S2 RESOURCES LTD — AGM Information 2018

Nov 12, 2018

Annual General Meeting 2018

Activities update

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Competent person and forward looking statement

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This presentation does not constitute financial product advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

Certain statements contained in this presentation, including information as to the future financial or operating performance of S2 Resources Ltd (S2) and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by S2, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, ore reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. S2 disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and other similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forwardlooking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

The information in this presentation that relates to Exploration Results is based on information compiled by Mr John Bartlett (for Australia and USA), Mr Andy Thompson (for Scandinavia) and Mr Anthony Goddard (for USA) who are employees and shareholders of the Company and which fairly represents this information. Mr Bartlett and Mr Thompson are members of the Australasian Institute of Mining and Metallurgy, and Mr Goddard is a member of the Australian Institute of Geoscientists and a Registered Professional Geoscientist (RPGeo). Mr Bartlett, Mr Thompson and Mr Goddard have sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartlett, Mr Thompson and Mr Goddard consent to the inclusion in this presentation of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures. Reverse circulation (RC), aircore (AC) and rotary air blast (RAB) drilling samples are collected as composite samples of 4 or 2 metres and as 1 metre splits (stated in results). Mineralised intersections derived from composite samples are subsequently re-split to 1 metre samples to better define grade distribution. Core samples are taken as half NQ core or quarter HQ core and sampled to geological boundaries where appropriate. The quality of RC drilling samples is optimised by the use of riffle and/or cone splitters, dust collectors, logging of various criteria designed to record sample size, recovery and contamination, and use of field duplicates to measure sample representivity. For soil samples, PGM and gold assays are based on an aqua regia digest with Inductively Coupled Plasma (ICP) finish and base metal assays may be based on aqua regia or four acid digest with inductively coupled plasma optical emission spectrometry (ICPOES) or atomic absorption spectrometry (AAS) finish. In the case of reconnaissance RAB, AC, RC or rock chip samples, PGM and gold assays are based on lead or nickel sulphide collection fire assay digests with an ICP finish, base metal assays are based on a four acid digest and inductively coupled plasma optical emission spectrometry (ICPOES) and atomic absorption spectrometry (AAS) finish, and where appropriate, oxide metal elements such as Fe, Ti and Cr are based on a lithium borate fusion digest and X-ray fluorescence (XRF) finish. In the case of strongly mineralised samples, base metal assays are based on a special high precision four acid digest (a four acid digest using a larger volume of material) and an AAS finish using a dedicated calibration considered more accurate for higher concentrations. Sample preparation and analysis is undertaken at Minanalytical, Genalysis Intertek, and Bureau Veritas’ laboratories in Perth and Kalgoorlie, Western Australia, ALS laboratories in Loughrea, Ireland, and Bureau Veritas’ laboratory in Elko, Nevada. The quality of analytical results is monitored by the use of internal laboratory procedures and standards together with certified standards, duplicates and blanks and statistical analysis where appropriate to ensure that results are representative and within acceptable ranges of accuracy and precision. Where quoted, nickel-copper intersections are based on a minimum threshold grade of 0.25% Ni and/or Cu, and gold intersections are based on a minimum gold threshold grade of 0.1g/t Au unless otherwise stated. Intersections are length and density weighted where appropriate as per standard industry practice. In Australia, all sample and drill hole co-ordinates are based on the GDA/MGA grid and datum unless otherwise stated. In Finland, all sample and drill hole co-ordinates are based on the ETRS-TM35FIN grid and datum unless otherwise stated. In Sweden, all sample and drill hole co-ordinates are based on the new SWEREF99TM and older RT-90 grids and datums unless otherwise stated. Exploration results obtained by other companies and quoted by S2 have not necessarily been obtained using the same methods or subjected to the same QAQC protocols. These results may not have been independently verified because original samples and/or data may no longer be available.

The information in this presentation that relates to Mineral Resource estimation is based on information compiled by Mr Brian Wolfe, Principal Consultant Geologist – IRS Pty Ltd and Mr Andy Thompson, an employee and shareholder of the Company. Mr Wolfe and Mr Thompson are members of the Australasian Institute of Mining and Metallurgy and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Wolfe and Mr Thompson consent to the inclusion in this presentation of the matters based on their information in the form and context in which they appear.

