S2 RESOURCES LTD — Investor Presentation 2020

May 18, 2020

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Exploring Australia and Finland: 121 Mining Investment (virtual) presentation, May 2020

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.

1

In a nutshell…

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S2 is a greenfields explorer seeking “company making” precious and base metal discoveries in mining friendly jurisdictions

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S2 has the track record – it comprises the original Sirius Resources team, responsible for the discovery, financing and development of the Nova-Bollinger nickel-copper mine

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Members of the S2 team also discovered the Thunderbox, Baloo and Wahgnion gold mines, and the Waterloo and Lounge Lizard nickel mines

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S2 has a strong, aligned shareholder base, largely comprising former Sirius shareholders, which ultimately translates to good market support and access to funding

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S2 has a good track record of financial and capital management, resulting in high exploration expenditure (A$30M over 5 years) with minimal dilution to shareholders (just one capital raising of A$12M in 2016), achieved through prudent financial management, disciplined exploration, monetisation of non-core assets, and targeted investing

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S2 is exploring for gold, PGE’s and base metals in Australia and Finland, and has a pipeline of drill-stage prospects, drill-ready prospects and new projects in highly endowed districts

2

Why explore?

Leverage to discovery success!

Example: Sirius (ie, the forerunner of S2) discovered nickel-copper at Nova and went from A$0.05 to A$5.00 (100x)

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Example: Chalice discovering nickel-copper-PGE’s at Example: DeGrey discovering gold at Hemi Julimar and has gone from A$0.20 to A$1.20 (6x) and has gone from A$0.05 to A$0.40 (8x)

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3

Corporate

Board

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Mark Bennett – Executive Chairman

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-Bollinger

Experienced in equity capital markets, former director of IGO, and 2014 Mines & Money “Legend in Mining”

Anna Neuling – Executive Director & Company Secretary

Chartered accountant with BSc in Mathematics

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

Former auditor with Deloitte, London and Perth

Jeff Dowling - Non-executive Director

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

Shareholders

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* at end September 2019

4

Timeline

Quarter by quarter timeline of key events since listing in 2015, colour coded for corporate , gold and base metals

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Demerge S2 from Sirius A$12M Zinc-copper Sell Baloo Strategic Discover New gold
VMS at Aarnivalkea prospect east
and list on Resources capital raising Bjurtraskgruvan for A$9M 20% stake in TRT gold prospect of Aarni’
ASX (Sweden) (Finland) (Finland)
Dec Oct Mar Mar Jun Sep Oct Dec Oct Mar Oct Jun Oct Sep Dec Oct Mar Oct Jun Oct Sep Dec Oct Mar Oct Jun Sep Dec Mar Mar
15 2015 16 2016 16 2015 16 16 2015 17 2015 17 2015 17 17 2015 18 2015 18 2015 18 18 2015 19 2015 19 19 19 2020 20
Maiden Baloo Increased EM conductor Fraser
Mineral Baloo Mineral at Ruopas Range
Resource Resource target exploration
123koz gold 264koz gold (Finland) starts
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New WA nickel-copperPGE targets pegged

5

Recent / imminent events

Covid-19 pandemic-related border closures and flight cancellations have forced repatriation of personnel and deferral of planned diamond drilling at Aarnivalkea and Aarnivalkea East gold prospects (Finland)

Will drill Aarnivalkea and Aarnivalkea East as soon as access constraints permit

Will drill Ruopas nickel-copper-PGE target as soon as permitted

Granting of new Fraser Range tenements and pegging of two large new nickel-copper-PGE targets in WA enables refocus on Australia – coinciding with enforced deferral of drilling in Finland until accessible (post-pandemic travel constraints)

Low cost, reconnaissance stage exploration is underway at Fraser Range, and will continuing at Polar Bear, where Western Australian state government regulations have enabled exploration to continue

All personnel have taken 40% pay cuts during this period to conserve cash to maximise activity and impact once drilling can resume in Finland and new WA projects are granted

6

Finland

Gold and nickel in Lapland

The Central Lapland Greenstone Belt (CLGB) of northern Finland contains tier1 gold and nickelcopper-PGE deposits

This includes Agnico Eagle’s Kittila gold mine and Anglo American’s Sakatti nickelcopper-PGE deposit

Despite this the district is very underexplored

S2 has a strong ground position in the belt and is actively exploring for both deposit styles

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7

Why Finland?

