Steam Engine revised Mineral Resource Estimate: JORC Measured and Indicated Resources upgraded by 31%

Announcement

ASX

HIGHLIGHTS:

Revision of December 2020 Mineral Resource delivers a new estimate, comprising 1.73 million tonnes at 2.2 g/t Au for 122,000 ounces, including:
- o Measured & Indicated: 850,000 tonnes @ 2.5 g/t Au (approx. 67,000 ounces)
- o Inferred: 880,000 tonnes @ 1.9 g/t Au (approx. 55,000 ounces)
Represents increase of 31% in JORC Measured and Indicated category Resources (123% increase since May 2020 MRE) and 9% in total contained gold (30% since May 2020 MRE)
2020 Stage 1 & 2 drilling focussed on upgrading (JORC) confidence levels of shallow portions of Mineral Resource to facilitate early-stage mining proposition; extensional drilling at northern end of Steam Engine Lode and southern end of Eastern Ridge Lode
Extensions to very high grade (multiple ounce/t) ore shoots identified during 2020 drilling to be targeted during H1 2021 with extensional drilling and geophysics
New Dinner Creek Lode zone (no prior drilling) has potential to add additional 2 km gold lode and have greater thicknesses than the Steam Engine Lode. Maiden drilling program planned to commence immediately after northern monsoon season
Gold lodes open to the north and at depth (Steam Engine Lode) and open in all directions at Eastern Ridge Lode

Superior Resources Limited (ASX:SPQ) announced today a revised Mineral Resource estimate (MRE) for its Steam Engine Gold Deposit located 210 kilometres west of Townsville, Queensland.

The Mineral Resource was revised from the previous estimate of December 2020 (ASX Announcement, 14 December 2020) to incorporate results from the 2020 Stage 2 drilling program. The Stage 2 program comprised infill drilling to delineate high grade ore shoots as well as Resource extension drilling at the northern end of the Steam Engine Lode and southern end of the Eastern Ridge Lode. The scope of the latest Resource estimation was expanded to include modelling of various high grade mining scenarios, which will be considered in the Scoping and Pre-Feasibility studies.

The revised JORC (2012) Mineral Resource estimate has been significantly upgraded by delivering a 31% increase in total Measured and Indicated Resources (since December 2020 estimate) and a 123% increase since commencement of drilling in July 2020, together with a 9% increase in total in-situ gold ounces (30% increase since July 2020), as follows:

1.73 million tonnes at 2.2 g/t Au (122,000 ounces)1, including:
- o Measured Resources: 240,000 tonnes @ 2.6 g/t Au (20,000 ounces)
- o Indicated Resources: 610,000 tonnes @ 2.4 g/t Au (47,000 ounces)
- o Inferred Resources: 880,000 tonnes @ 1.9 g/t Au (55,000 ounces)

1 Grade normalisation (top-cutting) of the grades by -56% and -67% were applied to very high grade intersections for the purpose of the estimation exercise.

Superior's Managing Director, Peter Hwang commented:

"We are pleased that the 2020 Resource upgrade programs have been successful in reinforcing the quality and robustness of the Steam Engine Gold Deposit. The programs have delivered on our primary objective of upgrading the geological confidence of the Mineral Resource, resulting in an overall 123% increase in the total Measured and Indicated ounces since commencement of drilling in July last year.

"In addition, our expectations of identifying high grade ore shoots were greatly exceeded by the delineation of at least two high grade shoots, including a multiple-ounce grade shoot carrying values of up to 184 grams per tonne. The high grade shoots and the consistency of the lodes is a developing characteristic of the Steam Engine deposit, which elevates the potential for identifying larger zones of mineralisation within the system.

"The completion of the Resource upgrade programs now enables the finalisation of the Scoping Study and subject to its results, the commencement of accelerated mining studies.

"In parallel with the mining studies, we are preparing significant drilling programs for the coming field season targeting the high grade ore shoots, expansion of the current mineralisation envelope and a maiden drilling program on the new Dinner Creek Lode Zone."

Revised Mineral Resource Estimate

The revised Steam Engine Mineral Resource estimate (Table 1, Figures 1 and 2) incorporates the 2020 Resource upgrade drilling programs (Stage 1 and Stage 2 programs) and replaces the May 2020 and December 2020 estimates (refer ASX announcements dated 4 May 2020 and 14 December 2020).

Infill drilling at the Steam Engine and Eastern Ridge lodes has enabled a substantial upgrade in the geological confidence of the near-surface portions of the lodes. Most of the near-surface parts of both lodes have been upgraded to Indicated category, with a central portion of the Steam Engine Lode being classified as Measured. Much of the deeper, extremity and new extensional portions of the Resource remain classified in the Inferred category, due to a lower drilling density (Figure 2).

The estimations were conducted using inverse distance-weighted block modelling of the gold mineralisation zones. Internal waste material was included in the mineralised zones where it was either modelled inside the zone of gold mineralisation or where a zone potentially amenable to mining would otherwise be too narrow.

Grade top-cutting of 56% and 67% was applied to two multi-ounce per tonne intersections (135 g/t Au and 184 g/t Au) for the purpose of normalising the very high grade intersection values to 60 g/t Au.

A total Measured, Indicated and Inferred Resource of 1.73 million tonnes at 2.2 g/t gold using a 0.5 g/t cut-off is estimated, including a Measured and Indicated Resource of 850,000 tonnes @ 2.5 g/t gold and an Inferred Resource of 880,000 tonnes @ 1.9 g/t gold (Table 1, Figures 1 and 2).

The current Mineral Resource represents a 31% increase in total Measured and Indicated Resources (since December 2020 MRE) and a 123% increase since commencement of drilling in July 2020, together with a 9% increase in total in-situ gold ounces (since December 2020 MRE) and a 30% increase since July 2020. A comparison between the current MRE and the May 2020 MRE is set out in Table 2.

Block models have been created to determine the Mineral Resource and applicable confidence categories (Figures 1 and 2). The Mineral Resource is being further evaluated for its potential for toll treatment using a pit optimisation based on various assumed AUD gold prices. The pit optimisation results will be released as part of the soon to be finalised Scoping Study. The Resource remains open down dip and along strike at the Steam Engine Lode (Figure 3) and open in all directions at the Eastern Ridge Lode. Drilling to expand the Resource will continue during 2021 in parallel with a series of mining studies.

