New Risk • Nov 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Revenue is less than US$1m (AU$202k revenue, or US$131k). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$43.6m market cap, or US$28.2m). Announcement • Nov 05
S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 3 million. S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,744,200
Price\Range: AUD 0.10086
Transaction Features: Subsequent Direct Listing Announcement • Oct 30
S2 Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million. S2 Resources Ltd has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,744,200
Price\Range: AUD 0.10086
Transaction Features: Subsequent Direct Listing Announcement • Oct 10
S2 Resources Ltd, Annual General Meeting, Nov 28, 2025 S2 Resources Ltd, Annual General Meeting, Nov 28, 2025. New Risk • Sep 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.2m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Revenue is less than US$1m (AU$202k revenue, or US$133k). Minor Risk Market cap is less than US$100m (AU$50.1m market cap, or US$33.1m). New Risk • Aug 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$523k revenue, or US$338k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$60.2m market cap, or US$38.9m). New Risk • Apr 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.5m free cash flow). Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Revenue is less than US$1m (AU$523k revenue, or US$316k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$9.6m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$47.6m market cap, or US$28.7m). Recent Insider Transactions • Mar 11
Executive Chairman recently bought AU$60k worth of stock On the 7th of March, Mark Bennett bought around 914k shares on-market at roughly AU$0.065 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Mark has been a buyer over the last 12 months, purchasing a net total of AU$145k worth in shares. Announcement • Oct 11
S2 Resources Ltd, Annual General Meeting, Nov 29, 2024 S2 Resources Ltd, Annual General Meeting, Nov 29, 2024. Announcement • Sep 19
Outback Goldfields Corp. (TSXV:OZ) completed the acquisition of Sakumpu Exploration Oy from S2 Resources Ltd (ASX:S2R). Outback Goldfields Corp. (TSXV:OZ) agreed to acquire Sakumpu Exploration Oy from S2 Resources Ltd (ASX:S2R) for CAD 7 million on February 16, 2024. Outback Goldfields entered into a definitive share purchase agreement to acquire Sakumpu Exploration Oy from S2 Resources Ltd on May 9, 2024. The consideration consists of CAD 1.50 million in cash and CAD 5.50 million in common equity. The completion of the Transaction remains subject to a number of terms and conditions, among other standard conditions for a transaction of this nature, including, among other things: (i) the negotiation and execution of the Definitive Agreement; (ii) completion of the Offering; (iii) approval of the shareholders of Outback and, if required, the shareholders of S2; (iv) the preparation of a NI 43-101 compliant technical report for each of the material S2 Finnish Projects that is acceptable to the TSXV and Outback; (v) the receipt of all required regulatory, stock exchanges (including the TSXV), creditor, court, security holder and other approvals, consents, permits, waivers, exemptions and orders; and (vi) if required by the TSXV, delivery of a sponsor report. There can be no assurance that all of the necessary regulatory and shareholder approvals will be obtained or that all conditions of closing will be met. As of April 25, 2024, prior to completion of the Transaction, Outback expects to complete a consolidation of its outstanding common shares pursuant to which it will issue one post-consolidation Share for each ten pre-consolidation Shares. The deemed issuance price of the Consideration Shares will be equal to the Offering Price such that S2 will receive 13,750,000 Shares, on a post-Consolidation basis, on completion of the Transaction. It is expected that S2 will own approximately 43% of Outback, on a basic basis, upon completion of the Offering and the Transaction. It is anticipated that the Transaction will close in July 2024. As on August 23, 2024, Outback Goldfields entered into non-brokered private placement for gross proceeds of up to CAD 0.3 million representing the funds needed to bridge the Company as it works to satisfy the closing conditions for the Acquisition. Pursuant to the Offering, Outback will issue up to 7,500,000 units at a price of CAD 0.04 per Unit. Each Unit will consist of one common share of Outback Goldfields and one common share purchase warrant of Outback Goldfields. Each Warrant shall entitle the holder thereof to purchase one additional Share at a price of CAD 0.06 for a period of three years.
Agentis Capital Mining Partners is acting as financial advisor, and Forooghian + Company Law Corporation is acting as legal counsel to Outback.
