SUPERIOR RESOURCES LIMITED — Interim / Quarterly Report 2012

Jul 26, 2012

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Superior Resources Limited

ABN 72 112 844 407

30 JUNE 2012 QUARTERLY ACTIVITIES REPORT

Registered Office:

Level 2, 87 Wickham Terrace, Spring Hill, QUEENSLAND, 4000. Postal Address: PO Box 10288, Brisbane Adelaide Street, QUEENSLAND, 4000. Telephone: 07 3839 5099 Facsimile: 07 3832 5300 Email: manager@superiorresources.com.au

Superior Resources Limited

ASX:SPQ

Board

HIGHLIGHTS

• Drilling at ML6750 “One Mile” extended the sulphide body to the south with improved copper and gold grades and an increase in the width and intensity of the alteration zone associated with the mineralisation.

David Horton – Non-exec Chairman Ken Harvey – Managing Director Peter Hwang – Non-exec Director Carlos Fernicola – Company Secretary

Securities

Ordinary Shares – 76,993,688* * a further 1 million shares to be issued

Financial

• Compilation and interpretation of historical geophysical data at the One Mile and surrounding area have outlined a number of target zones for further exploration.

• A share purchase plan to existing shareholders to raise funds for further exploration announced.

Project Locations

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NE QLD
NW QLD
Project
Projects
0 1000km
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Cash and Shares – $0.9M

Summary

Superior Resources Limited is a Brisbane based ASX listed mineral explorer whose principle aim is the discovery a large base metal deposit in northern Queensland. Superior holds a number of exploration projects in northwest Queensland for large Mount Isa type copper and lead-zinc-silver deposits and an exploration project in northeast Queensland for massive sulphide copper-gold-zinc deposits. Superior also holds gold, phosphate and uranium tenements.

Share Registry Link Market Services Level 15, 324 Queens Street Brisbane, QLD, 4000

Web Site

www.superiorresources.com.au Contact Ken Harvey (07) 3839 5099

Quarterly Activities Report - 30 June 2012 - Page 1 of 15

Superior Resources Limited

EXPLORATION OVERVIEW

Field work during the quarter was limited to the One Mile Mining Lease in northeast Queensland where a drilling program extended the One Mile massive and semi-massive sulphide body at depth to the south. Intersection grades for copper-gold-zinc-silver in the deepest hole (SPOM023) at the southern end were improved but still sub-economic. Hole SPOM023 showed a substantial increase in the width of the sulphide rich alteration zone enclosing the mineralisation and also a significant increase in the amount of sulphide present. Both are considered very favourable indicators for a volcanogenic massive sulphide (VMS) deposit in the area.

Work also commenced on compilation and interpretation of historical geophysical data on the One Mile and surrounding area. This work identified a number of target zones including one considered to be of high-priority. Many of the target zones lie within Superior’s exploration permit application (EPMA18987) which surrounds the mining lease. Work on these target zones will not be possible until the surrounding EPMA is granted.

Superior is currently raising funds for further exploration, including further drilling at One Mile, by issuing shares under a share purchase plan (SPP) to existing shareholders. The SPP closes on 10 August 2012.

Agreement was reached during the quarter for PhosphateCorp to acquire Superior’s Inca Project in exchange for 40% equity in PhosphateCorp. The assignment of the tenements is subject to approval of the Queensland Department of Natural Resources and Mines.

During the quarter, EPM18840 “Harris Creek” was granted over an area located 170km northwest of Mount Isa in northwest Queensland. This EPM encloses a prospective airborne electromagnetic anomaly. The area is in part affected by the Gregory Wild Rivers area.

Superior’s current tenement position, in northeast and northwest Queensland, is shown in Figures 1 and 2 respectively.

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144° E 145° E 146° E
Superior
Resources Mount Garnet
Limited
0 25 50km
18° S LEGEND 18° S
Exploration Permit - application
Mine or deposit 0 1000km
Cassidy Project
19247
Einasleigh (Cu)
Cockie Project
Ingham
Balcooma (Cu,Pb,Zn,Ag) 18987
Cockie Creek
Kidston (Au) Copper Prospect
Greenvale 19° S
19° S
Greenvale (Ni)
ML6750
One Mile
Townsville
Ben Lomond (U)
144° E 145° E 146° E
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Figure 1. Superior Resources Limited - Northeast Queensland project locations.

