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Technical Report (Amended) Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc

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Technical Report (Amended) Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc AMC Consultants Pty Ltd ABN 58 008 129 164 — Level 21, 179 Turbot Street BRISBANE QLD 4000 AUSTRALIA — T +61 7 3230 9000 F +61 7 3230 9090 E [email protected] W amcconsultants.com Technical Report (Amended) Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc. Plutonic Gold Mine, Western Australia, Australia In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators Qualified Persons: R. Carlson, MAIG (RPGeo Mining and Exploration), MAusIMM, BSc(Geology), MSc(Ore Deposit Geology) D. Kahler, FAusIMM (Chartered Professional), BEng (Mining), Registered Professional Engineer of Queensland G. Williamson, MAusIMM (Chartered Professional), BEng (Mining), Registered Professional Engineer of Queensland AMC Project 316042 Effective date 30 September 2016 Adviser of choice to the world’s minerals industry Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc. 316042 1 Summary Billabong Gold Pty Ltd (Billabong), an Australian corporation, owned 100% by Superior Gold Inc., acquired the Plutonic Gold Operations (the Property) from Northern Star Resources Limited (Northern Star) on 12 October 2016. The purpose of this report is to present Mineral Resources1 and Mineral Reserves2 for the Property, Western Australia, for public disclosure. The effective date of this report is 30 September 2016. The report has been compiled by the Qualified Persons3 employed by AMC Consultants Pty Ltd (AMC) for Billabong. Plutonic Gold Mine currently produces gold from a large underground operation through a traditional crushing, grinding, and carbon-in-leach (CIL) circuit. Historically, numerous open pits were mined at Plutonic Gold Mine between 1990 and 2005. Underground mining at Plutonic Gold Mine commenced in 1997. Mining is currently conducted from nine underground geological domain zones at an average rate of approximately 0.8 million tonnes per annum (Mtpa). The Hermes Open Pit project, which lies approximately 60 km south-west of Plutonic Gold Mine, is included in the mine plan for surface resources. Mineral Resources as of 30 September 2016 are summarized in Table 1.1. Mineral Resources are inclusive of those resources converted to Mineral Reserves as presented in this document. Mineral Reserves as of 30 September 2016 are summarized in Table 1.2. 1 As defined by CIM Definition Standards. CIM Standing Committee on Reserve Definitions 2014, CIM Definition Standards - For Mineral Resources and Mineral Reserves, adopted by CIM Council on 10 May 2014, 9 pp., available <http://web.cim.org/standards/menupage.cfm? sections=177&menu=178>, viewed 27 December 2016. As required by NI 43-101. 2 As defined by CIM Definition Standards, as required by NI 43-101. 3 As defined by National Instrument (NI) 43-101. British Columbia Securities Commission, National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), effective June 2011, 20 pp., available <https://www.bcsc.bc.ca/Securities_Law/Policies/Policy4/43- 101_Standards_of_Disclosure_for_Mineral_Projects__NI_>, viewed 30 September 2016. amcconsultants.com ii Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc. 316042 Table 1.1 Summary of Plutonic Gold Operations Mineral Resources as of 30 September 2016 Measured Indicated Measured+Indicated Inferred Category Tonnes Gold grade Contained Tonnes Gold grade Contained Tonnes Gold grade Contained Tonnes Gold grade Contained (000’s) (Au g/t) gold (koz) (000’s) (Au g/t) gold (koz) (000’s) (Au g/t) gold (koz) (000’s) (Au g/t) gold (koz) Hermes – – – 3,700 2.2 260 3,700 2.2 260 610 2.5 49 Plutonic Gold Mine – – – 3,500 5.5 620 3,500 5.5 620 5,200 4.4 750 Stockpiles 2 2.3 0.1 330 0.6 6.4 330 0.6 6.5 – – – 30 September 2016 total 2 2.3 0.1 7,500 3.7 890 7,500 3.7 890 5,800 4.2 800 Notes: 1. Mineral Resources are quoted inclusive of those Mineral Resources converted to Mineral Reserves. 2. The reporting standard adopted for the reporting of the Mineral Resource estimate uses the terminology, definitions, and guidelines given in the CIM Definition Standards (May 2014) as required by NI 43-1014. 3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive subtotals, totals, and weighted averages and all have been rounded. 