S2 RESOURCES LTD - Investor Presentation 2021

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DRILLING FOR COMPANY MAKING DISCOVERIES Diggers and Dealers Mining Forum August 2021

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 presentation that relates to Exploration Results is based on information compiled by Mr John Bartlett (for Australia and Finland) who is an employee and shareholder of the Company and which fairly represents this information. Mr Bartlett is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartlett consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears. Exploration results are based on standard industry practices, including sampling, assay methods, and appropriate quality assurance quality control (QAQC) measures. Reverse circulation (RC), aircore (AC) and rotary air blast (RAB) drilling samples are collected as composite samples of 4 or 2 metres and as 1 metre splits (stated in results). Mineralised intersections derived from composite samples are subsequently re-split to 1 metre samples to better define grade distribution. Core samples are taken as half NQ core or quarter HQ core and sampled to geological boundaries where appropriate. The quality of RC drilling samples is optimised by the use of riffle and/or cone splitters, dust collectors, logging of various criteria designed to record sample size, recovery and contamination, and use of field duplicates to measure sample representivity. For soil samples, PGM and gold assays are based on an aqua regia digest with Inductively Coupled Plasma (ICP) finish and base metal assays may be based on aqua regia or four acid digest with inductively coupled plasma optical emission spectrometry (ICPOES) or atomic absorption spectrometry (AAS) finish. In the case of reconnaissance RAB, AC, RC or rock chip samples, PGM and gold assays are based on lead or nickel sulphide collection fire assay digests with an ICP finish, base metal assays are based on a four acid digest and inductively coupled plasma optical emission spectrometry (ICPOES) and atomic absorption spectrometry (AAS) finish, and where appropriate, oxide metal elements such as Fe, Ti and Cr are based on a lithium borate fusion digest and X-ray fluorescence (XRF) finish. In the case of strongly mineralised samples, base metal assays are based on a special high precision four acid digest (a four acid digest using a larger volume of material) and an AAS finish using a dedicated calibration considered more accurate for higher concentrations. Sample preparation and analysis is undertaken at Minanalytical, Genalysis Intertek, and laboratories in Perth and Kalgoorlie, Western Australia, ALS laboratories in Loughrea and Ireland. The quality of analytical results is monitored by the use of internal laboratory procedures and standards together with certified standards, duplicates and blanks and statistical analysis where appropriate to ensure that results are representative and within acceptable ranges of accuracy and precision. Where quoted, nickel-copper intersections are based on a minimum threshold grade of 0.25% Ni and/or Cu, and gold intersections are based on a minimum gold threshold grade of 0.1g/t Au unless otherwise stated. Intersections are length and density weighted where appropriate as per standard industry practice. In Australia, all sample and drill hole co-ordinates are based on the GDA/MGA grid and datum unless otherwise stated. In Finland, all sample and drill hole co-ordinates are based on the ETRS-TM35FIN grid and datum unless otherwise stated. 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.

Company Snapshot

Greenfields explorer targeting “company making” precious and base metal discoveries in mining friendly jurisdictions:

Western Australia and Finland – Both ranked in the top 10 globally in the Fraser Institute’s 2020 survey for investmentattractiveness

Strong track record of discovering and developingmines:

Comprises the original Sirius Resources team, responsible for the discovery, financing & development of the Nova-Bollinger nickelcoppermine
The team also discovered Thunderbox, Baloo & Wahgnion gold mines, and Waterloo & Lounge Lizard nickel mines

Quality shareholderbase:

Mark Creasy, Australia’s foremost prospector21.4%
Jupiter Asset Management (London) 14.7%
Paradice (Sydney) 7.5%
Top 20 own 65%

Wellfunded:

A$7.3 million cash[1]
A$5.3 million investment through 13.5% ownership of ASX listed explorer Todd River Resources (ASX:TRT)[2]

Strong track record of financial and capitalmanagement:

High exploration expenditure (~A$30M over 5 years) with minimal dilution to shareholders & just two capital raisings since inception
Achieved by prudent financial management, disciplined exploration, monetisation of non-core assets and targeted investing
~80% of total expenditure on projects

Pipeline of new projects and drill-ready prospects in highly endowed, but under-explored and/or emerging districts

