S2 RESOURCES LTD — Regulatory Filings 2020

Aug 9, 2020

ASX Announcement

Monday 10th August 2020

EXPLORATION UPDATE

Key points

• Gold and PGE anomalies in soil sampling at West Murchison
• Electromagnetic surveys underway at Fraser Range
• Results received for first half of reconnaissance drilling in Finland

S2 Resources Ltd ("S2" or the "Company") advises that activities are progressing on its 100% owned properties in Australia and Finland. This includes gold and PGE analysis of nickel-copper anomalous soil samples at West Murchison, commencement of moving loop electromagnetic (MLEM) surveys at Fraser Range, and receipt of results from the first half of the reconnaissance drilling program at the Aarni' East base of till (BOT) gold trend in Finland.

West Murchison

Laboratory analysis of the soilsampling recently undertaken at the Company's West Murchison project has identified a broad gold anomaly and a modest PGE anomaly broadly associated with the previously defined coincident nickel and copper anomaly (refer to prior S2 ASX announcement of 13th July 2020).

Selected soil samples that were anomalous in nickel and copper were submitted for gold and PGE analysis. The results indicate the presence of a gold anomaly which is defined on two 400 metre spaced lines, is 500 metres across at the 10ppb contour, and which remains open beyond the limit of sampling to the east (see Figure 1). A rock chip sample collected from an isolated outcrop located approximately 1 kilometre to the west of the anomaly assayed 0.83g/t gold.

Modest (<14ppb) platinum and palladium levels have also been confirmed semi-coincident with the nickelcopper anomaly.

Nextsteps at West Murchison include submission of the entire sample set for gold and PGE's, the extension of soil sampling to the east to close off the anomaly, and the collection of further samples on infill lines between the current widely spaced (400 metre) lines to resolve the anomaly in greater detail.

Figure 1. Gold anomaly in soils at West Murchison.

Fraser Range

A moving loop electromagnetic (MLEM) survey is underway over deemed high priority parts of the Company's two granted Exploration Licences following the recognition of an "eye" like structure in the magnetic data (refer to prior S2 ASX announcement of 13th July 2020, and see Figure 2).

The survey is expected to take another three weeks to complete, with results expected within two weeks of that.

Figure 2. MLEM coverage at Fraser Range.

Finland

Assay results have been received for seven of the thirteen reconnaissance holes drilled to test the Aarni' East base of till (BOT) gold anomaly. These holes were drilled at very wide spacing and relatively shallow depths as a first pass test of the gold trend defined in BOT drilling (refer to prior S2 ASX announcement of 8 th July 2020).

The results indicate that the strongly altered and deformed shear zone intersected beneath the BOT anomaly contains numerous narrow zones of gold anomalism. Table 1 summarises these, which comprise

downhole widths of 0.57-3.65 metres with grades ranging from 0.1-0.86 g/t gold, with the best individual intercept being 3.65m @ 0.86g/t gold from 85 metres in FPAD0005.

A more full description will be made once all results have been received.

For further information, please contact:

Mark Bennett	Anna Neuling
+61 8 6166 0240	+61 8 6166 0240

Executive Chairman Executive Director & Company Secretary

This announcement has been provided to the ASX under the authorization of Mark Bennett, Executive Chairman.

Past Exploration results reported in this announcement have been previously prepared and disclosed by S2 Resources Ltd in accordance with JORC 2012. The Company confirms that it is not aware of any new information or data that materially affects the information included in these market announcements. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement. Refer to www.s2resources.com.au for details on past exploration results.

Competent Persons statement

The information in this report that relates to Exploration Results from Australia is based on information compiled by John Bartlett, who is an employee and shareholder of the Company. Mr Bartlett is a member of the Australian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience of relevance to the style of mineralization and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person 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 report of the matters based on information in the form and context in which it appears.

