S2 RESOURCES LTD — Interim / Quarterly Report 2019

Apr 29, 2019

ASX Announcement 30th April 2019

MARCH 2019 QUARTERLY ACTIVITIES REPORT

Key points

• Strong financial position with A$13.4 million cash and investments
• First pass and infill base of till drilling completed at Paana, Finland, to follow up gold anomalies identified in summer geochemical surveys - assay results imminent
• Ground EM completed over four nickel-copper sulphide prospective areas at Ruopas, Finland – results expected by mid-May
• Commenced services agreement with 19.99% owned Todd River Resources (ASX:TRT)

CORPORATE

Finance

A total of A$1.4 million was spent during the quarter, comprising A$1.0 million on exploration and evaluation, A$0.2 million on corporate costs, business development, overheads and payments for fixed assets, and A$0.2 million of staff costs.

During the quarter, the Company sold 1,795,453 Westgold Resources Ltd (ASX:WGX) shares for proceeds of A$2.2 million. A further 204,547 shares were sold subsequent to the end of the quarter. The Company continuesto hold 2,000,000 WGX sharesreceived as consideration for the Polar Bearsale, which had a value at A$1.26 per share of A$2.5 million at the quarter's end.

Cash at the end of the quarter totaled A$10.8 million, and cash plus the WGX investment totaled A$13.4 million. Planned expenditure for the next quarter ended 30 June 2019 is anticipated to be approximately A$1.2 million.

Capital structure

50,000 employee options were issued during the quarter. The total issued capital comprises 247,915,179 ordinary shares and 53.4 million unlisted options, which if exercised, would represent a capital injection of A$18 million to the Company.

Todd River Resources

During the quarter the Company entered into a services agreement with 19.99% owned ASX-listed Todd River Resources Ltd (ASX:TRT), which is a Northern Territory-focused base metal explorer that is advancing a number of zinc-copper-lead prospects including the EM1 discovery at its Mt Hardy project (refer to TRT's ASX announcement of 7 th November 2018 for details).

The agreement includes the provision by S2 of technical and corporate services to TRT and the sub-leasing of S2's office premises to TRT.

EXPLORATION

Ecru, Nevada, USA (S2 earning 70%)

The Ecru project is located 40 kilometres southeast of Battle Mountain in Lander County, Nevada. It is located in the heart of the highly endowed Battle Mountain–Eureka trend, surrounded on three sides by Barrick Gold's Cortez District property, which contains the Pipeline, Cortez Hills and Goldrush deposits with a collective gold endowment of approximately 50 million ounces. The project issituated between exposed range and concealed basin, in an area covered by a wedge of transported colluvium ("pediment"), and is centered on a large gravity high that isinterpreted to represent an upthrown block of the same favourable carbonate rocks that host Barrick's nearby world class deposits. Additionally, the project is interpreted to contain geology analogous to that at Barrick's Pipeline deposit, which occurs where favourable carbonates of the Wenban Formation have been thrust over the "cap" rocks of the Valmy Formation by the Abyss Thrust, with the receptive carbonate host rock and mineralization having being exhumed (unroofed, or exposed) by partial erosion of the overlying rocks, before being buried again beneath more recent transported colluvium. S2 can earn a 70% interest by the expenditure of US$3 million by June 2022, and can withdraw after the expenditure of US$200,000 by June 2019.

As stated in S2's December Quarterly Report (29th January 2019), the second diamond drill hole at the Ecru project was completed in January. The hole was located approximately 500 metres south of NECD0001 and was designed to test a conductive body identified from the 2018 audio-magnetotelluric (AMT) survey, associated with a distinct gravity low feature identified in the2018 detailed gravity survey.

Neither hole successfully penetrated the more prospective lower plate carbonate sequence beneath the upper plate siliciclastic sequence, but hole NECD0001 intersected a 229 foot (83 metre) thick section of limestone and calcareous mudstones within the siliciclastic sediments. It is not yet known if this represents part of the upper plate siliciclastic sequence, or a thrusted wedge of prospective lower plate carbonates structurally interleaved into the upper plate sequence.

Samples have been submitted for age dating using micro-fossils ("bug dating") in order to clarify the stratigraphy and the potential forsuch structural repetition and interleaving of upper and lower plate rocks. Results of the age dating are expected during the June quarter.

Final assay results were received during the quarter (ASX announcement dated 14 February 2019). The first drill hole, Hole NECD0001 intersected a number of narrow low grade gold-silver intervals, with a best result of 3.66 metres @ 1.65 g/t gold and 9.7 g/t silver from 99.06 metres, including 1.22 metres @ 3.4 g/t gold and 3.6 g/t silver (Annexure 1 for full summary of drill results, and Figures 1 and 2).

