SUPERIOR RESOURCES LIMITED — AGM Information 2019

Nov 27, 2019

Annual General Meeting 2019

Important information

Information Purposes: This document is for information purposes only. The information contained in this document does not constitute an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in Superior Resources Limited (Superior) in any jurisdiction. The information in this document is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete.

Not Financial Product Advice: This doc ument does not constitute financial product or investment advice. It has been prepared without tak ing into account the objectives, financial circumstances or needs of recipients and cannot be relied upon as advice to recipients. Before mak ing an investment decision, investors or prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.

Forward Looking Statements: This document may contain forward look ing statements. Forward look ing statements are often, but not always, identified by the use of words such as "seek ", "indicate", "target", "anticipate", "forecast", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Indications of, and interpretations on, future expected exploration results or technic al outcomes, production, earnings, financial position and performance are also forward look ing statements. The forward look ing statements in this document are based on c urrent interpretations, expectations, estimates, assumptions, forecasts and projections about Superior, Superior's projects and assets and the industry in which it operates as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The forward look ing statements are subject to technical, business, economic, competitive, political and social uncertainties and contingencies and may involve k nown and unk nown risk s and uncertainties. The forward look ing statements may prove to be incorrect. Many k nown and unk nown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward look ing statements. All forward-look ing statements made in this presentation are qualified by the foregoing cautionary statements.

Disclaimer: Superior and its related bodies corporate, any of their di rectors, officers, employees, agents or contractors do not mak e any representation or warrant y (either express or implied) as to the accurac y, correctness, completeness, adequacy, reliability or lik elihood of fulfilment of any forward look ing statement, or any events or results expressed or implied in any forward look ing statement, except to the extent required by law. Superior and its related bodies corporate and each of their res pective directors, officers, employees, agents and contractors disclaims, to the maximum extent permitted by law, all liability and responsibility for any direct or indirect loss or damage which may be suffered by any person (including bec ause of fault or negligence or otherwis e) through use or reliance on anything contained in or omitted from this document. Other than as required by law and the ASX Listing Rules, Superior disclaims any dut y to update forward look ing statements to reflect ne w developments.

Exploration Results and JORC: The reporting of exploration results and mineral resource estimates in this document reflects the information that was originally reported in mark et announcements that have been referenced in the body of this document. Superior confi rms that it is not aware of any new information or data that materially affects the information included in the relevant original mark et announcement. Investors and any person viewing this document should refer to the mark et announcements made by Superior (ASX:SPQ), which can be viewed at: http://www.asx.com.au/asx/statistics/announcements.do.

FY19 Key headlines

Superior is progressing large "Tier 1" projects in northern Queensland

• Entry-level ASX exposure to Tier 1 potential zinc and copper exploration projects
• Formed JV with a leading partner South32 at Nicholson Project, with SPQ Operator
• Extensive drilling 3,176m drilled H2 2019 at Nicholson
• Advancing towards potential large copper system discovery Bottletree Prospect – 292m @ 0.22% Cu including 18.7m @ 1.12% Cu
• Grant of "Big Mag" magnetic target ~ 70km2 mag anomaly (Ni-Co, Cu-Au potential)
• Sale of Tick Hill Gold Project

Exposure to significant value growth potential:

• Tier 1 "giant-sized" targets
• Metals that underpin the future: Pb-Zn-Ag / Cu-Au / Ni-Co
• Prime geological addresses
• Nicholson + Victor (100%) – "Mount Isa style" Lead-zinc-silver (+copper) – within globally significant Carpentaria Zinc Province
• Greenvale (100%) – "Ordovician Macquarie Arc – home to giants" Well-endowed Ordovician mineral belt: copper-gold, nickel-cobalt, zinc
• Battery Metals (100%) – 3 key nickel-cobalt projects Big Mag, Walford Creek West, Lucky Creek Big Mag near historic Greenvale Nickel Mine – produced $6.9b Ni+Co at today's prices

1. Nicholson Project (SPQ 100%)

Lead- Zinc- Silver (Copper, Cobalt)

• Several Tier 1 equivalent targets
• 3,176m drilled H2 2019 under JV with South32
• 1 Battery Metals project + 1 Uranium project
• Area: 312 km2