Quarterly Activities Report - 30 June 2012 - Page 2 of 15

Superior Resources Limited

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138° E Walford Creek (Pb,Zn,Ag) 140° E
15670
18203
18° S
Nicholson Project Bluebush (Pb,Zn,Ag)
Century (Pb,Zn,Ag)
Highland Plains (Ph) 0 1000km
Grevillea (Pb,Zn,Ag)
16028
Victor Project
18840
19097 Lady Jayne (Ph)
19214 D-Tree (Ph)
Lady Loretta (Pb,Zn,Ag)
Camooweal 18843 Lady Annie (Ph)
15732
20° S
20° S
16027
Dugald River (Pb,Zn,Ag)
Inca Project Sherrin Creek (Ph)
Ernest Henry (Cu)
Hilton (Pb,Zn,Ag)
NORTHERN Mount Isa (Pb,Zn,Ag) Rocklands (Cu) Cloncurry
Mount Isa (Cu) Mount Isa
TERRITORY
QUEENSLAND
Tick Hill
Gold Project
Dajarra 19552
Ardmore (Ph)
15040 Phosphate Hill (Ph) Cannington (Pb,Zn,Ag)
Steamboat (Ph)
15329 Pegmont (Pb,Zn,Ag) 22° S
22° S0 50 100km
1699517012 Osborne (Cu)
15046
LEGEND 18542 Dajarra Project
Exploration Permit - granted
Exploration Permit - application
Base metal mine or deposit
Boulia
Phosphate mine or deposit
140° E
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Figure 2. Superior Resources Limited - Northwest Queensland project locations.

Quarterly Activities Report - 30 June 2012 - Page 3 of 15

Superior Resources Limited

EXPLORATION ACTIVITIES

Cockie Project – Northeast Queensland

One Mile Mining Lease

The One Mile Mining Lease (ML6750) is located 210km west-northwest of Townsville in northeast Queensland (Figure 1). The mining lease covers an outcropping gossan horizon which reflects a body of massive and semi-massive sulphides at depth. The area has potential for a volcanogenic massive sulphide (VMS) copper-gold deposit.

Following the 15 hole reverse circulation (RC) and diamond drilling program completed in the second half of 2011, a further drilling program was completed at One Mile during the quarter. A full report on the drilling program was released to the ASX on 22 June 2012.

The drilling program involved a total of 10 holes for a total of 1867m of both RC and diamond drilling and included:

• three RC drill holes and two pre-collared diamond drill holes targeting the southern extension of the mineralised zone where previous drilling indicated an increase in width and grade (Southern Extension Drilling),

• five RC drill holes targeting possible supergene enrichment below the gossans in the main gossan outcrop area (Supergene Drilling) and

• one short RC drill hole targeting the western gossan (Western Gossan Drilling).

Hole locations are detailed in Table 1, hole collars are plotted in Figure 3 and hole intersections are summarized in Table 2.

Table 1. One Mile drill holes completed in the June Quarter 2012.

Hole Name	Easting (MGA 55)*	Northing (MGA 55)*	Dip (°)	Azimuth (MGA 55)	Depth (m)
SPOM016	261916	7901485	-70	103.5	306.7
SPOM017	262029	7901440	-60	98.5	126
SPOM018	261944	7901370	-60	98.5	126
SPOM019	261958	7901573	-70	98.5	210
SPOM020	262282	7901673	-60	98.5	92
SPOM021	262320	7901740	-75	98.5	102
SPOM022	262319	7901795	-72	98.5	138
SPOM023	261910	7901486	-80	98.5	472.7
SPOM024	262276	7901672	-65	98.5	108
SPOM025	262257	7901599	-67.5	98.5	72
SPOM026	262300	7901926	-60	257	114

