S2 RESOURCES LTD — Investor Presentation 2021

Feb 9, 2021

Investor Presentation,

Matthew Keane, CEO

PLATFORM SET FOR "COMPANY MAKING" DISCOVERIES

Bell Potter Unearthed Presentation 10th February 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 USA), Mr Andy Thompson (for Scandinavia) and Mr Anthony Goddard (for USA) who are employees and shareholders of the Company and which fairly represents this information. Mr Bartlett and Mr Thompson are members of the Australasian Institute of Mining and Metallurgy, and Mr Goddard is a member of the Australian Institute of Geoscientists and a Registered Professional Geoscientist (RPGeo). Mr Bartlett, Mr Thompson and Mr Goddard have sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bartlett, Mr Thompson and Mr Goddard consent 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 Bureau Veritas' laboratories in Perth and Kalgoorlie, Western Australia, ALS laboratories in Loughrea, Ireland, and Bureau Veritas' laboratory in Elko, Nevada. 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 coordinates are based on the GDA/MGA grid and datum unless otherwise stated. In Finland, all sample and drill hole co-ordinates are based on the ETRS-TM35FIN grid and datum unless otherwise stated. In Sweden, all sample and drill hole co-ordinates are based on the new SWEREF99TM and older RT-90 grids and datums unless otherwise stated. Exploration results obtained by other companies and quoted by S2 have not necessarily been obtained using the same methods or subjected to the same QAQC protocols. These results may not have been independently verified because original samples and/or data may no longer be available.

The information in this presentation that relates to Mineral Resource estimation is based on information compiled by Mr Brian Wolfe, Principal Consultant Geologist – IRS Pty Ltd and Mr Andy Thompson, an employee and shareholder of the Company. Mr Wolfe and Mr Thompson are members of the Australasian Institute of Mining and Metallurgy and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Wolfe and Mr Thompson consent to the inclusion in this presentation of the matters based on their information in the form and context in which they appear.

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

• Australia and Finland – ranked 1st and 2nd in the world in the Fraser Institute's 2019 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 prospector 21.4%
• Jupiter Asset Management (London) 14.7%
• Paradice (Sydney) 7.5%
• Top 20 own 64%

Wellfunded:

• A$10.6 million cash1
• A$3.4 million investment through 15.5% 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 prospectsin highly endowed, but under-explored and/or emerging districts

• Actively evaluating greenfield, belt-scale opportunities

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

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

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 Atlas Iron, NRW, current director of Fleetwood, 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

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

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

Markus Staubmann – Manager Exploration & Business Development

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

Corporate

Wellfunded	Cash1	A$10.6m
	Investments2	A$3.4m
Favourable capitalstructure	Debt	Nil
	Shares onissue	314.9m
			Notes
	Options onissue3	40.3m	31st December 20201. Cash at
	MarketCapitalisation4	A$55.1m	2. 75.2m shares in Todd River Resources (ASX:TRT) @A$0.045/share
	EnterpriseValue	A$44.5m
			3. Weighted average price of A$0.29per option = A$11.8m ifexercised
Strong shareholderbase	Top 20holders	201.5m shares /64%	4. Based on share price of A$0.175per ordinaryshare

Jillewarra, WA (earning 51% then70%):

• Covers 790km2 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

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

West Murchison, WA (100% under application):

• 880km2 area targeting Julimar-style Ni-Cu-PGE in previously unrecognised mafic/ultramaficintrusions
• First pass soil sampling indentified a broad Ni-Cu-PGE and gold anomaly on first of several targeted intrusions

Three Springs, WA(100%):

• Targeting Julimar-style Ni-Cu-PGE in magnetic anomalies interpreted to be unrecognised mafic/ultramafic intrusions
• Exploration Licences recently granted covering 478km2

Polar Bear, WA (100% nickel rights):

• 806km2 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 in the Fraser Range northeast of the Nova-Bollinger mine
• Two EM conductors tested in late-2020 logging interpreted both as predominantly iron sulphides
• Downhole EM to test for any significant off-hole conductors

Berkshire, WA (via S2's 15.5% ownership of Todd River Resources):

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

Planned Work Programs

Busy year ahead with multiple exploration programs already underway

• Jillewarra gold: RC drilling underway at the Dorothy and Margueritta prospects
• Jillewarra base metals: Drill to test VMS potential at the Woods anomaly
• Ruopas base metals: Base of till (BoT) drilling and ground EM in progress
• Aarnivalkea: Planning follow-up drilling to recent high-grade gold intercepts

Project	2020	2021
		Mar Q	Jun Q	Sept Q	Dec Q	2022
	JV executed		RC, AC and diamond drilling: Gold and base metal targets
Jillewarra Gold	Target generation
	Aarni deep holes		Aarni follow-up diamond drilling
Finland: Gold	Further licences granted		Greater Paana, Palvanen and Mesi base of till drilling			Drilling TBC*
Finland: Base Metals	Licences granted	Base of till drilling		Diamond drilling
		EM Surveys
Fraser Range	EM conductors drilled			Follow-up drilling TBC*
		Downhole EM
Three Springs	Attain land access
			Auger geochem and EM			Drilling TBC*
West Murchison			Attain licence grant
				Soil / auger geochem and EM		Drilling TBC*

