Superior Resources Secures $800,000 in Capital Raise for 2025 Exploration

Highlights:

• Superior Resources Limited (ASX: SPQ) raised $800,000 through a share placement to fund its 2025 exploration programs.
• At the time of writing, the placement issued 173.9 million shares at $0.0046 per share, with one option for every two shares, exercisable at $0.009 until April 10, 2027.
• Funds will support the Steam Engine Feasibility Study, ore reserve establishment, and exploration drilling at key project sites.

Strong Investor Backing for Expansion

Superior Resources Limited (ASX: SPQ) has successfully raised $800,000 through a share placement, securing firm commitments from investors to support its 2025 exploration programs. At the time of writing, the company issued 173,913,043 fully paid ordinary shares at $0.0046 per share, along with one attaching option for every two shares, carrying an exercise price of $0.009 and an expiry date of April 10,

2027.

Capital Raise Details

The placement was well received, attracting participation from high-net-worth and institutional investors, aligning with SPQ’s strategy to increase institutional presence on its share register. The raise utilized the company’s existing placement capacity under ASX Listing Rule 7.1A for 168,478,261 shares and ASX Listing Rule 7.1 for 84,239,130 unlisted options, without requiring shareholder approval.

SPQ's Managing Director committed $25,000 to the placement, subject to shareholder approval. The

shares and options are expected to be issued by April 10, 2025, once funds are received. The issue price reflects a 23% discount to the last closing price and a 25% discount to the 15-day VWAP.

Fund Utilization and Future Outlook

Proceeds from the placement will be used to:

Advance the Steam Engine Feasibility Study and approvals.
 

• Establish a Maiden Ore Reserve for Steam Engine.
   
• Remodel the Steam Engine Mineral Resource Estimate with 2024 drill results.
   
• Finalize ore haulage contracts and toll treatment agreements.
   
• Conduct exploration drilling at Steam Engine and Bottletree Copper.
   
• Support general working capital and placement costs.

GBA Capital acted as the Lead Manager, earning a 6% cash fee on the funds raised. With trading expected to resume immediately, SPQ is poised to advance its exploration projects.

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