Classification	Cut-off Grade(g/t Au)	Tonnes	Grade(g/t Au)	Au(ounces)
Steam Engine (Main Lode Zone)
Measured	0.5	240,000	2.6	20,000
Indicated	0.5	405,000	2.7	35,000
Inferred	0.5	620,000	2.0	40,000
Steam Engine (Footwall Lode Zone)
Indicated	0.5	60,000	1.8	3,000
Inferred	0.5	110,000	1.6	6,000
Eastern Ridge
Indicated	0.5	145,000	2.0	9,000
Inferred	0.5	150,000	1.9	9,000
TOTAL MINERAL RESOURCES @ 0.5 g/t Au cut-off (Steam Engine and Eastern Ridge Lodes)
MEASURED		240,000	2.6	20,000
INDICATED	610,000	2.4	47,000
INFERRED	880,000	1.9	55,000
TOTAL MINERAL RESOURCES		1,730,000	2.2	122,000

Table 1. Steam Engine Gold Deposit summary Mineral Resource estimate

Table 2. Comparison between May 2020 and March 2021 Mineral Resource estimates

		May 2020			Mar 2021			Comparison
Classification	Tonnes	Grade(g/t Au)	Gold(ounces)	Tonnes	Grade(g/t Au)	Gold(ounces)	Tonnes	Grade(g/t Au)	Gold(ounces)
Steam Engine (Main Lode Zone)
Measured	-	-	-	240,000	2.6	20,000	+ 100%	+ 100%	+ 100%
Indicated	370,000	2.5	30,000	405,000	2.7	35,000	+ 9%	+ 8%	+ 17%
Inferred	420,000	2.3	31,000	620,000	2.0	40,000	+ 48%	- 13%	+ 29%
Steam Engine (Footwall Lode Zone)
Indicated	-	-	-	60,000	1.8	3,000	+ 100%	+ 100%	+ 100%
Inferred	210,000	1.6	11,000	110,000	1.6	6,000	-48%	0%	-45%
Eastern Ridge
Indicated	-	-	-	145,000	2.0	9,000	+ 100%	+ 100%	+ 100%
Inferred	270,000	2.7	23,000	150,000	1.9	9,000	- 44%	- 30%	- 61%
TOTAL MINERAL RESOURCES @ 0.5 g/t Au cut-off
Measured	-	-	-	240,000	2.6	20,000	+ 100%	+ 100%	+ 100%
Indicated	370,000	2.5	30,000	610,000	2.4	47,000	+ 65%	- 4%	+ 57%
Inferred	900,000	2.2	64,000	880,000	1.9	55,000	- 2%	- 14%	- 14%
TOTAL	1,270,000	2.3	94,000	1,730,000	2.2	122,000	+ 36%	- 4%	+ 30%

Figure 1. Oblique 3D view (from above GL) of the Steam Engine and Eastern Ridge block models looking grid south easterly showing gold grade distribution.

Figure 2. Oblique 3D view (from above GL) of the Steam Engine and Eastern Ridge block models looking grid south easterly showing JORC (2012) Measured, Indicated and Inferred confidence categories.

Figure 3. Block model of the Steam Engine Lode showing open-ended high grade ore shoot potential (blue arrows) and the very high grade ore shoot zone containing the multiple once per tonne grade intersections.

Overview of the Steam Engine Deposit

The Steam Engine Gold Deposit is located within EPM26165, approximately 210km west-northwest of Townsville in Northeast Queensland, Australia (Figure 4).

Gold mineralisation is developed within several north-northeast trending, west-dipping pyritic quartzmuscovite-carbonate schist lodes within metamorphosed intermediate to basic intrusives and metasediments (Figure 5). The metamorphosed host rocks have been heavily chlorite–epidote altered in the vicinity of the mineralised shear zones.

Additionally, the mineralisation appears loosely linked to heavily sericite altered zones, that are readily mappable in some areas where surface exposure is good. Initial observations are that this connection, together with the observable sulphide content could be quite useful in assisting in the mining of the dipping lode zones and to help reduce dilution. The gold mineralisation is represented by a mineral assemblage comprising mainly pyrite with minor arsenopryrite, pyrrhotite, and chalcopyrite (all fine grained).

The lodes are typically interpreted as being of the mesothermal lode type. Recent studies undertaken by Superior indicate that the Steam Engine mesothermal gold mineralisation is most similar to the orogenic style.

The gold-bearing lodes are located within shear zones and show strong continuity and a persistent dip to the west. The Steam Engine lode typically dips around 50° to 60° to the West. The Eastern Ridge lode typically dips approximately 45° to 55° to the West.

Several gold bearing lodes occur in the area and include the Steam Engine, Eastern Ridge and Southern Zone lodes and the large, recently delineated Dinner Creek Lode (Figure 6). The Steam Engine Lode has a surface strike length of approximately 500 metres. The Eastern Ridge Lode is located approximately 500 metres east of the Steam Engine Lode and has a surface strike length of approximately 1,400 metres. The Southern Zone Lodes are located between and to the south of the Steam Engine and Eastern Ridge lodes. Located a further 900

metres east of the Eastern Creek Lode, the Dinner Creek Lode has not been subjected to any modern or historical drilling, despite appearing at surface to be the longest and thickest lode zone.

Figure 4. Location of the Steam Engine Gold Deposit and other prospects within the Greenvale Project.

Figure 5. Steam Engine Gold Deposit – Steam Engine and Eastern Ridge lodes – Geology Plan, showing gold lodes (in Red) and Stage 1 drill holes (red dots) and historic holes (black dots).

Figure 6. Steam Engine Gold Deposit lodes (in red and yellow) on satellite imagery. The May 2020 Mineral Resource wireframes (in light green) and gold soil geochemistry is also shown.

Drilling

Total drilling on the Steam Engine Gold Project (excluding RAB holes) is 229 drill holes for a total of 14,816 metres. This includes recent as well as historic Reverse Circulation (RC) and Diamond core drill holes.

The majority of the drilling to date (196 drill holes for 13,164 metres) has been carried out on the Steam Engine and Eastern Ridge lodes (Figures 7 to 9). This includes 17 Diamond core holes and 117 RC holes for a total of 10,082 metres at the Steam Engine Lode and 3 Diamond core holes and 59 RC holes for a total of 3,082 metres at the Eastern Ridge Lode.

The Mineral Resource has only been developed on parts of the Steam Engine and Eastern Ridge lodes.

2020 Stage 1 Drilling Program

The 2020 Stage 1 drilling program was predominantly an infill program aimed at further defining the MRE completed in May 2020. The program also included additional drill holes aimed at exploring and defining extensional areas for additional open pit potential. In addition to the shallow exploration, two deeper Diamond Core holes with RC pre-collars were also drilled to examine the mineralisation potential and further extension of gold mineralisation down dip at the Steam Engine Lode.

The Stage 1 program was completed on 18 September 2020 and totalled 3,756 metres from 73 drill holes including (Figure 7):

65 Reverse Circulation drill holes for 3,059 metres;
6 shallow Diamond Core drill holes for 302 metres; and
2 deeper RC/Diamond tailed drill holes for 395 metres.

Figure 7. Plan showing the locations of the Stage 1 drilled holes (red dots) and earlier historic holes (black dots). The December 2020 Mineral Resource wireframes are also delineated (in green).

2020 Stage 2 Drilling Program

The 2020 Stage 2 drilling program at the Steam Engine Gold Deposit commenced on November 11 and concluded on 12 December 2020.

The program comprised a total of 40 RC drill holes for a total of 3,055 metres. Drill hole depths ranged from 48 to 120 metres. Most of this drilling targeted the Steam Engine Lode (33 RC drill holes for 2599 metres; Figure 8), but a small amount of drilling targeted the Southern end of the Eastern Ridge lode (7 RC drill holes for 456 metres; Figure 9).

The Stage 2 drilling was a combination of exploration aimed at increasing the mineral resource and further infill drilling aimed at increasing measured and indicated resources.

