S2 RESOURCES LTD — Investor Presentation 2016

Aug 22, 2016

Motive, means, opportunity

Mark Bennett, Managing Director & CEO, Mining 2016, Brisbane, 26th August 2016

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 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 report that relates to Exploration Results is based on information compiled by John Bartlett who is an employee of the company and Jim Coppard who is a consultant to the Company and which fairly represents this information. Mr Bartlett is a member of the Australasian Institute of Mining and Metallurgy and Mr Coppard is a Chartered Geologist and Fellow of The Geological Society of London. Mr Bartlett and Mr Coppard 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 Coppard consent to the inclusion in this report 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, and ALS laboratories in Loughrea, 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. 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 report that relates to Mineral Resource estimation is based on information compiled by Mr Brian Wolfe, Principal Consultant Geologist – IRS Pty Ltd and Mr Andrew 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 report of the matters based on their information in the form and context in which they appear.

The first 12 months (September 2015 – September 2016)

Objective	Outcome
Demerge Polar Bear & Scandinavian assets from Sirius,with cash to create leveraged future growth opportunityfor Sirius shareholders	S2 demerged from Sirius on 21stSeptember 2016 withPolar Bear, Scandinavian assets and A$22 million cash.Pro-rataallocation of S2 stock to ex Sirius shareholders
List S2 on ASX with no need to raise money	S2 listed on ASX on 19thOctober 2016 (code "S2R")
Reassemble the old Sirius team and regroup to go again	Key Siriuscorporate and exploration team is now S2
Convert previous drill hits at Baloo and Nanookgoldprospects into resources	Established initial Mineral Resources of 123,000ozgold atBaloo and 84,000 ozgold at Nanook*
Find more gold at Polar Bear	Intersected high grade gold at Monsoon prospect
Consolidate ground position in Skellefte(Sweden)	Doubled ground position
Test"proof of concept" by drilling one VTEM conductor atSkellefte	Intersected zinc-bearing VMS mineralisation in first hole offirst VTEMtarget of 60 targets in first ever VTEM survey
Position S2strategically with large ground holdings withnumerous drill ready targets	Large land positions consolidated in WA and Sweden,numerous targets ready to drill at Skellefte& Polar Bear
Position S2 financially to vigorously explore these drilltargets and have the flexibility to fast-track on multiplefronts whatever, wherever, whenever required	Since listing, 270% increase in share price from 17cps to63cps, and 320% increase in market cap from A$37m toA$155m has enabled a A$12m capitalraising to increasecash to ~A$27 million (after spending ~A$6M in FY1516)

Where to from here?

• Ready to go:
  • Two major strategic ground positions in two world class mining districts
  • With virtually no prior modern, systematic, effective exploration
  • Surrounded by world class mines/deposits
  • Plus existing infrastructure and under-utilised processing capacity
• At Polar Bear (Australia):
  • RC and diamond drilling now underway at Monsoon to follow up recent hits
  • Numerous other targets in pipeline
  • More drilling to test high grade drill intercepts down dip at Baloo
• At Skellefte (Sweden):
  • Second major VTEM survey just completed on ground acquired since first survey
  • 5 months of diamond drilling to test first 10 VTEM targets of 60 starts in October
• How?
  • Significant chunks of major mining districts with very little prior exploration
  • Numerous compelling drill ready targets
  • Strong balance sheet of A$27 million to fund aggressive exploration
  • Top quality team of highly motivated proven mine finders with skin in the game

Financial ownership:

Shareholdersummary	Numberof shares	% holding
Mark Creasy	73.1m	30%
Board, staff &consultants	17.0m	7%
Top twenty	133.3m	56%

Top twenty shareholders include:

6 employees

Mark Creasy

8 institutional investors (Australian, Canadian & British funds)

Emotional ownership – the outcomes matter:

Highly motivated, highly successful explorers

With an unparalleled discovery track record including Nova-Bollinger, Thunderbox, Sakatti, Los Sulfatos, Storliden, Lounge Lizard, Waterloo

Who do it well because they love doing it

Means: the team

Jeff Dowling - Non-executive Chairman

Jeff is the former non-executive chairman of Sirius, and the former managing partner of Ernst & Young Western Region. He is also a director of iron ore miner Atlas Iron, mining services contractor NRW Holdings, and the Perth Metropolitan Redevelopment Authority

Anna Neuling - Executive Director & Company Secretary

Anna was executive director – corporate & commercial, and founding company secretary and CFO of Sirius. She has held senior finance positions with LionOre and is also a former auditor with Deloitte, based in London and Perth. She is a Chartered Accountant and has a BSc in Mathematics from the University of Newcastle

