ASX Announcement

Monday 19th October 2015

SEPTEMBER 2015 QUARTERLY ACTIVITIES REPORT

Highlights

Demerger of S2 Resources approved by shareholders on 3rd September 2015
Demerger of S2 Resources implemented on 21st September 2015
S2 admitted to the official list of the Australian Securities Exchange today
Cash of A$22 million
Corporate and exploration team transferred from Sirius Resources
Resource drilling started at 100% owned Baloo gold deposit
Mining Lease application submitted for Baloo
Tenements granted at Eundynie JV
Gold and nickel occurrences identified in initial reconnaissance exploration in Finland
Copper-platinum prospect identified in initial reconnaissance exploration in Sweden

S2 Resources Ltd ("S2" or the "Company") advises that following shareholder approval of its demerger from Sirius Resources NL ("Sirius") on 3 rd September 2015 and implementation of this on 21st September 2015, S2 has been admitted to the official list of the Australian Securities Exchange ("ASX") and will commence trading today.

As stated in the previously announced demerger documentation, S2's objective is to deliver strong investment returns through the discovery and development of high quality mineral resources as a result of exploration and the identification of early stage opportunities with high growth potential.

The Company is well placed to pursue this objective with a clear strategy that is well funded, having approximately A$22 million cash. This enables S2 to execute its own exploration programs and to pursue additional opportunities with a variety of potential partners, including by way of appropriate acquisition opportunities.

S2 is also well placed in terms of its human capital, with key former members of Sirius' corporate and exploration teams forming the nucleus of the new company, augmented by the Sakumpu team in Scandinavia. The team has wasted no time, with resource drilling having already commenced at the Baloo oxide gold deposit at its 100% owned Polar Bear project in Western Australia, and reconnaissance exploration on its 67% owned Scandinavian properties also identifying separate gold and nickel occurrences in the Lapland Greenstone Belt of Finland and a new copper-platinum prospect in the Skellefte Belt of Sweden.

The Company is also evaluating numerous offersit isreceiving from a variety of third parties keen to partner with S2.

CORPORATE

Finance

On 21 st September 2015, the company completed a Demerger Scheme of Arrangement with IGO where it had received A$20 million in cash and acquired Polar Metals Pty Ltd and Sirius Europa Pty Ltd as wholly owned subsidiaries. The acquisition of these subsidiaries included a cash balance of A$2.1 million resulting in a consolidated cash balance of A$22.1 million for the quarter ended.

Planned expenditure for the coming quarter is anticipated to be approximately A$3 million. This includes A$2.4 million of exploration activities and corporate costs of $0.6 million.

Capital structure

The Company has 207.4 million shares on issue and a total of 28.6 million unlisted options (see Appendix 5B - Quarterly Cashflow Report for details).

EXPLORATION

Exploration commenced prior to listing and is currently focused on resource drilling of the Baloo gold deposit at the Company's 100% owned Polar Bear project in Western Australia, and on initial reconnaissance of the Company's 67% owned exploration properties in Finland and Sweden.

Polar Bear (100% S2)

S2 owns 100% of the Polar Bear project. The project covers the southern continuation of the ultramafic stratigraphy which hosts the Kambalda and Widgiemooltha nickel deposits. It is largely concealed beneath the salt lake sediments and sand dunes of Lake Cowan. It also covers approximately 130 square kilometres of underexplored ground located between the world class gold producing centres of St Ives and Norseman – both ~10 million ounce camps – and southeast of the 2 million ounce Higginsville gold operations of Metals X Limited.

Baloo gold deposit

The Baloo gold deposit was discovered by Sirius in December 2014 with reconnaissance aircore drilling intersecting a significant zone of oxide gold mineralisation immediately beneath a thin veneer of salt lake sediment, some 10 kilometres east of the Higginsville gold mine (see Figure 1 and S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015). The Baloo deposit is up to 100 metres wide and 40 metres thick in the oxide zone (see Figure 2 and 3). Better results from previous aircore drilling of the oxide zone at Baloo include:

8m @ 1.32g/t Au from 42m, and 20m @ 2.00g/t Au from 59m to EOH including 8m @ 3.22g/t Au from 59m in SPBA2340
14m @ 2.57g/t Au from 4m, including 4m @ 5.73g/t Au from 4m in SBPA2342
30m @ 2.53 g/t Au from 4 metres to EOH, including 9m @ 4.48 g/t Au from 6 metres, and 10m @ 3.2 g/t Au from 24 metres to EOH in SPBA2349
31m @ 1.10 g/t Au from 27 metres to EOH, including 5m @ 3.79 g/t Au from 27 metres in SPBA2350
26m @ 1.24g/t Au from 22 metres to EOH, including 4m @ 5.39g/t Au from 44 to EOH in SPBA2361
44m @ 1.07g/t Au from 4 metres to EOH, including 3m @ 5.45g/t Au from 7m in SPBA2367
24m @ 4.87 g/t Au from 4 metres to EOH, including 6m @ 12.43 g/t Au from 12 metres in SPBA2372
4m @ 8.61 g/t Au from 3 metres to EOH in SBPA2370

A triple tube diamond hole, subsequently drilled to verify the aircore intercepts, also confirmed the integrity of the oxide zone mineralisation, intersecting:

36.5m @ 4.36 g/t Au from 7.5 metres, and 2.5m @ 10.5 g/t Au from 56.5 metres in SPBD0107

Subsequent limited deeper diamond drilling intersected primary gold mineralisation in fresh rock beneath and to the south of the oxide gold zone at Baloo. These intercepts defined a mineralised shoot which plunges gently to the south. This shoot comprises an altered, quartz veined shear zone containing pyrite and arsenopyrite alteration (see Table 1). The mineralised shoot is up to 10 metres thick and 70 metres across. Key intercepts, considered approximate true width, include:

7.6m @ 8.35g/t Au from 125.2 metres in SPBD0100
9.8m @ 4.97 g/t Au from 111.5 metres in SPBD0101

The two southernmost diamond holes drilled into the primary zone intersected narrow but high grade zones and demonstrate that the lode remains open down plunge to the south. Key intercepts being:

2.5m @ 10.85 g/t Au from 157.4 metres in SPBD0122
0.6m @ 13.95 g/t Au from 188.6 metres and 0.35m @ 62.5g/t gold from 252.6 metres in SPBD0120

In order to ascertain the metallurgical and recovery characteristics of the primary gold mineralisation at Baloo, Sirius submitted 15 samples that comprised the high-grade gold intercept of 9.8m @ 4.97 g/t Au from 111.5m in hole SPBD0101 for cyanide leach test work. The results received were highly favourable with an average gold recovery of 89.3%, and best recoveries (99.1%) being achieved in the highest grade sample (21.9 g/t Au), indicating that this material is amenable to conventional carbon in pulp (CIP) processing. Further metallurgical testwork is planned.

A custom designed salt lake-capable reverse circulation (RC) drill rig has recently commenced drilling at Baloo with the aim of replicating the original aircore drilling to provide the basis for a JORC mineral resource estimate of the known oxide zone. This program is expected to take two months and an initial JORC mineral resource estimate is expected by the end of the first quarter of 2016.

An application for a Mining Lease (M15/1814) covering the Baloo deposit has been submitted to the Department of Mines and Petroleum, which is currently being processed.

Additional planned work includes base line environmental surveys, including fauna and flora surveys, covering the mining lease application and areas that might be appropriate for associated infrastructure.

Other gold prospects

The Polar Bear project contains several other gold prospects, including the Nanook and Monsoon prospects located on the same mineralised trend as the Baloo gold deposit, and the Yogi South and Earlobe prospects located on a separate trend to the west. These are at various stages of reconnaissance and preliminary drilling.

The Monsoon gold prospect is located 4 km south of the Baloo gold deposit, along the same prospective trend beneath Lake Cowan (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015). Reconnaissance aircore drilling by Sirius on an 80 metre by 40 metre grid defined variable mineralisation over a 1 kilometre strike length, associated with quartz veining and arsenopyrite alteration within a north-northeast trending shear zone on a mafic–shale contact.

Figure 1.Plan showing the ground holdings within the Polar Bear Project, the Eundynie Joint Venture and the Norcott Project.

Figure 2. Baloo plan projection showing diamond drill hole intercepts

Figure 3. Cross section 6,480,960N showing aircore and diamond drill hole intercepts in the Baloo oxide zone.

The best reconnaissance drill intersections to date at Monsoon include:

12m at 16.9g/t Au from 68 metres in SPBA2769
32m at 2.47g/t Au from 16 metres in SPBA2833 the last hole on the southernmost drill line

Follow up drilling of this intersection will be a priority early in 2016 once the RC resource drilling of Baloo has been completed.

The Nanook gold prospect is located approximately 10km south of Baloo within the same mineralised corridor (see Figure 4). Drilling by Sirius confirmed the presence of extensive gold mineralisation over a 2 kilometre strike length, including aircore drill intersections of 8m @ 2.85 g/t Au (SPBA0860) and 13m @ 23.89g/t Au (SPBA0861) (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015).

A total of 12 RC drill holes have recently been drilled on two lines covering a 400 metre section at the northern end of the Nanook prospect (see Table 2). RC drilling has confirmed earlier aircore results with palaeochannel gold intersected at the base of the transported layer. Better results from this layer in recent drilling include:

8m @ 1.14 g/t Au from 56 metres in SPBC0148

8m @ 1.50 g/t Au from 60 metres in SPBC0149

The belief that the transported gold in this paleochannel is locally sourced is supported by the RC drilling, with drill holes intersecting extensive alteration associated with anomalous gold in the bedrock immediately beneath the gold-bearing gravels. Better results from the latest reconnaissance RC drilling in the bedrock include:

8m @ 0.32 g/t Au from 60 metres in SPBC0143
8m @ 0.41 g/t Au from 64 metres and 3m @ 0.44 g/t Au from 112 metres to EOH in SPBC0148
32m @ 0.35 g/t Au from 68 metres in SPBC0149

The recent RC drilling covers less than 25% of the mineralised footprint at Nanook, and has not yet tested beneath the best aircore results.

At the Yogi South gold prospect, a total of 121 aircore holes have recently been drilled over an 850m strike length, and 17 RC holes were drilled along four lines over a strike length of 600m to test for gold mineralisation within fresh bedrock to a vertical depth of about 100m (see Figure 1, Table 2)

This drilling has defined a zone of supergene and bedrock gold anomalism associated with shear zones in a sequence of ultramafic, mafic and sedimentary rocks. Better gold intercepts from this latest drilling include:

16m @ 2.14 g/t Au from 108 metres in SPBC0133
4m @ 1.77 g/t Au from 152 metres in SPBC0140
4m @ 3.32 g/t Au from 40 metres in SPBA3464
17m @ 1.34 g/t Au from 4m in SPBA3484
9m @ 1.35 g/t Au from 8 metres to EOH, including 1m @ 5.75 g/t Au from 16 metres to EOH in SPBA3531

The Earlobe gold prospect was drilled by Sirius in 2011-2012 but was put on hold after the discovery of Nova. Gold mineralisation occurs in two separate (upper and lower) lodes and with individual quartz veins up to 4 metres thick (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015). Both lodes remain open along strike and down dip and as yet the limits of this mineralisation have not been defined. Better drill results include:

8m @ 5.56g/t Au from 56 metres in SPBC0034
4m @ 4.95g/t Au from 98 metresin SPBC0030
2m @ 26.6g/t Au from 36m in SPBC0019

Figure 4. Location of the Baloo, Monsoon and Nanook gold prospects at Polar Bear.

