SUPERIOR RESOURCES LIMITED — Capital/Financing Update 2025

Apr 1, 2025

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ASX:SPQ

IMPORTANT INFORMATION

Information Purposes: This document is for information purposes only. The information contained in this document does not constitute an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in Superior Resources Limited ( Superior ) in any jurisdiction. The information in this document is provided in summary form, has not been independently verified, and should not forward-looking comprehensive or complete.

Not Financial Product Advice: This document does not constitute financial product or investment advice. It has been prepared without forward-looking the objectives, financial circumstances or needs of recipients and cannot be relied upon as advice to recipients. Before making an investment decision, investors or prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.

Forward Looking Statements: This document may contain forward looking statements. Forward looking statements are often, but not always, identified forward-looking 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 document 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 document. Other than as required by law and the ASX Listing Rules, Superior disclaims any duty to update forward looking statements to reflect new developments.

Mineral Resources and Production Targets: Information in this report relating to Mineral Resource Estimates (MRE) and associated block models is a summary of information contained in original ASX announcement: “Material upgrade in Steam Engine Resource to 196,000 oz Au with 80.6% increase to Measured and Indicated categories”, dated 11 April 2022. The Company is not aware of any new information that materially affects the MRE as presented and all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed.

Information in this report relating to Production Targets and forecast financial information derived from the Production Targets were originally reported to the market in ASX announcement “Positive Steam Engine Scoping Study. Robust economics for Toll Treatment and Stand-Alone Plant scenarios”, dated 16 September 2024. All material assumptions and technical parameters underpinning the estimates or Production Targets or forecast financial information derived from the Production Target (as applicable) continue to apply and have not materially changed. The Company further confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.

Exploration Results and JORC: The reporting of exploration results and mineral resource estimates in this document reflects the information that was originally reported in market announcements that have been referenced in the body of this document. Superior confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. Investors and any person viewing this document should refer to original market announcements made by Superior (ASX:SPQ) as referenced herein, which can be viewed on the Company’s website (www.superiorresources.com.au) or at: http://www.asx.com.au/asx/v2/statistics/announcements.do.

2

Capital raise structure

Leveraged to near-term gold production whilst growing copper inventory

Offer	• A private placement (Placement) to “sophisticated investors” and “professional investors” (as defined by the_Corporations Act_ 2001(Cth)) to raise approximately $1 million with the ability to accept oversubscriptions, with allocations to be at the discretion of the Company
Offer Price	• Offer Price of $0.0046 per newSharerepresenting: o 25% discount to the 15-day volume weighted average trading price as at 28 March 2025
Attaching Options	• Placement participants will receive 1 new unlisted option (Option) for every 2 Shares subscribed for under the Placement • Option terms: o Exercise price: $0.009 o Expiry: 2 years from the date of issue
Use of funds	• Progressing Steam Engine Feasibility Study and approvals process • Establishing Steam Engine Maiden Ore Reserve and updating Mineral Resource Estimate • Finalising ore haulage contract, progressing toll treatment agreement • Exploration drilling – Steam Engine SAM targets and Resource extension • Exploration drilling – Bottletree Copper CEI drill holes (weather permitting) • General working capital

3

Capital raise timetable Leveraged to near-term gold production whilst growing copper inventory

Event	Timing
Trading Halt	Monday, 31 March 2025
Placement opens	Monday, 31 March 2025
Placement closes	4:00pm (AEDT), Tuesday, 1 April 2025
Offer letters accepted	Tuesday, 1 April 2025
Trading resumes	Wednesday, 2 April 2025
DVP settlement	Wednesday, 9 April 2025
Allotment of Shares	Thursday, 10 April 2025
The Placement timetable is indicative only and subject to change without notice.

4

Overview

CORPORATE OVERVIEW

Carlos Alberto Fernicola

Non-Executive Chairman

B.Com, FCA, F Fin, FCIS, FCSA, GradDipAdvAcctg, GDippAppFinInv, GDipAppCorpFin

30+ years experience in accounting, taxation, audit and the financial services industry. Fellow of Institute of Chartered Accountants ANZ, Fellow of the Governance Institute of Australia and Fellow of the FSIA.

Peter Henry Hwang

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Managing Director

B.Sc.(Hons), LLB, MAIG, MGSA, MQLS

12+ years experience as a gold, base metals and diamond geologist in Australia, Venezuela and Brazil and 21 years experience as a lawyer at national law firms, specialising in mining, M&A, project development, regulatory and native title.