Outback Goldfields Corp. (TSXV:OZ) completed the acquisition of Sakumpu Exploration Oy from S2 Resources Ltd (ASX:S2R) on September 18, 2024. New Risk • Sep 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.1m free cash flow). Earnings are forecast to decline by an average of 7.0% per year for the foreseeable future. Revenue is less than US$1m (AU$469k revenue, or US$313k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$9.7m net loss in 3 years). Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (AU$41.2m market cap, or US$27.5m). New Risk • Sep 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.1m free cash flow). Revenue is less than US$1m (AU$469k revenue, or US$313k). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (AU$41.2m market cap, or US$27.5m). Announcement • Dec 13
S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 7 million. S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 7 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 41,176,471
Price\Range: AUD 0.17
Discount Per Security: AUD 0.0102
Transaction Features: Subsequent Direct Listing Announcement • Sep 28
S2 Resources Ltd, Annual General Meeting, Nov 15, 2023 S2 Resources Ltd, Annual General Meeting, Nov 15, 2023. New Risk • Sep 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (AU$64k revenue, or US$41k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$71.8m market cap, or US$45.7m). New Risk • Aug 13
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (AU$64k revenue, or US$42k). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$67.7m market cap, or US$43.9m). Announcement • Aug 08
Pacific State Metals (Holdings) Ltd signed a binding agreement to acquire West Murchison and Fraser Range exploration projects in Australian from S2 Resources Ltd (ASX:S2R). Pacific State Metals (Holdings) Ltd signed a binding agreement to acquire West Murchison and Fraser Range exploration projects in Australian from S2 Resources Ltd (ASX:S2R) on August 7, 2023. In return for the sale, S2 will receive 7 million ordinary fully paid shares in the issued capital of Pacific State, representing approximately 28.6% of Pacific State’s issued capital (on a post-transaction basis). New Risk • Jul 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.5m free cash flow). Earnings have declined by 10% per year over the past 5 years. Revenue is less than US$1m (AU$64k revenue, or US$43k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (AU$65.6m market cap, or US$43.8m). Announcement • Feb 13
S2 Resources Ltd Advises Completion Nine Holes of the Ten Hole Diamond Drilling Program Testing Six Electromagnetic (Em) Conductors and Four Geological Targets At Its Polar Bear Nickel Project S2 Resources Ltd. advised that it has completed nine holes of the ten hole diamond drilling program testing six electromagnetic (EM) conductors and four geological targets at its Polar Bear nickel project where the Company has 100% of the nickel rights. This program, concentrated in a six kilometre long corridor containing approximately 15 strike kilometres of folded and structurally repeated ultramafics, has confirmed the presenceof significant accumulations of prospective ultramafic stratigraphy namely high magnesium cumulate channel facies ultramafics - with frequent occurrences of trace to disseminated sulphide mineralisation as summarised below. Trace sulphide is defined by sulphide minerals comprising up to 2% of the rock, and disseminated sulphide is defined by sulphide minerals comprising 2-10% of the rock. The sulphide minerals are logged as a variable mix of pyrrhotite (iron sulphide) and pentlandite (nickel sulphide). Five holes (50% of holes drilled) intersected intervals of trace to disseminated sulphide mineralisation within and at the base of thick channelised ultramafic sequences Two holes appear to have intersected the target horizon, which is the basal contact of the ultramafic, at the depths predicted by surface EM without intersecting conductive rocks that would explain the EM anomalies, suggesting that these holes may have narrowly missed the actual position of the conductors and will require down hole electromagnetic (DHEM) surveys to verify and resolve the position of these conductors to guide follow up drilling Two holes intersected conductive black sulphidic shales at the downhole depth predicted by EM, so these conductors have been definitively tested but with a negative outcome Although no new zones of massive sulphide were intersected in this program, the abundance of thick, high magnesium, channelised ultramafics with the frequent occurrence of trace to disseminated sulphide mineralisation is considered encouraging, attesting to the fertility of these rocks and the potential for the presence of massive nickel sulphide accumulations. The intervals of trace to disseminated sulphides described in this release are based on visual logging only and are described as a fine grained mix of pyrrhotite (iron sulphide) and pentlandite (nickel sulphide). The actual grade and width of these intervals is unknown and cannot be estimated until laboratory analyses have been completed. It is important to note that visual estimates of sulphide mineralisation are qualitative not quantitative, should not be considered a proxy or substitute for laboratory analysis, and should not be relied on to draw conclusions relating to potential economic value or in making investment decisions. It is anticipated that a full set of definitive laboratory analyses will be available by late March. Hole SPBD0370, drilled to test conductor PBC22-1 located