S2 Resources (ASX:S2R) has completed the sale of its Fosterville exploration licence EL007795, held through wholly-owned subsidiary Southern Star Exploration, to a wholly-owned subsidiary of Agnico Eagle Mines.
All conditions for completion of the sale have been satisfied, with S2 receiving $17 million in consideration.
Combined with existing cash reserves of $4.5 million, the company now holds over $21.5 million, positioning it as a well-funded explorer with the flexibility to pursue new opportunities without near-term equity dilution.
S2's immediate focus includes first-ever reconnaissance drilling at its Warraweena Project in northern New South Wales, where it is earning up to an 80% interest, and advancing exploration at its Jillewarra joint venture in Western Australia, targeting gold along a 60-kilometre strike interpreted to host significant deposits.