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

8

Aarnivalkea gold prospect

An emerging lode gold system

S2 discovered the Aarnivalkea gold prospect by grassroots exploration in an otherwise virgin area, despite being close to the Kittila gold mine

Aarni’ is classic lode gold mineralisation and is awaiting further drilling along strike to the north and south

This will require freezing winter conditions as the strike extensions lie beneath swamp

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9

Aarnivalkea gold prospect

Ionic leach geochemical sampling defined a Gravity (colour) and magnetics wide 5km long corridor (greyscale) show numerous of gold anomalism in structures that may host gold glacial overburden

10

Aarnivalkea gold prospect

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The gold anomalous
corridor was tested by
base of till (“BOT”)
drilling (yellow dots)
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BOT drilling defined a discrete 1.km long high grade zone at Aarnivalkea

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Aarnivalkea gold prospect

The high grade BOT anomaly was diamond drilled, resulting in the discovery of the Aarni’ gold prospect

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Aarnivalkea gold prospect

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Aarni’ is a broad
zone of multiple
gold mineralized
lodes, open
down dip and
along strike
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13

Aarni’ East gold target

First BOT drilling east of Aarni’ identifies higher grade gold mineralisation

This target is located on a parallel structure

Base of till drilling has intersected up to 10g/t gold

Gold values are accompanied by strongly anomalous pathfinder elements including arsenic, antimony and copper

Diamond drilling had to be deferred due to Covid-19 but it is ready to go once accessible

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14

Aarni’ East gold target

First BOT drilling east of Aarni’ identifies higher grade gold mineralisation

This target is located on a parallel structure

Base of till drilling has intersected up to 10g/t gold

Gold values are accompanied by strongly anomalous pathfinder elements including arsenic, antimony and copper Diamond drilling had to be deferred due to Covid-19 but it is ready to go once accessible

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15

Aakenusvaara gold prospect

A forgotten gold prospect with high grade gold

Located on the Sirkka shear zone and 3km along strike from Outokumpu’s Saattopora gold mine

7 holes drilled by S2

Best drill intercept in deepest hole: 2.11m @ 86g/t gold

Open down dip and along strike

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16

Aakenusvaara gold prospect

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 Line of section at the Saattopora copper-gold mine, 3km along strike

Best intercept is the deepest, but only 180m below surface Plan, sections

No drilling either side or down dip from this

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Ruopas magmatic nickel-copper-PGE target

Prospective for Sakatti-style magmatic nickel-copper-PGE mineralisation

Large (~200 square kilometre) exploration licence application with mapped ultramafics along a gravity high

Numerous airborne EM anomalies

Numerous coincident nickelcopper-cobalt anomalies in partial leach geochemical soil sampling

Key target comprises an EM conductor with coincident nickel-copper anomalism in base of till drillholes

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18

Ruopas magmatic nickel-copper-PGE target

The CLGB 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” licence covers a 25km long zone containing coincident copper and palladium anomalism defined in the GTK’s (Geological Survey of Finland’s) glacial till sampling database*

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

This is a district scale magmatic sulphide exploration target

A 900 line kilometer VTEM survey identified numerous EM anomalies

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Gravity over
magnetics
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_Aeromagnetic, gravity and till geochemistry images based on data purchased from GTK (Geological Survey of Finland)_ 19*

Ruopas magmatic nickel-copper-PGE target

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Ionic leach geochemical soil sampling coverage of the Ruopas licence highlights a number of coincident nickelcopper anomalies

Copper is shown as dots and nickel as backround colour

Most of these are also cobalt and palladium anomalies

Coincident Ni-Cu-Co-Pd anomalism is a signature of magmatic sulphide mineralization

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Channel 20 of the VEM survey highlights numerous EM anomalies

Many of these are strongly conductive, persisting into late time channels (channel 40)

