SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2021

Feb 10, 2021

ASX Announcement

11 February 2021

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Stage 2 drilling continues to strengthen Steam Engine Lode

HIGHLIGHTS:

• Strong assays from the high-grade zones extend the high-grade ore shoots down-dip; indicates potential for high grade ore shoots additional to the recently reported spectacular multi-ounce ore shoot[1]

• Steam Engine Lode Northern Extension Zone extended down dip and beyond current Mineral Resource envelope[2] ; mineralisation remains open down dip and along strike

• Stage 2 assays received to date indicate potential to materially increase total ounces at Steam Engine Lode

• Significant results from second batch of assays include:

• 12m @ 5.1 g/t Au from 60m (SRC080)

  • incl 6m @ 7.1 g/t Au from 64m

  • incl 1m @ 12.3 g/t Au from 64m

• 11m @ 2.3 g/t Au from 64m (SRC081)

  • incl 3m @ 4.2 g/t Au from 68m

• 8m @ 5.0 g/t Au from 62m (SRC083)

  • incl 1m @ 11.9 g/t Au from 66m

• 5m @ 3.9 g/t Au from 66m (SRC084)

  • incl 3m @ 5.1 g/t Au from 67m

• Results from Stage 2 drilling are not factored into the December 2020 Revised Mineral Resource Estimate of 1,600,000 tonnes @ 2.2 g/t Au for 112,000 ounces[3] and have not been considered under the current Scoping Study. Stage 2 drill results to be incorporated into the planned Pre-Feasibility Study, which will commence immediately after finalisation of the Scoping Study during February 2021

Superior Resources Limited (ASX:SPQ) announced today results from the second batch of assays from the recently completed Stage 2 drilling program at the Company’s Steam Engine Gold Deposit, located 210 kilometres west of Townsville, Queensland.

The results are from 18 reverse circulation ( RC ) drill holes totaling 1,416 metres of drilling in the Stage 2 program. Assays from a total of 7 holes from the Stage 2 program remain outstanding. These holes targeted lode extensions at the southern end of the Eastern Ridge Lode.

1 ASX announcement dated 18 January 2021 reported high grade ore shoot with grades up to 184 g/t Au

2 Mineral Resource Estimate was revised during December, incorporating Stage 1 drill results, but not Stage 2 drill results (refer ASX announcement dated 14 December 2020)

3 Refer to ASX announcement dated 14 December 2020

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The second batch of results are from holes designed to identify extensions to high grade zones within the Steam Engine Lode and holes to extend the mineralisation down dip at the recently confirmed Steam Engine Lode Northern Extension Zone[ 4] .

The results follow the recent identification of a high grade ore shoot containing bonanza-grade intersections of up to 184 g/t gold[5] , which effectively, converted a portion of the lode from being the lowest grade zone to the highest grade zone. The Stage 2 drill results will be incorporated into a planned Pre-Feasibility Study, which will commence immediately after the delivery of the Steam Engine Project Scoping Study, expected shortly this month.

Superior’s Managing Director, Peter Hwang, commented:

“ The latest batch of results have again reinforced the consistent quality that appears inherent in the Steam Engine deposit. We have been very pleased with the consistent return of solid results over the course of the two drill programs executed during the latter five months of 2020. This has provided us with further confidence for an expedited pathway to early production.”

“These latest results are significant as they confirm the down-dip continuation of high grade ore zones that are additional to the recently reported bonanza-grade shoot and also the down-dip expansion of the Northern Extension Zone. With about 85 percent of the Stage 2 program results in hand, we expect a material upgrade to the total Mineral Resource to be realised once Stage 2 is incorporated during the upcoming pre-feasibility study.”

“Ahead of us this year, we will be conducting a series of mining studies as well as further resource expansion programs with a priority focus on a maiden drilling program at the new and promising Dinner Creek Lode. We will also be commencing a parallel evaluation program for the development of the high grade Wyandotte Copper Deposit. With copper reaching new highs above US$8,300 per tonne overnight, we expect significant support in bringing online the Company’s large copper exploration projects.”

