SUPERIOR GOLD REPORTS FOURTH QUARTER AND FULL-YEAR 2022 PRODUCTION AND PROVIDES 2023 GUIDANCE

ACHIEVES 2022 REVISED GUIDANCE

(In US Dollars unless otherwise stated)

TORONTO, Jan. 25, 2023 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or the "Company") SGI SUPGF announces detailed production results for the fourth quarter and full year 2022 and provides 2023 guidance for the Company's 100%-owned Plutonic Gold operations, located in Western Australia.

Fourth Quarter Highlights:

• Production of 14,448 ounces of gold, with sales of 14,794 ounces of gold
• Open-pit mining was suspended in October 2022 due to operational underperformance, with the Company's focus reverting to the higher-grade underground mine
• Batch milling program commenced in November 2022 to reduce processing costs going forward
• Leading underground key performance indicators improving throughout the quarter:
• Development rates increased 33% and 22% over Q2 and Q3 respectively, with December being the strongest month of the year at 714 metres advanced
• Production drilling rates increased by 15% and 30% increases over Q2 and Q3 respectively, with December being the strongest month of the year with 20,000 metres
• Stock inventories improved with developed stocks increasing 120% to 225 kt, drilled stocks increasing 150% to 20 kt and blasted stocks increasing 125% to 18.5 kt subsequent to the end of Q3
• Stope grade of 2.4 g/t gold, 8% below the prior quarter as the Company rebuilt development, with the target of achieving 3.0 g/t in H2 2023
• Completed a A$10 million gold loan financing with Auramet International

Full Year Highlights: