SUPERIOR RESOURCES LIMITED — AGM Information 2021

Dec 9, 2021

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Annual General Meeting Growth through discovery Corporate Strategy Development Peter Hwang – Managing Director 10 December 2021

ASX:SPQ

Cautionary statement

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 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 forward-looking statements made in this presentation are qualified by the foregoing cautionary statements.

Disclaimer: Superior and its related bodies corporate, any of 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 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 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 JORC: 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: http://www.asx.com.au/asx/statistics/announcements.do.

Growth through discovery

Highlights – 2021

Completed 13,000m drilling program

Steam Engine (Au) Confirmed large deposit size potential Substantial new extensions identified 2020: 1.7Mt @ 2.2g/t Au, 122,000 oz[1] Up to 184 g/t Au[2] Initial Scoping Study completed 2021 Mineral Resource Upgrade upcoming Dido, Big Mag, Phantom Ck (Voisey’s Bay Ni-Cu-PGE) First mover advantage 1,160 km[2] of highly prospective ground secured

Bottletree (Cu-Au)

Confirmed large potential porphyry Large chargeability target is just Cu ‘leakage’ Several large Cu ‘leakage’ zones Soil Cu 1.5km x 1km over porphyry target

Wyandotte (Cu) Cockie Creek (Cu-Au) Exploration target – Maiden JORC (2012) Mineral 1Mt @ 1.9% Cu (19,000t Cu)[3] Resource Estimate imminent

1: Refer ASX announcement, 22 March 2021

3: Upper range, refer Quarterly Activities Report, 30 September 2021

2: Refer ASX announcement, 30 September 2020

Introduction

Overview

Corporate snapshot

Carlos Alberto Fernicola

Non-Executive Chairman

B.Com, FCA, F Fin, FCIS, FCSA, GradDipAdvAcctg, GDippAppFinInv, GDipAppCorpFin

Carlos has 30+ years of experience in accounting, taxation, audit and the financial services industry. He is a Fellow of Institute of Chartered Accountants ANZ, Fellow of the Governance Institute of Australia and Fellow of the FSIA.

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Peter Henry Hwang

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

Peter has 12+ years experience as a geologist and 21 years experience as a lawyer. Previously at Freehills, Ashurst and Minter Ellison, he specialises in mining, commercial, M&A, mining infrastructure, regulatory and native title law.

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Simon James Pooley

Non-Executive Director

MAusIMM, GAICD

Simon was 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.

1. As at 9 December 2021

1. 49,496,429 unlisted Options expiring 31/12/2021 @ $0.006

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Share Price [1] Issued Shares [2] Market Cap
$0.015 1,538m $23m
Cash Debt Top 20 Holdings
$1.1M $nil 37%
Management
8%
7% Yarraandoo Pty Ltd
Others Top 20
63%
22% Other Top 20
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Growth through discovery

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Project portfolio
Greenvale Project Nicholson Project Victor Project
(SPQ 100%) (SPQ 100%) (SPQ 100%)
1,749 km [2] 300 km [2] 260 km [2]
Gold Lead-Zinc-Silver Lead-Zinc-Silver
Orogenic SEDEX SEDEX
Copper-Gold Copper, Cobalt
Porphyry, VMS Zambian Copperbelt QLD
Nickel-Copper- Uranium
Cobalt-PGE Unconformity type
Voisey’s Bay
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Growth with the future

Leverage the green energy transition

Growing demand for green energy minerals have driven a tightening market for these commodities.

• Superior Resources is well leveraged to a range of green energy minerals including copper, gold, nickel, zinc and uranium .

• 2021 exploration success has validated further encouraging opportunities for resource growth and discovery.

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Copper

Bottletree | Cockie Creek | Wyandotte

Ni-Cu-PGE

Dido | Phantom | Big Mag

Uranium

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Nicholson
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+91%
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2yr Cu price change

+15%

2yr Pd price change

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+41%
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2yr U price change

Growth through discovery Greenvale Project Multiple tier-1 discovery opportunities

Transformational advances towards major discovery at Bottletree

JORC Au Resource defined at Steam Engine, with large deposit size potential

First mover advantage on Ni-Cu-PGE – Dido, Big Mag, Phantom Recent pegging spree by Rio Tinto & others to the west Gold production studies at Steam Engine underway

Copper Resource definition and exploration underway 13,000m drilling program just completed