Table 1. Details of all diamond holes completed at the Aarni' East target (Finland) by S2. Note AWR means awaiting results and NSI means no significant intervals:

Hole	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Width	Grade Aug/t
FPAD0002	420170	7551750	235	-50	270	71.1	25.59	26.7	1.11	0.1
and								32.57	0.93	0.44
and							51.02	51.59	0.57	0.35
FPAD0003	420220	7551740	235	-50	270	108	28.4	30.05	1.65	0.28
and							42.0	43.0	1.0	0.85
and							56.0	57.0	1.0	0.26
and							63.0	63.9	0.9	0.36
and								74.0	1.0	0.52

4/24 Parkland Road, Osborne Park, WA 6017, Australia. PO Box 1209, Osborne Park, WA 6916, Australia ABN 18 606 128 090 T +61 8 6166 0240 F 61 8 6270 5410 E admin@s2resources.com.au W www.s2resources.com.au

Hole	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Width	Grade Aug/t
and							82	84.75	2.75	0.15
FPAD0004	420190	7552100	244	-50	270	73.5	36	38	2	0.38
FPAD0005	420230	7552100	244	-50	270	119.5	85.0	88.65	3.65	0.86
including							85.0	86.0	1.0	2.61
and						91.0	92.12	1.12	0.87
FPAD0006	4201507552400255-5027075.5								AWR
FPAD0007	420230	7552400	252	-50	270	155.5	3.1	4.0	0.9	0.11
and							6.6	7.7	1.1	0.49
and							103.0	104	1.0	0.18
FPAD0008	421030	7552200	232	-50	270	98.4			AWR
FPAD0009	420930	7552400	234	-50	270	74.5	39.0	43.0	4.0	0.32
and							59.0	60.0	1.0	0.16
FPAD0010	420960	7552400	233	-50	270	87.3			AWR
FPAD0011	421010	7552100	237	-50	270	80	NSI
FPAD0012	420220	7551580	235	-50	280	101.7	AWR
FPAD0013	420260	7551580	234	-50	270	125.5	AWR
FPAD0014	420200	7551920	240	-50	270	115.8	AWR

The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results.

	SECTION 1: SAMPLING TECHNIQUES AND DATA – WEST MURCHISON
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Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.	Soil sampling has been carried out by collecting a soil samplefrom approximately 20-30cm depth and screened using a -80#sieve (177µ). Approximately 200g of the -80# sample wascollected and retained in a waxed paper geochemical bag.Geochemical samples were analysed using an Olympus Deltaportable XRF analyser.
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused	The portable XRF analyser was regularly calibrated using theprovided disk.
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been done thiswould be relatively simple (e.g. 'reverse circulationdrilling was used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where thereis coarse gold that has inherent samplingproblems. Unusual commodities or mineralisationtypes (e.g. submarine nodules) may warrantdisclosure of detailed information	A 200g, -80# soil sample was used to undertake portable XRFanalysis of the sample.

Criteria	JORC Code explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic,etc) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	No drilling has been conducted on the tenements
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed	No drilling has been conducted on the tenements
	Measures taken to maximise sample recovery andensure representative nature of the samples	No drilling has been conducted on the tenements
	Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	No drilling has been conducted on the tenements
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	A description of the sample location and nature of the soilcollected was recorded at each site entered into the companiesSQL database
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	Logging is considered qualitative.
	The total length and percentage of the relevantintersections logged	Data for all sample sites were recorded
Sub-samplingtechniques and samplepreparation	If core, whether cut or sawn and whether quarter,half or all core taken.	No drilling has been conducted on the tenements.
	If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.	Samples were collected by dry sieving and collecting the 80#fraction for analysis.
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	The sample preparation is considered appropriate for the natureof the samples being collected. The samples are also consideredto be of sufficient quality and appropriateness to be submittedto a commercial geochemical laboratory for wet chemistryanalysis
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	Sample collection sites were selected to avoid areas of obviousdisturbance as well as to avoid creek lines.All sampleequipment was clean and dry brushed between sites to avoidcontamination.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	Sample sites were selected to avoid areas of obvious recentdisturbance so as to maximise the representative nature of thesample collected
	Whether sample sizes are appropriate to the grainsize of the material being sampled.	The sample size is considered appropriate.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	Selected soil samples were analysed by Minanalytical Laboratoryin Perth. Samples analysed using a 25g lead collection fire assaywith an ICP-MS finish for Au, Pt, Pd. Selected samples were alsoanalysed for an extensive multi-element suite (41 element) usinga four acid digest and combination of ICP-OES and ICP-MS.Both methods are considered to be near total digestandappropriate for the type of samples collected.