In summary…

Our aim is to create and maximise value for shareholders by discovering and identifying early stage entry opportunities for major mineral deposits

By identifying and acquiring highly prospective and under-explored properties

By having a strong treasury with sufficient cash to explore effectively

By maintaining a tight capital structure through minimising/optimising equity raisings, monetising non-core assets (eg, Polar Bear), and making selective and judicious investments (eg, GT Gold)

By having an aligned and designed shareholder base to provide consistency & support

By being able to explore strategically and systematically over the timeframe required

By retaining a highly competent technical and corporate team (the original Sirius team) to steer and execute this

By persisting, and being prepared to go where necessary

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In summary…

Cash and investments total A$19.2 million*, comprising A$13.3 million cash & A$5.9 million liquid investments

Top 20 shareholders include employees, Australian and international institutional investors, high net worth individuals and Mark Creasy

Drilling for giant Carlin-style gold deposits at Ecru in Nevada:

• In elephant country (Barrick’s Cortez operations ~50Moz gold endowment)

• Recently extended mineral rights via sublease from Newmont

• Initial recon/stratigraphic drilling underway until Christmas

New lode gold and magmatic nickel-copper-cobalt-PGE targets in northern Finland:

• In elephant country (Agnico Eagle’s Kittila gold mine, Anglo American’s Sakatti nickel-copper-cobalt-PGE deposit)

• Major reconnaissance ionic leach geochemical survey identified numerous gold and base metal anomalies to be BOT drilled this winter

• Large VTEM survey identified EM conductors to be ground EM’d this winter

Drilling of nickel sulphide prospects at Polar Bear scheduled for Jan/Feb 2019

• To follow up previous nickel sulphide intercepts at Taipan/Taipan North

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* Includes cash at bank plus value of investments in listed companies at end September 2018

Corporate / commercial

Experienced board with wide skill base and strong track record of creating value

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Jeff Dowling Non-executive Chairman

• 40 year career in financial sector as an accountant and former managing partner with Ernst & Young, WA

• Extensive experience in corporate finance and transactions, and company management

• Former director of Atlas Iron, NRW, current director of Fleetwood, Battery Minerals

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• Founding managing director and CEO of Sirius Resources and S2 Resources, and PhD qualified geologist

Mark Bennett Managing Director & Chief Executive Officer

• Two-time winner of the “Prospector of the Year” award – for discovery of Thunderbox, Waterloo & Nova-Bollinger

• Experienced in equity capital markets, former director of IGO, and 2014 Mines & Money “Legend in Mining”

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• Chartered accountant with BSc in Mathematics

Anna Neuling Executive Director & Company Secretary

• Former executive director – corporate & commercial, and company secretary of Sirius

• Former auditor with Deloitte, London and Perth

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Grey Egerton-Warburton Non-executive Director

• Corporate financier and lawyer with extensive experience in equity capital markets, M&A transactions

• Former head of corporate finance at resources-focussed stockbroker Hartleys Ltd, & former corporate advisor to Sirius

• Involved in >$2 billion of capital raisings plus numerous M&A transactions

12	month share price chart	Shares on issue	247.9m
		Options on issue(average exercise price A$0.35)	52.2m
		Cash + investments*	A$19.2m
		Debt	Nil
		Market capitalisation(at A$0.105 per share)	A$26m
		Enterprise value	A$6.8m
		Top twenty shareholders	63.5%

Shareholder groups

* Includes cash at bank plus value of investments in listed companies at end September 2018

Ecru, Nevada

Why Nevada?

3D model showing position of drill targets Endowment

Demonstrably elephant country – numerous >10Moz gold deposits

Exploration opportunity

Surprisingly under-explored for such a major gold producing region

Accessibility

Exploration friendly infrastructure, topography and climate (counter-seasonal to Finland)

Permitting

Best jurisdiction in USA, being further streamlined by new legislation

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Location of next slide
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Talent pool

Established mining know-how and labour force S2’s first hole underway

Tax regime

Best in USA (which is why the Tesla giga-factory is near Reno)

Geopolitical risk

Ranks 3[rd] globally in Fraser Institute investment attractiveness index (behind Finland and ahead of Western Australia)

Why Ecru?

