HELIX RESOURCES LIMITED — AGM Information 2004

Nov 30, 2004

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia

Chairman's Address 30th November, 2004

Ladies and gentlemen, I thank you for your attendance at our Annual General Meeting.

In February of this year, Helix announced that it had acquired full ownership of the Tunkillia Gold Project in the Gawler Craton region of South Australia from AngloGold. Concurrent with this announcement in February was the commencement of a Feasibility Study over the Area 223 gold resource at Tunkillia. In order to fund this Feasibility Study as well as further ongoing exploration, the Company undertook a pro-rata Rights Issue to raise up to \$4.7 million, however, only a small number of shareholders subscribed, with a result only \$1.4 million of new funds were raised.

In October of this year, the inability to achieve suitable funding forced your Board to suspend all onsite activities at Tunkillia. The Company now plans to address the future exploration and development of Tunkillia after additional funds are acquired, or until a suitable joint venture partner is found. Tunkillia is an advanced gold project with a current resource estimate of 10.5 million tonnes grading $2.2g/t$ for 730,000 ounces of gold. An induced polarisation geophysical survey completed in September confirms that the region has significant exploration potential to discover additional gold resources.

In addition to our Tunkillia Project, your Company has put together some excellent exploration prospects in Western Australia for gold, nickel, copper and the platinum group metals. Of special interest, is the Mt Venn prospect, a large ultramafic complex near Laverton in the eastern goldfields of Western Australia. The Mt Venn prospect has had very little exploration since 1969 when the ill fated nickel boom company Tasminex N.L. carried out highly significant yet inconclusive and unrepeatable drilling and sampling. The last recorded exploration program in the early 1970's discovered a series of surface gossans associated with massive sulphide horizons containing up to 0.8% Nickel and 6% Copper. No analyses for platinum group metals were carried out. Helix has recently been successful in negotiating access on to the Mt Venn property for the first time in over 20 years, and fieldwork is expected to commence on this prospect before the end of 2004.

Exploration has always been the major focus in Helix Resources for over 19 years. During the course of this year, many shareholders have reminded me of the importance of exploration to our Company. Indeed, Helix has often made important new discoveries from its grass roots prospects. I am pleased to confirm that the Company will continue its aggressive exploration for gold and other minerals. Importantly, our team is confident that it can continue to find new discoveries within Australasia. Considerations by your Board to sell or joint venture non-core asset projects are contemplated, and their potential sale may provide additional cash as well as new share investments for the Company.

In order to help fund our new focus on exploration activity, we have today completed a Share Purchase Plan and placement which raised \$2.0 million before costs. Shareholders subscribed for a total of \$830,000 and the balance was taken up by clients of local stockbrokers. Initially, the SPP issue was aimed to raise \$1.5 million, however, your Board elected to accept oversubscriptions for an extra \$0.5 million due to strong demand. Total funds available to the Company are now just over \$3.0 million.

Your Board of Directors has also undergone some additions and replacements this year. Long standing non executive directors Ian Macpherson and Bryce Wauchope will both step down from the Helix Board at the conclusion of today's meeting. Ian Macpherson was a founding non executive director of the Company and has provided valuable input over the past 19 years. Bryce Wauchope, also a non executive director, has provided 11 years of sound advice to the Board. To both Ian and Bryce, I sincerely thank you on behalf of the rest of the Board for your contributions.

Replacing Ian Macpherson and Bryce Wauchope as non executive directors are John den Dryver and Greg Wheeler. John is a mining engineer with some 30 years experience in operational and corporate management. He was previously Executive General Manager-Technical for Normandy Mining Limited and Executive Director-Operations and later Managing Director North Flinders Mines. Greg Wheeler is a Chartered Accountant, leading the audit divisions of Deloitte Touche Tohmatsu and Grant Thornton for 13 years prior to setting up his own consulting practice and forging a strategic alliance with Pitcher Partners.

Greg is the past WA president and director of the Securities Institute of Australia.

To both John and Greg, welcome, and we look forward to the depth and expertise that you bring to the Board.

Tony Martin, Helix's Exploration Director will also step down from the Board at the close of today's meeting. However, Tony will remain in the key position of Exploration Manager for the Company. Tony's move from the Board will allow him more time to concentrate on the important exploration activities and aspects facing the Company in 2005.

In May of this year, Dr. Michael Folie was appointed non executive Chairman of Helix Resources. Since his appointment, Michael and I have worked closely on the strategic future planning for the Company. Indeed, the reshaping of Helix that I have outlined today was undertaken in consultation with Michael. His decision to focus on his other business activities and not to seek shareholder ratification of his appointment at today's meeting has been accepted with regret. I am very grateful for his thorough and very wise contributions to Helix.

As a result of Michael's departure, I have been elected by the Board as your new executive Chairman. My decision to accept the appointment has not been taken lightly. Over the next year my goal is to strive as always to increase shareholder wealth. In particular, I am keen to return Helix to the cutting edge of excellence as an explorer as well as increasing our involvement in more corporate activities. Both of these issues are firmly aimed at growing your Company. To assist me and the other members of the Board, Mr. Riccardo Vittino has been appointed an executive director and Chief Operating Officer. Riccardo has been with the Company for over 16 years and will continue to provide excellent corporate backup as the Company moves ahead in 2005.

The new 4 person Board represents a balance of technical and corporate experience to propel the Company forward as a focussed Company in the Exploration and Mining Industry.

In closing, I would like to once again thank my colleagues on the Board, the Management team and the dedicated staff members for their support over the past year.

Last but not least, I would like to thank shareholders for their loyalty.

Thank you

R. W. Mosig