SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2018

Jun 4, 2018

MAIDEN DRILLING PROGRAM COMMENCED LUCKY CREEK NICKEL-COBALT PROSPECT

• RAB drilling program commenced late yesterday at Lucky Creek Nickel-Cobalt Prospect.
• Up to 320 RAB holes totalling 4,000m planned along a 3.5km base line grid.
• No previous drilling at Lucky Creek.

Superior Resources Limited (ASX Code: SPQ) (Superior or Company) is pleased to announce the commencement of rotary air-blast (RAB) drilling, late yesterday, at its Lucky Creek Nickel-Cobalt Prospect, located 12kms west of the SCONI Project (Australian Mines Limited) and 210kms west of Townsville in north east Queensland.

This first phase of drilling is designed to test the regolith and identify the source of high cobalt and nickel anomalism appearing in historic soil sampling. Anomalously high cobalt in soils (up to 596ppm cobalt) extends at least 3.5kms along a NE-SW trend (Figure 1).

Up to 320 RAB holes, totalling approximately 4,000 metres are planned to be drilled on a RAB grid that is centred around a 3.5km baseline (Figure 2). The drill lines are 100m-spaced with drill hole spacing of 25m over the most intense cobalt anomalies and 50m spacing in other areas.

The Lucky Creek Prospect has not previously been drilled.

The drilling program is expected to take approximately two weeks to complete. The Company will update the market as drilling progresses.

Lucky Creek Ni-Co Prospect

The Lucky Creek Prospect is part of Superior's 100% owned Greenvale Project, located 210km west of Townsville in north east Queensland. Lucky Creek and other prospects within Superior's Greenvale Project lie within the highly prospective "Lucky Creek Corridor", which is considered to represent a remnant extension of the belt of rocks that host the large Cadia and North Parkes porphyry copper mines in northern NSW.

At the Lucky Creek Prospect which lies approximately 1.5kms east of Superior's Cockie Creek Porphyry Copper Deposit, high levels of cobalt occur in historical soil samples. These soil values extend over approximately 3.8km with a peak cobalt content of 596 ppm in one area associated with anomalous copper, nickel and zinc soil values. Peak values of up to 1220 ppm nickel, 272 ppm copper and 192 ppm zinc are also observed over the anomalous area.

The primary focus of the maiden drilling program is centred on the highest order cobalt-in-soil anomalous zone that extends for approximately 3.5 kms (Figure 1). The total area of interest of the Lucky Creek Prospect represents a linear zone of at least 10kms in strike length and is located approximately 12km west of the SCONI scandium-cobalt-nickel project (Australian Mines Limited) (Figure 3).

No previous drilling has been conducted at any of the three anomalous areas in the Lucky Creek Prospect area.

Superior Resources Limited

Figure 1. Image of historic cobalt soil sampling assay data at the Lucky Creek Prospect showing the area of planned RAB drilling.

Figure 2. RAB drilling grid at the Lucky Creek Prospect.

Figure 3. Airborne magnetics (RTP) processed image over the Greenvale Project area and surrounds. The Lucky Creek Prospect location is shown together with other Greenvale Project prospects.

For more information:

Peter Hwang Carlos Fernicola Managing Director Chairman Tel: +61 7 3847 2887 +61 7 3229 1799 www.superiorresources.com.au manager@superiorresources.com.au

Figure 2. Airborne magnetics (RTP) processed image over the Greenvale Project area and surrounds. The Lucky Creek Prospect location is shown together with other Greenvale Project prospects. Certain statements made in this report may contain or comprise certain forward-looking statements. Although Superior Resources Limited believes that any estimates and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results and estimations could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in the economic and market conditions, success of business and operating initiatives and changes in the regulatory environment. Superior undertakes no obligation to update publicly or release any revisions of any forwardlooking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.