Ecru is located in the heart of elephant country – adjacent to Barrick’s Cortez district 3D model showing position of drill targets landholdngs which contain ~50Moz gold

Barrick’s recent Fourmile discovery reaffirms the potential and the opportunity in this district, comprising thick, extensive, high grade gold mineralization*

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Hilltop
Ecru
Robertson
Pipeline
S2’s first hole underway
Horse Canyon
Cortez Hills
Goldrush &
Fourmile
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• Images on right hand side reproduced from Barrick Gold Corporation’s Second Quarter Results presentation, 26[th] July 2018

Ecru: elephant country

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Robertson Approximate location
of S2’s Ecru project
Trace of Abyss thrust
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Goldrush (~10Moz)

Ecru: gravity survey

Detailed gravity survey defines highs, lows and breaks

Highs could be intrusions, upthrown blocks of prospective hostrock (limestones), or areas of shallower cover

Lows could be areas of hydrothermal alteration (decalcification of prospective limestones), recent volcanics, or areas of deeper cover Breaks could be faults, including those responsible for the injection of gold bearing fluids into the host limestones

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Ecru: AMT survey

Detailed AMT survey defines broad, highly conductive zone measuring 2 kilometres across Could be conductive stratigraphy (carbonaceous or graphitic shale) in upper plate clastic rocks (the less prospective “caprocks” thrust over the more prospective lower plate limestones) Could be a broad zone of carbonaceous alteration associated with a Carlin-style alteration and mineralization system

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Ecru: Combined gravity and AMT

Combined gravity and AMT responses define distinct domains that may represent distinct zones of stratigraphy and/or alteration associated with mineralization

Two initial deep reconnaissance holes are

designed to test:

• A highly conductive and dense zone

• A highly conductive non-dense zone

• The thickness and nature of upper plate

“caprocks”

• Depth to, and presence of prospective

lower plate limestone units

• Signs of and distribution of alteration

within the upper and lower plate rocks, and in/around any faults

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Ecru: drilling in progress

First two S2 stratigraphic diamond drillholes (NECD0001 & 0002) underway, testing main AMT anomaly Three historic holes drilled on the northern fringe of the S2 AMT anomaly (see next slide)

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Ecru: drilling in progress

The three historic holes drilled on the northern fringe of the AMT anomaly intersected anomalous levels of gold

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Finland

Central Lapland Greenstone Belt: the opportunity

Good known endowment

Proven endowment of significant gold and nickel-copper deposits, namely Agnico Eagle’s 8Moz Kittila gold mine and Anglo American’s Sakatti nickel-copper deposit (44.4Mt @ 1.9% Cu, 0.96% Ni, 0.04% Co, 1.46g/t Pt+Pd+Au)

Limited effective exploration

“Drilling-lite” compared to most prospective districts elsewhere in the world

A consequence of terrain (thick forest, swamps), climate (long winters, short summers), and absence of deep weathering (no oxide zone - not suited to Australian-style RAB/AC blitz drilling)

High potential endowment

The combination of good proven endowment and limited effective exploration creates high potential endowment

Good government databases

Comprehensive country-wide geophysical and geochemical datasets, albeit on a wide spacing

(although lack of an accessible online open file system for previous exploration work is inhibitive)

Less competition

Fewer competitors than most well endowed/underexplored regions

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Examples of known and potential endowment

Gold potential : all well explored (mature) gold belts show a similar number and size distribution of gold deposits

Magmatic copper-nickel-PGM potential : Kevitsa mine (Boliden) and now the large Sakatti discovery (Anglo American):

Abitibi: 39 deposits, 83.6moz Norseman-Wiluna: 44 deposits, 74.7moz

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Central Lapland: 13 deposits, 9.1moz So where is the missing gold of the Lapland greenstone belt? ???