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Greenvale Project

Operational snapshot

Defining gold and copper resources in Queensland

	Steam Engine 2020: 1.73Mt @ 2.2 g/t Au (122,000 ounces Au)4	Bottletree 292m @ 0.22% Cu6 incl 18.7m @ 1.12% Cu	Cockie Creek 13Mt @ 0.42% Cu7 (54,600t Cu)	Wyandotte Exploration Target8: 0.4Mt @ 2.2% Cu (8,800t Cu) - 1.0Mt @ 1.9% Cu (19,000t Cu)	Voisey’s Bay style Ni-Cu-PGE Dido, Big Mag Phantom Creek
	Scoping Study (Base Case)5: $24.2M cash flow (post tax @ A$2,200/oz; $41M @ A$2,500) Only 70,000oz mined $5.1M CAPEX(pre- production and closure) Feasibility Study 2021 Mineral Resource Upgrade upcoming	Large Cu-Au porphyry target: Large chargeability anomaly: Cu mineralisation from ‘leakage’ Larger potential porphyry target identified 1.5km x 1km Cu soil anomaly over porphyry target Several other large Cu ‘leakage’ mineralised areas	Large IP chargeability anomaly beneath Cu Resource: Potential porphyry Cu-Au system Maiden JORC (2012) Mineral Resource imminent	High grade copper deposit: Mineral Resource Estimate to be established No exploration since 1975	Voisey’s Bay style Ni-Cu-PGE: Highly prospective for Voisey's Bay-style Ni-Cu- PGE systems Fertile troctolite intrusions identified by Anglo but not followed up or inadequately followed up

• 4: Based on 2020 drilling: JORC Measured, Indicated and Inferred; Refer ASX announcement, 22 March 2021

• 5: Refer ASX announcement, 27 April 2021

• 7: JORC (2004) Inferred; Refer ASX announcement, 27 March 2013

• 8: Refer ASX announcement, 15 June 2021

• 6: Refer ASX announcement, 25 October 2018

Greenvale Project

Greenvale – Steam Engine Gold Deposit

An extensive gold lode system

• Advancing towards near-term cash flow

• Feasibility Study in progress

2020 work:

Mineral Resource Estimate:

• 1.73 Mt @ 2.2 g/t Au , Measured, Indicated and Inferred (JORC 2012)[9]

• 122,000 ounces Au

• 5m @ 38 g/t Au from 49m (SRC077) incl 1m @ 184 g/t Au from 51m[10]

• 7m @ 20.6 g/t Au from 54m (SRC076) incl 1m @ 135 g/t Au from 55m[11]

MRE based only on:

• 30% of >2.5 km lode strike length at surface (not including Dinner Creek Lode)

• shallow depth drilling

• Gold lodes open at depth and along strike

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New potential extensions identified

• >2 kms of potential new gold lode zones to the south and west of Steam Engine Lode identified in historic soil samples and field mapping

o Potential links to Bottletree 5 kms south

Dinner Creek Lode

• >2 kms of potential new gold lode zone

• Rock chips up to 7.6 g/t Au[10]

• Sericite alteration zone with sulphide mineralisation resembling Steam Engine Lode

• Substantially thicker than Steam Engine Lode

• o >2 kms strike length (Steam Engine Lode – 0.8 kms)

11: Refer ASX Announcement 30 September 2020 for the original reporting of assay results

9: Refer ASX announcement dated 22 March 2021

10: Refer ASX announcement dated 2 September 2020

Greenvale Project

Steam Engine – Highly positive Scoping Study

	Parameter Base Case @ A$2,200 /oz Upside Case @ A$2,500 /oz
	Financial Summary
	Overall Cash Flow(post-tax) A$24.2M A$41.0M
	NPV~~7% ~~(post-tax) A$21.2M A$35.9M
	Internal Rate of Return (IRR) (post- tax) 242% 410%
	All-in Sustaining Costs(AISC)12 A$1,673 /oz A$1,725 /oz
	Payback Period 11 months 9 months
	Funding
	CAPEX(Pre-Production and Closure) A$5.1M A$5.1M
	Funding Required13 A$10.0M A$9.0M
	Return on Capital(post-tax) 475% 806%
Parameter Breakeven Value
	Physical Outputs
Gold Price A$1,709 (US$1,299 @ 0.76 AUD/USD)
	Life of Mine (LOM) (Construction to Closure) ~2.5 years ~2.9 years
	Total Ore 1.131 Mt 1.305 Mt
Gold Grade 1.79 g/t
	Ore Grade 2.31g/t 2.24g/t
Gold Recovery Steam Engine Lode Ore 60%	Overall Gold Recovery 84% 84%
	Gold Produced and Sold 70,000 oz 79,000 oz

12: AISC calculated in accordance with the 2018 World Gold Council Updated Guidance Note

13: Includes pre-production CAPEX plus operating losses until profits are generated

Refer ASX announcement dated 27 April 2021

Greenvale Project

Steam Engine – Current program timeline

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Feasibility Study Stage 1 Drilling – Maiden drilling of Dinner Creek Lode Stage 3 Drilling – Extensional Steam Engine, Eastern Ridge – New lode zones Geophysics and Soil Sampling – Steam Engine extensions Revised Mineral Resource Estimate Toll treatment and Contractor negotiations Mining Lease Application To be confirmed Native Title and Landholder negotiations To be confirmed Environmental Approvals To be confirmed

Greenvale Project

Bottletree – Large-scale Cu-Au mineralised system

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• Large-scale copper mineralisation identified - 2018

• High grade copper ( 18.7m @ 1.12% Cu )[14]

• Broad Cu mineralisation ( 292m @ 0.22% Cu )

