S2 RESOURCES LTD — Investor Presentation 2018

Feb 19, 2018

Activities update

Fremantle Explorers conference February 2018

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Winter drill campaign Sweden, -25 [o] C
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Image courtesy of Markus Staubmann Photography

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.

In a nutshell…

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Very successful team (discovering/financing/developing mines)

Using best practice exploration knowledge and technology

And the commercial and capital management skills to fund exploration whilst minimising dilution to shareholders

In highly endowed and under-explored areas

With a target-rich portfolio of high risk - high reward exploration projects

And the cash to test them

In low risk jurisdictions

2

A few important points…

S2 aims to provide significant investment returns through the discovery and if appropriate , the development of high value mineral resources, through exploration and the identification of early stage assets with high growth potential

S2 is exceptionally well funded to execute its ambitions, with the recent announcement of the sale of Polar Bear for A$9 million* increasing cash and investments to A$25 million

The sale of Polar Bear is consistent with our aim of:

• Focussing our effort and funds where we believe we can make highest impact discoveries, and

• Managing our capital structure to maximise leverage for shareholders in the event of success

• S2 is actively exploring for “elephants” and is prepared to go to elephant country to do so, eg:

• Carlin-style gold in Nevada

• VMS-style gold-silver-zinc-copper deposits in Sweden

• Lode gold and magmatic copper-nickel-PGE deposits in Finland

Each of these is a target-rich environment, in a low risk jurisdiction, which when coupled with funding, enables a decisive, clinical approach to exploration with definitive outcomes and momentum

• A$3 million cash plus 4 million Westgold shares based on a price of A$1.50/share, on completion

Recent / imminent events

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Sold Polar Bear for A$9* million, and retained nickel-copper-cobalt-PGE rights

New gold-silver prospect identified in recon base of till drilling at Storgroven (Sweden) in January, and firmed up with infill BoT drilling in February

First pass diamond drilling underway at Storgroven – first assay results expected in 3 weeks

Drilling to start at South Roberts (Nevada) in April, chasing a Goldrush (~10Moz) analogue Carlin-style gold target

To be followed later by first drilling at Ecru (Nevada), near Barrick’s giant Cortez/Pipeline operations (~50Moz, one of the biggest gold mines in the world)

Range of gold and copper-nickel-cobalt-PGE targets and anomalies identified in Finland, to be followed up in northern summer (May-September)

• A$3 million cash plus 4 million Westgold shares based on a price of A$1.50/share, on completion

Skellefte district, Sweden

Base of till drilling at Storgroven

Skellefte, Sweden: a world class polymetallic VMS camp

A world class gold-base metal VMS camp with major mines, hungry concentrator, smelter, port, infrastructure & high exploration potential Known VMS deposits may be Zn-Cu dominant, Au-Ag dominant, or barren pyrite, and may exhibit high sulphidation epithermal characteristics

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Swedish target hit list – winter 2017/2018

Target	Description	Status	Outcome
Bjurtraskgruvan	VMS lens identified in VTEM, partly drilled, open down plunge with EM conductor	Drilled 170m down plunge from prior hole, intersected 2.6m @ 7.14% Zn and 10.1m @ 0.52% Cu	Mineralization continues down plunge but not thick enough to warrant ongoing drilling at this stage: technical success/commercial failure
Skaggtraskberget	VMS prospective horizon between and beneath known VMS intersections	Drilled, intersected horizon but subgrade	No further drilling this season – other higher priorities
Holmtjarn	VMS prospective corridor along strike from Holmtjarn mine	2 recon holes drilled to define host horizon, assays awaited	Assay dependent
Granbergs	Base of till and IP anomaly along strike from Holmtjarn mine	4 recon holes drilled to define host horizon, assays awaited	Assay dependent
Storgroven	Prospective target between known VMS occurrences at Aliden and Skogheden	Gold-silver mineralization in base of till drilling over a broad (300 x 200m) zone, <2.5g/t Au and 60g/t Ag	First pass diamond drilling underway: two holes completed, third in progress, first assay results expected in three weeks
Skogheden	Known VMS occurrence	Covered by recon base of till drilling	Infill base of till drilling underway
Onusberget	Previously unknown shear zone prospective for lode gold	1km long gold anomaly identified in ionic leach geochemical survey	Recon diamond drilling planned to pin down position of shear zone beneath till

