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Exploration update presentation 19[th] August 2019

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.

Introduction

S2’s aim is to make a significant discovery, retain 100% ownership, and be master of its own destiny to ensure shareholders get maximum benefit in the event of success

The big prizes are in terrains that are not easy (ie, not cheap or quick) so exploration for them requires an approach that is systematic, not market driven

This requires shareholder support and a strong treasury

S2 is fortunate in having a strong top twenty shareholder register that understands the process and is aligned with this strategy

S2 is also fortunate in having A$13.5 million* to pursue and realise its goals

This process is starting to bear fruit with positive outcomes on multiple fronts…

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* includes cash plus value of holding in Westgold (WGX) as of end June 2019

High impact programs underway, more to come

FINLAND

Major reconnaissance drilling program underway at Aarnivalkea gold prospect with early encouraging assay results

First drilling underway at Aakenusvaara gold prospect with highly encouraging visual results

Ground containing magmatic nickel–copper sulphide target fast-tracked for grant

AUSTRALIA

Encouraging nickel sulphide intercepts in first diamond drilling at Gwardar nickel prospect, Polar Bear

Three large exploration licence applications in the Fraser Range awaiting grant

USA

New magnetics identify drill targets at Ecru, Nevada

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Aarnivalkea gold

Large target based on large ionic leach geochemical anomaly in glacial till and gravity gradient (major structure?) Follow up base of till drilling identified coherent trend of strongly gold-arsenic anomalous end of hole rock chip samples Initial wide spaced recon diamond drilling has confirmed presence of significant shear zone with intense alteration and anomalous gold Some high grade intercepts (up to 6m @ 5.4g/t gold) in very wide spaced (320m lines) and shallow (~80m deep) drilling A new live structure in a previously unexplored district only 30km from Europe’s biggest gold mine (Agnico Eagle’s Kittila mine ~9Moz) Second phase to commence this week

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Aarnivalkea gold

BOT drilling : undertaken to identify the source of the large ionic leach geochemical anomaly, it has defined a 1.3km long zone of gold anomalous/mineralised rock hidden beneath transported glacial cover in a previously unknown area. The end-of-hole samples (shown below) are strongly sheared and silica-sericite-albite-pyrite-arsenopyrite altered with up to 3.8g/t gold and are interpreted as in-situ bedrock or close-to-source elluvial rubble along a shear zone

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Aarnivalkea gold

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Visible gold with arsenopyrite

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Phase 1 reconnaissance diamond drilling : undertaken to test the bedrock source of the BOT anomaly, has confirmed the presence of a major shear system with strongly anomalous gold. Much more drilling to come

Aarnivalkea gold

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Strongly foliated and crenulated dacite with arsenopyrite
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Albite alteration overprinting earlier potassic alteration
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Strongly altered basalt with arsenopyrite
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Aakenusvaara gold

Ineffectively drilled by Outokumpu in the 1980’s, despite shallow intercepts of up to 11m @ 9.6g/t gold

Gold is associated with sulphide, breccia and albite alteration zones, here and also at the Saattopora copper-gold mine, 3km along strike Exploration Licence granted to S2 last month, first drilling underway, 7 holes drilled

Intersected 5-15 metre widths of visually similar material in all holes, with assays awaited (expected over the next six weeks) Drilled 200m down dip, 200m along strike and open east, west and down dip

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Line of section
Plan, sections
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First 7 holes : replicate and significantly visually extend the historic shallow gold intercepts made by Outokumpu in the 1980’s. Assays are awaited so at this stage their gold content is unknown (refer to ASX announcement of 19[th] August 2019 for further information)

Aakenusvaara gold

Ineffectively drilled by Outokumpu in the 1980’s, despite shallow intercepts of up to 11m @ 9.6g/t gold

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Examples of the breccias, alteration styles and sulphide-bearing zones in various S2 drillholes at Aakenusvaara, which are visually similar to known gold mineralised intercepts in limited historic drilling

