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S2 Resources ( (AU:S2R) ) has shared an announcement.
S2 Resources has entered into agreements to sell its Fosterville exploration license to Agnico Eagle for A$17 million and undertake a strategic placement of shares to raise an additional A$3 million. This transaction will make Agnico Eagle, the world’s second-largest gold producer, a significant shareholder in S2 with a 5.6% stake. The deal positions S2 with a robust cash reserve of A$23.1 million, enabling it to pursue exploration opportunities without immediate equity funding needs. The company plans to focus on drilling geophysical targets at the Warraweena project and negotiating with traditional owners for exploration rights at the Jillewarra Joint Venture.
More about S2 Resources
S2 Resources is a company involved in the exploration sector, primarily focusing on mineral exploration activities. The company is engaged in exploring high-impact exploration targets and holds interests in various projects, including the Warraweena project in New South Wales and the Jillewarra Joint Venture in Western Australia.
Average Trading Volume: 799,178
Technical Sentiment Signal: Sell
Current Market Cap: A$44.13M
See more insights into S2R stock on TipRanks’ Stock Analysis page.