S2 RESOURCES LTD — Regulatory Filings 2021

Oct 26, 2021

FINLAND EXPLORATION UPDATE

Key Points

• Assays received for diamond hole FAVD0073, the last completed hole at Aarnivalkea (Aarni'), with an intercept of 2.0 metres at 9.4g/t gold
• Hole FAVD0073 is located 114 metres south of hole FAVD0064, which intercepted 20.4 metres at 4.0g/t gold, with no drilling down-dip or within 235 metres to the south
• Highly encouraging results from target generating soil geochemical surveys on S2's northern licence applications, Pahasvuoma and Rovaselkä

Aarnivalkea diamond drilling

S2 Resources Ltd ("S2" or the "Company") has received assay results for the last hole completed in the current diamond drilling program at its 100% owned Aarnivalkea ("Aarni'") prospect in the Central Lapland Greenstone Belt ("CLGB") in northern Finland. Hole FAVD0073 recorded a best intercept of 2.0 metres at 9.4g/t gold from 303 metres. This hole islocated to 114 metressouth of drillhole FAVD0064, which included the previously reported intercept of 20.4 metres at 4.0g/t gold from 198 metres.

Deeper drilling at Aarni' remains very sparce, with only 12 holes drilled over a 1.3 kilometre strike length (Figure 1). As such, Aarni' mineralisation remains unconstrained and open in every direction. The nearest holes to FAVD0073 are some 235 metres to the south and a further 112 metres to the north of FAVD0064 (Figure 2). A zone of higher grade mineralisation is clearly emerging in and around holes FAVD0062, FAVD0065 and FAVD0071 in the south of Aarni' (see Figure 3 and S2 ASX announcement dated 11 October 2021), and with this latest intercept from FAVD0073, a further higher grade zone could be developing in the north.

The current availability of diamond drill rigs in Finland is low as a result of heightened exploration activity in the CLGB following the discovery by Rupert Resources of the 4Moz Ikkari gold deposit, and due to a limited number of drill contractors operating in country. S2 commenced the current drill program using a local driller on a short-term contract, whist waiting for an international contractor to deploy a newly constructed rig to the project. Since arriving, the new rig has incurred ongoing mechanical commissioning issues and was unable to complete its first hole (FAVD0074) to the designed target depth. Consequently, this rig has been demobilised until such time that the Company can assess results to date and consider alternatives.

Figure 1. Long projection of the Aarnivalkea prospect showing the target zone for the current drill program (pink), recently assayed hole FAVD0073 (blue trace) and selected intercepts from diamond drilling (white labels). Intercept grades are quoted as g/t Au.

Figure 2. Northern Aarnivalkea long projection insert for holes proximal to FAVD0073 showing the previous high grade intercept in hole FAVD0064 and highlighting the wide spacing between holes drilled to date.

Figure 3. Southern Aarnivalkea isometric long projection insert for the developing high grade zone incorporating holes FAVD0062 and FAVD0071, highlighting the wide spacing of holes drill to date.

Encouraging results from soil geochemical surveys

As part of S2's ongoing tenement selection and target generation processes, several regional ionic leach geochemical surveys have been undertaken on S2's extensive, yet largely untested Finnish tenure. Ionic leach soil sampling is a low-impact, ultra-low detection, selective geochemical method which was successfully used to vector in on the Aarnivalkea and Aarnivalkea East targets. The latest round of soil sampling has produced encouraging geochemical anomalies on two of the Company's northernmost application areas, including Rovaselkä and Pahasvuoma (see Figure 4 below).

Figure 4. Map of S2 Finland tenure showing the Rovaselkä and Pahasvuoma Exploration Licence applications to the north of the Paana Block. The map also shows existing joint ventures with Kinross Gold and Rupert Resources, existing mines, gold occurrences, defined resources and recent drill intercepts. Resources and drill intercepts are sourced from public company statements.