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Simon James Pooley

Non-Executive Director

MAusIMM, GAICD

Formerly General Manager Geology at Northern Minerals Limited, Chief Operating Officer at Novo Resources Corp., General Manager Operations at Millennium Minerals Limited and General Manager Exploration and Business Development at CopperCo Limited.

Share Price1 $0.007	Issued Shares 2.17B	Market Cap $15M
Cash2 $0.4M	Debt $Nil	Top 20 Holdings 34%

Price and volume

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14 0.012
12
0.011
10
8
0.009
6
4
0.007
2
0 0.005
Mar-24 Apr-24 May-24 Jun-24 Jul-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Volume (m)
Share price ($)
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Volume Period average volume Share Price
Board
6%
10% Yarraandoo Pty Ltd
Others Top 20
66% 34%
64, …
Other Top 20
17%
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1. As at 13 March 2025 2. As at 31 December 2024

5

SOLID STRATEGY

Leveraged to near-term gold production whilst growing copper inventory

Gold: A$4,805 /oz Copper: US$5.20 /lb (as at 26 March 2025)

Near-term Gold Production

“ Superior’s 100%-owned portfolio

Steam Engine Gold – Mining Studies | Toll Treatment Targeting development Q3 2026

systems, near-term production Au deposit, province-scale Cu-Ni-PGE and ‘Next Mount Isa’ Zn-Pb-Ag, is Project sector-leading. With a Scoping Study indicating portfolio strong cash flows from production at Steam Engine, we are strategically focussed on the production pathway and Au

Tier 1-potential Copper Discoveries

4 large porphyry Cu-Au prospects

Bottletree: >850m down-dip Cu-Au mineralisation; targeting porphyry core(s)

Cockie Creek: Maiden Mineral Resource due Q2 2025

Halls Reward: Historical production 12,800t @ 5g/t Au, 17% Cu, 23g/t Ag[3]

Strategic Nickel

Ni-Cu-PGE sulphide province | Norilsk/Julimar-Gonneville style | >40 intrusions

Strategic Uranium

Compelling Hedleys Uranium 40km SW of Westmoreland Deposit

6

1. White, D.A. et.al., 1958, Geology of the Hall’s Reward Copper Mine Area, Northern Queensland, BMR Record 1958/60

PROVINCE-SCALE PROJECTS

Sector-leading portfolio: Near-term Au production | Porphyry Cu-Au Belt | Ni-Cu-PGE | U | SEDEX Zn-Pb

Flagship	•	2 newly-recognised Mineral Provinces:Porphyry Cu-Au belt&Ni-Cu-PGE sulphides	2 newly-recognised Mineral Provinces:Porphyry Cu-Au belt&Ni-Cu-PGE sulphides
GREENVALE PROJECT	•	Mineral Resources:Au&2 x historical Cu
	•	Multiple Tier 1-scale targets: spans 130km	2,307km2
Steam Engine Gold	•	Scoping Study(@A$3,250/oz): pre-tax cash flow5 ≈$46M/≈$71M(Toll Treatment/Owner Plant)
Project	•	Feasibility Study underway – targeting development Q3 2026
196 koz Au4 and growing	• •	A growing gold Resource –only 1.2km of >10km mineralised structure Discovery drilling – SAM and structural targets
Multiple porphyry	•	Bottletree– Govt funded CEI drilling – target potential porphyry core
Cu-Au-Mo systems + High grade VMS	•	• 632m @ 0.21% Cu, incl224m @ 0.40% Cu6 (from 5m below surface) Cockie Creek– Strongly mineralised porphyry Cu-Au-Mo system		QLD
deposit	•	Halls Reward– Historical production12,800t @ 5g/t Au, 17% Cu, 23g/t Ag7
Other Projects Uranium	•	Nicholson:discovery of Pb-Zn-Ag SEDEXdeposit system
Mt Isa-style Pb-Zn-Ag	• •	Hedley’s Uranium:compelling unconformity-related uranium prospect with large size potential Victor: potential new Mt Isa-style province

1. 4.18Mt @ 1.5g/t Au for 196,000oz Au, Refer ASX announcement dated 11 April 2022

2. Refer ASX announcement dated 16 September 2024. Refer ASX announcement dated 16 September 2024. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target in the original ASX announcement continue to apply and have not materially changed.

