S2 Resources (S2R) Q1 2026 TU earnings summary

Executive summary

• Reconnaissance drilling commenced at Warraweena, with expanded gravity surveys and historic holes logged; additional ground pegged at both Warraweena and Jillewarra to extend target coverage.

• At Glenlogan, assays from the second hole returned no significant gold or copper; West Murchison drilling at Yalgamine yielded only minor copper and PGE anomalism.

• Cash at quarter-end was A$3.1 million, with a shareholding in Valkea Resources valued at A$5.5 million.

Financial highlights

• Operating cash outflows for the quarter were approximately A$1.2 million, including A$0.99 million for exploration, A$0.15 million for corporate costs, and A$0.15 million for staff costs, partially offset by A$43,000 in net interest earned.

• Raised A$0.5 million via an oversubscribed Share Purchase Plan, issuing 6.94 million shares and 3.47 million unlisted options; Tranche 2 of a private placement raised A$0.11 million.

• Sold remaining shares in Trinex Minerals for A$39,000.

• Cash and cash equivalents at quarter-end were A$3.1 million.

Outlook and guidance

• Planned cash outflows for the December 2025 quarter are forecast at approximately A$1.6 million.

• Estimated quarters of funding available is 2.53 based on current cash and outgoings.