Below is a summary of the results;

Higher grade zones were identified in the Steam Engine Lode within previously modelled low grade zones. Two multiple ounce per tonne intersections were identified by the Stage 2 drilling2 ;
Infill holes on deeper portions of the existing high grade zones showed overall increasing grades with depth3 ;
Holes intersecting the Steam Engine Footwall Zone have increased the confidence levels in certain portions of this zone but have reduced the area of the zone that contains mineralisation;
Infill holes on the Steam Engine Lode Northern Extension Zone indicated that the mineralisation extends closer to the surface than was previously understood4 ;
The drilling confirmed that the Northern Extension Zone mineralisation continued further north and remains open ended. However the grades in this zone were generally lower5 ; and
The drilling has extended the Eastern Ridge Lode mineralisation by an additional 100 metres south from the Stage 1 drill holes. However most of the mineralisation encountered was of lower grade. A similar lower grade patch was previously encountered between 9775N and 9825N at the Eastern Ridge Lode. However, the gold mineralisation remains open to the south. Further drilling at the southern end of Eastern Ridge is therefore warranted6 .

Prior Drilling Programs

Previous drilling at the Steam Engine and Eastern Ridge lode zones have included 87 drill holes for 6,588 metres of drilling. A total of 15 RC drill holes were drilled since 2007;

6 RC drill holes were drilled by Superior Resources in 2017; and
9 RC drill holes were drilled by Beacon Minerals Limited in 2007.

The earlier phases of RC and Diamond Core drill holes were drilled by Noranda Australia (and subsidiaries) during a series of drilling phases in the 1980's and 1990's.

2 For further information, refer to ASX announcement dated 18 January 2021.

3 For further information, refer to ASX announcement dated 11 February 2021.

4 For further information, refer to ASX announcement dated 11 February 2021.

5 For further information, refer to ASX announcement dated 11 February 2021.

6 For further information, refer to ASX announcement dated 19 February 2021.

Figure 8. Plan of the Steam Engine Lode showing the locations of the Stage 2 drill holes (in blue) and previously drilled holes (in grey). Cross section traces referred to in this report are also indicated.

Figure 9. Plan of a portion of the Eastern Ridge Lode showing the locations of the Stage 2 drill holes (in blue) and previously drilled holes (in grey). Cross section traces referred to in this report are also indicated.

Mineral Resource Estimation

Data Compilation

Data was compiled from the 2020 drilling programs as well as prior drilling data compiled by the Company.

Data was validated by Competent Persons employed by the Company. Further data validation processes were carried out using Micromine mining software to make the data ready for use. No material inconsistencies were identified and the data was deemed satisfactory for Mineral Resource estimation purposes.

The recent Stage 2 drilling program returned two intersections, each reporting a very high gold assay interval7 of 135 g/t Au and 184 g/t Au. These two very high grade ounce per tonne assays suggest a new high grade population and are interpreted to indicate a high grade gold ore shoot. Top cuts of 56% and 67% were applied to the very high grade intersections, resulting in a reduction of the grades to 60 g/t Au for the purpose of the Resource estimation. Together with the surrounding assays and an inverse power of 3 in the block modelling this top cut ensures that the effect of these two individual assays remains localised and that their effect it is not excessive. This top cut will be re-assessed once more drilling of the zone is carried out.

Sectional Interpretation

Where available, previous interpretations were used as a guide for the sectional interpretations used for the current Resource estimate, together with the relevant drill hole geology and surface geology information. The recent drilling data confirmed the previous sectional interpretations, with some adjustment being made as a result of the increased level of information.

Sectional interpretations were made of all zones of mineralisation displaying good continuity and sufficient grade (generally >1 g/t intersections), which included the main Steam Engine Lode zone (Figures 10 and 11), a portion of the Steam Engine Footwall Lode zone and a portion of the Eastern Ridge Lode zone (Figure 12).

Although lode material north of 10638N on the Steam Engine Lode zone was left out of the December 2020 MRE, recent additional drilling north of this area allowed for sectional interpretation and extrapolation to be extended approximately 200 metres northwards to 10825N.

The estimation exercise applied a general intersectional cut-off of 1 g/t. A cut-off of approximately 0.7 g/t gold was applied to the mineralised intersections. Intersections of 1 g/t gold and above were considered to have reasonable prospects of economic extraction. The other significant economic factor considered was the width of the gold intersections. Zones of greater width were generally considered to hold better potential for extraction at depth. Other geological factors, including internal waste intervals and a minimum width of the mineralised zone were used to develop what are hoped to be mineable situations and practical mineable widths. Some intersections of less than 1 g/t were also included where necessary for the purposes of mineralisation continuity.

The sectional outlines are the key to the resource interpretation used. In general, any comparison from section to section may contain some risk as to whether the most obvious interpretation is correct. However, an obvious interpretation will usually be correct for this type of mineralisation. The section-to-section interpretations were made in section and in 3D using Micromine software.

7 For further information, refer to ASX announcement dated 18 January 2021.

Figure 10. Cross section showing sectional interpretation of Steam Engine Lode at 10325N (refer Figure 8 for location).

Figure 11. Cross section showing sectional interpretation of Steam Engine Lode at 10412.5N (refer Figure 8 for location)..

Figure 12. Cross section showing sectional interpretation of Eastern Ridge Lode at 9700N (refer Figure 9 for location).

Wireframing – Steam Engine Lode

The 3D interpretation of the Steam Engine Lode zone is similar to previous Steam Engine Lode wireframes (Figure 13), apart from some adjustments as a result of additional infill drilling from the Stage 2 program. The most significant difference is a further northwards extension of the wireframe reflecting the continuation of the Resource in that direction.

The interpretation of the Steam Engine Lode indicates that the Footwall Lode Zone merges close to the Main Lode Zone at a location just south of the thickest part of the Main Lode Zone. This merge point is also located near to where the main lode zone it is at its highest grades, notably from two multiple ounce per tonne intersections returned from the Stage 2 drilling8 .

Wireframing of the new Northern Extension part of the Steam Engine Lode has extended the lode towards the north and it remains open ended. However, the grades in the Northern Extension are generally lower and the lode is generally thinner. The recent drilling has shown the North Extension portion of the Main Lode Zone to extend closer to the ground surface than was previously understood.

Wireframing – Steam Engine footwall

Not all of the Steam Engine Footwall Zone is economic and only zones of sufficient grade were wireframed for this Resource estimation. This includes part of the merge point and a section of footwall mineralisation to the south of the merge point.

8 For further information, refer to ASX announcement dated 18 January 2021.

Figure 13. 3D perspective view of the Steam Engine Lode wireframe looking grid north-westerly from above Surface Level.

Wireframing – Eastern Ridge Lode

Consistent with the previous MREs (March and December 2020), the Eastern Ridge Resource is dominated by one single lode that is easily wireframed. Results from the 2020 Stage1 drilling identified a faulted zone at 9825N that results in the deterioration of gold grades in this section and on the section immediately to the south of it. The fault zone was excluded from the Resource estimation, pending future drilling of this portion of the lode.

As a result, the Eastern Ridge Lode is split into a northern and a southern portion, separated by a slight gap zone. The two portions are slightly offset to one another due to the faulting, with the southern portion lying approximately 10 metres true width to the hangingwall of the northern portion (Figure 14). Consequently, the northern and southern portions of the Eastern Ridge resource are wireframed separately.

The recent Stage 2 drilling at the southern end of the Eastern Ridge Lode was able to track the mineralisation further south, however lower grades in this zone precluded much of this mineralisation from being wireframed into in the Resource.

Figure 14. 3D perspective view of the Eastern Ridge Lode wireframe looking grid south-easterly from above Surface Level.