Ruopas nickel-copper-platinum

Exploration Licence application fast-tracked for the area containing the first Ruopas magmatic sulphide target Target comprises a new 350m long EM conductor associated with nickel, copper, cobalt and palladium anomalism in historic BOT drilling Seeking a magmatic Ni-Cu deposit like Anglo American’s Sakatti deposit located in the same geological belt

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The district is highly prospective for magmatic copper-nickel-PGM mineralization, as evidenced by Boliden’s Kevitsa mine and Anglo American’s giant Sakatti deposit, located 85km to the east in the same belt

S2’s Ruopas licence application area covers a 25km long sector of a major Archaean-Proterozoic crustal boundary (like the Fraser Range in Western Australia)

It contains a gravity ridge (= dense rocks such as ultramafics and mafics – as in the Fraser Range) and coincident copper and palladium anomalism identified in the GTK’s (Geological Survey of Finland’s) till sampling database

This is a district scale magmatic sulphide exploration target in a district with significant proven endowment and limited effective exploration due to the extensive glacial cover

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

Ruopas nickel-copper-platinum

Exploration Licence application fast-tracked for the area containing the first Ruopas magmatic sulphide target Target comprises a 350 metre long EM conductor associated with nickel, copper, cobalt and palladium anomalism in historic BOT drilling Seeking a magmatic Ni-Cu deposit like Anglo American’s Sakatti deposit located in the same geological belt

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Ruopas nickel-copper-platinum

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Ruopas nickel-copper-platinum

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Follow-up ground EM of selected VTEM anomalies : has defined a discrete EM conductor located on a gravity ridge, along strike from known ultramafic rocks, concealed beneath a shallow bog, and associated with >4km long copper and nickel anomaly in historic BOT drilling. This is scheduled for drilling as soon as ground and access permits are in place

Polar Bear nickel

First drilling by S2 to follow up the Gwardar nickel prospect has intersected encouraging nickel sulphides Results confirm the presence of a substantial sulphide-bearing lava channel only drilled to a relatively shallow depth, with best intercepts in the deepest hole to date - further drilling is planned

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Polar Bear nickel

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Long proj, section
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Polar Bear nickel

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photos
Disseminated and blebby nickel sulphides in SPBD0360
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Basal massive nickel sulphides in SPBD0360
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Fraser Range nickel-copper

S2 is the successful applicant for three highly contested ground releases in the Fraser Range Three large exploration licences are now in the application stage, likely to be granted later in the year This heralds the return of the original Sirius team to the Fraser Range, where they discovered Nova in 2012

S2 won 3 ballots for ground releases in the Fraser Range

These ballots were contested by numerous other players

S2 now has sole exploration licence application rights over 170 square kilometres of ground in a district otherwise dominated by Mark Creasy and IGO

Public domain and prior exploration data is being compiled during the pre-grant phase so that exploration can commence immediately upon grant

Much of the area is under cover so the limited previous exploration may be ineffective

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Nevada gold

Earning 70% of a highly prospective property located in the heart of the Cortez Hills district of Nevada

The property adjoins Barrick’s claims which contain the Pipeline (22Moz), Cortez Hills (15Moz) and Goldrush (12Moz) deposits Barrick is drilling the Robertson deposit, situated close to the southern boundary of Ecru Previously reported S2 drilling intersected anomalous gold and silver

Newly acquired magnetics indicate the presence of an anullar anomaly around intrusives, directly beneath our large AMT anomaly

Endowment

Demonstrably elephant country – numerous >10Moz gold deposits

Exploration opportunity

Surprisingly under-explored for such a major gold producing region

Accessibility

Exploration friendly infrastructure, topography and climate (counter-seasonal to Finland)

Permitting

Best jurisdiction in USA, being further streamlined by new legislation

Talent pool

Established mining know-how and labour force

Tax regime

Best in USA (which is why the Tesla giga-factory is near Reno)

