SUPERIOR RESOURCES LIMITED — Investor Presentation 2021

Jul 18, 2021

Investor Presentation

19 July 2021

Presented by Peter Hwang Managing Director

Disclaimer

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 be considered to be comprehensive or complete.

Not Financial Product Advice: This document does not constitute financial product or investment advice. It has been prepared without taking into account 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, financialsituation 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 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 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.

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 announcement. Investors and any person viewing this document should refer to the market announcements made by Superior (ASX:SPQ), which can be viewed at: http://www.asx.com.au/asx/statistics/announcements.do.

Corporate snapshot

Project portfolio

Greenvale Project	Nicholson Project	Victor Project
(SPQ 100%)	(SPQ 100%)	(SPQ 100%)
849 km2 (1,449 km2)	300 km2	438 km2
Gold, Copper-Gold,Nickel-Copper-CobaltPGE, ZincFeasibility Study on highgrade gold deposit1.73Mt @ 2.2 g/t Au for122,000 ounces1Definitive drilling programon a large copper depositNew and substantialmagmatic sulphideNi-Cu-PGE project	Lead-Zinc-Silver (Copper,Cobalt), Uranium5 Tier 1 equivalent MtIsa / McArthur Riverstyle targets2019 drilling confirmedwidespread SEDEXmineralisation systemHighest priority targetsyet to be drilled1 Battery Metals project1 Uranium project	Lead-Zinc-Silver(Copper)Several Tier 1 potentialMt Isa / McArthurRiver style targetsMinimal historicexploration

1: Refer ASX announcement dated 22 March 2021

Vision and Objectives

Develop a centralised copper and gold mining hub backed by a pipeline of near-term and developing copper and gold Resources.

Discover a Tier 1 Pb-Zn-Ag Mount Isa-style deposit

• Tier 1 exploration projects in world-class metallogenic provinces
• Near-term gold production underpinning definition of multiple copper Resources
• 8,000m drilling campaign underway, advancing gold, copper and nickel programs
• Centralised gold and copper processing strategy benefitting from available infrastructure and clean power
• Multiple drill-ready Tier 1-potential Mount Isa/McArthur River style to be drill tested

2021 Exploration Focus Au Cu & Ni/PGEs at Greenvale

Realise strategic processing hub and development pipeline by:

• completing current 8,000m drilling campaign
• completing mining studies and grant of mining lease at Steam Engine
• expanding Steam Engine total Au inventory
• conducting geophysical programs at Steam Engine to identify significant zones of Au mineralisation
• establishing maiden Mineral Resource at Wyandotte (Exploration Target already established)
• definitive drilling program into large body of Cu mineralisation at Bottletree
• re-defining Cu-Au Mineral Resource at Cockie Creek and drilling a deeper intense geophysical target
• developing Voiseys Bay style Ni-Cu-PGE deposit model at Dido, Phantom and Big Mag
• soil sampling programs on newly identified extensions to Steam Engine and Halls Reward Ni-Cu area

2021 Drilling Program

• GOLD (Steam Engine) Maiden drilling program at Dinner Creek and targeted expansion of Mineral Resource at Steam Engine. Feasibility study progressing.
• COPPER (Bottletree & Wyandotte) –

Targeting high grade copper core at Bottletree and maiden Mineral Resource for Wyandotte. Second drilling campaign to focus on Cockie Creek.

NICKEL (Dido, Phantom & Big Mag) –

Highly prospective for Vaisey's Bay-style Ni-Cu-PGE systems.

• Big Mag targets drillready
• Total planned program of 8,000m of RC and diamond drilling fully funded, focused on expanding gold and base metal resources inventory.

Greenvale Project – A unique world-class

Macquarie Arc opportunity

• Ordovician Macquarie Arc: hosts the giant Cadia and North Parkes porphyry Cu-Au mines in NSW
• The unique opportunity: Greenvale Ordovician rocks are considered the northern remnant of the Macquarie Arc - but are unexplored
• SPQ holds most of the Greenvale Ordovician rock sequences
• Greenvale tenements contain significant concentration of copper deposits and targets
• Ni-Ci-Co-PGE: Initial nickel-copper-cobal-(PGE) magmatic sulphide exploration programs at new Halls Reward Nickel, Big Mag and new Dido and Arthur Range targets