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Storgroven: a new gold-silver prospect

Recon 400 x 50 metre base of till drilling identified a 1,000 metre long gold anomaly open to the NW, to the north of the Aliden VMS occurrence Infill base of till drilling on 25 metre centres confirmed, extended and strengthened this anomaly

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Storgroven: a new gold-silver prospect

Infill base of till drilling delineates a coherent 300 x 200 metre Au-Ag-Zn-As-Hg-Sb anomaly open to NW and SE, towards the Aliden prospect 7 of these holes end in mineralization grading >1g/t gold and 20g/t silver, with peak end of hole sample grading 2.5g/t gold and 60g/t silver

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Storgroven: a new gold-silver prospect

Two diamond holes completed and a third in progress testing a small part of the BoT anomaly to determine the location, orientation and continuity of any underlying mineralization prior to systematic follow up drilling

Assays expected in 3 weeks

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Storgroven: a new gold-silver prospect

Two diamond holes completed and a third in progress testing a small part of the BoT anomaly to determine the location, orientation and continuity of any underlying mineralization prior to systematic follow up drilling

Assays expected in 3 weeks

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Onusberget: a new shear zone-hosted gold prospect

1km long gold anomaly defined in ionic leach geochemical survey and outcropping gold mineralization located a further 1km along strike Associated with significant shear zone which also contains recently announced drill intercepts to the SE at Norrliden Sodra on MRG’s ground

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Outcropping Au-Ag mineralization
1km NW along strike of soil anomaly
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Nevada, USA

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Ecru project, Cortez district, Nevada
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Nevada: land of the giants

Nevada is the 5[th] 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 for 9.91Moz
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 Barrick[1] and Newmont[2] 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

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Grade, tonnage, and contained ounces in Carlin-style deposits, Nevada
Log 000’s tonnes
Log g/t Au
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• ** based on grade-tonnage diagram of Carlin-style deposits after Cline et al, Economic Geology 100[th] Anniversary Edition, 2005

Nevada: three earn-ins, tactical flexibility

A single deal with TSXV listed Renaissance Gold to earn in to 3 separate properties (Pluto, Ecru and South Roberts) on identical terms

Renaissance Gold is a “prospect generator” company run by the people behind the discovery of the Long Canyon deposit, ultimately bought by Newmont for US$2.3 billion

Properties have drill-ready Carlin-style targets based on geology, geochemistry and geophysics and are located on major mineralized trends that host world class gold mines

S2 has exclusive rights to earn 70% for a spend of US$3 million within 5 years per property

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

Pluto has been drilled: Ecru and South Roberts are next

This gives S2 well thought out, drill-ready targets

Each is a high risk-high reward opportunity

Each provides S2 with the ability to undertake definitive tests, and the flexibility and optionality to spend and earn-in if favourable, or move on if not

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South Roberts: a simple test of a Goldrush analogue

The target comprises favourable carbonates beneath the Roberts Mountain Thrust, in an anticlinal crest, in an uplifted horst, adjacent to the northern Nevada rift, hidden beneath pediment, along trend from known gold mineralization (Barrick’s ~10Moz Goldrush deposit occurs in a similar geological setting)

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Gravity indicates the southerly extension of the horst block

Surface enzyme leach geochem defines a classic Carlin-style goldsilver-arsenic-antimony-mercury-thallium anomaly

Six prior wide spaced drillholes confirm the presence of favourable carbonates beneath the Roberts Mountain Thrust & upper plate rocks, +/- anomalous gold up to 0.25g/t

S2’s new CSAMT survey has identified a large resistivity anomaly that is consistent with the presence of carbonates, in a buried anticline, within the uplifted horst block, adjacent to a downthrown block (the northern Nevada Rift?), buried beneath pediment

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Drilling is scheduled to start in mid-April

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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

Two drillholes with anomalous gold define folded sequence of favourable carbonates beneath upper plate rocks & pediment, with good geochem response

Ecru: a bold target but a giant prize

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The target comprises several key ingredients based on interpretation of known local geology and geophysics:

• A potential horst with favourable carbonate rocks concealed at depth beneath upper plate rocks

• The presence of numerous gold occurrences in the upper plate rocks (the smoke above the fire?)