Nickel reconnaissance

Previous exploration within the Polar Bear Project by Sirius identified nickel sulphide mineralisation associated with ultramafic rocks at Taipan, Taipan North and Halls Knoll (see Figure 1 and S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015).

At the Taipan nickel prospect, nickel sulphide mineralisation has been defined over a strike extent of 250 metres and down dip over 150 metres within two zones (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015). Both zones are open along strike. RC and diamond intersections include:

4.1m @ 3.8% Ni, 2.45% Cu, 0.08% Co and 2.5 g/t Pt+Pd from 104.4 metres, including 2.15m @ 5.84% Ni, 3.73% Cu, 0.12% Co and 2.75 g/t Pt+Pd from 106 metres in SPBD0046
20m @ 0.62% Ni, 0.10% Cu, 0.02% Co and 0.56 g/t Pt+Pd from 113 metres including 2m @ 1.46% Ni, 0.43% Cu, 0.03% cobalt and 2.36 g/t Pt+Pd from 131 metres in SPBC0062
53m @ 0.53% Ni, 0.05% Cu and 0.01% Co from 23 metres in SPBC0070

Disseminated nickel sulphide mineralisation was also intersected at the base of a thick ultramafic package at the Taipan North nickel prospect, located approximately 2 kilometres north of Taipan (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015). To date mineralisation has been intersected over a 200 metre strike length and is open along strike and at depth. RC drill intercepts include:

40m @ 0.47% Ni, 0.02% Cu and 0.01% Co from 99 metres, including 5m @ 1.02% Ni, 0.09% Cu and 0.02% Co from 109 metres in SPBC0084

At the Halls Knoll nickel prospect, located on an island approximately 1.2 kilometres southeast of the Taipan nickel prospect, previous rockchip sampling by Sirius has yielded extremely high levels of nickel, copper and platinum group metals indicative of the presence of massive nickel sulphide mineralisation (see S2 Resources Demerger Scheme Document, Sirius ASX Announcement of 31 July 2015), and initial drilling intersected disseminated nickel sulphides beneath the salt lake surface, with individual metre values up to 2.5% nickel, 1.5% copper and 1- 2g/t palladium and platinum. Better intercepts include:

10.2m @ 0.44% Ni, 0.1% Cu and 0.35 g/t Pt+Pd from 60.8 metres in SPBD0008
9m @ 1.02% Ni, 0.22% Cu and 0.17 g/t Pt+Pd from 2 metres in SPBA0005

Recent drilling at Halls Knoll, comprising 9 RC and 5 diamond drill holes has intersected trace to disseminated nickel sulphides and also remobilised stringer sulphides at the target horizon over a strike length of 500 metres (see Table 3). Importantly, drilling has defined a broad zone of

disseminated nickel sulphide in a favourable host rock (cumulate ultramafic) which is open at depth and to the north. Recent results from this zone include:

23.2m @ 0.40% Ni, 0.02% Cu and 0.1 g/t Pt+Pd from 131.8 metres in SPBC0123
5m @ 0.52% Ni, 0.03% Cu and 0.12 g/t Pt+Pd from 55.8 metres in SPBD0124
37m @ 0.38% Ni, 0.02% Cu and 0.12g/t Pt+Pd from 80 metres in SPBC0154
6m @ 0.45% Ni, 0.03% Cu and 0.15 g/t Pt+Pd from 89 metres in SPBC0158

A recent broad spaced (400 x 40m) reconnaissance aircore drilling program undertaken beneath Lake Cowan salt lake has also defined two coincident bedrock nickel and copper anomalies, situated along a north-south trending ultramafic unit. The anomalies are located approximately 500m east of Halls Knoll and are interpreted to represent a potential folded continuation of the Halls Knoll stratigraphy (see Table 3). Key results from this program include:

12m @ 0.43% Ni and 0.02% Cu from 20 metres in SPBA3578
8m @ 0.32% Ni and 0.03% Cu from 4 metres in SPBA3616

Eundynie JV (80% S2)

S2 has an 80% interest in the Eundynie Joint Venture, which is adjacent to the Polar Bear project. The JV covers the southern continuation of the ultramafic stratigraphy which hosts the Kambalda and Widgiemooltha nickel deposits. It is largely concealed beneath the salt lake sediments and sand dunes of Lake Cowan. It covers approximately x square kilometres of underexplored ground located between the world class gold producing centres of St Ives and Norseman – both ~10 million ounce camps – and southeast of the 2 million ounce Higginsville gold operations of Metals X Limited.

Four of six exploration licenses within the Eudnynie JV have recently been granted. Work will commence early in 2016.

Norcott (100% S2)

S2 owns 100% of the Norcott project. The project covers the projected southern strike continuation of the regional structures that host significant gold mineralisation at the St Ives gold camp, which contains >10 million ounces of gold. It is largely concealed beneath transported cover and covers approximately 256 square kilometres of underexplored ground.

The exploration licenses within the Norcott Project are currently under application.

Finland and Sweden (67% S2)

S2 has an effective 67% interest in Sakumpu Exploration Oy ("Sakumpu"), a private Finnish company that holds mineral title over large areas in Finland and Sweden, and can increase this to 80%. These areas are considered prospective for shear zone hosted gold deposits, magmatic copper-nickel-PGM deposits and volcanogenic massive zinc-copper-gold-silver sulphide deposits.

Finland

S2, through Sakumpu, has approximately 1,467 square kilometres of ground in the Central Lapland Greenstone Belt of Finland, a region that contains significant shear zone hosted gold deposits and magmatic copper-nickel-PGM deposits.

Two additional Reservations covering an area of 133.9 square kilometres were granted during the Quarter. Further Reservations and Exploration Licences have been applied for.

Figure 5. Finnish tenements on regional magnetic image, showing location of known mines and deposits and S2 prospects.

Three airborne versatile time domain electromagnetic (VTEM) surveys covering a total area of 598 square kilometres have been flown (see Figure 6). The data is being processed and interpreted and results are expected to be available in late October.

Figure 6. Location of three VTEM surveys on Finnish tenements (on regional magnetic image background).

Initial prospecting on the Kuivasalmi Reservation has focused on the Ranta-Mantypaa prospect, originally identified by the Finnish Geological Survey (the "GTK"), where trenching by GTK identified bedrock gold mineralisation including a 3 metre wide zone grading 28.2g/t gold. A ground magnetic survey has been completed over the prospect to enable a structural interpretation.

Detailed airborne magnetic and electromagnetic (EM) surveys have been acquired in the Petajaselka area, which is located to the southeast of the 7 million ounce Kittila gold mine.

In the Kuivasalmi Reservation, a review of regional diamond drilling previously undertaken by the GTK as part of a geological mapping program has highlighted the presence of nickel and gold mineralisation in the last hole of a regional traverse, at a prospect known as the Tienpaa prospect (see Figure 5). The intersection comprises:

12.75m @ 2.85% Ni and 1.6m @ 3.87g/t Au from 124.5m in diamond drill hole R522

This is the last hole on a reconnaissance drilling profile that has never been followed up.

Sweden

S2, through Sakumpu, has approximately 271 square kilometres of ground in the Skellefte Belt of northern Sweden, a prolific mining district that contains numerous gold deposits and major polymetallic zinc-coppersilver-gold volcanogenic massive sulphide deposits, including those that underpin Boliden's mining and smelting operations.

Two exploration licence applications (Vallen and Lindbacka) have been lodged with the Swedish Mines Inspectorate (Bergstaten) and should be granted prior to Christmas (see Figure 7).

Figure 7. Swedish tenements on regional magnetic image, showing location of known mines and deposits and S2 prospects.

A 1,082 line kilometre airborne VTEM survey has been flown as a single coherent block over the core portion of Sakumpu's tenure within the Skellefte Belt (see Figure 8). The data is being processed and interpreted and results are expected to be available in late October.

Initial reconnaissance prospecting of the Brannas exploration licence, at the western end of the belt, has identified outcropping disseminated copper sulphide mineralisation in gabbro (see Figure 9). Rockchip sampling of this outcrop has returned the following results:

Figure 8. Location of VTEM survey on Swedish tenements (on regional magnetic image background).

1.62% Cu, 0.02% Ni, 0.59g/t Au, 0.22g/t Pt, 0.24g/t Pd, 20g/t Ag in sample SBRA10001
1.55% Cu, 0.01% Ni, 0.58g/t Au, 0.30g/t Pt, 0.24g/t Pd, 20 g/t Ag in sample SBRA10002
1.76% Cu, 0.01% Ni, 0.43g/t Au, 0.26g/t Pt, 0.17g/t Pd, 22g/t Ag in sample SBRA10003

A 7 line kilometre three dimensional induced polarization (3DIP) survey is underway over the gabbro intrusion with the aim of defining the extent of this disseminated sulphide zone, and results are expected by late October.

Base of till and soil geochemical sampling programs have commenced on the Holmtjarn exploration licence (see Figure 7).

Figure 9. Brannas Licence showing location of rockchip samples on magnetic image, with 3DIP survey lines.

For further information, please contact:

Mark Bennett	Anna Neuling
Managing Director	Executive Director
+61 8 6166 0240	+61 8 6166 0240

Competent Persons statement

The information in this report that relates to Exploration Results is based on information compiled by John Bartlett who is an employee of the company and James Coppard who is a consultant to the Company and which fairly represents this information. Mr Bartlett is a member of the Australasian Institute of Mining and Metallurgy and Mr Coppard is a Chartered Geologist and Fellow of The Geological Society of London. Mr Bartlett and Mr Coppard 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 and Mr Coppard consent to the inclusion in this report of the matters based on information in the form and context in which it appears.

