SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2020

Jun 22, 2020

23 June 2020

Rights issue closes over-subscribed

HIGHLIGHTS:

• Rights issue closes over-subscribed
• Shares to be issued on 26 June 2020 with trading to commence on 29 June 2020
• Funding to be used for resource definition drilling and scoping study at Superior's Steam Engine Gold Deposit
• Overwhelmingly positive shareholder response received acknowledges potential for market re-rating amid record high Australian dollar gold prices

Queensland-based gold and base metals explorer Superior Resources Limited (ASX:SPQ) is pleased to announce that its rights issue first announced on 20 May 2020 has closed over-subscribed. Applications for shortfall shares will be scaled back in accordance with the policy set out in the Company's prospectus dated 20 May 2020.

The rights issue, together with a two-tranche placement to sophisticated investors announced on 20 May 2020, will raise approximately $1.18 million (before costs), primarily to progress the Company's Steam Engine Gold Deposit.

Rights issue shares will be issued on 26 June 2020 and commence trading on 29 June 2020.

Shareholder approval will be sought at a meeting to be held on 3 July 2020 for tranche 2 of the placement announced on 20 May 2020.

For more information: Peter Hwang Managing Director Tel: +61 7 3847 2887 www.superiorresources.com.au manager@superiorresources.com.au

About Superior Resources

Superior Resources Limited (ASX:SPQ) is an Australian public company exploring for large lead-zinc-silver, copper, gold and nickel-copper-cobalt deposits in northern Queensland which have the potential to return maximum value growth for shareholders. The Company has a dominant exploration position within the Carpentaria Zinc Province, one of the world's richest base metal-producing regions where it is focused on multiple Tier-1 equivalent exploration targets. At Greenvale the Company holds most of the Ordovician rock sequences that represent the northern-most extension of the New South Wales Ordovician Macquarie Arc belt of rocks.

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 presentation 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 presentation. Other than as required by law and the ASX Listing Rules, Superior disclaims any duty to update forward looking statements to reflect new developments.