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.

The reporting of the second batch of results means that 85% of the assaying has now been completed, with the remaining assays (from 7 holes) from the southern end of the Eastern Ridge zone, yet to be received.

Second batch assay results

The second batch of Stage 2 assay results are from 18 RC drill holes for a total of 1,416 metres of drilling. These holes ranged in depths from 48 to 120 metres and include infill drill holes at the main Steam Engine Lode and along the new Northern Extension Zone (Figure 1).

Significant intersections from the assaying of the samples are listed in Table 1, which sets out all significant 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 sections representation of the assay results from the Steam Engine Lode are shown in Figures 1 to 5 in context with previously reported lode intersections.

4 Refer to ASX announcement dated 15 October 2020

5 Refer to ASX announcement dated 18 January 2021

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Table 1. Significant drill hole intersections from second batch of assays from Steam Engine Lode.

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)	Lode
SRC080		60	72	12	5.1	Steam Engine
	Including	64	70	6	7.1
	Including	64	65	1	12.3
SRC081		64	75	11	2.3	Steam Engine
	Including	68	71	3	4.2
SRC082		66	72	6	1.5	Steam Engine
	Including	71	72	1	4.0
SRC083		62	70	8	5.0	Steam Engine
	Including	66	67	1	11.9
		72	75	3	1.1	Steam Engine Splay
		82	85	3	1.3	Steam Engine Footwall
SRC084		66	71	5	3.9	Steam Engine
	Including	67	70	3	5.1
		88	91	3	0.5	Steam Engine Footwall
SRC085		78	81	3	2.5	Steam Engine
	Including	78	79	1	5.3
SRC086		57	60	3	1.3	Steam Engine Splay Steam Engine
		97	103	6	2.0
	Including	100	103	3	2.9
SRC087		50	56	6	1.2	Steam Engine
SRC088		38	41	3	0.8	Steam Engine Hangingwall
		59	63	4	1.8	Steam Engine
	Including	61	62	1	3.3
SRC089		31	37	6	0.8	Steam Engine Hangingwall
		50	53	3	1.0	Steam Engine
SRC090		26	30	4	1.0	Steam Engine
	Including	28	29	1	2.9
SRC091		78	81	3	0.6	Steam Engine
SRC092		38	45	7	0.9	Steam Engine
SRC093		25	30	5	1.9	Steam Engine
	Including	28	29	1	3.6
SRC094		22	25	3	0.8	Steam Engine Hangingwall
		40	52	12	1.0	Steam Engine
	Including	40	45	5	1.9
SRC095		24	31	7	1.2	Steam Engine
	Including	29	30	1	3.7
SRC096		16	20	4	1.8	Steam Engine
	Including	17	18	1	3.4
SRC097		11	12	1	0.7	Steam Engine

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Figure 1. Plan showing the locations of the Stage 2 drill holes (in blue) and previously drilled holes (in black). The Steam Engine gold-bearing Lodes are shown in red. Cross sections in Figures 2 to 5 are indicated.

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Extension of high grade zones

Infill holes targeting extensions to the existing high grade zones have shown increasing grades with depth from holes SRC080, SRC083 and SRC084. These holes returned intersections of 12m @ 5.1 g/t from 60m downhole in hole SRC080, 8m @ 5.0 g/t from 62m downhole in hole SRC083 and 5m @ 3.9 g/t from 66m downhole in hole SRC084 (Figures 2 and 3).

These intersections, which follow the recent ounce per tonne intersections at Steam Engine (refer ASX Announcement dated 18 January 2021), indicate the potential for the identification of further higher-grade ore shoot mineralisation within the currently defined Resource area.