Annexure 1

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

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To, m	Width,m	Au g/t
SPBD0090	Baloo	174.1	6480920	392710	262	-60	090	4.5	34.0	29.5	1.61
			and					48.15	60.8	12.6	1.53
SPBD0091	Baloo	310	6480920	392815	262	-60	270	52.0	53.3	1.3	0.89
SPBD0092	Baloo	146.9	6480920	392870	262	-60	270	63.4	66.6	3.2	2.00
			and					113.9	118.2	4.3	1.64
SPBD0093	Baloo	143.8	6480880	392820	262	-60	270	15.5	28.8	13.3	1.75
			including					20.8	23.8	3.0	4.51
			and					65.2	82.4	17.2	1.20
			including					72.7	78	5.3	2.65
SPBD0094	Baloo	122.7	6480920	392770	262	-60	270	20.6	21.7	1.1	9.74
			and					27.7	30.3	2.6	2.30
			and					33.7	63.5	29.8	2.17
			including					38.0	42.4	4.4	5.16
SPBD0095	Baloo	144.7	6480880	392860	262	-60	270	5.4	14.1	8.7	1.19
			and					75.9	81.3	5.4	0.88
								110.5	112.5	2.0	2.52
SPBD0096	Baloo	140.8	6480880	392860	262	-60	270	100.6	108.5	7.9	1.42
SPBD0097	Baloo	175.3	6480720	392920	262	-60	270	113.8	158.8	45.0	0.60
			including					133.3	134.4	1.1	5.93
SPBD0098	Baloo	164.8	6480960	392900	262	-60	270				NSI
SPBD0099	Baloo	150.7	6480840	392870	262	-60	270	95.8	108.6	12.8	3.10
			including					103.4	104.7	1.3	15.8
			and					117.4	124.3	6.9	0.90
SPBD0100	Baloo	175.6	6480840	392910	262	-60	270	125.2	132.8	7.6	8.35
			including					131.5	132.6	1.1	32.2
SPBD0101	Baloo	173.9	6480800	392890	262	-60	270	111.5	121.3	9.8	4.97
SPBD0102	Baloo	183.7	6480840	392950	262	-60	270				NSI
SPBD0103	Baloo	137.9	6480960	392860	262	-60	270	48.4	52.5	4.1	0.68
			and					74.2	77.5	3.3	1.08
SPBD0104	Baloo	170.5	6480800	392930	262	-60	270	50	54.5	4.5	1.05
			and					68.1	91.8	23.7	0.74
SPBD0105	Baloo	150.9	6480840	392990	262	-60	270				NSI
SPBD0106	Baloo	199.3	6480760	392900	262	-60	270	116	128.4	12.4	1.51
SPBD0107	Baloo	129	6480960	392700	262	-60	270	7.5	46.7	36.5	4.36
			including					14.1	29.4	15.3	8.48
			and					56.5	59.0	2.5	10.54

Table 1: Baloo Diamond Drilling

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To, m	Width,m	Au g/t
SPBD0108	Baloo	218.5	6480760	392940	262	-60	270	146.8	148.5	1.7	1.91
			and					153.4	157.4	5.6	1.10
SPBD0109	Baloo	82.4	6480960	392660	262	-60	90				NSI
SPBD0111	Baloo	233.6	6480760	392980	262.75	-60	270	182.1	187.5	5.4	0.83
SPBD0112	Baloo	113.4	6481000	392820	262	-60	270				NSI
SPBD0113	Baloo	182.9	6480800	392930	262	-60	270	134	135.7	1.7	0.84
			and					141	154.8	13.8	0.71
	and								163.3	3.8	0.85
SPBD0114	Baloo	261.2	6480720	392960	262	-60	270	167	183.7	16.7	0.79
			and					206.8	217	10.2	0.77
SPBD0116	Baloo	197.7	6480800	392970	262	-60	270	163.2	166.2	3.0	1.97
SPBD0117	Baloo	287.2	6480720	393000	262	-60	270	182.9	188.8	5.9	0.92
			and					214.1	242.4	28.3	0.86
			including					216.6	217.85	1.25	9.52
SPBD0120	Baloo	265.2	6480680	392960	262	-60	270	188.6	189.2	0.6	13.95
			and					252.6	252.95	0.35	62.5
SPBD0122	Baloo	260.2	6480680	392920	262	-60	270	157.4	159.9	2.5	10.85

Table 2: Polar Bear Gold Exploration

		Total						From,	To,	Width,	Au
Hole No.	Zone	Depth	North	East	RL	Dip	Azim	m	m	m	g/t	Comment
RC Drilling
SPBC0125	Yogi South	100	6465824	389840	262	-60	270	8	12	4	0.45
SPBC0126	Yogi South	110	6465820	389860	262	-60	270			NSI
SPBC0127	Yogi South	120	6465820	389760	262	-60	270	68	72	4	0.26
			and					108	112	4	0.85
SPBC0128	Yogi South	100	6465820	389740	262	-60	270	40	44	4	0.27
			and					72	76	4	0.41
SPBC0129	Yogi South	95	6465820	389720	262	-60	270	4	12	8	0.32
SPBC0130	Yogi South	115	6466020	389780	262	-60	270	40	52	12	0.67
			and					60	64	4	0.25
			and					84	88	4	0.29
			and					96	100	4	0.33
SPBC0131	Yogi South	120	6466020	389800	262	-60	270	44	48	4	0.33
			and					92	96	4	0.28
SPBC0132	Yogi South	130	6466020	389960	262	-60	270	112	116	4	0.66
SPBC0133	Yogi South	150	6466020	389980	262	-60	270	108	124	16	2.14
SPBC0134	Yogi South	120	6466300	389800	262	-60	270	40	64	24	0.73

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Width,m	Aug/t	Comment
SPBC0135	Yogi South	120	6466300	389820	262	-60	270	0	12	12	0.32
SPBC0136	Yogi South	120	6466300	389940	262	-60	270	56	64	8	0.47
SPBC0137	Yogi South	120	6466300	389960	262	-60	270	12	16	4	0.32
			and					20	24	4	0.29
			and					80	84	4	0.9
SPBC0138	Yogi South	180	6466020	390000	262	-60	270			NSI
SPBC0139	Yogi South	180	6466420	389920	262	-60	270			NSI
SPBC0140	Yogi South	200	6466420	389940	262	-60	270	8	32	24	0.44
			and					64	68	4	0.54
			and					152	156	4	1.77
SPBC0141	Yogi South	100	6466300	389720	262	-60	90			NSI
SPBC0142	Nanook	110	6471880	396000	265	-60	270	NSI
SPBC0143	Nanook	120	6471880	396040	265	-60	270	60	68	8	0.32
SPBC0144	Nanook	110	6471880	396080	265	-60	270	72	76	4	0.27	Basement
SPBC0145	Nanook	95	6471480	395520	265	-60	270			NSI
SPBC0146	Nanook	60	6471480	395560	265	-60	270			NSI
SPBC0147	Nanook	100	6471480	395600	265	-60	270	56	60	4	0.25
SPBC0148	Nanook	115	6471480	395640	265	-60	270	56	64	8	1.14
			and					64	72	8	0.41	Basement
			and					112	115	3	0.44	Basement/ EOH
SPBC0149	Nanook	130	6471480	395680	265	-60	270	60	68	8	1.50
			and					68	100	32	0.35	Basement
SPBC0150	Nanook	7	6471480	395720	265	-60	270			ABD
SPBC0151	Nanook	105	6471480	395760	265	-60	270			NSI
SPBC0152	Nanook	135	6471480	395800	265	-60	270	52	60	8	0.22
SPBC0153	Nanook	70	6471480	395840	265	-60	270			NSI
Aircore Drilling
SPBA3442	Yogi South	18	6466740	390032	262	-90	0			NSI
SPBA3443	Yogi South	37	6466739	390070	262	-90	0	32	36	4	0.11
SPBA3444	Yogi South	24	6466740	390110	262	-90	0	8	12	4	0.20
SPBA3445	Yogi South	40	6466736	390152	262	-90	0	12	16	4	0.19
SPBA3446	Yogi South	10	6466736	390193	262	-90	0			NSI
SPBA3447	Yogi South	15	6466736	390233	262	-90	0	8	12	4	0.11
SPBA3448	Yogi South	33	6466735	390269	262	-90	0			NSI
SPBA3449	Yogi South	30	6466661	390230	262	-90	0			NSI
SPBA3450	Yogi South	20	6466662	390189	262	-90	0	16	20	4	0.36	EOH
SPBA3451	Yogi South	20	6466662	390149	262	-90	0			NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Width,m	Aug/t	Comment
SPBA3452	Yogi South	22	6466661	390110	262	-90	0			NSI
SPBA3453	Yogi South	25	6466661	390070	262	-90	0			NSI
SPBA3454	Yogi South	24	6466622	389971	262	-90	0			NSI
SPBA3455	Yogi South	39	6466620	390013	262	-90	0			NSI
SPBA3456	Yogi South	54	6466620	390050	262	-90	0			NSI
