S2 RESOURCES LTD — Regulatory Filings 2021

May 30, 2021

ASX Announcement

31[st] May 2021

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DRILLING EXTENDS MARGUERITTA ZONE AND ROCKCHIP SAMPLING IDENTIFIES NEW PARALLEL GOLD TREND AT JILLEWARRA

Key Points

• Remaining assay results received for RC holes drilled at the Dorothy and Margueritta prospects, part of the Jillewarra JV

• Better intercepts include 4 metres at 11.1g/t gold from 28 metres and 5 metres at 2.6g/t gold from 42 metres at Margueritta South and 3 metres at 2.3g/t gold from 41 metres at Margueritta

• In conjunction with recent aircore drilling, these results extend the mineralised trend approximately 300 metres south

• New rock chip sampling combined with historic drilling define a third gold trend between Margueritta and the recently identified Western Trend

• Aircore drilling is ongoing to infill and extend these trends

S2 Resources Ltd (“S2” or the “Company”) advises it has received results for the last nine reverse circulation (RC) holes drilled along the mineralised trend that includes the Dorothy and Margueritta prospects, at the Jillewarra Joint Venture (JV, S2 earning up to 70%) in Western Australia (Figure 1).

Results include:

Margueritta South (downhole widths):

• 4 metres at 11.1g/t gold from 28 metres, including 1 metre at 28.6g/t gold from 29 metres, and 5 metres at 2.6g/t gold from 42 metres in SJWC0011

• 2 metres at 1.3g/t gold from 37 metres in SJWC0014

Margueritta (downhole widths):

• 3 metres at 2.3g/t gold from 41 metres in SJWC0006

• 8 metres at 1.7g/t gold from 39 metres in SJWC0009

• 4 metres at 0.7g/t gold from 20 metres and 4 metres at 1.2g/t gold from 96 metres in SJWC0008

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

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Figure 1. Location map of recent RC and aircore drilling showing significant intercepts. Mineralised gold trends are shaded in red and the proposed central trend is depicted with red dashed line.

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

Margueritta South trend extending southwards

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The recent S2 RC and aircore drilling (refer to S2 ASX announcement dated 21[st] May 2021), together with historic drill holes have highlighted a coherent gold and arsenic anomalous zone extending for approximately 300 metres at Margueritta South (Figure 2). The mineralisation is associated with shearing and quartz veins in basalt just above its contact with a footwall sedimentary package (shale and sandstone). Further north at the Margueritta prospect, mineralisation is also hosted primarily within shear hosted quartz veining on the footwall of a basalt unit. Drill holes SJWC0006 and SJWC0008 at Margueritta intersected a newly identified mineralised position in the hangingwall associated with ferruginous quartz veining above the main zones on mineralisation.

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Figure 2. Long section of Margueritta South showing recent RC and aircore drill results

Parallel mineralised trend identified between the Margueritta and Western Trends

Recent rock chip sampling has identified a third trend approximately 300 metres to the west of Margueritta. These rock chips grade up to 16.0 g/t gold and line up with historical workings and anomalous intercepts in historical drilling to define a linear trend extending for over 1.5 kilometres. This has only been tested by five shallow historic reconnaissance drill lines, and four of these lines intercepted anomalous gold, with better results including 6 metres at 0.8g/t gold from 2 metres (DH037) and 15 metres at 0.4g/t gold from 15 metres (MRR029). This gold mineralisation is associated with deeply weathered felsic porphyry on a contact with basalt.

Aircore drilling ongoing

Aircore drilling is ongoing at Jillewarra with the rig currently at the newly defined Western Trend undertaking infill drilling to the south and extensional drilling to the north (Figure 1). Broad spaced reconnaissance drilling is also targeting an area of interpreted structural and geological interest where aeromagnetic imagery shows a bifurcation of stratigraphy to the NW and NNW (Figure 3). Historic workings are present in the area and anomalous gold has been detected in very limited historic drilling and surface geochemistry.

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

Jillewarra remains largely under explored with 50 kilometres strike of prospective Archaean greenstone geology and very limited drilling below 70 metres. S2 will continue its systematic approach to identify and drill test targets throughout the Jillewarra Belt. To date, 30 targets have been identified based on structural and geological interpretation, evidence of historical workings and historic exploration data.

