S2 Resources (S2R) Q3 2026 TU earnings summary

Executive summary

• Heritage Protection Agreement signed for Jillewarra, enabling imminent grant of key tenements and upcoming drilling in June/July.

• Strong gold-antimony anomalies identified at Silver Spoon, with infill and extensional sampling completed.

• Geophysics recommenced at Warraweena to follow up historical gold intersections; environmental permitting underway for drilling.

• Awaiting grant of Loch Lilly and Jillewarra tenements; landholder negotiations and access agreements in progress.

Financial highlights

• Cash balance at 31 March 2026 was A$19.78 million.

• Shareholding in TSXV-listed Valkea Resources valued at A$6.64 million, representing a 24.53% ownership.

• Operating cash outflows for the quarter were A$1.2 million, mainly for exploration (A$0.98 million), corporate costs (A$0.23 million), and staff (A$0.17 million), partially offset by A$129,000 in net interest.

• Net cash used in investing activities was A$1.74 million for the quarter.

• Estimated quarters of funding available: 15.8, indicating strong liquidity.

Outlook and guidance

• Planned cash outflows for the June 2026 quarter are forecast at approximately A$2.2 million.

• First aircore drilling at Jillewarra scheduled for late June/early July; further geophysical surveys and drilling at Warraweena planned for Q3.

• Awaiting grant of Loch Lilly and Jillewarra tenements, with exploration to commence upon approval.