1.As at 30th June 2021, 2.Based on a TRT holding of 75.2 million shares at a price of $0.07/sh

A Team With a Track Record

Mark Bennett – Executive Chairman

Founding Managing Director and CEO of Sirius Resources and S2 Resources
PhD qualified geologist with 30 years experience with WMC, LionOre, Sirius and S2
Two-time winner of the “Prospector of the Year” award – for discovery of Thunderbox, Waterloo, Nova-Bollinger, and Mines & Money 2014 “Legend in Mining”
Experienced in equity capital markets and financing exploration/mining having raised $900m via equity, debt, investments and divestments

Anna Neuling – Executive Director & Company Secretary

Chartered accountant with BSc in Mathematics
Former Executive Director and Company Secretary of Sirius Resources, former auditor with Deloitte, London and Perth
Non-executive Chair of Brazilian iron ore company Tombador Iron, Non-executive director of CZR Resources Ltd, Non-executive Director of MLG OZ Ltd

Jeff Dowling - Non-executive Director

40 years experience in financial sector as accountant and former managing partner with Ernst & Young, WA
Experienced in corporate finance, transactions, and company management
Former director of Sirius Resources, Atlas Iron, current director of NRW, Fleetwood and Battery Minerals

Matthew Keane – Chief Executive Officer

Geologist with 20 years experience with Lynas Corp, BHP, Paladin Energy and Argonaut Securities
Exploration, mining, operational, corporate development, investor relations, corporate finance, transactions, and metals & mining analyst roles

John Bartlett – General Manager Exploration

Geologist with over 25 years exploration experience with INCO, Newexco, LionOre, Sirius, S2 at Yilgarn Star, Indonesia, Silver Swan, Lake Johnston, Nova, Baloo

Andy Thompson – General Manager Geology

Geologist with over 25 years exploration, resource estimation and production experience with LionOre, Sirius, S2 at Thunderbox, Silver Swan, Nova, Baloo

Markus Staubmann – Manager Exploration & Business Development

Geologist with 10 years exploration experience with Sirius, S2 at Nova, Baloo

Corporate

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Wellfunded Cash[1] A$7.3m Investments[2] A$5.3m Debt Nil Favourable capitalstructure Shares onissue 314.9m Notes Options onissue[3] 40.3m 1. Cash at 30[th] June 2021 Market Capitalisation[4] A$48.8m 2. 75.2m shares in Todd River Resources (ASX:TRT) @ A$0.07/share EnterpriseValue A$41.5m 3. Weighted average price of A$0.29 per option = A$11.8m if exercised Strong shareholderbase Top 20 holders 206m shares /65% 4. Based on share price of A$0.155 per ordinary share

Exploring in Tier 1 Jurisdictions

Finland

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Australia

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Quality Project Portfolio

Central Lapland Greenstone Belt, Finland (100%):

Strategic tenement holder in an under-explored district with known Tier 1 gold and Ni-Cu-PGE deposits
Gold prospects (eg, Aarnivalkea) and numerous Ni-Cu-PGE targets, including drill-ready EM conductor at Ruopas
Kinross earning up to 70% of selected non-core prospective gold tenure (83km[2] of a total 581km[2] )

Jillewarra, WA (earning 51% then70%):

Covers 793km[2 ] and 50km strike of under-explored greenstone belt just 50km west of Meekatharra, WA
Numerous historic gold workings and high-grade drill intercepts such as 3m @ 40.9g/t gold and 9m @ 21g/t gold
VMS-prospective stratigraphy with Cu-Zn-Pb soil anomalies, EM conductors and a sub-cropping galena occurrence

Koonenberry, NSW (100% under application):

Belt scale opportunity with Exploration Licences covering 2,712km[2] in Northern NSW
Prospective for Ni-Cu-PGE mineralisation, analogous to Canadian Circum-Superior and Russian Pechenga Ni-Cu belts

Three Springs (100%) and West Murchison, WA (100%):

Project areas targeting Julimar-style Ni-Cu-PGE mineralisation along the western margin of the Yilgarn Craton
Three Springs: Exploration Licences recently granted covering478km[2]
West Murchison: 693km[2 ] area targeting Ni-Cu-PGE-AU in previously unrecognised mafic/ultramaficintrusions
West Murchison: First pass soil sampling and EM commencing shortly over a broad Ni-Cu-PGE and gold anomaly

