SUPERIOR RESOURCES LIMITED — Interim / Quarterly Report 2012

Jul 30, 2012

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

SUPERIOR RESOURCES LIMITED

ABN

72 112 844 407

Quarter ended ("current quarter")

Year to date

30 JUNE 2012

Current quarter

Consolidated statement of cash flows

Cash flows related to operating activities		$A'000	$(12$ months)$A'000
1.1	Receipts from product sales and related debtors
1.2	(a) exploration $&$ evaluationPayments for	(384)	(1294)
	(b) development(c) production
	(d) administration	(91)	(419)
1.3	Dividends received
1.4	Interest and other items of a similar naturereceived	9	72
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)	28	106
	BAS refund received from ATO
		(438)	(1, 535)
	Net Operating Cash Flows
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
	(b) equity investments
	(c) other fixed assets
1.9	Proceeds from sale of:(a) prospects
	(b) equity investments
	(c) other fixed assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows
1.13	Total operating and investing cash flows	(438)	(1,528)
	(carried forward)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows(brought forward)	(438)	(1,528)
1.141.151.161.171.181.19	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.Proceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowingsDividends paidOther (provide details if material)	$\overline{\phantom{a}}$----$\overline{\phantom{a}}$
	Net financing cash flows	-
	Net increase (decrease) in cash held	(438)	(1,528)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	1,069	2,159
1.22	Cash at end of quarter	631	631

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter
		$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2
1.24	Aggregate amount of loans to the parties included in item 1.10

1.25 Explanation necessary for an understanding of the transactions

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Nil

Details of outlays made by other entities to establish or increase their share in projects in which the 2.2 reporting entity has an interest

Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	Nil	Nil
3.2	Credit standby arrangements	Nil	Nil

+ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	250
4.2	Development
4.3	Production
4.4	Administration	100
	Total	350

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarterSA'000	Previous quarter$A'000
5.1	Cash on hand and at bank	631	1,069
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	631	1.069

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	N il
6.2	Interests in miningtenements acquired orincreased	EPM18840	Whollyowned $(100%$interest)	0km2	300km2

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note$3)$ (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference+ securities(description)	N/A
7.2	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-backs,redemptions
7.3	+Ordinarysecurities	76,993,688	76,993,688	Fully paid	Fully paid
7.4	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthrough returnsof capital, buy-backs
7.5	+ Convertibledebt securities(description)	N/A
7.6	Changes duringquarter(a) Increasesthrough issues(b) Decreasesthroughsecuritiesmatured,converted	$\tilde{\alpha}$
7.7	Options(description andconversionfactor)	N/A		Exercise price	Expiry date
7.8	Issued duringquarter	N/A
7.9	Exercised duringquarter	$\rm N/A$
7.10	Expired duringquarter	N/A
7.11	Debentures(totals only)	N/A
7.12	Unsecurednotes (totalsonly)	N/A

$+$ See chapter 19 for defined terms.

Compliance statement

• This statement has been prepared under accounting policies which comply with $\mathbf{1}$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
• $\overline{2}$ This statement does give a true and fair view of the matters disclosed.

Sign here:

(Executive Director)

Date: 31 July 2012

Print name: Kenneth James Harvey

Notes

• $\mathbf{1}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• $\mathfrak{Z}$ Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

$== == == == == == ==$

+ See chapter 19 for defined terms.