SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2021

Feb 18, 2021

Receipt of Stage 2 assays completed: Stage 2 drilling to be included in Steam Engine Scoping Study

Announcement

ASX

HIGHLIGHTS:

• Results from seven holes targeting a portion of the Eastern Ridge Lode have extended the lode by a further 100m south. Best intersection returned:
  • o 10m @ 2.1 g/t Au from 0m (SRC104)
    • incl 1m @ 7.9 g/t Au from 0m
    • incl 2m @ 4.0 g/t Au from 7m
• 2 km-long Eastern Ridge Lode remains open along strike and down dip, with potential for further high grade zones
• Mineral Resource Estimate currently being revised and expected to be completed in about two weeks: Stage 2 results expected to upgrade the Mineral Resource
• Scoping Study restructured to include results from the Stage 2 Drilling Program
• Planning for Pre-Feasibility Study and maiden drilling program at Dinner Creek Zone underway

Superior Resources Limited (ASX:SPQ) confirmed today the receipt of all outstanding assays from the Stage 2 Drilling Program at the Company's Steam Engine Gold Deposit, located 210 kilometres west of Townsville, Queensland.

The results are from seven reverse circulation (RC) drill holes totaling 456 metres of drilling in the Stage 2 program. These holes targeted potential lode extensions at an area between 500 and 600 metres north of the historicallymapped southern-most part of the Eastern Ridge Lode.

The drilling has shown that the lode continues to the south with consistent thickness, although most of the intersections were lower than the average grade for the Eastern Ridge Lode. The lode remains open to the south, where historic mapping indicates the continuation of the Eastern Ridge Lode.

With the earlier-than-expected receipt of outstanding assays from the Stage 2 Drilling Program, the Company has expanded the current Scoping Study to incorporate the results from the Stage 2 program.

Superior's Managing Director, Peter Hwang, commented:

"With the assaying of the Stage 2 program being completed sooner than we originally scheduled, it has enabled us to include the Stage 2 holes in the Scoping Study without disrupting the overall mining assessment plans. This outcome is likely to be beneficial, given that the Stage 2 program identified at least two high grade ore shoots and converted a large low-grade zone in the Steam Engine Lode into the project's highest-grade zone. We expect the Stage 2 results to have a significant positive contribution to the financial analysis within the Scoping Study, which is scheduled to be completed within the next four weeks. In the meantime, we will be updating the Mineral Resource Estimate that was published during December 2020."

Stage 2 drilling

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.

The objectives of the Stage 2 drill holes were:

• To extend high-grade zones identified during the first campaign beyond the current Mineral Resource;
• To identify new high-grade extensions at both the Steam Engine and Eastern Ridge lodes; and
• To upgrade low-grade zones within the current Resource envelope.

All outstanding assays from the Stage 2 Drilling Program have now been received.

Final batch assay results

The third batch of Stage 2 assay results are from 7 RC drill holes for a total of 456 metres of drilling. These holes ranged in depths from 48 to 102 metres and include infill and extension drill holes that tested an area between 500 and 600 metres north of the historically-mapped southern-most part of the Eastern Ridge Lode (Figure 1).

Significant intersections from the assaying of the samples are listed in Table 1, which sets out all intersections greater than 0.4 g/t gold (refer Table 2 for hole collar details). All samples were submitted to SGS Australia Pty Ltd laboratories in Townsville for gold and multi-element analysis. Plan and cross section representation of the assay results from the current batch of results are shown in Figures 1 and 2 in context with previously reported lode intersections.

The drilling has extended the Eastern Ridge Lode mineralisation by an additional 100 metres south from the Stage 1 drill holes, albeit most of the intersections are of lower-than-average grade for the Eastern Ridge Lode. The lode and mineralisation remains open to the south. Further drilling to the south is therefore warranted.

The best intersection from the results was encountered in infill drilling along section line 9700 N that returned 10 metres @ 2.1 g/t from surface (Figure 2).

Hole ID		From(m)	To(m)	Interval (m)	Au (g/t)	Lode
		78	79	1	0.7	Eastern Ridge
SRC098		97	98	1	0.6	Eastern Ridge Splay
		5	9	4	0.9	Eastern Ridge
SRC099		27	28	1	0.6	Eastern Ridge Splay
		7	12	5	0.5
SRC100	Including	7	8	1	1.4	Eastern Ridge
SRC101		14	16	2	0.7	Eastern Ridge
SRC102		13	16	3	1.3
	Including	13	14	1	2.9	Eastern Ridge
		30	34	4	0.6
SRC103	Including	32	33	1	1.4	Eastern Ridge
		0	10	10	2.1
SRC104	Including	0	1	1	7.9	Eastern Ridge
	Including	7	9	2	4.0
		12	13	1	0.8
		20	21	1	0.8	Eastern Ridge Splay

Table 1. Significant drill hole intersections from final batch of assays from Eastern Ridge Lode.

