S2 Resources (S2R) Q1 2027 TU earnings summary

Executive summary

• Exploration-focused quarter across Jillewarra, Warraweena and Loch Lilly; Jillewarra RC targets cleared for drilling, Warraweena diamond drilling began after quarter-end, and Loch Lilly’s trial MIP survey was completed.

• Jillewarra’s JV earn-in period was extended to 3 July 2027; the major reconnaissance aircore program is targeted for early 2027, subject to survey, permit and access progress.

Financial highlights

• Quarter operating cash outflow was A$1.144m, including A$949k for exploration and evaluation, A$196k for staff costs and A$192k for administration and corporate costs; A$195k interest received partly offset outflows.

• Cash and cash equivalents were A$17.35m at 30 September 2026, versus A$18.571m at quarter start.

• Exploration and evaluation expenditure under ASX Listing Rule 5.3.1 was A$1.1m for the quarter.

Outlook and guidance

• Planned cash outflows for the quarter ending 30 December 2026 are forecast at ~A$2.6m, potentially affected by permitting delays and timely rig availability.

• Jillewarra Western Trend and Margueritta South RC drilling is to begin once a suitable rig is sourced; Karbar shear zone aircore drilling is targeted for early 2027 if surveys and approvals progress without adverse issues.

• Warraweena T37 and Lilyfield drilling is expected to take two months to mid-December; T37 assays may arrive before Christmas and Lilyfield results early in 2027.

• Loch Lilly drilling is planned after geophysical assessment and NSW permit approvals.