S2 RESOURCES LTD — Investor Presentation 2017

Aug 6, 2017

==> picture [720 x 127] intentionally omitted <==

S2 An Australian explorer with a global vision & strategy

Diggers & Dealers conference, Kalgoorlie, 7[th] August 2017

Competent person and forward looking statement

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

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

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

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

The S2 credo

S2 is a high impact greenfields explorer

==> picture [167 x 185] intentionally omitted <==

Like Sirius before it, we aim to discover “company making” resources that create significant returns on investment

To do this we seek elephants - but not in Africa or India

Easy to say, but this requires:

• The support of an aligned shareholder base

==> picture [159 x 163] intentionally omitted <==

• The vision to conceive a strategy

==> picture [155 x 189] intentionally omitted <==

• The self belief to pursue it

• The patience to find the right opportunities

• The preparedness to go to the ends of the earth

• The single-mindedness to ignore the noise

• The technical, commercial and financial capacity to execute

S2 is quietly and systematically implementing its strategy for success

Project locations and preferred regions

==> picture [707 x 462] intentionally omitted <==

Experienced Board: all bases covered

==> picture [71 x 75] intentionally omitted <==

==> picture [71 x 74] intentionally omitted <==

==> picture [72 x 74] intentionally omitted <==

==> picture [72 x 75] intentionally omitted <==

==> picture [71 x 74] intentionally omitted <==

Jeff Dowling - Non-executive Chairman

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

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

• Former director of Atlas Iron and NRW Holdings, current board member of Fleetwood & the Perth Metropolitan Redevelopment Authority

Dr Mark Bennett – Managing Director & Chief Executive Officer

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

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

• Experienced in equity capital markets (raised $750 million equity & debt), former director of IGO, and 2014 Mines & Money “Legend in Mining”

Anna Neuling – Non-executive Director

• Chartered accountant with BSc in Mathematics

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

• Former auditor with Deloitte, London and Perth

Grey Egerton-Warburton – Non-executive Director

• Corporate financier and lawyer with extensive experience in equity capital markets, acquisitions, divestments and change of control transactions

• Former head of corporate finance at Perth’s most prominent resources-focussed stockbroker Hartleys Ltd, and former corporate advisor to Sirius

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

Tony Walsh – Company Secretary

• ASX manager for 14 years, including liaison between ASX and JORC commitee

• Former chairman and director of various ASX & AIM listed companies

• Current company secretary of Legend Mining, Battery Minerals & Atlas Iron, and former company secretary of Independence (IGO)

Snapshot

Strong team & cash to fund exploration, new opportunities & preserve capital structure

• A$17.5 million cash as of end June 2017

• Plus investment in TSXV listed GT Gold (GTT) – significant new high grade gold discovery in British Columbia

• Successful track record of discovering, financing & developing world class mines & managing capital structure

Three new exploration projects in world class gold belts of Nevada, USA

• Ecru: target located next to Barrick’s giant (50Moz gold) Pipeline-Cortez Hills-Goldrush deposit cluster

• Pluto: <13.1g/t gold in outcrop in “leakage” zones above undrilled concealed target horizon

• South Roberts: Carlin-style target located under cover and along trend from known gold deposits

Strategic ground position in the emerging prospective Central Lapland Greenstone Belt, Finland

• Early mover and significant ground holder in Central Lapland Greenstone Belt (CLGB) of Finland

• Under-explored ground near to Europe’s biggest gold mine: Agnico Eagle’s 7.7 million ounce Kittila mine, Anglo American’s world class Sakatti Cu-Ni-PGE deposit, and Aurion Resources’ Aamurusko gold discovery

• New gold discovery by Aurion Resources attests to potential of this under-explored & emerging province

Discovering zinc-copper-silver-gold VMS mineralization at the Skellefte project, Sweden

• World class VMS district (home of Boliden) with numerous VTEM anomalies identified

• S2 and Boliden are the two dominant ground holders in this district

• Bjurtraskgruvan: mineralization over 450m plunge, best hit in deepest hole (24m @ 1.1% Cu), 135 metres down plunge from last hole, with EM conductor extending a further 450m

Baloo gold resource at Polar Bear project, Western Australia

• Indicated+Inferred Mineral Resource at Baloo of 4.22Mt @ 2g/t Au for 264,000oz gold, open down dip/plunge