Figure 1. Plan view of portion of Eastern Ridge Lode (in red) showing the locations of the Stage 2 drill holes (in blue) and previously drilled holes. Cross section 9700N in Figure 1 is indicated by a horizontal black line.

Stage 2 results to be incorporated into Scoping Study

With the earlier-than-expected receipt of outstanding assays from the Stage 2 program, the current Scoping Study will be expanded to incorporate the results from the Stage 2 program. As a preliminary part of this process, the Steam Engine Gold Deposit Mineral Resource (currently 1.6 million tonnes @ 2.2 g/t Au for 112,000 ounces1 ) will be updated and released to the market in approximately two weeks.

The Stage 2 results are expected to significantly upgrade the total Mineral Resource. Of particular significance, the Stage 2 program identified new significant high-grade zones in the infill drilling at the Steam Engine Lode, including the recently announced multi-ounce per tonne intersections2 .

Additionally, the Stage 2 drilling gave further confirmation of the Steam Engine Lode Northern Extension Zone and indicated that this mineralisation has significant grades closer to surface than was previously understood. The mineralisation at the Northern Extension Zone was confirmed to extend a further 200 metres beyond the currently modelled Mineral Resource, with the mineralisation remaining open to the North and down dip3 .

Figure 2. Cross Section 9700N (local grid) on the Eastern Ridge Lode showing the significant intersections (Stage 2 drill hole intersections shown in blue).

1 Refer to Revised Mineral Resource Estimate: ASX announcement 14 December 2020

2 Refer ASX announcements dated 30 September 2020 and 18 January 2021

3 Refer ASX announcement dated 11 February 2021

Holes	Easting (m)	Northing (m)	RL (m)	Depth (m)	Azimutho	Dipo
SRC098	262568	7895162	575	102	102	-60
SRC099	262587	7895051	582	60	102	-60
SRC100	262590	7895074	579	60	102	-60
SRC101	262613	7895099	579	60	102	-60
SRC102	262630	7895120	579	54	102	-60
SRC103	262611	7895124	577	72	102	-60
SRC086	262380	7896146	557	120	102	-60

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

About Superior Resources Limited

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 and the Greenvale Ordovician rock sequences. The Carpentaria Zinc Province is one of the world's richest mineral producing regions and the Company is focused on multiple Tier-1 equivalent exploration targets. At Greenvale, the Company holds ground covering the majority of the Ordovician sequences in the region, which includes at least three significant copper-gold porphyry and VMS prospects, an advancing high-grade gold deposit and a regionally large magmatic sulphide nickel-copper-cobalt prospect.

About Greenvale Project

The Greenvale Project covers a region of volcanic and intrusive rocks of Ordovician Age that are similar in type and age to the porphyry copper belt in New South Wales. The New South Wales belt of rocks host the large Cadia and North Parkes porphyry copper mines. The sequence of rocks in the Greenvale area are likely to be the northern-most extension of the remnant New South Wales Ordovician Macquarie Arc rocks.

Superior's Greenvale Project is highly prospective for VMS and porphyry copper, gold, zinc and silver deposits and contains at least ten mineral prospects. The project is located within an area of notable economic significance, being proximal to the Kidston, Balcooma, Surveyor and Dry River South deposits.

About Steam Engine Gold Deposit

The Steam Engine Gold Deposit is an extensive mesothermal gold lode system on which a Measured, Indicated and Inferred Mineral Resource Estimate of 1.6 million tonnes at 2.2 g/t for 112,000 ounces of gold has been established (refer ASX announcement 14 December 2020). The Resource has been modelled on only 30 percent of at least 2.5 kilometres of strike length of outcropping lode and only modelled to relatively shallow depths.

Currently, three gold lode zones have been identified: (1) the Steam Engine Lode; (2) the Eastern Ridge Lode; and (3) the Southern Zone of lodes. The deposit has the potential to contain significant greater tonnages high-grade gold ore shoots that may extend to significant depths. The mineralisation is hosted within structures that are sheared to a greater extent than many similar lode gold deposits, which increases the potential for significant thicknesses of gold lode mineralisation.

The Eastern Ridge Lode zone, being the longest lode structure, potentially represents the primary ore conduit. Although the lode has been mapped at surface to be at least 1.4 kilometres long, gold surface soil geochemistry indicates that the structure is closer to at least 4 kilometres long. Many shorter structures exist on the hanging wall side of the Eastern Ridge lode zone, such as the Steam Engine lode and numerous other zones have mainly only been identified from historic gold soil sampling.

