On May 16, 2023, Greywolf Capital Management LP announced its intention to vote against the proposed acquisition of Superior Gold Inc. by Catalyst Metals Limited. Greywolf Capital stated that after consideration of the potential effect of the acquisition, Greywolf Capital has determined that the proposed transaction is not in the best interests of the Company shareholders. Greywolf Capital added that it is committed to maximizing shareholder value and protecting the interests of its clients.

In this case, based on current information, Greywolf Capital has concluded that the proposed transaction undervalues the Company and its prospects. Greywolf Capital stated that it has communicated its decision to vote against the proposed acquisition to superior, subject to further review of the management information circular and/or other relevant information that becomes publicly available.