3. Refer ASX announcement dated 2 June 2022

4. White, D.A. et.al., 1958, Geology of the Hall’s Reward Copper Mine Area, Northern Queensland, BMR Record 1958/60

GREENVALE PROJECT – 2 NEW MINERAL PROVINCES Transitioning to Gold production amongst Porphyry Copper-Gold & Nickel Sulphide Belts

Sector-leading tenement package

• Secured 2 new major mineral provinces – previously unrecognised

• Porphyry Copper Belt & Magmatic Ni-Cu-PGE Province

• Now spans 130km ~ 2,307km[2]

With Substance

• including a 196,000oz Au deposit on pathway to production (Steam Engine)

• • 2 x Cu-Au deposits (non-JORC (2012)) (Cockie Creek, Wyandotte) • Emerging zone of Bottletree Cu-Au wall rock mineralisation – 850m x 200m x 250m

Porphyry Province

• 4 porphyry prospects, numerous other undefined Cu prospects

• Early-stage drilling on 2 confirms extensive strong Porphyry Cu-Au-Mo mineralisation

• Under-explored and historically over-looked

Ni-Cu-PGE Province

• Proven magmatic Ni-Cu-PGE sulphide province

• 4 large mineralised intrusions akin to Julimar-Gonneville [8] , > 40 untested intrusions

• Extensive outcropping Ni sulphide mineralisation

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Total area: 2,307 km [2]
Northern extension of Macquarie Arc
Wyandotte
Porphyry Cu-Au
Galah Dam
Porphyry Cu-Au
Halls Reward
Cockie Creek High Grade
Porphyry Cu-Au Cu-Au-Ag
Uranium Steam Engine
Bottletree
Porphyry Cu-Au
Big Mag
Ni-Cu-PGE
Palmer Rails
Ni-Cu-PGE
Phantom
Ni-Cu-PGE
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1. Held by Chalice Mining Limited

8

STEAM ENGINE GOLD PROJECT

A strategic Gold project targeting development Q3 2026

• Positive Scoping Study indicates significant cash flow from open-pit mining and toll treatment

• Feasibility Study underway

• 196,000oz @ 1.5g/t Au – a growing Resource with large-scale upside potential

• MRE only on 1.2km of >10km mineralised structure

• Exposure to production re-rating and unlocking pipeline of Tier 1-potential projects

9

STEAM ENGINE GOLD PROJECT

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BOTTLETREE
Windmill East & Origin Lodes
Southern Zone
Lodes
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Refer to Appendix “Mineral Resource Estimates” for Mineral Resource confidence category breakdown and original ASX announcement: “Material upgrade in Steam Engine Resource to 196,000 oz Au with 80.6% increase to Measured and Indicated categories”, dated 11 April 2022. The Company is not aware of any new information or data that materially affects the MRE as presented and all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed.

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11

STEAM ENGINE GOLD PROJECT

Mineral Resource continues to grow | Large deposit potential

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Au Steam Engine Resource Growth
(Oz) (2017 – 2022) 10
Mineral Resource April 20229
200,000
180,000
160,000 Inferred
75,000
140,000
Mineral Resource April 20229
120,000
100,000 Inferred
55,000 Indicated
68,000
80,000
Inferred
60,000
64,000
Mineral Resource Inferred Indicated
May 20209 40,000 85,000 47,000 Measured
53,000
20,000 Indicated
Measured
30,000
20,000
-
October 2017 May 2020 March 2021 April 2022
(cut-off 1.0 (cut-off 0.5 (cut-off 0.5 (cut-off 0.25
g/t Au) g/t Au) g/t Au) g/t Au)
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1. Refer to Appendix “Mineral Resource Estimates” for Mineral Resource confidence category breakdown and original ASX announcement: “Material upgrade in Steam Engine Resource to 196,000 oz Au with 80.6% increase to Measured and Indicated categories”, dated 11 April 2022. The Company is not aware of any new information or data that materially affects the MRE as presented and all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed.

2. Refer to Appendix “Mineral Resource Estimates” for Mineral Resource confidence category breakdown and references to original publication of the Mineral Resources over time.

