Superior Gold : 2022 Mineral Resource and Reserve Estimate for the Plutonic Gold Operation

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2022 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations

Plutonic Gold Mine

Superior Gold Inc

Plutonic Gold Mine, Western Australia, Australia

NI 43-101 Report

Qualified Persons:

Ettienne du Plessis (Chief Geologist at Plutonic Gold Mine), MAIG, BSc (Geology), MBA Karel Steyn (Manager of Technical Services at Plutonic Gold Mine), MAusIMM, AEng

Russell Cole (Vice President and General Manager at Plutonic Gold Mine), FAusIMM, B. App Sc. (Mining Engineering), Adv. Dip. Leadership & Management, MBA

Effective Date: December 31, 2021

Signature Date: July 5, 2022

Plutonic Gold Mine

Superior Gold Inc

Important information about this report

Forward Looking Information

This report contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. All statements, other than historical fact regarding Superior Gold Inc. ("Superior" or the "Company"), Billabong Gold Pty Ltd ("Billabong") and the Plutonic Gold Operations, Western Australia ("Plutonic"), are forward looking statements. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risks and Uncertainties" in the Company's most recent Annual Information Form filed on SEDAR at www.sedar.comfor a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company and the Qualified Persons (as such term is defined in section 1.1 of NI 43-101) who authorise this report does not assume any obligation to release publicly any revisions to forward-looking information contained in this report to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as such term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this report.

Information Risk

This report was prepared by Qualified Persons of Superior. In the preparation of the report, Superior has utilised information relating to operational methods and expectations provided to them by various sources. Where possible, Superior has verified this information from independent sources after making due enquiry of all material issues that are required in order to comply with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101"), of the Canadian Securities Administrators ("CSA") reporting instrument codes.

Operational Risk

The exploration for gold and subsequent mineralization definition, mine development and production by their nature contain significant uncertainties and operational risks. It therefore depends upon, amongst other things successful exploration and development drilling programmes and competent management. Profitability and asset values can be affected by unforeseen changes in operating circumstances and technical issues.

Political and Economic Risk

Factors such as local political or industrial disruption, gold price, currency fluctuation and interest rates could have an impact on future operations and potential revenue streams can also be affected by these factors. Most of these factors are usually beyond the control of any operating entity.

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Plutonic Gold Mine

Superior Gold Inc

1 Summary

Billabong, a wholly-owned subsidiary of Canadian based Superior, is an Australian corporation that acquired Plutonic from Northern Star Resources Ltd. ("Northern Star") on October 11, 2016. The purpose of this report is to present Mineral Resources1 and Mineral Reserves2 for Plutonic for public disclosure by Superior. Data presented in this report is dated as at December 31, 2021.

Plutonic consist of underground mine (the "Plutonic Underground") and open pit operations (the "Plutonic Open Pit", and collectively, the "Plutonic Gold Mine" or the "Project") at Plutonic, open pits at the Hermes project area (the "Hermes Gold Mine"), an interest in the Bryah Basin Joint Venture ("BBJV") and a milling operation located at the Plutonic Gold Mine. Plutonic currently produces gold from a large underground operation and open pit operations, which re-started in 2021, through a traditional crushing, grinding and carbon-in-leach ("CIL") circuit. Historically, numerous open pits were mined at the Plutonic Gold Mine area between 1990 and 2005 while underground mining commenced in 1995. Underground mining is currently conducted from eight underground geological 'Fault Block' domain zones at an average rate of approximately

0.8 -1.0 Mtpa. The Hermes Gold Mine, which lies approximately 60 km southwest of the Plutonic Gold Mine, operated from 2017 to 2019. The Wilgeena deposit prospect project area ("Hermes South"), lies approximately 25 km south of the Hermes Gold Mine and is part of the BBJV.

The Mineral Resources reported from all these areas represent the consolidated Global Mineral Resource which also incorporates historic intersections encountered outside of the main underground working areas. These zones which have not previously been interpreted and are considered a significant indicator of the future of Plutonic and is supporting evidence that the Plutonic Gold Mine is a large mineralized system with long term potential.

The new program of Mineral Resource Estimation was part of a larger program of re-examining the geological modelling of the gold mineralization at the Plutonic Gold Mine. Historically, the Plutonic Underground has not mined to Mineral Reserve grade, and one of the primary goals of this latest Mineral Resource and Reserve estimation was to allow for more predictive planning and improved production forecasts.

Prior Mineral Resource estimations utilized open block models inherited by the Company that required further evaluation and definition. Experience with the Plutonic Gold Mine has demonstrated that open block models are not the most optimal method to identify the distribution of all mineralization, and in unconstrained high- grade areas may tend to overestimate or underestimate grades locally.

In consideration of this, the latest estimates have utilized geologically informed, form interpolant dynamic anisotropic controlled grade constrained models generated by sophisticated modern software after inputting detailed structural and lithological information and are expected to better demonstrate the grade and distribution of the mineralization. As a result, the Mineral Resource and Reserve grade has declined, but the confidence in the distribution of the mineralization, and the ability to mine to Reserve grade is expected to increase. Since Superior acquired Plutonic, the focus has been on better understanding the mineralization through the upgrading of pre-existing Inferred Mineral Resources to Measured and Indicated Mineral Resources and by adding Inferred Mineral Resources outside of that to demonstrate that the Plutonic Underground deposit remains open in multiple directions including at depth and there continues to be considerable progress in this respect.