approximately one kilometre east of the Halls Knoll prospect, passed through a thick (145 metre) sequence of high magnesium channel facies cumulate ultramafics and intersected the target horizon (the basal ultramafic contact) at a depth of 319 metres. This is within 10 metres in a downhole sense of the modelled position of the surface EM conductor. The lower 12 metres of the ultramafic, immediately above the basal contact, contains finely disseminated sulphides which are interpreted to be the down dip continuation of the anomalous nickel and copper intersected in previous aircore drilling (8 metres at 0.32% Ni and 0.03% Cu from 4 metres in SPBA3578, refer to S2 ASX Quarterly Report of 19th October 2015). This confirms that the ultramafic contains nickel sulphides at this location and indicates that these sulphides persist over a significant dip extent of at least 280 metres and over an unknown strike extent. Importantly, the proximity of the basal contact with the modelled depth of the conductor, the presence of disseminated sulphides in the lowermost 12 metres of the ultramafic at this point, and the lack of any conductive rocks capable of explaining the conductor, suggest that the drill hole may have missed the target and that the surface conductor may be located nearby. A down hole electromagnetic (DHEM) survey will be required to provide better spatial constraint on any such conductor, and to guide a follow up drill hole if warranted. Hole SPBD0371 targeting conductor PBC22-2a, a poorly constrained conductor located on the southern extension of the Halls Knoll ultramafic trend, passed through a thick sequence of basalt and intersected the target horizon (in this case the overturned basal contact of the high magnesium channel facies ultramafic) at a depth of 436 metres. This contact is interpreted to represent the structurally inverted basal contact of the same ultramafic package that hosts the Halls Knoll mineralisation to the north and conductor PBC22-1 the potential near-miss in drill hole. SPBD0370. Announcement • Dec 22
S2 Resources Ltd Provides Interim Update of Polar Bear Nickel Drilling S2 Resources Ltd. completed the first three holes of a planned nine hole program testing six electromagnetic (EM) conductors and three geological targets at its Polar Bear nickel project where the Company has 100% of the nickel rights. Two of the lower priority EM conductors have been drilled, with sedimentary sulphides being intersected at the depth predicted by the EM. One geological target has been drilled, with intervals of trace to disseminated magmatic sulphides being intersected in a thick ultramafic sequence. The drilling sequence is based on logistical considerations, so the higher priority targets will be drilled in January following a pause for the Christmas break. Hole SPBD0366, testing conductor PBC22-5, intersected a package of ultramafics and high-magnesian basalts at the top of the hole before passing into basalt, with minor interflow sediments, from approximately 190 metres. A thin, sheared black shale intersected near the target depth (392 metres) of the modelled EM plate is considered the likely source of the MLEM response. Conductor PBC22-5 is a cluster of three separately modelled EM which collectively form a 1.5 kilometre long trend of EM anomalism. Such long strike length trends are more typical of conductive stratigraphic units rather than discrete responses which are more typical of nickel sulphide mineralisation, so this conductor is intrinsically less prospective than some of the as yet untested conductors that will be drilled once the rig recommences drilling in January. Hole SPBD0367, testing conductor PBC22-3, intersected prospective ultramafic rocks at the top of the hole down to approximately 90 metres before passing into basalt. At 172 metres the hole intersected sedimentary rocks, including approximately 6 metres of strongly sulphidic black shales. The sulphides, comprising pyrrhotite, pyrite with minor chalcopyrite and sphalerite, are typical of black shales and are not of economic interest. Hole SPBD0368, testing beneath a zone of anomalous nickel and copper in previous reconnaissance aircore drilling not covered by the recent SQUID EM survey, intersected more than 80 metres of prospective ultramafic rocks in two zones, separated by a late-stage felsic porphyry intrusion. Importantly, the ultramafic contains minor zones of trace to disseminated "cloud" sulphide consisting of pyrrhotite-chalcopyrite-pentlandite. This mineralisation, whilst not economic, confirms the presence of a fertile nickel prospective system, separate to the known Halls Knoll and Taipan - Gwardar trend. Laboratory assay results will be reported when the Company receives them. The hole was still in prospective ultramafic rocks when drilling ceased for the Christmas break, with the hole to be extended when drilling resumes in the new year. All holes have been /will be cased with PVC to facilitate future down-hole electromagnetic (DHEM) surveys to confirm the drilling has adequately tested the EM anomalies. Whilst drilling to date has not intersected material magmatic nickel sulphides, it is encouraging to note that the EM appears to be working well in terms of its ability to detect and predict the position of sulphides, which bodes well for the remainder of the program in which the more prospective targets will be tested. As stated in S2's previous ASX announcement of 16th November 2022, the sequence in which the holes are being drilled is based primarily on logistical considerations rather than perceived prospectivity of each target. Announcement • Nov 17