• Locations established by hand-held GPS

Quarterly Activities Report - 30 June 2012 - Page 4 of 15

Superior Resources Limited

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LEGEND
Gossan Outcrop
Gossanous Lode
MIM Drill Hole
SPQ Drill Hole 2011
SPQ Drill Hole 2012
2,500 mN 2,500 mN
OMDH2
MIM3
26
MIM2 OMDH4
OMD3
OMDH6
22
15 21
6
WB
5
OMDH5
MIM1 OMDH1
1 20
3
24
2
12
11
25
10
14
2,000 mN 2,000 mN
7
19 4
13
17
16
23
SPOM023
389.7m to 393.0m - 3.3m @
18 0.54% Cu, 0.63g/t Au, 2.16% Zn & 8.3g/t Ag
&
395.9m to 401.1m - 5.2m @
0.51% Cu, 0.64g/t Au, 1.77% Zn, & 7.3g/t Ag
0 200 400m
1,500 mN 1,500 mN
ML6750
Interpreted Fault
7,902,000 mN
7,901,500 mN
7,901,000 mN
262,500 mE
262,000 mE
2,000 mE
2,000 mE
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Figure 3. One Mile Mining Lease showing the locations of all drill holes and the intersections in hole SPOM023.

Quarterly Activities Report - 30 June 2012 - Page 5 of 15

Superior Resources Limited

Table 2. One Mile drill hole intersections.

Hole Name	From (m)	To (m)	Length (m)	Cu (%)	Au (g/t)	Zn (%)	Ag (g/t)	Drill Target
SPOM020	58.0	68.0	10.0	0.06	0.25	0.01	0.4	Supergene
incl	66.0	68.0	2.0	0.23	0.13	0.02	0.5	Supergene
SPOM021	78.0	90.0	12.0	0.02	1.19	<0.01	6.3	Supergene
incl	80.0	82.0	2.0	0.01	6.10	<0.01	18.9	Supergene
SPOM022	80.0	88.0	8.0	0.01	1.14	0.01	8.8	Supergene
incl	84.0	86.0	2.0	<0.01	3.41	<0.01	21.2	Supergene
SPOM024	64.0	80.0	16.0	0.38	0.21	0.16	2.6	Supergene
SPOM025	42.0	60.0	18.0	0.01	0.33	<0.01	0.9	Supergene
SPOM016	283.6	287.3	3.7	0.47	0.40	0.14	4.2	Southern
SPOM023	386.0	388.2	2.2	0.22	0.60	0.15	5.2	Southern
SPOM023	389.7	393.0	3.3	0.54	0.63	2.16	8.3	Southern
SPOM023	395.9	401.1	5.2	0.51	0.64	1.77	7.3	Southern
SPOM023	402.3	403.3	1.0	0.24	0.40	2.24	4.3	Southern
SPOM023	403.7	405.6	1.9	0.46	0.60	0.60	5.2	Southern
SPOM023	406.6	407.3	0.7	0.22	0.30	0.09	3.0	Southern
SPOM023	413.5	415.3	1.8	0.22	0.05	0.03	1.0	Southern

Southern Extension Drilling

The drilling program completed at One Mile in 2011 indicated that the width and grade of the sulphide mineralisation at One Mile increased at depth to the south. The 2012 southern extension drilling program also supports this conclusion as indicated in the two most southern sections through the drilling shown in Figures 4 and 5.

Figure 4 shows interpreted geological cross-section, 1950N, through the most southerly holes (SPOM004, SPOM007 and SPOM013) from the 2011 drilling program. This section shows the previously reported increasing width and grade of the copper-gold mineralisation at depth. Note that extension of the sulphide zone below hole SPOM004 should be considered interpretation until further drilling is undertaken.

Figure 5 shows interpreted geological cross-section, 1850N, through three holes (SPOM016, SPOM017 and SPOM023) of the 2012 southern extension drilling. This section, located 100m south of section 1950N, supports the increase in width and grade of copper-gold mineralisation at depth. This section also shows a substantial depth increase in the width and intensity of the pyritic alteration zone enclosing the copper-gold mineralisation as indicated by the sulphur analyses shown on hole SPOM023 in Figure 5. The bottom 123.7m of hole SPOM023 has an average sulphur grade of 12.24% S. This is equivalent to a content of 22.9% pyrite. The amount of sulphide in this hole underlines the amount and intensity of alteration that occurs in this area. Whilst the copper and gold grades in hole SPOM023 are sub-economic, the drilling shows an environment which is considered very favourable for volcanogenic massive sulphide (VMS) deposits. Note also that the extension of the sulphide zone below hole SPOM023 should be considered interpretation until further drilling is undertaken.