4. Mineral Resources are estimated for Hermes at a cut-off grade of 1.00 g/t Au and reported within an optimized pit. 5. Mineral Resources are estimated at a cut-off grade from 2.45 g/t Au to 3.26 g/t Au, for the Plutonic Gold Mine depending on the resource area. 6. Mineral Resources are estimated using an average gold price of US$1,258 per ounce (using A$:US$ of 0.74). Table 1.2 Summary of Plutonic Gold Operations Mineral Reserves as of 30 September 2016 Proven Probable Total Reserves Category Gold grade Contained gold Tonnes Gold grade Contained gold Tonnes Gold grade Contained gold Tonnes (000’s) (Au g/t) (koz) (000’s) (Au g/t) (koz) (000’s) (Au g/t) (koz) Hermes – – – 1,570 2.0 101 1,570 2.0 101 Plutonic Gold Mine – – – 550 4.6 82 550 4.6 82 Stockpiles 2 2.3 0.1 330 0.6 6 330 0.6 6 30 September 2016 total 2 2.3 0.1 2,450 2.4 189 2,450 2.4 189 Notes: 1. Mineral Reserves for Hermes are estimated at a cut-off grade of 0.63 g/t Au. 2. Mineral Reserves for Plutonic Gold Mine are estimated at a cut-off grade of 2 g/t Au. 3. Mineral Reserve economics are estimated using an average long-term gold price of US$1,250 per ounce in 2017, and US$1,300 post-2017 for the Plutonic Gold Mine. Hermes optimization was conducted using metal prices of US$1,110 per oz gold. The pit shell used as the basis for final design metal prices of US$943.50 per oz gold. 4. Bulk density estimated as 2.9 t/m3. 5. All figures are rounded and use significant figures. Subtotals, totals, and weighted averages are calculated from quantities before rounding and significant figures. 4 British Columbia Securities Commission, National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), effective June 2011, 20 pp., available <https://www.bcsc.bc.ca/Securities_Law/Policies/Policy4/43-101_Standards_of_Disclosure_for_Mineral_Projects__NI_>, viewed 30 September 2016. amcconsultants.com iii Plutonic Gold Mine Mineral Resources and Mineral Reserves Superior Gold Inc. 316042 Technical summary Property description and location Plutonic Gold Mine is located at latitude 26° 15’ south, longitude 119° 36’ east in the Peak Hill Mineral Field of the eastern Gascoyne Region of central Western Australia. It lies 175 km north-east of the township of Meekatharra and 800 km north-east of Perth. The mine is located approximately 10 km east of the Great Northern Highway. An airstrip is adjacent to the site and is a 2,000 m long runway. From Perth, the flight time is approximately one-and-a-half to two hours. Plutonic Gold Mine is isolated from major towns and cities and operates on a self-sufficient basis with material and goods shipped in via the Great Northern Highway. Mine personnel work on a fly-in-fly-out basis out of Perth. A number of aboriginal settlements are located nearby. Land tenure The total Property area encompasses 72 tenements divided into three groups namely Plutonic Gold Mine, Hermes, and Bryah Basin Joint Venture (JV). The project area extends over 60 km, with two centres; one around the Plutonic Gold Mine in the north-east, and one at the Hermes project in the south-west. The Plutonic Gold Mine group includes 36 granted exploration, mining, and miscellaneous tenements covering approximately 357 km2 (excluding miscellaneous licence areas). The Hermes project comprises 10 granted tenements (and 3 tenements pending application) with a total granted area excluding miscellaneous licences of approximately 70 km2. The Bryah Basin JV tenement group comprises 26 granted exploration, mining, or miscellaneous tenements with a farm-in area of approximately 370 km2; however, of the total Bryah Basin tenement holdings, only 216.6 km2 is held under the joint venture agreement designated area. The total exploration and mining tenure held by or as part of a joint venture earn-in is approximately 644 km2 or 64,374 hectares. Billabong currently holds beneficial title in the Plutonic Gold Mine and Hermes tenements and the pastoral leases. However, legal title currently remains in the name of Northern Star until the valuation and stamping process (in respect of the tenements) and ministerial consent (in respect of the pastoral leases) has been obtained, in each case as discussed further above. Once these approvals are obtained and processes have been cleared, legal title will be registered in the name of Billabong. The Bryah Basin JV tenements are currently held in majority part or in full by Alchemy Resources Limited (ALY) (or 100% owned subsidiaries). Billabong is able to earn an 80% (or 70% for Jackson Minerals Ltd tenements) equity interest upon expending A$1.2 million. Royalties Royalties are payable in the following circumstances: Property tenements (Plutonic Gold Mine, Hermes, and Bryah Basin): — Western Australian State Government: 2.5% of all gold metal production above 2,500 oz Au in each year. The royalty value of gold metal produced is calculated for each month in the relevant quarter by multiplying the total gold metal produced during that month by the average of the gold spot prices for that month.
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