With the price of gold....will be the right time....DRILLING...

With the price of gold....will be the right time....

DRILLING COMMENCED ON PHASE 2 PROGRAM AT STEAM ENGINE GOLD PROJECT

HIGHLIGHTS:

• Phase 2 RC drilling program has commenced at Steam Engine with objective to expand open- pittable Resources by:

  o following up new gold shoot discoveries from recently completed Phase 1 Program at northern end of Steam Engine and Eastern Ridge lodes

  o testingSAMgeophysicaltargetsatsouthernendofEasternRidgeLode

  o conductingmaidendrilltestingofWindmillEastlode

• Stage 2 comprises 40 RC holes for a total of approximately 3,000 metres of drilling

• Resource expansion drilling being conducted in parallel with Feasibility Study to optimise study outcomes, minimise development risk and accelerate timeline to production. Scoping Study outcomes indicate substantial financial upsides with additional gold Resources

• Recently completed Scoping Study indicates robust cases for both low CAPEX Toll Treatment and higher CAPEX Stand-Alone Plant processing options with pre-tax overall cash flows of approximately $46M (Toll Treatment) and approximately $71M (Stand-Alone Processing), based on a gold price of A$3,2501

• Feasibility Study work progressing, including ore beneficiation testing program, waste rock geochemical assessments and environmental studies

• Compelling Resource upside potential: current Mineral Resource calculated only to shallow vertical depths averaging 90m at Steam Engine Lode and 35m at Eastern Ridge Lode. Resource calculated along 1.2 kms of lode strike – at least 10 kms of additional untested lode potential identified by anomalous soil geochemistry and outcropping lode

  Superior’s Managing Director, Peter Hwang commented: “We are excited about starting the Phase 2 program which is targeting some of our most-anticipated high priority targets at the Project with each of the areas investigated being new ground.

  “With the spot price of gold breaking all-time highs yet again and with global economic forecasts indicating a maintenance of that trend into the future, Steam Engine is on a strong pathway to unlock value in the extraordinary package of porphyry copper and nickel-PGE sulphide projects at Greenvale. With the large number of Tier 1-potential systems at Greenvale, an acceleration of exploration activity is necessary and we are fortunate to have an untapped gold development project sitting at the contact zone between the two mineral provinces.

  “We look forward to updating the market as the drilling and Feasibility Study programs progress.”