S2 RESOURCES LTD — Investor Presentation 2023

Feb 21, 2023

Victorian Gold Mining and Exploration Forum February 2023 Melbourne

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 forward- looking 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 WA, NSW and Finland) and Mr Rohan Worland (for Victoria) who are employees and security holders of the Company and which fairly represents this information. Mr Bartlett and Mr Worland are members of the Australasian Institute of Mining and Metallurgy and 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 and Mr Worland 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 laboratories in Perth and Kalgoorlie, Western Australia, ALS laboratories in Loughrea and Ireland. The quality of analytical results is monitored by the use of internal laboratory procedures and standards together with certified standards, duplicates and blanks and statistical analysis where appropriate to ensure that results are representative and within acceptable ranges of accuracy and precision. Where quoted, nickel-copper intersections are based on a minimum threshold grade of 0.25% Ni and/or Cu, and gold intersections are based on a minimum gold threshold grade of 0.1g/t Au unless otherwise stated. Intersections are length and density weighted where appropriate as per standard industry practice. In Australia, all sample and drill hole co-ordinates are based on the GDA/MGA grid and datum unless otherwise stated. In Finland, all sample and drill hole co-ordinates are based on the ETRS-TM35FIN grid and datum unless otherwise stated. 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.

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Targeting “company making” discoveries with major economic potential

Proven track record of discovery and development of multiple mines, including Nova-Bollinger nickel-copper mine and Thunderbox gold mine

Quality portfolio of gold and base metal exploration projects in tier one jurisdictions

Advancing application for key Exploration Licence at Greater Fosterville, with walk-up drill targets adjacent to and along strike from Agnico Eagle’s world class Fosterville gold mine

Drilling at Polar Bear continues to identify disseminated nickel sulphides*

* Refer to S2 ASX announcement of 13 February for details. Sulphide abundance and mineral types based on visual logging only. Assay results are awaited

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Mark Bennett Executive Chairman

Jeff Dowling

Non-Executive Director

Anna Neuling Non-Executive Director

Andrea Betti

Company Secretary

• 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 & NovaBollinger mines, and 2014 Mines & Money “Legend in Mining”

• Experienced in equity capital markets and transactions, chairman of Falcon Metals, former director of IGO

• 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

• Director of Fleetwood, Battery Minerals, NRW, former director of Atlas Iron

• Chartered accountant with BSc in Mathematics

• Former executive director and company secretary of Sirius Resources

• Chair of Tombador, director of MLG, former auditor with Deloitte, London and Perth

• Accounting and corporate governance professional with 20 year’s experience

• Chartered accountant with BComm, Grad Dip in Applied Finance, and MBA

• Company Secretary of various public and private companies

3 YEAR SHARE PRICE GRAPH

CURRENT SHAREHOLDERS

Cash1 A$2.6M Investments2 A$1.3M Debt Nil WELL FUNDED Drilling to test Fraser Range EM conductors	Awarded Block 4 of Fosterville tender	Awarded Block 4 of Fosterville tender	STRONG SHAREHOLDER BASE Top20 holders 60% Unusually institutional register for an explorer – reflects track record of making material discoveries	STRONG SHAREHOLDER BASE Top20 holders 60% Unusually institutional register for an explorer – reflects track record of making material discoveries	STRONG SHAREHOLDER BASE Top20 holders 60% Unusually institutional register for an explorer – reflects track record of making material discoveries	STRONG SHAREHOLDER BASE Top20 holders 60% Unusually institutional register for an explorer – reflects track record of making material discoveries	Mark Creasy (18.9%) Jupiter Asset Mgt (14.7%) Paradice Invest Mgt (7.2%) Other Institutional (6.9%) Board & Management (2.1%) Other (50.1%)
	FAVOURABLE CAPITAL STRUCTURE		STRONG SHAREHOLDER BASE
							N OTES 1. Cash at 31st December 2022 2. 75.2m shares in Todd River Resources (ASX:TRT) @ A$0.014/share, plus shares in Aurion Resources (TSXV:AUR) @ C$0.64/share and AUD/CAD F of 0.94 3. Weighted average price of A$0.38 per option = A$17.9M if exercised 4. Based on share price of A$0.145 per ordinary share
	Shares on issue	356.9M	Top20 holders	60%
	Options onissue3	46.7M	Unusually institutional register for an explorer – reflects track record of making material discoveries
	Market Capitalisation4	A$51.7M
	Enterprise Value4	A$49.1M
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1. 75.2m shares in Todd River Resources (ASX:TRT) @ A$0.014/share, plus 200k shares in Aurion Resources (TSXV:AUR) @ C$0.64/share and AUD/CAD FX rate of 0.94

HUNTING FOR HIDDEN ELEPHANTS

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GREATER FOSTERVILLE THE MOST SOUGHT AFTER GOLD EXPLORATION BLOCK IN AUSTRALIA