Greenvale – Steam Engine Gold Deposit

An extensive gold lode system

• o Advancing towards near-term cash flow
• o Feasibility Study in progress

2020 work:

Mineral Resource Estimate:

• 1.73 Mt @ 2.2 g/t Au, Measured, Indicated and Inferred (JORC 2012)2
• 122,000 ounces Au
• 5m @ 38 g/t Au from 49m (SRC077) incl 1m @ 184 g/t Au from 51m4
• 7m @ 20.6 g/t Au from 54m (SRC076) incl 1m @ 135 g/t Au from 55m4

MRE based only on:

• 30% of >2.5 km lode strike length at surface (not including Dinner Creek Lode)
• shallow depth drilling
• Gold lodes open at depth and along strike

New potential extensions identified

• o >2 kms of potential new gold lode zones to the south and west of Steam Engine Lode identified in historic soil samples and field mapping
• o Soil sampling survey and ground magnetics to be conducted immediately

Exciting new Dinner Creek Lode

• o >2 kms of potential new gold lode zone
• o Rock chips up to 7.6 g/t AU3
• o Initial 13 holes drilled, awaiting assays

Dinner Creek Lode:

• Sericite alteration zone with sulphide mineralisation resembling Steam Engine Lode
• Substantially thicker than Steam Engine Lode
• >2 kms strike length (Steam Engine Lode 0.5 kms)
• High grade gold rock chips up to 7.6 g/t Au3

Steam Engine – Highly positive Scoping Study

		Parameter	Base Case @ A$2,200/oz	Upside Case @ A$2,500 /oz
		Financial Summary
		Overall Cash Flow (post-tax)	A$24.2M	A$41.0M
		NPV(post-tax)7%	A$21.2M	A$35.9M
		Internal Rate of Return (IRR) (posttax)	242%	410%
		All-in Sustaining Costs (AISC)1	A$1,673 /oz	A$1,725 /oz
		Payback Period	11 months	9 months
		Funding
		CAPEX (Pre-Production and Closure)	A$5.1M	A$5.1M
		Funding Required2	A$10.0M	A$9.0M
Parameter	Breakeven Value	Return on Capital (post-tax)	475%	806%
		Physical Outputs
Gold Price	A$1,709(US$1,299 @ 0.76 AUD/USD)	Life of Mine (LOM) (Construction toClosure)	~2.5 years	~2.9 years
		Total Ore	1.131 Mt	1.305 Mt
Gold Grade	1.79 g/t	Ore Grade	2.31 g/t	2.24 g/t
Gold Recovery	60%	Overall Gold Recovery	84%	84%
Steam Engine Lode Ore		Gold Produced and Sold	70,000 oz	79,000 oz

Refer ASX announcement dated 27 April 2021

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

2: Includes pre-production CAPEX plus operating losses until profits are generated

Steam Engine – Current program timeline

Bottletree – Large-scale copper-mineralised system

• o Large-scale copper mineralisation identified - 2018
  • High grade copper (18.7m @ 1.12% Cu)5
  • Broad Cu mineralisation (292m @ 0.22 Cu)
• o Copper grades correlate well with chargeability response
• o Last drill hole (2018) intersected northern edge of mineralisation

Next drilling program to deliver potential "discovery hole"

Wyandotte – High grade copper deposit

Exploration Target6

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

• To be drilled in current drilling campaign
• Maiden Mineral Resource estimate will be established
• No exploration conducted since 1975
• Potential for down-dip extension of mineralisation
• Ground geophysical surveys to identify larger source of mineralisation

Dido, Phantom & Big Mag – Ni-Cu-Co-PGE

Clear evidence for Voisey's Bay style magmatic sulphide Ni-Cu-PGE systems

• Previous exploration by Anglo American (2012) confirmed evidence for Voisey's Bay geological system
• New tenement applications over Ni-Cu-PGE prospective ground have more than doubled the size of the Greenvale Project
• Many fertile troctolite intrusions identified by Anglo but not followed up or inadequately followed up
• Localised areas of differentiated mafic and ultramafic intrusions (Ovoids and feeder dykes) with high potential for magmatic Ni-Cu-Co-PGE mineralisation identified in high resolution airborne magnetics
• largely unexplored

Big Mag – Ni-Cu-Co-PGE

• A series of mafic and differentiated ultramafic intrusions
• Drill-ready potential Ovoid and Feeder Dyke
• Intense magnetic anomaly target at depth within Ovoid
• Differentiated / layered intrusion appears within potential Feeder Dyke

