SUPERIOR RESOURCES LIMITED — AGM Information 2022

Nov 28, 2022

Annual General Meeting 2022

Peter Hwang, Managing Director 29 November 2022

ASX:SPQ

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 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, financialsituation 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 announcements. Reporting of recent exploration information relating to the Bottletree Prospect is based on information compiled and interpreted by Mr Peter Hwang, Executive Director and a shareholder of Superior Resources Limited and a Member of the Australian Institute of Geoscientists. Mr Hwang has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person under the 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Hwang consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. 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 – multiple tier 1-potential exploration projects

Value snapshot 2022

Leveraging the green transition

Porphyry Discovery

Transformational advances towards significant Cu-Au-Mo porphyry discovery at Bottletree (wall-rock porphyry discovery)

New Nickel Province

New magmatic Ni-Cu-PGE sulphide province (Norilsk/Voisey's Bay) with >40 Ni sulphide intrusions Project expanded from 600km2 to 1,800km2 (incl applications)

New Porphyry and Ni Projects for 2023

Pipeline of new porphyry and nickel projects ready for drilling in 2023

> 400% appreciation in shareholder value

New Porphyry Province

Recognition of new porphyry Cu-Au province with numerous porphyry systems

Australia's leading Ni-Cu-PGE sulphide opportunity in a practically unexplored, yet proven Ni-sulphide province

Towards Revenue - Gold

Steam Engine feasibility study & investigating on-site processing alternatives

Profile

Senior industry and capital markets recognition as a serious porphyry Cu-Au exploration play

Corporate snapshot

Non-Executive Chairman

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

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

Peter Henry Hwang

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

12+ years experience as a gold, base metals and diamond geologist in Australia, Venezuela and Brazil and 21 years experience as a lawyer at national law firms, specialising in mining, M&A, mining infrastructure, regulatory and native title.

Simon James Pooley

Non-Executive Director MAusIMM, GAICD

Currently General Manager Geology at Northern Minerals Limited. 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 25 November 2022

Growth through discovery – multiple tier 1-potential exploration projects

Strategic overview

Driving value within the global green economic transition

Tier 1-potential projects

Future-facing commodities focus

Explore porphyry Cu-Au-Mo projects Recent Bottletree wall-rock porphyry discovery Drilling towards porphyry core

Two High-Impact Mineral Provinces

• No need for 'Nearology': SPQ holds 100% of porphyry Cu-Au-Mo and magmatic Ni-Cu-PGE sulphide provinces
• Multiple large porphyry Cu-Au prospects and Ni-Cu-PGE targets

Maximise market returns Commencing new projects in 2023

• Drilling two additional porphyry projects Cockie Creek and Wyandotte
• Systematic exploration of new Ni province (subject to capital or favourable JV transaction)

Revenue generation

Toll treatment feasibility study & investigating on-site processing at Steam Engine

Infrastructure

• Power: Genex pumped hydro project and power corridor
• Road: Regional highway

Link to Island Arc schematic

Greenvale Project

Porphyry Copper, Nickel Belt – Why the concentration of copper and nickel?

Growth through discovery

Bottletree

Porphyry Cu-Au-Mo

Buried Cu-Au-Mo porphyry system discovery

"Text-book" porphyry potassic alteration intersected in Hole 5 (450m to 650m)

• 2km x 1.5km soil Cu anomaly
  • Large intense MIMDAS IP anomaly on NE edge
  • Hole 4 (2021) intersected porphyry-style mineralisation 632m @ 0.21% Cu, incl 224m @ 0.40% Cu, (from 5m below surface)1, confirmed Cu sourced towards centre of soil anomaly
• Hole 5 (2022) drilled below Hole 4, intersected porphyry potassic alteration & extensive variable, but mostly low grade Cu over almost entire 933.6m hole
• Hole 10, drilling under Holes 4 and 5, currently @ 737m depth, drilling to >1,000m Significant intense molybdenum (Mo) mineralisation observed @ ~475m
• Target: potassic alteration to vector towards mineralised porphyry potassic core
• Strong copper zones in Holes 4, 5 and 6 represent wall-rock porphyry sourced from one or more nearby Cu-Au-Mo porphyry intrusions

Link to conceptual porphyry system

Buried Cu-Au-Mo porphyry system

Refer ASX announcement dated 30 September 2022

Bottletree – Buried Cu-Au-Mo porphyry system discovery!

Bottletree

Buried Cu-Au-Mo porphyry system

• Modern multi-element soil survey data indicate that high copper levels continue undercover to the west of current area of focus.
• Structural data from current drilling indicates that many interpreted latestage dacite porphyry intrusions are likely to originate further west.
• Appears that the Bottletree porphyry system may be significantly larger than originally contemplated.

Growth through discovery

Porphyries and

Greenvale Project

Cockie Creek Porphyry Copper

• Porphyry Cu-Au Mineral Resource above a large IP chargeability anomaly
• Surrounded by three interpreted buried porphyry intrusions
• 13Mt @ 0.42% Cu2 (JORC 2004), based on approx. half the strike length of copper mineralisation and down to 250m maximum depth

1000 mN

Growth through discovery

Greenvale Project

Cockie Creek Porphyry Copper

Wyandotte Copper Deposit

• Shallow, high grade Cu lode (semimassive chalcopyrite-bornite) with potential for down-dip extensions
• Surrounded by four interpreted buried porphyry intrusions
• Potential for significant Cu-Au-Mo porphyry system, as well as high sulphidation epithermal Au-Cu-Ag
• No exploration since 1975

Exploration Target2–Surface Lode
Tonnes	SG	Cu %	Cutonnes	Range
400,000	2.7	2.2%	8,800	Lower
1,000,000	3.0	1.9%	19,000	Upper
		2: Refer ASX announcement dated 15 June 2021

