Private Placement Offer utilising the company’s Listing Rule 7.1 & 7.1A capacity to raise up to $1.0m, with the ability to take up over subscriptions at an issue price of $0.0046. The placement offer comes with 1 for 2 free attaching options exercisable at $0.009, expiring 2 years from the date of issuance. The issuance of the options will be subject to shareholder approval at an upcoming general meeting.

Superior Resources Limited (ASX:SPQ) is focused on unlocking significant value through its exploration assets in Northern Queensland, with a combination of near-term gold production at the Steam Engine Gold Project, and exposure to potentially large-scale copper, nickel, and uranium projects. SPQ's wider Greenvale Project represents the northern geological extension of the vastly prospective Macquarie Arc, which hosts Ordovician-aged porphyry and epithermal copper-gold orebodies like Cadia Valley and Northparkes.

Steam Engine is an advanced gold project, featuring a well-defined, open-pittable JORC-compliant Resource of 4.18Mt @ 1.5g/t Au for 196,000oz Au. The project remains significantly underexplored, with only 1.2km of an identified 10km mineralised trend drilled to date. Recent exploration results have confirmed the presence of new high-grade gold zones, supporting the project's strong growth potential. 

A September 2024 Scoping Study assessed two potential mining scenarios: toll treatment (low CAPEX, fast payback) and stand-alone processing (higher-scale, long-term production). The toll treatment model, at a gold price of A$3,500/oz (compared to the current A$4,800/oz), is expected to generate $67M in pre-tax cash flow with a CAPEX of just $6M, achieving a 1.3-year payback period. Meanwhile, the stand-alone processing model offers a larger-scale operation, delivering $71M to $104M in pre-tax cash flow, with an NPV7% (pre-tax) of $42M to $66M and a projected mine life of 4.6 to 4.9 years.

Significant growth and expansion opportunities exist at the project, particularly at the Eastern Ridge Lode, where high-grade gold mineralisation has been identified. Further drilling is expected to uncover additional lodes and extensions. A Feasibility Study is currently underway, with results expected to further enhance the project's economics and production timeline. Given the strong leverage to rising gold prices, Steam Engine presents a compelling near-term cash flow opportunity for investors.

Bottletree is shaping up to be a significant porphyry copper-gold discovery, with confirmed mineralisation over a 2.0km x 1.5km footprint. The project has demonstrated strong potential for multiple porphyry cores and wall-rock zones, with drilling returning 632m @ 0.21% Cu, including 224m @ 0.40% Cu, and higher-grade zones up to 2% Cu, 0.4g/t Au and 5.2% Mo.

Bottletree has been endorsed by the Queensland Government, securing a $300,000 CEI grant to support further exploration and drilling. The next phase of work will focus on deep drilling to test for high-grade core zones.

The historic Halls Reward Copper-Gold Mine is an underexplored brownfields opportunity with historic small-scale production of 12,800t @ 5g/t Au, 17% Cu, 23g/t Ag. Previous drilling recorded 4m @ 8.8% Cu (unassayed for gold), with no modern follow-up exploration​.