STEAM ENGINE GOLD PROJECT

Financially robust Scoping Study outcomes11

Parameter	Toll Treatment	Stand-Alone Processing	0.0 2.0 4.0 6.0 8.0 10.0 12.0 Quarterly Gold Production (koz / Qtr)	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred	1 2 3 4 5 6 7 8 9 Quarters Quarterly Gold Production by Resource Classification Toll Treatment Scenario Measured Indicated Inferred
	Base Case @A$3,250/oz Upside Case @A$3,500/oz	Base Case @A$3,250/oz Upside Case @A$3,500/oz
Financial Summary
Overall Cash Flow (pre-tax)	≈$46M ≈$67M	≈$71M ≈$104
NPV7%(discounted, pre-tax)	≈$38M ≈$55M	≈$42M ≈$66M
Internal Rate of Return (IRR) (pre-tax)	104% 128%	25% 30%
All-in Sustaining Costs (AISC)12	≈ $2,325 /oz ≈ $2,339 /oz	≈ $1,980 /oz ≈ $1,994 /oz
Payback Period	≈ 1.5 years ≈ 1.3 years	≈ 4.3 years ≈ 3.1 years
Funding
CAPEX (Pre-Production and Closure)	≈ $6M ≈ $6M	≈ $63M ≈ $63M		1 2
Funding Required13	≈ $13M ≈ $12M	≈ $61M ≈ $61M
Return on Capital (pre-tax)	≈764% ≈1,108%	≈119% ≈175%
Physical Outputs
			Parameter						Breakeven Value
Processing Period	≈ 2.6 years ≈ 2.8 years	≈ 4.6 years ≈ 4.9 years							Toll Treatment								Stand-Alone Processing
Total Ore	863 kt 958 kt	2.13 Mt 2,30 kt	Gold Price						≈ A$2,372 /oz								≈ A$2,412 /oz
Ore Grade	2.34 g/t 2.31 g/t	1.53 g/t 1.49 g/t	Gold Grade						1.71 g/t								1.14 g/t
Overall Gold Recovery	82% Steam Engine / 95% Eastern Ridge		Haulage Distance						657 km								N/A
Gold Produced and Sold	≈55,000 oz ≈61,000 oz	≈89,000 oz ≈96,000 oz	Gold Recovery Steam Engine Lode						51%								54%

1. Refer ASX announcement dated 16 September 2024. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target in the original ASX announcement continue to apply and have not materially changed.

2. AISC calculated in accordance with the 2018 World Gold Council Updated Guidance Note

3. Includes pre-production CAPEX plus operating losses until profits are generated

12

STEAM ENGINE GOLD PROJECT

Financially robust Scoping Study outcomes – TOLL TREATMENT 14

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Gold: A$4,805 /oz
(as at 26 March 2025)
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Sensitivity to key assumptions
(Cash Flow)
Scenario comparisons
(NPV / Au Production)
A$4,250/oz Au
A$3,900/oz Au
Revenue
A$3,250/oz Au Factor 1.2 Pit
Revenue
A$3,250/oz Au Factor 1.2 Pit
Revenue
Factor 1 Pit
A$4,250/oz Au
Scoping Study
Base Case
A$3,250/oz Au
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1. Refer ASX announcement dated 16 September 2024. The Company confirms that all the material assumptions underpinning the production target, and forecast financial information derived from the production target in the original ASX announcement continue to apply and have not materially changed.

13

STEAM ENGINE GOLD PROJECT

Financially robust Scoping Study outcomes – STAND-ALONE PROCESSING15

Gold: A$4,805 /oz (as at 26 March 2025)

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Sensitivity to key assumptions Scenario comparisons
(Cash Flow) (NPV / Au Production)
A$3,250/oz Au A$3,900/oz Au
Revenue Revenue
Factor 1.2 Pit Factor 1.2 Pit
A$4,250/oz Au A$3,250/oz Au
Revenue
Factor 1 Pit
A$4,250/oz Au
Scoping Study
Base Case
A$3,250/oz Au
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1. Refer ASX announcement dated 16 September 2024. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target in the original ASX announcement continue to apply and have not materially changed.