Large portions of the world's economic deposits of gold are found in vein systems of this kind and they can hold impressive amounts of valuable ore. The veins and shoot zones typically can extend to significant depths with gold grades typically higher than other types of gold deposits.

Reporting of Exploration Results and Mineral Resources: The re-statement of previously reported exploration results in this report reflects information that was originally reported in market announcements as referenced in various parts of this report. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcement.

Other information contained in this report that relates to exploration results 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.

Information contained in this report that relates to Exploration Activities is based on information evaluated by Mr Peter Hwang, an executive director and shareholder of Superior Resources Limited and a Member of the Australian Institute of Geoscientists. Mr Hwang has sufficient experience which is relevant to this style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person under the 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Hwang consents to the inclusion in this report of the matters based on the 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 forwardlooking 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 thebroadmeaning 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 was pulverised 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 warrant disclosure of detailed information.	•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 intervaland used for assaying.•The drill bit sizes used in the drilling were consistent in size and areconsideredappropriate to indicate the degree and extent of mineralisation.•1m representative samples were assayed for gold at SGS laboratories in Townsville.•Samples with assays of 0.5 g/t Au and above were also submitted for multi-elementassaying using a four-acid digest.•Assaying for gold was via fire assay of a 50-gramcharge.•Sample preparation at SGS laboratories in Townsville for all samples is considered tobe of industry standard procedure.
Drillingtechniques	•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.).	•Drilling from surface was performed using standard Reverse-Circulation (RC) drillingtechniques.•Drilling was conducted by Associated Exploration Drillers(AED)using a UDR 650 drillrigand 5.5 inch drill bit. Additional to the on-board air compressor of the drill rig,additional compressed air was available as necessary via a separate booster truck.•Sampling was by the use of a face-sampling hammer bit.

Criteria	JORC Code explanation	Commentary
		•All holes were surveyed using a Reflex Gyro north-seeking gyroscopic instrument toobtainaccurate down-hole directional data.
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.	•Sample recovery was performed and monitored by Terra Search contractor andSuperior Resources' representatives.•The volume of sample collected for assay is considered to be representative of each1m interval.•The RC drill rod string delivered the sample to the rig-mounted cyclone which is sealedat the completion of each 1m interval. The riffle splitter is cleaned with compressed airat the end of each 1m interval and at the completion of each drill hole.
Logging	•Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, mining studies andmetallurgical studies.•Whether logging is qualitative or quantitative in nature. Core(or costean, channel, etc.) photography.•The total length and percentage of the relevant intersectionslogged.	•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.•All holes were logged in their entirety at 1m intervals.A spear was used to producerepresentative samples for 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 were photographed.
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.•For all sampletypes, the nature, quality and appropriatenessof the sample preparation technique.•Quality control procedures adopted for all sub-samplingstages to maximise representivity of samples.•Measures taken to ensure that the sampling is representativeof the in situ material collected, including for instance resultsfor field duplicate/second-half sampling.	•The sample collection methodology is considered appropriate for RC drilling and wasconducted in accordance with standard industry practice.•The RC drill hole samples are split with a riffle splitter at 1m intervals as drilled. Split1m samples are regarded as reliable and representative.•Approximately 1-3kg of sample was collected over each 1m interval.•Samples were collected as dry samples.•Duplicate samples are taken and assayed in each batch processed for assaying.

Criteria	JORC Code explanation	Commentary
	•Whether sample sizes are appropriate to the grain size of thematerial being sampled.	•The sample sizes are considered appropriate to the style of mineralisation beingassessed.
Quality ofassay dataandlaboratorytests	•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 of bias) and precisionhave been established.	•All samples were submitted to SGSlaboratories 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_FA50V10using a50-gramsample.•Multi-element analyses were conductedon assays of 0.5 g/t gold or aboveusing afour-acid digestionfollowed by an ICP-AESfinish using method GO_ICP41Q100for 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.•Additionally, SGSused a series of its own standards, blanks, and duplicates for the QCof the elements assayed.
Verificationof samplingand assaying	•The verification of significant intersections by eitherindependent or alternative company personnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, dataverification, data storage (physical and electronic) protocols.•Discuss any adjustment to assay data.	•The reported significant intersections have been verified by Terra Search geologistsagainst representative drill chips collected and the drill logs.•No holes were twinned.•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.
Location ofdata points	•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.•Specification of the grid system used.	•Drill hole collars have been recorded in the field using handheld GPS with three metreor better accuracy. The collar locations have been further defined using DGPS to givesub-one metre accuracy.