S2 Resources Ltd Announces Drilling Recommences At Polar Bear on New Electromagnetic Conductors and Existing Nickel Prospects S2 Resources Ltd. advises that diamond drilling will commence in the next few days on Lake Cowan to test the electromagnetic (EM) conductors identified in an electromagnetic (EM) survey undertaken in July, as well as repetitions and extensions of nickel sulphide mineralisation along the partly drilled trend containing the previously discovered Halls Knoll, Taipan and Gwardar nickel prospects. The conductors identified in the recent EM survey will be drilled in a program scheduled to run through to January/February 2023. These conductors were identified beneath Lake Cowan, a large salt lake, using the low temperature superconducting quantum interference device ("SQUID") EM technology, which can "see" more clearly through the conductive lake surface. These conductors are spatially associated with strongly anomalous nickel, copper and platinum-palladium levels in aircore holes previously drilled by the Company for both gold and nickel, and in rock chip samples collected from outcropping gossans. Drilling will also follow up significant nickel sulphide mineralisation at the Taipan, Gwardar and Halls Knoll prospects, on the shores of Lake Cowan, where previous aircore, reverse circulation (RC) and diamond drilling by the Company has intersected zones of disseminated and massive nickel sulphides. Price Target Changed • Nov 16
Price target increased to AU$0.24 Up from AU$0.18, the current price target is provided by 1 analyst. New target price is 50% above last closing price of AU$0.16. Stock is down 24% over the past year. The company posted a net loss per share of AU$0.021 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Non-Executive Director Anna Neuling was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 28
S2 Resources Ltd, Annual General Meeting, Nov 16, 2022 S2 Resources Ltd, Annual General Meeting, Nov 16, 2022. Agenda: Annual General Meeting. Announcement • Aug 12
S2 Resources Ltd Announce Cessation of Matthew Keane as CEO S2 Resources Ltd. announced as a result of this change, the Perth-based position of Chief Executive Officer has become redundant, and consequently, Mr. Matthew Keane will cease his role as CEO effective immediately. S2 acknowledges Mr. Keane's contribution since commencing in 2020, having managed the Company during the Covid pandemic and associated government-imposed travel and activity restrictions. Announcement • Jul 26
S2 Resources Ltd Announces Management Changes S2 Resources Ltd. advised that Executive Director Anna Neuling will be moving to a Non-Executive Director role effective from 1st August 2022. As part of this role change, Anna will relinquish Company Secretary responsibilities effective 26 July 2022 and Andrea Betti has been appointed Company Secretary to the Company and its subsidiaries, effective 26 July 2022. Ms. Betti is an accounting and corporate governance professional with over 20 years experience in accounting, corporate governance, finance and corporate banking. She has acted as Chief Financial Officer and Company Secretary for a number of companies in the private and publicly listed sectors, as well as senior executive roles in the banking and finance industry. Ms Betti is currently a Director of a corporate advisory company based in Perth that provides corporate and other advisory services to public listed companies. Angela McDonald, S2's Financial Controller, will be taking over Anna Neuling's financial responsibilities and Matthew Keane, S2's CEO, will be taking over Anna Neuling's corporate and commercial responsibilities. Recent Insider Transactions • May 07
Executive Chairman recently bought AU$79k worth of stock On the 6th of May, Mark Bennett bought around 509k shares on-market at roughly AU$0.15 per share. This was the largest purchase by an insider in the last 3 months. Mark has been a buyer over the last 12 months, purchasing a net total of AU$81k worth in shares. Price Target Changed • Apr 27
Price target increased to AU$0.24 Up from AU$0.18, the current price target is provided by 1 analyst. New target price is 55% above last closing price of AU$0.15. Stock is down 6.1% over the past year. The company is forecast to post a net loss per share of AU$0.024 next year compared to a net loss per share of AU$0.023 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Company Secretary & Executive Director Anna Neuling was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 04
S2 Resources Ltd Advises Maiden Drilling Program at the Company's 100% Owned West Murchison Project in Western Australia S2 Resources Ltd. advised that the maiden drilling program at the company's 100% owned West Murchison Project in Western Australia has intercepted disseminated sulphides. Seven reverse circulation (RC) holes have been completed to date for a total of 832 metres, part of a co-funded drilling program under the Department of Mines, Industry Regulation and Safety (DMIRS) sponsored Exploration Incentive Scheme (EIS). This drilling has intersected a thick sequence of mafic-ultramafic rocks, comprising intermixed serpentinites (olivine rich cumulate ultramafics), tremolite-chlorite schists (potentially after pyroxenite) and mafic amphibolites (potentially after gabbro). These rocks are interpreted to represent components of an intrusive magmatic complex and confirm the Company's targeting methodology. The northernmost drill hole, SWMC007, intersected two zones of disseminated sulphides (approximately 5% of the rock mass) between 61-64 metres and 6871 metres downhole. Handheld XRF readings of confirm the presence of elevated nickel (0.20% to 0.76%) and copper (0.30% to 1.18%) within these intervals. The sulphides appear to be associated with a discrete mafic magmatic phase located just above a more ultramafic phase of magma now represented by serpentinite. Drilling at the Woodrarung target was designed to follow up on a previously defined semi-coincident nickel, copper, platinum-palladium and gold soil geochemical anomaly. Drill holes SWMC001 to SWMC006, drilled 160 to 880 metres to the south of SWMC007, encountered only trace sulphides. Samples for all holes will now be submitted for analysis. Ongoing drilling and geophysics at West Murchison: RC drilling is ongoing. Following the completion of hole SWMC007, the next hole will be drilled approximately 40 metres to the south. Note that holes SWMC007 and SWMC005 were drilled some 160 metres apart. Further drilling to the north of SWMC007 is planned subject to obtaining an extension to the existing heritage survey clearance area. The current drill program will also include approximately four reconnaissance RC holes at the Whitehurst target to the south of Woodrarung. Drilling at Whitehurst will target a nickel-copper-chrome soil geochemical anomaly which is coincident with mapped ultramafic outcrops. Soil samples in this area contain up to 226 ppm copper associated with anomalous nickel (max 685 ppm). There is also an isolated PGE anomaly up to 21ppb (combined platinum and palladium) on the southern margin of the copper anomaly. A HELITEM® airborne electromagnetic survey is due to commence later this month over the Aubrey, Aubrey South and Yalgamine targets. Previous soil geochemical surveys have identified anomalous nickel and copper at all three target areas. Announcement • Dec 09
S2 Resources Ltd Announces Greater Fosterville Project Updates S2 Resources Ltd. announced Greater Fosterville Project Updates. Key Points: Exploration Licence Application (ELA) process underway over Block 4 of the Victorian Government ground release following S2's award of preferred tenderer status. Initial community engagement commenced. Preparatory technical work started, comprising data consolidation and target generation on the ELA, which abuts and surrounds Kirkland Lake Gold's world class Fosterville Mine. Substantial historical datasets, incorporating extensive geophysical and geochemical surveys, gives S2 a significant head start defining targets. Initial findings indicate key structures and stratigraphy hosting Fosterville gold mineralisation continue north and south into the Greater Fosterville ELA. Announcement • Sep 09
S2 Resources Ltd Announces Finland Exploration Update S2 Resources Ltd. (‘S2’ or the ‘Company’) announced that two diamond drill holes (FRPD0001 and 2) have been completed at the Company's 100% owned Ruopas Isovaara target in northern Finland. These holes were designed to test a coincident electromagnetic (EM) plate and elevated nickel and copper in Base of Till (BoT) drilling. Hole FRPD0001 intercepted two 20-30cm zones of semi-massive sulphides within hydrothermal quartz veins at 190 metres and 259 metres. Hole FRPD0002 was drilled 50 metres up-plunge and intercepted similar width semi-massive sulphide zones in the same stratigraphic positions at 138 metres and 205 metres downhole. These sulphides are believed to be the source of the modelled fixed loop EM plate which was anticipated to be intercepted at approximately 250 metres downhole in FRPD0001. Sulphides comprised predominantly pyrrhotite (iron sulphide) with minor chalcopyrite (copper sulphide). Due to the hydrothermal nature of the sulphide mineralisation and an association of gold and platinum group elements (PGEs) with veining and sulphides in some deposits within the Central Lapland Greenstone Belt, these sulphide zones will be assayed for precious metals. Drilling of hole FRPD0002 is continuing to a depth of 250 metres to provide a platform for downhole electromagnetics (DHEM), with the aim of confirming that the conductive zone modelled from the ground EM has been satisfactorily explained. The original fixed loop EM (FLEM) defined a conductive body measuring 280 metres long by 240 metres deep, dipping steeply to the northeast. Gold assay results have been received for the remainder of diamond holes FAVD0065 and FAV0066, the first two follow-up holes drilled at the Company's 100% owned Aarnivalkea gold prospect. New intervals from hole FAVD0065 include: 2.00 metres at 1.5g/t gold from 127.0m metres, 19.80 metres at 0.7g/t gold from 305.2 metres, including 0.58 metres at 7.3g/t gold from 308.6 metres, and 1.87 metres at 3.0g/t gold from 329.1 metres. These intercepts are in addition to those previously reported from hole FAVD0065 which include: 1.20 metres at 1.5g/t gold from 161.0 metres (revised interval based on additional assays), 5.81 metres at 2.7g/t gold from 381.1, including 0.62 metres at 16.7g/t gold from 386.3 metres, and 5.64 metres at 3.1g/t gold from 393.4 metres, including 1.04m at 14.2g/t gold from 393.4 metres. No further significant intercepts were recorded in FAVD0066 beyond those previously reported, which include: 18.6 metres at 1.1g/t gold from 228.0 metres, including 1.8 metres at 7.60g/t gold from 244.8 metres, 0.64 metres at 7.5g/t gold from 314.2 metres, and 6.79 metres at 1.2g/t gold from 330.5 metres, including 0.89 metres at 5.2g/t gold from 335.5 metres. Assays are awaited for seven further wide spaced scout diamond holes (FAVD0067 to FABD0073) drilled to depths of 240 to 520 metres over a 1.3 kilometre strike length. Drilling at Aarni' is due to recommence shortly. Announcement • May 31