SPBA3457	Yogi South	35	6466621	390091	262	-90	0	12	16	4	0.66
And								32	35	3	0.21	EOH
SPBA3458	Yogi South	27	6466621	390132	262	-90	0	12	20	8	0.18
SPBA3459	Yogi South	54	6466542	390289	262	-90	0			NSI
SPBA3460	Yogi South	14	6466540	390249	262	-90	0	13	14	1	0.13	EOH
SPBA3461	Yogi South	24	6466544	390209	262	-90	0			NSI
SPBA3462	Yogi South	12	6466541	390169	262	-90	0	4	8	4	0.88
SPBA3463	Yogi South	27	6466541	390131	262	-90	0	24	27	3	0.23	EOH
SPBA3464	Yogi South	58	6466542	390091	262	-90	0	40	44	4	3.32
SPBA3465	Yogi South	77	6466545	390050	262	-90	0			NSI
SPBA3466	Yogi South	84	6466547	390014	262	-90	0			NSI
SPBA3467	Yogi South	27	6466544	389970	262	-90	0			NSI
SPBA3468	Yogi South	18	6466540	389930	262	-90	0			NSI
SPBA3469	Yogi South	4	6466542	389892	262	-90	0			NSI
SPBA3470	Yogi South	19	6466586	389931	262	-90	0			NSI
SPBA3471	Yogi South	15	6466575	389970	262	-90	0			NSI
SPBA3472	Yogi South	39	6466581	390007	262	-90	0			NSI
SPBA3473	Yogi South	94	6466580	390050	262	-90	0			NSI
SPBA3474	Yogi South	63	6466579	390089	262	-90	0	28	36	8	1.90
SPBA3475	Yogi South	55	6466459	390319	262	-90	0	52	54	2	0.10
SPBA3476	Yogi South	21	6466460	390277	262	-90	0			NSI
SPBA3477	Yogi South	9	6466459	390199	262	-90	0			NSI
SPBA3478	Yogi South	8	6466458	390160	262	-90	0	4	8	4	0.89	EOH
SPBA3479	Yogi South	58	6466458	390119	262	-90	0			NSI
SPBA3480	Yogi South	68	6466458	390079	262	-90	0			NSI
SPBA3481	Yogi South	30	6466461	389911	262	-90	0	12	28	16	0.54
SPBA3482	Yogi South	37	6466462	389872	262	-90	0			NSI
SPBA3483	Yogi South	9	6466499	389848	262	-90	0	4	9	5	0.30
SPBA3484	Yogi South	22	6466500	389886	262	-90	0	4	21	17	1.34
SPBA3485	Yogi South	32	6466499	389928	262	-90	0
SPBA3486	Yogi South	46	6466498	389968	262	-90	0	36	40	4	0.13
SPBA3487	Yogi South	8	6466419	389979	262	-90	0	16	20	4	0.48
SPBA3488	Yogi South	26	6466420	389901	262	-90	0			NSI
SPBA3489	Yogi South	49	6466420	389859	262	-90	0			NSI
SPBA3490	Yogi South	14	6466424	389819	262	-90	0			NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	From,m	To,m	Width,m	Aug/t	Comment
SPBA3491	Yogi South	15	6466380	389797	262	-90	4	8	4	0.37
SPBA3492	Yogi South	26	6466381	389839	262	-90			NSI
SPBA3493	Yogi South	7	6466382	389879	262	-90	4	7	3	0.62	EOH
SPBA3494	Yogi South	21	6466380	389919	262	-90	12	20	8	0.47
SPBA3495	Yogi South	6	6466381	389958	262	-90	5	6	1	0.14	EOH
SPBA3496	Yogi South	15	6466382	389997	262	-90	8	12	4	0.13
SPBA3497	Yogi South	24	6466382	390039	262	-90	23	24	1	0.11	EOH
SPBA3498	Yogi South	24	6466382	390081	262	-90	20	23	3	0.12
SPBA3499	Yogi South	30	6466384	390122	262	-90	24	28	4	0.29
SPBA3500	Yogi South	4	6466381	390161	262	-90			NSI
SPBA3501	Yogi South	6	6466382	390201	262	-90			NSI
SPBA3502	Yogi South	12	6466380	390241	262	-90			NSI
SPBA3503	Yogi South	23	6466378	390280	262	-90			NSI
SPBA3504	Yogi South	51	6466379	390320	262	-90			NSI
SPBA3505	Yogi South	36	6466381	390360	262	-90			NSI
SPBA3506	Yogi South	27	6466344	389837	262	-90			NSI
SPBA3507	Yogi South	24	6466340	389798	262	-90			NSI
SPBA3508	Yogi South	13	6466341	389758	262	-90			NSI
SPBA3509	Yogi South	18	6466301	389748	262	-90	8	12	4	0.17
SPBA3510	Yogi South	12	6466301	389769	262	-90	8	12	4	1.46	EOH
SPBA3511	Yogi South	5	6466300	389850	262	-90			NSI
SPBA3512	Yogi South	3	6466220	389829	262	-90			NSI
SPBA3513	Yogi South	4	6466223	389790	262	-90			NSI
SPBA3514	Yogi South	18	6466220	389770	262	-90	8	17	9	0.34
SPBA3515	Yogi South	18	6466220	389749	262	-90			NSI
SPBA3516	Yogi South	4	6466219	389710	262	-90			NSI
SPBA3517	Yogi South	21	6466180	389711	262	-90			NSI
SPBA3518	Yogi South	15	6466181	389750	262	-90			NSI
SPBA3519	Yogi South	12	6466182	389770	262	-90	4	8	4	0.24
SPBA3520	Yogi South	9	6466180	389791	262	-90	0	9	9	1.06	EOH
SPBA3521	Yogi South	4	6466181	389831	262	-90			NSI
SPBA3522	Yogi South	7	6466181	389871	262	-90	6	7	1	0.16	EOH
SPBA3523	Yogi South	9	6466182	389911	262	-90	4	9	5	0.25	EOH
SPBA3524	Yogi South	15	6466180	389950	262	-90	8	12	4	1.46
SPBA3525	Yogi South	39	6466180	389990	262	-90	36	39	3	0.27	EOH
SPBA3526	Yogi South	8	6466181	390034	262	-90	0	7	7	0.17
SPBA3527	Yogi South	3	6466181	390080	262	-90			NSI
SPBA3528	Yogi South	15	6466099	390032	262	-90			NSI
SPBA3529	Yogi South	21	6466101	389991	262	-90			NSI
SPBA3530	Yogi South	12	6466100	389953	262	-90			NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Width,m	Aug/t	Comment
SPBA3531	Yogi South	17	6466101	389908	262	-90	0	8	17	9	1.35	EOH
			Including					16	17	1	5.75	EOH
SPBA3532	Yogi South	7	6466101	389871	262	-90	0	4	7	3	0.37	EOH
SPBA3533	Yogi South	5	6466101	389831	262	-90	0			NSI
SPBA3534	Yogi South	8	6466104	389790	262	-90	0	7	8	1	2.56	EOH
SPBA3535	Yogi South	18	6466101	389772	262	-90	0	12	18	6	0.47	EOH
SPBA3536	Yogi South	9	6466099	389749	262	-90	0	0	8	8	0.23
SPBA3537	Yogi South	15	6466100	389712	262	-90	0	0	4	4	0.39
SPBA3538	Yogi South	8	6466142	389710	262	-90	0
SPBA3539	Yogi South	14	6466140	389749	262	-90	0	0	4	4	0.13
SPBA3540	Yogi South	20	6466141	389769	262	-90	0	12	20	4	0.83	EOH
SPBA3541	Yogi South	9	6466141	389789	262	-90	0	0	4	4	0.21
SPBA3542	Yogi South	7	6466140	389830	262	-90	0			NSI
SPBA3543	Yogi South	4	6466140	389849	262	-90	0			NSI
SPBA3544	Yogi South	8	6466018	389691	262	-90	0			NSI
SPBA3545	Yogi South	4	6466018	389732	262	-90	0	3	4	1	0.22
SPBA3546	Yogi South	7	6466017	389754	262	-90	0			NSI
SPBA3547	Yogi South	5	6465977	389770	262	-90	0			NSI
SPBA3548	Yogi South	5	6465978	389750	262	-90	0			NSI
SPBA3549	Yogi South	7	6465978	389729	262	-90	0			NSI
SPBA3550	Yogi South	9	6465979	389690	262	-90	0	0	4	4	0.11
SPBA3551	Yogi South	4	6465938	389688	262	-90	0			NSI
SPBA3552	Yogi South	6	6465939	389730	262	-90	0			NSI
SPBA3553	Yogi South	5	6465938	389748	262	-90	0			NSI
SPBA3554	Yogi South	6	6465938	389769	262	-90	0			NSI
SPBA3555	Yogi South	10	6465939	389809	262	-90	0	8	9	1	0.31	EOH
SPBA3556	Yogi South	5	6465938	389850	262	-90	0			NSI
SPBA3557	Yogi South	6	6465939	389890	262	-90	0	5	6	1	0.12	EOH
SPBA3558	Yogi South	9	6465939	389929	262	-90	0	8	9	1	0.43	EOH
SPBA3559	Yogi South	4	6465934	389971	262	-90	0			NSI
SPBA3560	Yogi South	4	6465938	390010	262	-90	0			NSI
SPBA3561	Yogi South	11	6465940	390049	262	-90	0			NSI
SPBA3562	Yogi South	9	6465941	390089	262	-90	0			NSI