Expansion of Northern Extension Zone

Infill drilling on part of the Northern Extension Zone indicates that the mineralisation extends closer to the surface than was previously expected. Additionally, the infill drilling shows that the mineralisation continues past the zone where it was closed off for the purpose of the recently revised Mineral Resource estimation. These intersections include 4m @ 1.8 g/t from 16m downhole in hole SRC096, 7m @ 1.2 from 24m downhole in hole SRC095, 5m @ 1.9 g/t from 25m downhole in SRC093, 10m @ 1.0 g/t (including 5m @ 1.9g/t) from 40m downhole in hole SRC094, and 6m @ 1.2 g/t from 50m downhole in hole SRC087 (Figures 4 and 5).

Exploration drilling further north on the Northern Extension Zone has extended the mineralisation for approximately a further 200 metres beyond the current Mineral Resource area, with the mineralisation remaining open ended to the north. Gold grades in this area, while generally of a lower order, are currently only based on 50 metre spaced lines and warrant further infill drilling. Best intersections in this area include 4m @ 1.8 g/t from 59m downhole in hole SRC088, 4m @ 1.0 g/t from 26m downhole and 7m @ 0.9 g/t from 38m downhole in SRC092.

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Figure 2. Cross Section 10325N (local grid) on the Steam Engine Lode showing the significant intersections (Stage 2 drill hole intersections shown in blue).

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Figure 3. Cross Section 10412.5N (local grid) on the Steam Engine Lode showing the significant intersections (Stage 2 drill hole intersections shown in blue).

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Figure 4. Cross Section 10525N (local grid) on the Steam Engine Lode – Northern Extension Zone showing the significant intersections (Stage 2 drill hole intersections shown in blue).

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Figure 5. Cross Section 10600N (local grid) on the Steam Engine Lode – Northern Extension Zone showing the significant intersections (Stage 2 drill hole intersections shown in blue).

Table 2. Collar details for the reported holes, MGA Zone 55.

Holes	Easting (m)	Northing (m)	RL (m)	Depth (m)	Azimutho	Dipo
SRC080	262244	7895929	560	90	102	-60
SRC081	262256	7895939	560	84	102	-60
SRC082	262279	7895981	560	96	102	-60
SRC083	262301	7896004	560	90	102	-60
SRC084	262310	7896027	560	96	102	-60
SRC085	262320	7896059	560	96	102	-60
SRC086	262380	7896146	557	120	102	-60
SRC087	262438	7896178	555	72	102	-55
SRC088	262545	7896329	551	78	102	-60
SRC089	262520	7896284	553	78	102	-60
SRC090	262515	7896234	555	48	102	-60
SRC091	262465	7896253	552	96	102	-60
SRC092	262465	7896196	555	66	102	-60
SRC093	262453	7896149	556	48	102	-60
SRC094	262440	7896128	557	72	102	-60
SRC095	262441	7896101	558	48	102	-60
SRC096	262415	7896081	558	84	102	-60
SRC097	262365	7896008	556	54	108	-60

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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.

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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.