Polar Bear, WA (100% nickel rights):

568km[2 ] covering the southeast strike continuation of the nickel-prolific Widgiemooltha ultramaficstratigraphy
Nickel rights retained after selling the Baloo gold deposit to Westgold’s Higginsville operation (now owned by RNC Minerals)
Several nickel sulphide prospects discovered including Halls Knoll, Taipan and Gwardar

Fraser Range, WA(100%):

Three tenements covering (242km[2] ) in the Fraser Range northeast of the Nova-Bollinger mine
Two EM conductors tested in late-2020 – logging interpreted both as predominantly iron sulphides

Berkshire, WA (via S2’s 13.5% ownership of Todd River Resources):

Targeting Julimar-style Ni-Cu-PGE in magnetic anomalies interpreted to be unrecognised mafic/ultramafic intrusions
Identified several coincident Ni-Cu-PGE anomalies in re-assaying of previous augersampling

Planned Work Programs

Busy year ahead with multiple exploration programs already underway

Finland - Aarnivalkea gold: Drilling underway following-up on recent high-grade gold intercepts
Finland - Ruopas base metals: Drilling coincident electromagnetic and base of till drill anomaly
Australia - Jillewarra gold: Ongoing RC and aircore drilling

Project	2021	2021	2021	2022	2022
	JunQ	Sept Q	DecQ	MarQ	JunQ
Finland: Base Metals Koonenberry: Base Metals Three Springs: Base Metals Jillewarra Gold West Murchison: Base Metals / Gold Finland: Gold	Targetgeneration RC and AC drilling: Gold and base metal targets Aarni follow-updiamond drilling
	RC and AC drilling: Gold and base metal targets
	Targetgeneration

		Aarni follow-updiamond drilling
	Further licencesgranted		Greater Finland base of till drilling		DrillingTBC*

		Isovaara diamond drilling
	Regional soilgeochemistry

	Licencegranted
			Geochem and EM		DrillingTBC*

	Attain land access
			Geochem and EM		DrillingTBC*

	Attain licencegrant
					Geochem and EM

Drilling to be confirmed (TBC) pending the outcome of precursor exploration works

Central Lapland Greenstone Belt (CLGB) Finland (100%)

Strategic ~581km[2 ] landholding in the CLGB

Early mover advantage
Exploration Licences over key regional structures

CLGB is home to world class gold and base metal projects including:

~7.4Moz Kittilä gold mine
298Mt Kevitsa Ni-Cu-precious metals mine
44Mt Sakatti Cu-Ni-PGE deposit

Developing Ikkari gold discovery by Rupert Resource (RUP.V)

Increasing North American interest in the region

CLGB is becoming increasingly concentrated by mid to large cap miners

Despite this, the region is still greatly under-explored

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Finland - Kinross JV

Kinross earning in up to 70% on non-core Finland licences:

Stage 1: US$3.5m over 3 years, incl. minimum US$1.8m in the first 18 months
Stage 2: US$3.0m on either or both the Home or Palvanen/Mesi blocks over an additional 3 years
Option upon completing Stage 2 on either or both blocks to earn 70%
Total spend up to US$9.5m (A$12.9m)

Farm-in area covers 83km[2 ] out of S2’s 581km[2 ] landholding

Excludes key areas including Aarni’ gold prospect and Ruopas Ni-Cu target

Kinross granted a first right of refusal (ROFR) Paana licences incorporating Aarni’ prospect

Importantly, ROFR is not triggered by a change of control of S2’s 100% owned Finnish subsidiary Sakumpu

This transaction highlights the strategic

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interest in the CLGB

Further strategic options being considered on other non-core Finnish licences

Aarnivalkea: On the Cusp of a Significant Virgin Discovery

Aarnivalkea has potential to be a sizable, structurally hosted lode gold system

The system has scale: 1.3km geochemical anomaly
Propensity for high-grade intercepts, including:
6.8m @ 11.8g/t gold from 223.0m, including 4.0m @ 18.1g/t gold
20.4m @ 4.0g/t gold from 193.1m, including 8.5m at 8.6g/t
Proximal to a major regional fault, running parallel to the Kittilä mine host structure