Table 3: Polar Bear Nickel Exploration

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Widthm	Nipct	Cupct	Ptg/t	Pdg/t
	Halls Knoll Diamond and RC Drilling
SPBD0002	Halls Knoll	161.1	6468264	391085	266	-60	60	-	-	-	NSI	-	-	-
SPBD0003	Halls Knoll	267	6468039	391216	266	-60	60	-	-	-	NSI	-	-	-

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Widthm	Nipct	Cupct	Ptg/t	Pdg/t
SPBD0008	Halls Knoll	171	6468019	391182	266	-60	60	62	65	3	0.55	0.11	0.12	0.33
			and					69	70	1	0.52	0.07	0.1	0.24
SPBD0009	Halls Knoll	216	6468062	391255	265	-60	60	-	-	-	NSI	-	-	-
SPBD0045	Halls Knoll	471	6468073	391274	266	-60	240	-	-	-	NSI	-	-	-
SPBD0118	Halls Knoll	243.7	6468385	391050	262	-60	240	87.1	91	3.9	0.31	0.05	0.07	0.16
SPBD0119	Halls Knoll	225.9	6468425	391035	262	-60	240	141.2	142.8	1.6	0.50	0.04	0.06	0.11
			And					150.4	156.8	6.4	0.37	0.03	0.05	0.10
SPBD0121	Halls Knoll	393.9	6468470	391010	262	-60	240				AWR
SPBD0123	Halls Knoll	543.6	6468595	390815	262	-60	240	131.8	155	23.2	0.40	0.02	0.04	0.06
SPBD0124	Halls Knoll	261.9	6468535	390865	262	-60	240	55.8	60.8	5	0.52	0.03	0.05	0.09
SPBC0154	Halls Knoll	160	6468570	390780	262	-60	240	80	117	37	0.38	0.02	0.04	0.08
			Including					106	107	1	1.17	0.04	0.07	0.15
SPBC0155	Halls Knoll	145	6468550	390815	262	-60	240				NSI
SPBC0156	Halls Knoll	180	6468615	390795	262	-60	240				NSI
SPBC0157	Halls Knoll	145	6468590	390760	262	-60	240				NSI
SPBC0158	Halls Knoll	130	6468565	390840	262	-60	240	89	95	6	0.45	0.03	0.05	0.10
SPBC0159	Halls Knoll	130	6468525	390900	262	-60	240				NSI
SPBC0160	Halls Knoll	160	6468260	391100	262	-60	240				NSI
SPBC0161	Halls Knoll	200	6468275	391125	262	-60	240	4	16	12	0.34	0.07	0.08	0.18
SPBC0162	Halls Knoll	140	6468295	391160	262	-60	240				NSI
SPBA3563	Regional	5	6467479	391403	262	-90	0				NSI
SPBA3564	Regional	6	6467483	391442	262	-90	0				NSI
SPBA3565	Regional	6	6467482	391479	262	-90	0				NSI
SPBA3566	Regional	18	6467482	391522	262	-90	0				NSI
SPBA3567	Regional	29	6467483	391562	262	-90	0				NSI
SPBA3568	Regional	8	6467482	391599	262	-90	0				NSI
SPBA3569	Regional	32	6467482	391639	262	-90	0				NSI
SPBA3570	Regional	4	6467483	391679	262	-90	0				NSI
SPBA3571	Regional	29	6467479	391721	262	-90	0				NSI
SPBA3572	Regional	6	6467480	391760	262	-90	0				NSI
SPBA3573	Regional	4	6467483	391801	262	-90	0				NSI
SPBA3574	Regional	11	6467483	391840	262	-90	0				NSI
SPBA3575	Regional	9	6467482	391880	262	-90	0				NSI
SPBA3576	Regional	21	6467481	391917	262	-90	0				NSI
SPBA3577	Regional	42	6467481	391960	262	-90	0				NSI
SPBA3578	Regional	35	6467482	392000	262	-90	0	20	32	12	0.43	0.02
SPBA3579	Regional	4	6467476	392039	262	-90	0				NSI
SPBA3580	Regional	11	6467480	392080	262	-90	0				NSI
SPBA3581	Regional	15	6467880	392042	262	-90	0				NSI
SPBA3582	Regional	6	6467880	392001	262	-90	0				NSI
SPBA3583	Regional	6	6467881	391978	262	-90	0				NSI
SPBA3584	Regional	7	6467882	391959	262	-90	0				NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Widthm	Nipct	Cupct
SPBA3585	Regional	6	6467880	391941	262	-90	0				NSI
SPBA3586	Regional	4	6467882	391921	262	-90	0				NSI
SPBA3587	Regional	11	6467879	391901	262	-90	0				NSI
SPBA3588	Regional	15	6467881	391881	262	-90	0				NSI
SPBA3589	Regional	6	6467881	391860	262	-90	0				NSI
SPBA3590	Regional	6	6467880	391841	262	-90	0				NSI
SPBA3591	Regional	9	6467879	391820	262	-90	0				NSI
SPBA3592	Regional	6	6467881	391799	262	-90	0				NSI
SPBA3593	Regional	5	6467878	391777	262	-90	0				NSI
SPBA3594	Regional	6	6467879	391761	262	-90	0				NSI
SPBA3595	Regional	9	6467879	391740	262	-90	0				NSI
SPBA3596	Regional	5	6467878	391719	262	-90	0				NSI
SPBA3597	Regional	5	6467880	391702	262	-90	0				NSI
SPBA3598	Regional	4	6467879	391680	262	-90	0				NSI
SPBA3599	Regional	6	6467876	391660	262	-90	0				NSI
SPBA3600	Regional	7	6467881	391640	262	-90	0				NSI
SPBA3601	Regional	6	6468280	391401	262	-90	0				NSI
SPBA3602	Regional	9	6468279	391440	262	-90	0				NSI
SPBA3603	Regional	6	6468280	391480	262	-90	0				NSI
SPBA3604	Regional	6	6468271	391517	262	-90	0				NSI
SPBA3605	Regional	4	6468278	391560	262	-90	0				NSI
SPBA3606	Regional	4	6468277	391600	262	-90	0				NSI
SPBA3607	Regional	6	6468277	391639	262	-90	0				NSI
SPBA3608	Regional	4	6468278	391680	262	-90	0				NSI
SPBA3609	Regional	24	6468278	391719	262	-90	0				NSI
SPBA3610	Regional	19	6468279	391698	262	-90	0				NSI
SPBA3611	Regional	23	6468278	391741	262	-90	0	22	23	1	0.28	0.02
SPBA3612	Regional	21	6468280	391758	262	-90	0				NSI
SPBA3613	Regional	17	6468281	391800	262	-90	0				NSI
SPBA3614	Regional	14	6468281	391840	262	-90	0				NSI
SPBA3615	Regional	9	6468280	391880	262	-90	0				NSI
SPBA3616	Regional	30	6468283	391920	262	-90	0	4	12	8	0.32	0.03
SPBA3617	Regional	14	6468284	391959	262	-90	0				NSI
SPBA3618	Regional	33	6468282	392002	262	-90	0				NSI
SPBA3619	Regional	39	6468279	392081	262	-90	0				NSI
SPBA3620	Regional	60	6468280	392159	262	-90	0				NSI
SPBA3621	Regional	40	6468281	392239	262	-90	0				NSI
SPBA3622	Regional	20	6468280	392221	262	-90	0				NSI
SPBA3623	Regional	24	6468280	392260	262	-90	0				NSI
SPBA3624	Regional	39	6468283	392283	262	-90	0				NSI
SPBA3625	Regional	23	6468282	392321	262	-90	0				NSI
SPBA3626	Regional	4	6468610	391950	262	-90	0				NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Nipct
SPBA3627	Regional	7	6468631	391981	262	-90	NSI
SPBA3628	Regional	5	6468651	392015	262	-90	NSI
SPBA3629	Regional	9	6468670	392045	262	-90	NSI
SPBA3630	Regional	12	6468692	392085	262	-90	NSI
SPBA3631	Regional	18	6468707	392120	262	-90	NSI
SPBA3632	Regional	18	6468698	392103	262	-90	NSI
SPBA3633	Regional	21	6468720	392135	262	-90	NSI
SPBA3634	Regional	21	6468731	392158	262	-90	NSI
SPBA3635	Regional	18	6468753	392191	262	-90	NSI
SPBA3636	Regional	20	6468777	392225	262	-90	NSI
SPBA3637	Regional	30	6468796	392259	262	-90	NSI
SPBA3638	Regional	42	6468816	392293	262	-90	NSI
SPBA3639	Regional	29	6468833	392323	262	-90	NSI
SPBA3640	Regional	4	6468472	392496	262	-90	NSI
SPBA3641	Regional	21	6468491	392525	262	-90	NSI
SPBA3642	Regional	11	6468514	392560	262	-90	NSI
SPBA3643	Regional	50	6468536	392598	262	-90	NSI
SPBA3644	Regional	30	6468553	392629	262	-90	NSI
SPBA3645	Regional	17	6468597	392702	262	-90	NSI
SPBA3646	Regional	3	6468632	392772	262	-90	NSI
SPBA3647	Regional	7	6468678	392842	262	-90	NSI
SPBA3648	Regional	5	6468697	392873	262	-90	NSI
SPBA3649	Regional	6	6468686	392859	262	-90	NSI
SPBA3650	Regional	5	6468703	392892	262	-90	NSI
SPBA3651	Regional	8	6468722	392916	262	-90	NSI
SPBA3652	Regional	4	6468740	392945	262	-90	NSI
SPBA3653	Regional	5	6468748	392962	262	-90	NSI
SPBA3654	Regional	9	6468756	392975	262	-90	NSI
SPBA3655	Regional	7	6468777	393012	262	-90	NSI
SPBA3656	Regional	4	6468818	393080	262	-90	NSI
SPBA3657	Regional	18	6468831	393097	262	-90	NSI
SPBA3658	Regional	15	6468842	393112	262	-90	NSI
SPBA3659	Regional	30	6468862	393148	262	-90	NSI
SPBA3660	Regional	27	6468903	393215	262	-90	NSI
SPBA3661	Regional	12	6468920	393252	262	-90	NSI
SPBA3662	Regional	4	6468942	393287	262	-90	NSI
SPBA3663	Regional	4	6468962	393320	262	-90	NSI
SPBA3664	Regional	4	6468984	393356	262	-90	NSI
SPBA3665	Regional	9	6469022	393424	262	-90	NSI
SPBA3666	Regional	8	6469062	393492	262	-90	NSI
SPBA3667	Regional	33	6468920	393629	262	-90	NSI
SPBA3668	Regional	52	6468893	393594	262	-90	NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	Azim	From,m	To,m	Widthm	Nipct	Cupct
SPBA3669	Regional	42	6468869	393539	262	-90	0				NSI
SPBA3670	Regional	27	6468853	393525	262	-90	0				NSI
SPBA3671	Regional	4	6468830	393488	262	-90	0				NSI
SPBA3672	Regional	12	6468808	393452	262	-90	0				NSI
SPBA3673	Regional	30	6468789	393422	262	-90	0				NSI
SPBA3674	Regional	42	6468771	393387	262	-90	0				NSI
SPBA3675	Regional	42	6468749	393353	262	-90	0				NSI
SPBA3676	Regional	45	6468728	393324	262	-90	0				NSI
SPBA3677	Regional	47	6468708	393286	262	-90	0				NSI
SPBA3678	Regional	42	6468717	393304	262	-90	0				NSI
SPBA3679	Regional	45	6468697	393270	262	-90	0				NSI
SPBA3680	Regional	45	6468688	393254	262	-90	0				NSI
SPBA3681	Regional	21	6468666	393218	262	-90	0				NSI
SPBA3682	Regional	23	6468677	393236	262	-90	0	8	12	4	0.27	0.02
SPBA3683	Regional	8	6468652	393189	262	-90	0				NSI
SPBA3684	Regional	5	6468628	393150	262	-90	0				NSI
SPBA3685	Regional	6	6468610	393118	262	-90	0				NSI
SPBA3686	Regional	6	6468587	393081	262	-90	0				NSI
SPBA3687	Regional	15	6468566	393049	262	-90	0	4	15	11	0.31	0.01
SPBA3688	Regional	10	6468550	393017	262	-90	0				NSI
SPBA3689	Regional	9	6468534	392999	262	-90	0				NSI
SPBA3690	Regional	20	6468513	392955	262	-90	0				NSI
SPBA3691	Regional	48	6468255	392905	262	-90	0				NSI
SPBA3692	Regional	24	6468274	392938	262	-90	0				NSI
SPBA3693	Regional	13	6468293	392977	262	-90	0				NSI
SPBA3694	Regional	15	6468313	393010	262	-90	0				NSI
SPBA3695	Regional	9	6468332	393045	262	-90	0				NSI
SPBA3696	Regional	7	6468351	393080	262	-90	0				NSI
SPBA3697	Regional	7	6468370	393117	262	-90	0				NSI
SPBA3698	Regional	8	6468393	393148	262	-90	0				NSI
SPBA3699	Regional	6	6468413	393181	262	-90	0				NSI
SPBA3700	Regional	8	6468436	393218	262	-90	0				NSI
SPBA3701	Regional	9	6468455	393250	262	-90	0				NSI
SPBA3702	Regional	13	6468477	393282	262	-90	0				NSI
SPBA3703	Regional	11	6468494	393320	262	-90	0				NSI
SPBA3704	Regional	8	6468515	393353	262	-90	0				NSI
SPBA3705	Regional	23	6468535	393386	262	-90	0				NSI
SPBA3706	Regional	62	6468552	393425	262	-90	0				NSI
SPBA3707	Regional	51	6468597	393492	262	-90	0				NSI
SPBA3708	Regional	48	6468617	393521	262	-90	0	8	16	8	0.27	0.01
SPBA3709	Regional	54	6468607	393507	262	-90	0				NSI
SPBA3710	Regional	42	6468627	393538	262	-90	0				NSI

Hole No.	Zone	TotalDepth	North	East	RL	Dip	From,m	To,m	Widthm	Nipct	Cupct
SPBA3711	Regional	38	6468639	393557	262	-90				NSI
SPBA3712	Regional	39	6468648	393575	262	-90				NSI
SPBA3713	Regional	31	6468661	393590	262	-90				NSI
SPBA3714	Regional	27	6468669	393607	262	-90				NSI
SPBA3715	Regional	24	6468681	393628	262	-90				NSI
SPBA3716	Regional	33	6468689	393646	262	-90				NSI
SPBA3717	Regional	36	6468700	393660	262	-90				NSI
SPBA3718	Regional	33	6468710	393677	262	-90				NSI
SPBA3719	Regional	30	6468721	393694	262	-90				NSI
SPBA3720	Regional	33	6468729	393715	262	-90				NSI
SPBA3721	Regional	24	6468743	393732	262	-90				NSI
SPBA3722	Regional	26	6468763	393765	262	-90				NSI
SPBA3723	Regional	21	6468787	393800	262	-90				NSI
SPBA3724	Regional	26	6468792	393819	262	-90				NSI
SPBA3725	Regional	23	6468805	393836	262	-90				NSI
SPBA3726	Regional	24	6468823	393870	262	-90				NSI
SPBA3727	Regional	26	6468844	393905	262	-90				NSI
SPBA3728	Regional	36	6468862	393938	262	-90				NSI
SPBA3729	Regional	48	6468881	393971	262	-90				NSI
SPBA3730	Regional	43	6468902	394004	262	-90				NSI
SPBA3731	Regional	98	6468924	394040	262	-90				NSI
SPBA3732	Regional	48	6468946	394075	262	-90	24	32	8	0.29	0.02
SPBA3733	Regional	27	6468967	394110	262	-90			NSI	NSI
SPBA3734	Regional	51	6468986	394145	262	-90	4	8	4	0.41	0.03
SPBA3735	Regional	54	6469003	394179	262	-90				NSI
SPBA3736	Regional	45	6469027	394213	262	-90				NSI
SPBA3737	Regional	54	6469047	394247	262	-90				NSI
SPBA3738	Regional	60	6469069	394281	262	-90				NSI
SPBA3739	Regional	76	6469089	394313	262	-90				NSI

FINLAND

Table 4: Tienpää Prospect Historical Geological Survey of Finland Diamond Drilling 1998-2000

Hole No.	Year	TotalDepth	North KKJ	East KKJ	Elvm	Dip	Azim	overburden	From, m	To,m	Widthm	Aug/t	Nipct
M274300R541	2000	70.50	7523682	414760	190	50	3	9.0	-	-	-	NSI	-
M274300R542	2000	69.30	7523680	414790	193	50	3	8.5	-	-	-	NSI	-
M274300R543	2000	70.80	7523662	414854	188	45	318	10.7	-	-	-	NSI	-
M274300R544	2000	47.10	7523723	414837	187	46	318	6.2	-	-	-	NSI	-
M274300R545	2000	66.00	7523663	414839	186	45	3	9.2	-	-	-	NSI	-
M274300R546	2000	66.40	7523742	414657	193	45	318	5.5	-	-	-	NSI	-
M274398R519	1998	143.30	7523570	414489	205	45	228	6.0	-	-	-	NSI	-