Magmatic Ni-Cu-Co-PGE sulphide project Greenvale Project

Proven Nickel-Copper-PGE sulphide province – but practically unexplored by drilling

• Ni-Cu-PGE Project tenement area: 2,058km2 (including new applications) (Julimar Project area ~750km2 (ASX:CHN))
• 40+ fertile troctolite intrusions Only 1 drilled
• Troctolites, pyroxenites and gabbronorites indicative of large-scale magmatic Ni-Cu-PGE sulphide ore bodies
• Extensive airborne geophysical surveys + academic research by Anglo American (2007-2012) + very minor drilling confirmed presence of Norilsk/Voisey's Bay-style ore deposit systems
• Initial drill results considered by Anglo to be very significant
• Numerous differentiated mafic and ultramafic intrusions (Ovoids and feeder dykes) with high potential for magmatic Ni-Cu-Co-PGE sulphide mineralisation identified in high resolution airborne magnetics

Magmatic Ni-Cu-Co-PGE sulphide project

Magmatic Ni-Cu-Co-PGE sulphide project

• Numerous troctolite, pyroxenite and gabbronorite intrusions across entire project area indicative of large-scale magmatic Ni-Cu-PGE sulphide ore bodies similar to Norilsk/Voisey's Bay
• Microprobe analyses of olivine from intrusions (Fo72-Fo85) consistent with Norilsk/Voisey's Bay – significant Ni vs MgO depletion – indicates Ni sulphide deposit likely to exist in the project area
• Hornblende geobarometry indicates intrusions were emplaced @ 5.5kbars (15-20km depth) – ideal for mineralised mafic intrusions
• Evidence of wall rock contamination and multiple phases of magma intrusion are key features of Ni-Cu-PGE ore systems
• SHRIMP and U-Pb geochronology indicate 460-470Ma age (mafic/ultramafic intrusions) and 430Ma age (Dido Tonalite)
• Initial 9-hole diamond drill program intersected multiple >15m thick disseminated Ni-Cu-PGE sulphide mineralisation (up to 0.58% Ni, 0.28% Cu) in Norilsk/Voisey's Bay type intrusions3
• No other follow-up largely unexplored

Magmatic Ni-Cu-Co-PGE sulphide project Greenvale Project

Magmatic Ni-Cu-Co-PGE sulphide project – Palmer Rails

• 9 diamond drill holes (2,700m)
• Targeted IP and soil anomalies
• Intersected mafic/ultramafic intrusions incl gabbronorite, troctolite, pyroxenite
• "Extremely encouraging": Intrusions show substantial wall rock contamination and magma mixing
• Palmer Rails North geochemically distinct from PR South
• Magmatic sulphides present in most drill holes (both mafic and ultramafic)
• Intergrown pyrrhotite-chalcopyritepentlandite grains intercumulus to silicate grains
• PR North is Ni-rich, PR South PGE-rich

Refer ASX announcement dated 16 March 2022

Magmatic Ni-Cu-Co-PGE sulphide project – Palmer Rails

Growth through discovery – multiple tier 1-potential exploration projects

SPQ – a compelling investment case

Leveraging the green transition

Undisputed most critical element for Zero-Carbon Target (* Wood Mackenzie, Oct 2022)

Perfect timing Transformational advances towards major Cu-Au-Mo porphyry discovery

Ramping up drilling on additional porphyry and Ni-Cu-PGE projects in 2023

Newly recognised Cu-Au porphyry and Ni-Cu-PGE sulphide provinces

Future-facing focus on Cu, Ni We can trust the world's population to progress a green transition.

Copper, above all other future-facing elements, is the most fundamental.

This is a period of global change and opportunity and SPQ is moving forward on multiple fronts.

We're driven to expedite SPQ's projects.

Discover, Explore, Transact, De-merge

Early revenue potential Feasibility study progressing at Steam Engine

Appendices

Steam Engine – Highly positive Scoping Study

		Parameter	Base Case@ A$2,200 /oz Au	Upside Case@ A$2,500 /oz Au
		Financial Summary
		Overall Cash Flow (post-tax)	A$24.2M	A$41.0M
		NPV(post-tax)7%	A$21.2M	A$35.9M
		Internal Rate of Return (IRR) (posttax)	242%	410%
		All-in Sustaining Costs (AISC)4	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 Required5	A$10.0M	A$9.0M
Parameter	Breakeven Value	Return on Capital (post-tax)	475%	806%
		Physical Outputs
Gold Price	A$1,709(US$1,299 @ 0.76 AUD/USD)	Life of Mine (LOM) (Construction toClosure)	~2.5 years	~2.9 years
		Total Ore	1.131 Mt	1.305 Mt
Gold Grade	1.79 g/t	Ore Grade	2.31 g/t	2.24 g/t
Gold Recovery	60%	Overall Gold Recovery	84%	84%
Steam Engine Lode Ore		Gold Produced and Sold	70,000 oz	79,000 oz

Refer ASX announcement dated 27 April 2021

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

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

Steam Engine – Current program timeline

Steam Engine Project – Potential new lodes

Nicholson and Victor Projects Mt Isa-style Zn-Pb-Ag-Cu targets

• o Located within Carpentaria Zinc Province, which contains 20% of the world's zinc inventory
• o Underexplored – the most likely area to make the next Mount Isa discovery

Nicholson West and Walford South targets Nicholson Project

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

Island Arc setting:

Schematic subduction zone with oceanic plate, trench and accretionary wedge, arc and forearc and back arc basin

Porphyry Cu-Au system

Contact Us

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