S2 RESOURCES LTD — Investor Presentation 2024

Aug 4, 2024

5 August 2024

Diggers and Dealers - exploration update

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 from Finland, Western Australia and New South Wales is based on information compiled by Mr John Bartlett who is an employee and shareholder of the Company and which fairly represents this information. Mr Bartlett is a member of the Australasian Institute of Mining and Metallurgy and has 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 consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears. The information in this presentation that relates to Exploration Results from Victoria is based on information compiled by Mr Rohan Worland who is an employee and shareholder of the Company and which fairly represents this information. Mr Worland is a member of the Australasian Institute of Mining and Metallurgy and has 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 Worland consents 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.

PROJECT LOCATIONS

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GREATER FOSTERVILLE (S2 100%) BLOCK 4 GRANTED TO S2 – DRILLING STARTED

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Idealised cross section of controls on Swan-style gold mineralisation and saddle reefs

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3D isometric block diagram showing schematic targets and schematic planned drilling

Actual cross section of the Swan zone gold mineralisation

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N

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AGNICO MINING LEASE
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The most obvious place to start is where Kirkland Lake (now Agnico Eagle) left off

At Goornong a favourable target zone is interpreted to plunge south from a historic oxide resource

The target comprises a south plunging corridor where faults intersect the hinge zone of an anticline – exactly the sort of situation where these faults may refract, flatten and dilate

Objectives*:

1. Define overall structural framework with recon diamond drilling

2. Define specific mineralised structures that can be drill tested

3. Follow mineralised structures to sweet spots

Long projection

* access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

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The first 6 holes (1-6) have defined the overall framework, but with so many intercepts it was not possible to join the dots

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The next 2 holes (7 & 8) have tested the defined framework

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They have successfully identified a discrete mineralised structure – the Blackadder Fault

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This structure is MINERALISED

This structure broadly lines up with well delineated structures containing gold and being mined at Robbins Hill to the south on Agnico’s mining lease!

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We have achieved everything we hoped to at this stage – WITH JUST 8 HOLES

* access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

Blackadder fault strikes NNE, dips W, plunges N

Defined by intercepts in 4 holes:

5.7m @ 6.4g/t gold (incl 2.15m @ 14.1g/t gold)

5.2m @ 7.2m gold (incl 0.7m @ 37.9g/t gold)

These are 171m apart!

Most likely the same set of faults that host mineralisation at the Robbins Hill/Curie zone on Agnico’s ML

Next step is infill and extensional drilling up and down dip and along strike*

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Photos of slides from a recent Agnico presentation showing the fault architecture at their Robbins Hill mining area – the Blackadder Fault could be the extension of one of these faults – and it has gold too.

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* access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

First hole delayed but now underway @ ~450m Start of target zone expected @ ~ 700m

S2 can earn <80% interest by spending A$6 million in 5 years

Project is located in the Lachlan Fold Belt of central NSW

District contains multiple Tier 1 copper and/or gold mines with a combined known endowment of over 61Moz gold and 12.7Mt copper

Target and host stratigraphy (Ordovician age) is concealed beneath younger (Silurian age) rocks

The most prominent target – a big magnetic anomaly - has been known about for ~30 years but never effectively drilled

It is modelled at a depth of 450-600 metres, so is deep, but the potential size of the prize is worth the risk

First land access agreement* signed, first hole underway:

• it is a “flat” hole designed to cross multiple potential subvertical target zones

• currently at ~450m (delayed by weather & equipment

• issues)

• broad target zone expected to start at ~700m downhole

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• access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

6km

RTP magnetics showing bullseye high with peripheral low

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LHS: Reduced-to-the-pole magnetics showing large central bullseye anomaly surrounded mag low halo RHS upper: 3D mag inversion model showing planned trace of first drillhle RHS lower: Mag body is interpreted to be within Ordovician, which implies correct age for Cadia-Ridgeway style intrusion

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Logged monzonite
intrusives at end of hole
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Logged chlorite- Depth to bedrock:
sericite alteration in deeper weathering over
monzonite and rhyolite more altered rocks?
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Independent lines of evidence are consistent with the distal signature above a potential underlying long-lived porphyry system

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Schematic 3D isometric block diagram showing:

• surface mag anomaly as seen in RTP processed aeromagnetics

• • modelled columnar magnetic body at depth • isoshells of magnetic susceptibility

Schematic 3D isometric block diagram showing:

• interpreted Ordovician and post-Ordovician stratigraphy

• conceptual porphyry intrusion within Ordovician

• conceptual zones of alteration, magnetism and mineralisation associated with porphyry

WARRAWEENA (S2 EARNING 70%) THE MOST ANOMALOUS HEAVY MINERAL SAMPLE IN AUSTRALIA

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Recently published Heavy Mineral Map of Australia showing the concentration of pentlandite, chalcopyrite and sphalerite in all 1,315 samples collected across Australia

Bubble size represents the abundance of minerals in each sample, and pie slices depict the relative abundance of each of these minerals in each sample

The sample collected in the Warraweena drainage catchment contains 10x more pentlandite and the second highest abundance of chalcopyrite and sphalerite in all of the samples collected across Australia

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S2 can earn a 70% interest in EL9269 by spending A$2.7 million by July 2027

Surrounding EL applications are 100% S2

Bedrock geology is concealed beneath alluvial sediments of the upper Darling River catchment

Known concealed calc-alkaline and shoshonitic rocks of potential Macquarie Arc affinity – prospective for porphyry copper-gold

Known concealed mafic & possible ultramafic rocks, with district-scale groundwater nickel anomalism – prospective for magmatic nickel-copper

Possible concealed Devonian Cobar Basin rocks – prospective for Cobar-style zinc-lead-copper

Multiple land access agreements* signed

Gravity survey underway

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Induced polarisation (IP) survey imminent

* access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

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Approx extent of
gravity survey
Approx extent of
gravity survey
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Project area contains distinct magnetic and gravity anomalies hidden beneath the cover

A distinct NE trending gravity high suggests a buried block of dense older rocks within and surrounded by Devonian basinal rocks

The magnetics suggests numerous magnetic (mafic/ultramafic?) units with several circular lows (porphyry intrusions?) punching through the stratigraphy – a combined gravity / IP survey is underway to distinguish nickel-copper targets and copper-gold targets

KOONENBERRY A BELT SCALE NICKEL-COPPER-PGE OPPORTUNITY

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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

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Numerous magnetic anomalies representing mafic-ultramafic sills (LHS) within a strong regional gravity high representing dense rocks (centre) and EM coverage to date (RHS)

Land access agreements* signed, EM survey ongoing throughout 2024

* access agreements are a prerequisite to undertaking exploration activities on freehold land and are not guaranteed

36km of unexplored, under cover strike of the Karbah Shear Zone (KSZ)

KSZ contains 2 major gold deposits along strike to the south (Big Bell and Never Never)

Awaiting heritage protocol to enable grant of ELA’s

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100% S2 following termination of transaction (counterparty could not meet conditions)

Review of ultrafine soil sampling in 4 areas

Each has significant Cu-Ni-Pd-Au anomalism over area of 3-4km strike

Each is associated with significant structures (as seen in mags)

The only previous drilling is by S2 – 5 RC holes at north part of Woodrarung

Despite limited drilling, intercepts include:

• 2m @ 0.62% Cu, 0.68% Ni, 0.64g/t Au

• 3m @ 0.68% Cu, 0.39% Ni, 0.51g/t Au

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WEST MURCHISON (S2 100%)
NEW ANOMALIES IN THE NEW WEST YILGARN Ni-Cu-PGE PROVINCE
Woodrarung Yalgamine
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Aubrey South Whitehurst

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SHAREHOLDERS
Insiders, 3.4%
Creasy,
14.9%
Other,
51.8%
Insto's,
28.9%
Corporate, 1.0%
TOP 20 HOLDERS: 55%
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CAPITAL STRUCTURE

WELL FUNDED CAPITAL STRUCTURE Cash[1] A$5.32M Shares on issue 451.86M TX3 shareholding[2] A$0.11M Options on issue[3] 41.80M Debt Nil Market capitalisation[4] A$51.96M Enterprise value[5] A$46.53M