Criteria	JORC Code explanation	Commentary
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	An Olympus Delta portable XRF machine was used to analyse thesoil samples. Each analysis was carried out using a 35 secondreading time (15 seconds for beam 1 and 20 seconds for beam2). No calibration factors have been applied to the analysis.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have beenestablished.	Standard reference material samples were used during theanalysis process. Duplicate analysis of selected samples wasundertaken to ensure repeatability.
Verification ofsampling and assaying	The verification of significant intersections byeither independent or alternative companypersonnel.	Nosignificant intersections have been reportedon thetenements
	The use of twinned holes.	No drilling has been conducted on the tenements
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	The data has been exported directly from the XRF and has beenloaded into the companies SQL database
	Discuss any adjustment to assay data.	No adjustments to any assay data has been undertaken
Location of data points	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.	The location of soil samples has been recorded anddownloaded directly from a handheld Garmin GPS (accuracy ofapproximately +/-3 metres)
	Specification of the grid system used.	The grid system is GDA94 (MGA), zone 50.
	Quality and adequacy of topographic control.	Elevation data for the soil data has been derived directly formthe Garmin handheld GPS and is considered adequate given thepreliminary nature of the exploration activities.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	Soil samples have been collected on 40 metre spacings along NS grid lines, with lines spaced 400 metres apart.
	Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.	The sampling to date is inadequate to establish geological andgrade continuity for the purposes of Mineral Resourceestimation
	Whether sample compositing has been applied.	No sample compositing has been applied
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	The sampling is preliminary in nature and is currently notpossible to assess whether sampling is unbiased
	If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias,this should be assessed and reported if material.	Not applicable (see comments above)
Sample security	The measures taken to ensure sample security.	Samples were collected and bagged up on site and transportedto the company's office facilities in Perth
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted at this stage.

Criteria	JORC Code explanation	Commentary
Mineral tenement andland tenure status	Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The West Murchison Project comprises three exploration licenseapplications (ELAs), located southwest of Murchison in WesternAustralia. The ELAs are E09/2390, E09/2391 and E70/5392.The ELAs are 100% owned by Southern Star Exploration Pty Ltd,a 100% owned subsidiary of S2 Resources.The tenements are located wholly within (WC2004/010) WajarriYamatji #1Native Tile claim (partially determined) and partiallywithin (WC1996/093) Mullewa Wadjari Community Native Titleclaim
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	All of the Exploration Licences are currently under applicationand are currently awaiting assessment for the expediatednative title process (s29) prior to grant.
Exploration done byother parties	Acknowledgment and appraisal of exploration byother parties.	The Tenements have had no published or open file explorationwork for magmatic nickel/ copper or orogenic gold stylemineralisation. WMC undertook limited rock chip sampling in1977 to assess the potential for chromite mineralisation ofoutcropping ultramafic within the project area.
Geology	Deposit type, geological setting and style ofmineralisation.	The project is located on the southwest margin of the NarryerGneiss Terrain, a poly-deformed complex of granite andinterleaved Archean greenstone (mafic, felsic and sedimentarylithologies) accreted to the northwest margin of the YilgarnCraton.The target mineralisation style is magmatic nickel-copper-PGEsulphide mineralisation hosted in or associated with maficultramafic intrusions.
Drill hole Information	A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:•easting and northing of the drill holecollar•elevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collar•dip and azimuth of the hole•down hole length and interceptiondepth•hole length.	No drilling or sampling has been conducted on the tenements
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.	No drilling or sampling has been conducted on the tenements
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.	No drilling or sampling has been conducted on the tenements
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	None used.

