SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2018

Mar 15, 2018

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, $04/03/13$

Name of entity

Superior Resources Limited

ABN

72 112 844 407

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• ⁺Class of ⁺securities issued or to Shares - Fully Paid Ordinary $\mathbf{1}$ be issued Options exercise price of 1.6 cents Expiry 31 August 2019
• Number of ⁺securities issued or $\overline{2}$ to be issued (if known) or maximum number which may be issued
• Principal the terms $\alpha$ 3 *securities (e.g. if options, exercise price and expiry date; if partly paid ⁺securities, the amount outstanding and due dates $for$ payment; if +convertible securities, the conversion price and dates for conversion)

a) $106,234,248$ b) $53,117,101$

a) Fully paid ordinary shares

b) Options exercise price of 1.6 cents Expiry 31 August 2019

⁺ See chapter 19 for defined terms.

Do the ⁺securities rank equally $\overline{4}$ in all respects from the ⁺issue date with an existing ⁺class of quoted +securities?

If the additional +securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) $\Omega$ ^r interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution $\Omega$ interest payment

• Issue price or consideration 5

• 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)

Fully Paid Ordinary shares -Yes

Options - No. The options may only be exercised in accordance with their terms and conditions. Upon conversion of the options to fully paid ordinary shares, the shares will rank equally with existing fully paid ordinary shares on issue.

a) \$0.009 per share b) Nil (free attaching options)

Non - renounceable pro rata entitlement Offer to expedite exploration of the High Impact Greenvale porphyry, VMS, Vein Gold Prospects

6a Is the entity an ⁺eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the ⁺securities the subject of this Appendix 3B, and comply with section 6i

• 6b The date the security holder $N/A$ resolution under rule 7.1A was passed
• Number of ⁺securities issued 6с without security holder approval under rule 7.1

28 November 2017

159,351,349

⁺ See chapter 19 for defined terms.

• 6d Number of ⁺securities issued | $N/A$ with security holder approval under rule 7.1A
• Number of ⁺securities issued | 6e with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)
• Number of ⁺securities issued 6f under an exception in rule 7.2
• If ⁺securities issued under rule $6g$ 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the *issue date and both values. Include the source of the VWAP calculation.
• 6h If $+$ securities were issued under rule $7.1A$ for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements
• 6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

⁺Issue dates $\overline{7}$

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross reference: item 33 of Appendix 3B.

8 Number and ⁺class of all *securities quoted on ASX (including the ⁺securities in section 2 if applicable)

Number	+ Class
656,669,276	ordinary

$N/A$

$N/A$

$N/A$

Rule 7.1: 1,585,617

Rule 7.1A: NIL

22 January 2018

• See chapter 19 for defined terms.

Number and ⁺class of all 9 *securities not quoted on ASX (including the $+$ securities in section 2 if applicable)

Number	+ Class
37,375,000	Options expiring
	30 June 2019
53,117,101	Options expiring
	31 August 2019

Dividend policy (in the case of a 10 trust, distribution policy) on the increased capital (interests)

$N/A$

Part 2 - Pro rata issue

11	holder security approval ls required?	N/A
12	Is the issue renounceable or non- renounceable?	non - renounceable
13	Ratio in which the + securities will be offered	1 fully paid ordinary share for every 4 fully paid ordinary shares held on the record date with 1 option for every 2 new shares issued
14	+ Class of + securities to which the offer relates	fully paid ordinary shares attaching options
15	+Record date determine to entitlements	30 January 2018
16	different Will holdings on registers (or subregisters) be aggregated for calculating entitlements?	No
17	Policy for deciding entitlements in relation to fractions	Rounded up
18	Names of countries in which the entity has security holders who will not be sent new offer documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.	The offer will only be made to shareholders with a registered address in Australia or New Zealand. Ineligible shareholders entiltlements will lapse

⁺ See chapter 19 for defined terms.

Closing date for receipt of $\sqrt{9 \text{ March } 2018}$ 19 acceptances or renunciations

⁺ See chapter 19 for defined terms.

Appendix 3B
New issue announcement

20	Names of any underwriters	N/A
21	Amount of any underwriting fee or commission	N/A
22	Names of any brokers to the issue	N/A
23	Fee or commission payable to the broker to the issue	6% of any shortfall placed by holders of AFSLs and appointed by the company
24	Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders	N/A
25	If the issue is contingent on security holders' approval, the date of the meeting	N/A
26	Date entitlement and acceptance form and offer documents will be sent to persons entitled	2 February 2018
27	If the entity has issued options, and the terms entitle option holders participate to on exercise, the date on which notices will be sent to option holders	23 January 2018
28	Date rights trading will begin (if applicable)	N/A
29	Date rights trading will end (if applicable)	N/A
30	How do security holders sell their entitlements in full through a broker?	N/A
31	How do security holders sell part of their entitlements through a broker and accept $f_{\rm O\Gamma}$ the balance?	N/A

⁺ See chapter 19 for defined terms.