At this scale, any single point EM anomaly could be an expression of significant massive sulphide mineralization

20

Ruopas magmatic nickel-copper-PGE target

Drill-ready target : 15% of the VTEM survey area has been followed up with ground EM

This defined a discrete EM conductor located on a gravity ridge, along strike from known ultramafic rocks, concealed beneath a shallow bog, and associated with a >4km long copper and nickel anomaly in historic BOT drilling

Awaiting approval to drill – possibly this winter

21

Australia

Active projects and new targets in Western Australia

Polar Bear nickel rights: retained after sale of gold to Westgold (now RNC)

Fraser Range nickel: new ground in Australia’s newest nickel province (found by the S2 team)

Two large areas recently pegged over Julimar-style nickel-copper-PGE targets on the west coast of WA

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22

Polar Bear nickel rights

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Nickel sulphide mineralisation in the strike extensions of the famous Kambalda and Widgiemooltha ultramafic belts

S2 retained nickel rights when it sold the Baloo gold deposit to Westgold (now owned by RNC Minerals)

Three mineralised positions: Halls Knoll, Taipan and Gwardar

Recent drilling at Gwardar intersected more mineralisation

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Polar Bear overview

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Polar Bear is
located on one of
the most
productive nickel
belts in the world
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24

Halls Knoll nickel-copper-PGE gossan

One of the highest grade gossans in the Kambalda and Widgiemooltha nickel belts is located on an island in a salt lake The Halls Knoll gossan grades 0.5% nickel, 1% copper and 12.5g/t total PGE’s

25

Taipan nickel prospect

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The Taipan prospect was discovered by S2’s precursor, Sirius Resources It comprises a lower, higher grade zone (eg, 4.1m @ 3.8% Ni) and an upper disseminated zone (eg, 53m @ 0.53% Ni) Both zones have massive sulphides at their base and plunge northwards Most drilling is at a depth of 100-200m, and both zones are open down plunge

26

Gwardar nickel prospect

Significant intercepts of nickel sulphide, as massive sulphide in narrower zones and as disseminated sulphide in broad zones, in multiple flows, defined in very wide spaced (70-100m) drilling, open down plunge

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27

Fraser Range nickel-copper-cobalt project

Back to the future

S2 has recently pegged 3 large blocks in the Fraser Range – where it all began with the discovery of Nova

These are situated midway between the Nova nickel mine, Mark Creasy’s Silver Knight discovery, and Legend Mining’s Mawson prospect

2 of these blocks have now been granted and recon work commenced

Work is continuing without hindrance by Covid-19 measures

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28

Fraser Range nickel-copper-cobalt project

Back to the future

S2 has recently pegged 3 large blocks in the Fraser Range – where it all began with the discovery of Nova

These are situated midway between the Nova nickel mine, Mark Creasy’s Silver Knight discovery, and Legend Mining’s Mawson prospect

2 of these blocks have now been granted and recon work commenced

Work is continuing without hindrance by Covid-19 measures

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29

New nickel-copper-PGE targets

A new frontier?

Chalice’s Julimar discovery is a true “black swan” and has highlighted the previously overlooked potential of the western margin of the Yilgarn craton for intrusivehosted nickel-copper-PGE mineralisation

S2 has pegged two large areas covering similar intrusive targets

These are at the application stage, awaiting grant

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30

Three Springs nickel-copper-PGE target

A new frontier?

The Three Springs target comprises a large magnetic anomaly that may represent an ultramafic/mafic intrusive complex adjacent to the Darling Fault

The Geological Survey of Western Australia has also mapped mafic and ultramafic rocks over this magnetic anomaly

Work will commence once granted

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31

West Murchison nickel-copper-PGE target

A new frontier?

The West Murchison target comprises a number of unexplained magnetic anomalies that may represent ultramafic/mafic intrusions adjacent to the Darling Fault

The Geological Survey of Western Australia has also mapped mafic and ultramafic rocks and some of these coincide with the magnetic anomalies

Work will commence when granted

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32

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Exploring Australia and Finland: 121 Mining Investment (virtual) presentation, May 2020