Su-Mei Chan – Chief Financial Officer

Su-Mei is the former financial controller of Sirius. She has held senior roles with Consolidated Minerals and a variety of other ASX listed resource companies, and has spent time in public practice. She is a Certified Practising Accountant

John Bartlett – General Manager Exploration

John is the former general manager exploration of Sirius. He is a very experienced exploration geologist, having worked in nickel, copper and gold exploration throughout Australia and Indonesia with LionOre, INCO, Anaconda, Universal Resources and Newexco. He has a BSc in Geology from the University of Tasmania

Graham Brown - Consultant

Graham is the former head of global exploration for Anglo American, and led the teams that discovered various world class ore deposits including Los Sulfatos copper deposit (Chile) and Sakatti copper-nickel-PGM deposit (Finland) for which he was co-recipient of PDAC's 2011 Thayer Lindsley award. He has a BSc in Geology from the University of Strathclyde and an MSc from James Cook University

Bo Langbacka – Manager Finland

Bo was project manager for the Sakatti copper-nickel-PGM project and the former managing director of Anglo American subsidiary AA Sakatti Mining Oy. He has over 20 years experience in gold, base metals and diamonds, with Rio Tinto, Golder Associates, GTK, Bidjovagge Gruber (Outokumpu) in Finland, Sweden and Norway. Bo has an MSc in Geology from the University of Abo Akedemi (Turku)

Mark Bennett – Managing Director & Chief Executive Officer

Mark was the founding managing director and CEO of Sirius and is a director of IGO. He is a two-times AMEC "prospector" award winner for discovering the Thunderbox gold mine, Waterloo nickel mine and Nova-Bollinger nickel-copper mine, and has worked in Australia, Africa, Europe & Canada, with WMC, LionOre and Sirius. He has a BSc from the University of Leicester and a PhD from the University of Leeds

Grey Egerton-Warburton – Non-Executive Director

Grey is a corporate financier with extensive experience in equity capital markets, acquisitions, divestments and change of control transactions . He spent 16 years with Hartleys Ltd, most recently as head of corporate finance, and prior to this practised with a tier one law firm. He is also Deputy Chair of the Womens and Infants Research Foundation of the King Edward Memorial Hospital in Perth

Andy Thompson – Consultant

Andy was general manager resources of Sirius. He is a very experienced geologist, having been geology manager at LionOre's Thunderbox gold mine and Silver Swan nickel mine, prior to being intimately involved in the resource drillout and estimation for Sirius' Nova-Bollinger nickel-copper mine. He has a BSc in Geology from the University of Cardiff

Jeff Foster – General Manager New Projects

Jeff was general manager new projects of Sirius, and is also an adjunct professor at the University of Tasmania. He has held a variety of senior exploration positions with BHP and WMC and was a co-founder of the Geodiscovery consultancy group. He has a BSc in Geology from City College London and an MSc in Mineral Exploration from the University of Leicester

Jim Coppard - Consultant

Jim is the former head of arctic exploration for Anglo American plc, and led the team that discovered Sakatti copper-nickel-PGM deposit (Finland) and Rakkurijarvi IOCG deposit (Sweden), for which he received the 2011 Fennoscandian Mining Award and the 2012 Nordic Exploration Award. Jim has worked in Europe, Greenland, Russia and Canada. He has a BSc in Geology from Kings College London, and an MSc and DIC from the Royal School of Mines

Alain Chevalier – Consultant Sweden

Alain was general manager for Northern Europe & Canada for Lundin Mining. He has 35 years experience exploring for gold and base metals in Sweden and in the Abitibi region of Quebec. He was instrumental in the discovery of the Philibert gold deposit in Quebec and the Storliden copper-zinc mine and Eva deposit in Sweden. Alain has a BSc and MSc in geology from the University of Lausanne, Switzerland

Means: currency and cash

Opportunity: exploration assets

Polar Bear – a strategic chunk of the Goldfields

Monsoon

Monsoon – follow up drilling underway

Monsoon

Baloo - resource

	Indicated Resources				Inferred Resources		Total Resources
LCOG	Tonnes	g/t Au	Oz Au	Tonnes	g/tAu	Oz Au	Tonnes	g/t Au	Oz Au
0.5	1,420,000	1.6	74,000	1,840,000	1.2	71,000	3,260,000	1.4	145,000
0.8	1,150,000	1.9	69,000	1,030,000	1.6	54,000	2,170,000	1.8	123,000
1.0	940,000	2.1	63,000	680,000	2.0	44,000	1,620,000	2.1	107,000

Baloo Mineral Resource is reported to JORC 2012 standards. LCOG is lower cut-off grade. All figures are rounded to reflect appropriate levels of confidence, apparent differences may occur due to rounding. Refer to ASX announcement of 4th March 2016 for supporting information