Hole No.	Year	Total	North KKJ	East KKJ	Elv	Dip	Azim	overburden	From, m	To,	Width	Au	Ni
		Depth			m					m	m	g/t	pct
M274398R520	1998	145.30	7523646	414573	202	45	228	4.8	-	-	-	NSI	-
M274399R521	1999	131.90	7523708	414641	201	54	228	2.7	-	-	-	NSI	-
M274399R522	1999	151.50	7523769	414709	185	46	228	6.5	124.50	137.25	12.75		2.85
									124.50	126.10	1.60	3.87
M274399R523	1999	153.00	7523524	414597	205	45	228	8.1	-	-	-	NSI	-
M274399R524	1999	159.30	7523657	414658	202	45	48	6.0	-	-	-	NSI	-
M274399R525	1999	94.40	7523604	414601	202	46	48	6.8	-	-	-	NSI	-
M274399R526	1999	75.30	7523658	414733	195	53	48	9.0	-	-	-	NSI	-
M274399R527	1999	124.40	7523725	414581	199	49	48	2.0	-	-	-	NSI	-
M274399R528	1999	93.50	7523727	414662	195	58.6	48	3.6	-	-	-	NSI	-
M274399R529	1999	159.50	7523661	414521	210	50.9	48	3.0	-	--	-	NSI	-
M274399R530	1999	69.45	7523731	414667	195	46	48	3.8	-	-	-	NSI	-
M274399R531	1999	107.20	7523706	414565	200	45	228	5.0	-	-	-	NSI	-
M274399R532	1999	102.30	7523704	414605	200	44	48	4.8	-	-	-	NSI	-
M274399R533	1999	118.90	7523729	414507	198	45	48	3.5	-	-	-	NSI	-
M274399R534	1999	70.80	7523732	414457	200	44	48	2.5	-	-	-	NSI	-
M274399R535	1999	43.10	7523734	414707	190	50	273	4.8	-	-	-	NSI	-
M274399R536	1999	70.30	7523744	414708	189	50	273	6.0	-	-	-	NSI	-
M274399R537	1999	53.60	7523719	414706	191	50	318	5.5	-	-	-	NSI	-
M274399R538	1999	31.50	7523756	414661	188	50	93	9.0	-	-	-	NSI	-
M274399R539	1999	50.50	7523770	414664	187	50	93	7.2	-	-	-	NSI	-
M274399R540	1999	72.80	752367	414667	188	50	318	7.0	-	-	-	NSI	-

SWEDEN

Table 5: Brännäs Prospect, Skellefte Belt, Sweden - Rock Grab Sampling Results

Sample No.	Type	NorthRT90	East RT90	HostLithology	Aug/t	Ptg/t	Pdg/t	Cupct	Nipct	Copct	Fepct	Agg/t
SBRA10001	Grab	7233690	1620395	Gabbro	0.591	0.224	0.244	1.615	0.017	0.005	4.35	20
SBRA10002	Grab	7233690	1620395	Gabbro	0.579	0.298	0.239	1.545	0.011	0.002	4.17	20
SBRA10003	Grab	7233690	1620395	Gabbro	0.434	0.257	0.171	1.760	0.010	0.003	4.96	22
SBRA10004	Grab	7234120	1620625	Gabbro	<0.001	<0.005	<0.001	0.021	<0.001	0.003	4.76	<1
SBRA10005	Grab	7234110	1620615	Gabbro	<0.001	<0.005	<0.001	0.006	<0.001	0.004	4.47	<1

AWR – results awaited, NSI – no significant intercept, ABD - abandoned

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

SECTION 1 SAMPLING TECHNIQUES AND DATA

AUSTRALIA

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken as limitingthe broad meaning of sampling.	In zones of weakly weathered or fresh rock the HQ or NQ2core is cut using a diamond core saw with half core sampledfor assay. The ore is cut along the orientation line, with thesame side sampled to ensure sample is representative.In zones of highly weathered core where the sample is eitherhighly broken or highly friable and a representative splitcannot be achieved then whole core sample of either thePQ3 or HQ3 core is taken.For RC sampling, a four metre composite sample is createdusing an aluminium scoop form the bulk sample. Eachsample is carefully sampled to ensure a representativesample over the entire interval is achieved.In areas of interest and anomalous, a 1 metre split is takendirectly from a cone splitter mounted beneath the rigscyclone. The cyclone and splitter are cleaned regularly tominimise any contaimination.Aircore holes are sampled using an aluminium scoop toproduce a four metre composite sample similar to the RCsampling methodology.
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used	Sampling and QAQC procedures is carried out using Siriusprotocols as per industry best practice.

Criteria	JORC Code explanation	Commentary
		Reconnaissance aircore samples are composited at 4 m toproduce a bulk 3 kg sample. Samples were dried, pulverised(total prep), and split to produce a 25 g sub sample which isanalysed using aqua-regia digestion with ICP-MS finish witha 1 ppb detection limit.A 1m end of hole sample was collected for all aircore holes.
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been done	Sample preparation was the same as above and wereanalysed using a four acid digest with an ICP/OES and fireassay. The following elements are included in the assaysuite: 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.
	this would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)	RC drilling was sampled using a 4m composite sample, orwhere appropriate, a 1m "cone" split sample, to produce abulk 3 kg sample. Sample preparation was the same as forthe aircore drilling. Samples were to produce a sub samplefor analysed by four acid digest with an ICP/OES (Ag, Al, As,Co, Cr, Cu, Fe, K, Mg, Mn, Ni, Ti, Tl, V, Zn) .and fire assay(nickel exploration) or fire assay (gold exploration).
	may warrant disclosure of detailed information	Diamond core (HQ and NQ2) is half core sampled togeological boundaries of no more than 1m and no less than30cm. Samples were crushed, dried and pulverised (totalprep). Analysis is same as for RC.
		At Baloo Oxide PQ3 core is whole core sampled and thendried, crushed to -2mm and then rotary split to a 3kgsample for pulverisation and 50g fire assay. The reject ofthe rotary split is stored for duplicate assays work at SiriusResources warehouse facility.
Drilling techniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,	Diamond drilling is completed using either NQ2, HQ, or PQ3(through the oxide zone) sized coring equipment. All core isorientated (where possible) using a Reflex ACT II RDorientation tool.
	sonic, etc) and details (e.g. core diameter, tripleor standard tube, depth of diamond tails, facesampling bit or other type, whether core is	RC drilling is carried out using a face sampling hammer witha nominal diameter of 140mm.
	oriented and if so, by what method, etc).	Aircore drilling is carried out using a 3 ½ inch blade bit.Where necessary a 3 ½ inch face sampling hammer isemployed to penetrate through hard zones.
Drill samplerecovery	Method of recording and assessing core and	Diamond core recoveries is logged and captured in thedatabase. The core length recovered is measured for eachrun and recorded which is used to calculate the corerecovery as a percentage core recovered.
	chip sample recoveries and results assessed	RC and aircore sample recoveries are visually estimatedqualitatively on a metre basis and are recorded in thedatabase.

Criteria	JORC Code explanation	Commentary
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples	Measures taken to maximise the core recoveries includesusing appropriate core diameter and, where necessary,restricting drill penetration and/or reducing core runs.Triple tube diamond core through the weathered zone is toobroken to allow core cutting and therefore the core issampled whole to ensure no bias is introduced.Various drilling additives (including muds and foams) havebeen used to condition RC and aircore drill holes to maximiserecoveries and sample quality. Drill cyclone and samplebuckets are cleaned between rod-changes and after eachholetominimisedownholeand/orcross-holecontamination.
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	Core drilling has resulted in narrow zones of poor to no corerecoveries through the oxide zone in areas of very soft claysand fault gouge within the weathered zones. These arerecorded as poor or zero recovery and not assigned grade.Aircore drilling samples are occasionally wet which may haveresulted in sample bias due to preferential loss/gain offine/coarse material.No sample recovery issues have impacted on potentialsample bias within coring of fresh rock or within RC drilling.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	Geological logging is completed for all holes to a level ofdetail that would, where sufficient drill density is completed,support an appropriate Mineral Resource and mining study.Lithology, alteration, veining, structural and geotechnical(diamond core) characteristics is recorded directly to adigital format and imported into S2 Resources centraldatabase.
	Whether logging is qualitative or quantitativein nature. Core (or costean, channel, etc)photography.	Logging is both qualitative and quantitative in naturedepending on the field being captured.All core is photographed
	The total length and percentage of the relevantintersections logged	All drillholes were logged in full.
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	In zones of highly weathered core where the sample is eitherhighly broken or highly friable the PQ3 or HQ3 core issampled whole core. Oxide whole core is submitted to thelab in samples not exceeding 6kg and then coarse crushed to<2mm. Samples are then rotary split to provide a 3kg subsample for pulverisation.In zones of weakly weathered or fresh rock the HQ or NQ2core is cut using a diamond core saw with half core sampledfor assay.
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	RC and aircore samples consist of a 4 metre composite RCspoils are sampled by scoop. All RC holes are sampled 1metre samples are collected via an on-board cone splitter.Samples were collected both wet and dry.

Criteria	JORC Code explanation	Commentary
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	The sample preparation follows industry best practice insample preparation All samples are pulverised utilising EssaLM1, LM2 or LM5 grinding mills determined by the size ofthe sample. Samples are dried, crushed as required andpulverized to produce a homogenous representative subsample for analysis. A grind quality target of 85% passing75μm has been established and is relative to sample size,type and hardness.
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	Quality control procedures include submission of CertifiedReference Materials (CRM's), blanks and duplicate sampleswith each batch of samples. Selected samples are also reanalysed to confirm anomalous results.Grind size checks are routinely completed to ensure samplesmeet the industry standard of 90% passing through a 75µmmesh.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	Field duplicates are taken at regular intervals. Samples areselected to weigh less than 3kg to ensure total preparationat the pulverisation stage.
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Sample sizes are considered appropriate for nickel sulphideand gold mineralisation.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Gold ExplorationRC and diamond core samples are analysed for Au only usinga 40g or 50g Lead Collection fire Assay with either an ICP/MSor AAS finish.4m composite samples from AC drilling are analysed for Auonly using a 25g aqua-regia digestion with an ICP/MS finish.The method gives a near total digestion of the regolithintercepted in aircore drilling and is suitable for thereconnaissance style sampling undertaken.Infill 1msamples and samples greater than 1 g/t are re-assayed using50 g fire-assay with AAS finish which gives total digestion andis more appropriate for samples with high levels of gold.Nickel ExplorationRC and diamond core are analysed using an industrystandard four acid digest with ICP/OES or ICP/MS finish for amulti-element suite including Ag, Al, As, Co, Cr, Cu, Fe, K,Mg, Mn, Ni, Ti, Tl, V, Zn. Au, Pt And Pd is analysed for using25g or 50g Lead Collection fire assay with an ICP/MS finish.The method approaches total dissolution of most minerals.4m composite samples from AC drilling are analysed for asuite , including Au, Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni, Zn Auusing a 25g aqua-regia digestion with an ICP/OES finish. Themethod gives a near total digestion of the regolithintercepted in aircore drilling and is suitable for thereconnaissance style samplingAll aircore holes (both gold and nickel exploration) have a1m end-of-hole sample is collected for all AC holes. Anextensive multi-element suite (including Ag, Al, As, 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) is analysed using a four aciddigest with an ICP/OES and ICP/MS finish. Au, Pt And Pd isanalysed for using 25g or 50g Lead Collection fire assay withan ICP/MS finish.