• Significant untested gold and nickel potential in a major gold and nickel producing district

Nevada: a world class gold province

• Deal with TSXV listed Renaissance Gold to earn in to 3 separate properties on identical terms

• Renaissance Gold is a prospect generator managed by the personnel behind the discovery of the Long Canyon deposit, ultimately bought by Newmont for US$2.3 billion

• Properties are located on major mineralized trends that host multiple world class gold mines

• Each property has drill-ready Carlin-style targets based on geology, geochemistry and geophysics

• Minimum spend of US$200k within 2 years per property

• Exclusive rights to earn 70% for a spend of US$3 million within 5 years per property

• Gives S2 flexibility to test, proceed, or move on

• Nevada is the Fraser Institute’s 4[th] best mining jurisdiction in the world and the 5[th] largest gold producer in the world (~360Moz endowment)

==> picture [347 x 448] intentionally omitted <==

Ecru, Nevada

==> picture [328 x 130] intentionally omitted <==

----- Start of picture text -----

Ecru property
Pipeline mine
----- End of picture text -----

==> picture [213 x 193] intentionally omitted <==

----- Start of picture text -----

Goldrush deposit
----- End of picture text -----

Ecru, Nevada

==> picture [359 x 449] intentionally omitted <==

Summary of Pipeline mineralization – analogue for Ecru target

View SW to range front (Barrick’s Pipeline mine to LHS of field of view)

Pluto, Nevada

==> picture [345 x 154] intentionally omitted <==

Recent blanketing volcanics

Outcropping jasperoid (13.1g/t gold): leakage from favourable horizon below?

Pluto, Nevada

==> picture [351 x 453] intentionally omitted <==

==> picture [352 x 454] intentionally omitted <==

South Roberts, Nevada

Horst plunging beneath pediment (transported colluvium)

South Roberts, Nevada

==> picture [446 x 253] intentionally omitted <==

==> picture [259 x 194] intentionally omitted <==

----- Start of picture text -----

View from pediment north towards exposed
horst (in mist) with recent volcanics on right
----- End of picture text -----

==> picture [439 x 251] intentionally omitted <==

Exposed horst, with known gold mineralization, in exposed lower plate rocks to the north

Gravity ridge shows this plunges south beneath transported colluvium (pediment)

Limited wide spaced drilling confirms the upper plate rocks (the seal) and the favourable lower plate rocks (the carbonate host) are present

Gold anomalism, hydrothermal activity, and Carlin-suite geochem response all point to target

Central Lapland Greenstone Belt, Finland: Europe’s sleeper?

S2 has spent 2 years consolidating ground and is a large tenure holder in this emerging gold province

The region hosts Agnico Eagle’s 7.7Moz Kittila gold mine, Anglo American’s world class Sakatti Cu-NiPGE deposit, and Boliden’s Kevitsa Ni-Cu-PGE mine

Highly endowed but very underexplored = highly prospective district

Recent gold discovery at the Aurora zone of the Risti project (now renamed Aamurusko) by TSXV junior Aurion Resources reaffirms S2’s view on the gold potential (average grade of 133 samples is 74.3g/t gold)

S2’s summer prospecting program underway with 3 geologists mapping and sampling

==> picture [481 x 463] intentionally omitted <==

Central Lapland Greenstone Belt, Finland: Europe’s sleeper?

All well explored belts show a similar number and size distribution of gold deposits

==> picture [702 x 358] intentionally omitted <==

----- Start of picture text -----

Abitibi: 39 deposits, 83.6moz
Central Lapland:
13 deposits,
9.1moz
???
Norseman-Wiluna: 44 deposits, 74.7moz
So where is the missing gold of
the Lapland greenstone belt?
----- End of picture text -----

Central Lapland Greenstone Belt, Finland: Europe’s sleeper?

Zoom shows S2 ELA’s covering the extension of structures associated with Aurion Resources’ Risti/Aamurusko gold discovery within an interpreted pull apart basin at the eastern end of the Sirkka shear zone (from Aurion’s public material)

Major shear zones similar to the Larder Lake–Cadillac, and Porcupine–Destor breaks in the Abitibi belt of Canada, and pull apart basins analogous to the Timiskaming basins of the Abitibi

==> picture [481 x 463] intentionally omitted <==

Central Lapland Greenstone Belt, Finland: Europe’s sleeper?