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Ruopas: District-scale Magmatic Nickel-Copper-PGE Potential

Region is highly prospective for magmatic copper-nickel-PGM mineralisation evidenced by Boliden’s Kevitsa mine and Anglo American’s Sakatti deposit (~90km to the east)

Ruopas licences cover a 25km long zone of coincident copper and palladium anomalism defined in the Geological Survey of Finland’s glacial till sampling database

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Ruopas Isovaara
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Ruopas Isovaara target comprises a Fixed Loop EM conductor with coincident nickel & copper anomalism in base of till drillholes

EM plate is estimated 280m x 240m dipping steeply to the northeast

Diamond drilling planned in the current quarter

Australian Projects – Strategic large-scale landholdings

Quality portfolio of gold and base metal projects in Western Australia and New South Wales

Jillewarra Gold & Cu-Zn farm-in, 793km[2] , Murchison WA (earning70%)
West Murchison Ni-Cu-PGE project, 693km[2] , Murchison WA (100%)
Three Springs Ni-Cu-PGE project, 478km[2] , Murchison WA (100%)
Polar Bear project nickel rights, 568km[2] , South of Widgiemooltha, WA
Fraser Range Ni-Cu project, 242km[2] , WA (100%)
Koonenberry Ni-Cu-PGE project 2,712km[2] , Northern NSW (100%)

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Jillewarra Gold & Base Metals Project (earning 70%)

Farm-in with private vendor on an area covering 793km[2 ] and 50km of strike

Underexplored greenstone belt with little drilling below 70m depth

50km west of Meekatharra in the Murchison Goldfields of WA

Highly endowed gold region, including the Mt Magnet and Meekatharra mining camps with a collective endowment of +20Moz gold

Midway between EMR’s Tier 1 Golden Grove Cu-Zn-Au VMS deposit (>70Mt) and Sandfire’s high grade DeGrussa Cu-Au VMS deposit

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Jillewarra: Over 30 Targets Identified

Numerous historic gold working

Prospective for gold and VMS style base metals

Limited exploration under shallow cover

Over 30 targets already identified by the S2 team

RC, aircore and diamond drilling ongoing

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Jillewarra: Chesterfield area

First pass RC and aircore drilling at the Dorothy and Margueritta prospects completed. Better RC drill intercepts included:

Dorothy: 20m at 1.9g/t gold from 92m, incl. 4m at 6.8g/t gold from 92m

Margueritta: 3m at 2.3g/t gold from 41m

Margueritta trend extended for ~300m to the south with new mineralisation detected in RC and aircore drilling, including:

Margueritta South: 4m at 11.1g/t gold from 28m (RC) and 16m at 1.5g/t gold from surface, including 4m at 4.8g/t gold (aircore)

New mineralisation identified along the Western Trend with 27m at 0.5g/t gold from 48m to the end of hole (aircore)

Assay pending for follow-up and extensional aircore drilling on Western Trend

Potential for another mineralised trend west of Margueritta with rock chips up to 16g/t gold in alignment with historic workings

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Koonenberry: Belt Scale Ni-Cu-PGE Potential

Koonenberry is a belt scale project covering 2,712km[2]

Prospective for magmatic style Ni-Cu-PGE mineralisation

A frontier region with little base metal exploration since Vale-Inco departed Australia in 2010

Cratonic margin setting similar to the Fraser Range which hosts the Nova-Bollinger Ni-Cu-Co mine

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Koonenberry: Analogous Setting to Well Known Ni Regions

Analogous geological setting to the Australian Fraser Range where the S2 team (as Sirius Resources) discovered Nova-Bollinger
Also analogous to the Canadian Circum-Superior Belt which hosts the giant Raglan and Thompson Ni-Cu camps
Rocks are petrographically similar to the Russian Pechenga Ni-Cu-PGE camp

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Western Yilgarn - A New Ni-Cu-PGE Frontier in the West

Exposure to several prospective areas along the western edge of the Yilgarn Craton

Chalice Mines’ (CHN:ASX) Julimar discovery has shown the Ni-Cu-PGE potential of the region