SECTION 2: REPORTING OF EXPLORATION RESULTS – WEST MURCHISON

Criteria	JORC Code explanation	Commentary
Relationship betweenmineralisation widthsand intercept lengths	These relationships are particularly important inthe reporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. 'down hole length, true width notknown').	No drilling or sampling has been conducted on the tenements
Diagram	Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectionalviews.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	All results considered significant are reported.
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	Reconnaissance mapping of the project areas has beenundertaken.
Further work	The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive	All remaining soil samples collected are to be submitted for fireassay (ICP-MS) analysis for Au-Pt-Pd.Infill (and extensional) soil sampling and detailed mapping is tobe carried out.

SECTION 1: SAMPLING TECHNIQUES AND DATA – FRASER RANGE

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.	No sampling has been conducted on the tenements
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused	No sampling has been conducted on the tenements

Criteria	JORC Code explanation	Commentary
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been done thiswould be relatively simple (e.g. 'reverse circulationdrilling was used to obtain 1 m samples fromwhich 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where thereis coarse gold that has inherent samplingproblems. Unusual commodities or mineralisationtypes (e.g. submarine nodules) may warrantdisclosure of detailed information	No sampling has been conducted on the tenements
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic,etc) and details (e.g. core diameter, triple orstandard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	No drilling has been conducted on the tenements
Drill sample recovery	Method of recording and assessing core and chipsample recoveries and results assessed	No drilling or sampling has been conducted on the tenements
	Measures taken to maximise sample recovery andensure representative nature of the samples	No drilling or sampling has been conducted on the tenements
	Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	No drilling or sampling has been conducted on the tenements
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	No drilling or sampling has been conducted on the tenements
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	No drilling or sampling has been conducted on the tenements
	The total length and percentage of the relevantintersections logged	No drilling or sampling has been conducted on the tenements
Sub-samplingtechniques and samplepreparation	If core, whether cut or sawn and whether quarter,half or all core taken.	No drilling or sampling has been conducted on the tenements .
	If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.	No drilling or sampling has been conducted on the tenements
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	No drilling or sampling has been conducted on the tenements
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	No drilling or sampling has been conducted on the tenements
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	No drilling or sampling has been conducted on the tenements
	Whether sample sizes are appropriate to the grainsize of the material being sampled.	No drilling or sampling has been conducted on the tenements

Criteria	JORC Code explanation	Commentary
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	No assaying of samples has been conducted on the tenements
	For geophysical tools, spectrometers, handheldXRF instruments, etc, the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.	No geophysical tools were used to determine any elementconcentrations.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy(i.e. lack of bias) and precision have beenestablished.	No assaying of samples has been conducted on the tenements
Verification ofsampling and assaying	The verification of significant intersections byeither independent or alternative companypersonnel.	No assaying of samples has been conducted on the tenements
	The use of twinned holes.	No drilling has been conducted on the tenements
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	No drilling or sampling has been conducted on the tenements
	Discuss any adjustment to assay data.	No drilling or sampling has been conducted on the tenements
Location of data points	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.	No drilling or sampling has been conducted on the tenements
	Specification of the grid system used.	The grid system is GDA94 (MGA), zone 51.
	Quality and adequacy of topographic control.	Elevation data for all data is determined by a digital elevationmodel derived from public domain 10m Elevation grids
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	No drilling or sampling has been conducted on the tenements
	Whether the data spacing and distribution issufficient to establish the degree of geological andgrade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s)and classifications applied.	No drilling or sampling has been conducted on the tenements
	Whether sample compositing has been applied.	No sample compositing has been applied
Orientation of data inrelation to geologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	No drilling or sampling has been conducted on the tenements
	If the relationship between the drilling orientationand the orientation of key mineralised structures isconsidered to have introduced a sampling bias,this should be assessed and reported if material.	No drilling or sampling has been conducted on the tenements
Sample security	The measures taken to ensure sample security.	No drilling or sampling has been conducted on the tenements
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted at this stage.