Cockie Creek – Cu-Au

• Potential for a significant porphyry Cu-Au deposit
• Current Mineral Resource estimate: 13Mt @ 0.42% Cu7 (JORC 2004), based on strike length of 1.2kms and down to approx. 300m depth
• Significant Au mineralisation with the copper

2200 mN

2000 mE

2200 mE

Central Zone of Copper Mineralisation 2400 mE

P18

P17

B28 B03 B11 B12

B10 B02 B18 B19 B08 B07 B06

P15 P6 P14

P8

P7 P13B05 B01 B04

B29

B20

B15 B16

B09 B17

P5

P12

2000 mN

2200 mN

D4

2600 mE

7: Refer ASX announcement dated 27 March 2013

Copper – 2021 Bull copper market predictions

SPQ has copper well and truly covered

• o SPQ holds the Ordovician Lucky Creek Corridor
• o Intense concentration of copper deposits and prospects
• o Near-term production & Tier-1 prospects, for example:
  • Bottlefree: large copper system (292 m @ 0.22% Cu including 18.7 m @ 1.12% Cu) (refer ASX announcement dated 30 September 2018)
  • Cockie Creek: large Cu-Au porphyry target under near-surface copper mineralization of 13 Mt @ 0.42% Cu (0.25% Cu cut-off)4
  • Wyandotte: high grade copper, assessing potential for toll treatment

4. ASX announcement dated 27 March 2013

Nicholson and Victor – Tier 1 Mount

Isa-style zinc-lead-silver-copper targets

• o Located within Carpentaria Zinc Province, which contains 20% of the world's zinc inventory
• o Underexplored – the most likely area to make the next Mount Isa discovery

Nicholson – Nicholson West and Walford South targets

Walford South: Tier 1-potential VTEM, gravity and AMT target

• Coincident VTEM, gravity and associated AMT anomalies
• Anomalies adjacent to al least two major fault structures
• Previous SPQ drilling (3 holes) intersected "classic" well-developed stratiform pyritic shale, typical of McArthur River style mineralisation

Nicholson West: 2019 drilling confirmed presence of SEDEX mineralisation systems (McArthur River and Mt Isa) developed within thick (up to 340 m) Mount Les Siltstone

Board

Board and senior management team have deep exploration and technical expertise coupled with extensive corporate experience

Carlos Alberto Fernicola

Non-Executive Chairman B.Com, FCA, F Fin, FCIS, FCSA, GradDipAdvAcctg, GDippAppFinInv, GDipAppCorpFin

30+ years of experience in accounting, taxation, audit and the financial services industry

Appointed Non-Executive Director in 2014

Fellow of Institute of Chartered Accountants Australia and New Zealand, Fellow of the Governance Institute of Australia and Fellow of the Financial Services Institute of Australia

Peter Henry Hwang Managing Director B.Sc (Hons), LLB MAIG, MGSA, MQLS

12 years of experience in mineral exploration 18 years in mining and resources law

Geologist – Gold, base metals and diamonds

Lawyer specialising in mining, commercial, M&A, mining infrastructure regulatory and native title law, previously with Freehills, Ashurst and Minter Ellison

Former director of junior resources companies; founding director of ActivEx Limited (ASX:AIV)

Simon James Pooley Non-Executive Director MAusIMM, GAICD

30+ years of experience in base and precious metals exploration, project evaluation, mine development and operation.

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

Investment Summary

• Diverse portfolio of exploration projects with exposure to Au, Cu, Ni-Cu-PGE, Pb-Zn-Ag in world-class mining districts, all 100% SPQ owned
• 2021 focus on Greenvale Project strategic programs to develop central Au-Cu processing operation fed by multiple satellite pits
• Numerous copper prospects (small to large tonnage, low to high grade) over 30km mineralised corridor
• Advanced prospects (north-south) comprise Wyandotte (Cu), Cockie Creek (maiden 13Mt @ 0.42% Cu), Steam Engine (Au) and Bottletree (Au), all with significant expansion potential
• Near-term revenue: Free cash flow from Steam Engine
• The right commodities for the future Cu, Ni, Au (Co, PGE)

Contact Us

Email: manager@superiorresources.com.au

Phone: +61 7 3847 2887

Website: www.superiorresources.com.au