GREATER FOSTERVILLE THE MOST SOUGHT AFTER GOLD EXPLORATION BLOCK IN AUSTRALIA 100% S2 Resources - won in highly competitive Victorian ground release Ownership tender process – awaiting grant of tenement by Victorian government Flagship project - surrounds Agnico Eagle Mines’ world class +7.5Moz Premier location Fosterville Gold Mine – highly strategic position Exploration Licence Application (ELA) covers 394km[2] over a 55km strike, Tenement abutting and surrounding Agnico Eagle’s world class Fosterville gold mine Multiple known gold occurrences and anomalies – Structures and stratigraphy Prospectivity hosting Fosterville mine extend into S2’s tenure both north and south Multiple drill-ready targets and intercepts awaiting follow-up once tenement is Drill Ready granted and land access agreements reached 5-year spending commitment of A$10.4M, approx. A$2M spend in first two Expenditure years - Agnico Eagle committed A$90M across surrounding three blocks 8

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Location of Agnico Eagle’s mine lease

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Location of long
section of mine
lease looking west
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GREATER FOSTERVILLE
THE MOST SOUGHT AFTER GOLD EXPLORATION BLOCK IN AUSTRALIA
Interpreted northing at
which Curie trend
crosses lease boundary
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Agnico’s Curie zone is extending down plunge to the SSE and potential plunge continuations project into S2’s ground

The Goornong South zone could be a barely tickled repetition of Agnico’s Harrier, Fosterville and Curie plunge trends, comprising:

• Oxide gold mineralisation with +2km long surface geochem anomaly

• • Deepest drilling beneath this includes 20m @ 6.0g/t Au from 70.0m (GSRC062)

• Limited drilling 1km down plunge from this includes 3m @ 7.8g/t Au from 252m (GSDD084)

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Swan Zone
2.34Moz @ 49.6g/t Au
S2 Tenure
Agnico Eagle ML
Major Fault Zone
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Source: Based on Kirkland Lake Gold press release dated 30 July 2020 and Agnico Eagle Fosterville Technical Report dated April 2019. The images are S2’s projections only.

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S2’s ELA surrounds Agnico Eagle’s Fosterville gold mine and contains the projected mineralised trends………

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Reprocessing of inherited induced polarisation (IP) provides vector to gold:

• 13 survey lines across Agnico’s mine lease and S2’s ELA

• On Agnico’s ground, IP highlights the Swan, Harrier and Robbins Hill / Curie zones

• Similar IP anomalies along defined structures on S2’s ELA, on the Sugarloaf and Goornong structures and on the strike continuation of the Robbins Hill / Curie structure

• Room for much more IP to be done to search for additional zones

GREATER FOSTERVILLE THE MOST SOUGHT AFTER GOLD EXPLORATION BLOCK IN AUSTRALIA

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POLAR BEAR

PROVEN NICKEL SULPHIDE MINERALISATION AWAITING DOWN HOLE ELECTROMAGNETIC GEOPHYSICS

• Southern extension of the world class Kambalda & Widgiemooltha nickel belts, with recent Cassini discovery along strike to north

• Only ~10% of prospective ultramafics tested to date, with 3 nickel sulphide mineralised zones discovered (Taipan, Gwardar, Halls Knoll)

• Nickel rights retained over 435km[2 ] after sale of tenements and Baloo gold deposit to Westgold – no holding costs

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• Application of new EM technology (low temperature SQUID) has highlighted 5 clusters of new EM conductors beneath the Lake Cowan salt lake and its marginal transported sand dunes

• These conductors have good geophysical response characteristics considered compatible with potential sulphide sources

• They are located in favourable geological positions (interpreted as in-situ on ultramafic contacts, or remobilised along structures intersecting these contacts)

• They are located down dip/structure from either nickel sulphide gossans or zones of strongly anomalous nickel, copper, platinum and/or palladium intersected in shallow reconnaissance aircore holes

• Recent drilling has intersected disseminated nickel sulphides* in 50% of holes, and also may have narrowly missed EM conductors in known favourable geological positions

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* Refer to S2 ASX announcement of 13 February for details. Sulphide abundance and mineral types based on visual logging only. Assay results are awaited

Taipan prospect

Stacked lenses of sulphide on margin of gently north plunging komatiite channel

• SPBD0046: 4.1m @ 3.8% Ni, 2.45% Cu & 2.49g/t Pt-Pd, incl. 2.2m @ 5.84% Ni, 3.73% Cu, 0.12% Co & 2.75g/t Pt-Pd

• SPBC0061: 16m @ 0.73% Ni, incl. 2m @ 2.39% Ni, 0.46% Cu

• SPBC0062: 20m @ 0.62% Ni, incl. 2m @ 1.46% Ni

• SPBC0069: 35m @ 0.48% Ni, incl. 2m @ 1.77% Ni, 0.27% Cu

• SPBC0070: 53m @ 0.53% Ni

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Gwardar prospect

Thick south plunging komatiite channel, open down plunge, comprising broad intervals of disseminated sulphides with multiple massive sulphide accumulations at base and in footwall

• SPBC0053: 33m @ 0.45% Ni

• SPBC0084: 31m @ 0.5% Ni, incl. 4m @ 1.12% Ni

• SPBD0360: 17.83m @ 0.69% Ni, incl. 0.75m @ 2.41% Ni, and 0.68m @ 3.31% Ni, and 3.33m @ 1.38% Ni