Criteria	JORC Code explanation	Commentary
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	No geophysical tools were used to determine any elementconcentrations used in this resource estimate.
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	Sample preparation checks for fineness were carried out bythe laboratory as part of their internal procedures to ensurethe grind size of 85% passing 75 micron was being attained.Laboratory QAQC involves the use of internal lab standardsusing certified reference material, blanks, splits andreplicates as part of the in house procedures.
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	The Exploration Manager of Sirius has visually verifiedsignificant intersections.
	The use of twinned holes.	No twin holes have been drilled on the project to date.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Primary data was collected using a set of standard Exceltemplates using lookup codes. The information was sent toan external database consultant for validation andcompilation into a Perth based SQL database.
	Discuss any adjustment to assay data.	No adjustments or calibrations were made to any assay datareported.
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	All reconnaissance holes have been located using a handheldGPS with an expected accuracy of +/- 5m for northing andeasting.All resource drilling is picked up by an external surveyorusing an RTK GPS system with an expected accuracy is +/–0.05m for easting, northing and elevation.
	Specification of the grid system used.	The grid system used at Polar Bear is GDA94 (MGA), zone51.
	Quality and adequacy of topographic control.	A topographic surface has been created from aerialgeophysical data, This has been calibrated with DGPS surveydata. All reconnaissance drill holes have been corrected tothis surface where DGPS pickup is not available.All resource drilling has been picked up by DGPS to within a
		+/-50mm accuracy.
Data spacing anddistribution	Data spacing for reporting of ExplorationResults.	Data spacing is currently defined by the geological criteriaregarded appropriate to determine the extents ofmineralisation. Reconnaissance AC drilling is on a nominalspacing of between 240m x 40m and 400m x 40m drillpattern, with infill of resource areas closing down to anominal 40m x 20m drill pattern for AC, RC and diamond.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	Drilling is currently preliminary in nature had the mineraliseddomains have not yet demonstrated sufficient continuity inboth geological and grade continuity to support thedefinition of Mineral Resource and Reserves, and theclassifications applied under the 2012 JORC Code.
	Whether sample compositing has been applied.	No compositing has been applied to the exploration results.

Criteria	JORC Code explanation	Commentary
Orientation of datain relation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.	The drilling is not necessarily drilled perpendicular to theorientation of the intersected mineralisation. All reportedintervals are downhole intervals and not calculated truewidth. This will be established with further drilling.At Baloo the main mineralised structure appears to bedipping moderately to the east and hence 270 azimuthdiamonddrillinggiveapproximatelytruewidthintersections. Supergene dispersion appears relatively flatlying and hence the vertical AC holes also approximate totrue thickness.
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No orientation based sampling bias has been identified inthe data at this point.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 Resources. Samples arestored on site and either delivered by S2 personnel to Perthand then to the assay laboratory, or collected from site byCenturion Transport and delivered direct to the assaylaboratory. Whilst in storage, they are kept on a locked yard.Tracking sheets have been set up to track the progress ofbatches of samples.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted at this stage.

FINLAND

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken as limitingthe broad meaning of sampling.	Based on the information provided by the GeologicalSurvey of Finland in report CM06/2741 and2743/2001/1/10
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used	Sampling and QAQC procedures were undertaken toGeological Survey of Finland standard QA:QC protocolprevailing at the time including the use of standards andblanks

Criteria	JORC Code explanation	Commentary
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information	Diamond Drill core was sampled using geological contactswith a maximum sample length of 1 metre.Diamond drill core 35mm (T46 bit) in DDH's R401-R452 and45mm (T52 bit) in DDH's R453-R561 were cut into half core.Drill core samples were crushed in a jaw crusher andpulverised in a ring or disc mill dependant on weight. Goldassays were performed by the Geological Survey of FinlandGeolabatory methods 521U, 522U (5g and 20g respectively)and 704U (GFAAS, Pb-Fire Assay, 25 g sample).Elements: Ag, Al, As,B, Ba, Be, Ca, Cd, Co, Cr, Cu, Fe, K, La, Li,Mg, Mo, Na, Ni P, Pb, S, Sb, Sc, Si, Th, Ti, V, Y and Zn, Au, wereanalaysed with method 511P, which is based on an ICP-AEStechnique with aqua regia digestion.
Drilling techniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc) and details (e.g. core diameter, tripleor standard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	Diamond drilling was undertaken by Geological Survey ofFinland's own drill rigs using T46 bits (35mm core) and T56bits (45mm core). No core was orientated.
Drill samplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed	No information is available on core recovery at present.
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples	No information is available at present on measures taken tomaximise recovery
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	No information is available at present to determine this fact
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	Geological logging was completed back at the GeologicalSurvey of Finland's base to a detail expected of a renownedgeological survey. Logging was purely academic with noregard for mineral economics.Lithology, alteration, veining, and certain structuralcharacteristics were recorded on paper logs
	Whether logging is qualitative or quantitativein nature. Core (or costean, channel, etc)photography.	Logging would be qualitative.Core photographs are being searched for and it is uncertainwhether they exist
	The total length and percentage of the relevantintersections logged	All drillholes were logged in full.
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Core was cut and half core used for analyses.
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	NA

Criteria	JORC Code explanation	Commentary
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	The sample preparation followed Geological Survey ofFinland's standard procedures in sample preparation Allsamples were pulverised utilising ring or disc millsdetermined by the size of the sample.
		Quality control procedures were used but mainly used inhouse CRM's.
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	No knowledge available on the grinding size or sub-samplingproceedures.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	No information available at present
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Sample sizes are considered on the small size forrepresentative reproduction of gold mineralisation.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Gold ExplorationDiamond drill core samples are analysed for Au only usingonly a 5g, 20g and 25g sample size which at the time wasdeemed appropriate but is not deemed as such today andsuch procedures and sampling sizes would not be usedtoday.
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	No geophysical tools were used to determine any element.
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	No information on this aspect could be found
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	No Sakumpu Exploration Oy staff has had the opportunity tovisually inspect the drill core at present
	The use of twinned holes.	No twin holes have been drilled on the project to date.
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Primary data entry was all by paper logs which were latertransferred to digital
	Discuss any adjustment to assay data.	No knowledge
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	No information is available at present on the methodologyused.
	Specification of the grid system used.	The grid system used at Tienpää is the previous FinnishNational Grid KKJ zone 2.
	Quality and adequacy of topographic control.	All of Lapland Finland has been mapped to an extremelydetailed level with at the time 1:20,000 topographic mapswith metric accuracy.
Data spacing anddistribution	Data spacing for reporting of ExplorationResults.	Drilling was purely of a reconnaissance nature and primarilyof academic nature.

Criteria	JORC Code explanation	Commentary
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	No
	Whether sample compositing has been applied.	No compositing has been applied to the exploration results.
Orientation of datain relation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.	Only significant intercept at Tienpäa is drilled in R522 whichis located at the northern end of a drill profile and has notbeen followed up and hence there is no knowledge ofmineralisation orientation
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No
Sample security	The measures taken to ensure sample security.	Chain of custody was managed by the Geological Survey ofFinland
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted.

SWEDEN

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken as limitingthe broad meaning of sampling.	Grab samples of outcropping sulphide mineralisation
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used	Sampling and QAQC procedures were undertaken withunbiased cut portion retained. For analyses inclusion ofCRM & Blanks were used.
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information	The disseminated sulphide mineralisation at Brännäs wassampled and samples and were representative of themineralised outcrop. Samples were Rock Grab samples.Rock Grab samples were cut so that a representativeportion remained. Samples were crushed with 70% to lessthan 2mm and riffle split off a 1kg portion. This portionwas pulverised to ensure a better than 85% passed 75microns.PGE assay on 50g portion with separate gold fire assay on30g sample.Elements: Ag, As, Bi, Ca, Cd, Co, Cu, Fe, hg, Mg, Mo, Ni, P, Pb,s, Sb, Ti & Zn were analysed by an highly oxidising digestionwith an ICP/AES finish

Criteria	JORC Code explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc) and details (e.g. core diameter, tripleor standard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	NA
Drill samplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed	NA
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples	NA
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	NA
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	Lithologicaldescriptionandestimationofsulphidemineralogy noted in sample book
	Whether logging is qualitative or quantitativein nature. Core (or costean, channel, etc)photography.	Representative unbiased portion of sample retained andnumberedNot photographed
	The total length and percentage of the relevantintersections logged	NA
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	NA
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	Full analytical portion of sample forwarded to Laboratory
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	The sample preparation methodolody of ALS Minerals PREP31B of crushing 70% to less than 2mm, riffle splitting off 1kgand then pulverising the split to better than 85% passing 75microns is deemed appropriate
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	Quality control procedures were used following SakumpuExploration protocol including the insertion of CRM's andBlanks, in addition full Laboratory QA QC results from ALSMinerals are given. In addition 'washing' of crushers andpulverisers between samples were undertaken.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	Samples collected by Sakumpu Exploration staff and CP onsite
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Sample sizes forwarded to laboratory are consideredrepresentative and generally between 0.4kg & 1.5kg

Criteria	JORC Code explanation	Commentary
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Ni,-Cu-PGE ExplorationThe samples were crushed split and pulverised by methodPREP-31B of ALS Minerals, PGM's were assayed by methodPGM-ICP24 and gold Fire Assay followed by Gravity finish inprocedure Au-GRA21. Base metals were analysed by ALSMinerals procedure ME-ICPORE. These methodologies aredeemed appropriate for this style of mineralisation.Inaddition crushers and pulverisers were washed betweensamples in procedures WSH-21 and WSH-22.ICP-ORE has a strongly oxidising digestion and deemed total
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	No geophysical tools were used to determine any element.
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	ALS results include the addition of CRM's and blanks whichpassed quality control and ALS's own QA QC who's resultswere provided and are within appropriate levels
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	Sakumpu Exploration Oy directors including the CP werepresent when samples were collected
	The use of twinned holes.	NA
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	Primary data entry was through sample book and added todatabase. ALS Minerals supply results through both digitalcertificates and data downloaded from ALS direct. Data isstored on Sakumpu Exploration Oy databases and remainsat ALS.
	Discuss any adjustment to assay data.	No adjustments
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	Sampling co-ordinates were taken by hand held Garmin GPSusing the previous Swedish National Grid RT90 2.5 as thenew national grid datums are not loaded as yet. Accuracy ofthe GPS is approximately 10 metres and hence co-ordinatesare rounded to the closest 5 metres
	Specification of the grid system used.	The previous Swedish National Grid RT90 2.5
	Quality and adequacy of topographic control.	Excellent base and geological maps over the region
Data spacing anddistribution	Data spacing for reporting of ExplorationResults.	Sampling was purely of a reconnaissance prospectingnature.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	No
	Whether sample compositing has been applied.	No
Orientation of datain relation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.	Mineralisation outcrops in a approximately ENE-WSW trendwithin a large gabbroic body that trends N-S. Sampling wasrepresentative of the mineralisation found.