Block Modelling

Inverse distance weighted (IDW) block models were used to make the Resource estimates for the modelled gold Resources. The block models consisted of 5x5x5 metre blocks. A search criteria of 90 metres was used for the Steam Engine and Eastern Ridge lodes. Assays were filtered from within the wireframed zones for the Resource estimation. A top cut of 60 g/t was applied to values above this grade (refer to "Data Compilation" section above).

An inverse power of 3 was used to more closely map the grade distributions in 3D (Figure 15). This method is considered to most closely reflect the grade fluctuations in the ore shoot zones near the drill holes and will still result in adequate averaging of the areas where additional infill drilling may be desirable.

As part of cross checking, inspections of the modelled grade blocks against the sectional and long section views reflect a close fit with the grade fluctuations in the drilling. The Resource model wireframes were used to allocate the proportion (the fraction) of each block that lies within the wireframe to allow accurate estimates of the tonnes and grade.

As any block model is essentially 'black box' technology, a range of block model scenarios were run to confirm 'ball-park' tonnage and grade. As a final check wireframe estimates were used to cross-check the block model Resource figures. The comparison showed the volumes to be a near exact matches.

The grade figures for the wireframe estimates are only an average of all of the weighted assay values and do not use any form of distance weighting. Despite this, the wireframe grade estimates gave reasonably similar figures for the global grades compared to the block model estimate.

Figure 15. 3D perspective view of the Steam Engine Lode block model looking northwards from above.

Resource Classification

Drill hole spacing criteria for the material classifications at the Steam Engine and Eastern Ridge lodes were determined as:

Measured holes up to 20 metres (along strike) by 20 metres, or less;
Indicated holes up to 40 metres (along strike) by 40 metres, or less; and
Inferred holes up to 100 metres (along strike), or less.

The estimated Measured, Indicated and Inferred Resources are summarised in Table 1 and a 3D diagrammatic representation of the break-down is shown in Figure 2.

Next Steps

SCOPING STUDY

The results of the current MRE will form the Resource dataset on which a Scoping Study will be based. The Scoping Study work is already advanced and will financially model mining scenarios at a range of gold price assumptions as well as a range of MREs at a range of gold grade cut-offs.

The Scoping Study is expected to be finalised during April 2021.

PRE-FEASIBILITY STUDY

Depending on the results of the Scoping Study, a Pre-Feasibility Study will commence immediately after finalisation of the Scoping Study.

For more information: Peter Hwang Managing Director Tel: +61 7 3847 2887 www.superiorresources.com.au [email protected]

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 mineral producing regions and is focused on multiple Tier-1 equivalent exploration targets.

Reporting of Mineral Resources: Information contained in this report that relates to Mineral Resources is based on information compiled by Mr Kevin Richter, an employee of Superior Resources Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Richter 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 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Richter consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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.

APPENDIX 1 JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g. cut channels, randomchips, or specific specialised industry standard measurementtools appropriate to the minerals under investigation, such asdown hole gamma sondes, or handheld XRF instruments, etc.).These examples should not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.•Aspects of the determination of mineralisation that areMaterial to the Public Report.•In cases where 'industry standard' work has been done thiswould be relatively simple (e.g. 'reverse circulation drilling wasused to obtain 1 m samples from which 3 kg waspulverised toproduce a 30 g charge for fire assay'). In other cases moreexplanation may be required, such as where there is coarsegold that has inherent sampling problems. Unusualcommodities or mineralisation types (e.g. submarine nodules)may warrantdisclosure of detailed information.	Current Sampling•RC drill samples are collected as drilled via a riffle splitter attached to the drill rigcyclone and collected as 1m riffle split samples. Approximately 1-3kg of sample wascollected over each 1m interval used for assaying.•Diamond core drill samples are collected by quartering of the NQ core from Diamonddrilling. Approximately 1 to 1.5 kg of sample was collected over each one metreinterval used for assaying.•The drill bit sizes used in the drilling were consistent in size and are consideredappropriate to indicate the degree and extent of mineralisation.•Sample intervals that lack metalliferous anomalism are not reported and are notconsidered to be material.•1m representative samples of intervals with visible mineralisation and those in theareas of interest based on previous drilling were assayed for gold at SGS laboratories inTownsville.•1m representative samples of intervals with visible mineralisation were assayed forgold at SGSlaboratories in Townsville.•1m samples at 0.5 g/t Au and above were also submitted for multi-element assayingusing a four acid digest.•Assaying for gold was via fire assay of a 50 gram charge.•Sample preparation at SGSlaboratories in Townsville for all samples is considered tobe of industry standard procedure.

Criteria	JORC Code explanation	Commentary
		Historical Sampling•Information relating to historical results relies on data contained in reports submittedto the Queensland Department of Natural Resources and Mines as part of theCompany Report System attaching to the grant of Exploration Permits.
		•The sampling techniques, where reported, used standard industry approaches. Theseinclude: 1. splitting off a sample of material delivered to the top ofthe hole during RCdrilling to produce a sample for assay accompanied by geological logging of thesample. 2. Halving of drill core from diamond drilling to produce an assay sampleaccompanied by geological logging of the core.
		•Assaying of samples was completed by commercial laboratory methods that wereappropriate at the time the samples were collected. Sample intervals of 4m werecommonly used for initial determination of the presence of gold by a geochemicalmethod followed by more detailed sampling of mineralised intervals at usually 1mintervals using a more precise method.
		•Whilst it is not possible to determine the reliability of historical assay results, no issuesarose during compilation and interpretation of the results that would suggest that theassay results were not reasonable. Additional to this, the recent sampling and assayingcompletedin 2020 by Superior shows that the various previous drilling phases havegiven consistently similar results when compared to those of the recent (2020)sampling.
Drilling•techniques	Drill type (e.g. core, reverse circulation, open-hole hammer,rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.core diameter, triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core is oriented and ifso, by what method, etc.).	Current Drilling•Drilling from surface was performed using standard RC and diamond core drillingtechniquesas applicable to the hole drilled.
		•RC Drilling was conducted by AED (Associated Exploration Drillers) using a UDR 650drilling rig and 5.5 inch drill bit. Additional to the on-board air compressor of thedrilling rig, additional compressed air was available as necessary via a separate boostertruck. Sampling was by the use of a face-sampling hammer bit.
		•Diamond drilling was conducted by AED (Associated Exploration Drillers) using a UDR650 drilling rig and NQ drill rods and wireline to retrieve the core. Drill core wasoriented to allow structural measurements. The deeper drill holes were first precollared using the RC Drilling method outlined above.

Criteria	JORC Code explanation	Commentary
		•All holes were surveyed using a Reflex Gyro north-seeking gyroscopic instrument toobtain accurate down-hole directional data.
		Historical Drilling•Reverse Circulation (RC) and Diamond Drilling (DD) are the only drill types relied on inthis report. HistoricalPercussion and RAB holes have only been used in terms ofconstraining the extent of the Mineral Resource, when applicableand not for anyestimation purposes (Note: Where recent drilling is available this is used instead ofhistorical open hole percussionand/or RAB holes in determining the extents of themineralisation).
Drill samplerecovery	•Method of recording and assessing core and chip samplerecoveries and results assessed.•Measures taken to maximise sample recovery and ensurerepresentative nature of the samples.•Whether a relationship exists between sample recovery andgrade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	Current Drilling•Sample recovery was performed and monitored by Terra Search contractor andSuperior'srepresentatives.•The volume of sample collected for assay is considered to be representative of each1m interval.•RC drill rod string delivered the sample to the rig-mounted cyclone which is sealed atthe completion of each 1m interval. The riffle splitter is cleaned with compressed air atthe end of each 1m interval and at the completion of each drill hole.•For Diamond core drilling a wireline was used to retrieve core samples that are thenplaced in core trays.Historical Drilling•Recoveries for RC drill holes were not recorded.•Recoveries for diamond drill core samples were recorded for most holes drilled atSteam Engine. These recoveries were usually of the order of 100% indicating thatrecoveries should not be an issue if the results are used for estimating resources.
		•No relationship is evident between sample recovery and grade.