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Image and table reproduced from Anglo American’s presentation at the Fennoscandia Exploration and Mining conference, Levi, Finland, November 2017

Examples of government data

The Finnish Geological Survey (GTK) has compiled excellent datasets* for exploration

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25 kilometres
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Regional gravity image showing extent of greenstone belt and major intra-greenstone density domains and structures

Regional till geochemistry (colour) showing gold anomalism, draped over regional aeromagnetic image (greyscale) showing finer detail of stratigraphy and structure

*Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Central Lapland Greenstone Belt: the big question…

If the CLGB is so well endowed why aren’t there more mines?

Various factors have to date impeded area selection, have limited efficient and focussed exploration, and have lessened the chance of success The challenge is to find a way of narrowing the search focus from district scale to drill target scale at a sensible cost in time and money

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Extensive Not amenable to Can’t focus using
transported conventional conventional
cover geochemistry geochemistry
No oxide zone with
bigger footprint or
Absence of deep
signature
weathering
Not amenable to
So…. So-called cover
RAB/AC drilling Can’t focus using
at a district penetrating
techniques recon RAB/AC
scale, aside partial leach
drilling
High ground from mags, geochemical
holding cost of gravity and black magic?
EL’s AEM what
Early grant for can be used?
recon RAB/AC not
a viable option
Not easy to drill
before grant of
EL’s
Ionic leach
works: YES!
No transparent or
Lack of modern Can’t focus by
accessible record
open file system data mining
of previous work
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As a means of being able to make this leap, S2 successfully trialled ionic leach geochemistry and has now successfully implemented it This will enable better ground prioritization & rationalization, greater focus, lower cost, increased efficiency, and (hopefully) greater success

2018 ionic leach geochemical program on S2’s CLGB tenure

S2 commited to a district scale ionic leach survey following successful orientation trials in 2017 8 kilometres

At 15,000 samples, this is probably one of the largest ionic leach surveys ever conducted

Sampling was completed in late September and all results by late October

The survey has successfully defined numerous distinct gold and base metal anomalies

This is a vital step in enabling S2 to identify priority areas within its extensive CLGB land holding

This is now enabling tenure rationalization, ground holding cost savings, and focusing of the next stage of exploration (base of till drilling or equivalent) to define specific drill targets – increasing technical, cost and time effectiveness - and the overall chance of success

Together with the recently completed VTEM survey, will also assist S2’s magmatic nickelcopper search in the CLGB

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50 kilometres
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2018 ionic leach survey defines new gold corridors at Paana

At Paana, ionic leach has defined two distinct gold trends with several discrete “hotspots”, within a broader belt of arsenic anomalism

The anomalies are based on numerous samples and are spatially coherent, suggesting this is a real overburden-penetrating bedrock signal

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Gold
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Arsenic
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2018 ionic leach survey defines new gold corridors at Paana

These anomalies coincide with magnetic breaks or gravity gradients, suggesting the structural control necessary for lode gold mineralization This provides a means of prioritizing “live” from structures the many magnetic/gravity structures that are otherwise potential red herrings

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Home

Ionic leach geochemical sampling has defined a 4 kilometer long linear gold anomaly on the Home licence The central part of this trend is concealed by bog and therefore not sampled An obvious place for follow up BOT drilling to verify its source

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Putaanpera/Kerjonen

Ionic leach geochemical sampling has defined a 3 kilometer long linear gold anomaly on the Putaanpera / Kerjonen licence, coincident with the trend of the Sirkka shear zone

The eastern end of this trend is concealed by bog and therefore not sampled, so it may extend further east

An obvious place for follow up BOT drilling to verify its source

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Ruopas: searching for the next Sakatti-style deposit

The CLGB is highly prospective for magmatic copper-nickel-PGM mineralization, as evidenced by Boliden’s Kevitsa mine and Anglo American’s Sakatti deposit, located further to the east in the same belt

S2’s “Ruopas” licence covers a 25km long zone containing coincident copper and palladium anomalism defined in the GTK’s (Geological Survey of Finland’s) glacial till sampling database*

It also contains a significant large scale gravity anomaly and smaller scale discrete magnetic anomalies

This is a district scale magmatic sulphide exploration target

A 900 line kilometer VTEM survey has identified numerous EM anomalies, which will be verified by ground EM over the winter

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Gravity over
magnetics
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*Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Ruopas: searching for the next Sakatti-style deposit

