S2 Resources Ltd ('S2' or the 'Company') advises that further to the Letter Of Intent (LOI) announced in March, it has entered into a definitive Share Purchase Agreement (SPA) with Vancouver-based Outback Goldfields Corporation ('Outback', TSX.V: OZ).

Under the terms of this agreement, S2 will sell its wholly-owned Finnish subsidiary Sakumpu Exploration Oy ('Sakumpu') for a total consideration of C$7 million, comprising C$1.5 million in cash and C$5.5 million in shares in Outback.

The transaction remains subject to the completion of a C$5 million financing, as described in S2's ASX announcement of 4 March 2024, and satisfaction of various other conditions which include: Toronto Venture Exchange (TSX.V) approval and Outback shareholder approval. S2 and Outback are working together to conclude this transaction, which will result in a focused and expedited exploration program for the highly prospective Finnish assets.

Contact:

Mark Bennett

Executive Chairman

Tel: +61 8 6166 0240

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