How do security holders dispose $3²$ of their entitlements (except by sale through a broker)?

⁺Issue date 33

$N/A$

16 March 2018

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

Type of ⁺securities 34 (tick one)

$(a)$

$(b)$

35

37

• Securities described in Part 1*
• All other ⁺securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• If the 'securities are 'equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders
• 36 If the *securities are *equity securities, a distribution schedule of the additional *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ $10,001 - 100,000$ 100,001 and over
• A copy of any trust deed for the additional +securities

⁺ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• $N_U$ 38 $^{+}q$
• ⁺Class of ⁺securities for which 39 quotation is sought
• $40^{\circ}$ Do the ⁺securities rank equally in all respects from the ⁺issue date with an existing ⁺class of quoted ⁺securities?
• If the additional $^{\mathrm{+}}$ securities do not rank equally, please state:
• the date from which they do
• the extent to which they $\bullet$ participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do $\bullet$ not rank equally, other than in relation to the next dividend, distribution or interest payment
• Reason for request for quotation $41$ now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another ⁺security, clearly identify that other 'security)

Number ⁺class of $42$ and all ⁺securities quoted on ASX (including the ⁺securities in clause $38)$

+Class

umber of $^+$ securities for which $ $ uotation is sought

• See chapter 19 for defined terms.

Quotation agreement

• $\mathbf 1$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• We warrant the following to ASX. $\overline{2}$
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those 'securities should not be granted +quotation.
• An offer of the 'securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any 'securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the 'securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the 'securities be quoted.
• We will indemnify ASX to the fullest extent permitted by law in respect of any 3 claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• We give ASX the information and documents required by this form. If any $\overline{4}$ information or document is not available now, we will give it to ASX before ⁺quotation of the ⁺securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: Date: 16 March 2018 (Director/Company secretary)

Print name: Carlos Alberto Fernicola....................................

==

⁺ See chapter 19 for defined terms.

⁺ See chapter 19 for defined terms.

Appendix 3B - Annexure 1

Calculation of placement capacity under rule 7.1 and rule 7.1A for eligible entities

Introduced 01/08/12 Amended 04/03/13

Part 1

Rule 7.1 - Issues exceeding 15% of capital
Step 1: Calculate "A", the base figure from which the placement capacity is calculated
Insert number of fully paid +ordinary securities on issue 12 months before the *issue date or date of agreement to issue	279, 137, 372
Add the following:
Number of fully paid +ordinary securities issued in that 12 month period under an exception in rule 7.2	83,600,000
Number of fully paid +ordinary securities $\bullet$ issued in that 12 month period with shareholder approval	100,684,432
Number of partly paid +ordinary $\bullet$ securities that became fully paid in that 12 month period
Note: Include only ordinary securities here - $\bullet$ other classes of equity securities cannot be added Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed It may be useful to set out issues of securities on different dates as separate line items
Subtract the number of fully paid +ordinary securities cancelled during that 12 month period	Nil
"A"	463,421,804

⁺ See chapter 19 for defined terms.

Step 2: Calculate 15% of "A"
"B"	0.15
	[Note: this value cannot be changed]
Multiply "A" by 0.15	69,513,270
Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used
Insert number of + equity securities issued or agreed to be issued in that 12 month period not counting those issued:	67,927,725
Under an exception in rule 7.2 $\bullet$
Under rule 7.1A
With security holder approval under rule 7.1 or rule 7.4
Note: This applies to equity securities, unless specifically excluded - not just ordinary securities Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed It may be useful to set out issues of $\bullet$ securities on different dates as separate line items
"C"	67,927,725
Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1
"A" x 0.15	69,513,270
Note: number must be same as shown in Step 2
Subtract "C"	67,927,725
Note: number must be same as shown in Step 3
Total ["A" $\times$ 0.15] - "C"	1,585,545
	[Note: this is the remaining placement capacity under rule 7.1]

⁺ See chapter 19 for defined terms.

Part 2

Rule 7.1A - Additional placement capacity for eligible entities
Step 1: Calculate "A", the base figure from which the placement capacity is calculated
"A"	463,421,804
Note: number must be same as shown in Step 1 of Part 1
Step 2: Calculate 10% of "A"
"D"	0.10
	Note: this value cannot be changed
Multiply "A" by 0.10	46,342,180
Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used
Insert number of + equity securities issued or agreed to be issued in that 12 month period under rule 7.1A	46,342,180
Notes: This applies to equity securities - not just ordinary securities Include here - if applicable - the securities the subject of the Appendix 3B to which this form is annexed Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained It may be useful to set out issues of securities on different dates as separate line items
``F"	0

⁺ See chapter 19 for defined terms.

Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A
"A" $\times$ 0.10	46,342,180
Note: number must be same as shown in Step 2
Subtract "E"	46,342,180
Note: number must be same as shown in Step 3
Total ["A" $\times$ 0.10] – "E"	$\Omega$
	Note: this is the remaining placement capacity under rule 7.1A

+ See chapter 19 for defined terms.