• 2021: 3 deep diamond holes

• Extensive copper mineralisation

• Confirmed potential porphyry Cu-Au system

• Chargeability target merely leakage from larger intrusive system

Deep drilling confirms potential porphyry Cu-Au system

14: Refer ASX announcement dated 25 October 2018

Greenvale Project Bottletree – Large-scale Cu-Au mineralised system

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West East
500m
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W
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Greenvale Project

Bottletree – Large-scale Cu-Au mineralised system

W Background: MT Resistivity, high resistivity clipped Deep drilling confirms large potential porphyry Cu-Au system

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2200 mN 2200 mN
2000 mN
Central
Zone of
Copper
Mineralisation
1800 mN 1800 mN
1600 mN 1600 mN
Soil and alluvium cover
Quartz-biotite-hornblende schist
Quartz-amphibole-biotite gneiss
Massive and layered amphibolite
1400 mN Quartz vein 1400 mN
Gossan
Fault
1200 mN 1200 mN
Cockie Creek Copper Prospect
Geology
Mineralisation
Drill Holes
1000 mN
2000 mE 2200 mE 2400 mE B29 2600 mE
B15 B16
P8 P7 B20
B04 B05
P14 P13
B06
B01
P15 B07 B19
B08 P6 B18
P12 B02 D1 D4
B10
B17
P5 B11 B12 B09
B28
P17
B03 B27
P18 D2
P20 P19 B21
B22
D3 B13 P4 P21
D5
P10
P22
B14 B23
P24 P23 B26
P25
P2 P27 P26
P28 P9 D6
P11
P29 B25
B24
2000 mE 2200 mE 2400 mE 2600 mE
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Greenvale Project

Cockie Creek – Cu-Au

• Potential for a significant porphyry Cu-Au deposit

• Current Mineral Resource estimate: 13Mt @ 0.42% Cu[15 ] (JORC 2004), based on strike length of 1.2kms and down to approx. 300m depth

• Significant Au mineralisation with the copper

• Two large, intense IP chargeability targets at depth beneath the defined mineralisation

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1600 mN 1600 mN
Soil and alluvium cover
Quartz-biotite-hornblende schist
Quartz-amphibole-biotite gneiss
Massive and layered amphibolite
1400 mN Quartz vein 1400 mN
Gossan
Fault
1200 mN 1200 mN
Cockie Creek Copper Prospect
Geology
Mineralisation
Drill Holes
1000 mN
D3 B13 P4 P21
D5
P10
P22
B14 B23
P24 P23 B26
P25
P2 P27 P26
P28 P9 D6
P11
P29 B25
B24
2000 mE 2200 mE 2400 mE 2600 mE
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15: Refer ASX announcement dated 27 March 2013

Greenvale Project

Wyandotte – High grade copper deposit

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Exploration Target[16]

Tonnes	SG	Cu %	Cu tonnes	Range
400,000	2.7	2.2%	8,800	Lower
1,000,000	3.0	1.9%	19,000	Upper
 To be drilled in current drilling campaign  Maiden Mineral Resource estimate will be established  No exploration conducted since 1975  Potential for down-dip extension of mineralisation  Ground geophysical surveys to identify larger source of mineralisation

16: Refer ASX announcement dated 15 June 2021

Greenvale Project

– Ni-Cu-Co-PGE Dido, Phantom & Big Mag

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Clear evidence for Voisey’s Bay style magmatic sulphide Ni-Cu-PGE systems

• Previous exploration by Anglo American (2012) confirmed evidence for Voisey’s Bay geological system

• New tenement applications over Ni-Cu-PGE prospective ground have more than doubled the size of the Greenvale Project

• Many fertile troctolite intrusions identified by Anglo but not followed up or inadequately followed up

• Localised areas of differentiated mafic and ultramafic intrusions (Ovoids and feeder dykes) with high potential for magmatic Ni-Cu-Co-PGE mineralisation identified in high resolution airborne magnetics

• largely unexplored

• Rio Tinto recent pegging

Greenvale Project – Ni-Cu-Co-PGE Big Mag

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 A series of mafic and differentiated ultramafic intrusions
Airborne Magnetics (RTP)
 Drill-ready potential Ovoid and Feeder Dyke
 Intense magnetic anomaly target at depth within Ovoid
 Differentiated / layered intrusion appears within potential
Feeder Dyke
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Nicholson and Victor Projects Mt Isa-style Zn-Pb-Ag-Cu 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

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Nicholson Project Nicholson West and Walford South targets

Walford South: Tier 1-potential VTEM, gravity and AMT target

• Coincident VTEM, gravity and associated AMT anomalies

• Anomalies adjacent to al 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 340 m) Mount Les Siltstone

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(Refer ASX announcement dated 6 March 2020)

Appendices

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Recent Rio Tinto EPM Applications Greenvale Region Tenure

Steam Engine Project – Potential new lodes

Dinner Creek Lode

Potential additional lodes under shallow cover

Steam Engine Project – Potential new lodes

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Soil geochemistry
Soil geochemistry (Copper) (Gold)
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Porphyry Cu-Au system

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Contact Us Email: manager@superiorresources.com.au Phone: +61 7 3847 2887 Website: www.superiorresources.com.au