SUPERIOR RESOURCES LIMITED — AGM Information 2020

Nov 26, 2020

Annual General Meeting 2020

Peter Hwang Managing Director

ASX: SPQ

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 does not purport to be comprehensive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this document.

Not Financial Product Advice: This document does not constitute financial product or investment advice. It has been prepared without taking into account the objectives, financial circumstances or needs of recipients and cannot be relied upon as advice to recipients. Before making 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 looking statements. Forward looking 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 technical outcomes, production, earnings, financial position and performance are also forward looking statements. The forward looking statements in this document are based on current 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 looking statements are subject to technical, business, economic, competitive, political and social uncertainties and contingencies and may involve known and unknown risks and uncertainties. The forward looking statements may prove to be incorrect. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results expressed or implied by any forward looking statements. All forwardlooking statements made in this presentation are qualified by the foregoing cautionary statements.

Disclaimer: Superior and its related bodies corporate, including their directors, officers, employees, agents or contractors do not make any representation or warranty (either express or implied) as to the accuracy, correctness, completeness, adequacy, reliability or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. Superior and its related bodies corporate and each of their respective directors, officers, employees, agents and contractors disclaim, 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 because of fault or negligence or otherwise) 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 duty to update forward looking statements to reflect new developments.

Exploration Results and Mineral Resource Estimates: The reporting of exploration results and mineral resource estimates in this document reflects the information that was originally reported in market announcements that have been referenced in the body of this document. Superior confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcement. Investors and any person viewing this document should refer to the market announcements made by Superior (ASX:SPQ), which can be viewed at: https://www2.asx.com.au/markets/trade-our-cash-market/announcements.

Steam Engine Gold DepositAdvancing rapidly towardsfeasibility	Mineral Resource estimate revised and upgraded 11%Completed Resource drilling program –upgrade JORC confidence levelsConfirmed high-grade extensions to Steam Engine and Eastern RidgelodesIdentified new extensive 4thmineralised zone –Dinner Creek LodeCommenced Stage 2 drilling programScoping Study and 2ndMineral Resource revision nearing completion
Sulphide Ni-Cu –PGEBig Mag, Halls Reward Nickel, newDido EPM application	Identified new Halls Reward sulphide nickel prospectNew 600km2"Dido" and "Arthur Range" EPM applications for Voisey'sBay style magmatic nickel-copper-cobalt-PGE depositsBig Mag ready for initial exploration program including drilling
Tier-1 CopperAdvanced Bottletreedrillingpreparations	Proposed drilling program expected to intersect the core of high gradecopper mineralisationLast holes returned 292m @ 0.22% Cu, incl. 18.7m @ 1.12 % Cu1

3

Our value growth reached 767%

…. the story continues in 2021

STEAM ENGINE GOLD: Jan '21 pre-feasibility study for toll-treatment operation on the back of Dec 2020 Revised Mineral Resource Estimate and Scoping Study

STEAM ENGINE GOLD: New high-grade lode opportunity at >2km Dinner Creek Zone - drilling program. Continue extending Mineral Resource at Steam Engine and Eastern Ridge

STEAM ENGINE GOLD: Toll-treatment party identification and negotiations, Feasibility Study, Regulatory approvals

Ni-Cu-Co-PGE: Initial nickel-copper-cobalt-(PGE) magmatic sulphide exploration programs at new Halls Reward Nickel, Big Mag and new Dido and Arthur Range targets

TIER-1 COPPER: (expecting 2021 copper bull market) Potential "discovery hole" drilling program at Tier-1 Bottletree

OPPORTUNITY PIPELINE: Build for the future – add quality projects to our portfolio of near-term development and Tier-1 assets

Corporate snapshot

Board

Peter Hwang	(Managing Director)
Carlos Fernicola	(Chairman)
Simon Pooley	(Non-Exec Director)

Other management Carlos Fernicola (Company Secretary)

Project portfolio – near-term production and Tier-1

Greenvale Project (SPQ 100%) 849 km2 (1,449 km2)

Gold, Copper-Gold, Ni-Cu-Co-PGE, Zinc

• Steam Engine Scoping Study underway investigating near-term production potential
• Wyandotte near-term Copper Mineral Resource estimate
• Bottletree potentially a Tier 1-sized copper deposit
• Big Mag ~80km2 mag anomaly prospective for Ni-Cu-Co-PGE
• Dido (applic) targeting Voisey's Bay style magmatic nickel-copper-cobalt-PGE deposits
• Cockie Creek, Galah Dam, One Mile, Halls Reward

Nicholson Project (SPQ 100%) 300 km2

Lead-Zinc-Silver (Copper, Cobalt)

• Several drill-ready Tier 1-equivalent Mt Isa / McArthur River style targets
• 3,176m drilled in 2019 under JV with South32
• 1 Battery Metals project + 1 Uranium project

Victor Project (SPQ 100%) 438 km2

Lead- Zinc- Silver (Copper)

• Potential regional-scale graben structure
• Several Tier 1-equivalent targets

Greenvale 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 considered the northern remnant of the Macquarie Arc – but are Underexplored
• SPQ holds most of the Greenvale Ordovician rock sequences
• Greenvale tenements contain significant concentration of copper deposits and targets
• Ni-Cu-Co-PGE: Initial nickel-coppercobalt-(PGE) magmatic sulphide exploration programs at new Halls Reward Nickel, Big Mag and new Dido and Arthur Range targets

Reconstruction of the Macquarie Arc across eastern Australia Adapted from Cayley & Musgrave, in review.

