Steam Engine Drilling Complete; Cockie Creek Resource Estimate Nears; $950K Raised

Steam Engine Gold Project Advances Toward Production

Superior Resources Limited has made significant strides in advancing its flagship Steam Engine Gold Project in northeast Queensland. The company completed its 2024 resource expansion drilling program, comprising 69 reverse-circulation holes totaling 5,282 metres, designed to extend mineralisation along the Steam Engine and Eastern Ridge lodes. Assay results from 31 holes were reported during the quarter, completing the 2024 assay program and confirming new zones of gold mineralisation at the northern ends of both lodes.

Notably, maiden drilling at the Windmill East prospect, located 2.5 kilometres south of the Eastern Ridge Lode, intersected high-grade gold lode mineralisation, including an 8-metre intersection grading 3.01 g/t Au with zinc and copper associations. This discovery highlights the prospect’s potential to contribute materially to the overall resource base.

Geophysical Insights and Resource Expansion Potential

Advanced 3D modelling of sub-audio magnetics (SAM) geophysical data revealed highly anomalous chargeability features consistent with previously unknown gold lodes, including a potential southern extension of the main Steam Engine Lode at shallow depths. These findings suggest a significant upside for resource expansion, with planning underway for priority drilling of these targets pending cultural heritage clearances.

The Steam Engine Mineral Resource Estimate (MRE) is currently being revised to incorporate the 2024 drilling results, with an updated estimate expected in the second quarter of 2025. The project’s scoping study indicates robust economics under both toll treatment and stand-alone processing scenarios, with pre-tax cash flows of approximately A$46 million and A$71 million respectively at a gold price of A$3,250 per ounce.

Bottletree Copper Prospect Receives Government Support

The Bottletree Copper Prospect, part of Superior’s Greenvale Project, was awarded a $300,000 Collaborative Exploration Initiative (CEI) grant by the Queensland Government to fund drilling of two deep diamond core holes targeting a modelled porphyry core. The grant’s completion timeframe has been extended to June 2025, allowing the company to plan drilling within the next two months, subject to weather and funding conditions. The 3D gravity and magnetic modelling conducted over Bottletree has identified two significant gravity anomalies interpreted as porphyry system features, with the second anomaly representing a new high-priority drill target.

Cockie Creek Porphyry Nears Maiden Resource Estimate

At the Cockie Creek Cu-Au-Mo Porphyry Prospect, the maiden JORC (2012) Mineral Resource Estimate is nearing completion, with assay results from seven diamond core holes confirming better-than-expected grades and thicknesses of mineralisation. The resource estimate is anticipated to be released during the second quarter of 2025, marking a key milestone for this historically underexplored prospect.

Hall’s Reward High-Grade Copper-Gold-Silver Prospect

Superior Resources also highlighted the Hall’s Reward prospect, a newly introduced high-grade Cu-Au-Ag target within the Greenvale Project. Historical mining and recent sampling indicate extensive mineralisation open at depth and along strike. Planned geochemical surveys and electromagnetic geophysical work aim to define drill targets to test the mineralised structures further.

Financial Position and Corporate Developments

To support its exploration and development activities, Superior completed a capital raise in April 2025, securing $950,000 through a placement of over 201 million shares and unlisted options. The company reported net cash outflows from operating and investing activities during the quarter but maintains cash reserves sufficient for approximately 1.5 quarters of funding. Payments to directors and related parties totaled approximately $114,000 during the period.

Superior’s in-house legal and commercial expertise is facilitating regulatory approvals and native title negotiations critical to advancing the Steam Engine project toward early production, targeted within two years. The company’s diversified portfolio and government-backed exploration initiatives position it well for continued growth in the Queensland mineral sector.