Geopolitical risk

Ranks 1st globally in Fraser Institute investment attractiveness index

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Nevada gold

Earning 70% of a highly prospective property located in the heart of the Cortez Hills district of Nevada

Newly acquired magnetics indicate the presence of an anullar anomaly around intrusives, directly beneath our large AMT anomaly

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Potential buried intrusions
providing a source or heat
engine for mineralisation
closer to surface
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* note: magnetic data not shown over Newmont sublease ground

Corporate

Well funded & managed:	Cash + investments*	A$13.5m
	Debt	Nil
Favourable capital structure:	Shares on issue	247.9m
	Options on issue(av. exercise price A$0.35)	53.4m
	Market capitalisation(@ A$0.14/share)	A$34.7m
	Enterprise value	A$21.2m
Strong shareholder base:	Top twenty shareholders	60.9%
	Mark Creasy	29.5%
	Merian Global Investors	9.4%

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Experienced board with proven track record of finding, financing and developing mines:

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* Includes cash plus value of holding in Westgold (ASX:WGX) at end June 2019

Exploration update presentation

19[th] August 2019

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Appendix

Finland: endowment, prospectivity and 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 large 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 is Kittila a one-off or has the rest just not been found yet?

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

Table of new drill intercepts from Aarnivalkea

Previous and new drilling results from Aarnivalkea

Refer to JORC information in the ASX release of 5[th] August 2019 for further JORC information

Hole	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Width	Grade Aug/t
FAVD0001	418381	7552400	245	-60	270	95.2	16.08	16.71	0.63	2.0
and							23.66	27.00	3.34	1.3
including							23.66	24.36	0.70	4.6
FAVD0002	418341	7552401	244	-60	270	92.8	87.00	88.00	1.00	1.7
FAVD0003	418301	7552399	244	-60	270	83.8	NSI
FAVD0004	418260	7552400	243	-60	270	80.0	21.31	22.19	0.88	1.2
and							62.77	64.19	1.42	0.7
FAVD0005	418221	7552399	243	-60	270	47.8	16.00	17.70	1.70	2.0
FAVD0006	418261	7552400	244	-60	90	100.0	87.00	97.00	10.00	1.0
including							90.00	91.00	1.00	3.6
FAVD0007	418420	7552396	246	-60	270	104.6	32.00	34.00	2.00	0.8
and							62.80	64.60	1.80	1.1
including							62.80	63.70	0.90	3.3
and							75.00	79.30	4.30	0.4
and							88.00	91.00	3.00	0.5
FAVD0008	418210	7551521	239	-60	270	80.4	25.50	27.80	2.30	0.4
and							64.00	65.00	1.00	3.0
FAVD0009	418170	7551521	240	-60	270	71.3	NSI
FAVD0010	418131	7551521	240	-60	270	80.6	65.00	66.00	1.00	3.4
FAVD0011	418226	7551441	239	-60	270	81.0	66.00	69.00	3.00	0.6
FAVD0012	418260	7551840	242	-60	270	77.4	35.00	36.05	1.05	2.0
and							42.00	47.50	5.50	2.0
including							43.41	44.13	0.72	6.7
including							46.50	47.50	1.00	5.3
and							59.90	62.00	2.10	1.6
FAVD0013	418221	7551841	242	-60	270	77.9	65.28	67.44	2.16	1.9
FAVD0014	418178	7551841	241	-60	270	89.5	56.16	68.00	11.84	0.5	Final
and							71.50	72.50	1.00	1.0	Final
FAVD0015	418140	7551841	241	-60	270	89.7	12.21	21.00	8.79	0.3
and							25.00	38.00	13.00	0.3
and							59.00	65.00	6.00	5.4
including							61.00	65.00	4.00	7.8
and							73.99	78.75	4.76	0.4
FAVD0016	418104	7551842	240	-60	270	89.6	45.00	48.00	3.00	0.4	Final
FAVD0017	418380	7552160	250	-60	270	86.8	71.00	73.00	2.00	0.5	Final
FAVD0018	418340	7552162	250	-60	270	89.8	NSI				Prelims
FAVD0019	418302	7552161	249	-60	270	89.6	24.00	26.00	2.00	0.4	Prelims
and							75.94	79.53	3.59	0.3	Prelims
FAVD0020	418260	7552161	249	-60	270	89.8	6.00	12.48	6.48	0.7	Prelims
and							33.00	48.00	15.00	0.4	Prelims
FAVD0021	418221	7552163	249	-60	270	89.8	NSI				Prelims
FAVD0022	418181	7552164	247	-60	270	89.6	AWR				Not started
FAVD0023	418142	7552165	247	-60	270	89.3	AWR				Partial
FAVD0024	418061	7552160	244	-60	270	98.8	AWR				Not started
FAVD0025	418002	7552162	241	-60	270	98.8	96.80	98.80	2.00	0.4	Final
FAVD0026	418461	7552396	246	-60	270	145.9	AWR				Not started
FAVD0027	418480	7552719	243	-60	270	89.7	AWR				Not started
FAVD0028	418440	7552720	242	-60	270	89.8	AWR				Notstarted
FAVD0029	418401	7552721	242	-60	270	89.9	AWR				Notstarted
FAVD0030	418360	7552721	242	-60	270	68.9	AWR				Not started
FAVD0031	418300	7551840	242	-60	270	150.0	AWR				Not started
FPAD0001	419580	7553800	251	-60	270	83.7	AWR				Not started