2. Victor Project (SPQ 100%)

• Lead- Zinc- Silver (Copper)
• Several Tier 1 equivalent targets
• Area: 717 km2

3. Greenvale Project (SPQ 100%)

Copper-Gold, Nickel-Cobalt, Zinc

• Bottletree progressing towards a Tier 1 copper deposit
• New exploration permit granted over Big Mag, prospective for nickel-cobalt & copper-gold
• Steam Engine building gold resource (initial 85,000 ounces)
• 2 Battery Metals projects
• Area: 891 km2

Corporate snapshot / Stock performance

Corporate structure

NICHOLSON and VICTOR PROJECTS – TIER 1 World-class Mount Isa-style zinc-lead-copper targets

• Located within Carpentaria Zinc Province which contains 20% of the world's zinc inventory
• Underexplored most likely area to make the next Mount Isa discovery
• Stage 1 drilling program at Nicholson Project fully funded by JV with South32
• Further exploration planned for nearby Victor Project

NICHOLSON and VICTOR PROJECTS The Deposit Model

NICHOLSON PROJECT Multiple world-class targets

SOUTH32 JVA:

• South32 funding $2m or 4,000m of drilling within first 12 months (Stage 1); may elect to fund further $4m in Stage 2
• Stage 1 to test up to 8 high-priority VTEM targets
• H2 2019: 3,176m of drilling completed over 3 targets
• Potential for world-class discoveries similar to McArthur River, Century and Mount Isa lead-zinc-silver deposits

Nicholson West – VTEM survey – Aarhus modelling

Positive start to Nicholson Project JV drilling

2019 Stage 1 drilling points to Nicholson Project's potential:

• 4 diamond drill holes completed totalling 3,176m:
  • 3 holes at Nicholson West
  • 1 hole at Kingfisher East
• Drilling confirmed presence of SEDEX mineralisation systems (McArthur River and Mt Isa) developed within thick (up to 340m) Mount Les Siltstone
• Multiple thin horizons of visible pyrite & sphalerite (zinc sulphide)
• Assay results expected December 2019
• Stage 1 up to 11 diamond holes planned to test potential for world-class discoveries similar to McArthur River, Century & Mount Isa lead-zinc-silver deposits

GREENVALE PROJECT A unique world-class Macquarie Arc opportunity

• Ordovician Macquarie Arc: hosts the giant Cadia and North Parkes porphyry Cu-Au mines in NSW
• The unique opportunity: Greenvale Ordovcian rocks are the northern remnant of the Macquarie Arc – but are Underexplored
• SPQ holds most of the Greenvale Macquarie Arc

GREENVALE PROJECT

Greenvale includes 8 drill-ready targets, highly prospective for:

› Bottletree

(drilled 2018) advancing towards potential discovery of a large copper system

› Big Mag

(granted July 2019) Large nickel-cobalt, copper-gold target

› Steam Engine

(drilled July 2017) shear-hosted high grade gold lodes

1.0Mt @ 2.5g/t gold (1.0g/t cut-off) for 85,000 ounces gold2

› Galah Dam

(drilled July 2017) gold-zinc-copper porphyry / VMS

› Cockie Creek

Significant porphyry copper target. Historic drilling returned broad, low-grade primary copper intersections (94m @ 0.53% Cu from 121m) 3

› Wyandotte

Intrusive related and possibly porphyry copper mineralisation

› Halls Reward

Cyprus style VMS target at an old copper mine which produced high-grade secondary copper

› One Mile

Covers an area of 128ha with strike length 800m. Recent drill holes intersected a disseminated to massive pyrite zone

Greenvale Project: Bottletree

• Large-scale copper deposit identified
• Diamond drilling targeting chargeability anomaly completed August 20184:
  • High grade copper (18.7m @ 1.12% Cu)
  • Broad Cu mineralisation (292m @ 0.22% Cu)
• 3D modelling large copper target lies at depth

Greenvale Project: Bottletree

• SBTRD0065:
  • 18.7m @ 1.12% Cu
  • 292m @ 0.22% Cu
• Large chargeability target at +400m
• Copper grades correlate well with chargeability response
• 1.4km long anomaly, open to the north and south