A continuing aggressive program of underground drilling is underway to further upgrade Inferred Mineral Resources to Measured and Indicated Mineral Resources and also outline new areas of mineralization. Particular focus is given to better defining and expanding the high-grade mineralization at the Western Mining Front (i.e. Baltic West and Indian), Baltic Gap, Indian Access and Eastern Mining Front.

Given the increase in overall Mineral Resources and Mineral Reserves, and favourable economic conditions, re-examination of the potential to increase the rate of underground production is also underway. As part of the Mineral Resources and Mineral Reserves revision process, including the use or a lower reporting reserve cutoff grade, the underground grade has declined relative to the year end 2019 Reserves. This is also partly a

1

2

As defined by CIM Standards on Mineral Resources and Mineral Reserves (November 2019) as required by NI 43-101. As defined by CIM Standards on Mineral Resources and Mineral Reserves (November 2019) as required by NI 43-101.

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Plutonic Gold Mine

Superior Gold Inc

result of the change from the prior use of open block models to those based on geological interpretations using all available structural information.

Mineral Reserves as at December 31, 2021 were estimated using a long-term gold price of A$1,950 per ounce ($1,462 per ounce). Cut off grades for the Mineral Reserves for Plutonic Underground averaged 1.8 g Au/t (depending on stoping area), and 0.5 g Au/t for the open pit areas. Variable dilution rates averaging 20% was factored into the estimation of underground Mineral Reserves. Mineral Resources as at December 31, 2021 were estimated using a long-term gold price of A$2,150 per ounce ($1,612 per ounce). Cut off grades for the Mineral Resource estimates were 1.7 g Au/t for underground and 0.40 g Au/t for open pit within a 40 km radius from the Plutonic mill.

Development work is also being directed towards better defining further Open Pit Mineral Resources namely, Workshop, Salmon and Trout and Plutonic East.

A Preliminary Economic Assessment ("PEA") study for the Plutonic main pit area (the "Main Pit") was completed in December 2020 and reported in Superior's previous NI 43-101 technical report dated December 30, 2020. Superior initiated this study with technical input from RPM Global Consultants in September 2020 to assess the viability of a significant pit 'push-back' which was deemed appropriate with respect to better utilizing the existing Plutonic infrastructure and in consideration of a favourable gold price. Further engineering was completed and a Mineral Reserve in the Main Pit deeps is reported herein.

The Plutonic Main Pit historically produced approximately 2.5 million ounces and ceased operation in 2005.

Mineral Resources as at December 31, 2021 are summarised in Table 1-1.Mineral Resources are inclusive of those Mineral Resources converted to Mineral Reserves as presented in this document. Mineral Reserves as of December 31, 2021 are summarised in Table 1-2.

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Plutonic Gold Mine

Superior Gold Inc

Table 1-1	Summary of Mineral Resources as at December 31 2021
				Measured				Indicated		Measured + Indicated			Inferred
	Category		Tonnes	Gold grade	Cont. gold	Tonnes		Gold grade	Cont. gold	Tonnes	Gold grade	Cont. gold	Tonnes		Gold grade	Cont. gold
			(000's)	(Au g/t)	(koz)	(000's)		(Au g/t)	(koz)	(000's)	(Au g/t)	(koz)	(000's)		(Au g/t)	(koz)
	Underground
	Plutonic Main		4,567	4.8	705	4,294		4.4	610	8,860	4.6	1,315	16,810	5.2	2,830
	Plutonic East		112	6.4	23	180		5.1	30	292	5.6	53	3,626	4.0	469
	Plutonic West		-	-	-	-		-	-	-	-	-	393	2.8	35
	All Underground Sub-total	4,679	4.8	728	4,473		4.4	640	9,152	4.6	1,368	20,829		5.0	3,334
	Hermes Open Pit Complex
	Hermes		-	-	-	1,990		1.4	87	1,990	1.4	87	3,868	1.3	156
	Hermes South (80% JV)	-	-	-	698		1.6	36	698	1.6	36	198	1.1	7
	Plutonic Open Pit Areas
	Area 4		36	0.8	1	-		-	-	36	0.8	1	-	-	-
	Perch		40	1.4	2	4		1.0	0.1	44	1.4	2	-	-	-
	Plutonic Main Pit		1,575	3.7	187	3,718		2.0	243	5,293	2.5	430	7,408		2.0	476
	All Open Pit Sub-total	1,652	3.6	190	6,410		1.8	366	8,062	2.1	556	11,476	1.7	639
	Total		6,331	4.5	918	10,884		2.9	1,005	17,214	3.5	1,924	32,304		3.8	3,973

Notes:

1. Mineral Resources are quoted inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
2. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Numbers may not add correctly.
3. 'Plutonic Underground Resources based on Deswik Mining Stope Optimizations ("DSO") using generalized Reserve DSO input parameters and / or restricted 'grade shell' reported Resources. Open Pit Resources based on simplified pit optimization parameters.
4. Mineral Resources are estimated using an average gold price of A$2,150 per troy ounce ($1,612 per ounce)
5. Mineral Resources are estimated at a cut-off grade of 1.7 g/t Au for the Plutonic Underground Gold Mine.
6. Mineral Resources are estimated at a cut-off grade of 0.40 g/t Au for Open Pits.

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