Central Victoria Joint Ventures

In December 2024, S2 Resources entered into a binding earn-in agreement with TSX Venture Exchange-listed Valkea Resources (formerly Outback Goldfields), as part of the completed sale of S2’s Finnish assets. Under the terms of the agreement, S2 has the right to earn up to an 80% interest in three Victorian gold exploration projects—Silverspoon, Yeungroon, and Ballarat West (withdrawn)—by sole funding a total of A$1.2 million in exploration expenditure over a four-year period.

In February 2025, S2 also entered into a separate earn-in agreement with Valkea covering the Glenfine Joint Venture. S2 can earn a 51% interest in the project by funding A$0.2 million of exploration within four years. This agreement marks the final stage in the divestment of S2’s Finnish asset portfolio to Valkea.

Yeungroon

Covering 728 square kilometres near Charlton and Wedderburn, the Yeungroon project spans the Avoca Fault, the major crustal boundary between the Bendigo and Stawell Zones. The area includes three granted exploration licences (EL6897, EL7280, and EL7701). Previous work by Valkea, including soil sampling and reconnaissance aircore drilling, has outlined several district-scale gold-arsenic anomalies that warrant follow-up exploration.

Silverspoon

Located approximately 15 km southeast of the Fosterville gold mine, the Silverspoon project comprises one granted exploration licence (EL6951) and one exploration licence application (ELA8311). The application area directly abuts the western boundary of the Fosterville Mining Lease and covers ground previously held as a Retention Licence by Agnico Eagle. This tenement is now subject to a competitive application process between S2/Valkea, and Agnico Eagle, with no certainty of award at this stage.

S2 recognises that the area is home to a diverse community of stakeholders and hopes to work together with local residents of the region, landowners, aboriginal representatives and businesses in a collaborative and constructive manner to unlock the economic potential of the area whilst preserving its environmental values and quality of life for all. See also Community Relations.

For detailed information on exploration activities to date please refer to our ASX announcements.

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