S2 Resources (S2R) Q4 2024 TU earnings summary

Executive summary

• Drilling at Fosterville intersected 5.7m @ 6.4g/t gold, defining the new Blackadder Fault structure, with significant gold intercepts and open mineralisation potential along strike and dip.

• Drilling commenced at the Glenlogan porphyry copper-gold target in NSW, testing a large magnetic anomaly for potential mineralisation.

• Gravity and electromagnetic surveys are underway at Warraweena and Koonenberry, respectively, to refine exploration targets.

• The sale of the Finland subsidiary to Outback Goldfields is progressing, pending financing and regulatory approvals.

• The sale of West Murchison and Fraser Range tenements was terminated; full ownership resumed and new soil anomalies identified.

Financial highlights

• $2.24 million spent on operating activities in the quarter, with $2.03 million on exploration and evaluation.

• Cash at quarter end was $5.322 million.

• S2 holds 38 million shares in Trinex Minerals Ltd, valued at $0.11 million.

• Payments to related parties totaled $127,000 for the quarter.

Outlook and guidance

• Ongoing drilling at Fosterville and Glenlogan, with further exploration planned at Warraweena, Koonenberry, and Jillewarra.

• Focus on high-priority targets and strategic ground positions, with extended earn-in periods at Jillewarra due to heritage-related delays.

• Pending completion of the Finland asset sale expected to provide additional funding and focus for exploration.