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Location of
aircore drilling
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Figure 3. Location of current aircore drilling in a northern region of the Jillewarra JV

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

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

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 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.

Annexure 1

Hole	Prospect	Easting	Northing	RL	Azi	Dip	Depth	From	To	Interval	Grade Au **g/t **
SJWC0006	Margueritta	599090	7067740	450	270	-60	131	41	44	3	2.3
SJWC0007	Margueritta	599120	7067700	450	270	-60	119			NSI
SJWC0008	Margueritta	599015	7067820	452	270	-60	125	20	24	4	0.7
						And		96	100	4	1.2
SJWC0009	Margueritta	598960	7067880	453	270	-60	113	39	47	8	1.7
SJWC0010	Margueritta	599180	7067600	448	270	-60	119			NSI
SJWC0011	Marg. South	599245	7067380	447	270	-60	53	28	32	4	11.1
						Including		29	30	1	28.6
							And	42	47	5	2.6
SJWC0012	Marg. South	599265	7067380	447	270	-60	95			NSI
SJWC0013	Marg. South	599305	7067330	447	270	-60	113			NSI
SJWC0014	Marg. South	599220	7067420	447	270	-60	59	37	39	2	1.3

• four metre composite sampling

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

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 – JJILLEWARRA

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Drilling on the Jillewarra by S2 comprises 9 RC drill holes, completed by Strike Drilling, based out of Perth. Sampling of the RC includes 1 metre split samples using an onboard cone splitter through zones of interest, with 4 metre spear composites taken through the remainder of the drill holes. All RC samples have been forwarded for analyses by Minanalytical Laboratories Services Australia Pty Ltd in Perth.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used	Sampling and QAQC procedures are carried out using S2 protocols as per industry best practice.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information	The RC drilling sampled either on 1 metre intervals using an onboard cone splitter, or 4 metre spear samples to give sample weights under 3 kg. Samples were crushed, dried and pulverised (total prep) to produce a sub sample for analysis by 50gram fire assay and four acid digest with an ICP/OES and ICP/MS
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	RC drilling was completed utilising a 5 ¼ to 5 ¾ inch face sampling bit.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed	Qualitative sample recoveries have been recorded for each metre
	Measures taken to maximise sample recovery and ensure representative nature of the samples	Use of drilling fluids have been used to maximise recoveries where appropriate
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship has been seen to exist
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging of RC samples records lithology, mineralogy, mineralisation, structural (DDH only), weathering, colour and other features of the samples logging uses a standard legend developed by S2 which is suitable for wireframing of the basement interface. Exploration holes are not routinely geotechnically logged but resource holes are.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging is qualitative in nature

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

Criteria	JORC Code explanation	Commentary
	The total length and percentage of the relevant intersections logged	All drillholes were logged in full to end of hole.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No core drilling
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	For RC 1m samples were collected utilising a con-board cone splitter for all metres drilled
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	The sample preparation follows industry best practice in sample preparation involving oven drying, coarse crush and pulverisation of entire sample to minimum of 85% passing - 75um.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Full QAQC system in place to determine accuracy and precision of assays
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Non-biased sampling using the orientation line as a guide for cutting with the same half used for all sampling. No duplicate samples have been collected at this stage
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered to be appropriate to correctly represent the sought after mineralisation style
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	For RC samples (and bottom of hole aircore samples), fire assay and four acid digest have been sued and are considered appropriate.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools were used to determine any element concentrations.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Full QAQC system in place including Certified Standards and blanks of appropriate matrix and levels.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	The S2 Exploration Manager has personally inspected all sampled core and assay results.
	The use of twinned holes.	No twinned holes were drilled within the main infilled anomaly.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary sampling data is collected in a set of standard Excel templates. The information is managed by S2’s database manager for validation and compilation into S2’s central database.
	Discuss any adjustment to assay data.	No adjustments made
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill hole collar locations were recorded using handheld Garmin GPS. Elevation values were in AHD RL and values recorded within the database. Expected accuracy is + or – 5 m for easting, northing and 10m for elevation coordinates. Downhole surveys using an Axis north-seeking gyro with readings at surface and then every 30m downhole.
	Specification of the grid system used.	The grid system is MGA_GDA94 (zone 50), local easting and northing are in MGA.

