Further funding to bolster gold resource growth initiatives and feasibility study work for near-term production
Superior Resources Limited (ASX: SPQ) (Superior, or the Company) has received a further $250,000 of binding commitments from additional long-term strategic investors following its successful $1.75m capital raising (Placement), which was first announced on 11 December 2025.
Placement Details
- Binding commitments for the Placement now total $2.00m (before costs) through the issue of an additional 33,333,333 fully paid ordinary shares (shares) at $0.0075 per share, bringing the total number of shares to be issued to 266,666,666 with 2 attaching options ($0.015 exercise price, expiring 2.5 years from the date of issue) for every 3 shares subscribed.
- The additional 33,333,333 shares are being made to sophisticated investors who are not persons to whom Listing Rule 10.11 applies, using the Company’s existing placement capacity under ASX Listing Rules 7.1 (29,268,283 shares) and 7.1A (4,065,050 shares, which are in addition to the 266,666,666 shares the subject of Superior’s 11 December 2025 announcement) and without shareholder approval.
- The issue of attaching options is subject to shareholder approval. The Company will, in the event shareholder approval is not obtained to issue the attaching options, pay placement participants the value of the options.
- The placement shares will be issued on or around 18 December 2025, subject to receipt of funds.
- The total $2.00m of funding will support:
– Resource growth initiatives at Superior’s wholly-owned Steam Engine Gold Project (194,000oz Au JORC Mineral Resource)2, including a 3,000m RC Drill Program;
– Advancement of Steam Engine Feasibility Study work, which is primarily focused on a toll-treatment development pathway, assessing the potential for near-term gold production;
– Commencement of soil and geophysical survey programs at the Telegraph and Halls Reward copper prospects and a drilling program of up to 3,000m; and
-General working capital and placement costs.
Superior’s Managing Director, Peter Hwang, said: “Securing this additional funding further strengthens our position as we move forward with a 3,000m RC drilling campaign at Steam Engine, scheduled for Q1 CY2026, subject to weather and the availability of the landholder. We aim to expand the existing Resource by targeting a range of compelling targets along strike to the existing Resource envelopes. The program will cover a further 1.5km of mineralised structure which is equivalent to the total strike length of the current Mineral Resource.
“In parallel, feasibility study work on a toll-treatment operation continues to potentially unlock early cashflow at low pre- production CAPEX. Alongside the work planned for Steam Engine, we will also be advancing our highly compelling Halls Reward and Telegraph copper prospects, which have demonstrated potential to deliver a large-scale, high- grade greenfield copper discovery. This includes a large and intense soil copper anomaly of 1.5 kilometres x 0.5 kilometres at Telegraph that has never been drill-tested.
“I would like to thank all of our new and existing shareholders for their ongoing support. It is an exciting time to be a Superior shareholder and we look forward to delivering on our gold and copper growth objectives.”
Read the announcement via this link