Figure 1. Plan showing location of the recent drilling relative to the 3 ohm AMT isosurface and gravity.

The intervals of elevated gold and silver occur in zones of brecciation, silicification and overprinting argillic alteration, within broader haloes of antimony, arsenic, mercury, copper, zinc, molybdenum and tellurium anomalism. This multi-element association is similar to that at Barrick's 2.7 million ounce Robertson gold deposit, located immediately south of the Ecru project, which is described as an intrusion related gold-silver skarn deposit (refer to Coral Gold's NI43-101 report of January 2012) (Figure 3).

The main part of the AMT anomaly, which appears to be open along the project's southern and western boundaries adjacent to Barrick's property, remains untested.

A detailed magnetic survey is planned over the project area with the aim of identifying buried intrusive bodies and/or zones of magnetic skarn alteration that may localize the gold mineralisation as well as providing additional information to assist with structural interpretation.

Figure 2. Close-up Isometric view (looking WSW) showing the recent drilling relative to historical drill results and the 3 ohm AMT isosurface.

Figure 3. Plan showing the location of the recent drilling at the Ecru project area relative to the location of Barrick's nearby mines and resources.

Central Lapland Greenstone Belt, Finland (100% S2)

S2 has approximately 684 square kilometres of ground in the Central Lapland Greenstone Belt of Finland, a region that contains significant shear zone hosted gold deposits, such as Agnico Eagle's 8Moz Kittila gold mine, and magmatic copper-nickel-PGM deposits, which include Boliden's Kevitsa mine and Anglo American's world class Sakatti deposit.

During the quarter, the Company undertook an extensive base of till (BOT) reconnaissance drilling program over the most coherent geochemical anomalies defined in the ionic leach geochemical survey at the Paana Central exploration area, and also conducted fixed loop electromagnetic (FLEM) surveys over four areas within its Ruopas exploration licence application.

The aim of the BOT program is to resolve the broad geochemical anomalies and trends identified in the geochemical sampling of the glacial till overburden into more discrete bedrock drill targets, and to more accurately trace the strike of potentially mineralized shear zones under the glacial cover. To this end, the BOT drilling was undertaken on a pattern comprising tightly (20 metre) spaced holes on 400 metre spaced lines (20 x 400m), with iterative infill as required on 10 x 100 metre centres. The tight line spacing is necessitated by the limited lateral dispersion of gold mineralization in what is essentially fresh rock beneath the glacial till cover. In contrast to deeply weathered terrains such as in Australia there is very little dispersion to provide a broader search footprint.

To the end of the quarter, a total of 1,028 holes had been completed with drilling planned to continue up to the Easter break when the spring thaw will curtail drilling operations. Full assays and interpretation of the results are expected to be received, compiled and released in early May 2019.

At Ruopas, considered to be prospective for magmatic nickel-coppersulphide mineralization, four areas were selected on the basis of VTEM and/or geochemical anomalism for follow up with ground-based fixed loop EM (FLEM) and during the quarter three of these areas had been tested with the fourth area being started in late March (Figure 4). Results and interpretation by Newexco are expected in May 2019.

BoT drilling will recommence in June at Paana and Keulakopaa when the ground has thawed and dried sufficiently to allow access. If warranted, diamond drilling will be used to further investigate the geochemical anomalies.

The exploration licence application over the Aakenusvaara gold prospect, a historic prospect located on the Sirkka shear zone immediately along strike from the Saattopora gold deposit mined by Outukumpu during the 1980's, has been processed by TUKES (the Finnish mineral title department) and is currently in the public consultation phase. The outcomes of this are expected to be known in the June quarter.

At Aakenusvaara, Outokumpu drilled a total of 27 diamond and 15 short RC holes, with significant zones of gold mineralisation intersected in some. The collars of these holes have been located and the historic data is being purchased from the Finnish Geological Survey (GTK). However, the non-digital nature of the data precludes accurate assessment of assays, intercepts and downhole surveys so new drilling will be required to assess the prospect to JORC standards.

Figure 4. Ruopas Exploration Application area with areas tested by FLEM highlighted.

Aakenusvaara will present an immediate drill target once granted and it is accessible in both summer and winter.

Skellefte, Sweden (100% S2)

The Skellefte district of northern Sweden is a prolific mining district that contains numerous major polymetallic zinccopper-gold-silver volcanogenic massive sulphide (VMS) deposits, including those that underpin Boliden's mining and smelting operations. S2 has approximately 474 square kilometres of ground, which it considers highly prospective for similar polymetallic VMS mineralization and orogenic shear zone hosted lode gold mineralization.