NOTES

1. Cash at 30[th] June 2024

2. 38M shares in Trinex Minerals (ASX:TX3) @ A$0.003/share 3. Weighted average price of A$0.26 per option = A$10.87M if exercised 4. Based on share price of A$0.115 per ordinary share 5. Based on market capitalisation less cash & investments. Excludes value of investment in Outback Goldfields pending TSXV and shareholder approval of transaction (sale of S2.s Finnish subsidiary Sakumpu to Outback)

3. Defined a LIVE gold mineralised structure at Fosterville with good grades, in wide spaced holes, directly along strike from Agnico’s active mining area at Robbins Hill, with just 8 holes

4. Started drilling a potentially HIGH IMPACT porphyry copper-gold target at Glenlogan

5. Getting the legwork (gravity, IP) done to define initial drilling targets around AUSTRALIA’S MOST ANOMALOUS heavy mineral concentrate sample at Warraweena

6. Systematically expanding EM coverage over 150km strike of an ENTIRE NICKEL BELT at Koonenberry

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• Identifying multiple BIG MULTI-ELEMENT GEOCHEM ANOMALIES at West Murchison

• With ~$5.3 MILLION still in the bank

• Progressing Finland sale which will deliver $1.5M cash (before costs) and ~40% holding in TSXV-listed Outback Goldfields to retain exposure to upside of Finnish assets*

* Subject to completion of financing by Outback, Outback shareholder approval, and TSXV exchange approval

Outback Goldfields (TSX.V:OZ) has signed a Letter Of Intent to purchase S2’s wholly-owned Finnish subsidiary Sakumpu Exploration Oy for a total consideration of C$7 million*

The proposed deal is subject to Outback completing a concurrent financing of ~C$5 million and other (exchange, shareholder and government agency) approvals, with a definitive agreement and completion anticipated in the second quarter of 2024

Key binding terms of the deal are:

• S2 to receive C$1.5 million cash and C$5.5 million shares in Outback representing a proforma ~35-45% of Outback post-vend and post–financing

• S2 has option to earn into Outback’s four projects in the Victorian gold fields of Australia

Sakumpu owns a large strategic ground position in the prolific Central Lapland Greenstone Belt of northern Finland, including defined gold prospects, untested geochemical anomalies and two active joint ventures with Kinross Gold Corporation and Rupert Resources

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Refer to: Outback Goldfields (TSX.V: OZ) announcement 1[st] March 2024, and S2 Resources (ASX:S2R) announcement 4[th] March 2024

CONTACT US Level 14, 333 Collins Street, Melbourne, VIC 3000, Australia Telephone: +61 8 6166 0240 Facsimile: +61 8 6270 5410 Email: admin@s2resources.com.au

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Mark Bennett

Executive Chairman

Jeff Dowling

Non-Executive Director

• Founding managing director and CEO of Sirius Resources and S2 Resources

• PhD qualified geologist with >30 years experience

• 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

• Former chairman of Sirius Resources

• 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, NRW, former director of Atlas Iron, Battery Metals

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Anna Neuling Non-Executive Director

• Former executive director of Sirius Resources

• Chartered accountant with BSc in Mathematics

• Former executive director and company secretary of Sirius Resources

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

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Andrea Betti

Company Secretary

• 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

We DARE to seek BIG discoveries to create value

We don’t dress up or rebadge old assets, or chase commodity bandwagons

We explore - if our targets don’t deliver we walk and find others

If our discoveries don’t make the grade or fit we monetise and move on:

• by sale for cash to fund our core projects *

• by vending into other entities for exposure to their success *

• by farming out and keeping a no/low cost slice of the pie for potential future value uplift through exploration funded by others

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If our discoveries are financially, technically, environmentally and socially robust we have the capability of developing them into profitable mines

This stops us getting cornered with inferior assets and the opportunity cost associated with misplaced perseverance

Our track record: $Billions of value created from Thunderbox, Waterloo, Lounge Lizard, Baloo, Nova…..

* See appendix for examples

The leverage of discovery transcends equity markets and commodity prices – and a BIG one has BIG leverage

In an exploration bear market… In a falling nickel price market…

Market cap: from A$7M to A$1.8B - 257x / 25,700% NOT at the expense of share price: from 5 cents to 5 dollars - 100x / 10,000%

Takeover offer Taipan drill intercept Bollinger discovery Nova discovery

Best performing ASX stock 2012-13

Cap raises – at times of strength and/or momentum – minimising cost of capital