14

STEAM ENGINE GOLD PROJECT

Project Timeline

Q1 2025	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Resource Expansion Drilling Mining Lease Application / Grant Feasibility Study Test work Native Title and Landholder negotiations Environmental Approvals Toll treatment and Contractor negotiations Mineral Resource Upgrade Pit Design Updating Economic Modelling Study Reporting

STEAM ENGINE GOLD PROJECT

Resource expansion potential16

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Steam Engine
Eastern
Steam Engine
Ridge
Lode
Southern
Zone Lodes
New Lode
Potential Potential new
buried lode zones
Recent soil cover
18.6 g/t Au
7.0 g/t Au
65.9 g/t Au
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Significant undefined
linear SAM TFEM feature
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Location of Steam Engine
high grade gold zone
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Potential southern extension of Steam Engine Lode

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Eastern Ridge Lode
Southern Zone
Lodes
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1. Refer ASX announcement dated 4 June 2024 and Quarterly Activities Report, 31 March 2024

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BOTTLETREE

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BOTTLETREE

Ready to drill-test several porphyry core targets

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From grass-roots to a
large porphyry deposit
system in 3 years and 6
holes
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BTDD004:
632m @ 0.21% Cu, incl
224m @ 0.40% Cu (from
5m below surface) [17]
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Target: potassic
alteration to vector
towards mineralised
porphyry potassic core(s)
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2.0km x 1.5km alteration
and soil geochem
footprint
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Strong copper zones
represent wall-rock
porphyry sourced nearby
Cu-Au-Mo porphyry
intrusions
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$300,000 Govt CEI grant
to drill potential porphyry
core
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Discovery Outcrop
gossan
W E
BTDD012
BTDD011
0.1% Cu
shell
0 200
metres
18
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Refer ASX announcement dated 23 April 2024
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1. Refer ASX announcement dated 2 June 2022

BOTTLETREE

Extensive porphyry style mineralisation | Large alteration halo

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A A’
54m @ 0.27% Cu
Wall rock-
hosted
323m @ 0.16% Cu porphyry vein
mineralisation
Molybdenite
and late-stage
intrusion zone
632m @ 0.21% Cu
314m @ 0.13% Cu
128m @ 0.13% Cu
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1. Refer ASX announcements dated 2 June 2022 and 12 April 2023

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Intense Cu and Mo mineralisation

BOTTLETREE

Ready to drill-test several porphyry core targets

Refer ASX announcements dated 12 April 2023 and 1 August 2024

CEI-funded drill holes

Intense gravity anomalies

BTDD006 – 531.7m – quartz-pyrite-chalcopyritepyrrhotite ( 1m @ 1.99% Cu, 0.4 g/t Au, 5.4 ppm Ag, 7.3 20 ppm Mo )

BTDD010, 474m – 476m Intense molybdenum mineralisation within tonalite porphyr ~~y~~ ( 1m @ 5.2% Mo within 6m @ 1.39% Mo )

COCKIE CREEK

Strong Porphyry Cu-Au-Mo mineralisation | Large intrusive complex

• Maiden JORC (2012) Mineral Resource Estimate scheduled for release Q2 2025

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Soil Cu over RTP Magnetics
Historical Mineral
Resource
Interpreted porphyry
intrusions
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21

1. Refer ASX announcements dated 7 September 2023

Refer ASX announcement dated 7 September 2023

COCKIE CREEK

Strong Porphyry Cu-Au-Mo mineralisation | Large intrusive complex

Soil Cu over RTP Magnetics

PLANNED NEXT STAGE:

• Maiden JORC (2012) Mineral Resource Estimate scheduled for release Q2 2025

Historical Mineral Resource

Refer ASX announcement dated 2 November 2016

Approx extent of historical Mineral

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Resource
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Refer ASX announcements dated 2 November 2016 and 7 September 2023

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22
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Refer ASX announcement dated 29 January 2024

COCKIE CREEK

Strong Porphyry Cu-Au-Mo mineralisation | Large intrusive complex

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CCDD007 – 269.4m –
quartz-pyrite-chalcopyrite-
pyrrhotite ( 1m @ 1.34% Cu,
0.16 g/t Au, 3.7 ppm Ag,
27.6 ppm Mo )
Historical Mineral
Resource
Historical Mineral
Resource
23
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WYANDOTTE
High Grade Au-Cu-Ag | Interpreted porphyry Cu-Au-Mo system
• Shallow, high grade Cu lode
(semi-massive chalcopyrite-
bornite) with potential for
down-dip extensions
• Surrounded by four interpreted
buried porphyry intrusions
• Potential for significant
Cu-Au-Mo porphyry system, as
well as high sulphidation
epithermal Au-Cu-Ag
• No exploration since 1975
Surface Deposit Exploration Target [20]
Tonnes SG Cu % Cu tonnes Range
400,000 2.7 2.2% 8,800 Lower
1,000,000 3.0 1.9% 19,000 Upper
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1. Based on historical drill records. Refer to ASX announcement dated 15 June 2021

