S2 RESOURCES LTD — Capital/Financing Update 2024

May 9, 2024

ASX Announcement

10 May 2024

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SALE OF FINLAND ASSETS UPDATE

Key Points

• Definitive Share Purchase Agreement signed

• Transaction remains subject to Outback completing a C$5 million financing

S2 Resources Ltd (“S2” or the “Company”) advises that further to the Letter Of Intent (LOI) announced in March (see S2 ASX announcement of 4 March 2024), it has entered into a definitive Share Purchase Agreement (SPA) with Vancouver-based Outback Goldfields Corporation (“Outback”, TSX.V: OZ).

Under the terms of this agreement, S2 will sell its wholly-owned Finnish subsidiary Sakumpu Exploration Oy (“Sakumpu”) for a total consideration of C$7 million, comprising C$1.5 million in cash and C$5.5 million in shares in Outback.

The transaction remains subject to the completion of a C$5 million financing, as described in S2’s ASX announcement of 4 March 2024, and satisfaction of various other conditions which include: Toronto Venture Exchange (TSX.V) approval and Outback shareholder approval.

S2 and Outback are working together to conclude this transaction, which will result in a focused and expedited exploration program for the highly prospective Finnish assets.

This announcement has been provided to the ASX under the authorisation of the S2 Board.

For further information, please contact:

Mark Bennett Executive Chairman +61 8 6166 0240

Level 14, 333 Collins Street, Melbourne, VIC 3000, Australia. PO Box 143 Kingsway, WA 6065, Australia ABN 18 606 128 090 T +61 8 6166 0240 F 61 8 6270 5410 E admin@s2resources.com.au W www.s2resources.com.au