Board Change • May 20
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. No experienced directors. 3 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Jeff Dowling was the last independent 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. Board Change • May 01
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. No experienced directors. 3 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Jeff Dowling was the last independent 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. Board Change • Dec 31
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. No experienced directors. 3 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Jeff Dowling was the last independent 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. Duyuru • 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 Duyuru • 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 Duyuru • Oct 10
S2 Resources Ltd, Annual General Meeting, Nov 28, 2025 S2 Resources Ltd, Annual General Meeting, Nov 28, 2025. 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 14% 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 (14% average weekly change). Market cap is less than US$100m (AU$60.2m market cap, or US$38.9m). Board Change • Aug 18
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. 1 experienced director. 2 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. Board Change • Feb 04
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. 1 experienced director. 2 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. Board Change • Dec 31
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. 1 experienced director. 2 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. Duyuru • Oct 11
S2 Resources Ltd, Annual General Meeting, Nov 29, 2024 S2 Resources Ltd, Annual General Meeting, Nov 29, 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 (14% 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 (14% 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 • Aug 09
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 Earnings have declined by 0.3% per year over the past 5 years. Revenue is less than US$1m (AU$169k revenue, or US$111k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (AU$52.1m market cap, or US$34.2m). Duyuru • 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 Duyuru • 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 (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$71.8m market cap, or US$45.7m). Duyuru • 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). Duyuru • 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. 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. 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. 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. Is New 90 Day High Low • Oct 02
New 90-day high: AU$0.27 The company is up 157% from its price of AU$0.10 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 4.0% over the same period. 
