip Sample - 6.47% Pb

Gravity Lows - Intersecting Regional Structures"Potential Structural Trap"

M T V E R N O N — I P C H A R G E A B I L I T Y S E C T I O N S O V E R G R A V I T Y W I T H P B S O I L C O N T O U R S & R O C K C H I P S A M P L E L O C A T I O N S

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High Grade Copper Rockchip Sample — Newcrest Mining During recent historic data searches over the Ashburton Project, it was discovered that previous rockchip sampling by Newcrest Mining prior to 1996 returned an assay of 33.5% Cu within Peak’s Ashburton tenure from a cobble containing malachite overlying a black argillite unit (Sample No 109397 — 584423E, 7361991N). The sample was collected prior to the common usage of high accuracy GPS equipment. Peak is yet to confirm the exact sample location. Further work is planned to examine the area of the reported assay in upcoming field programmes.

Pingandy Sampling As part of the recent field work, 38 rockchip samples were collected within an identified gossan line that runs NW-SE within the central part of the Pingandy Tenement (E08/1240). Anomalism was identified within this vicinity from the regional sampling and stream sediments collected in late 2007, including a rock chip sample that returned 44.5% TiO2 and 0.42% ZrO2 & 1670 ppm V.

Recent reconnaissance has indicated that the high titanium rock chip is associated with alteration, where gossanous material sub-crops over a strike length of approximately 4.6 km running parallel to the Pingandy Scarp (striking NW-SE). Peak has interpreted mineralisation to be related to the development of the fault scarp. Minor stratiform mineralisation was also encountered (Sample point P025 - 40.01% Mn, 9.70% Ba & 4.68% Fe) within the carbonaceous sediments which occurs within the northern exposure of the scarp.

Peak has noted that rock chip sampling has returned a significant number of elevated Iron (+50% Fe) and Manganese (+40% Mn) assays. Peak is currently planning follow-up work within the area to identify concentrations of metal within the scarp area within the coming quarter.

ASX Release Page 3

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E 08/1240

LITTLE SPRING YARD

PINGANDY ROAD

2

6

5

4353 43

4152

5654

4253

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4140

535351

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5351

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545,000

545,000

550,000

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555,000

555,000

560,000

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Legend- 40% Fe

40 - 50% Fe

+ 50% Fe

0 2 4 6Kilometers

P I N G A N D Y — R O C K C H I P S A M P L E L O C A T I O N S

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ASX Release Page 4

Menzies Project (Peak Resources 100%) The Menzies Project covers ground from 5km east to 17km north of the township of Menzies and covers a total 101km² in area. Open pit mining ceased from the Menzies project in 2000 having produced over 60,000 oz of gold from two shallow pits. Since November 2006 Peak has initiated a number of programmes directed at outlining shallow higher grade mineralisation. Thus far the mineralisation intersected to date does not contain enough ounces or tonnes to warrant mining. Evaluation of existing prospects and delineation of new ones is ongoing.

Late in the quarter Peak conducted a surface sampling project to confirm the potential of various prospects. Peak identified anomalous material of 2.2 g/t Au and 7.7 g/t Ag from rock chip sampling at its Near Enough Prospect. Rockchip sampling and mapping was conducted in conjunction with a soil geochemistry programme that has returned moderate yet anomalous values for Gold and Nickel from an area proximal to a felsic-ultramafic lithological contact. Anomalous soil geochemistry as well as recent field reconnaissance suggested that a massive sulphide body may be present at the contact between the felsic and ultramafic unit.

In June 2008 a Time Domain Electromagnetic (EM) survey was completed by Outer-Rim Exploration Services over parts of Mining Lease 29/189. This survey delineated the presence of three separate EM anomalies that indicate significant bedrock conductors. Southern Geoscience Geophysical Consultants have interpreted this data and confirmed that these conductors may represent possible nickel sulphide mineralization. Peak plans to test these anomalies through drilling.