Criteria	JORC Code explanation	Commentary
Logging•metallurgical studies.	Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studies and•Whether logging is qualitative or quantitative in nature. Core	Current Drilling•Geological logging was conducted during the drilling of each hole by a Terra Searchgeologist having sufficient qualification and experience for the mineralisation styleexpected and observed at each hole.
	(or costean, channel, etc.) photography.•The total length and percentage of the relevant intersectionslogged.	•All holes were logged in their entirety at 1m intervals for the Reverse Circulation (RC)drill holes. A spear was used to produce representative samples for the logging of RCholes.
		•Intact entire Diamond drill hole core was use for the logging of Diamond core, the corewas used to record RQD, as well as structural information and geological logging.
		•All logging data is digitally compiled and validated before entry into the Superiordatabase.
		•The level of logging detail is considered appropriate for resource drilling.
		•The RC chip trays and Diamond Core trays were all photographed.
		Historical Drilling•Geological logging of most of the drill holes is available in the Company Report System.Logs for holes drilled at fill-in 25m sections have not been located at this stage. Theavailable logging are of a good standard. No geotechnical logs have been reported andit is assumed that these were not done. Diamond drill hole logs usually includestructural data that has been compiled in digital form.
		•The logging is generally of a qualitative nature. No core or chip photography isavailable in the reports.
		•For the logs available logging of all material has been completed.
Sub-samplingtechniquesand samplepreparation	•If core, whether cut or sawn and whether quarter, half or allcore taken.•If non-core, whether riffled, tube sampled, rotary split, etc.and whether sampled wet or dry.	Current Sampling•The sample collection methodology is considered appropriate for RC and DiamondCore drilling and was conducted in accordance with best industry practice.
	•For all sample types, the nature, quality and appropriatenessof the sample preparation technique.•Quality control procedures adopted for all sub-sampling	•RC drill hole samples are split with a riffle splitter at 1m intervals as drilled. Split 1metre samples are regarded as reliable and representative. Approximately 1-3kg ofsample was collected over each 1m interval. Samples were collected as dry samples.

Criteria	JORC Code explanation	Commentary
	stages to maximise representivity of samples.	Duplicate samples are taken and assayed in each batch processed for assaying.
	•Measures taken to ensure that the sampling is representativeof the in situ material collected, including for instance resultsfor field duplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of thematerial being sampled.	•Diamond Core drill hole samples were collected from quartered core over 1 metreintervals. Approximately 1 to 1.5 kg of sample was collected over each one metreinterval used forassaying. Quartered NQ Core samples are regarded as reliable andrepresentative. Samples were collected as dry samples.
		•The sample sizes are considered appropriate to the style of mineralisation beingassessed.
		Historical Sampling•The diamond drill core samples were collected from halved core.
		•Details of the approach taken for sampling of RC drill holes are not available but it isexpected to be of industry standard for the time.
Quality ofassay data andlaboratorytests	•The nature, quality and appropriateness of the assaying andlaboratory procedures used and whether the technique isconsidered partial or total.•For geophysical tools, spectrometers, handheld XRFinstruments, etc., the parameters used in determining theanalysis including instrument make and model, reading times,calibrations factors applied and their derivation, etc.•Nature of quality control procedures adopted (e.g. standards,blanks, duplicates, external laboratory checks) and whetheracceptable levels of accuracy (i.e. lack ofbias) and precisionhave been established.	Current Assaying•All samples were submitted to SGS laboratories in Townsville for gold. Gold assays ator above 0.5 g/t were additionally assayed for a full suite of 38 additional elementsusing a four acid digest.•Samples were crushed, pulverised to ensure a minimum of 85% pulp material passingthrough 75 microns, then analysed for gold by fire assay method GO_FA50V10 using a50-gram sample.•Multi-element analyses were conducted on assays of 0.5 g/t gold or above using a fouracid digestion followed by an ICP-AES finish using method GO_ICP41Q100 for thefollowing 38 elements: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, K, La, Li, Mg, Mn,Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Sn, Sr, Te, Th, Ti, U, V, W, Y, Zn, Zr.•Certified gold, multi-element standards and blanks were included in the samplessubmitted to the laboratory for QAQC. Laboratory assay results for these qualitycontrol samples are within 5% of accepted values.•Additionally, SGS used a series of its own standards, blanks, and duplicates for the QCof the elements assayed.Historical Assaying•Sampling and assaying techniques used during various phases of the previous drilling

Criteria	JORC Code explanation	Commentary
		were done by commercial laboratories using industry standard procedures used at thetime of drilling.
		•Assay data reviewed with the historical reports include some duplicate assaying. It isunknown in detail what other quality control procedures were adopted.
		•The recent sampling and assaying completedin 2020 by Superior shows that thevarious historical drilling phases show consistent results when compared to those fromthe recent drilling.
Verification ofsampling andassaying	•The verification of significant intersections by eitherindependent or alternative company personnel.	Current Sampling•The reported significant intersections have been verified by Terra Search and Superior
	•The use of twinned holes.•Documentation of primary data, data entry procedures, data	geologists against the representative drill chips and diamond drill core collected andthe drill logs.
verification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data.	•No holes were twinnedby Superior.
	•Logs were recorded by Terra Search field geologists on hard copy sampling sheetswhich were entered into spreadsheets for merging into a central database.
		•Laboratory assay files were merged directly into the database.
		•The data is routinely validated when loading into the database.
		•No adjustments to assay data were undertaken.
		Historical Sampling
		•Close spaced recent drilling by Superior (2020) to historic drill holes confirms the orderof the drill gold intersections obtained by the historic drilling.
		•To date, no dedicated twinned holes have been drilled by Superior on the historic drillholes, however very close spaced recent drill holes to the historic drilling has resultedin very similar results both in terms of widths and grades.
		•Most of the historic drill hole data was captured and stored on paper. The compilationof that data in digital form has been completed by the Competent Person.
		•No adjustments have been made to historical sample assay data as there was noapparent reason for such adjustment.