The Company has relinquished most of its land holdings in Sweden in order to focus effort and expenditure on its Finland activities.

Other

The Company is at an advanced stage of assessment of several opportunities in Nevada, Utah and British Columbia that may complement its existing activities in North America. With current cash and investments it is well placed to pursue such opportunities.

For further information, please contact:

Mark Bennett Anna Neuling

+61 8 6166 0240 +61 8 6166 0240

Managing Director & CEO Executive Director & Company Secretary

Competent Persons statements

The information in this report that relates to Exploration Results from Nevada is based on information compiled by John Bartlett, who is an employee and shareholder of the Company. Mr Bartlett is a member of the Australian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience of relevance to the style of mineralization and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person 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 consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this report that relates to Exploration Results from Sweden and Finland is based on information compiled by Andy Thompson, who is an employee and shareholder of the Company. Mr Thompson is a member of the Australian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience of relevance to the style of mineralization and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person 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 Thompson consents 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 ID	Depth	Northing	Easting	RL	Dip	Azim	From(m)	To(m)	Interval(m)	Gold(g/t)	Silver(g/t)
NECD0001	574.43	4466000	528080	1579.5	-90	000	99.06	102.72	3.66	1.65	9.7
including						100.58	101.8	1.22	3.40	3.6
and						295.66	298.7	3.04	0.55	1.3
and						441.96	443.48	1.52	0.92	5.2
and						559.31	560.71	1.40	2.26	9.5
NECD0002	676.66	4465500	528040	1562.7	-90	000	NSI

Ecru Project, Nevada – Diamond drilling 2018/20191,2

1 Reported in ASX announcement dated 14 February 2019

2 Results reported using a 0.5 g/t gold lower cut-off

Project	Tenement ID	Registered Holder	Location	Ownership %	Status
Finland
Reservations
Central Lapland	Pahasvuoma	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Central Lapland	Rova	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Exploration Licenses
Central Lapland	Kerjonen	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Central Lapland	Keulakkopää	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Central Lapland	Lisma	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Central Lapland	Paana Central	Sakumpu Exploration Oy	Central Lapland	100%	Granted
Central Lapland	Palvanen	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Putaanperä	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Sikavaara	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Paana East	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Paana West	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Selkä	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Mesi	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Ruopas	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Nuttio	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Home	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Hanhijarvi	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Pikkulaki	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Ruopas 1	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Paana W2	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Home 1	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Palvanen 1	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Palvanen 2	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Central Lapland	Aakenusvaara	Sakumpu Exploration Oy	Central Lapland	100% when granted	Application
Nevada
Ecru	Ecru 1 NMC1098847	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 2 NMC1098848	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 3 NMC1098849	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 4 NMC1098850	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 5 NMC1098851	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 6 NMC1098852	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 7 NMC1098853	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 8 NMC1098854	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 9 NMC1098855	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 10 NMC1098856	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 11 NMC1098857	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 12 NMC1098858	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 13 NMC1098859	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 14 NMC1098860	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
					Granted
Ecru	Ecru 15 NMC1098861	Kinetic Gold (US) Inc.	Lander C.	earning 70%
Ecru	Ecru 16 NMC1098862	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 17 NMC1098863	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 18 NMC1098864	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 19 NMC1098865	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 20 NMC1098866	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 21 NMC1098867	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 22 NMC1098868	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 23 NMC1098869	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 24 NMC1098870	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 25 NMC1098871	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 26 NMC1098872	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 27 NMC1098873	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 28 NMC1098874	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 29 NMC1098875	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 30 NMC1098876	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 31 NMC1098877	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 32 NMC1098878	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 33 NMC1098879	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 34 NMC1098880	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 35 NMC1098881	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 36 NMC1098882	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 37 NMC1098883	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 38 NMC1098884	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 39 NMC1098885	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 40 NMC1098886	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 41 NMC1098887	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 42 NMC1098888	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 43 NMC1098889	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 44 NMC1098890	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted

