Ann: Share Purchase Plan (SPP) - Access Letter, page-2

Hi guys..

Hey im a little confused here.. It has cooked my little canine corpus callosum.. The answers probably staring me in the face,obvious as hell but im not sure if we get 1 option per share applied for and issued or 1 option per 2 shares.. these two highlighted statements below from two recent announcements dont seem to line up.. What am I missing or overlooking?
Do we get 1 option for every one share issued to us in the SPP or 2. I'm thinking 1 but the first statement below seems to say 1 for every two.. Can someone englighten me please?



page 1Key Offer InformationIntroductionS2 Resources Limited (ASX: S2R) (S2R or the Company) is pleased to provide Eligible Shareholders withthe opportunity to subscribe for up to $30,000 of new fully paid ordinary shares in the Company (NewShares) under a share purchase plan (SPP) on the terms and conditions set out in this document (SPPOffer). Participation in the SPP Offer will not incur brokerage costs or transaction costs. This documenthas been issued by S2R and explains the features of the SPP Offer.

Eligible Shareholders who participate in the SPP Offer are also entitled to one (1) free attaching unlistedoption (SPP Option) for every two (2) New Shares subscribed for and issued under the SPP (SPP OptionOffer). The SPP Options will be exercisable at $0.11 (11 cents) and will expire on 7 July 2027. Each SPPOption gives the holder the right to subscribe for one New Share upon exercise. The SPP Options will notbe quoted on ASX.




On behalf of the Board of S2 Resources Limited (ASX:S2R) (S2R or Company), I am pleased to offer you the opportunity to participate in the S2R Share Purchase Plan (SPP Offer) which was announced on 10 June 2025. The SPP provides you with an opportunity to acquire up to A$30,000 of new fully paid ordinary shares in the Company (New Shares) at the issue price of $0.072 per share, with one free attaching unlisted option exercisable at $0.11 each on or before 7 July 2027 (SPP Option). Each SPP Option gives the holder the right to subscribe for one New Share upon exercise.Under the SPP Offer, Eligible Shareholders are S2R shareholders who:held S2R ordinary shares at 5.00pm AWST on Friday, 6 June 2025 (Record Date);have a registered address in Australia or New Zealand; and


OK.. maybe i just figured it out..but i'll post it anyway for clarification.. So for every 2 shares we apply for we get one option.. but each of those options is exercisable at 11c for one share..

Is that right? Sorry for dumb question.. Just didnt make sense at first pass but think I have it right now..

Also, what peoples opinion.. as a bet do you think it'd be better to apply for these shares and get them at 7.2c with one option for every two shares (as i understand it) or just buy up at the current market price of 6.6 cents and have no options, but have cheaper shares than the SPP that dont expire like the oppies, and dare tradeable (unlike the options as i understand).

Cant hellp thiking that delaying this SPP by a month, till after the tax selling is over might have been a good idea.. What do you think?