Standard leach:

4 composite samples (oxide / transition / black shale / intermediate volcanic)

High gravity gold recoveries (21-45%)

High total (gravity + leach) gold extraction (86-98%) in 48 hours

No sign of "preg robbing" in black shale-hosted mineralisation

Test #	Sample ID	GrindSize P80	Au Head Grade (g/t)				Au Extraction (%)				AuTail
	(µm)	Assay	Calc.	Gravity	2-hr	4-hr	8-hr	24-hr	48-hr	Grade(g/t)
BK8434	COMPOSITE 1:	106		2.91	42.4	88.7	93.0	95.3	97.8	97.8	0.07
BK8435	OXIDE BS	75	3.20/1.66	2.99	45.5	89.3	94.8	95.7	98.2	98.2	0.06
BK8436	COMPOSITE 2:	106		1.74	21.9	84.1	91.3	93.0	96.1	97.1	0.05
BK8437	OXIDE IV	75	1.93/1.98	2.04	23.3	86.2	92.9	92.9	95.1	97.3	0.06
BK8438	COMPOSITE 3:	106		1.96	39.4	80.3	87.5	90.1	92.0	93.4	0.13
BK8439	TRANS BS	75	1.16/1.51	1.54	31.2	75.1	86.2	91.1	92.6	92.8	0.11
BK8440	COMPOSITE 4:	106		2.23	29.4	60.4	73.0	81.0	86.4	86.8	0.30
BK8441	TRANS IV75	1.96/1.83	2.13	21.4	56.1	71.6	80.5	89.4	89.4	0.23

Heap leach:

2 composite samples

High gold recoveries (80- 85%) in 10 days

Increasing recovery trend at end of testing period

COARSE-CRUSH LEACH TESTWORK: SUMMARY OF RESULTS
Test #			Au Head Grade(g/t)		Au Extraction (%)				Au Tail Grade
	Sample ID	(mm)	Assay	Calc.	24-hr	72-hr	120-hr	240-hr	(g/t)
BK8579	OXIDE	<12.5		1.53	43.4	55.9	64.0	80.4	0.30
BK8580	COMPOSITE	<6.3	0.86	1.71	61.5	72.7	78.7	85.4	0.25
BK8581	TRANSITION	<12.5		0.84	42.7	59.4	69.8	82.0	0.15
BK8582	COMPOSITE<6.3	0.78	0.94	57.6	71.6	78.5	85.1	0.14

LEACH TESTWORK: SUMMARY OF RESULTS

Baloo – down dip/plunge exploration potential

Nanook – palaeochannel resource

Inferred
LCOG	Tonnes(000's)	g/t Au	Oz Au
0.5	5,300	0.9	148,000
0.8	2,200	1.2	84,000
1.0	1,400	1.4	61,000

Nanook palaeochannel Mineral Resource is reported to JORC 2012 standards. LCOG is lower cut-off grade. All individual assays top cut to a maximum of 8g/t Au irrespective of some actual grades being higher than this to avoid high grade samples biasing the overall resource grade estimate. All figures are rounded to reflect appropriate levels of confidence, apparent differences may occur due to rounding. Refer to ASX announcement of 6th May 2016 for supporting information

Nanook – bedrock exploration potential

Skellefte, Sweden: a big chunk of a world class VMS district

• World class gold-base metal VMS camp with major mines (Boliden, Renstrom, Kristineberg), hungry concentrator, smelter, port, infrastructure
• Strong geological similarities to the Abitibi belt, with very little outcrop, and little effective modern exploration under cover
• S2 is the major ground holder, the main competitor to Boliden

First VTEM survey – lighting up like a Christmas tree

• First ever VTEM survey identifies 64 strong late time EM conductors, under cover, along strike from known mines/deposits
• Little effective modern exploration, rhyolite domes, coincident geochemical anomalies being identified in base of till (BOT) sampling
• First VTEM anomaly (Svansele 403-C1) drilled as "proof of concept" test, intersects VMS mineralisation concept proved!

Svan Vit - VMS in first holes in first VTEM conductor

Svan Vit – may have just clipped the edge

3D depiction of upper and lower conductors defined in downhole EM survey. Holes 1 and 2 clipped the upper and western margin of the upper conductor only, and hole 3 missed both conductors

Six months of action coming up

• Started follow up RC and diamond drilling at Monsoon – first results due late September
• Completed 2nd VTEM survey at Skellefte results due October
• Starting 5 month drilling campaign to test Svan Vit and 10 more VTEM conductors – results from October 2016 to March 2017