S2 RESOURCES LTD — Investor Presentation 2025

Aug 3, 2025

Diggers’n’Dealers presentation

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 S2’s Exploration Results 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 Valkea’s Exploration Results is based on information compiled by Dr Christopher Leslie, P.Geo., who is an employee of Valkea Resources. Dr Leslie is a Qualified Person as defined under the terms of Canadian National Instrument 43-101 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. Dr Leslie 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. 2

• Born from takeover of Sirius by IGO in 2015

• Same board and technical team – together through 4 companies / 25 years

• Same shareholders as Sirius - already made $$$

• Understand, process, timelines, risk/reward - aligned and supportive

• Includes Creasy (15%), Jupiter (15%, Paradice (9%)

• These origins shape our approach

• We do greenfields exploration to find BIG things

• We prefer to be masters of our own destiny with majority ownership and management

• We prefer having a portfolio of projects, failing quickly, and continually moving forward

• We prefer to monetise non-core assets to fund key projects and minimise dilution

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• Drilling active/planned on various projects:

• Fosterville: gold-arsenic-antimony anomalism in aircore drilling over IP chargeability anomaly along strike from Agnico Eagle’s gold mine

• West Murchison: copper-palladium-platinum-gold soil anomaly, heritage cleared, drill permitted and ready to go

• Warraweena: first batch of buried geophysical anomalies being permitted for diamond drilling after West Murchison program

• Jillewarra: progress with traditional owners on heritage protection agreement – aiming for tenement grant and drill start later this year

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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

• PhD qualified geologist with >30 years experience

• Two-time winner of the “Prospector of the Year” award 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 corporate finance and former managing partner with Ernst & Young, WA

• Chairman of Arrow Minerals, director of Fleetwood, NRW, former director of Atlas Iron, Battery Metals

• Former executive director of Sirius Resources

• Chartered accountant with BSc in Mathematics & former auditor, Deloitte, London and Perth

• Director of Tombador Iron and MLG (mining services & contracting), former director of Spartan Resources,

• 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

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6 MONTH SHARE PRICE CHART
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SHAREHOLDERS
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TOP 20 HOLDERS: 56.8%
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	FINANCIALS	FINANCIALS	CAPITAL STRUCTURE	CAPITAL STRUCTURE
Cash1		A$4.30M	Shares on issue3	499.94M
Investments2		A$8.07M	Options on issue4	65.32M
Debt		Nil	Market capitalisation5	A$32.99M
			Enterprise value	A$20.63M

NOTES

1. Cash at 30[th] June 2025 2. 14.375M shares in Valkea (TSXV:OZ) @ C$0.50/share and FX rate of 1.1229 as at Friday 1 August 2025 3. Post-T1 placement, pre T2 placement on 7 August 2025 4. Weighted average price of A$0.186 per option = A$12.16M if exercised 5. Based on share price of A$0.066 per ordinary share

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West Murchison
RC drilling starting in next
few weeks to test strong
Julimar-style Cu-Pd-Pt-Au
soil anomaly at Yalgamine
Jillewarra
Finalised HPA terms with TO’s
– aim to be drilling 35km of
virgin shear zone along strike
from Big Bell and Never Never
later in 2025 Koonenberry
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Gold
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Gold-copper Copper-nickel-PGE Multiple commodities

West Murchison

RC drilling starting in next few weeks to test strong Julimar-style Cu-Pd-Pt-Au soil anomaly at Yalgamine

Warraweena

4. Diamond drilling to test smorgasbord of multicommodity geophysical targets in next 2 months

Glenlogan

Greater Fosterville

Gold confirmed at Goornong, aircore drilling at Rasmussens confirms Au-As-Sb in aircore above IP anomaly

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Central Victoria & Glenfyne
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GREATER FOSTERVILLE (S2 100%)

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N

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AGNICO MINING LEASE
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Composite long projection showing:

• Intensity of drilling and distribution of grade on Agnico’s Fosterville mine lease

