ANNUAL REPORT

2020

Corporate Directory

Directors

Peter Henry Hwang

Carlos Alberto Fernicola

Simon James Pooley

Corporate Secretary

Carlos Alberto Fernicola

Stock Exchange

ASX LIMITED

ASX Code: SPQ

Company

SUPERIOR RESOURCES LIMITED

ABN 72 112 844 407

Registered Office

Unit 8, 61 Holdsworth Street

COORPAROO QLD 4151

Principal Office

Unit 8, 61 Holdsworth Street

COORPAROO QLD 4151

Telephone: 07 3847 2887

Email: manager@superiorresources.com.au

Internet Address

www.superiorresources.com.au

Postal Address

PO Box 189

COORPAROO QLD 4151

Share Registry

LINK MARKET SERVICES LIMITED

Level 21, 10 Eagle Street

BRISBANE QLD 4000

Postal Address

Locked Bag A14

SYDNEY SOUTH NSW 1235

Telephone: 1300 554 474

Facsimile: 02 9287 0303

Email: registrars@linkmarketservices.com.au

Auditor

William Buck

Level 21, 307 Queen Street

BRISBANE QLD 4000

Telephone: 07 3229 5100

Facsimile: 07 3221 6027

ANNUAL REPORT

2020

Contents

Chairman's Review 2020

1

Strategy

2

Operations Report

3

Directors' Report

33

Auditor's Independence Declaration

45

Corporate Governance Statement

46

Financial Report

47

Directors' Declaration

77

Independent Auditor's Report

78

Shareholder Information

82

Tenement Schedule

84

Mineral Resources Statement

85

SUPERIOR RESOURCES LIMITED (ABN 72 112 844 407)

CHAIRMAN'S REVIEW

Chairman's Review 2020

Dear Fellow Shareholders,

On behalf of the Board of Directors, I take pleasure in presenting the Superior Resources Limited 2020 Annual Report.

The past 12 months has been a financially volatile and eventful year that has provided economic challenges and opportunities.

Achievements include the completion of an earn in and joint venture relationship with South 32 Group Operations Pty Ltd on the Nicholson Project and the resulting upgrade of several of the project's McArthur River-sizedzinc-lead targets.

In moving the Company forward, the board recognised the opportunity presented by the favourable gold market amid the international economic and pandemic situation and rapidly implemented a strategy to advance our Steam Engine Project. The strategy includes the revision of the existing Mineral Resource and commencement of both a scoping study and a resource drilling program.

The drilling program recently competed totalled 3,756 meters from 73 drill holes and delivered consistently outstanding gold intercepts. Strong results from the drilling confirmed a northern extension to the Steam Engine Lode which extended the gold mineralisation 150 metres northwards along strike and remains open. A second drilling program was launched on the back of the better than expected results of the first program.

Whilst we are very excited about the progress of the Steam Engine Project, we recognise the importance of our portfolio of quality Tier-1 projects, which include the large Bottletree Copper Project, the largely unexplored Big Mag sulphide nickel Project and our Nicholson and Victor zinc-lead-silver projects.

At Bottletree, we recognise the potential for the early discovery of a major copper deposit. Exploration drilling conducted in previous years returned nearly 300 metres of copper mineralisation with an average grade of 0.22% copper and an 18.7 metre high-grade zone averaging 1.12% copper. This significant interval of copper mineralisation coincides with a large IP chargeability anomaly that is at least one kilometre in length with increasing size at depth.

The Company continues to monitor base metal prices and cycles in order to take advantage of the opportunities available to maximise value for our shareholders.

I take this opportunity to sincerely thank all shareholders for their continued support and also the Company's staff and fellow Directors for their professionalism and dedication during the year.

Carlos Fernicola

Chairman

1

SUPERIOR RESOURCES LIMITED (ABN 72 112 844 407)

OPERATIONS REPORT

Strategy

  • TO DEVELOP:
    • Steam Engine Gold Deposit - Greenvale
      • Expedite to toll-treatment production
      • Realise full potential by intense programs of drilling of at least 3 kilometres of historically mapped outcropping gold lode
    • Wyandotte Copper Deposit - Greenvale
  • TO DISCOVER:
    • a large nickel sulphide deposit
    • a large Mount Isa Style lead-zinc-copper deposit
    • a large VMS / porphyry copper-gold deposit
  • A PROJECT PORTFOLIO TO MAXIMISE VALUE GROWTH POTENTIAL:
    • Tier 1 exploration projects - Nicholson / Victor
      • Drill-readytargets in Carpentaria Zinc Province
    • Inlier of Macquarie Arc - Greenvale
      • World-classporphyry copper-gold region
      • Remnant of NSW Ordovician porphyry belt (e.g. Cadia, N Parkes)
      • Underexplored
      • More than 10 significant targets
      • SPQ holds most of the Greenvale Ordovician terrane
    • Battery Metals - Future Focused
      • Nickel - Cobalt
      • 3 high impact projects
      • Globally growing markets
  • ENSURE EXPERIENCED, FOCUSSED BOARD AND MANAGEMENT
  • TO DELIVER VALUE GROWTH TO SHAREHOLDERS

2

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Superior Resources Limited published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 04:04:09 UTC