• The potential northward projection of the Abyss Thrust front, which controls the location of Barrick’s Pipeline deposit (see plan and cross section)

• The potential NNW continuation of the Cortez Fault, which controls the location of Barrick’s Cortez Hills deposit (see plan)

• A potential intrusion similar to the Mill Canyon Stock, which also controls the Cortez Hills deposit (see plan)

• The presence of pediment, obscuring the bedrock geology and any mineralization

Drilling is scheduled to start in May/June

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Central Lapland Greenstone belt, Finland

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Intense fuchsite-carbonate
alteration in Sirkka shear zone
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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):

Abitibi: 39 deposits, 83.6moz Norseman-Wiluna: 44 deposits, 74.7moz

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Central Lapland: 13 deposits,

9.1moz So where is the missing gold of the Lapland greenstone belt?

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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

The Finnish Geological Survey (GTK) has compiled excellent datasets for exploration: Regional scale magnetics (left hand side) Regional scale gravity (centre) Till geochemistry (right hand side) 50 kilometres A good basis for area selection and mapping (bottom right hand corner) 50 kilometres

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50 kilometres
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Intense fuchsite-carbonate alteration and deformation in the Sirkka shear zone on S2’s Putaanpera ELA

50 kilometres

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Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Home: the most prominent gold in till anomaly in Finland

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8 kilometres
S2’s “Home” ELA is located over the western end of
the Sirkka shear zone
Main image shows the 99 [th] percentile of gold
anomalies in the GTK’s (Finnish Geological Survey’s)
national till sampling database
The Home anomaly is one of the strongest gold
anomalies in the Central Lapland Greenstone belt
and in all of Finland
50 kilometres
This is being followed up using ionic leach
geochemical sampling to define anomalous areas
to verify with base of till sampling and, ultimately,
diamond drilling
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Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Paana: new gold anomalies on untested shear zones

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50 kilometres
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8 kilometres
5 kilometres
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S2’s “Paana” ELA straddles 9km strike length of the north-south trending Hanhimaa and Muusa shear zones and associated structures, where there is a distinct kink – possibly representing a favourable dilational zone or sedimentary basin

Agnico Eagle is drilling the ground to the south

Trial, and subsequent systematic reconnaissance (800 x 40m) scale ionic leach geochemical sampling covering 5km strike (so far) has defined several anomalous areas worthy of infill sampling to define future areas for base of till sampling and, ultimately, diamond drilling

Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

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

Gravity over magnetics

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Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)

Next…

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More diamond drilling at Storgroven, Sweden
First stage drilling underway, initial 2-4 holes, first results due by mid-March
Second stage drilling mid-March (subject to outcomes of first stage)
First diamond drilling at South Roberts, Nevada
Starting mid-April, for 6 weeks, assays likely June/July
Wide ranging summer geochem campaign, Finland
Reconnaissance geochemistry & prospecting, starting
May, for 3-4 months, to generate BoT targets
First diamond drilling at Ecru, Nevada
Starting mid-year
Maybe another project in 2018 ?
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Corporate / commercial

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• Jeff Dowling - • 40 year career in financial sector as an accountant and former managing partner with Ernst & Young, WA Non-executive Chairman • Extensive experience in corporate finance and transactions, and company management • Former director of Atlas Iron, NRW, current director of Fleetwood, Battery Minerals

• Dr Mark Bennett – • Founding managing director and CEO of Sirius Resources and S2 Resources, and PhD qualified geologist Managing Director & • Two-time winner of the “Prospector of the Year” award – for discovery of Thunderbox, Waterloo & Nova-Bollinger Chief Executive Officer • Experienced in equity capital markets, former director of IGO, and 2014 Mines & Money “Legend in Mining” • Chartered accountant with BSc in Mathematics

• Anna Neuling – Executive Director & • Former executive director – corporate & commercial, and company secretary of Sirius Company Secretary • Former auditor with Deloitte, London and Perth

• Grey Egerton-Warburton – • Corporate financier and lawyer with extensive experience in equity capital markets, M&A transactions Non-executive Director

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• 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

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Shares on issue	246m
Options on issue(average exercise price A$0.35)	52.2m
Cash+investments*(end January 2018)	A$25m
Debt	Nil
Market capitalisation(at A$0.19 per share)	A$46.7m
Enterprise value	A$21.7m
Top twenty shareholders	63.4%

* Includes cash at bank at end Dec 2017 plus subsequent cash & investments in listed companies