S2 Resources Ltd ('S2' or the 'Company') advises that it has received notice from Pacific State Metals (Holdings) Ltd ('Pacific State') that owing to adverse market conditions, Pacific State has been unable to complete an Initial Public Offering by the agreed date of 30 June 2024.

As a result of this, Pacific State and S2 have agreed to terminate the agreement entered into in August 2023, effective immediately. Consequently, S2 will retain ownership of the tenements which comprise the West Murchison and Fraser Range projects, and the Company's equity ownership in Pacific State will cease, as per the terms of the agreement. In light of this, the Company is reviewing its exploration plans to unlock the intrinsic value that these prospective projects offer.

Contact:

Mark Bennett

Executive Chairman

Tel: +61 8 6166 0240

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