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1. White, D.A. et.al., 1958, Geology of the Hall’s Reward Copper Mine Area, Northern Queensland, BMR Record 1958/60

HALLS REWARD

High Grade Cu-Au-Ag

• Small-scale historical mining (1933-1957) 50m x 45m max depth – 12,800t @ 5g/t Au, 17% Cu, 23g/t Ag[21]

Halls Reward Mine (Main Lode)

• Main Lode potential extension to the south

• West lode discovered by CRAE circa 1992

• West lode can be traced for at least 2kms

• No exploration since 1995

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New
West Lode
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1. Refer ASX announcement dated 30 September 2009

2. World Nuclear Association

HEDLEYS URANIUM

Compelling large-scale uranium potential22

• Strong uranium radiometric anomaly related to Radon Gas dissolved in spring waters along a major fault

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Strong ‘eUranium’ Anomaly
Radon Gas dissolved in spring waters along a major 40
Radon Gas eU 30
fault Anomaly (ppm) 20
Airborne Radiometrics Uranium Profile 10
•
Likely an unconformity related uranium deposit
Sandstone
• South
Unconformity related uranium deposits contain Siltstone South
Nicholson
Nicholson
one-third of world’s uranium resources and are 0 mRL Group Sandstone Radon Gas Group Siltstone 0 mRL
some of the largest and richest deposits [23]
Unconformity Sandstone
Siltstone Possible
205,000 mE 205,500 mE 206,000 mE 206,500 mE 207,000 mE 207,500 mE 208,000 mE Uranium
Deposit
Sandstone
Alluvium
Unconformity
8,018,000 mN 8,018,000 mN -200 mRL 20 -200 mRL
8
15 Doomadgee
Sandstone
Formation
over Doomadgee
Siltstone 10 Formation (Carbonaceous
Siltstones)
8,017,500 mN 8,017,500 mN 5 (CarbonaceousSiltstones)
-400 mRL -400 mRL
0
eUranium 8
(ppm) Hedleys Uranium Prospect
8,017,000 mN Springs 8,017,000 mN
Diagrammatic Section
eUraniumContours Illustrating Possible Source
Sandstone (ppm) for
(South Nicholson Group) 35 Airborne Uranium Anomaly
8,016,500 mN 8,016,500 mN3025 -600 mRL Mt Les Siltstone(Carbonaceous Mt Les Siltstone(Carbonaceous 0 metres 200 -600 mRL
0 metres 500 Hedleys Uranium Prospect 201510 HedleysShales) 8 26 Shales)
Includes copyrighted material of Digital Globe, Inc., All Rights Reserved Quick Bird Imagery 5
205,000 mE 205,500 mE 206,000 mE 206,500 mE 207,000 mE 207,500 mE 208,000 mE
Fault Section Line
Spring
204,000 mE 206,000 mE 208,000 mE
400m 600m 800m 1000m 1200m 1400m 1600m
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MAGMATIC Ni-Cu-PGE SULPHIDE

Palmer Rails | Phantom | Dido | Big Mag

Proven Nickel-Copper-PGE sulphide province – but practically unexplored by drilling

• 40+ intrusions – Only 1 drilled

• Troctolites, pyroxenites and gabbronorites indicative of large-scale magmatic Ni-Cu-PGE sulphide ore bodies

• Extensive airborne geophysical surveys + academic research by Anglo American (2007-2012) + very limited drilling confirmed presence of Norilsk/Voisey’s Bay-style ore deposit systems

• Initial drill results considered by Anglo to be very significant

• Initial Anglo drilling intersected multiple >15m thick disseminated Ni-Cu-PGE sulphide mineralisation (up to 0.58% Ni, 0.28% Cu) in Norilsk/Voisey’s Bay type intrusions[24]

• No other follow-up – largely unexplored

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Known and interpreted
mafic/ultramafic intrusions
Bombay
Sapphire
Palmer
Rails
Bottletree
Phantom
Big Mag
27
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1. Refer ASX announcement dated 16 March 2022

MAGMATIC Ni-Cu-PGE SULPHIDE Palmer Rails | Phantom | Big Mag

Refer ASX announcement dated 16 March 2022

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Palmer Rails Phantom Big Mag
1 km
28
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MAGMATIC Ni-Cu-PGE SULPHIDE

Palmer Rails25

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• E.g., LYDD08-005 :  0.37% Ni, 0.13% Cu, 0.01g/t Pt, 0.03g/t Pd (27-29m)

