SUPERIOR RESOURCES LIMITED — Board/Management Information 2013

Apr 21, 2013

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Superior Resources Limited

ABN 72 112 844 407

Registered Office: Level 2, 87 Wickham Terrace, Spring Hill, QUEENSLAND, 4000. Postal Address: PO Box 10288, Brisbane Adelaide Street, QUEENSLAND, 4000. Telephone: 07 3839 5099 Facsimile: 07 3832 5300 Email: manager@superiorresources.com.au

ASX RELEASE 22 April 2013 Changes to Management of Company

Superior Resources Limited (ASX:SPQ) (the Company ) advises that it has appointed Mr Peter Hwang as Managing Director, effective immediately and replacing Mr Ken Harvey in that role. Prior to the appointment, Mr Hwang held the role of non-executive director of the Company.

A summary of Mr Hwang’s key terms of employment is attached.

Mr Harvey, a founding director of the Company, will remain on the board in the newly created executive position of Exploration Director. Mr David Horton, also a founding director of the Company, continues in the role of non-executive Chairman.

The Company has made these important changes primarily as a result of the following key factors:

1. the increased focus of the Company to securing successful strategic capital raising and establishing associated corporate relationships in increasingly complex capital markets;

2. the increased technical resources requirements on Mr Harvey as a result of significant progress of the Company’s key projects; and

3. the recognition of the board to maintain the highest level of corporate and commercial effectiveness of the Company in response to expected increases in its level of commercial and joint venture activities.

Mr Hwang brings a broad range of valuable experience to the board, which the board considers will substantially benefit the Company in its current and future growth plans. Prior to this appointment, Mr Hwang practiced for over twelve years as a resources and commercial lawyer with several top tier national law firms. As a lawyer, Mr Hwang advised key resources stakeholders extensively in relation to resources project development, commercial including merger and acquisition activities. Mr Hwang’s legal expertise extends to the resources regulatory and native title fields.

Prior to his legal career, Mr Hwang was an exploration geologist working in the areas of iron ore, gold and diamonds for seven years in Australia and South America.

The board is confident that Mr Hwang has the necessary attributes and experience to lead the Company through its next stages of growth and development of shareholder value. As Chairman of the Company, I welcome both Mr Hwang and Mr Harvey to their new roles.

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David Horton Chairman

Contact: Mr David Horton Ph (07) 3839 5099

ASX Release - 22 April 2013 - Page 1 of 2

Superior Resources Limited

ASX RELEASE 22 April 2013

Chief Executive Officer – Employment Contract Details

In accordance with ASX’s Policy on Disclosure of CEO Remuneration, Superior Resources Limited (ASX:SPQ) provides the key terms of Mr Peter Hwang’s employment contract.

Employment Contract – Key Terms

Item		Description
Term		Commencement Date:22 April 2013Termination Date:Employment will continue until terminatedin accordance with the terms of theemployment contract
Remuneration		FixedBase Salary of A$230,000 gross per annum including superannuation.Performance Based OptionsSubject to shareholder approval, 2,000,000 options for nil considerationexpiring 5 years from the Commencement Date with an exercise priceof 10 cents.
Termination		By the CompanyFor cause – without noticeOther than for cause – 6 months’ written notice or notice paid in lieuBy Mr HwangResignation Period:6 months’ written notice

Enquiries David Horton Chairman Ph: 07 3839 5099

ASX Release - 22 April 2013 - Page 2 of 2