Superior Resources : New Windmill East/Origin gold lode prospects at Greenvale

1 Mineral Resource Estimate based on results from 2020 drilling program. Refer ASX announcement "Steam Engine revised Mineral Resource Estimate: JORC Measured and Indicated Resources upgraded by 31%", dated 22 March 2021.

"We have now traced Steam Engine-typegold lodes and mineralisation in a regular pattern stretching from the Dinner Creek Lode to the southern edge of the Bottletree Prospect, which is about six kilometres to the south. In addition to the exciting developments at Bottletree, we will also be expanding our exploration plans for Steam Engine to test its potential to be a major gold deposit.

"The discovery of high-gradegold in rock chips from the poorly exposed Windmill East-Originprospects is a truly exciting development for this emerging North Queensland gold project. Together with detailed geological mapping, we are only just beginning to appreciate that the Steam Engine gold system is a much larger system than previously thought.

Superior's Managing Director, Peter Hwang commented:

• Excellent potential to add substantial ounces to Steam Engine Mineral Resource

• Windmill East/Origin, Steam Engine, Dinner Creek and large alteration zones on eastern edge of Bottletree likely to be closely related gold-mineralisedsystems

• Multiple parallel, poorly exposed gold lodes, with substantial strike lengths at Windmill

East and Origin appear identical to Steam Engine Lode, largely untested by drilling

• Recent geological mapping and high-graderock chip assays up to 65.9 g/t Au at historic

Windmill East and Origin prospects identify potential 4km gold corridor between Steam Engine's Dinner Creek Lode and northern edge of Bottletree Copper Prospect

onlyHIGHLIGHTS:

usepersonalSuperior Resources Limited (ASX:SPQ) (Superior, the Company) announced today the identification of two areas containing significantly mineralised multiple gold lodes, located between Steam Engine and Bottletree

prospects, at its 100%-ownedGreenvale Project, approximately 210kms west of Townsville, Queensland (Figures 1 and 2).

Although the Company has not conducted any prior work at the new Windmill East and Origin prospects, the lodes appear to be highly mineralised and identical in style to the Steam Engine Lode. Rock chips collected during November 2021 returned up to 65.9 g/t Au from Origin and up to 18.6 g/t Au from Windmill East.

Gold-in-soilgeochemical data over the area indicates that Windmill East and Origin are directly on-trendto the Dinner Creek Lode, located about 1.5 kms to the north east. A large anomalous zone of gold-in-soilslocated around the outer northern edge of the Bottletree Copper Prospect lies about 1km to the south of Origin.

The Windmill East and Origin prospects provide Superior with excellent potential to significantly increase total Resource ounces for the Steam Engine Project, further boosting the potential of the project, which currently totals 1.73 million tonnes grading 2.2 g/t Au for 122,000 ounces of gold1.

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Rock chip assays up to 65.9 g/t Au and mapping at new Windmill East/Origin Prospects confirm expanded, very large-scalegold potential for Steam Engine Gold Project

Announcement

18 January 2022

ASX

"We look forward to releasing an upgraded Mineral Resource Estimate for Steam Engine during February, as we progress an interim strategy study that compares the merits of establishing a scalable processing plant against various haulage and toll-treatmentpathways.

only "These are exciting times for Superior, with Steam Engine's large-scalepotential adding to the recent ground-breakingcopper developments revealed at the nearby Bottletree Copper Prospect, and with the market starting to appreciate the potential of our new discoveries."

usepersonalFigure 1. 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.

New Windmill East and Origin Prospects

ForMapping has established that gold mineralisation at the Windmill East Prospect, 2.5kms north of Bottletree (Figure 2), is hosted in intense quartz-sericite-pyritealteration in meta-tonalite.This alteration closely resembles alteration observed in the mineralised lodes at Steam Engine, located about 1.5kms to the northwest. There are several parallel north to north northeast trending lodes which outcrop very poorly but can be traced for over 250m (Figure 3).

Mineralisation at the Origin Prospect to the southwest is also in two or more lodes, but the best mineralisation appears to be within quartz veins that are contained within the phyllic alteration in meta-tonalite.Mineralisation may also be developed within the phyllic alteration zones (Figure 4).

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Bottletree Copper Prospect 2.5kms south

500m

Eastern Ridge Lode

Au anomalous zones yet to be tested

onlyuse

personalForFigure 2. Soil gold image with mapped surface gold lodes at Windmill East and Origin prospects with connection to the Dinner Creek prospect and sub-parallel to the Steam Engine lodes. Historical shallow drill holes are shown, mapped lodes where exposed (white) and rock chip gold results (g/t Au).