A summary of the all drill hole intersections to date is shown in the long-section in Figure 6.

Quarterly Activities Report - 30 June 2012 - Page 6 of 15

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Superior Resources Limited
600 mRL 600 mRL
Gossanous
Lode Outcrop
500 mRL 500 mRL
6.0m @ 0.26% Cu, 0.19g/t Au,
0.23% Zn, 2.0g/t Ag
Hangingwall
400 mRL Metavolcanics 400 mRL
Footwall
Metavolcanics
6.4m @ 0.46% Cu, 0.56g/t Au,
1.83% Zn, 5.6g/t Ag
300 mRL 300 mRL
Pyritic
Alteration
Zone
Zone of
Massive and
Semi-Massive
200 mRL Pyrite Lenses 200 mRL
Interpreted extension 0 50 100m
of sulphide zone at depth
One Mile
Cross Section 1950N
100 mRL ? 100 mRL
Fault (position uncertain)
3.65% S
19.25% S
3.14% S
3.02% S
5.78% S
17.54% S
5.13% S
3.96% S
36.66% S
2.83% S
SPOM004 SPOM013 SPOM007
1600 mE 1700 mE 1800 mE 1900 mE
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Figure 4. Interpreted geological cross-section 1950N on the One Mile Mining Lease showing the 2011 drilling which indicated an increase in grade and width of the sulphide zone at depth and to the south.

Quarterly Activities Report - 30 June 2012 - Page 7 of 15

Superior Resources Limited

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600 mRL Gossanous 600 mRL
Lode Outcrop
500 mRL 500 mRL
Pyritic
Alteration
Hangingwall Footwall
Zone
Metavolcanics Metavolcanics
400 mRL 400 mRL
3.7m @ 0.47% Cu, 0.40g/t Au,
0.14% Zn, 4.2g/t Ag
300 mRL 300 mRL
21.3m @ 0.31% Cu, 0.43g/t Au,
0.98% Zn, 4.9g/t Ag
including
3.3m @ 0.54% Cu, 0.63g/t Au,
2.16% Zn, 8.3g/t Ag
200 mRL Zone of 200 mRL
5.2m @ 0.51% Cu, 0.64g/t Au,
Massive and
1.77% Zn, 7.3g/t Ag
Semi-Massive
Pyrite Lenses
0 50 100m
Interpreted extension
of sulphide zone at depth
One Mile
Cross Section 1850N
100 mRL 100 mRL
4.50% S
24.15% S
3.45% S
3.19% S
25.08% S
12.24% S
(22.9% Pyrite)
5.45% S
4.88% S
SPOM023SPOM016 SPOM017
1600 mE 1700 mE 1800 mE 1900 mE
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Figure 5. Interpreted geological cross-section 1850N on the One Mile Mining Lease showing the recent drilling which also supports an increase in grade and width of the sulphide zone at depth and to the south. The bottom 124m of hole SPOM023 averages 12.24% sulphur which is equivalent to 22.9% pyrite.