M E N Z I E S P R O J E C T L O C A T I O N O F E M A N O M A L I E S , D R I L L C O L L A R S O V E R G R O U N D M A G N E T I C S I M A G E

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M 29/189

L 29/61

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315,000

316,000

316,000

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Legend! Menzies DH Collar Locations

Historical Min-Max EM Lines & Anomalies

Menzies EM Anomalies

Granted Tenement

Peak Tens Pending (200711)

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Highway

Menzies

0 5 102.5Kilometers

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EM Survey Location

Granny Venn WestEM Anomaly - GV_C1

EM Anomaly - GV_C2

Near EnoughEM Anomaly - GV_C3

ProjectLocation

Granny Venn Pit

Auntie Nellie Pit

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ASX Release Page 5

Tanzania Having acquired all of the issued share capital of Pan African Exploration Limited in late May 2008 Peak acquired rights to earn an interest(s) in a number of exploration projects within Tanzania. Peak commenced planning of its initial Tanzanian exploration programme in June, with field work beginning in early July. Under the joint venture agreement with Tanzanian partner, Zari Exploration Limited (“Zari”), Peak’s wholly owned subsidiary, Pan African Exploration, has the right to earn up to between 70% to 75% in tenements in five project areas being, Geita, Igunga, North Mara, Ikoma and Lupa. Initial work programmes are to focus on the Lupa and Igunga Projects with a limited programme also to be undertaken at Geita.

Early field reviews and research work undertaken on Tanzanian prospect during the June Quarter has provided Peak with further encouragement on the potential of current areas of interest as well as opportunities for development of new project areas. Partnering with Zari has placed Peak in a strong strategic position as well as providing the Company with a cost effective lower risk strategy for the advancement of Tanzanian projects. Tanzania is providing Peak with the opportunity to undertake exploration in under explored archean greenstone belts.

The Company will provide market updates on progress with the current programmes as results come to hand.

T A N Z A N I A P R O J E C T L O C A T I O N M A P

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Lupa

Ikoma

Geita

Igunga

North Mara

Lindi

Mbeya

Tanga

Moshi

Songea

Mtwara

Iringa

Dodoma

TaboraKigoma

Arusha

Mwanza

Singida

Morogoro

Zanzibar

Shinyanga

Dar Es Salaam

30

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32

32

34

34

36

36

38

38

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-10 -10

-8 -8

-6 -6

-4 -4

-2 -2

Legend!!! Major Population Centre

[_ Peak Project LocationsÓ Mine or Resource <1Moz Au[i Mine or Resource >1Moz Au

DCW Major Internal Roads

K e n y aK e n y a

Z a m b i aZ a m b i a

R w a n d aR w a n d a

B u r u n d iB u r u n d i

T a n z a n i aT a n z a n i a

0 100 200 300 40050

Kilometers

Lake Victoria

Lake Tanganyika

Lake Nyasa

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ASX Release Page 6

The information in this report is based on information compiled by Mr. Kell Nielsen, a Member of the Australian Institute of Mining and Metallurgy. Mr. Nielsen is a full-time employee of Peak Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of de-posit under consideration and to the activity which he is undertaking to qualify as a Competent Per-son as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Nielsen consents to the inclusion in the report of the mat-ters based on his information in the form and context in which it appears.

Mt Leake (Peak Hill East)

(Peak Resources—-100%) Peak completed a soil geochemistry programme over its Mt Leake Project during the quarter. Mt Leake is located approximately 110 kilometers northeast of Meekatharra in Western Australia and straddles the Great Northern Highway. The area has been underexplored for gold and is situated in a structurally favorable position proximinal to two regional scaled faults.

Assay results are pending

Working Capital

At the end of the quarter Peak had cash on hand of $1.97 million.

Corporate

During the quarter the company completed capital raisings which providing $1.08m in funding. In conjunction with the funding programme Peak completed the acquisition of all the issued capital of Pan African Resources Limited (“PAR”). PAR holds rights to interests in a number of gold projects in Tanzania with Tanzanian company Zari Explo-ration.

Mr Alastair Hunter was appointed to the board of directors at the end of May and, with the Company’s Managing Director, will has responsibility for execution of the Company’s Tanzanian acquisition and exploration strategy. Mr Nickolas Money stepped down as a director of the Company on 30 June 2008.

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