Despite the poor exposure, the trends of the Windmill East lodes and elevated gold-in-soil zones (Figure 2) suggest a connection with the Dinner Creek Lode and it seems highly likely that the two prospects are part of the same system. The poor gold tenor at Dinner Creek may be due to a different host rock lithology (mafic to intermediate schist) compared to intrusive meta-tonalite at Windmill East-Origin.

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Only two rock chip samples were taken from each prospect. Values of 18.63 g/t Au and 6.97 g/t Au were obtained from Windmill East and 65.92 g/t Au and 3.19 g/t Au from Origin. These are significant gold numbers, which require further sampling and investigation before drill testing.

onlyThe very limited shallow historical drilling by Pancontinental produced a best result of 2m @ 1.72 g/t Au at Origin (hole ORC001, 12-14m) and 2m @ 1.84 g/t Au at Windmill (WERC003, 21-23m). Given that the lodes normally dip northwest, the orientation of some of the Origin holes parallel this direction and may not have tested the target zone. Overall, the Windmill East and Origin lodes remain largely untested and have potential for strike extensions and additional yet to be identified parallel lodes.

The Windmill East and Origin Prospects present significant potential to add substantial ore to the Steam Engine Resource.

usepersonalFigure 3. Quartz-sericite-pyrite altered lode from the Windmill East prospect. (Note similarity to the Dinner Creek lode). For

Figure 4. Granular quartz vein with boxworks after pyrite from the Origin prospect. Schistose wall-rock is tonalite with intense quartz-sericite-pyrite alteration.

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About Superior Resources

Superior Resources Limited (ASX:SPQ) is an Australian public company exploring for large lead-zinc-silver, copper, gold and nickel-copper-cobalt deposits in northern Queensland which have the potential to return maximum value growth for shareholders. The Company has a dominant exploration position within the Carpentaria Zinc Province, one of the world's richest mineral producing regions and is focused on multiple Tier-1 .equivalent exploration targets. For more information, please visit our website at www.superiorresources.com.au

only	Reporting of Exploration Target: The information in this report as it relates to exploration results, geology, geophysical
imagery and drilling was compiled by Dr Peter Gregory, who is a Member of the Australasian Institute of Mining and
Metallurgy (AusIMM) and an independent consultant to the Company. Dr Gregory does not hold shares or any other
use	interest in the Company. He has not been on the Bottletree Project site, but has reviewed all primary data, inspected
drill core located in Townsville and its context, has sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person
	as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and
	Ore Reserves'. Dr Gregory consents to the inclusion in the report of the matters based on the information in the form
	and context in which it appears.
	Reliance on previously reported information: In respect of references contained in this report to previously reported
	Exploration Results or Mineral Resources, Superior confirms that it is not aware of any new information or data that
personal	materially affects the information, results or conclusions contained in the original reported document. In respect of
previously reported Mineral Resource estimates, all originally reported material assumptions and technical parameters
underpinning the estimates continue to apply and have not been materially changed or qualified. The form and context
in which the relevant Competent Person's findings are presented have not been materially modified from the original
document.
Forward looking statements: This document may contain forward looking statements. Forward looking statements
are often, but not always, identified by the use of words such as "seek", "indicate", "target", "anticipate", "forecast",
"believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should",
"could" or "might" occur or be achieved and other similar expressions. Indications of, and interpretations on, future
expected exploration results or technical outcomes, production, earnings, financial position and performance are also
forward-looking statements. The forward-looking statements in this presentation are based on current interpretations,
expectations, estimates, assumptions, forecasts and projections about Superior, Superior's projects and assets and the
industry in which it operates as well as other factors that management believes to be relevant and reasonable in the
circumstances at the date that such statements are made. The forward-looking statements are subject to technical,
business, economic, competitive, political and social uncertainties and contingencies and may involve known and
unknown risks and uncertainties. The forward-looking statements may prove to be incorrect. Many known and
unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or
results expressed or implied by any forward-looking statements. All forward-looking statements made in this
presentation are qualified by the foregoing cautionary statements.
For	Disclaimer: Superior and its related bodies corporate, any of their directors, officers, employees, agents or contractors
do not make any representation or warranty (either express or implied) as to the accuracy, correctness, completeness,
adequacy, reliability or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or
implied in any forward-looking statement, except to the extent required by law. Superior and its related bodies
corporate and each of their respective directors, officers, employees, agents and contractors disclaims, to the maximum
extent permitted by law, all liability and responsibility for any direct or indirect loss or damage which may be suffered
by any person (including because of fault or negligence or otherwise) through use or reliance on anything contained in
or omitted from this presentation. Other than as required by law and the ASX Listing Rules, Superior disclaims any duty

For more information: Peter Hwang Managing Director Tel: [phone]

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