S2 RESOURCES LTD — Investor Presentation 2018

May 7, 2018

Activities update

Sydney Resources Roundup conference May 2018

Competent person and forward looking statement

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

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

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

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

Corporate / commercial

Jeff DowlingNon-executiveChairman	•40 year career in financial sector as an accountant and former managing partner with Ernst & Young, WA•Extensive experience in corporate finance and transactions, and company management•Former director of Atlas Iron, NRW, current director of Fleetwood, Battery Minerals
Mark BennettManaging Director &Chief Executive Officer	•Founding managing director and CEO of Sirius Resources and S2 Resources, and PhD qualified geologist•Two-time winner of the "Prospector of the Year" award –for discovery of Thunderbox, Waterloo & Nova-BollingerExperienced in equity capital markets, former director of IGO, and 2014 Mines & Money "Legend in Mining"•
Anna NeulingExecutive Director &Company Secretary	•Chartered accountant with BSc in Mathematics•Former executive director –corporate & commercial, and company secretary of SiriusFormer auditor with Deloitte, London and Perth•
Grey Egerton-WarburtonNon-executive Director	Corporate financier and lawyer with extensive experience in equity capital markets, M&A transactions•Former head of corporate finance at resources-focussed stockbroker Hartleys Ltd, & former corporate advisor to Sirius••Involved in >$2 billion of capital raisings plus numerous M&A transactions

Shares on issue	247.9m
Options on issue (average exercise price A$0.35)	52.2m
Cash + investments* (end January 2018)	A$22.9m
Debt	Nil
Marketcapitalisation (at A$0.14 per share)	A$34.7m
Enterprise value	A$11.8m
Top twentyshareholders	63.4%

* Includes cash at bank at end March 2017 plus investments in listed companies

In a nutshell…

• Sold Polar Bear project for A$9 million to Westgold
• Cash and investments now total A$22.9 million, comprising:
  • A$16.2 million cash
  • 4 million WGX shares @ A$1.50 worth A$6 million
  • 1 million GTT shares @ C$0.72 worth C$0.72 million (A$0.75 million)
• Well funded for ongoing activities
• Started drilling Carlin-style gold target at South Roberts project, Nevada
• Preparing for major summer exploration campaign in Finland
• Completed winter drill program in Sweden

• Baloo deposit too small for S2 criteria, but next door to Westgold's Higginsville operations
• Completed sale of Polar Bear project to Westgold for A$9 million on 26th February 2018
• Consideration comprised A$3 million cash plus 4 million WGX shares at a nominal value of A$1.50 per share (ie, A$6 million)
• Shares escrowed for 6 months
• S2 retains nickel rights on tenure including the Halls Knoll and Taipan prospects

Battle Mountain-Eureka Trend, Nevada

Nevada is the 5th largest gold producer in the world, and hosts "monster" Carlin-style gold deposits

High grade (suitable for underground mining) and low grade bulk tonnage (suitable for open pit mining and heap leaching):

Deposit	Total Mineral Resources*	Total Ore Reserves*	Total Inventory as of 2017(excluding prior mining depletion)
Goldstrike1	9.4Mt @ 6.17g/t for 1.81Moz	70.7Mt @ 3.55g/t for 8.1Moz	80.1Mt @ 3.96g/t for9.91Moz
Cortez1	45.8Mt @ 2.02g/t for 2.91Moz	151Mt @ 2.11g/t for 10.22Moz	196.8Mt @ 2.1g/t for 13.1Moz
Goldrush1	38.3Mt @ 9.61g/t for 11.51Moz	n/a	38.3Mt @ 9.61g/t for 11.51Moz
Turquoise Ridge1	89Mt @ 6.1g/t for 17Moz	11.1Mt @ 15.1g/t for 5.4Moz	100.1Mt @ 7.15g/t for 22.4Moz
Carlin2	109.5Mt @ 1.6g/t for 5.5Moz	267.7Mt @ 1.74g/t for 15Moz	377.2Mt @ 1.7g/t for 20.5Moz
Twin Creeks2	52.9Mt @ 1.97g/t for 3.26Moz	56.1Mt @ 2.1g/t for 3.7Moz	109Mt @ 2.04g/t for 6.96Moz