Ionic leach geochemical soil sampling coverage of the Ruopas licence highlights a number of coincident nickel-copper anomalies. Most of these are also cobalt and palladium anomalies. Coincident Ni-Cu-CoPd anomalism is a signature of magmatic sulphide mineralization

*Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Ruopas: searching for the next Sakatti-style deposit

Channel 20 of the VEM survey highlights numerous EM anomalies. Many of these are strongly conductive, persisting into late time channels (channel 40). At this scale, any single point EM anomaly could be an expression of significant massive sulphide mineralization

*Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Next

Ecru, Nevada:

Two rigs drilling initial deep reconnaissance holes to assess stratigraphy, likely depth to target, and source and significance of gravity and AMT anomalies – ongoing until mid-December, assays expected Jan/Feb 2019

Finland:

Base of till (BOT) drilling to tighten up large soil anomalies - starts Jan 2019 and continues over winter

Ground EM to verify and finesse VTEM anomalies – ongoing over winter

Other:

Additional exploration and investment opportunities being continually assessed

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Table of intercepts, Ecru

Annexure 1

The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results.

Hole ID	Depth	North	East	RL	Dip	Azimuth	From (m)	To (m)	Interval (m)	Gold (g/t)
BIC-1	528.83	4467511	530234	1545	-90	000	NSI
VIT-07-01	573.02	4467313	528376	1607.8	-75.0	230	61.57	88.39	26.82	0.25
			and				173.58	190.5	16.92	1.3
			and				196.6	199.64	3.05	0.16
			and				286.51	288.04	1.52	2.67
			and				298.7	301.75	3.05	5.46
			and				342.29	346.86	4.57	0.21
VIT-07-02	386.4864	4467646	528323	1606.6	-75.0	240	168.25	231.04	62.79	0.27
			and				275.84	280.42	4.57	0.56
			and				298.7	306.32	7.62	0.71
			and				338.33	342.9	7.62	0.17
HT-7	908.7612	4466828.7	528327.49	1600.1	-60.0	223	272.19	280.42	8.23	0.16
			and				465.73	467.26	1.52	0.32
			and				775.87	751.33	3.2	0.17
			and				755.9	758.95	3.05	0.96
			and				771.14	777.85	6.71	0.15
			and				829.06	833.63	4.57	0.26
NECD0001	IP	4466000	528080	1545	0	000	AWR
NECD0002	IP	4465500	528040	1545	0	000	AWR

NSI - No significant assays, IP – In progress, AWR – Awaiting results

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ASX Announcement

Annexure 1

The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results.

Hole ID	Depth	North	East	RL	Dip	Azimuth	From (m)	To (m)	Interval (m)	Gold (g/t)
BIC-1	528.83	4467511	530234	1545	-90	000	NSI
VIT-07-01	573.02	4467313	528376	1607.8	-75.0	230	61.57	88.39	26.82	0.25
			and				173.58	190.5	16.92	1.3
			and				196.6	199.64	3.05	0.16
			and				286.51	288.04	1.52	2.67
			and				298.7	301.75	3.05	5.46
			and				342.29	346.86	4.57	0.21
VIT-07-02	386.4864	4467646	528323	1606.6	-75.0	240	168.25	231.04	62.79	0.27
			and				275.84	280.42	4.57	0.56
			and				298.7	306.32	7.62	0.71
			and				338.33	342.9	7.62	0.17
HT-7	908.7612	4466828.7	528327.49	1600.1	-60.0	223	272.19	280.42	8.23	0.16
			and				465.73	467.26	1.52	0.32
			and				775.87	751.33	3.2	0.17
			and				755.9	758.95	3.05	0.96
			and				771.14	777.85	6.71	0.15
			and				829.06	833.63	4.57	0.26
NECD0001	IP	4466000	528080	1545	0	000	AWR
NECD0002	IP	4465500	528040	1545	0	000	AWR

NSI - No significant assays, IP – In progress, AWR – Awaiting results

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Rock chip samples were collected by random chip sampling with a geological hammer of about fist size material to make a collective sample weight of about 0.5-2kg. Drilling is undertaken using Idea Drilling or Boart Longyear, based out of Nevada, USA. Drilling was carried out using either PQ3 or HQ3 with a core size of 83mm or 61.1mm respectively. The samples are logged and marked up by S2 personnel. Unbiased core sample intervals were sent to Bureau Veritas in Reno, Nevada to be cut and sampled with ½ core submitted for analysis.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	Rock material that comprised the samples were selected randomly without bias to material appearance to give an accurate representation of the sample being collected. For diamond core, sampling and QAQC procedures are carried out using S2 protocols as per industry best practice.