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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	Commentary
Sampling	• Nature and quality of sampling (e.g. cut channels, random	•	RC drill samples are collected as drilled via a riffle splitter attached to the drill rig
techniques	chips, or specific specialised industry standard measurement		cyclone and collected as 1m riffle-split samples. Approximately 1-3kg of sample was
	tools appropriate to the minerals under investigation, such as		collected over each 1m interval and used for assaying.
	down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	•	The drill bit sizes used in the drilling were consistent in size and are considered appropriate to indicate the degree and extent of mineralisation.
	• Include reference to measures taken to ensure sample	•	1m representative samples were assayed for gold at SGS laboratories in Townsville.
	representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are	•	Samples with assays of 0.5 g/t Au and above were also submitted for multi-element assaying using a four-acid digest.
	Material to the Public Report.	•	Assaying for gold was via fire assay of a 50-gram charge.
	• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to	•	Sample preparation at SGS laboratories in Townsville for all samples is considered to be of industry standard procedure.
	produce a 30 g charge for fire assay’). In other cases more
	explanation may be required, such as where there is coarse
	gold that has inherent sampling problems. Unusual
	commodities or mineralisation types (e.g. submarine nodules)
	may warrant disclosure of detailed information.
Drilling	• Drill type (e.g. core, reverse circulation, open-hole hammer,	•	Drilling from surface was performed using standard Reverse-Circulation (RC) drilling
techniques	rotary air blast, auger, Bangka, sonic, etc.) and details (e.g.		techniques.
	core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	•	Drilling was conducted by Associated Exploration Drillers (AED) using a UDR 650 drill rig and 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.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	All holes were surveyed using a Reflex Gyro north-seeking gyroscopic instrument to
			obtain accurate down-hole directional data.
Drill sample	• Method of recording and assessing core and chip sample	•	Sample recovery was performed and monitored by Terra Search contractor and
recovery	recoveries and results assessed.		Superior Resources’ representatives.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and	•	The volume of sample collected for assay is considered to be representative of each 1m interval.
	grade and whether sample bias may have occurred due to	•	The RC drill rod string delivered the sample to the rig-mounted cyclone which is sealed
	preferential loss/gain of fine/coarse material.		at the completion of each 1m interval. The riffle splitter is cleaned with compressed air
			at the end of each 1m interval and at the completion of each drill hole.
Logging	• Whether core and chip samples have been geologically and	•	Geological logging was conducted during the drilling of each hole by a Terra Search
	geotechnically logged to a level of detail to support		geologist having sufficient qualification and experience for the mineralisation style
	appropriate Mineral Resource estimation, mining studies and		expected and observed at each hole.
	metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	•	All holes were logged in their entirety at 1m intervals. A spear was used to produce representative samples for logging.
	• The total length and percentage of the relevant intersections	•	All logging data is digitally compiled and validated before entry into the Superior
	logged.		database.
		•	The level of logging detail is considered appropriate for resource drilling.
		•	The RC Chip trays were photographed.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all	•	The sample collection methodology is considered appropriate for RC drilling and was
techniques	core taken.		conducted in accordance with standard industry practice.
and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness	•	The RC drill hole samples are split with a riffle splitter at 1m intervals as drilled. Split 1m samples are regarded as reliable and representative.
	of the sample preparation technique.	•	Approximately 1-3kg of sample was collected over each 1m interval.
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	•	Samples were collected as dry samples.
	• Measures taken to ensure that the sampling is representative	•	Duplicate samples are taken and assayed in each batch processed for assaying.
	of the in situ material collected, including for instance results
	_forfield duplicate/second-half sampling. _

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Criteria	JORC Code explanation	Commentary	Commentary
	• Whether sample sizes are appropriate to the grain size of the	•	The sample sizes are considered appropriate to the style of mineralisation being
	material being sampled.		assessed.
Quality of	• The nature, quality and appropriateness of the assaying and	•	All samples were submitted to SGS laboratories in Townsville for gold. Gold assays at
assay data	laboratory procedures used and whether the technique is		or above 0.5 g/t were additionally assayed for a full suite of 38 additional elements
and	considered partial or total.		using a four-acid digest.
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	•	Samples were crushed, pulverised to ensure a minimum of 85% pulp material passing through 75 microns, then analysed for gold by fire assay method GO_FA50V10 using a 50-gram sample.
	• Nature of quality control procedures adopted (e.g. standards,	•	Multi-element analyses were conducted on assays of 0.5 g/t gold or above using a
	blanks, duplicates, external laboratory checks) and whether		four-acid digestion followed by an ICP-AES finish using method GO_ICP41Q100 for the
	acceptable levels of accuracy (i.e. lack of bias) and precision		following 38 elements: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, K, La, Li, Mg, Mn,
	have been established.		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 samples
			submitted to the laboratory for QAQC.
		•	Additionally, SGS used a series of its own standards, blanks, and duplicates for the QC
			of the elements assayed.
Verification	• The verification of significant intersections by either	•	The reported significant intersections have been verified by Terra Search geologists
of sampling	independent or alternative company personnel.		against representative drill chips collected and the drill logs.
and assaying	• The use of twinned holes. • Documentation of primary data, data entry procedures, data	•	No holes were twinned.
	verification, data storage (physical and electronic) protocols.	•	Logs were recorded by Terra Search field geologists on hard copy sampling sheets
	• Discuss any adjustment to assay data.		which 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 of	• Accuracy and quality of surveys used to locate drill holes	•	Drill hole collars have been recorded in the field using handheld GPS with three metre
data points	(collar and down-hole surveys), trenches, mine workings and		or better accuracy. The collar locations have been further defined using DGPS to give
	other locations used in Mineral Resource estimation.		sub-one metre accuracy.
	• Specification of thegrid system used.