Criteria	JORC Code explanation	Commentary
Mineral tenement andland tenure status	Type, reference name/number, location andownership including agreements or material issueswith third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The Fraser Range Project tenements are EL and ELA's locatedSouth and South East of Zanthus in Western Australia. They areE28/2791 and E28/2792 (both granted) and E28/2794(application).The exploration licences are 100% owned by Southern StarExploration Pty Ltd, a 100% owned subsidiary of S2 Resources.
	The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	All of the Exploration Licences are in good standing and noknown impediments exist on the tenements being activelyexplored.
Exploration done byother parties	Acknowledgment and appraisal of exploration byother parties.	The Tenements have had no published or open file explorationwork for magmatic nickel/ copper type deposits. The onlydocumented drilling on the tenements was by Homestakefollowing up calcrete gold anomalism.
Geology	Deposit type, geological setting and style ofmineralisation.	The underlying unweathered lithology is granulite faciesmetamorphosed and partially retrogressed sedimentary, maficand ultramafic igneous rocks as determined by petrographicwork on adjacent tenure.The target geology is magmatic sulphide mineralisation hostedin or associated with mafic-ultramafic intrusions within theFraser Complex of the Albany-Fraser Orogeny.
Drill hole Information	A summary of all information material to theunderstanding of the exploration results includinga tabulation of the following information for allMaterial drill holes:•easting and northing of the drill holecollar•elevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collar•dip and azimuth of the hole•down hole length and interceptiondepth•hole length.	No drilling or sampling has been conducted on the tenements
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g. cutting of high grades) andcut-off grades are usually Material and should bestated.	No drilling or sampling has been conducted on the tenements
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengths oflow grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.	No drilling or sampling has been conducted on the tenements
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	None used.
Relationship betweenmineralisation widthsand intercept lengths	These relationships are particularly important inthe reporting of Exploration Results.If the geometry of the mineralisation with respectto the drill hole angle is known, its nature shouldbe reported.If it is not known and only the down hole lengthsare reported, there should be a clear statement tothis effect (e.g. 'down hole length, true width notknown').	No drilling or sampling has been conducted on the tenements

SECTION 2: REPORTING OF EXPLORATION RESULTS – FRASER RANGE

Criteria	JORC Code explanation	Commentary
Diagram	Appropriate maps and sections (with scales) andtabulations of intercepts should be included forany significant discovery being reported Theseshould include, but not be limited to a plan view ofdrill hole collar locations and appropriate sectionalviews.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reportingof both low and high grades and/or widths shouldbe practiced to avoid misleading reporting ofExploration Results.	All results considered significant are reported.
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	A Passive Seismic survey was conducted at EL28/2791 andELA28/2794 to help ascertain potential depth of transportedcover so as to determine the suitability for surface geochemicalsampling.
Further work	The nature and scale of planned further work (e.g.tests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive	A moving loop electro-magnetic survey (MLTEM) is currentlybeing undertaken on exploration licensesE28/2791 andE28/2792.

SECTION 1: SAMPLING TECHNIQUES AND DATA - FINLAND

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken as limitingthe broad meaning of sampling.	Base of Till (BoT) drilling is undertaken by Moreenityo MacklinOy of Sattanen, Finland. Holes are drilled to bedrock or bladerefusal and a 20cm sample is collected at the end of hole forgeochemical analysis and lithological logging.Drilling is undertaken using MK Drilling of Ranua, Finland drillingNQ2 rod size with a DDH size of 75.7mm and core size of 50.7mm.NQ2 core samples are logged and marked up by S2 personnel.Unbiased core sample intervals were cut in half by diamond sawwith half core sent for preparation and analysis at ALSLaboratories.
	Include reference to measures taken toensure sample representivity and theappropriate calibration of any measurementtools or systems used	Sampling and QAQC procedures are carried out using S2protocols as per industry best practice.
	Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In other	The BoT samples are sent to ALS Laboratories in Sodankyla,Finland for preparation that includes weighing and thenscreening to produce a sieved fraction <180 micron foranalyses for gold and base metals.Diamond drilling was used to obtain core samples that have beencut and sampled on intervals that are determined by lithology and
	cases more explanation may be required, suchas where there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (e.g.submarine nodules) may warrant disclosure ofdetailed information	mineralisation.The drill core samples are sent to ALS Laboratories for analysesfor gold and base metals. Drill core is sampled at S2's facilities inKittila, Finland.