North Wing, Level 2, 1 Manning Street, Scarborough WA 6019, Australia PO Box 1059 Scarborough WA 6922, Australia ABN 18 606 128 090 T +61 8 6166 0240 F 61 8 6241 4299 E admin@s2resources.com.au W www.s2resources.com.au

Criteria	JORC Code explanation	Commentary
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information	Samples were dried, crushed with a 500g split pulverised (total prep). Samples were analysed using an aqua regia digest ICP/OES and ICP/MS (Code AR0531) and by fire assay with an AAS finish (Code FA50AAS). The following elements are included in the assay suite: Ag, Al, As, Au, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cu, Fe, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, Sb, Sc, Sr, Te, Ti, Tl, V, W, Zn.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond drilling with PQ3 or HQ3 wireline bit producing an 83mm or 61.1mm diameter core sample respectively.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	Diamond Drill core recoveries are visually estimated qualitatively on a feet basis and are recorded in the database.
	Measures taken to maximise sample recovery and ensure representative nature of the samples	Triple tube drilling, use of drilling muds and short drill runs are utilized in areas of difficult drilling to maximize recoveries and minimize lose of fine / broken material.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship can be established at the present time.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	The logging uses a standard legend developed by S2 which is suitable for wireframing. Exploration holes are not routinely logged geotechnically , however holes have been geotecnically logged to attempt to establish potential fault zones.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	All core has been photographed both dry and wet. Geological logging of the diamond drill holes is onto physical log sheets followed by importing into S2’s central database.
	The total length and percentage of the relevant intersections logged	All drill holes were logged in full.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Core sawn in half and half core taken
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	No sampling of non core drilling has taken place.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples are analysed for gold using 30g lead collection fire assay with an ICP/ES finish at the Bureau Veritas laboratory in Reno, Nevada. This sample is considered a total digest and the highest quality assay technique available. In addition an extensive multi-element suite (including Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S Sb, Sc, Se, Sr, Te, Th, Ti, Tl, V, W, Zn) is analysed using an aqua regia digest with an ICP-MS finish. This method is a partial digest, but is considered appropriate to identify potential pathfinder elements which may assist in locating nearby gold mineralisation.

Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Laboratory Quality control procedures include submission of Certified Reference Materials (CRM’s), blanks and duplicate samples with each batch of samples. Selected samples are also re-analysed to confirm anomalous results. Grind size checks are routinely completed to ensure samples meet the industry standard of 85% passing through a 75µm mesh.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Samples are collected using an unbiased half core sample. Duplicate samples are collected by taking a second split form the crushed material.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate for gold mineralisation.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Samples are analysed for gold using 30g lead collection fire assay with an ICP/ES finish at the Bureau Veritas laboratory in Reno, Nevada. This sample is considered a total digest and the highest quality assay technique available. In addition an extensive multi-element suite (including Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S Sb, Sc, Se, Sr, Te, Th, Ti, Tl, V, W, Zn) is analysed using an aqua regia digest with an ICP-MS finish. This method is a partial digest, but is considered appropriate to identify potential pathfinder elements which may assist in locating nearby gold mineralisation.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable – no geophysical techniques have been used to determine an assay value.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 85% passing 75 micron was being attained. Laboratory QAQC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in house procedures.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	The Exploration Manager of S2 has visually verified the results.
	The use of twinned holes.	No twin holes have been undertaken by S2 Resources Ltd.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary sampling data is collected in a set of standard Excel templates. The information is managed by S2’s database manager for validation and compilation into S2’s central database
	Discuss any adjustment to assay data.	No adjustments or calibrations were made to any assay data reported.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill sites were defined using a Garmin handheld GPS with an accuracy about +/– 4m for easting and northing.
	Specification of the grid system used.	The grid system used was NAD 27 Zone 11.
	Quality and adequacy of topographic control.	No controls were utilized and are not deemed important for the regional nature of drilling.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling has targeted specific geological features and are not completed on specific spacing at this time.