Greenvale Steam Engine Gold Deposit

An extensive gold lode system

Potential near -term cash flow Accelerated Scoping Study

2020 work:

• Mineral Resource Estimate (MRE) (May 2020):
• 1.27 Mt @ 2.3 g/t gold (0.5 g/t cut -off), Indicated and Inferred (JORC 2012) 2
• 94,000 ounces gold

MRE based only on:

• 30% of >2.5 kms lode strike length at surface (not including Dinner Creek Lode)
• shallow depth drilling
• Gold lodes open at depth and along strike
• Significant potential for a large high -grade gold deposit

2: ASX announcement dated 4 May 2020

Exciting new Dinner Creek Lode

• >2 kms of potential new gold
• lode zone
• Rock chips up to 7.6 g/t Au 3
• Drilling in 2021

Dinner Creek Lode:

• Sericite alteration zone with sulphide mineralisation resembling Steam Engine Lode
• Substantially thicker than Steam Engine Lode
• >2 kms strike length (Steam Engine Lode – 0.5 kms)
• High grade gold rock chips up to 7.6 g/t Au 3

3: ASX announcement dated 2 September 2020

Steam Engine

Progressing towards pre-feasibility (Refer ASX announcement dated 4 May 2020)

Steam Engine Current plans for a pathway to production

Stage 2 Drilling – Extensional Steam Engine, Eastern Ridge Revised Mineral Resource Estimate Q4 2020 Q1 2021 Q2 2021 Q3 2021 Scoping Study Pre-feasibility Study Mining Lease Application Q4 2021 Stage 1 Drilling – Maiden drilling of Dinner Creek Lode Stage 3 Drilling – Extensional Steam Engine, Eastern Ridge Native Title and Landholder negotiations Environmental Approvals Toll treatment negotiations Revised Mineral Resource Estimate TBC To be confirmed To be confirmed

Big Mag & new Dido & Arthur Creek Ni-Cu-Co-PGE

Big Mag

• near historic Greenvale Nickel Mine produced ~$6b Ni + Co at today's prices
• regionally large, intense magnetic anomaly of ~80km2
• localised area of intense differentiated mafic and ultramafic intrusions with high potential for magmatic Ni-Cu-Co-PGE mineralisation
• largely unexplored

Dido & Arthur Creek (EPM applications)

New 600km2 "Dido" and "Arthur Range" EPM applications for VMS and Voisey's Bay style magmatic nickel-copper-cobalt-PGE deposits

Halls Reward Nickel

Sulphide nickel deposit identified recently in 2021

Big Mag Ni-Cu-Co-PGE

A series of mafic and differentiated ultramafic intrusions – based on historic drilling, magnetics and petrology of drill hole samples

Considered to be related to the same series of rocks as host the historic Greenvale Nickel Mine (SCONI)

Airborne magnetics (RTP)

Copper – 2021 Bull copper market predictions SPQ has copper well and truly covered

SPQ holds the Ordovician Lucky Creek Corridor

Intense concentration of copper deposits and prospects

Near-term production & Tier-1 prospects, for example:

• Bottletree: large copper system (292m @ 0.22% Cu including 18.7m @ 1.12% Cu) (refer ASX announcement dated 30 September 2018)
• Cockie Creek: large Cu-Au porphyry target under near-surface copper mineralisation of 13Mt @ 0.42% Cu (0.25% Cu cut-off) 4
• Wyandotte: high grade copper, assessing potential for toll treatment

Bottletree Next program targeting high grade core

Nicholson and Victor

Tier 1 Mount Isa-style zinc-lead-silver-copper targets

Located within Carpentaria Zinc Province, which contains 20% of the world's zinc inventory

Underexplored – the most likely area to make the next Mount Isa discovery

(ASX announcement dated 6 March 2020)

Walford South: Giant Tier 1 VTEM, gravity and AMT target

• Coincident VTEM, gravity and associated AMT anomalies
• Anomalies adjacent to at least two major fault structures
• Previous SPQ drilling (3 holes) intersected "classic" well-developed stratiform pyritic shale, typical of McArthur River style mineralisation

Nicholson West: 2019 drilling confirmed presence of SEDEX mineralisation systems (McArthur River and Mt Isa) developed within thick (up to 340m) Mount Les Siltstone

Nicholson West

Interpreted position of Nicholson West holes within a

SEDEX system

Board

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)

Simon James Pooley Non-Executive Director MAusIMM, GAICD

• 30+ years of experience in base and precious metals exploration, project evaluation, mine development and operation.
• Formerly Chief Operating Officer for Novo Resources Corp., General Manager Operations for Millennium Minerals Limited and General Manager Exploration and Business Development for CopperCo Limited.

Investment highlights

Potential near-term cash flow

Tier 1 Potential Exploration Targets in World-Class Mining Districts

Undervalued @ $0.015: Lowest entry cost exposure to near-term production gold and copper Resources & multiple Tier 1-potential base metals targets

Accelerated studies for near-term cash flow at Steam Engine Gold Deposit and Wyandotte Copper Deposit

Substantial Ni-Cu-Co-PGE targets: Initial nickel-copper-cobalt-(PGE) magmatic sulphide exploration programs at new Halls Reward Nickel, Big Mag and new Dido and Arthur Range targets

TIER-1 Copper: Potential "discovery hole" drilling program at Tier-1 Bottletree planned for 2021 (subject to copper market)