SUMMARY

• The 2024 RC drilling program comprising 69 RC holes, was designed to extend the 196koz Mineral Resource along strike at Steam Engine and Eastern Ridge lodes and test the new Windmill East prospect.
• Superior has received assays for 1,532 samples from 17 holes, adding to the 38 holes reported during 2024. The new assays confirm strong near-surface mineralisation, complimenting earlier high grade results, and includes:

o 18m @ 1.40 g/t Au from 75m depth, including 6m @ 2.68 g/t Au from 85m – Steam Engine Lode (SRC247);

o 7m @ 1.41 g/t Au from 5m depth, including 1m @ 2.38 g/t Au from 8m –Eastern Ridge Lode (SRC248).

• The flow of assay results from the 2024 program was delayed by the unexpected permanent closure of the external laboratory in Townsville. A new service provider has been contracted, with the remaining 14 holes to be reported in coming weeks.
• To date, results from the 2024 drilling have:

o upgraded and extended the amount of significant gold mineralisation over a 250m- strike zone at the northern end of the Steam Engine Lode and down dip to approx. 110m depth; and

o revealed a potential en-echelon system of gold shoots and the development of multiple stacked lodes at the northern end of the Eastern Ridge Lode, positive implications for the Project.

• The Mineral Resource Estimate will be revised after receipt of outstanding assays.
• Scoping Study Financial Model being revised using a significantly higher gold price assumption (2024 Scoping Study assumed $3,250/oz Au).
• Feasibility Study progressing and will factor-in new Mineral Resource upgrades.

Superior’s Managing Director, Peter Hwang commented:

“We are pleased to have received the first batch of assays from 17 of the last 31 drill holes of 2024 that were affected by the closure of SGS Australia’s Townsville lab. Once assays for the remaining 14 holes have been received, we will be updating the Mineral Resource Estimate, the results of which will feed into the current Feasibility Study. In the meantime, with the expectation that record gold prices will be sustained at least over the medium term, we are updating the financial model with a substantially higher gold price assumption.

“As we have expected, the 2024 Resource Extension drilling has shown that the Steam Engine lode systems are laterally extensive and demonstrate the potential for significant Mineral Resource growth along strike. Extension of near surface Resources is important as it enables expansion of the pit design, enabling very significant increases in the scale of mining operations and project economics. The current batch of assays have certainly strengthened the Resource over 250m of strike at the northern ends of the gold lodes.

“Results for the remaining 14 holes will be interesting as they include a series of holes over a SAM anomaly at the southern end of Eastern Ridge and maiden drilling at the Windmill East Prospect, located 2.5 kilometres south of Eastern Ridge.

“The most anticipated targets, being the SAM targets at the southern end of the Steam Engine Lode and between the two lodes, are yet to be drill tested. These are being programmed for the 2025 field season together with exploratory drilling along the several kilometres of mineralised structure outside the Resource envelope.

“We expect the overall results of the 2024 Program to significantly boost the overall financial outcomes of the Steam Engine Project. Together with, the record rise in the price of gold over the last twelve months, we are expecting a dramatic uplift in the project economics, particularly since the current price is almost 50 percent, or A$1,600 per ounce higher than the price assumption in the 2024 Scoping Study.

“Upcoming catalysts are planned to commence with the results of the updated Scoping Study financial model, followed by progress updates on the Steam Engine Feasibility Study and pathway to production. Interspersed with the key catalysts will be exploration updates, including some material updates on the copper projects.”

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