West Murchison - 693km[2] application awaiting

grant

Anomalous nickel-copper in soils over mapped ultramafic geology

Three Springs – 478km[2 ] recently granted

Awaiting landholder access approvals
13.5% of Todd River Resources (ASX:TRT)
Berkshire Valley Project: Julimar style mafic/ultramafic intrusion potential

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Appendices

Appendix 1 – Aarnivalkea cross-sections

Cross-section 7,551,840mN including hole FAVD0062
Cross-section 7,552,400mN including hole FAVD0064

Appendix 2 – Agnico Eagle Kittilä mine

Long section of Agnico Eagle’s Kittilä mine

Appendix 3 – Central Lapland Greenstone Belt gold potential

Appendix 4 – West Murchison Project

Appendix 5 – Three Springs Project

Appendix 6 – Todd River Resources (ASX:TRT) – Berkshire Valley Project

Appendix 1: Aarnivalkea Gold Prospect

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Appendix 1: Aarnivalkea Gold Prospect

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Appendix 2: Agnico Eagle’s Kittilä Mine

Agnico Eagle’s Kittilä mine is located ~36km southeast of Aarnivalkea on a parallel NE-SW structure
Kittilä current Ore Reserve of 4.1Moz at 4.2g/t gold and total Mineral Resource 7.4Moz at 3.5g/t (December 2020)
2021 production is forecast at 250koz at US$760/oz total cash costs
Mesothermal lode style gold mineralisation is structural controlled associated with intense hydrothermal alteration
The main Suurikuusikko Trend comprises 6 gold deposits over a ~4.5km strike down to ~2,000m below surface
Majority of gold lenses do not propagate to surface and are blind in base of till drilling

Composite longitudinal section of the main Suurikuusikko zone at Kittilä

Source: Agnico Eagle Mines Limited - Operations - Operations - Kittila - Geological Maps

Appendix 2: Aarnivalkea superimposed on Kittilä

S2’s exploration at Aarnivalkea is very shallow in comparison to Kittilä
Kittilä shows the potential for deep rooted structurally hosted gold systems in the region

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Aarnivalkea grade shells superimposed on the Kittilä Main Zone longitudinal section
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Note: Aarnivalkea grade shells in the figure above do not depict a Mineral Resource estimation. Due to current broad space drilling, grade continuity cannot be established. The grade shells have been modelled using the numerical interpolant (spheroidal) function in Leapfrog 3D. A global trend has been applied to approximate the interpreted orientation based on drilling observations. This superposition of the Aarnivalkea prospect upon the Kittilä deposit is for illustrative purposes only to highlight the scale differential, as well as the geometry and common drill intercepts at Kittilä.

Appendix 3: Finland Gold Potential

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Mature gold districts show a pattern of deposit scale distribution
The CLGB distribution is skewed – lacking 1Moz to 5Moz deposits
What is driving this anomaly?
Immature exploration – first gold only discovered in 1984
Limited outcrop due to glacial cover
Systematic exploration should lead to further discoveries in the CLGB

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Abitibi Greenstone Belt
39 deposits
84Moz
Central Lapland Greenstone Belt
13 deposits
9Moz
Will S2’s Aarnivalkea and
Rupert Resources’ Ikkari
gold discoveries backfill the
lack of 1Moz to 5Moz deposits,
or be another Kittilä
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Zimbabwe Craton
55 deposits
37Moz
Norseman-Wiluna Greenstone Belt
44 deposits
75Moz
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Appendix 4: West Murchison nickel-copper-PGE project (100%)

Woodrarung target several magnetic anomalies associated with mapped mafic and ultramafic rocks – thought to represent intrusions

Initial soil sampling over the first of these has defined a broad Ni-Cu-PGE anomaly & also a broad gold anomaly

Soil sampling, auger drilling an EM planned for 2021

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Appendix 5: Three Springs nickel-copper-PGE project (100%)

Contains several magnetic anomalies associated with mapped mafic and ultramafic geology

S2 currently attaining land access agreements

Soil sampling, auger drilling and EM planned for 2021

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Appendix 6: Todd River Resources Berkshire Valley Project

Julimar Project

Berkshire Valley Project

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Source: TRT presentation dated 1[st] July 2021