S2 Resources (S2R) Q1 2025 TU earnings summary

Executive summary

• Completed first drill hole at Glenlogan, intersecting alteration and mineralization indicative of proximity to a porphyry copper-gold system.

• Confirmed discovery of the Blackadder Fault, a gold-mineralized structure at Goornong, Fosterville, with significant gold intercepts.

• Completed sale of Finnish assets, receiving A$1.05 million cash and a 44.6% stake in Valkea Resources, valued at A$6.2 million.

• Cash at bank at quarter end was A$4.74 million.

Financial highlights

• Operating cash outflows for the quarter totaled A$1.6 million, mainly for exploration and evaluation (A$1.27 million), staff (A$0.16 million), and corporate costs (A$0.2 million).

• Net investing inflow of A$1.05 million from the sale of Sakumpu (Finland subsidiary).

• Cash and cash equivalents at quarter end were A$4.74 million, down from A$5.32 million at the start of the quarter.

• Estimated quarters of funding available: 2.96.

Outlook and guidance

• Planned expenditure for the December 2024 quarter is approximately A$1.5 million.

• Valkea Resources (44.6% owned) to recommence drilling at Aarnivalkea gold prospect in Finland.

• Second phase of induced polarization geophysical surveying planned at Fosterville once crop harvesting is complete.

• Gravity survey at Warraweena scheduled for completion in November.