AI assistant

S2 RESOURCES LTD Investor Presentation 2019

65745_rns_2019-08-18_e2eee80d-2f5e-4477-8c6a-e48eda1dcdeb.pdf

Exploration update presentation 19[th] August 2019

Competent person and forward looking statement

Introduction

High impact programs underway, more to come

FINLAND

Aarnivalkea gold

Aarnivalkea gold

Aarnivalkea gold

Aarnivalkea gold

Aakenusvaara gold

Aakenusvaara gold

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Polar Bear nickel

Polar Bear nickel

Polar Bear nickel

Fraser Range nickel-copper

Nevada gold

Earning 70% of a highly prospective property located in the heart of the Cortez Hills district of Nevada

Endowment

Exploration opportunity

Accessibility

Permitting

Talent pool

Tax regime

Geopolitical risk

Nevada gold

Corporate

Experienced board with proven track record of finding, financing and developing mines:

Exploration update presentation

19[th] August 2019

Finland: endowment, prospectivity and opportunity

Table of new drill intercepts from Aarnivalkea

Previous and new drilling results from Aarnivalkea

AI assistant

S2 RESOURCES LTD — Investor Presentation 2019

65745_rns_2019-08-18_e2eee80d-2f5e-4477-8c6a-e48eda1dcdeb.pdf

Exploration update presentation 19[th] August 2019

Competent person and forward looking statement

Introduction

High impact programs underway, more to come

FINLAND

Aarnivalkea gold

Aarnivalkea gold

Aarnivalkea gold

Aarnivalkea gold

Aakenusvaara gold

Aakenusvaara gold

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Ruopas nickel-copper-platinum

Polar Bear nickel

Polar Bear nickel

Polar Bear nickel

Fraser Range nickel-copper

Nevada gold

Earning 70% of a highly prospective property located in the heart of the Cortez Hills district of Nevada

Endowment

Exploration opportunity

Accessibility

Permitting

Talent pool

Tax regime

Geopolitical risk

Nevada gold

Corporate

Experienced board with proven track record of finding, financing and developing mines:

Exploration update presentation

19[th] August 2019

Finland: endowment, prospectivity and opportunity

Table of new drill intercepts from Aarnivalkea

Previous and new drilling results from Aarnivalkea

More from S2 RESOURCES LTD

S2 RESOURCES LTD Investor Presentation 2019