S2 Resources Ltd Announces Jillewarra Exploration Update S2 Resources Ltd. 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. The recent S2 RC and aircore drilling, together with historic drill holes have highlighted a coherent gold and arsenic anomalous zone extending for approximately 300 metres at Margueritta South. 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. 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 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. 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. Historic workings are present in the area and anomalous gold has been detected in very limited historic drilling and surface geochemistry. 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. Announcement • May 29
S2 Resources Ltd Announces Exploration Licenses Granted for West Murchison Project, Prospective for Magmatic Nickel-Copper-Cobalt and Pge Recious Metals S2 Resources Ltd. announced that all three Exploration Licenses (E70/5382, E09/2390 and E09/2391) at its 100% owned West Murchison project have been granted, covering a combined area of approximately 690 square kilometres. Correspondingly, S2 has entered into a heritage agreement with the Wajarri Yamatji Native Title group. The three Exploration Licenses sit on the north-western margin of the Archean Yilgarn Craton within the Narryer Terrane, proximal to the Darling Fault which is long lived structure dating back to the Proterozoic. The area is considered prospective for intrusive, mafic-ultramafic related Ni-Cu-Co-PGE mineralisation due to: Mapped mafic-ultramafic bodies, as well as additional discrete magnetic features interpreted to be similar bodies under cover; The region's complex structural history, including evidence of Proterozoic overprinting associated with the Capricorn Orogen; Evidence of nickel mineralisation with sub-economic nickel intercepts associated with multi-phase sulphide mineralisation within the Milly Milly intrusion, to the north of the project area (best result 22.7 metres at 0.3% Ni, including 0.5 metres at 0.64% Ni); Nickel, copper, PGE and gold anomalism confirmed in S2 surface sampling of one of these intrusions. Limited early soil sampling by S2 over one of these intrusions in 2020 identified a coherent coincident Ni-Cu anomaly over a weathered ultramafics in a magnetic high in the northern portion of the tenement package. This anomaly is 200 metres wide at the 100ppm copper threshold, with a best result of 550 ppm copper with coincident strongly anomalous (1,562 ppm) nickel. It is open to the east where the interpreted southern margin of the underlying mafic-ultramafic body extends for a further kilometre under cover. The same program also identified a significant gold anomaly and a single rock chip sample grading 0.83g/t gold. Modest platinum and palladium anomalism was also detected in soils, as was the case in the early sampling over the Nova-Bollinger deposit in the Fraser Range. Announcement • May 21
S2 Resources Ltd Receives Assay Results for the First Aircore Program Drilled by the Company at the Jillewarra Joint Venture S2 Resources Ltd. has received assay results for the first aircore program drilled by the Company at the Jillewarra Joint Venture (JV, S2 earning a 70 % interest, see ASX announcement dated 10th October 2020). This program targeted southerly strike extensions to the Dorothy-Margueritta trend, as well as a potential parallel zone of mineralisation to the southwest of the Margueritta prospect. Results from aircore holes include (downhole widths): SJWA0022: 16 metres at 1.5g/t Au from surface, including 4 metres at 4.8g/t Au from 4 metres. SJWA0037: 12 metres at 1.0g/t Au from 28 metres, including 4 metres at 2.8g/t Au from 32 metres. SJWA0102: 27 metres at 0.5g/t Au from 48 metres to the end of hole, including 4 metres at 1.0g/t Au from 52 metres Assay results have also been received for the first five of fourteen reverse circulation (RC) holes aimed at testing depth extensions to the Dorothy and Margueritta prospects. Hole SJWC0005 recorded the only significant result with an intercept of 20 metres at 1.9g/t gold from 92 metres downhole, including 4 metres at 6.8g/t gold from 92 downhole. This hole has extended the northern depth extent of known mineralisation by 24 metres down dip. Assays have been received for S2's first aircore drilling campaign at the Jillewarra JV, which comprised 228 holes (7,600 metres) testing two zones. The first zone is directly south of the Margueritta prospect (Margueritta South) where the outcropping Dorothy-Margueritta trend disappears under cover. The second zone is to the southwest of Margueritta along a trend comprising historic workings and anomalous gold in rock chips and historic broad spaced drilling. At Margueritta South, reconnaissance holes were drilled on 80 to 160 metre line spacing with 20 metre hole spacing targeting southerly extensions to the Dorothy-Margueritta mineralised trend. Encouragingly, anomalous gold and arsenic has been defined over a strike length greater than 600 metres. Better aircore intercepts included: SJWA0022: 16 metres at 1.5g/t gold from surface, including 4 metres at 4.8g/t gold from 4 metres. SJWA0037: 12 metres at 1.0g/t gold from 28 metres, including 4 metres at 2.8g/t gold from 32 metres. Along the Western Trend, wide (240 metre) spaced reconnaissance lines with 20 metre hole spacing were drilled starting approximately 120 