Criteria	JORC Code explanation	Commentary
	•Quality and adequacy of topographic control.	•Drill hole spacing and drilling technique are appropriate to establish the degree ofgeological and grade continuity of the mineral resources estimation procedures thatwill be applied. The mineralised system remains open and further infill and depth andstrike extension drilling is required to confirm the full extent of the mineralisation.
		•The area is located within MGAZone 55.
		•Topographic control is from current DGPS point data that has been merged with RLadjusted contours. This arrangement will be upgraded prior to pre-feasibility whenfurther definition of the topography is planned using a LIDAR survey.
Data spacingand	•Data spacing for reportingof Exploration Results.•Whether the data spacing and distribution is sufficient toestablish the degree of geological and grade continuityappropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.•Whether sample compositing has been applied.	•Drill hole spacing is variable at the Steam Engine area, due to the different stages ofthe resource evaluation at the project.
distribution		•The drill hole spacing is sufficient in the central portions of the Steam Engine Lode andthe Eastern Ridge Lode to allow estimation of resources when all the necessaryinformation is compiled. An updated resource statement will be carried out at thecompletion of thecurrent exploration phase.
		•Most intersections reported in this report are weighted composites of smaller sampleintervals, as isstandard industry practice.
Orientation	•Whether the orientation of sampling achieves unbiased	•The orientation of the drill holes is ideal for reporting of the intersection results.
of data inrelation to	sampling of possible structures and the extent to which this isknown, considering the deposit type.	•No orientation sample bias has been identified at this stage.
geological•structure	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.
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 Resources employees.
		•Sample security measures within SGS laboratories are considered adequate.

Criteria	JORC Code explanation	Commentary
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 andland tenurestatus	•Type, reference name/number, location and ownershipincluding agreements or material issues with third parties suchas joint ventures, partnerships, overriding royalties, native titleinterests, historical sites, wilderness or national park and	•The areas reported on lie within Exploration Permit for Minerals 26165 and held 100%by Superior.
		•Superior holds much of the surrounding area under granted exploration permits.
	environmental settings.•Thesecurity of the tenure held at the time of reporting along	•Superior has agreements or other appropriate arrangements in place with landholdersand native title parties with respect to the conduct of exploration work in the area.
	with any known impediments to obtaining a licence to operatein 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 historical drilling reported in this report has been completed and reported inaccordance with their current regulatory regime.
		•Compilation in digital form and interpretation of the results of that work in digital formhas been completed by the Competent Person.
Geology	•Deposit type, geological setting and style of mineralisation.	•The Steam Engine and Eastern Ridge gold deposits are hosted within a shear zone.
		•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).

Criteria	JORC Code explanation	Commentary
		•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 Engineand Eastern Ridge lodes.
		•The lodes are typically interpreted as being of the mesothermal lode type.Recentstudies undertaken by Superior suggest that 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.
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 drillhole 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 hole collar and significant intersection tables are included in the main body of theannouncement. These tables include information relevant to an understanding of theresults reported.
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 theintersections.•No top cutting has been applied to the exploration results. The recent addition ofmultiple ounce/tonne gold grades in some of the assaysmeans that grade cutting ofvery highvalues will need to be applied in the next resource estimation.•No metal equivalent values are reported.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisation widths andinterceptlengths	•These relationships are particularly important in 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,there should be a clear statement to this effect (e.g.'downhole length, true width not known').	•For the Steam Engine Lode,an interpreted westerly dip of approximately 50 to 60° anddrill 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,an interpreted westerly dip of approximately 40 to 50° anddrill holes that generally dip to the east at around 60° (or less) result in near truewidths at or above 0.9 times the intersection lengths as 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.
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.	•Reporting of all RCdrill holes with intersections on the Steam Engine Lode at or above0.4 g/t gold has been included in tables within the report.
Other•substantiveexplorationdata	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 or	•Preliminary metallurgical leach test work 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 wasof oregrade and considered representative of the ore to be mined, with two samples of eachof the three main ore zones.
	contaminating substances.	•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 hours with 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.

Criteria	JORC Code explanation	Commentary
		•The results for the Steam Engine lode were lower with the average grade samples(5223044, 5223042 and 5223043) returningtotal gold extraction of 84, 80 and 73percentrespectively.
		•At this stage, no test work has been done to investigate options to improve the goldrecovery in the Steam Engine Lode samples.
Further work	•The nature and scale of planned further work (e.g. tests forlateral extensions or depth extensionsor 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.	•Additional exploration drilling programsarecurrently being planned for the SteamEngine Project, including the associated nearby Dinner Creek prospect.•Additional work for the pre-feasibility phase of the Steam Engine deposit includes:•Metallurgical studies;•Geotechnical studies;•Toll treating negotiations;•Preliminary mining and rehabilitation planning; and
		•Preliminary environmental studies.