SUPERIOR GOLD REPORTS FIRST QUARTER 2023 RESULTS.

TORONTO: Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) (OTCQX: SUPGF) announces financial results for the first quarter of 2023 for the Company's 100%-owned Plutonic Gold Operations, located in Western Australia.

First Quarter Highlights

Production of 14,437 ounces of gold, with sales of 14,351 ounces of gold in Q1 2023.

Underground production tonnage mined of 234kt, exceeding the quarterly production rates over the last two years.

Leading underground key performance indicators continued to improve for the quarter relative to Q1 2022:

Development for the first quarter was 1,853m, exceeding Q1 2022 by 13%;

Production drilling for the first quarter was 41,371m, exceeding Q1 2022 by 7%; and

Stope grade of 2.41 g/t gold was 6% below Q1 2022, a result of stope sequencing

Announced the entering into of a unanimously Board approved arrangement agreement with Catalyst Metals Limited ("Catalyst") whereby Catalyst would acquire the common shares of the Company, representing a premium of 62% to the closing price of Superior shares on the day prior to the announcement (February 22, 2023). See news release dated May 16, 2023 for the merits of the transaction.

Secured a C$5 million standby loan financing with Auramet International during the quarter which was drawn down subsequent to the end of the quarter to improve short term liquidity and for transactional related costs.

All-in sustaining costs1 of $1,969 per ounce sold, a decrease of 6% compared to the fourth quarter of 2022 as the Company continues to focus on its operational improvement program initiated in third quarter of 2022.

1 For Non-IFRS Measures noted above and included elsewhere in this news release, refer to the Non-IFRS measures section of the Company's MD&A for a description of these measures. .

Chris Jordaan, President and CEO of Superior Gold stated: "The Company remained focused on improving its leading key performance indicators during the first quarter of 2023. Development and production drilling rates remain on a positive trajectory since we ceased open pit operations in order to re-focus on the underground.

Importantly, drilled stocks increased by approximately five-fold to 95,466t compared to the end of Q4 2022. Development and production drilling rates along with improved stock inventories were delivered to plan and were much improved over 2022 levels. In addition, these initiatives have led to improving underground production from 11,923 ounces in Q4 2022...