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.
The company is also reviewing additional exploration prospects both in Australia and internationally to expand its project pipeline.
At the time of reporting, S2 Resources' share price was $0.069.