Criteria	JORC Code explanation	Commentary
Location of•data points•Specification of the grid system used.	Accuracy and quality of surveys used to locate drill holes(collar and down-hole surveys), trenches, mine workings andother locations used in Mineral Resource estimation.•Quality and adequacy of topographic control.	Current Drilling•Drill hole collars have been recorded in the field using hand held GPS with three metreor better accuracy. The locations have alsobeen further defined using DGPS to givesub one metre accuracy.
		•The drill hole spacing and drilling technique are appropriate to establish the degree ofgeological and grade continuity for the Mineral Resources estimation procedures thathave been applied. The gold mineralised system remains open and further infill, depthand strike extension drilling is required to confirm the full extent of the ore bodies.
		•The area is located within MGA Zone 55.
		•A new level for the RL's has been defined as the MGA RL (previously the grid RL wasused) in preparation for the pre-feasibility.
		•Topographic control is currently from DGPS pickup that has been merged with RLadjusted contours. This arrangement will be upgraded prior to pre-feasibility whenfurther definition of the topography is planned to use a LIDAR survey. This will becarried out for the pre-feasibility study.
		Historical Drilling•Noranda Australia (and subsidiaries) controlled exploration of the Steam Engine areausing a local grid. As the property advanced a surveyor was used to provide a moreaccurate local grid control with a local height datum being implemented. Their datahas been originally compiled using the local grid coordinates.
		•Drill holes completed by Beacon Minerals Limited were reported using handheld GPScollar coordinates with a likely accuracy of about ± 5m. An accurate translation fromGPS coordinates to local grid coordinates has been used to convert the Beacon drillhole data to local coordinates.
		•Many of the historical drill hole collars are still evident at the prospect. Superiorcompleted surveying of most of the previous drill hole collars using a DGPS system.The DGPS surveying validates the accuracy of Noranda's reported collar locations andprovided an additional level of location confidence to the historical drill hole data.

Criteria	JORC Code explanation	Commentary
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient toestablish the degree of geological and grade continuity	•Drill hole spacing is variable at the Steam Engine area, due to different stages of theresource evaluation at the project.
	appropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.•Whether sample compositing has been applied.	•The drill hole spacing issufficient in the central portions of the Steam Engine Lode andthe Eastern Ridge Lode to allow estimation of Mineral Resources when all thenecessary information is compiled.
		•Most intersections reported in this report are weighted composites of smaller sampleintervals as is standard practice.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to which this isknown, considering the deposit type.•If the relationship between the drilling orientation and theorientation of key mineralised structures is considered to haveintroduced a sampling bias, this should be assessed andreported if material.	•The orientation of the drill holes is generally ideal for reporting of the intersectionresults.•No orientation sample bias has been identified at this stage.
Samplesecurity	•The measures taken to ensure sample security.	•Sub-samples selected for assaying were collected in heavy-duty polyweave bags whichwere immediately sealed.
		•These bags were delivered directly to the SGS assay laboratory in Townsville by TerraSearch and Superior's employees.
		•Sample security measures within SGSlaboratories are considered adequate.
Audits orreviews	•The results of any audits or reviews of sampling techniquesand data.	•No audits or reviews of the sampling techniques and data have been undertaken todate.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC Code explanation		Commentary
Mineraltenement and	•	Type, reference name/number, location and ownershipincluding agreements or material issues with third parties such	•	The areas reported lie within Exploration Permit for Minerals 26165 and held 100% bySuperior.

Criteria	JORC Code explanation	Commentary
land tenurestatus	as joint ventures, partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national park andenvironmental settings.•The security of the tenure held at the time of reporting alongwith any known impediments to obtaining a licence to operatein the area.	•Superior holds much of the surrounding area under granted exploration permits.•Superior has agreements or other appropriate arrangements in place with landholdersand native title parties with respect to work in the area.•No regulatory impediments affect the relevant tenements or the ability of Superior tooperate on the tenements.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by otherparties.	•All historic drilling reported in this report has been completed and reported inaccordance with the current regulatory regime.•Compilation in digital form and interpretation of the results of that work in digital formhas been completed by theCompetent Person.
Geology	•Deposit type, geological setting and style of mineralisation.	•The Steam Engine and Eastern Ridge gold deposits are hosted within shear zones.•The gold mineralisation occurs within a number of north-northeast trending, westdipping pyritic quartz-muscovite-carbonate schist lodes within metamorphosedintermediate to basic intrusives and metasediments. Significant chlorite–epidote andsericite type alteration zones exist in the shear zones, with the mineralisationappearing to be mostly linked with heavily sericite altered sections of the host rock.
		•The gold mineralisation phase itself consists of a mainly pyrite sulphide assemblage +/-minor arsenopryrite, pyrrhotite, and chalcopyrite (all fine grained).
		•Several gold bearing lodes occur in the area, of which the Steam Engine Lode zone isthe most notable. The Eastern Ridge Lode zone is located some 500m east of theSteam Engine Lode zone. The Southern Lode zone is located approximately 600mSouth West of the current Eastern Ridge mineral resource area and lies geologically inbetween the Steam Engine and Eastern Ridge lodes.
		•The lodes are typically interpreted as being of the mesothermal lode type. Recentstudies undertaken by Superior Resource suggest the Steam Engine mesothermal goldmineralisation is most similar to orogenic style mineralisation.
		•The important features of the Steam Engine and Eastern Ridge lodes are theircontinuity and a persistent dip to the west.

Criteria	JORC Code explanation	Commentary
Drill holeInformation	•A summary of all information material to the understanding ofthe exploration results including a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill hole collaroelevation or RL (Reduced Level) of the drill hole collarodip and azimuth of the holeodown hole length and interception depthohole length.o•If the exclusion of this information is justified on the basis thatthe information is not Material and this exclusion does notdetract from the understanding of the report, the CompetentPerson should clearly explain why this is the case.	•Drill Holes collar tables with significant intersections are included in previous ASXannouncements for the drill holes including the announcements dated19 February2021, 11 February 2021, 18 January 2021, 5 November 2020, 15 October 2020, 30September 2020, 14 September 2020 and 14 August 2017.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations (e.g.cutting of high grades) and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporate short lengths of highgrade results and longer lengths of low grade results, theprocedure used for such aggregation should be stated andsome typical examples of such aggregations should be shownin detail.•The assumptions used for any reporting of metal equivalentvalues should be clearly stated.	•Exploration results are reported as a length weighted average of all the assays of thehole intersections.•No top cutting has been applied to the exploration results. However, the recentaddition of some ounce/tonne gold grades in some assays resulted in grade cutting ofvery high values for the purposes ofthe resource estimation. The 2020 Stage 2 drillingreturned two intersections, each containing a very high gold assay metre interval of135 g/t Au and 184 g/t Au (for further information see ASX report dated 18 January2021). These two very high grade ounce per tonne assays suggest a new high gradepopulation and are interpreted to indicate a high grade gold ore shoot. Top cuts of56% and 67% were applied to the very high grade intersections, resulting in areduction of the grades to 60 g/t Au for the purpose of the Resourceestimation.Together with the surrounding assays and an inverse power of 3 in the block modellingthis top cut ensures that the effect of these two individual assays remain significantonly in the localised location and that their effect it isnot excessive. This top cut willagain be re-assessed once more drilling of the zone is carried out.•No metal equivalent values are reported.
Relationshipbetweenmineralisationwidths and	•These relationships are particularly importantin the reportingof Exploration Results.•If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.•If it is not known and only the down hole lengths are reported,	•For the Steam Engine lode zone an interpreted westerly dip of approximately 50 to 60°and drill holes which generally dip to the east at around 60° (or less) result in near truewidths at or above 0.87 times the intersection lengths as reported.•For the Eastern Ridge lode zone an interpreted westerly dip of approximately 45 to 55°