Criteria	JORC Code explanation	Commentary
Drilling techniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc) and details (e.g. core diameter,triple or standard tube, depth of diamondtails, face- sampling bit or other type,whether core is oriented and if so, by whatmethod, etc).	Base of Till drilling is by a percussion flow through sample bit thatcan collect a 20cm sample of bedrock material at the base of glacialdeposits up to 20m thick.Diamond drilling with NQ2 wireline bit producing a 50.7mmdiameter core.
Drillsamplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed	BoT samples are visually inspected and photographed to assess ifthey are likely to be a basement sample or whether the hole hasfailed to reach basement due to boulders or excessive coverthickness.
		Diamond Drill core recoveries are recorded by the driller andwritten on core block markers. The exact recovery is then recordedon a metre basis after core mark-up and recorded in the database.
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples	Sample quality is qualitatively logged recording samplecondition, with quantity of fines versus coarse chips.
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferentialloss/gain of fine/coarse material.	No relationship has been seen to exist
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	The logging uses a standard legend developed by S2 which issuitable for wireframing of the basement interface.Exploration holes are not geotechnically logged but resourceholes are.
	Whether logging is qualitative or quantitativein nature. Core (or costean, channel, etc)photography.	All core has been photographed both dry and wet. Geologicallogging of the diamond drill holes is into tough books usingstandardised codes and templates. These logs are then importedinto S2's central database
	The total length and percentage of the relevantintersections logged	All drillholes were logged in full.
Sub-samplingtechniques andsamplepreparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Core sawn in half and half core taken for assay.
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	Bot samples are dried and sieved.A representative portion of the coarse fraction is retained andlogged
	For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.	Samples were delivered by S2 personnel to ALS Minerals laboratoryin Sodankyla, Finland, where they are crushed with >70% <2mm(code CRU-31), split by riffle splitter (code SPL-21), and pulverised1000grm to 85% <75 um (code PUL-32). Crushers and pulverizersare washed with QAQC tests undertaken (codes CRU-QC, PUL-QC).The prepared samples are forwarded to ALS Minerals Loughrea,Ireland, for analysis.
	Quality control procedures adopted for allsub- sampling stages to maximiserepresentivity of samples.	Full QAQC system in place to determine accuracy and precision ofassays

Criteria	JORC Code explanation	Commentary
	Measures taken to ensure that thesampling is representative of the in situmaterial collected, including for instanceresults for field duplicate/second-halfsampling.	For DDH's non biased core cutting through using an orientationline marked on core and cut to the line
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Samples of appropriate size
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness ofthe assaying and laboratory procedures usedand whether the technique is consideredpartial or total.	All samples were analysed by ALS Minerals Loughrea, Ireland.BoT Samples analysed using a 25g aqua regia digestion with acombination of ICP-AES and ICP-MS finish (code AuME-TL43) for Auas well as a multi-element suite (Ag, As, Bi, Ca, Cd, Cu, Fe, Hg, Mg,Mn, Mo, Ni, P, Pb, S, Sb, Tl & Zn).
		Core samples analysed for gold undergo a 50g fire assay with AAfinish (code Au-AA26).
	For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrations factorsapplied and their derivation, etc.	No geophysical tools were used to determine any elementconcentrations.
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	Full QAQC system in place including Certified Standards andblanks of appropriate matrix and levels
Verificationof samplingandassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	all significant intercepts have been verified by senior S2exploration personnel, including verifying against drill logging, corephotos and/or direct visual inspection of drill core.
	The use of twinned holes.	No twinned diamond holes have been drilled
	Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.	Primary sampling data is collected in a set of standard Exceltemplates. The information is managed by S2's database managerfor validation and compilation into S2's central database.
	Discuss any adjustment to assay data.	No adjustments made
Location ofdata points	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	BoT collars were located with a handheld GPS with an accuracy ofwithin 3 metres.Diamond drill collars are pegged using a Trimble DGPS to +/- 1maccuracy. Drill rigs are aligned to Grid west using Standard FinnishNational Grid ETRS-TM35FIN. The holes are downhole surveyedusing a Deviflex tool.
	Specification of the grid system used.	The grid system used is the Standard Finnish National GridETRS-TM35FIN.
	Quality and adequacy of topographic control.	Elevation data for all collars is determined by a digital elevationmodel derived from public domain 2m Lidar data. Topographiccontrol and map data is excellent.