metres south of historic workings. Hole SJWA0102 in the northernmost line intercepted 27 metres at 0.5g/t gold from 92 metres to the end of hole. The only drilling to the north is a line of three historic rotary air blast (RAB) holes, which are considered to be ineffective due to being drilled largely parallel to dip. Aircore drilling and rock chips have defined an anomalous gold and arsenic zone greater than 350 metres in strike. Reconnaissance aircore drilling is an early-stage tool in the exploration process. It is highly encouraging that anomalous gold and arsenic trends (with arsenic being a pathfinder for gold) were delineated in both targeted zones. This warrants infill and deeper drilling at both Margueritta South and the Western Trend. Assays have been received for the first five of 14 RC holes drilled along the Dorothy-Margueritta trend. The only significant intercepts were recorded in hole SJWC0005 including: 20 metres at 1.9g/t gold from 92 metres downhole, Including 4 metres at 6.8g/t gold from 92 metres, and 4 metres at 1.0g/t gold from 100 metres, and 4 metres at 1.6g/t gold from 108 metres. This was the northernmost of five holes drilled under the Dorothy prospect. Mineralisation was logged in a sheared contact zone between fine grained sediments and basalt. Assays are pending for the remaining nine RC holes drilled under the Margueritta and Margueritta South prospects. S2 has commenced its second aircore program at Jillewarra. Broad spaced reconnaissance drilling is targeting an area of interpreted structural and geological interest where aeromagnetic imagery shows a bifurcation of stratigraphy to the NW and NNW. Historic working are present in the area and anomalous gold has been detected in very limited historic drilling and surface geochemistry. This program will comprise 5,000 to 6,000 metres covering an area of approximately three square kilometres. Jillewarra remains largely under explored with 50 kilometres strike of prospective Archaean greenstone geology and very limited drilling below 70 metres. The Company will continue its systematic approach to identify and drill test targets throughout the Jillewarra Belt, generally commencing with reconnaissance aircore. To date, 30 targets have been identified based on structural and geological interpretation, evidence of historical workings and historic exploration data. Announcement • Jan 04
S2 Resources Ltd Announces Assays Received from the Lower Portion of Diamond Hole FAVD0064 S2 Resources Ltd. announced that assays received from the lower portion of diamond hole FAVD0064 confirm a second high grade gold zone located 575 metres north of the high grade intercept hole FAVD0062 reported on 8th December 2020. This was the northernmost of four holes drilled in October 2020 to test for dip and plunge extensions to the gold mineralisation discovered in previous shallow reconnaissance drilling at the Company's 100% owned Aarnivalkea prospect in Finland. Hole FAVD0064 returned a high grade gold intercept within a broader zone of mineralisation comprising: 20.40 metres @ 2.3g/t gold from 193.1 metres, including 8.0 metres at 4.8g/t from 198.0 metres. In October 2020, the Company drilled four very widely spaced diamond holes to test for a range of possible down-dip and down-plunge extensions to the gold mineralisation defined in the earlier shallow drilling. Most assay results have now been received with all four holes intercepting gold mineralisation. One batch of samples from hole FAVD0063 are still awaiting assays. The latest results from hole FAVD0064 returned a high grade intercept within a broad zone of gold mineralisation. Better intercepts included: 1.8 metres at 0.9g.t gold from 160 metres downhole, 4.0 metres at 0.9g.t gold from 167 metres downhole, 20.40 metres at 2.3g/t gold from 193.1 metres downhole, including 8.0 metres at 4.8g/t from 198.0 metres downhole, including 4.2 metres at 6.6g/t gold from 198 metres downhole. Hole FAVD0064 is located 575 metres north of the previously reported high grade intercept in hole FAVD0062 which included: 6.85 metres at 11.8g/t gold from 223.0 metres downhole, including 4.0m at 18.1g/t from 223.0 metres downhole. Mineralisation at Aarnivalkea remains open in all directions and there is no drilling below a depth of 120 metres between the intercepts in holes FAVD0062 and FAVD0064. The nearest shallow drill lines adjacent to FAVD0064 are located 120 metres south and 320 metres north. Announcement • Dec 15
S2 Resources Ltd Provides Exploration Update S2 Resources Ltd. announced that its second drill hole in the Fraser Range has been completed. Diamond hole SAFD002 was drilled into an electromagnetic (EM) conductor on the Company's northern licence E28/2791. The hole intercepted approximately 6.5 metres of semi-massive and net textured sulphides from 401 metres downhole, versus the modelled EM conductor depth of 370 to 390 metres downhole. Sulphides comprised predominantly pyrrhotite (iron sulphide) with minor chalcopyrite (copper sulphide) in a mafic host rock. Handheld XRF readings did not identify significant nickel sulphides. The mineralised intervals from holes FAVD001 and FAVD002 will be assayed for base metals and platinum group elements (PGE's) and downhole EM (DHEM) undertaken to test for any off-hole anomalies. However, S2 believes the conductors in both holes have been explained by predominantly iron sulphides with no nickel and minor copper. In the coming months, field mapping and geophysics will assess the prospectivity of S2's third Exploration Licence in the Fraser Range (E28/2794).
