HELIX RESOURCES LIMITED — AGM Information 2020

Nov 1, 2020

ASX Announcement 2 November 2020

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2020 Annual General Meeting

Chairman’s Address

Helix is one of the more enduring ASX-listed explorers, having been listed in May 1986, representing over 34 ½ years on the boards. We have 1,630 shareholders, no doubt with some of those going back to those early days. Over its lifespan, the Company has had a number of exploration successes and, in some cases, has managed to move its assets up the value chain over that period, with shareholders benefitting from several spin-offs and significant share price appreciation events from these internally generated discoveries.

The discovery of high-grade copper at the Collerina VMS prospect in 2016/17 presented the best opportunity the Company has had in recent times to rebuild that value proposition for shareholders, with early drilling showing much promise. Collerina was a greenfield discovery by Helix’s technical team and was done in a period where exploration was not being enthusiastically rewarded by the broader market.

Progress on Collerina has been slower than desirable as the Company has worked to unravel what is a relatively structurally complex mineral system, typical of VMS-style deposits. Drill targeting was technically challenging due to the structures and ground conditions, requiring the need for downhole geophysics surveys to vector and define the next zones for drilling.

The initial result through to April 2019 was a modest initial Inferred and Indicated Mineral Resource estimated for the Central Zone, which unfortunately, although somewhat understandably, did not attract the attention of the broader investor market.

However, what that program did do was identify high-grade primary copper at significant down-plunge depths and begin to provide important information that has now assisted in better understanding the mineralised structures.

Further drilling and down hole EM (DHEM) work later in 2019 and earlier this year was aimed at further revealing additional mineralised structures and providing high potential targets for a larger drill program. This was successful in identifying a new position 180m down dip from the nearest Central Zone intercept, open in all directions, with a strong off-hole conductor down dip and plunge from this important intercept.

Near surface drilling, also at this time, identified the potential for an extension to the NW of potentially open pittable oxide mineralisation. Conceptual mining studies in mid-2020 highlighted drilling gaps in critical areas which, if continuously mineralised, could extend an open pit, as a pre-curser to the ultimate Collerina development in an underground mine scenario.

Computer 3D modelling, released on 28 September 2020, clearly identified the need for extra shallow drilling to allow a more comprehensive open pit study to be undertaken. Initial mining studies at Collerina have been completed, and these have identified the potential for additional copper mineralisation within and surrounding the conceptual mining envelope. These priority targets will be followed up later this quarter.

Corporate Office 78 Churchill Ave Subiaco WA 6008

T +61 8 9321 2644 F +61 8 9321 3909 E helix@helix.net.au

ABN 27 009 138 738

helixresources.com.au

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Collerina remains, in our view, a high potential copper Mineral Resource and one of the more advanced, unmined mineral systems in this major base metal region around Cobar, a region that is increasingly in the spotlight of larger Australian base metal producers and explorers.

With gold prices hitting all-time highs during 2020, a number of new targets identified and a willing market, shareholders supported a $2 million raising mid-year to undertake the first serious exploration of the Cobar Gold leases for over 4 years.

Although the initial holes intersected broad zones of gold mineralisation, the assays have not carried the gold grades we were expecting, and in some cases, conflicted with broad zones of strong pathfinder elements seen in the other Mineral Resource areas within the goldfield. Drilling of the remaining holes is underway as I write, specifically targeting new prospects and untested historic workings in the broader goldfield.

Looking back on this extraordinary year of travel restrictions, changed working arrangements and volatile equity markets, Helix managed to maintain our efforts through the COVID-19 pandemic, and ensured our treasury was used to focus on our exploration assets. The Board waived all fees for 3 months and management and staff took substantial salary cuts for the same period to ensure this. We advanced our two main exploration projects, liaising with consultants and desktop studies to explore potential. I note that a number of our staff have had to spend time in quarantine to ensure that we were able to undertake exploration during this difficult period and we thank them for their willingness to do this. We now have many more priority targets for copper, gold and other base metals in our portfolio.

At the 2019 AGM, I promised change and to move Collerina to initial mining studies in 2020. On the corporate front, an active search has been underway for a new Managing Director. We are targeting someone with the requisite technical and corporate background that can progress the Company’s projects operationally as well as conveying the value proposition to investors and shareholders. Your Board remains committed and as soon as a suitable candidate can be secured, we will advise shareholders and the market. I take this opportunity to thank Mick Wilson for his tenure as MD and for gracefully standing back from that role to focus on our exploration effort.

We recognise that as a junior explorer, we will be judged by success in the field. Over the course of the next 12 months, we will be focussed on progressing the copper and gold potential at Collerina and Cobar Gold, with an emphasis on capitalising on strong commodity prices through investigating near term mining and treatment opportunities. To that end, we will be pursuing an aggressive drilling campaign over the coming months in conjunction with a review of and finalising funding options to carry out larger drilling campaigns throughout the whole of 2021.

Helix is very much in the process of rejuvenation, backed by an asset base that covers a large, highly prospective ground position in the prolific Cobar production region. We are excited about our future and look forward to unlocking the intrinsic value for our shareholders as we progress.

Lastly, I thank our loyal staff and supportive shareholders for their patience through this unprecedented period, and I commit to pursuing the changes underway, to allow Helix to reclaim its position as a successful advanced Australian exploration company.

This ASX release was authorised by the Chairman Mr Peter Lester.

CONTACT DETAILS:

Investors Media Peter Lester Michael Vaughan Executive Chairman Fivemark Partners +61 8 9321 2644 +61 422 602 720 helix@helix.net.au michael.vaughan@fivemark.com.au

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