Criteria	JORC Code explanation	Commentary
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	BoT geochemical samples are drilled at 400m by 20m for initialreconnaissance and 100m by 10m for detailed infill.Diamond drilling is on irregular line spacings (between 160 – 360metres) with holes spaced between 30 – 80 metres along line.Drilling is designed , designed toto scope out the basementstratigraphy and structure and will be progressively infilled to80m x 40m with deeper holes as deemed appropriate.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.	Data spacing and distribution is not sufficient at this stage toallow the estimation of mineral resources.
	Whether sample compositing has been applied.	No sample compositing has been applied
Orientation of datain relation togeological structure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering thedeposit type.	Drillhole orientation is designed to intersect the mineralisedpackage of rocks and be perpendicular to shearing andmineralisation. Structural measurements from orientated coreindicate that the main fabric and contacts are dipping steeply tothe east and hence holes collared at -60dip 270deg azimuth areappropriate.
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	The drilling at this stage is preliminary and exploratory. It is notpossible to assess if any sample bias has occurred due todrillhole orientation at this stage.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 personnel. Drill samples andcore is visually checked at the drill rig and then transported toS2's logging and cutting facilities by S2 personnel for logging,cutting and sampling. Bagged samples are transferred to ALSLaboratories in Sodankyla, Finland by S2 personnel.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	No audits or reviews have been conducted at this stage.

SECTION 2 REPORTING OF EXPLORATION RESULTS - FINLAND

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.	The exploration work is located within the Paana CentralExploration License. ML2018:0081The exploration licenses are 100% owned by SakumpuExploration Oy, a Finnish registered 100% owned subsidiary ofS2
	The security of the tenure held at the time ofreporting along with any knownimpediments to obtaining a licence tooperate in the area.	All of the Exploration Licenses are in good standing andno known impediments exist on the tenements beingactively explored.
Exploration done byother parties	Acknowledgment and appraisal ofexploration by other parties.	The area is a virgin greenfields discovery.Outokumpucompleted limited regional BoT drilling in the area, but werenot assayed for gold.
Geology	Deposit type, geological setting andstyle of mineralisation.	The prospect style is a shear zone hosted orogenic golddeposit within the Central Lapland Greenstone belt.

Criteria	JORC Code explanation	Commentary
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:•easting and northing of the drillhole collar•elevation or RL (Reduced Level –elevation above sea level inmetres) of the drill hole collar•dip and azimuth of the hole•down hole length andinterception depth•hole length.	Refer to sample plans in text.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.	All reported intersections of drilling undertaken by S2 havebeen length weighted.A nominal 0.1g/t lower cut-off is used for the reconnaissancediamond drill intersections. No top cut has been applied.
	Where aggregate intercepts incorporate shortlengths of high grade results and longerlengths of low grade results, the procedureused for such aggregation should be stated andsome typical examples of such aggregationsshould be shown in detail.	High grade intervals internal to broader zones ofmineralisation are reported as included intervals.
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	None used.
Relationshipbetweenmineralisationwidths and interceptlengths	These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (e.g. 'down holelength, true width not known').	The trend of mineralisation atthe prospects described is broadlynorth-south, dipping steeply to the east at approximately 70degreesRefer to figures in body of text.
Diagram	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	All results considered significant are reported.

Criteria	JORC Code explanation	Commentary
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	No other exploration data present.
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive	Selected samples will be submitted for multi-element analysisonce all gold assays have been received.Extensional BoT drilling on the Paana project will resume.A decision on what follow-up exploration will be determinedonce a full evaluation of results has been undertaken.