* All statistics in the above table are based on information reported by Barrick1 and Newmont2 using Canadian reporting standards in their respective 2017 Annual Reports

16 deposits/districts between 3.2Moz and 32Moz gold**

Many more deposits <3.2Moz gold**

Nevada has well developed exploration & mining services, infrastructure, workforce and skills

The Nevada drilling season is counter-cyclic to the Scandinavian drilling season

South Roberts: a simple test of a Goldrush analogue

Our JV partner Renaissance Gold identified the target and completed initial geophysical and geochemical work, indicating:

• A southerly continuation of an uplifted mineralized block
• Concealed by pediment (gravels)
• Confined by bounding faults (plumbing) and the Northern Nevada Rift

McEwen Mining optioned the property and drilled six wide-spaced (~1km) holes, and verified the presence of:

• The right trap rocks (lower plate Devonian limestones)
• The Right seal (Ordovician Valmy Fm emplaced by the Roberts Mountain Thrust)
• The presence of dissolution breccias and anomalous gold (<0.25g/t)

This formed the basis of Renaissance's interpretation of an anticlinal trap, as yet untested:

• Mineralization is known at several horizons in this sequence
• Barrick's giant Goldrush deposit located in probable equivalent units situated along trend to the NNW

South Roberts: a simple test of a Goldrush analogue

S2 has undertaken a Controlled Source AudioMagnetoTelluric (CSAMT) survey and an enzyme leach geochemical survey

The enzyme leach survey is designed to detect low level geochemical anomalism through thick transported cover. This survey:

• Identifed several structural trends that may reflect bounding faults (the plumbing)
• A discrete multi-element hotspot

The CSAMT survey successfully confirmed a number of key ingredients:

• An anticline as previously interpreted (the structural trap)
• Resistive rocks consistent with Devonian limestones (the stratigraphic trap)
• A truncation to the east (the Northern Nevada Rift)
• A westerly thickening wedge of pediment (transported gravels)

The geochem and CSAMT forms the basis for two initial drill tests of the concept (underway)

CSAMT pseudosection showing resistivity pattern consistent with presence of favourable carbonates at core of anticline beneath pediment cover with fault and rift to the east

South Roberts: a simple test of a Goldrush analogue

Central Lapland Greenstone Belt, Finland

Why Lapland? High endowment + limited exploration = opportunity

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

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

SAKATTI CU-NI-PGE
Class	Mt	Cu%	Ni%	Co%	Pt g/t	Pd a/t	Au g/t
Measured	$\blacksquare$	$\overline{\phantom{0}}$	$\blacksquare$	۰	$\overline{\phantom{0}}$	$\blacksquare$	$\blacksquare$
Indicated	3.5	3.45	2.47	0.11	0.98	1.18	0.33
Inferred	40.9	1.77	0.83	0.04	0.61	0.43	0.33
Yht.	44.4	1.9	0.96	0.04	0.64	0.49	0.33

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

Why Lapland? Exceptional government data

Home: the most prominent gold in till anomaly in Finland

Paana: new gold anomalies on untested shear zones

Ruopas: searching for the next Sakatti-style deposit

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

S2's "Ruopas" ELA covers a 25km long zone containing coincident copper and palladium anomalism defined in the GTK's (Geological Survey of Finland's) till sampling database

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

This is a district scale magmatic sulphide exploration target

Next…

Continuing diamond drilling at South Roberts, Nevada

Initial two holes underway until mid May, assays anticipated by end June

Planned diamond drilling at Ecru, Nevada

Starting third quarter

Summer exploration campaign, Finland

Reconnaissance geochemistry over gold target areas, starting May/June, for 3-4 months, to generate base of till drill targets VTEM survey over nickel target areas, starting July/August