Overview of Superior Resources' rights issue results

Superior Resources Limited (ASX:SPQ) has successfully closed its non-renounceable rights issue, raising approximately $1.18m. The rights issue, which was announced on 1 August 2024, closed oversubscribed, reflecting strong support from existing shareholders. The funds raised will be utilized to complete the Steam Engine Resource drill program, conduct resource extension exploration drilling, and for general working capital.

Executive commentary on the rights issue results

We are very pleased with the overwhelmingly strong support received from our existing shareholders, especially considering the severely depressed market and economic conditions that we are working with. This is clearly a strong endorsement of our sector-leading portfolio of tier 1-potential projects and our strategy to also realize revenue from the high-quality Steam Engine Gold Project, which itself, demonstrates significant size potential. We now look forward to drilling the high priority Steam Engine SAM targets and the much-anticipated CEI holes at Bottletree. On behalf of the Board, I would like to thank all our shareholders for their continued support as we commence the most exciting pipeline of drilling campaigns at the Greenvale Project.

Summary of Superior Resources' rights issue and outlook

Superior Resources Limited (ASX:SPQ) has successfully closed an oversubscribed non-renounceable rights issue, raising approximately $1.18m. The strong support from existing shareholders reflects confidence in the company's sector-leading portfolio of tier 1-potential projects and its strategy to realize revenue from the high-quality Steam Engine Gold Project. The funds raised will be used to complete the Steam Engine Resource drill program, conduct resource extension exploration drilling, and for general working capital. The company's focus on multiple tier 1-equivalent exploration targets and its dominant position within the Carpentaria Zinc Province in NW Qld and Ordovician rock belts in NE Qld position it for potential value growth. Shareholders' support sets the stage for an exciting pipeline of drilling campaigns at the Greenvale Project.