SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2012

Aug 5, 2012

==> picture [147 x 108] intentionally omitted <==

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 6 August 2012

One Mile Mining Lease Renewed

Superior Resources Limited (ASX Code: SPQ) is pleased to announce it has received advice from the Queensland Government of the renewal of the One Mile Mining Lease (ML6750) for a further term of five years to 31 October 2017.

The One Mile Mining Lease is located 210km west-northwest of Townsville in northeast Queensland, Australia (Figure 1).

Superior has been drilling for volcanogenic massive sulphide (VMS) type copper-goldzinc-silver mineralisation on the mining lease with grades improving at depth towards the south of the mining lease area (Figure 2).

The most recent intersections in drill hole SPOM023, which were reported in the June Quarterly Activities Report, were:

389.7m to 393.0m - 3.3m @ 0.54% Cu, 0.63g/t Au, 2.16% Zn and 8.3g/t Ag and 395.9m to 401.1m - 5.2m @ 0.51% Cu, 0.64g/t Au, 1.77% Zn and 7.3g/t Ag.

These intersections are equivalent to copper grades of 1.59% copper and 1.46% copper respectively at current prices for copper, gold, zinc and silver (A$7177/t Cu, A$1520/oz Au, A$1738/t Zn and A$26/oz Ag) and ignoring recoveries.

Work has continued on the mining lease including rehabilitation of previous drill hole sites and preparation of drill pads for further drilling at the southern end of the mining lease area. The drilling is proposed to test for higher-grade copper-gold-zinc-silver mineralisation within extensions to the sulphide body.

Superior is currently raising funds for the proposed drilling program under a share purchase plan to existing shareholders.

ASX Release - 6 August 2012 - Page 1 of 3

Superior Resources Limited

==> picture [470 x 325] intentionally omitted <==

----- Start of picture text -----

144° E 145° E 146° E
Superior
Resources Mount Garnet
Limited
0 25 50km
LEGEND 18° S
18° S
Exploration Permit - application
0 1000km
Mine or deposit
Cassidy Project
19247
Einasleigh (Cu)
Cockie Project
Ingham
Balcooma (Cu,Pb,Zn,Ag) 18987
Cockie Creek
Kidston (Au) Copper Prospect
Greenvale
19° S
19° S
Greenvale (Ni)
ML6750
One Mile
Townsville
Ben Lomond (U)
144° E 145° E 146° E
----- End of picture text -----

Figure 1. Location of Superior’s One Mile Mining Lease in northeast Queensland

==> picture [107 x 54] intentionally omitted <==

Ken Harvey Managing Director

Contact:

Mr Ken Harvey Ph (07) 3839 5099

Further Information: www.superiorresources.com.au

The information in this report that relates to Exploration Results is based on information compiled by Mr Ken Harvey, a full-time employee of the Company, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Harvey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Harvey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

ASX Release - 6 August 2012 - Page 2 of 3

Superior Resources Limited

==> picture [470 x 619] intentionally omitted <==

----- Start of picture text -----

600 mRL Gossanous 600 mRL
Lode Outcrop
500 mRL 500 mRL
Pyritic
Alteration
Hangingwall Footwall
Zone
Metavolcanics Metavolcanics
400 mRL 400 mRL
3.7m @ 0.47% Cu, 0.40g/t Au,
0.14% Zn, 4.2g/t Ag
(0.83% Cu equivalent)
Zone of
Massive and
Semi-Massive
300 mRL 300 mRL
Pyrite Lenses
21.3m @ 0.31% Cu, 0.43g/t Au,
0.98% Zn, 4.9g/t Ag
including
3.3m @ 0.54% Cu, 0.63g/t Au,
2.16% Zn, 8.3g/t Ag
200 mRL (1.59% Cu equivalent) 200 mRL
Interpreted extension
5.2m @ 0.51% Cu, 0.64g/t Au,
of sulphide zone at depth 1.77% Zn, 7.3g/t Ag
(1.46% Cu equivalent)
0 50 100m
One Mile
Cross Section 1850N
100 mRL 100 mRL
4.50% S
24.15% S
3.45% S
3.19% S
25.08% S
12.24% S
(22.9% Pyrite)
4.88% S
5.45% S
SPOM023SPOM016 SPOM017
E E E E
1600 m 1700 m 1800 m 1900 m
----- End of picture text -----

Figure 2. Interpreted geological cross-section 1850N on the One Mile Mining Lease showing the most recent drilling at the southern end of the area. The drilling shows an increase in grade and width of the sulphide zone at depth and to the south. The bottom 124m of hole SPOM023 which averages 12.24% sulphur (equivalent to 22.9% pyrite) indicates the increase in width of the enclosing alteration zone associated with the mineralisation.

ASX Release - 6 August 2012 - Page 3 of 3