• 0.23% Ni, 0.07% Cu, 0.12g/t Pt, 0.37g/t Pd 0.3g/t Au (29-31m)

• 0.38% Ni, 0.22% Cu, 0.01g/t Pt, 0.12g/t Pd (31-33m)

• 0.15%Ni, 0.14%Cu, 0.01g/t Pt, 0.01g/t Pd (317-319m) Palmer Rails North Palmer Rails South

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1. Refer ASX announcement dated 16 March 2022

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NICHOLSON PROJECT

Multiple world-class Mount Isa style targets

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 Discovery of Zn-Pb SEDEX deposit system at
Nicholson West [26] (South32 JV, terminated
2020) – only 3 of 8 targets tested
 Highly compelling targets – Walford South and
Nicholson West are highest priority
 Potential for world-class discoveries similar to
McArthur River, Century and Mount Isa lead-
zinc-silver deposits
TECK/SPQ
ANOMALY
26. Refer ASX announcement dated 6 March 2020 30
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NICHOLSON PROJECT

SEDEX Zn-Pb Discovery | Multiple world-class Mount Isa style targets

2019 South32 JV Stage 1 drilling points to Nicholson West potential[27] :

• 4 diamond drill holes completed totalling 3,176m: 3 holes at Nicholson West, 1 hole at Kingfisher East

• Discovery of SEDEX mineralisation system (McArthur River and Mt Isa) developed within thick (up to 340m) Mount Les Siltstone

• Multiple thin horizons of visible pyrite & sphalerite (zinc sulphide)

Interpreted position of Nicholson West holes within a conceptual SEDEX system

1. Refer ASX announcement dated 6 March 2020

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NICHOLSON PROJECT

Multiple world-class Mount Isa style targets

Walford South Prospect

Giant Tier 1 coincident VTEM, gravity and AMT SEDEX target:

• Coincident VTEM, gravity and associated AMT anomalies

• Anomalies adjacent to at least two major fault structures

• Previous SPQ drilling (3 holes) intersected “classic” well-developed stratiform pyritic shale, typical of McArthur River style mineralisation

• Highest priority target at Nicholson Project

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Walford Creek
deposit
Walford South
gravity anomaly
AMT conductivity anomaly
0 2
Kilometres
Kingfisher East
gravity anomaly
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Refer ASX announcement dated 6 March 2020

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SPQ: A COMPELLING OPPORTUNITY

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LEVERAGED

STEAM ENGINE GOLD PROJECT

To the booming gold and copper sectors

Near-term production pathway, to generate strong cashflow

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REEs
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BOTTLETREE COPPER

& several other Cu projects benefiting from strong demand

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MINIMAL CORP. EXPENDITURE

Shareholders’ funds fully committed to exploration & unlocking increased shareholder value

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FOCUSED

On becoming a sector-leading Cu explorer & Au developer

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A endices pp

APPENDIX

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References: ASX Announcements
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References | ASX Announcements

• “ Quarterly Activities Report ”, dated 30 September 2009

• “ Cockie Creek Copper Prospect, Inferred Resource ”, dated 27 March 2013

• “ Greenvale Project Update, New Projects and Drill Targets ”, dated 2 November 2016

• “ Maiden JORC inferred Mineral Resource Estimate, Steam Engine Gold Deposit ”, dated 19 October 2017

• “ Drilling results upgrade Nicholson Project potential ”, dated 6 March 2020

• “ Steam Engine Gold Mineral Resource upgraded 11%. Scoping Study planned amid record AUD gold prices ”, dated 4 May 2020

• “ Steam Engine revised Mineral Resource Estimate: JORC Measured and Indicated Resources upgraded by 31% ”, dated 22 March 2021

• “ Superior launches 8,000m drilling campaign at Greenvale; Expanded gold, copper, nickel exploration programs ”, dated 15 June 2021

• “ Superior expands Dido/Big Mag Project to 1,158 km[2] to become a sector-leading Ni-Cu-PGE magmatic sulphide opportunity ”, dated 16 March 2022

• “ Material upgrade in Steam Engine Resource to 196,000 oz Au with 80.6% increase to Measured and Indicated categories ”, dated 11 April 2022

• “ Very large scale copper system emerging at Bottletree with latest assays returning an impressive 632m of copper mineralisation in distal part of interpreted porphyry system. Re-modelling of MIMDAS IP highlights 1km-wide zone of potential porphyry mineralisation immediately west of third hole ”, dated 2 June 2022