Criteria	JORC Code explanation	Commentary
interceptlengths	there should be a clear statement to this effect (e.g. 'downhole length, true width not known').	and drill holes that generally dip to the east at around 60° (or less) result in true widthsat or above 0.9 times the intersection lengths reported.
Diagrams	•Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discoverybeing reported These should include, but not be limited to aplan view of drill hole collar locations and appropriatesectional views.	•Included.•Further relevant maps and sections are included in previous ASX announcements for
		the drill holes including the announcements dated19 February 2021, 11 February2021, 18 January 2021, 5 November 2020, 15 October 2020, 30 September 2020, 14September 2020 and 14 August 2017.
Balancedreporting	•Where comprehensive reporting of all Exploration Results isnot practicable, representative reporting of both low and highgrades and/or widths should be practiced to avoid misleadingreporting of Exploration Results.	•Drill hole collar tables with significant intersections are included in previous ASXannouncements for the drill holes including the announcements dated19 February2021, 11 February 2021, 18 January 2021, 5 November 2020, 15 October 2020, 30September 2020, 14 September 2020 and 14 August 2017.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material, should bereported including (but not limited to): geologicalobservations; geophysical survey results; geochemical surveyresults; bulk samples – size and method of treatment;metallurgical test results; bulk density, groundwater,geotechnical and rock characteristics; potential deleterious orcontaminating substances.	•Preliminary metallurgical leach testwork was undertaken in October and November2020 by ALS Laboratories to confirm the amenability of the ore to conventional CIP /CIL leaching. Six sample composites were generated from material which was of oregrade and considered representative of the ore to be mined, with two samples of eachof the three main ore zones.
		•Grind size for the test work was P80 (80% passing size of 75 microns).
		•The leach test conditions comprised sodium cyanide dosage of 1.5 kg/t, density of 40%solids, pH of 10 to 10.5, with dissolved oxygen at 15 to 20 ppm.
		•Leach tests were run for 48 hourswith a sample taken after 24 hours to assist inunderstanding the leach kinetics.
		•The results for the Eastern Ridge samples (5223045 and 5223046) were excellent with97 and 98 percent of the gold being extracted respectively, and with virtually all of thisextracted after 24 hours.
		•The results for the Steam Engine lode were lowerwith the average grade samples(5223044, 5223042 and 5223043) seeing total gold extraction of 84, 80 and 73 percentrespectively.
		•At this stage, no testwork has been done to investigate options to improve the goldrecovery in the Steam Engine Lode samples.

Criteria	JORC Code explanation	Commentary
Further work	•The nature and scale of planned further work (e.g. tests forlateral extensions or depth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas of possible extensions,including the main geological interpretations and futuredrilling areas, provided this information is not commerciallysensitive.	•Subsequent to this Mineral Resource estimate additional work programs will nowinclude:•Pit optimisation studies•Metallurgical studies•Geotechnical studies•Toll treatmentnegotiations•Preliminary mining and rehabilitation planning•Preliminary environmental studies

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Databaseintegrity	•Measures taken to ensure that data has not been corruptedby, for example, transcription or keying errors, between itsinitial collection and its use for Mineral Resource estimationpurposes.•Data validation procedures used.	•This report is based on data compilations from recent Superior drilling (2020) anddrilling carried out as reported in previous resource estimations conducted bycompetent persons working for Superior.
		•Data validation for the recent drilling has been carried out by the Competent Personby matching up the originalfield records with the digital information to ensure theinformation is correct. Data validation for the previous drilling was carried out by theinspection of the previous reports dating back to the earliest phases of drilling.
		•Data validation processes were also carried out using mining software to make thedata ready for use.
Site visits	•Comment on any site visits undertaken by the CompetentPerson and the outcome of those visits.•If no site visits have been undertaken indicate why this is thecase.	•Site visits have been undertaken by a Competent Person to confirm the drill holelocations and to undertake geological and mineralisation interpretations, as well as forthe additional drilling carried out.
Geologicalinterpretation	•Confidence in (or conversely, the uncertainty of) the geologicalinterpretation of the mineral deposit.•Nature of the data used and of any assumptions made.•The effect, if any, of alternative interpretations on MineralResource estimation.	•In general, ahigher level of confidence exists for the Steam Engine Main Lode Zone,than for the Steam Engine Footwall Lode Zone (due to patchy grades) and for theEastern Ridge Lode Zone (due to less drilling).
		•The geological Interpretations are consistentwith the previous interpretation by

Criteria	JORC Code explanation	Commentary
	•The use of geology in guiding and controlling Mineral Resourceestimation.•The factors affecting continuity both of grade and geology.	Noranda.
		•The data includes drill hole data and surface exposures, but there are no currentunderground ore exposures.
		•No alternative interpretations are evident orhave been considered.
		•Lode geology is fundamental to the interpretations.
		•The lack of underground exposures and the soil cover in the area may obscurecrosscutting faults, but significant displacement on these mineralisation zones is notapparent in the sectional data.
Dimensions	•The extent and variability of the Mineral Resource expressedas length (along strike or otherwise), plan width, and depthbelow surface to the upper and lower limits of the Mineral.	•These are apparent on the various sections included with this report.
Estimationand modellingtechniques	•The nature and appropriateness of the estimation technique(s)applied and key assumptions, including treatment of extremegrade values, domaining, interpolation parameters andmaximum distance of extrapolation from data points. If acomputer assisted estimation method was chosen include adescription of computer software and parameters used.•The availability of check estimates, previous estimates and/ormine production records and whether the Mineral Resourceestimate takes appropriate account of such data.•The assumptions made regarding recovery of by-products.•Estimation of deleterious elements or other non-gradevariables of economic significance (eg sulphur for acid minedrainage characterisation).•In the case of block model interpolation, the block size inrelation to the average sample spacing and the searchemployed.•Any assumptions behind modelling of selective mining units.•Any assumptions about correlation between variables.•Description of how the geological interpretation was used tocontrol the resource estimates.	•Further detail on the resource estimation process is included in the main body of thisannouncement.
		•Inverse distance block modelling was used for the resource estimations. Whenproperly constrained by wireframing, block modelling is a good method for theestimation of this kind of resource. An inverse power of 3 was used to more closelymap the grade distributions present in vein zones. An appropriate search radius wasused for individual lode zonesand the estimation method used.
		•Check estimates were carried out using global estimates from the wireframes. Thesegave similar tonnages to the global block model estimates. While the wireframeestimate uses weighting of the intersectional grades itdoes not use any weighting inrelation to distance from those intersections. However, as a comparative method itshows that the tonnages are correct and even gave relatively close gold grade valuesto the block model.
		•Checks against previous resource estimations also showed similar tonnages and gradesover the portions of the Resource that have been previously estimated by Superior.
		•The estimate is for gold only. No by-products are considered likely.
		•Incomplete assay data from early drilling does not allowestimation of other elements.Some arsenic occurs within the gold mineralisation where it has been assayed.