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

Criteria	JORC Code explanation	Commentary
	Quality and adequacy of topographic control.	Topographic surface uses handheld GPS elevation data, which is adequate at the current stage of the project.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling to date has been on individual drill holes into a specific target.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Data spacing, sampling technique and distribution is not sufficient at this stage to allow the estimation of mineral resources.
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Insufficient information to determine at this time.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Drilling of RC drill holes is on a nominal 60 degrees towards grid west. The orientation of drilling is roughly orthogonal to the overall geological trend.
Sample security	The measures taken to ensure sample security.	Chain of custody is managed by S2 personnel. Drill samples and core is visually checked at the drill rig and then transported to S2’s logging and cutting facilities on site at the S2 remote camp. Bagged samples were either dropped off in person to the Peth Laboratories in Perth, or delivered to the Toll depot in Meekatharra for transport to the laboratory in Perth. Samples were tracked until arrival at the laboratory has been confirmed.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews have been conducted at this stage.

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

SECTION 2: REPORTING OF EXPLORATION RESULTS – JILLEWARRA

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Criteria	JORC Code explanation		Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.		The Jillewarra Project is located approximately 50km West to North West of Meekatharra, and situated in the Meekatharra mineral field of the Murchison Province of Western Australia. The project is located on the Belele 250k sheet. The tenure schedule for the project is listed below: TENID TENSTATUS HOLDER E 5101602 LIVE TANZI PTY LTD E 5101603 LIVE TANZI PTY LTD E 5101604 LIVE TANZI PTY LTD E 5101617 LIVE BLACK RAVEN MINING PTY LTD E 5101906 LIVE BLACK RAVEN MINING PTY LTD E 5101915 PENDING BLACK RAVEN MINING PTY LTD E 5101955 PENDING BLACK RAVEN MINING PTY LTD E 5101956 PENDING BLACK RAVEN MINING PTY LTD E 5101965 PENDING BLACK RAVEN MINING PTY LTD E 5101966 PENDING BLACK RAVEN MINING PTY LTD M 5100270 LIVE TANZI PTY LTD M 5100353 LIVE TANZI PTY LTD M 5100451 LIVE TANZI PTY LTD P 5103082 LIVE BLACK RAVEN MINING PTY LTD M 5100885 PENDING WOOD,SANDRA P 5102696 LIVE WOOD,SANDRA P 5102950 LIVE KING,TRENT NATHAN Third Eye Resources has entered into an earn-in joint venture with Black Raven Mining Pty Ltd where they are able to earn up to 70% (refer to ASX announcement dated 5 October 2020 for further details) Royalties – there are various royalties that apply to specific tenements within the project area. The IRC royalty is a 1.5% NSR royalty that applies to E51/1602, E51/1603 and E51/1604, as well as a 49% interest in M51/270, M51/353 and M51/451. The SBM royalty comprises either a 0.5% gold royalty or a 1.0% NSR “Other Metals” (not gold) and applies to mining leases M51/270, M51/353 and M51/451. The Zebina Royalty is a 0.5% NSR on gold and other metals, payable on tenements E51/1906 and P51/3082
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.		All of the Exploration Licences are in good standing and no known impediments exist on the tenements being actively explored.

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

Criteria	JORC Code explanation	Commentary
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Gold was first discovered at Chesterfield in 1901, and was mined from the Dorothy deposit until 1909 to a depth of 30m, and at Margueritta also until 1909 to a depth of 38m (Watkins and Hickman, 1990). Production ceased due to heavy water inflows. Gold production from the Big Ben area is also listed for the period 1901-1911. The Margueritta mine was reopened from 1935 to 1936, and also from 1951 to 1960. However the majority of the recorded production (84%) for Margueritta is from the first period of production. Total historic production from the Chesterfield mining centre documented was 10,134 ounces, from 13,374t treated at a calculated grade of 22g/t. The high-grade mineralisation is associated with quartz veins, predominantly within the felsic volcanic sequence. Numerous phases of exploration activity have occurred over various areas of the Jillewarra project since the mid 1960’s, by a wide range of companies including: • Mallina Mining & Exp NL (1968-1972) - Nickel • Esso Australia Ltd (1977) – Copper, Zinc • Australian Anglo American Ltd (1980-1981) - Gold • Academus Minerals NL (1969-1970) – Nickel • CSR Ltd (1983-1985) – Copper, Zinc, Gold • CRA Exploration Pty Ltd (1984-1989) - Gold • Western Mining Corp Ltd (1987-1988) - Gold • Kingsgate Consolidated NL (1986-1989) - Gold • Browns Creek Gold NL (1982-1989) - Gold • BHP Minerals (1986-1990) - Gold • Hillmin Gold Mines Pty Ltd (1983-1989) - Gold • Saunders & Associates (1982) - Gold • Homestake Australia Ltd (1991-1992) - Gold • Archaean Gold NL (1993-1995) - Gold • E. Moses (1989-1991) - Gold • CRA Exploration Pty Ltd (1992-1997) – Gold • St Barbara Mines Ltd (1990’s) – Gold & Base Metals • Independence Group NL (2000’s) – Gold & Base Metals • General Mining (2012 to 2018) - Gold & Base Metals Work by S2 is ongoing to compile and where possible field verify historical exploration activities.