Rovaselkä gold-copper anomaly

At Rovaselkä, 427 ionic leach samples were collected along strike to the south of a historical gold-copper occurrence discovered by Outokumpu in 1983. This occurrence, situated beneath a southeast trending swamp system, was detected from wide spaced (500-1,000m) till drilling which returned a number of anomalous gold and copper values along the mapped contact between mafic metavolcanic rocks (greenstone) and a granitoid. This included one till sample grading 4.0 g/t gold and 0.45% copper. Outokumpu followed up with five shallow diamond holes in 1986, intersecting quartz-carbonate veins in sulphide-rich (arsenopyrite and pyrrhotite) metasedimentary rocks. Better intercepts from this drilling included:

• 1.6 metres at 1.5g/t gold from 61.7 metres in hole ROV-3, and
• 1.3 metres at 2.6g/t gold from 38.8 metres in hole ROV-4

S2's sampling comprised fourteen 200 metres spaced lines south of the historical prospect along the interpreted granite-greenstone contact. The preliminary results have highlighted a strong coincident Au-Cu-Sb-As-Ag anomaly (greater than 90th percentile of sample population) over two adjacent 200 metre

spaced lines along the contact zone, approximately 1.3 kilometres south of the historical prospect. Assay results are awaited for additional sample lines to the south, as well as infill lines. This greenstone contact extends over 20 kilometres within S2's tenure and remains largely untested.

Figure 5. Plan view of regional ionic leach results at Rovaselkä showing a gold-copper geochemical anomalies along a granitegreenstone, south of a historical gold-copper occurrence detected by Outokumpu.

Pahasvuoma gold-arsenic-silver and base metal anomaly

Recent soil sampling at Pahasvuoma has identified a 3.6 kilometre long Au-As-Ag anomalous zone on the western flank of the licence application area, with multiple samples above the 90th percentile of the sample population. The anomaly sits on the contact between tholeiitic basalts and sericitic quartzites within the Kittila Group, which is this same contact that can be traced south to S2's Paana East prospect (refer to S2 ASX announcement dated 8 July 2021). There is no known historical exploration in this area, with this reconnaissance sampling representing the first on-ground work conducted by S2 at Pahasvuoma, and consisting of very wide spaced (800m) lines. A second geochemical anomaly with coherent Zn-Au-Ag-Ba was detected across multiple sample points on two adjacent lines(800m apart) in the centralsouthern area of the licence application. Results from numerous 200m spaced infill sampling lines have successfully validated and refined the original anomalism, with numerous samples returning coincident Zn-Au-Ag-Ba

(>90th percentile) anomalism. This anomalism sits within mapped units of the Porkonen Formation, and it is noted that similar stratigraphic sequences host Agnico Eagle's 7.4Moz gold Kittila deposit to the south. The geological setting and element suite, make this anomaly prospective for both orogenic gold and potentially volcanogenic massive sulphide (VMS) base metal mineralisation.

Figure 6. Plan view of regional ionic leach results at Pahasvuoma showing two distinct geochemical anomalies along the western flank and in the central south of the block. Results are RGB-coloured if they are within the top 90th percentile for the listed elements. Background is a composite magnetic image (RTP-colour and grey-scale 1st vertical derivative)

This announcement has been provided to the ASX under the authorisation of the S2 Board.

For further information, please contact:

Matthew Keane	Mark Bennett
Chief Executive Officer	Executive Chairman
+61 8 6166 0240	+61 8 6166 0240

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 statements

The information in this report that relates to Exploration Results 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 mineralisation 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. Summary of drilling:

Aarnivalkea - previously unreported diamond drilling by S2, (refer to previous S2 ASX announcements on 9 August, 30 August, 9 September and 11 October 2021 for results of earlier drilling in 2021).

Hole	Easting	Northing	RL	Dip	Azimuth	Depth	From	To	Width	GradeAu g/t
FAVD0073	418560	7552300	246.9	-50	270	419.4	77	79	2	0.7
And					137	138	1	0.9
And							150.32	151	0.68	0.9
And							181	182	1	0.6
And					192.22	196.94	4.72	0.3
And							199.16	200	0.84	0.6
And							204	206	2	0.6
And							209	210	1	1.5
And							213.9	220	6.1	0.5
And							225	228	3	0.5
And							293.6	295.5	1.9	0.6
And					301	303	2	9.4
And					327	341.43	14.43	0.4
And					359.15	361	1.85	0.5
FAVD0074	418494	7551796	241.8	-50	270	249.9			ABD