• SPBD0365: 24.68m @ 0.88% Ni, incl. 8.06m @ 1.33% Ni, and 7.82m @ 0.61% Ni, and 3.13m @ 0.58% Ni

• Recent hole (SPBD0369) drooped and missed axis of plunge, so still open

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Example of new targets: SQUID EM conductor PBC22-1

Modeled as a plate with approx 400m strike extent and 100m dip extent

Good conductor with geophysical properties consistent with a sulphide source

Drillhole SPBD0370 did not explain the conductor but did intersect 12m of disseminated sulphides* on the basal contact of the ultramafic

This may be a near-miss: down hole EM is required to determine presence/location of any conductive source for the EM anomaly and to guide next drillhole

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280m dip
extent
12m of disseminated
sulphide on contact
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* Refer to S2 ASX announcement of 13 February for details. Sulphide abundance and mineral types based on visual logging only. Assay results are awaited

Halls Knoll prospect

Outcropping gossan (weathered sulphide)

• Rockchips grade up to 1.6% Ni,

• 8.2% Cu, 15.8g/t Pd and 5.0g/t Pt

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JILLEWARRA

SEARCHING FOR ANOTHER THUNDERBOX / BIG BELL BENEATH 35 KM STRIKE OF COVERED SHEAR ZONE

Comparison of Jillewarra – Big Bell trend (LHS) with Thunderbox – Bronzewing trend (RHS). Thunderbox and Big Bell are located at the south end of a NNE trending regional shear zones

The Jillewarra project area covers 35 strike km of the same structure. This area is hidden beneath transported cover and very lightly drilled, and is covered by exploration licence applications S2 plans to commence a systematic reconnaissance aircore drilling program once ELA’s are granted – estimated in the next few months

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Thunderbox
5Moz gold
Big Bell
4Moz gold
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KOONENBERRY

A FRASER RANGE STYLE AND SCALE NICKEL PLAY THE RIGHT ROCKS WITH KNOWN NICKEL SULPHIDES

Belt scale blank canvas

• Analogous craton edge setting to Nova Bollinger Ni-Cu-Co deposit (discovered by S2 team)

• District-scale project covering 2,712km[2 ]

• Little exploration despite known magmatic Ni-Cu sulphide occurrences

• Tenements awaiting grant

• EM, geochemical surveys and drilling planned for 2023

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WESTERN YILGARN

PART OF THE NEW Ni-Cu-PGE PROVINCE OF WA TWO LARGE 100% OWNED PROJECTS EXPOSURE TO MORE VIA SHAREHOLDING IN TRT

Exposure to over 1,054km[2 ] in the emerging Western Yilgarn province

• Host to Chalice Mines’ 330Mt Ni-Cu-PGE Julimar discovery

West Murchison Project

• Maiden RC drilling in 2022 intercepted disseminated sulphides

• Hole SWMC007 – Two zones of disseminated sulphides totaling 8m, with highest grade interval grading 1.06% Cu and 0.70% Ni over 1m

• Follow-up drilling planned once heritage clearance area is extended

Three Springs Project

• Several prominent magnetic features, interpreted to be ultramafic intrusions with coincident anomalous Ni-Cu-PGEs in soil geochemistry

13.2% shareholding in Todd River Resources (ASX:TRT)

• Indirect exposure to several additional West Yilgarn Ni-Cu-PGE exploration projects

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FINLAND

AARNIVALKEA GOLD PROSPECT DICOVERED BY S2 NEXT DOOR TO AGNICO EAGLE’S KITTILA GOLD MINE IN AN EMERGING GOLD AND NICKEL PROVINCE

Large 494km[2] landholding in emerging gold and nickel province

• Host to S2’s Aarnivalkea gold discovery

• Region also host to Rupert Resources’ maiden 3.95 Moz gold Ikkari discovery (released 2021)

• B2 Gold / Aurion Resources JV emerging discovery at the Kutuvuoma East, with intercepts including 77.5m grading 2.05g/t gold

Two farm-in agreements with quality partners:

• Kinross Gold earning in up to 70% on 83km[2] 6 year spend up to US$9.5M

• Rupert Resources earning in up to 70% on 37km[2 ] 6 year spend up to €3.4M (~US$3.6M)

• Sold small land parcel to Aurion Resources

Retained core land holding with high strategic value

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System has scale : 1.3km gold anomaly

High-grade intercepts, including:

• 6.8m @ 11.8g/t gold from 223.0m, including 4.0m @ 18.1g/t gold

• 20.4m @ 4.0g/t gold from 193.1m, including 8.5m at 8.6g/t gold

Proximal to a major regional fault and running parallel to host structure of the nearby 7.4Moz Kittilä gold mine – owned by …. Agnico Eagle

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Photo: Hole FAVD0064 core section grading 73.6g/t gold

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CONTACT US 4/24 Parkland Road Osborne Park WA 6017

Telephone: +61 8 6166 0240 Facsimile: +61 8 6270 5410 Email: admin@s2resources.com.au