Greenvale Project: Big Mag

• Big Mag near historic Greenvale Nickel Mine produced $6.9b Ni+Co at today's prices
• Characterised by a regionally large, intense magnetic anomaly of ~70km2
• High potential for nickel-cobalt, copper-gold mineralisation
• Very limited historic exploration few drill holes on the NE margin – otherwise unexplored
• Mafic and ultramafic intrusive rocks with overlying laterite and tertiary sediments
• Tenement granted July 2019

Greenvale Project: Big Mag

• A series of mafic and ultramafic intrusions based on historic drilling, magnetics and petrology of drill hole samples.
• Considered to be related to the same series of rocks as Greenvale Nickel Mine (SCONI).

Greenvale Project: Steam Engine Gold

• 2017 Maiden JORC Mineral Resource Estimate (MRE):
  • › 1,000,000t @ 2.5g/t gold (1.0g/t cut-off)
  • › 85,000 ounces gold
• MRE based only on 400m of total 2.5km lode strike length
• Drilling July 2018:
  • › Steam Engine Lode (SSERC006):
    • 2m @ 1.90 g/t Au from 66m; and
    • 4m @ 2.34 g/t Au from 90m;
  • › Eastern Ridge Lode (SSERC001):
    • 3m @ 3.09 g/t Au from 45m;
  • › Eastern Ridge Lode (SSERC002):
    • 1m @ 5.28 g/t Au from 33m;
  • › Eastern Ridge Lode (SSERC003):
    • 4m @ 2.47 g/t Au from 36m; and
    • 2m @ 4.73 g/t Au from 54m;
• Gold mineralisation open at depth and along strike
• Next steps:

Greenvale Project: Steam Engine Gold

Undiscovered potential:

SUPERIOR – the next 12 months …..

Exciting forward programs planned, targeting high impact zinc, copper and gold

Board and senior management

Board and senior management team have deep exploration and technical expertise coupled with extensive corporate experience

Carlos Alberto Fernicola

Non-Executive Chairman B.Com, FCA, F Fin, FCIS, FCSA, GradDipAdvAcctg, GDipAppFinInv, GDipAppCorpFin

• 30+ years of experience in accounting, taxation, audit and the financial services industry
• Appointed Non-Executive Director in 2014
• Fellow of Institute of Chartered Accountants Australia and New Zealand, Fellow of the Governance Institute of Australia and Fellow of the Financial Services Institute of Australia

Peter Henry Hwang

Managing Director B.Sc. (Hons), LLB, MAIG, MGSA, MQLS

• 12 years of experience in mineral exploration, 18 years in mining and resources law
• Geologist Gold, base metals and diamonds
• Lawyer specialising in mining, commercial, M&A, mining infrastructure regulatory and native title law, previously with Freehills, Ashurst and Minter Ellison
• Former director of junior resources companies; a founding director of ActivEx Limited (ASX:AIV)

Kenneth James Harvey

Non-Executive Director M.Sc., Dip. Ed., MAusIMM, MAIG, MSEG, MGSA

• 46+ years of experience in mineral exploration, project evaluation and management and resource estimation and evaluation and exploration management
• Previous longstanding member of the exploration and gold development divisions of MIM Holdings Limited

A compelling value proposition

Tier 1 Potential Exploration Targets in World-Class Mining Districts

• Significant exploration upside of SPQ's zinc, copper, gold and battery metals portfolio
• Strong business and operational relationship with South32
• Direct exposure to the increasingly positive market dynamics of zinc, gold and copper
• Extensive 2019 drilling program
• Board and senior management have a proven track record of discovering, developing and funding projects and are well invested in the success of the company

A world class Mount Isa style lead-zincsilver, copper exploration project.

• Located 75km northwest of Mount Isa
• Underexplored
• 100% ownership project comprises 6 exploration permits, covering about 1,135km2.

Appendix 1 – Victor Project

Leakage Concept

Exploration strategy based on the mechanism of geochemical "leakage" of key metals (lead, zinc and copper) from a deeper Proterozoic source into younger overlying sediments.

Geological concept

Location of project and tenements

Appendix 1 – Victor Project – significant surface indications of lead and zinc

Imaging of soil lead Imaging of soil zinc