• “ Discovery of a large porphyry-style alteration and Cu-Au-Mo mineralisation system with significant Mo at Bottletree ”, dated 12 April 2023

• “ Maiden program at Cockie Creek revealing strong Cu-Au porphyry system with size potential and significantly greater extent of mineralisation than historically reported ”, dated 7 September 2023

• “ Significant development at Cockie Creek with third hole delivering broadest intersection to date of strong porphyry Cu and Au mineralisation ”, dated 6 November 2023

• “ New assay results significantly expand the zone of strong porphyry Cu and Au mineralisation at Cockie Creek ”, dated 11 December 2023

• “ Quarterly Activities Report. Period ending 31 December 2023 ”, dated 31 December 2023.

• “ Seventh hole at Cockie Creek identifies broadest intersection of porphyry Cu and Au mineralisation to date ”, dated 29 January 2024

• “ Queensland Government backs Bottletree drilling with CEI Critical Minerals Funding Grant ”, dated 8 April 2024

• “ New drilling results confirm continuity of porphyry Cu-Au-Mo mineralisation at Bottletree and highlight porphyry potential in the southwest ”, dated 23 April 2024

• “ Steam Engine Gold Project, 2024 Resource expansion drilling and mining studies ”, dated 4 June 2024

• “ Gravity survey highlights porphyry core target and identifies second significant target ”, dated 1 August 2024

• “ Results of Rights Issue ”, dated 13 September 2024

• “ Positive Steam Engine Scoping Study. Robust economics for Toll Treatment and Stand-Alone Plant scenarios ”, dated 16 September 2024

• “ Steam Engine Project Drill Program. Results revealing second high grade Au shoot at Eastern Ridge Lode ”, dated 23 September 2024

• “ Discovery of a multi-lode gold shoot at northern end of Steam Engine Lode from Phase 1 Program ”, dated 3 October 2024

• “ Completion of Phase 2 drilling at Steam Engine Gold Project. New footwall alteration zone discovered beyond planned hole depth at Steam Engine Lode ”, dated 18 November 2024

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APPENDIX
References: ASX Announcements
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Mineral Resource Estimates

Steam Engine Project – April 2022 – original ASX announcement: “ Material upgrade in Steam Engine Resource to 196,000 oz Au with 80.6% increase to Measured and Indicated categories ”, dated 11 April 2022

Model		Classification	Tonnes	Grade (g/t Au)	Ounces (Au)
STAND-ALONE PROCESSING MODEL (0.25 g/t Au block grade cut- off)		MEASURED	800,000	2.1	53,000
		INDICATED	1,420,000	1.5	68,000
		INFERRED	1,960,000	1.2	75,000
TOTAL			4,180,000	1.5	196,000
TOLL TREATMENT MODEL (1.0 g/t Au block grade cut-off)		MEASURED	590,000	2.6	49,000
		INDICATED	1,020,000	1.9	62,000
		INFERRED	1,110,000	1.7	60,000
TOTAL			2,720,000	2.0	171,000

Steam Engine Project – March 2021 – original ASX announcement: “ Steam Engine revised Mineral Resource Estimate: JORC Measured and Indicated Resources upgraded by 31% ”, dated 22 March 2021

Classification	Tonnes	Grade (g/t Au)	Ounces (Au)
MEASURED	240,000	2.6	20,000
INDICATED	610,000	2.4	47,000
INFERRED	880,000	1.9	55,000
TOTAL	1,730,000	2.2	122,000

Steam Engine Project – May 2020 – original ASX announcement: “ Steam Engine Gold Mineral Resource Upgraded 11% ”, dated 4 May 2020

Classification	Tonnes	Grade (g/t Au)	Ounces (Au)
INDICATED	370,000	2.5	30,000
INFERRED	900,000	2.2	64,000
TOTAL	1,270,000	2.3	94,000

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APPENDIX

References: ASX Announcements

Mineral Resource Estimates

Steam Engine Project – October 2017 – original ASX announcement: “ Maiden JORC Inferred Mineral Resource Estimate. Steam Engine Gold Deposit (Steam Engine Lode) ”, dated 19 October 2017

Classification	Tonnes	Grade (g/t Au)	Ounces (Au)
INFERRED	1,000,000	2.5	85,000
TOTAL	1,000,000	2.5	85,000

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