Zoom shows S2’s ELA covering another “pull-apart” basin at the western end of the Sirkka shear zone

This area contains some of the most strongly anomalous gold in the GTK’s (Finnish Geological Survey’s) entire Finland till sampling database

==> picture [481 x 463] intentionally omitted <==

Skellefte, Sweden: a world class VMS camp

• World class gold-base metal VMS camp with major mines (Boliden, Renstrom, Kristineberg), hungry concentrator, smelter, port, infrastructure

• Similar to the Abitibi belt, with little outcrop, and limited effective, systematic modern exploration under cover or at depth

• Three S2 geologists now based in the district – summer prospecting/mapping/target validation program underway

==> picture [719 x 394] intentionally omitted <==

Skellefte, Sweden: VMS target model

==> picture [655 x 333] intentionally omitted <==

Idealised felsic VMS deposit, after zone refining (separation and enhancement of layers) by “stewing in its own juices” But before burial, metamorphism and deformation

Present day mineralogy and geometry strongly modified from this by metamorphism and deformation (folding, thrusting, stretching etc)

Skellefte, Sweden: numerous VTEM anomalies

9 tested so far: intersected massive pyrite, pyrrhotite, variable grade zinc and copper – very fertile

==> picture [720 x 422] intentionally omitted <==

Skellefte, Sweden: central area overview

Multiple mineralized trends, each with multiple occurrences of anomalies, prospects, deposits and mines

==> picture [720 x 424] intentionally omitted <==

Skellefte, Sweden: Bjurtraskgruvan detail

Most recent hole is thickest copper intercept yet, and is 135m down plunge from last hole & 430m down plunge from outcrop Fixed loop EM survey defines large conductor extending a further 470m down plunge from this hole, for a total plunge extent of 900m – so far VTEM highlights the up-plunge near surface projection of the VMS system but FLEM better indicates the potential size, extent and position of it

==> picture [687 x 378] intentionally omitted <==

----- Start of picture text -----

Sphalerite and
pyrrhotite in
SBJK170003
Chalcopyrite
and sphalerite
in SBJK170006
----- End of picture text -----

Polar Bear: a strategic position in WA’s Eastern Goldfields

A large unexplored ground holding in the heart of the Western Australian goldfields, on trend from major gold mines

==> picture [352 x 451] intentionally omitted <==

* Refer to resources slides and relevant ASX announcements for details

Polar Bear: Baloo-Nanook trend only just scratched

10 kilometre long prospective corridor with three gold hotspots in wide spaced shallow aircore drilling

348,000oz gold resources delineated to date at Baloo and Nanook

==> picture [702 x 361] intentionally omitted <==

Long projection of the Baloo–Nanook shear zone showing extent and depth of drilling (ie, sparse and shallow)

Polar Bear: 264,000 ounces gold so far at Baloo

Upper 100 vertical metres:

High ounces per vertical metre (500-1,500) from just 2 metres below surface

Area of Indicated Resource relevant to potential open pit

==> picture [492 x 360] intentionally omitted <==

Mainly oxide material

Mainly Indicated category Thick, open pit friendly shape

Good metallurgical recovery characteristics:

• in conventional processing (2145% gravity recovery, 87-98% leach recovery in 48hrs)

• and also in coarse crush (8085% in 10 days) for heap leach scenario

==> picture [214 x 141] intentionally omitted <==

The cash, assets & shareholder support to execute

Shares on issue	246m		Shareholders(top 20 = 60.6%)
Options on issue(average exercise price A$0.39)	40.6m
Cash(end June 2017)	A$17.5m		Creasy, 29.7%
		Other, 53.1%
Investments(end June 2017)	A$1.2m
			Institutions, 11.1%
Debt	Nil
			Insiders, 6.0%
Market capitalisation(at A$0.17 per share)	A$41.8m
Enterprise value	A$23.1m

==> picture [720 x 127] intentionally omitted <==

• Well funded with A$17.5 million cash

• Investment in GT Gold Corp (new high grade gold discovery at the Saddle, BC)

• Three new Carlin-style gold projects in Nevada, USA

• Strategic land position in latest global gold hotspot (Lapland, Finland)

• Discovering VMS mineralization in world class VMS belt (Skellefte, Sweden)

• • Building gold resource inventory in the Eastern Goldfields (Polar Bear, Australia)

• Actively seeking high quality opportunities around the world