Quarterly Activities Report - 30 June 2012 - Page 8 of 15

Superior Resources Limited

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600 mRL 600 mRL
Gos s an o u s Lod e
Soil Cover
2 8m @ 0.14g/t Au
No Massive 17 (oxidised) 13m @ 0.22g/t Au
500 mRL 18 Sulphides 500 mRL
0.08g/t Au4m @ 0.14% Cu, 0.17% Zn, 7 DisseminatedMIM3
0.37g/t Au8m @ 0.32% Cu, 0.19% Zn, 1 12m @ 0.16% Cu, Sulphides
Pyritic Lode 0.28g/t Au8m @ 0.24% Cu, 0.19% Zn, 13 11 0.05g/t Au, 0.14% Zn
400 mRL 3.8m @ 0.20% Cu, 400 mRL
0.24g/t Au, 0.02% Zn
0.19g/t Au6.25m @ 0.24% Cu, 0.26% Zn, 10 12 MIM2
MIM1 No Sulphides
0.40g/t Au3.7m @ 0.47% Cu, 0.14% Zn, 16 4 0.31g/t Au13.6m @ 0.31% Cu, 0.91% Zn, SulphidesMassive
300 mRL 3 300 mRL
No Massive
Sulphides
200 mRL 21.3m @ 0.31% Cu, Legend 200 mRL
0.43g/t Au, 0.98% Zn 23 0.37g/t Au8m @ 0.32% Cu, 0.19% Zn, SPQ Drillhole
Showing Assay Results
11
Increasing width and
100 mRL Cu, Au & Zn grades MIM1 MIM Drillhole 100 mRL
0 100 200m
Gossan
?
(Boundary unknown)
Possible massive and semi-massive sulphide boundary
?
?
?
?
(Boundary unknown)
1,600 mN 1,700 mN 1,800 mN 1,900 mN 2,000 mN 2,100 mN 2,200 mN 2,300 mN 2,400 mN
1,600 mN 1,700 mN 1,800 mN 1,900 mN 2,000 mN 2,100 mN 2,200 mN 2,300 mN 2,400 mN
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Figure 6. Long section through the One Mile Mining Lease showing drill hole intersection points, the possible plunge of the sulphide body and the increasing width and grade of the sulphide body at depth to the south.

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Photograph 1. Close-up photograph of halved NQ drill core from drill hole SPOM023 showing chalcopyrite (CuFeS2) (yellow) in massive pyrite (FeS2) (silver-grey).

Quarterly Activities Report - 30 June 2012 - Page 9 of 15

Superior Resources Limited

Supergene Drilling

Five RC holes (SPOM020, SPOM021, SPOM022, SPOM024 and SPOM025) were drilled to target the potential supergene copper zone at One Mile. None of the five drill holes intersected high-grade copper indicating that the expected enrichment of copper did not occur in the supergene zone.

Western Gossan Drilling

The western gossan lode is a prominent linear gossan zone lying immediately to the west of the main gossan zone. It had been targeted previously by two drill holes drilled from the western side of the gossan outcrop. Neither of these holes intersected sulphides. A short hole (SPOM026) was drilled in the current program from the eastern side of the gossan zone. This hole did not intersect significant sulphides.

Interpretation of One Mile Geophysics

During the quarter a program of compilation and interpretation of historical geophysical data on and around the One Mile Mining Lease was commenced. This work continues with computer modelling of results in progress. An update on the work was released to the ASX on 29 June 2012.

The historical geophysical data extends from the One Mile Mining Lease into the surrounding Exploration Permit for Minerals Application (EPMA18987) held by SPQ. The compilation and interpretation work has identified a number of new target zones for further work (Figure 7), including drilling, when EPMA18987 is granted.

Of these target zones the Atkinson target zone, which lies along the western boundary of the One Mile Mining Lease, is ranked as a high-priority target. It shows as anomalies in both Induced Polarisation (IP) data (Figure 8) and Versatile Time-Domain Electromagnetics (VTEM) data (Figure 9) and it is closely located with respect to the known One Mile massive sulphide body. It has not been drilled.

Three other target zones, with variable potential for copper, gold and zinc, have been identified in the area surrounding the One Mile Mining Lease. The best of these is the North target zone where a prominent gossan outcrop (Photographs 2 and 3) is associated with a weak conductivity anomaly interpreted from VTEM data.

The new target zones and the encouragement from the recent drilling program further enhance the potential of the One Mile area for the discovery of a significant volcanogenic massive sulphide (VMS) deposit.

Quarterly Activities Report - 30 June 2012 - Page 10 of 15

Superior Resources Limited

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1,000 mE 1,500 mE 2,000 mE 2,500 mE
Laterite
3,500 mN 3,500 mN
North
Fence
3,000 mN 3,000 mN
Dam
Laterite
2,500 mN 2,500 mN
26
22
21 Ma i n
Atkinso n
20
24
25
2,000 mN 2,000 mN
19
23 16 So u th
17
EPMA18987
SPOM023
SPOM023 18 Intersection
LEGEND
1,500 mN VTEM Anomaly 1,500 mN
IP Anomaly ML6750
Gossan, Lode
23 SPQ 2012 Drill Hole
SPQ 2011 Drill Hole
MIM Drill Hole
1,000 mE 1,500 mE 2,000 mE 2,500 mE
Fault
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Figure 7. One Mile Mining Lease and surrounds showing the new Atkinson, North, Dam and Fence target zones which have been interpreted from historical geophysical surveys.