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

Aarnivalkea Diamond Drilling

SECTION 1: SAMPLING TECHNIQUES AND DATA

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 limitingthe broad meaning of sampling.	The reported drilling was completed using NQ2 rod size witha hole diameter of 75.7mm and core size of 50.7mm. NQ2core samples are logged and marked up by S2 personnel.Unbiased core sample intervals were cut in half by diamondsaw with half core sent for preparation and analysis at ALSLaboratories.
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools or systemsused	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 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	Diamond drilling was used to obtain core samples that havebeen cut and sampled on intervals that are determined bylithology and mineralisation.The drill core samples are sent to ALS Laboratories foranalyses for gold. Drill core is sampled at S2's facilities inKittila, Finland.
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).	Diamond drilling with NQ2 wireline bit producing a 50.7mmdiameter core.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed	Diamond Drill core recoveries are recorded by the driller andwritten on core block markers. The exact recovery is thenrecorded on a metre basis after core mark-up and recorded inthe database.
	Measures taken to maximise sample recovery andensure representative nature of the samples	Sample quality is qualitatively logged on a metre basis,recording sample condition.
	Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	No relationship has been seen to exist
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate Mineral Resourceestimation, mining studies and metallurgicalstudies.	The logging uses a standard legend developed by S2 which issuitable for implicit wireframing. All diamond holes aregeotechnically and structurally logged.

Criteria	JORC Code explanation	Commentary
	Whether logging is qualitative or quantitative innature. 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 thenimported into S2's central database
	The total length and percentage of the relevantintersections logged	All drill holes were logged in full.
Sub-samplingtechniques andsample preparation	If core, whether cut or sawn and whether quarter,half or all core taken.	Core sawn in half and half core taken for assay.
	If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.	Not applicable
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	Samples were delivered by S2 personnel to ALS Mineralslaboratory in Sodankyla, Finland, where they are crushed with>70% <2mm (code CRU-31), split by riffle splitter (code SPL21), and pulverised 1000grm to 85% <75 um (code PUL-32).Crushers and pulverizers are washed with QAQC testsundertaken (codes CRU-QC, PUL-QC). The prepared samplesare forwarded to ALS Minerals Loughrea, Ireland, for analysis.
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	Full QAQC system in place to determine accuracy andprecision of assays
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	For DDH's non-biased core cutting through using anorientation line marked on core and cut to the line
	Whether sample sizes are appropriate to the grainsize of the material being sampled.	Samples of appropriate size
Quality of assaydata and laboratorytests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	All samples were analysed by ALS Minerals Loughrea, Ireland.Core samples from Aarnivalkea are analysed for gold undergoa 50g fire assay with AA finish (code Au-AA26).
	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.	Full QAQC system in place including Certified Standards andblanks of appropriate matrix and levels
Verification ofsampling andassaying	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,core photos and/or direct visual inspection of drill core.
	The use of twinned holes.	No twinned diamond holes have been drilled at Aarnivalkea
	Documentation of primary data, data entryprocedures, 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 databasemanager for validation and compilation into S2's centraldatabase.
	Discuss any adjustment to assay data.	No adjustments made

Criteria	JORC Code explanation	Commentary
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys), trenches,mine workings and other locations used in MineralResource estimation.	Diamond drill collars are pegged using a Trimble DGPS to +/-1m accuracy. Drill rigs are aligned to Grid west usingStandard Finnish National Grid ETRS-TM35FIN. The holes aredownhole surveyed using 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 digitalelevation model derived from public domain 2m Lidar data.Topographic control and map data is excellent.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	Recent drilling was not completed on a regular grid. Previousdiamond drilling at Aarnivalkea has been completed on 40mdrill spacings on lines between 80 – 240 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.	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.	At Aarnivalkea, drillhole orientation is designed to intersectthe mineralised package of rocks and be perpendicular toshearing and mineralisation. Structural measurements fromorientated core indicate that the main fabric and contacts aredipping steeply to the east and hence holes collared atbetween – 50˚ and -60˚ dip 270˚ azimuth are appropriate. S2have drilled two holes (FAVD0061 and FAVD0063) obliquelydue to the local terrain, but the hole orientations are stillconsidered appropriate.
	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.	The drilling at this stage is preliminary and exploratory. It isnot possible 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 samplesand core is visually checked at the drill rig and thentransported to S2's logging and cutting facilities by S2personnel for logging, cutting and sampling. Bagged samplesare transferred to ALS Laboratories in Sodankyla, Finland by S2personnel.
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

