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ASX Announcement ASX : SUP 1 November 2021 superiorlake.com.au SUPERIOR LAKE RESOURCES Quarterly Activities Report Three months ended 30 September 2021 Superior Lake Resources Limited ( ASX : SUP ) ( " Superior Lake " or the " Company " ) is pleased to provide its quarterly activities report for the quarter ended 30 September 2021 . Highlights or personal use only ப Superior Lake has entered into a binding agreement to acquire a 100 % interest in Bristol Springs Solar Pty Ltd , which is developing a 105MW solar farm located southeast of Perth in Western Australia ( " Project " ) ( " Acquisition " ) . The Acquisition is the first step towards the Company's transition into the green energy sector . The Project is well advanced , with studies completed , a cleared site , development application submitted for approval and Western Power Access Offer in place to enable grid access . Initial consideration for the Acquisition of the Project is 41.7M fully paid ordinary shares in Superior Lake , with an additional 25.5M fully paid ordinary shares to be issued as deferred consideration . The Company intends to conduct an A $ 8 million capital raising ( before costs ) to progress development of the Project , meet transaction costs , to facilitate the recommencement of trading of the Company's securities on ASX and for working capital . As the Company repositions itself with a focus on the green energy sector , the Company expects to align its capability accordingly , with a proposed name change and restructure of the board and management team . The Company's securities will remain suspended until after shareholder approval has been obtained and the Company recompiles with Chapters 1 and 2 of the ASX Listing Rules , which is expected to occur during 1Q 2022 . Transition into the Green Energy Sector with Bristol Springs Solar Acquisition Having completed the divestment of its Superior Lake Zinc Project to TSX Venture Exchange ( " TSXV " ) listed company Metallum Resources Inc. ( TSXV : MZN ) , earlier in 2021 , the Company commenced an exhaustive review of projects across a range of sectors . The Board felt the standout sector was green energy , as it provides the best long - term potential for the Company . The importance of the sector in Australia was recently highlighted by the Government committing to net zero carbon emissions by 2050 , joining more than 110 other countries around the globe to commit to this ambitious target . Full details of the Acquisition can be found under ASX Announcement dated 14 October 2021 . Superior Lake Resources Limited ACN 139 522 553 Emerald House 1202 Hay Street West Perth WA , 6005 T : +61 8 6117 0479 Page 1