Project	Tenement ID	Registered Holder	Location	Ownership %	Status
Ecru	Ecru 45 NMC1098891	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 46 NMC1098892	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 47 NMC1098893	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 48 NMC1098894	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 49 NMC1098895	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 50 NMC1098896	Kinetic Gold (US) Inc.	Lander C.	earning 70%	GrantedGranted
EcruEcru	Ecru 51 NMC1098897Ecru 52 NMC1098898	Kinetic Gold (US) Inc.Kinetic Gold (US) Inc.	Lander C.Lander C.	earning 70%earning 70%	Granted
Ecru	Ecru 53 NMC1098899	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 54 NMC1098900	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 55 NMC1098901	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 56 NMC1098902	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 57 NMC1098903	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 58 NMC1098904	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 59 NMC1098905	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 60 NMC1098906	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 61 NMC1098907	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 62 NMC1098908	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 63 NMC1098909	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 64 NMC1098910	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 65 NMC1098911	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 66 NMC1098912	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 67 NMC1098913	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 68 NMC1098914	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 69 NMC1098915	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 70 NMC1098916	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 71 NMC1098917	Kinetic Gold (US) Inc.	Lander C.	earning 70%	GrantedGranted
EcruEcru	Ecru 72 NMC1098918Ecru 73 NMC1098919	Kinetic Gold (US) Inc.Kinetic Gold (US) Inc.	Lander C.Lander C.	earning 70%earning 70%	Granted
Ecru	Ecru 74 NMC1098920	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 75 NMC1098921	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 76 NMC1098922	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 77 NMC1098923	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 78 NMC1098924	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 79 NMC1098925	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 80 NMC1098926	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 81 NMC1098927	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 82 NMC1098928	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 83 NMC1098929	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 84 NMC1098930	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 85 NMC1098931	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 86 NMC1098932	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 87 NMC1098933	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 88 NMC1098934	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 89 NMC1098935	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 90 NMC1098936	Kinetic Gold (US) Inc.	Lander C.	earning 70%	GrantedGranted
EcruEcru	Ecru 91 NMC1098937Ecru 92 NMC1098938	Kinetic Gold (US) Inc.Kinetic Gold (US) Inc.	Lander C.Lander C.	earning 70%earning 70%	Granted
Ecru	Ecru 93 NMC1098939	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 94 NMC1098940	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 95 NMC1098941	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 96 NMC1098942	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 97 NMC1098943	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 98 NMC1098944	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 99 NMC1098945	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 100 NMC1098946	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 101 NMC1098947	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 102 NMC1098948	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 103 NMC1098949	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 104 NMC1098950	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 105 NMC1098951	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 106 NMC1098952	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 107 NMC1098953	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 108 NMC1098954	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 113 NMC1098955	Kinetic Gold (US) Inc.	Lander C.	earning 70%	Granted
Ecru	Ecru 114 NMC1098956	Kinetic Gold (US) Inc.	Lander C.	earning 70%	GrantedGranted
EcruEcru	Ecru 115 NMC1098957Ecru 116 NMC1098958	Kinetic Gold (US) Inc.Kinetic Gold (US) Inc.	Lander C.Lander C.	earning 70%earning 70%	Granted
					Granted Private
Ecru	T29N R47E Section 27 (All)	Newmont USA Ltd	Lander C.	earning 70%	Mineral Rights
Ecru	T29N R47E Section 33 (N1/2, N1/2S1/2)	Newmont USA Ltd	Lander C.	earning 70%	Granted PrivateMineral Rights
Western Australia

Project	Tenement ID	Registered Holder	Location	Ownership %	Status
Polar Bear	E15/1298	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E15/1461	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E15/1541	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E63/1142	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E63/1712	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E63/1725	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E63/1756	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	E63/1757	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M15/651	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M15/710	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M15/1814	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M63/230	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M63/255	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M63/269	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M63/279	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	M63/662	Polar Metals Pty Ltd	Lake Cowan	100% nickel when granted	Application
Polar Bear	P15/5638	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P15/5639	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P15/5640	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P15/5958	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P15/5959	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1587	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1588	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1589	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1590	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1591	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1592	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1593	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Polar Bear	P63/1594	Polar Metals Pty Ltd	Lake Cowan	100% nickel	Granted
Eundynie JV	E15/1458	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Eundynie JV	E15/1459	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Eundynie JV	E15/1464	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Eundynie JV	E63/1726	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Eundynie JV	E63/1727	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Eundynie JV	E63/1738	Polar Metals Pty Ltd / Shumwari Pty Ltd	Lake Cowan	80% nickel	Granted
Norcott	E15/1487	Polar Metals Pty Ltd	Mt Norcott	100% nickel	Granted
Norcott	E63/1728	Polar Metals Pty Ltd	Mt Norcott	100% nickel	Granted
Fraser Range	E28/2791	Southern Star Pty Ltd	Fraser Range	100% when granted – subject to ballot	Application
Fraser Range	E28/2792	Southern Star Pty Ltd	Fraser Range	100% when granted – subject to ballot	Application
Fraser Range	E28/2793	Southern Star Pty Ltd	Fraser Range	100% when granted – subject to ballot	Application
Fraser Range	E28/2794	Southern Star Pty Ltd	Fraser Range	100% when granted – subject to ballot	Application