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 Aarnivalkea prospect is located within the Paana CentralExploration Licence (ML2018:0081).The exploration licence is 100% owned by Sakumpu ExplorationOy, a Finnish registered 100% owned subsidiary of S2
	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.

Criteria	JORC Code explanation	Commentary
Exploration done byother parties	Acknowledgment and appraisal of exploration byother parties.	The Aarnivalkea prospect is a greenfield discovery with historicBoT holes drilled in the region by Outukumpu not having beenassayed for gold.
Geology	Deposit type, geological setting and style ofmineralisation.	Aarnivalkea is a shear zone hosted orogenic gold deposit withinthe Kittila Group of the Paleoproterozoic Central LaplandGreenstone belt.The primary host rocks include altered and sheared basalt,dacites and sedimentsAlteration assemblages include albite, sericite, carbonate,chlorite with disseminated pyrite, pyrrhotite and arsenopyrite.
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 drill holecollar•elevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collar•dip and azimuth of the hole•down hole length and interceptiondepth•hole length.	Refer to sample plans in text.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.	All reported intersections of drilling undertaken by S2 have beenlength weighted.A nominal 0.2g/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 longer lengthsof low grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shownin detail.	High grade intervals internal to broader zones of mineralisationare reported as included intervals.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	None used.
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly important inthe reporting of Exploration Results.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 hole lengthsare reported, there should be a clear statementto this effect (e.g. 'down hole length, true widthnot known').	AtAarnivalkea,thetrendofmineralisationatthetargets/prospects described is estimated to be dipping steeplyto the east at approximately 75 to 80 deg.Refer to figures in body of text.
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 viewof drill hole collar locations and appropriatesectional 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 (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.	Not applicable
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	S2 is planning to undertake ongoing assessment of the Ongoingassessment of the nature and controls on Aarni' mineralisation

Rovaselkä and Pahasvuoma Ionic Leach Soil Sampling

SECTION 1: SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals under investigation,such as down hole gamma sondes, or handheldXRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning ofsampling.	Soil sampling is undertaken by S2 employees and contractorsusing handheld mattocks. Samples are collected from 20-25cmbeneath the base of organic ground cover.Samples are double bagged in zip lock bags.All rock grab and rock float samples are collected from outcropby S2 personnel and marked into sample books and arepresentative portion of the sample retained. All areforwarded for analyses by ALS Laboratories.
	Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems 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 othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information	Geochemical samples only were collected for inclusion in thisreport.

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, tripleor standard tube, depth of diamond tails, facesampling bit or other type, whether core isoriented and if so, by what method, etc).	Soil sampling was the only technique used for data inclusion inthis report and technique is described elsewhere in this table.
Drill samplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed	Soil sampling was the only technique used for data inclusion inthis report and technique is described elsewhere in this table.
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples	Soil sampling was the only technique used for data inclusion inthis report and technique is described elsewhere in this table.
	Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	Soil sampling was the only technique used for data inclusion inthis report and technique is described elsewhere in this table.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a levelof detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.	The logging of soil samples uses a standard legend developed byS2 which is suitable for domaining different soil type domains.This is suitable to provide data to assess quality control andstatistical analysis of geochemical anomalism
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc)photography.	Logging is qualitative, based on a logging system developedduring orientation surveys in 2017.
	The total length and percentage of the relevantintersections logged	All samples are logged.
Sub-samplingtechniques andsample preparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	Geochemical sampling only.
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	No sieving of samples. Obvious coarse organics are removed
	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	Samples were delivered by S2 personnel to ALS Mineralslaboratory in Sodankyla, Finland. Samples are only weighed inFinland and then sent to ALS, Loughrea Ireland for Ionic Leach.
	Quality control procedures adopted for all subsampling stages to maximise representivity ofsamples.	No sub-sampling takes place.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.	No sub-sampling takes place.
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	Samples are of appropriate size at 150-250g.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial ortotal.	All samples were analysed by ALS Minerals Loughrea, Ireland.Using Ionic leach (code ME-MS22)Ionic Leach is a static sodium cyanide leach using chelatingagents ammonium chloride, citric acid and EDTA with theleachant buffered at pH 8.5. Analytes are measured usingInductively Coupled Plasma - Mass Spectrometry (ICP-MS).Elements analysed are:Ag,As,Au,Ba,Be,Bi,Br,Ca,Cd,Ce,Co,Cr,Cs,Cu,Dy,Er,Eu,Fe,GaGd,Ge,Hf,Hg,Ho,I,In,La,Li,Lu,Mg,Mn,Mo,Nb,Nd,Ni,Pb,Pd,Pr,Rb,Re,Sb,Sc,Se,Sm,Sn,Sr,Ta,Tb,Te,Th,Ti,Tl,Tm,U,W,Y,Yb,Zn,andZr

