S2 Resources (S2R) Q2 2025 TU earnings summary

Executive summary

• Completed gravity survey at Warraweena, identifying new drill targets for 2025 and confirming strong mineralization potential.

• Soil sampling at West Murchison revealed large Cu-Ni-Pt-Pd-Au anomalies over major structures and intrusions.

• Assays from Glenlogan's first drill hole indicate gold and copper anomalism in late quartz diorite porphyry dykes; geophysical surveys underway.

• Entered earn-in agreements for three new gold projects in Victoria and advanced drilling at the Aarnivalkea gold prospect in Finland.

Financial highlights

• Cash at bank at quarter end was A$3.47 million.

• Quarterly operating expenditure totaled A$1.2 million, with A$0.76 million on exploration, A$0.2 million on corporate/overheads, and A$0.25 million on staff.

• Group holds 14.375 million shares in Valkea Resources (44.6% stake, valued at $4.7 million) and 38 million shares in Trinex Minerals Ltd (2.1% stake, valued at A$57k).

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

Outlook and guidance

• Diamond drilling planned at Warraweena to test newly identified gravity/magnetic targets.

• Follow-up aircore and deeper drilling scheduled at Yuengroon and Golden Jacket anomalies in Victoria.

• Awaiting assay results from Aarnivalkea gold prospect in Finland.

• Systematic exploration to continue at Jillewarra and Greater Fosterville projects.