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Criteria	JORC Code explanation	Commentary	Commentary
	• Quality and adequacy of topographic control.	•	Drill hole spacing and drilling technique are appropriate to establish the degree of
			geological and grade continuity of the mineral resources estimation procedures that
			will be applied. The mineralised system remains open and further infill and depth and
			strike extension drilling is required to confirm the full extent of the mineralisation.
		•	The area is located within MGA Zone 55.
		•	Topographic control is from current DGPS point data that has been merged with RL-
			adjusted contours. This arrangement will be upgraded prior to pre-feasibility when
			further definition of the topography is planned using a LIDAR survey.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Drill hole spacing is variable at the Steam Engine area, due to the different stages of
and	• Whether the data spacing and distribution is sufficient to		the resource evaluation at the project.
distribution	establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	•	The drill hole spacing is sufficient in the central portions of the Steam Engine Lode and the Eastern Ridge Lode to allow estimation of resources when all the necessary information is compiled. An updated resource statement will be carried out at the completion of the current exploration phase.
		•	Most intersections reported in this report are weighted composites of smaller sample
			intervals, as is standard 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 in relation to	sampling of possible structures and the extent to which this is known, considering the deposit type.	•	No orientation sample bias has been identified at this stage.
geological	• If the relationship between the drilling orientation and the
structure	orientation of key mineralised structures is considered to have
	introduced a sampling bias, this should be assessed and
	reported if material.
Sample	• The measures taken to ensure sample security.	•	Sub-samples selected for assaying were collected in heavy-duty polyweave bags which
security			were immediately sealed.
		•	These bags were delivered directly to the SGS assay laboratory in Townsville by Terra
			Search and Superior Resources employees.
		•	Sample security measures within SGS laboratories are considered adequate.

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Criteria	JORC Code explanation	Commentary	Commentary
Audits or	• The results of any audits or reviews of sampling techniques	•	No audits or reviews of the sampling techniques and data have been undertaken to
reviews	and data.		date.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and ownership	•	The areas reported on lie within Exploration Permit for Minerals 26165 and held 100%
tenement and	including agreements or material issues with third parties such		by Superior.
land tenure status	as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and	•	Superior holds much of the surrounding area under granted exploration permits.
	environmental settings.	•	Superior has agreements or other appropriate arrangements in place with landholders
	• The security of the tenure held at the time of reporting along		and native title parties with respect to the conduct of exploration work in the area.
	with any known impediments to obtaining a licence to operate in the area.	•	No regulatory impediments affect the relevant tenements or the ability of Superior to operate on the tenements.
Exploration	• Acknowledgment and appraisal of exploration by other	•	All historical drilling reported in this report has been completed and reported in
done by other	parties.		accordance with their current regulatory regime.
parties		•	Compilation in digital form and interpretation of the results of that work in digital form
			has 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, west-
			dipping pyritic quartz-muscovite-carbonate schist lodes within metamorphosed
			intermediate to basic intrusives and metasediments. Significant chlorite–epidote and
			sericite type alteration zones exist in the shear zones, with the mineralisation
			appearing 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).