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

Criteria	JORC Code explanation		Commentary
Geology	Deposit type, geological setting and style of mineralisation.		The Jillewarra Project is situated along the Archean Mingah Range greenstone belt. This belt is interpreted to have a strike length of 40km and 9.5km in width. At a regional scale a large south plunging antiform is evident, and a number of northwest to southeast trending faults cut through the area. The Mingah Range is composed of a sequence of basalt and fine- grained amphibolites, felsic and intermediate volcanics, shale and siltstones, and layered gabbroic sills. All rocks are metamorphosed to greenschist facies, and in many cases deformed, particularly adjacent to the major structures. The geology can be characterised by three main lithological groups: 1. A basal sequence of mafic to ultramafic extrusive rocks (high- mg basalt, basalt and ultramafic units and minor intrusives) 2. An upper sequence of a mixed package of felsic volcanics, sediments, sedimentary iron formation and minor mafic volcanics. 3. Both sequences have been intruded by a series of differentiated mafic-ultramafic sills that appear to have preferentially intruded the upper volcano-sedimentary sequence. The intrusive sills are characterised by a peridotite-pyroxenite base overlain by a thicker unit of gabbro. Known mineralisation within the project area includes numerous small high-grade epigenetic gold deposits within the historical gold mining centres of_Chesterfield_and_Wardabie,_Pb-Ba vein deposits and layered ultramafic and mafic sills containing anomalous Ni and Cu values. Chesterfield The Chesterfield Mining Centre lies towards the southern end of the drag folded sequence of the Mingah Range Greenstone Belt and is associated with differentiated gabbro, amphibolite and ultramafic rocks. It includes historical producers such as; Big Ben, Little Ben and Cashman’s Reward to the north and Dorothy and Margueritta Mines to the south. The gold mineralisation is hosted by narrow, high grade quartz-pyrite-pyrrhotite veins which are developed both parallel and discordant to enclosing rock units and are associated with peripheral stockworks hosted by carbonate altered basalts with minor intercalated shale horizons. Wardabie The Wardarbie Mining Centre is situated at the north western end of the project area, and includes historical producers such as Wardarbie and Third Brigade. Workings are hosted by talc- chlorite amphibolite schists. The project is considered prospective for mesothermal lode gold mineralisation as well as polymetallic volcanogenic hosted massive sulphide mineralisation.

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

Criteria	JORC Code explanation	Commentary
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • 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 interception depth • hole length.	Refer to Annexure 1.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	All results have been length weighted and are reported using a nominal 0.5g/t Au cut-off. To date, no top cuts have been used as it has not been deemed material to date.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Where aggregate intercepts include individual zones of higher grade these are reported, using the same methodology as for the larger intervals. The lower cut-off grade for the including intervals is reported in the relevant tables
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent results have been reported
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	S2 is unable to determine any relationship at this stage and all results reported are downhole lengths only and true widths are unknown.
Diagram	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures in body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All exploration results, including any historical results considered significant, are reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Various historical moving loop electromagnetic surveys have been carried out within the project. Interpretations of these surveys have been reviewed by S2. S2 has not undertaken a full detailed evaluation of the geophysical results to date.

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

Criteria	JORC Code explanation	Commentary
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive	Ongoing geological interpretations, incorporating the current drilling is being undertaken prior to any future RC follow-up tot test the depth extents of the mineralisation. Follow-up aircore (+/- RC) drilling programs are planned for the broader Chesterfield area, that includes the Dorothy – Margueritta prospects.

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