Criteria	JORC Code explanation	Commentary
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No
Sample security	The measures taken to ensure sample security.	Chain of custody was complete with samples delivered bySakumpu Exploration staff directly to ALS Minerals at theirMalåoffice
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted.

SECTION 2 REPORTING OF EXPLORATION RESULTS

AUSTRALIA

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The Polar Bear Project is 100% owned by Polar Metals PtyLtd, a wholly owned subsidiary of S2 Resources Ltd.The project encompasses Exploration Licences E15/1298,E63/1142 and E63/1712, Prospecting Licenses P15/5167,P15/5168, P15/5171, P15/5638 – P15/5640, P63/1584,P63/1585 and P63/1587 – P63/1594 as well as mining leasesM15/710, M63/230, M63/255, M63/269 and M63/279.All projects are situated within the Ngadju Native TitleClaim (WC99/002).
	The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	The tenements are in good standing and no knownimpediments exist on tenements actively explored. (whatwas put in the
Exploration doneby other parties	Acknowledgment and appraisal of explorationby other parties.	Gold ExplorationPlutonic Operations Limited and Homestake Gold ofAustralia Limited conducted reconnaissance AC drilling(PBAC prefix) over Lake Cowan on predominantly 100 mdrillhole spacing and 800 m line spacing from 1997-1999.Location of these drillholes cannot be verified as the collarsare now mostly obscured.AC sampling was done by 4 m composites with 1 m re-splitson samples greater than 0.1 g/t. Samples were assayed byaqua-regia digest with AAS finish although this cannot beverified as the original laboratory.Nickel ExplorationAnaconda Australia Inc. explored for nickel in the Polar Beararea between 1966 and 1969. They drilled a nine diamonddrill holes along the interpreted prospective ultramaficstratigraphy at Halls Knoll. The best result from this drillingwas 4ft @ 1.14%nickel and 0.10% copper in hole HKD-2.Collar locations from historical drill holes have not beenfield verified.INCO conducted a reconnaissance small loop Slingram typeEM survey. In addition, a total of 6 diamond holes werecompleted, testing conductors generated from the EMsurvey.Sirius carried out various exploration activities for both goldand nickel between 2009 and 2015.
Geology	Deposit type, geological setting and style ofmineralisation.	The Polar Bear project is situated within the ArchaeanNorseman-Wiluna Belt which locally includes basalts,komatiites, metasediments, and felsic volcanoclastics.The primary gold mineralisation is related to hydrothermalactivity during multiple deformation events. Indications arethat gold mineralisation is focused on or near to thestratigraphic boundary between the Killaloe and BuldaniaFormation.Nickel is related to komatiitic flows and intrusions withmineralisation located either on or near the basal contact.

Criteria	JORC Code explanation	Commentary
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill holecollar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 interceptiondepthhole length.	Refer to Annexure1 in body of text.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.	All reported assays have been length weighted. No top-cutshave been applied.A nominal 0.1 g/t Au lower cut-off is used to report ACintersections and 0.2 g/t Au lower cut-off is used for RC anddiamond intersections (unless otherwise stated).For all nickel exploration, a notional lower cut-off of 0.25%Ni is used.
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail.	High grade gold and nickel intervals internal to broaderzones of mineralisation are reported as included intervals.
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No metal equivalent values are used for reportingexploration results.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly importantin the reporting of Exploration Results.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (e.g. 'down holelength, true width not known').	The trend of mineralisation at Baloo appears broadly northsouth and dipping moderately to the east with the intervalsreported near true width.All other prospects, the geometry of the primarymineralisation is not known at present due to the lack ofdeeper drilling and the early stage of exploration.Refer to Annexure 1 and Figures in body of text.
Diagram	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	The accompanying document is conserved to represent abalanced report with grades and/or widths reported in aconsistent manner.

Criteria	JORC Code explanation	Commentary
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations;geophysical survey results; geochemical surveyresults; bulk samples – size and method oftreatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	No other exploration data collected to date is consideredmaterial or meaningful at this stage.
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive	At Baloo, RC resource drilling within the mineralised zone on40m x 20m drill spacing will continue to provide sufficientconfidence to report a maiden JORC compliant mineralresource.RC and/or diamond drilling of the down-dipextensions will follow.Regional AC drilling will be used to further define anomalismalong strike and in similar litho-structural positions inferredfrom aeromagnetic interpretation.A high powered MLEM survey will be carried out over theHalls Knoll nickel sulphide targets with an aim to identify
		buried massive nickel sulphide bodies.

FINLAND

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The Tienpää prospect is located within the 100% SakumpuExplorationOyKuivasalmiReservationNumberVA2014:0061There are no environmental protected areas within theTienpää prospect
	The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	The tenements are in good standing and no knownimpediments exist on tenements actively explored.
Exploration doneby other parties	Acknowledgment and appraisal of explorationby other parties.	All exploration undertaken on the Tienpää prospect as farhas been undertaken by the Geological Survey of Finland.
Geology	Deposit type, geological setting and style ofmineralisation.	The Tienpää prospect is located within the Finnish LaplandGreenstone Belt a sequence of volcanic and sedimentaryrocks that range in age from 2.52 – 1.85 Ga.Gold mineralisation at Tienpää is shear zone hosted andappears related to the dominant Sirkka Shear Zone that cutsthe prospect .
		Nickel is related to komatiitic flows and intrusions within thebelt that have been remobilised by hydrothermal activity.

Criteria	JORC Code explanation	Commentary
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill holecollar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 interceptiondepthhole length.	Refer to Annexure1 in body of text.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.	All reported assays by the GTK have been length weighted.No top-cuts have been applied.No cut-offs have been used
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail.	NA
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No metal equivalent values are used for reportingexploration results.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly importantin the reporting of Exploration Results.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (e.g. 'down holelength, true width not known').	No knowledge of true widths existThe geometry of the mineralisation is not known at presentdue to the lack of drilling and the early stage of exploration.Refer to Annexure 1 and Figures in body of text.
Diagram	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	The accompanying document is conserved to represent abalanced report with grades and/or widths reported in aconsistent manner as provided by the Geological Survey ofFinland but has not been abled to be verified at present
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations;geophysical survey results; geochemical surveyresults; bulk samples – size and method oftreatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	No other exploration data collected to date is consideredmaterial or meaningful at this stage.

Criteria	JORC Code explanation	Commentary
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive	At Tienpäa a detailed compilation of all the GeologicalSurvey of Finland's data is ongoing including visits to the corestorage facilities in Loppi to relog and sample cores from theTienpää prospect. A Base of Till sampling programme will beundertaken during the period Jan-march 2016 to ascertainthe lateral extent of near surface mineralisation. Structuralinterpretations of the dominant Shear Zones and Splays hasbeen undertaken and target zones within the vicinity ofTienpää will be the focus for exploration activities.Additional exploration methodologies will be determined byresults.

SWEDEN

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The Brännäs prospect is located within the 100% SakumpuExploration Filial (100% owned Swedish subsidiary ofSakumpu Exploration Oy)Brännäs nr 401 ExplorationLicence Diary Nr 2015/108 granted on 11/3/15 and initiallyvalid for three years.There are no environmental protected areas within theBrännäs prospect
	The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	The Exploration Licence is in good standing and no knownimpediments exist.
Exploration doneby other parties	Acknowledgment and appraisal of explorationby other parties.	The Brännäs mineralised showing was discovered by theSwedish Geological Survey whilst on a job creation schemefor local unemployed people. The prospect has never beenthe subject of exploration by a Exploration or Miningcompany
Geology	Deposit type, geological setting and style ofmineralisation.	The Brännäs prospect is a mafic to ultramafic hosted Ni-CuPGE sulphide body, with only a fractionated portion of thebody exposed at surface.The Brännäs prospect is located within the western portionof the Skellefte VMS and Gold Belt,10km north of theKristineberg VMS mine of BolidenMineralisation at Brännäs is disseminated hosted by agabbro
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:easting and northing of the drill holecollar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 interceptiondepthhole length.	Refer to Annexure1 and in body of text for Rock sampledetails .

Criteria	JORC Code explanation	Commentary
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.	No weighting undertakenNo cut-offs have been used
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail.	NA
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No metal equivalent values are used for reportingexploration results.
Relationshipbetweenmineralisation	These relationships are particularly importantin the reporting of Exploration Results.If the geometry of the mineralisation with	No knowledge of true width and extent of the mineralisationexists.
widths andintercept lengths	respect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clear	The geometry of the mineralisation is not known at presentdue to the lack of drilling and the very early stage ofexploration.
	statement to this effect (e.g. 'down holelength, true width not known').	Refer to Annexure 1 and Figures in body of text.
Diagram	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	All results at Brännäs are given
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations;geophysical survey results; geochemical surveyresults; bulk samples – size and method oftreatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	No other exploration data collected has been received todate
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive	At Brännäs a 3-D IP survey has commenced to ascertainwhether the outcropping disseminated mineralisation hasany depth or lateral extent, no results are available atpresent.A detailed ground magnetic survey over the entire gabbroicbody is planned. Structural mapping will occur when climaticconditions allow. Additional exploration methodologies willbe determined by results.

AI assistant

S2 RESOURCES LTD Interim / Quarterly Report 2015

65745_rns_2015-10-18_340a73c3-d62d-4c9d-ad28-e5d92e8e880a.pdf

ASX Announcement

SEPTEMBER 2015 QUARTERLY ACTIVITIES REPORT

Highlights

CORPORATE

Finance

Capital structure

EXPLORATION

Polar Bear (100% S2)

Baloo gold deposit

Other gold prospects

Nickel reconnaissance

Eundynie JV (80% S2)

Norcott (100% S2)

Finland and Sweden (67% S2)

Finland

Sweden

Competent Persons statement

Annexure 1

Table 1: Baloo Diamond Drilling

Table 3: Polar Bear Nickel Exploration

FINLAND

SWEDEN

Table 5: Brännäs Prospect, Skellefte Belt, Sweden - Rock Grab Sampling Results

SECTION 1 SAMPLING TECHNIQUES AND DATA

AUSTRALIA

FINLAND

SWEDEN

SECTION 2 REPORTING OF EXPLORATION RESULTS

AUSTRALIA

FINLAND

SWEDEN

AI assistant

S2 RESOURCES LTD — Interim / Quarterly Report 2015

65745_rns_2015-10-18_340a73c3-d62d-4c9d-ad28-e5d92e8e880a.pdf

ASX Announcement

SEPTEMBER 2015 QUARTERLY ACTIVITIES REPORT

Highlights

CORPORATE

Finance

Capital structure

EXPLORATION

Polar Bear (100% S2)

Baloo gold deposit

Other gold prospects

Nickel reconnaissance

Eundynie JV (80% S2)

Norcott (100% S2)

Finland and Sweden (67% S2)

Finland

Sweden

Competent Persons statement

Annexure 1

Table 1: Baloo Diamond Drilling

Table 3: Polar Bear Nickel Exploration

FINLAND

SWEDEN

Table 5: Brännäs Prospect, Skellefte Belt, Sweden - Rock Grab Sampling Results

SECTION 1 SAMPLING TECHNIQUES AND DATA

AUSTRALIA

FINLAND

SWEDEN

SECTION 2 REPORTING OF EXPLORATION RESULTS

AUSTRALIA

FINLAND

SWEDEN

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S2 RESOURCES LTD Interim / Quarterly Report 2015