Superior Resources : Significant potential for growth at Steam Engine

		ASX	22 November 2021
		Announcement
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Steam Engine continues to strengthen with latest drilling showing
potential for significant Resource growth

HIGHLIGHTS:

• Steam Engine Lode continues to thicken with depth. Latest assays from 15 reverse-circulationdrill holes returned significant intersections, including:

use	21m @ 2.2 g/t Au from 160m (SRC188)
incl 5m @ 5.1 g/t Au from 161m
8m	@ 2.8 g/t Au from 154m (SRC175)
	incl 1m	@ 6.7 g/t Au from 156m
	9m	@ 3.0 g/t Au from 173m (SRC183)
	incl 1m	@ 10.7 g/t Au from 178m
	7m	@ 2.7 g/t Au from 118m (SRC176)
	incl 2m	@ 5.6 g/t Au from 119m
	7m	@ 2.4 g/t Au from 76m (SRC178)
	incl 1m	@ 8.1 g/t Au from 81m
	8m	@ 2.2 g/t Au from 126m (SRC177)
	20m @ 1.3 g/t Au from 139m (SRC181)

personal	• Results consistent with overall indications from 2021 drill program, supporting significant Resource
• Feasibility Study progressing on a low capex operation generating near-term cashflow
	growth potential in the near term; planning underway for large Resource expansion drill program
	to aggressively increase total Resource ounces
	• 85 RC/diamond holes have been drilled at Steam Engine for total of 7,916m from the 13,000m,
	2021 Greenvale Project drilling campaign
	• Mineral Resource Estimate upgrade and Maiden Ore Reserve targeted for December 2021

Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today a further boost for its emerging Steam Engine Gold Project following the latest batch of assay results. The drilling program is part of Forthe Company's 13,000m drilling campaign underway at its 100%-owned Greenvale Project, located

approximately 210kms west of Townsville, Queensland (Figures 1 and 2).

The latest results from 15 RC holes drilled into the Steam Engine Lode confirm the down-dip strengthening of the lode, a development that has been observed over substantial portions of the Steam Engine Lode.

Importantly, the intersections are located predominantly outside the current Mineral Resource of 1.73 million tonnes grading 2.2 g/t Au for 122,000 ounces of gold1, which was based on the 2020 drilling program.

1 Refer ASX announcement "Steam Engine revised Mineral Resource Estimate: JORC Measured and Indicated Resources

upgraded by 31%", dated 22 March 2021.

The holes targeted predominantly deeper portions of the main Steam Engine Lode. The drilling has shown Forconsiderable potential for increasingly deeper portions of the Steam Engine Lode to contain substantially greater thicknesses of gold mineralisation. The results confirm that good potential exists for significant expansion of the Mineral Resource and that further down-dipdrilling of the lode should also be continued to outline the extent

of underground potential at Steam Engine. The mineralisation remains open at depth.

The current depth extents to which the Steam Engine Lode has been drilled is considered to be relatively shallow and considerable potential exists to incorporate deeper Mineral Resources into a larger open-cutpit.

Significant results include SRC188 with 21 metres @ 2.2 g/t Au from 160 metres downhole (including 5m @ 5.1 g/t), SRC175 with 8 metres @ 2.8 g/t from 154m downhole (including 1m @ 6.7 g/t), SRC183 with 9 metres @ 3.0 g/t Au from 173 metres downhole (including 1m @ 10.7 g/t), SRC176 with 7 metres @ 2.7 g/t Au from 118 metres downhole (including 2m @ 5.6 g/t), SRC178 with 7 metres @ 2.4 g/t Au from 76 metres downhole (including 1m @ 8.1 g/t) and SRC177 with 8 metres @ 2.2 g/t from 126 metres downhole (Table 1).

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"This process will examine the merits and timing of establishing a scalable processing plant against haulage and toll-treatmentpathways, optimal Mineral Resource targets and other key financial factors."

"In the meantime, we are progressing with a revision of the Mineral Resource Estimate as well as preparing a maiden Ore Reserve. With the continued positive developments from this year's Resource drilling program together with the recent strengthening of gold price forecasts, we are also undertaking further financial modelling to reassess the project's development strategy.

"In addition, we will also target the significant potential that exists in the Southern Zone Lodes and the two-kilometre-longDinner Creek Lode. The southern extents of most of the lode zones are obscured by thin Tertiary cover. Surface soil geochemistry indicates the potential for extensions of the lodes beneath the cover as well as the existence of new lode zones west and south of the current lodes. We are planning to drill each of these target zones in the next program.

"Of the almost 15,000 metres of Resource drilling that has been completed since mid-2020,most were infill holes aimed at upgrading confidence levels of shallow parts of the Steam Engine and Eastern Ridge lodes. Having achieved that objective, we will now focus on expanding the mineralisation envelope to realise the potential of the Steam Engine and Eastern Ridge lodes. At surface, these lodes have a combined strike length of at least 2.5 kilometres, of which, only about 15% has been tested to any depths greater than about 50m.

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personalThe latest results at Steam Engine follow the spectacular intersection grading 115.2 g/t Au from its Eastern Ridge Lode, announced in October (refer ASX release 18 October 2021), among other positive drilling results in 2021.

Superior aims to develop a low capex mining operation at Steam Engine, with the potential for near-termcashflow to drive increased shareholder value and support the Company's other high-potentialQueensland projects, including the Bottletree Copper Prospect.

Assay Results - 5th Batch

Results have been received from 15 reverse-circulation(RC) drill holes (SRC175 to SRC189) at the Steam Engine Lode (Table 1).

"Once again, the results continue to firm up the project's potential at depth and along strike. The confidence provided by this year's drilling program has enabled us to commit to an even larger follow-upprogram aimed at aggressively expanding the mineralisation envelope.

Superior's Managing Director, Peter Hwang commented:

Cross sections of selected drill holes are included in Figures 4 to 7. Drill hole collar locations are shown in Figure 3 and details are set out in Appendix 1.

Table 1. Steam Engine Lode - significant drill hole intersections.

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		Hole ID						From			To			Interval			Au (g/t)			Lode
							(m)			(m)			(m)
		SRC175						154			162			8			2.8			Steam Engine
				including			156			157			1			6.7
		SRC176						118			125			7			2.7			Steam Engine
				including			119			121			2			5.6
use		SRC177						126			134			8			2.2			Steam Engine
	SRC178						76			83			7			2.4			Steam Engine
				including			81			82			1			8.1
		SRC179						111			115			4			1.8			Steam Engine
		SRC180						156			160			4			2.5			Steam Engine
		SRC181						139			159			20			1.3			Steam Engine
personalFor		SRC182						129			142			13			1.0			Steam Engine
							155			167			12			1.0			Steam Engine
		SRC183						173			182			9			3.0			Steam Engine Footwall
					including			178			179			1			10.7
		SRC184						80			85			5			1.1			Steam Engine
							90			93			3			1.7			Steam Engine Footwall
		SRC186						195			201			6			1.3			Steam Engine
		SRC187						208			226			18			1.3			Steam Engine
		SRC188						160			181			21			2.2			Steam Engine
				including			161			166			5			5.1

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onlyuse personalFigure 1. For

Aerial view of the Steam Engine Gold Project 2021 Resource drilling program, looking south east.

Figure 2. Location of exploration permits comprising the Greenvale Project. Exploration permit applications are shaded purple. Select prospects are marked with a red star. The Greenvale township and existing historic mines (yellow stars) are also indicated.

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For personal use only

Figure 3. Plan of drill holes at the Steam Engine Lode as reported in this announcement (in blue) showing collar locations and RC hole traces.

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