S2 Resources (S2R) Q4 2025 TU earnings summary

Executive summary

• Completed aircore drilling at Fosterville, identifying gold, arsenic, and antimony anomalism on trend from the Fosterville mine; further drilling planned.

• At Glenlogan, second diamond hole did not intersect material to explain IP anomaly; samples sent for geochemistry.

• Yeungroon aircore drilling confirmed arsenic and gold anomalism; further reconnaissance drilling required.

• Raised A$3.5 million via oversubscribed private placement and SPP; cash of A$3.8 million at quarter end, A$4.3 million post-SPP.

• Shareholding in TSXV-listed Valkea Resources valued at A$5.2 million at quarter end.

Financial highlights

• A$1.1 million spent on operating activities for the quarter, including A$0.98 million on exploration and evaluation.

• Cash at end of quarter: A$3.8 million; A$4.3 million post-SPP.

• Proceeds from private placement (first tranche): A$2.9 million; SPP raised a further A$0.5 million after quarter end.

• Valkea Resources shares valued at A$5.2 million; Trinex shares sold for A$39k post quarter.

Outlook and guidance

• Planned expenditure for the next quarter (ending 30 September 2025) is approximately A$1.6 million.

• Second tranche of private placement (A$110k) pending shareholder approval in August 2025.

• RC drilling at West Murchison scheduled for late August; further drilling at Fosterville and Yeungroon planned.