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

Strategic repositioning in 2020 to incorporate more exposure to Western Australia projects

Four additional projects secured in 2020:

• Jillewarra Au & Cu-Zn farm-in (earning70%)
• West Murchison Ni-Cu-PGE project (100%, application)
• Three Springs Ni-Cu-PGE project (100%,granted)
• Fraser Range Ni-Cu project (100%)

Balance of gold and base metal projects

Jillewarra Gold & Base Metals Project (earning 70%)

Farm-in with private vendor

Covers 790km2 and 50km 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 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 deposit

Jillewarra: Drilling Underway

Numerous historic gold working

Limited exploration under shallow cover

Historic drilling mostly limited to within 70m of ground surface

RC, Aircore and diamond drilling planned for 2021

S2 drilling underway at the Dorothy and Margueritta prospects

Jillewarra: Walk-up Gold Targets

Dorothy and Margueritta workings provide promising indications of high grade potential

No drilling at depth >100m

Very little drilling along trend or on parallel structures

Jillewarra: VMS Base Metal Potential

Strategic ~600km2landholding in the CLGB

• Early mover advantage
• Licences on key structures

Prospective for gold and base metals

• ~9Moz Kittilä gold mine
• 298Mt Kevista Ni-Cu-precious metals mine
• 44Mt Sakatti Cu-Ni-PGE deposit

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

• Increasing North American focus

CLGB becoming increasingly concentrated by mid to large cap miners

Despite this, the region is still greatly under-explored

Finland: Why Finland?

Gold potential: all well explored (mature) gold belts show a similar number and size distribution of gold deposits

Magmatic copper-nickel-PGM potential: Kevitsa mine (Boliden) and now the large Sakatti discovery (Anglo American):

SAKATTI CU-NI-PGE
Class	Mt	Cu%	Ni%	Co%	Pt g/t	Pd g/t	Au g/t
Measured	$\blacksquare$	$\overline{\phantom{0}}$	$\blacksquare$	٠	٠	$\blacksquare$	۰
Indicated	3.5	3.45	2.47	0.11	0.98	1.18	0.33
Inferred	40.9	1.77	0.83	0.04	0.61	0.43	0.33
Yht.	44.4	1.9	0.96	0.04	0.64	0.49	0.33

Image and table reproduced from Anglo American's presentation at the Fennoscandia Exploration and Mining conference, Levi, Finland, November 2017

Aarnivalkea: On the Cusp of a Significant Virgin Discovery

On the cusp of a significant new gold discovery at Aarnivalkea ("Aarni")

• The system has scale: 1.3km geochemical anomaly
• Propensity for high-grade intercepts, including:
  • o 6.9m @ 11.8g/t gold from 223.0m, including 4.0m @ 18.1g/t gold
  • o 20.4m @ 2.3g/t gold from 193.1m, including 8.0m at 4.8g/t
  • o 6.0m @ 5.4g/t gold from 59.0m, including 4.0m @ 7.8g/t gold
• Proximal to a major structural feature

Aarnivalkea Gold Prospect

High-grade gold intercepted in the two holes drilled at depth below the main mineralised anomaly (575m apart)

Aarnivalkea Gold Prospect

Aarnivalkea Gold Prospect

CLGB is highly prospective for magmatic copper-nickel-PGM mineralisation evidenced by Boliden's Kevitsa mine and Anglo American's Sakatti deposit

• Rupoas is located ~90km to the west in the same belt

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

Significant large scale gravity anomaly, mafic-ultramafic intrusives and smaller scale discrete magnetic anomalies

A 900 line kilometer VTEM survey identified numerous EM anomalies

BoT and ground EM underway at Ruopas Pahtapuura

Ruopas 1 Target

Prospective for Sakatti -style magmatic nickel -copper -PGE mineralisation

~200km2 exploration licence application with mapped ultramafics along a gravity high

Numerous coincident nickel copper -cobalt anomalies in partial leach geochemical soil sampling

Key target comprises an EM conductor with coincident nickel - copper anomalism in base of till drillholes

Landholder objection to the Exploration Licence rejected by Finland Administrative Court

• Final grant subject to 30 day appeal process

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

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

Chalice Gold Mines' Julimar discovery has shown the Ni-Cu-PGE potential

West Murchison - 880km2 application awaiting grant

• Anomalous nickel-copper in soils over mapped ultramafic geology

Three Springs – 478km2 recently granted

• Awaiting landholder access approvals
• 15.5% of Todd River Resources (ASX:TRT)
• Berkshire Valley Project: Julimar style mafic/ultramafic intrusion potential