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Several gold-bearing lodes occur in the area, of which the Steam Engine Lode zone is
			the most notable. The Eastern Ridge Lode zone is located some 500m east of the
			Steam Engine Lode zone. The Southern Lode zone is located approximately 600m
			South West of the current Eastern Ridge mineral resource area and lies geologically in-
			between the Steam Engine and Eastern Ridge lodes.
		•	The lodes are typically interpreted as being of the mesothermal lode type. Recent
			studies undertaken by Superior suggest that the Steam Engine mesothermal gold
			mineralisation is most similar to orogenic style mineralisation.
		•	The important features of the Steam Engine and Eastern Ridge lodes are their
			continuity and a persistent dip to the west.
Drill hole	• A summary of all information material to the understanding of	•	Drill hole collar and significant intersection tables are included in the main body of the
Information	the exploration results including a tabulation of the following		announcement. These tables include information relevant to an understanding of the
	information for all Material drill holes:		results reported.
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that
	the information is not Material and this exclusion does not
	detract from the understanding of the report, the Competent
	Person should clearly explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging	•	Exploration results are reported as a length-weighted average of all the assays of the
aggregation	techniques, maximum and/or minimum grade truncations (e.g.		intersections.
methods	cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the	•	No top cutting has been applied to the exploration results. The recent addition of multiple ounce/tonne gold grades in some of the assays means that grade cutting of very high values will need to be applied in the next resource estimation.
	procedure used for such aggregation should be stated and	•	No metal equivalent values are reported.
	some typical examples of such aggregations should be shown
	in detail.
	• The assumptions used for any reporting of metal equivalent
	values should be clearly stated.

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Criteria	JORC Code explanation	Commentary	Commentary
Relationship	• These relationships are particularly important in the reporting	•	For the Steam Engine lode zone, an interpreted westerly dip of approximately 50 to 60°
between	of Exploration Results.		and drill holes which generally dip to the east at around 60° (or less) result in near true
mineralisatio	• If the geometry of the mineralisation with respect to the drill		widths at or above 0.87 times the intersection lengths as reported.
n widths and	hole angle is known, its nature should be reported.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down
	_hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•	Included.
	intercepts should be included for any significant discovery
	being reported These should include, but not be limited to a
	plan view of drill hole collar locations and appropriate
	sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is	•	Reporting of all RC drill holes with intersections on the Steam Engine Lode at or above
reporting	not practicable, representative reporting of both low and high		0.4 g/t gold has been included in tables within the report.
	grades and/or widths should be practiced to avoid misleading
	reporting of Exploration Results.
Other	• Other exploration data, if meaningful and material, should be	•	Preliminary metallurgical leach test work was undertaken in October and November
substantive	reported including (but not limited to): geological		2020 by ALS Laboratories to confirm the amenability of the ore to conventional CIP /
exploration	observations; geophysical survey results; geochemical survey		CIL leaching. Six sample composites were generated from material which was of ore
data	results; bulk samples – size and method of treatment;		grade and considered representative of the ore to be mined, with two samples of each
	metallurgical test results; bulk density, groundwater,		of the three main ore zones.
	geotechnical and rock characteristics; potential deleterious or 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 in
			understanding the leach kinetics.
		•	The results for the Eastern Ridge samples (5223045 and 5223046) were excellent with
			97 and 98 percent of the gold being extracted respectively, and with virtually all of this
			extracted after 24 hours.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	The results for the Steam Engine lode were lower with the average grade samples
				(5223044, 5223042 and 5223043) returning total gold extraction of 84, 80 and 73
				percent respectively.
			•	At this stage, no test work has been done to investigate options to improve the gold
				recovery in the Steam Engine Lode samples.
Further work	•	The nature and scale of planned further work (e.g. tests for	•	Additional exploration drilling programs are currently being planned for the Steam
		lateral extensions or depth extensions or large-scale step-out		Engine Project, including the associated nearby Dinner Creek prospect.
		drilling).	•	Additional work for the pre-feasibility phase of the Steam Engine deposit includes:
	•	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future		• Metallurgical studies;
		drilling areas, provided this information is not commercially		• Geotechnical studies;
		sensitive.
				• Toll treating negotiations;
				• Preliminary mining and rehabilitation planning; and
				• Preliminary environmental studies.

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