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.	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) and precisionhave been established.	Field duplicates are taken to assess laboratory repeat quality.
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	The ionic leach field sampling procedures and ionic leach soilanomalies have been verified by a senior S2 employee.
	The use of twinned holes.	Soil sampling only.
	Documentation of primary data, data entryprocedures, 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 databasemanager for validation and compilation into S2's centraldatabase.
	Discuss any adjustment to assay data.	No adjustments made
Location of datapoints	Accuracy and quality of surveys used to locatedrillholes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.	Sample are located with a handheld GPS with an accuracy ofwithin 3 metres.
	Specification of the grid system used.	The grid system used is the ETRS-TM35FIN National Grid.
	Quality and adequacy of topographic control.	Excellent quality topographic maps (2m or 8m gridded Lidar)produced by the Finnish Authorities.
Data spacing anddistribution	Data spacing for reporting of ExplorationResults.	Data is geochemical sampling at this stage and drilled to definegeochemical and geophysical targets. A nominal 400m x 40mspacing is used.
	Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	Data type is not appropriate at this stage to allow the estimationof 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 andthe extent to which this is known, consideringthe deposit type.	Soil samples only.
	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.	Soil samples only.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 personnel. Soil samples aresorted and checked every day for bag sequence and integrityand then bagged samples are transferred to ALS Laboratories inSodankyla, 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

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 title	Ionic Leach sampling was completed on exploration licenseapplicationsatPahasvuoma(ML2019:0085)andRova(ML2019:0086).
	interests, historical sites, wilderness or nationalpark and environmental settings.	The exploration licenceapplication is held by SakumpuExploration Oy, a Finnish registered 100% owned subsidiary ofS2.
	The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	The exploration licenses are currently under application.
Exploration done byother parties	Acknowledgment and appraisal of explorationby other parties.	Outokumpu undertook limited exploration at Rovaselkä,including wide-spaced BoT drilling, slingram EM geophysics andfive shallow diamond drill holes. None of this work has beenverified by S2.
		There is no known previous exploration at Pahasvuoma.
Geology	Deposit type, geological setting and style ofmineralisation.	Orogenic lode gold and magmatic intrusion related nickelcopper.
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 drill holecollar•elevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collar•dip and azimuth of the hole•down hole length and interceptiondepth•hole length.	No drilling conducted. Geochemical sampling only.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting of highgrades) and cut-off grades are usually Materialand should be stated.	No drilling conducted. Geochemical sampling only
	Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations should beshown in detail.	No drilling conducted. Geochemical sampling only
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No drilling conducted. Geochemical sampling only
Relationshipbetweenmineralisationwidths and interceptlengths	These relationships are particularly important inthe reporting of Exploration Results.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 hole length,true width not known').	No drilling conducted. Geochemical sampling only

Criteria	JORC Code explanation	Commentary
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.
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.	Geochemical sampling only
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	BoT drilling is required to verify the ionic leach soil anomalies.The Rovaselkä and Pahasvuoma are currently under application,and BoT drilling can only be undertaken after the explorationlicenses have been granted