• Lack of drilling on S2’s side of the boundary

2km

• Note that this is composite and mineralisation is on three separate but parallel en echelon structures

• 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 family of faults that host mineralisation at the Robbins Hill/Curie zone on Agnico’s ML

Requires infill and extensional drilling up and down dip and along strike*

Constrained by access issues

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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

Wenner array induced polarisation (WAIP) has been extended

WAIP anomalies have been verified / finessed with dipole dipole induced polarisation (DDIP)

Coincident chargeability – resistivity anomalies on three DDIP lines

Closely related to strike extensions of faults known to be gold mineralised on the mine lease

May represent disseminated sulphides around gold lodes = drill targets!

Access agreements signed

First pass aircore drilling completed

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Gold plus arsenic and antimony in aircore hole SFVA0048

Sitting above IP chargeability anomaly that may indicate disseminated hydrothermal sulphides at depth

Associated with known “live” set of structures

No drilling along strike to the south

No drilling for 1.6 kilometres along strike to the north – and then just one hole at end of line – with anomalous gold!

Requires aircore north and south to define “sweetest” near-surface spot along the trend, and then deeper RC drilling to test source zone of IP chargeability anomaly

N

Ultrafine soil sampling in 4 target areas

Significant soil anomalies identified over three of these areas (yellow ellipses)

Each has significant Cu-Ni-Pd-Pt-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, comprising 5 RC holes (red triangle), well north of the new Woodrarung soil anomaly

Despite not being in the new soil anomaly, one of these holes intercepted:

• 2m @ 0.62% Cu, 0.68% Ni, 0.64g/t Au

• 3m @ 0.68% Cu, 0.39% Ni, 0.51g/t Au

Proof of concept + big soil anomalies + no drilling = opportunity

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Same-scale comparison of Yalgamine (LHS) with original soil anomaly over Nova (RHS) from December 2011 Sirius presentation

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Comparison of original reconnaissance-stage anomaly (LHS) with recent infill sampling (RHS)

Copper

Platinum

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Gold

Palladium

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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’s are 100% S2

Target geology is concealed beneath two layers of cover – younger rocks and 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-PGE

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

Multiple land access agreements* signed Detailed gravity survey COMPLETED

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* 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 two layers of cover (younger rocks + Darling basin alluvium)

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 gravity survey has been completed to distinguish nickel-copper targets, copper-gold targets and copper-zinc targets

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Old regional gravity (LHS)

New detailed gravity

(RHS)

New detailed gravity has highlighted linear highs and discrete bodies

= denser

stratigraphy and denser intrusions

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Targets over new detailed gravity

Targets over magnetics

Integration of gravity with magnetics shows three distinct target types:

1. Gravity high + magnetic high/low bullseye = dense (or shallow) and magnetic source:

Next steps: First recon diamond drilling planned in 2H

• mafic/ultramafic intrusions (magmatic Ni-Cu-PGE) diatremes (IOCG Cu-Au) Shallow felsic intrusions (porphyry Cu-Au)

2. Gravity high on more extensive linear magnetic high = dense (or shallow body within more extensive less dense but magnetic stratigraphy:

• mafic/ultramafic sill (Ni-CuPGE)

• Volcanogenic massive sulphide (Cu-Zn-Pb-Ag-Au)

3. Gravity high only = unexplained dense body

At a district scale the Karbah shear zone controls the location of Westgold’s Big Bell gold mine and Spartan’s (now Ramelius’) Dalgaranga (Never Never) gold discoveries

36km of strike of this shear zone passes through the Jillewarra project

Under cover and unexplored

This represents a major exploration opportunity for S2 once the Exploration Licence Applications are granted

Granting is subject to signing a Heritage Protocol Agreement (HPA) with the traditional owners

Key terms are now agreed in principle

Once signed, and EL’s granted, S2 intends to start a major systematic aircore drilling program covering this target

S2 can earn 51% by spending A$5M by 2 October 2026, and up to 70% by completion of a feasibility study by 2 October 2028

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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