Criteria	JORC Code explanation	Commentary
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Data spacing and distribution is not sufficient at this stage to allow the estimation of mineral resources.
	Whether sample compositing has been applied.	No compositing has been applied
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Drillhole orientation is reconnaissance in nature and is not necessarily drilled perpendicular to the orientation of the intersected mineralisation.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No relationship to orientation of key mineralized structures has been established at this time.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 Resources. Samples are stored on site and then delivered to the laboratory in Elko, Nevada. Tracking sheets have been set up to track the progress of batches of samples.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits have been undertaken and it is not considered material at this stage of exploration.

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	S2 Resources Ltd, through its subsidiary Nevada Star Exploration LLC, is earning into the following mineral tenure via an agreement with Kinetic Gold (US) Inc (“Kinetic”) and its parent company Renaissance Gold Inc. (“RenGold”) 1. Kinetic holds an Option to Purchase under the Ivy Option Agreement 112 Mineral Claims (NMC1098847–1098958) held by Ivy Minerals Inc within Lander County, NV. 2. Kinetic holds a sub-lease agreement with Newmont (USA) Ltd to the mineral rights to private held lands on 2 section blocks (T29N R47E Section 27 (All) and T29N R47E Section 33 (N1/2, N1/2S1/2). All are subject to certain confidential royalty agreements, payable by Nevada Star Exploration LLC to Kinetic Gold (US) Inc and third parties Based on a due diligence process, no commercial, historical, native title, heritage or environmental impediments are known
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Based on a due diligence process, the claims are in good standing and no known impediments exist on tenement actively explored.

Criteria	JORC Code explanation	Commentary
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Ivy Minerals, in JV partnership with Kinetic Gold (US) Inc (now a wholly-owned subsidiary of RenGold), completed broad spaced enzyme leach and gravity surveying over the property. Limited information on any earlier exploration activities is available, however it is known that Barrick Gold completed one historic RC drill hole on the property in 1995. In addition Victoria Resources completed three diamond holes between 2007 and 2008. Variable data on each of the historic drill holes is available and this has been captured in the S2 database. No samples are known to survive and the historical results have not been verified by S2 Resources All known historic drill site has been visited and verified by a geologist working on behalf of S2 Resources.
Geology	Deposit type, geological setting and style of mineralisation.	The projects are located within the Great Basin of Nevada and the deposit type being explored consists of the Carlin-style which comprises fine-grained disseminated replacement sulphide (pyrite) mineralisation in zones of silicified, decarbonatised, argillised, silty calcareous rocks and associated jasperoids. The mineralisation is hosted within Palaeozoic carbonate and siliciclastic sedimentary rocks which were deposited in a marine setting ranging from deep to shallow water on a former western continental margin of North America. These units were deformed by the Antler Orogeny and later intruded by felsic bodies of varying ages. The age of the mineralisation is Eocene and ranges between 34-42 Ma. Later faulting developed the distinctive ‘Basin and Range’ topography of the area.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Refer to Annexure 1 and sample plans in text.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	For historical results a 0.1ppm gold was used as the lower cut- off, however the method of averaging is unknown, however a 0.1 ppm cut-off Not applicable – no data aggregation has taken place.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Historical results do not report any internal high grade results.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable – no metal equivalent values have been reported.

Criteria	JORC Code explanation	Commentary
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	It is not known at this stage what the angle between drill core and the geometry of mineralization.
Diagram	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	All Figures are contained in the body of the text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results considered significant are reported..
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No other exploration data collected to date is considered material or meaningful at this stage.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive	S2 is currently completing two stratigraphic diamond drill holes to provide stratigraphic information on the underlying geology at the Ecru property. Petrophysical measurements on diamond core will be taken to provide inputs to better refine modelling and interpretation of the gravity and AMT geophysical data.