SUPERIOR GOLD RESPONDS TO ANNOUNCEMENT BY CATALYST METALS

TORONTO, Jan. 9, 2023 /CNW/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) (OTCQX: SUPGF) is aware that Catalyst Metals Ltd. ("Catalyst") (ASX: CYL) has today issued an announcement which states, among other things, that it is in ongoing commercial discussions with Superior Gold.

Superior Gold confirms that it is currently engaged in ongoing talks with Catalyst in respect of a potential transaction, the terms of which are still under discussion. No agreement has been reached and there can be no assurance that any transaction will result from these discussions, and even if a transaction is agreed upon, there can be no assurances as to its terms, structure or timing.

The Company does not intend to make any additional comments regarding these discussions or any potential transaction unless and until a formal agreement has been reached or Superior Gold's board of directors has approved a definitive course of action.

About Superior Gold

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold mine and central mill, the Hermes open pit gold project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.

Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology.

Forward-looking information include estimates, plans, expectations, opinions, projections, targets, guidance or other statements that are not statements of fact. The forward-looking information contained in this press release are based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs and views of future events which management believes to be reasonable in the circumstances. Forward-looking information is subject to known and unknown risks and uncertainties, including risks and uncertainties which could cause actual events or results to differ materially from those described in any forward-looking information. Any forward-looking information contained herein speaks only as of the date on which it is given and, except as required by law, Superior Gold does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Superior Gold

Superior Gold Inc., Mike McAllister, CPIR, Vice President Investor Relations, [email protected], Tel: [phone]