Criteria	JORC Code explanation		Commentary
	•Discussion of basis for using or not using grade cutting orcapping.•The process of validation, the checking process used, thecomparison of model data todrill hole data, and use ofreconciliation data if available.	•	The 2020 Stage 2 drilling returned two intersections, each containing a very high goldassay metre interval of 135 g/t Au and 184 g/t Au (for further information see ASXreport dated 18 January 2021). These two very high grade ounce per tonne assayssuggest a new high grade population and are interpreted to indicate a high grade goldore shoot. Top cuts of 56% and 67% were applied to the very high grade intersections,resulting in a reduction of the grades to 60 g/t Au for the purpose of the Resourceestimation. Together with the surrounding assays and an inverse power of 3 in theblock modelling this top cut ensures that the effect of these two individual assaysremain significant only in the localised location and that their effect it is not excessive.This top cut will again be re-assessed once more drilling of the zone is carried out.
		•	Interpolation for Inferred Resources has allowed for up to approximately 100 metresalong strike between drill holes in some cases if it conforms to the current geologicalinterpretation.
		•	Extrapolation for Inferred Resources (outside of the drilling extents) has allowed for upto approximately 60 metres of extension, predominantly on dip, where holes eitherside along strike have indicated the continuation of the mineralisation. However,extension down dip was moderated by the width of the mineralisation, and if thatmineralisation was considered wide enough to be feasible forfuture extraction.
		•	No intersection data below 2m true thickness was used in the estimation.
		•	No correlation between variables.
		•	The lode geology was a fundamental element of the modelling and controlled themodelling process.
		•	Validation was carried out by checking each stage of the modelling process against theresource intersections and assay values. As mentioned above global wireframeestimates also gave close values to the block modelling process.
Moisture	•Whether the tonnages are estimated on a dry basis or withnatural moisture, and the method of determination of themoisture content.	•	In the absence of any specific gravity data, the tonnages were estimated on anassumed SG of 2.7. This appeared to be a reasonable value given the sulphide contentof the lodes.
Cut-offparameters	•The basis of the adopted cut-off grade(s) or quality parametersapplied.	•	An arbitrary intersection cut-off grade of 1g/t was used based on a likely cut-off graderequired for a toll treatment gold operationin the area.

Criteria	JORC Code explanation	Commentary
Mining factorsorassumptions	•Assumptions made regarding possible mining methods,minimum mining dimensions and internal (or, if applicable,external) mining dilution. It is always necessary as part of theJORC Code explanation Commentary process of determiningreasonable prospects for eventual economic extraction toconsider potential mining methods,but the assumptions maderegarding mining methods and parameters when estimatingMineral Resources may not always be rigorous. Where this isthe case, this should be reported with an explanation of thebasis of the mining assumptions made.	•Open cut miningappears to be the most likely extraction method. The depth to whichthat might be possible is uncertain until further studies have been done.
		•Internal dilution zones within the mineralised downhole intervals were included in theestimates.
		•A minimum width of the mineralised zone (including waste as necessary) was used todevelop what are hoped to be mine practical widths down to a minimum of 3m insome cases (at the Eastern Ridge Lode zoneand at the extremities of the Steam EngineLode).
		•Further mining dilution effects will need to be considered during the reserveestimation process.
Metallurgicalfactors orassumptions	•The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary as part of theprocess of determining reasonable prospects for eventualeconomic extraction to consider potential metallurgicalmethods, but the assumptions regarding metallurgicaltreatment processes and parameters made when reportingMineral Resources may not always be rigorous. Where this isthe case, this should be reported with an explanation of thebasis of the metallurgical assumptions made.	•Preliminary metallurgical leach testwork was undertaken in October and November2020 by ALS Laboratories to confirm the amenability of the ore to conventional CIP /CIL leaching. Six sample composites were generated from material which was of oregrade and considered representative of the ore to be mined, with two samples of eachof the three main ore zones.
		•Grind size for the test work was P80 (80% passing size of 75 microns).
		•The leach test conditions comprised sodium cyanide dosage of 1.5 kg/t, density of 40%solids, pH of 10 to 10.5, with dissolved oxygen at 15 to 20 ppm.
		•Leach tests were run for 48 hourswith a sample taken after 24 hours to assist inunderstanding the leach kinetics.
		•The results for the Eastern Ridge samples (5223045 and 5223046) were excellent with97 and 98 percent of the gold being extracted respectively, and with virtually all of thisextracted after 24 hours.
		•The results for the Steam Engine lode were lowerwith the average grade samples(5223044, 5223042 and 5223043) seeing total gold extraction of 84, 80 and 73 percentrespectively.
		•At this stage, no testwork has been done to investigate options to improve the goldrecovery in the Steam Engine Lode samples.

Criteria	JORC Code explanation	Commentary
Environmentalfactors orassumptions	•Assumptions made regarding possible waste and processresidue disposal options. It is always necessary as part of theprocess of determining reasonable prospects for eventualeconomic extraction to consider the potential environmentalimpacts of the mining and processing operation. While at thisstage the determination of potential environmental impacts,particularly for a greenfields project, may not always be welladvanced, the status of early consideration of these potentialenvironmental impacts should be reported. Where theseaspects have not been considered this should be reported withan explanation of the environmental assumptions made.	•These factors have yet to be studied and some preliminary assumptionsfor this areexpected to be adoptedin an upcoming scoping study.
Bulk density	•Whether assumed or determined. If assumed, the basis for theassumptions. If determined, the method used, whether wet or	•At this stage the density for the resource has been assumed at an SG of 2.7, which isconsidered to be a close figure for this type of rock and mineralisation insitu.
dry, the frequency of the measurements, the nature, size andrepresentativeness of the samples.•The bulk density for bulk material must have been measuredby methods that adequately account for void spaces (vugs,porosity, etc), moisture and differences between rock andalteration zones within the deposit.•Discuss assumptions for bulk density estimates used in theevaluation process of the different materials.	•Tests will need to be carried out in the next phase of drilling to determine moreaccurate estimates for the average density.
Classification••data).•	The basis for the classification of the Mineral Resources intovarying confidence categories.Whether appropriate account has been taken of all relevantfactors (ie relative confidence in tonnage/grade estimations,	•Confidence levels for classification were based on similar classifications that have beenmade on similar deposits and by the degree of continuity of the lode zone, the densityof the existing drilling, and the apparent reliability of the historical data (having beenconfirmed by the recent 2020 drilling).
	reliability of input data, confidence in continuity of geologyand metal values, quality, quantity and distribution of theWhether the result appropriately reflects the CompetentPerson's view of the deposit.	•The additional infill drilling (in 2020) has led to an improved level of classification, inmany of the areas previously estimated. Further additional exploration drilling has alsoled to new Resources at the northern end of the Steam Engine Lode, but of generallylower grades and widths than for previous Steam Engine mineralisation. This has beenoffset by the location of some higher grade zones within infill drilling in some of thedeeper drill holes at the Steam Engine Lode.
		•The result appropriately reflects the Competent Person's current view of the deposit.

Criteria	JORC Code explanation	Commentary
Audits orreviews	•The results of any audits or reviews of Mineral Resourceestimates.	•No audits have been undertaken at this stage.
Discussion ofrelativeaccuracy/confidence	•Where appropriate a statement of the relative accuracy andconfidence level in the Mineral Resource estimate using anapproach or procedure deemed appropriate by the CompetentPerson. For example, the application of statistical orgeostatistical procedures to quantify the relative accuracy ofthe resource within stated confidence limits, or, if such anapproach is not deemed appropriate, a qualitative discussionof the factors that could affect the relative accuracy andconfidence of the estimate.•The statement should specify whether it relates to global orlocal estimates, and, if local, state the relevant tonnages,which should be relevant to technical and economicevaluation. Documentation should include assumptions madeand the procedures used.•These statements of relative accuracy and confidence of theestimate should be compared with production data, whereavailable.	•The factors that could affect the relative accuracy or confidence of the estimatesinclude all drilling data quality issues, data density, modelled grade continuity and theused resource model assumptions. All of these are adequately discussed in theinformation above.•This approach provides an estimate within any area of the lode that is locally based.•No comparisons with production data are possible.

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