Drilling on the Jillewarra Joint Venture is due to commence early in 2021 (S2 earning up to 70% interest). Jillewarra is prospective for both gold and Volcanogenic Massive Sulphide (VMS) base metals. Drilling will initially test depth and strike extensions to the Dorothy and Margueritta prospects, which contain historic shallow drill intercepts, including 3 metres at 40.9 g/t gold from 29 metres, 9 metres at 21.0 g/t gold from 45 metres and 4 metres at 33.8 g/t gold from 33 metres. The Company is also planning follow-up drilling to the high-grade gold intercept of 6.85 metres at 11.8g/t gold from 223.0 metres downhole at its 100% owned Aarnivalkea prospect in Finland. The timing of this drilling is subject to rig availability and planned works at the Ruopas nickel prospect, which is prospective for magmatic intrusive style nickel-copper-PGE mineralisation also located in Finland. Announcement • Dec 02
S2 Resources Ltd Recommences Western Australian Exploration S2 Resources Ltd. announced that exploration activities are commencing on multiple fronts on the Company's Western Australian projects. This includes drilling campaigns in the Fraser Range (nickel-copper-cobalt) and the Jillewarra Joint Venture (gold-base metals). Early geochemical and electromagnetic (EM) surveys are also planned for the West Murchison and Three Springs projects, both located along the western margin of the Yilgarn Craton which is considered prospective for Julimar-style PGE and base metal mineralisation. Key Points: Drilling underway to test compelling EM anomaly in the Fraser Range; Drilling to commence in first quarter 2021 on the new Jillewarra gold and base metals joint venture located 50km west of Meekatharra, Western Australia; Initial drilling at Jillewarra to follow-up on high grade historic gold intercepts including 3m @ 40.9g/t gold and 8m @ 9.2g/t gold; Drilling will also test Jillewarra base metal potential, including EM conductors below Cu-Zn-Pb soil anomalies within prospective VMS stratigraphy; Exploration activities well-funded with $12.6 million cash at 30th September 2020. Fraser Range Drilling Underway: Diamond drilling is underway to test a compelling moving loop electromagnetic (MLEM) anomaly detected on the Company's exploration licence E28/2792 in the Fraser Range. Modelling by Newexco geophysical consultants identified a discrete, highly conductive elongate rectangular body which dips steeply west over a vertical interval of 160 metres and plunges to the northeast over a distance of 800 metres. The up-dip and up-plunge tip of this body commences at a depth of circa 200 metres below surface and deepens down plunge to the northeast. Jillewarra gold and base metal drilling to commence early in 2021: The Jillewarra project is located circa 50 kilometres west of Meekatharra and is considered prospective for both gold and base metals. Historic gold workings are present along several trends and limited drilling has intercepted several zones of shallow high-grade mineralisation. Despite the significant prospectivity, most drilling to date has been limited to within 70 metres of ground surface. Jillewarra Gold: Reverse circulation (RC) drilling will initially target depth extensions of the Dorothy and Margueritta
prospects. The Dorothy prospect is hosted by narrow sulphide-rich quartz veins dipping moderately to the SW within a southerly plunging shoot. Effective drill testing of the Dorothy prospect has been limited to predominantly RC drilling immediately around historical workings, with better results including. Jillewarra Base Metals: S2 also plans to test the Volcanogenic Massive Sulphide (VMS) potential of the Jillewarra Project. The Murchison region hosts significant VMS deposits, including Golden Grove (EMR Capital) and DeGrussa (Sandfire Resources, located circa 300km southwest and 180km northeast respectively. Jillewarra contains felsic volcanic stratigraphy considered prospective for similar VMS mineralisation. Previous multi-element soil sampling has identified several coincident copper-zinc-lead-silver anomalies at the Woods and Selga King localities. The Woods prospectivity is further enhanced by the presence of a cluster of untested non-stratigraphic EM conductors up to 800 metres long, associated with strong barite anomalism and the occurrence of sub-cropping galena (lead sulphide) found at a depth of 80 centimetres below surface. S2 has initially planned a program of RC and diamond drilling to test the conductors at Woods as well as additional MLEM over the Selga-King prospect. Announcement • Oct 05
S2 Resources Ltd Announces CEO Changes S2 Resources Ltd. announced that Mr. Matthew Keane will join the Company as Chief Executive Officer to fill the role recently vacated by Dr. Mark Bennett as a result of his move to Executive Chairman. Mr. Keane is a geologist with more than 20 years of experience in mining, exploration and financial markets. He has worked in various technical and operational roles including exploration, mine geology, scheduling and design, resource and reserve estimation, and production management for Lynas Gold (now Lynas Corp) and BHP. Most recently, he has spent eight years in capital markets working as a metals and mining analyst for Argonaut Securities, covering gold, base metals, bulk commodities, specialty minerals and uranium. Matthew will commence with S2 in November, based in the Company's Perth office. Is New 90 Day High Low • Oct 01
New 90-day high: AU$0.28 The company is up 155% from its price of AU$0.11 on 03 July 2020. The Australian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 3.0% over the same period. Announcement • Jul 31
S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 7.747 million. S2 Resources Ltd has completed a Follow-on Equity Offering in the amount of AUD 7.747 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 61,976,000
Price\Range: AUD 0.125
Discount Per Security: AUD 0.0075
Transaction Features: Subsequent Direct Listing