Quarterly Activities Report - 30 June 2012 - Page 11 of 15

Superior Resources Limited

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1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2700N
Dam
Anomaly
-200 mRL -200 mRL
-300 mRL -300 mRL
Atkinson
Anomaly
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2400N
-200 mRL -200 mRL
Atkinson Main Lode
-300 mRL Anomaly Anomaly -300 mRL
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
-100 mRL -100 mRL
2200N
-200 mRL -200 mRL
Atkinson
-300 mRL Anomaly Main Lode -300 mRL
Anomaly
1,100 mE 1,200 mE 1,300 mE 1,400 mE 1,500 mE 1,600 mE 1,700 mE 1,800 mE 1,900 mE 2,000 mE 2,100 mE 2,200 mE 2,300 mE 2,400 mE 2,500 mE 2,600 mE
CONTRACTOR: SEARCH EXPLORATION SERVICESOPERATOR: PAUL McINNISTRANSMITTER: GDP-10RECEIVER: GDP-16CONFIGURATION: DIPOLE - DIPOLEELECTRODE SPACING: 100M Normalised Chargeability PSEUDOSECTIONS INDUCED POLARISATION SURVEYCOMPLETED BY CECML6750 "ONE MILE"JULY 1990
Main Lode
Main Lode
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Figure 8. One Mile Mining Lease - Chargeability pseudo-sections (effectively vertical sections through the ground) from the historical IP survey showing the anomalies at the Main, Atkinson and Dam target zones. The Atkinson and Dam anomalies are of a higher order than the anomaly over the Main target zone. The Atkinson anomaly lies at a depth of approximately 150m and just on or outside the western boundary of the One Mile Mining Lease. The Dam anomaly which lies on the end of line 2700N indicates a shallow chargeable source at about 1000E to 1100E.

Quarterly Activities Report - 30 June 2012 - Page 12 of 15

Superior Resources Limited

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500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1690
505,100N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1670
504,950N
(Local)
500 mRL 500 mRL
250 mRL 250 mRL
Atkinson
Anomaly
0 mRL 0 mRL
L1650
504,800N
(Local)
VTEM survey completed by Beacon Minerals LimitedConductivities interpreted using EMaxAir with Sharpening ON ConductivityColour BarHigh One Mile Mining Lease
VTEM Conductivity Sections
Grid Shown is Local VTEM Grid
L1650 to L1690
Common Point: 200,000E; 500,000N (Local) = 259,995E; 7,896,595N (MGA)
Local North = 46.9 degrees (MGA) Looking North
Local VTEM Grid
Low
mS per m
Main Lode
Main Lode
Main Lode
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
196,500 mE 196,750 mE 197,000 mE 197,250 mE 197,500 mE 197,750 mE 198,000 mE 198,250 mE 198,500 mE 198,750 mE 199,000 mE
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Figure 9. One Mile Mining Lease - Modelled VTEM conductivity sections showing the conductivity anomaly associated with the Atkinson target zone. The apparent flat-lying attitude of the Atkinson anomaly is not real but a limitation of the interpretation process. It is likely that the conductive body that causes the anomaly is steeply dipping and located near the centre of the anomaly and close to the western boundary of the One Mile Mining Lease. The flat-lying near surface conductive bodies shown in red are conductive clay layers.

Quarterly Activities Report - 30 June 2012 - Page 13 of 15

Superior Resources Limited

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Photograph 2. A large gossan outcrop protruding from laterite at the North target zone.

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Photograph 3. A close-up photograph of the gossan at the North target zone. Quarterly Activities Report - 30 June 2012 - Page 14 of 15

Superior Resources Limited

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Ken Harvey Managing Director

The information in this report that relates to Exploration Results is based on information compiled by Mr Ken Harvey, a fulltime employee of the Company, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Harvey 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Harvey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Quarterly Activities Report - 30 June 2012 - Page 15 of 15