HELIX RESOURCES LIMITED — Capital/Financing Update 2015

Aug 12, 2015

==> picture [193 x 52] intentionally omitted <==

ASX Announcement

13 August 2015

Resource Upgrade at Blanco Y Negro Deposit - Chile

• New Indicated and Inferred Resource for Blanco y Negro (ByN) Deposit

Indicated: 0.8Mt @ 1.5% Cu, 0.5 g/t Au for 12kt Cu and 12koz Au*

Inferred: 0.7Mt@ 1.3% Cu, 0.6g/t Au for 8kt Cu and 12koz Au*

Total Resource: 1.5Mt @ 1.4% Cu, 0.5g/t Au for 20ktCu and 24koz Au*

• 60% of the resource has now been upgraded to the Indicated category.

• The ByN deposit sits on a 100% owned mining lease.

• The Company has received expressions of interest from third parties to purchase the ByN Project

Helix Resources Limited has completed a resource update on the ByN deposit in Region IV, Chile. The update was undertaken following the drilling completed in 2014. The Company has received expressions of interest from third parties to purchase the ByN Project and Helix will keep the market informed of any further developments when they arise.

The new resource estimation has increased the tonnes by approximately 10% and upgraded the classification of the ByN deposit, with 60% of the resource moving into the Indicated JORC category. Infill Reverse Circulation (RC) drilling was undertaken as part of the RC program completed in late 2014 (details Table 2). This additional drilling has improved knowledge of metal distribution and confirmed geological continuity in the main zone.

Drilling at ByN has intersected copper and gold mineralisation with results including 19.5m @ 2% Cu and 1.1 g/t Au and 30m @ 1.4% Cu and 0.3g/t Au. The deposit remains open to the northwest along strike and down dip (Figure 1)

==> picture [371 x 214] intentionally omitted <==

Figure 1: Approximate position of B y N Deposit on local topography with significant results.

*Resource is reported at a 0.5% Cu cutoff grade and figures are subject to rounding (refer Table 1)

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Avenue, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

==> picture [193 x 52] intentionally omitted <==

Table 1 : ByN Deposit Material Type August 2015 Mineral Resource Estimation (0.5% Cu cut off)

	Oxide	Oxide	Transition	Transition	Fresh	Fresh	Total
	Tonnes & Grade	Metal	Tonnes & Grade	Metal	Tonnes & Grade	Metal
Indicated	360kt @ 1.0% Cu,0.2g/t Au	4,000t Cu 2,500oz Au	280kt @ 1.8% Cu,0.6g/t Au	5,000t Cu 5,600oz Au	140kt @ 2.2% Cu,0.8g/t Au	3,000t Cu 3,500oz Au	0.8Mt @ 1.5% Cu, 0.5g/t Au for 12,000t Cu & 12,000oz Au
Inferred	140kt @0.8% Cu,0.6g/t Au	1,000t Cu 3,000oz Au	30kt @ 0.7% Cu,0.4g/t Au	240t Cu 460oz Au	480kt @ 1.4% Cu,0.6g/t Au	7,000t Cu 9,000oz Au	0.7Mt @ 1.3% Cu, 0.6g/t Au for 8,000t Cu & 12,000oz Au
Total	500kt @ 1.0% Cu, 0.3g/t Au	5,000t Cu 5,000t Au	310kt @ 1.6% Cu, 0.6g/t Au	5,200t Cu 6,100oz Au	620kt @ 1.6 % Cu, 0.6g/t Au	10,000t Cu 12,500oz Au	1.5Mt @ 1.4% Cu, 0.5g/t Au for 20,000t Cu & 24,000oz Au

Note: discrepancies in totals are due to rounding

Geology and Geological Interpretation

ByN is a shear and vein hosted copper and gold system in a geological setting of volcanic, intrusive and associated sediments that are variably sheared and faulted within the regionally significant Los Mantos Fault system in Region IV, Chile. The material included in the resource is dominated by oxide copper mineral species mainly malachite and azurite and in the transition zone Chalcocite and Chalcopyrite.

The confidence of the geology of the resource is suitable for Indicated and Inferred resource status. The continuity of the geology and grade distribution is understood in the main zone, but there is not sufficient drilling information to accurately determine the metal distribution in the peripheral zones.

Mineralisation has been defined by one main central mineralised zone with a single zone of weak mineralisation in the HW and a single zone in the FW and a low grade southern zone. The main zone has been interpreted over six drill sections approximately 50m apart with actual mineralisation between 5 continuous sections. The mineralised central zone has been extrapolated down dip and terminated against a cross-cutting fault.

Mineralisation has been interpreted based on geological boundaries including dilution or a nominal 0.3% Cu cut off with a steep dip of -65° towards grid west.

Sampling and Sub-sampling Techniques

The Blanco Y Negro deposit was delineated using Reverse Circulation (RC) and Diamond Core (DC) drilling. A total of 21 holes were used to delineate and bound the resource estimate. Holes were sited on an approximate between a 50 x 50m and 100 x 50m grid and were generally orientated to the Grid East (060°) at dips between -50 & -80°.

The drill hole collars were located by handheld GPS. Down hole surveys were conducted post drilling using a down-hole gyro system in five of the drill holes completed within the indicated classified zone. No down-hole surveys have been conducted in the remaining holes at this stage.

RC drilling was used to obtain generally 1m and 2m samples from which 3kg was pulverized to produce a charge for geochemical analysis.

Diamond core was NQ2 size for diamond coring and tails off RC pre-collars. Half core was collected and sampled generally on 1m intervals or smaller intervals in specific cases where clear lithological boundaries or structures were present.

The preparation of both RC and core samples followed industry practice.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Avenue, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

==> picture [193 x 52] intentionally omitted <==

Drilling Techniques

Diamond drilling accounts for the majority of the drilling through mineralised zones completed in phase 1 and this was followed up by RC drilling including some close to previous holes in phase 2.

RC Drilling was completed using a 140mm face sampling hammer. Depths ranged from 83m to 144m within the main mineralisation corridor.

Diamond drilling comprised NQ2 core and NQ2 Core ‘tails’. DDH holes ranged from 90-170m. RC Precollar depths ranged from 30 to 110m. DC tails ranged in depth form 60 to 150m on these pre-collars.

Classification Criteria

Drill holes are on an approximate 50x 50m and 100m x 50m grid spacing, which covers the majority of the main mineralised zone. The drill spacing is adequate for the geological and grade continuity and is appropriate for Mineral Resource estimation.

Samples were composited to 1 metre lengths in any drill hole intercepts where 2m sampling was included in the resource modelling.

Sample Analysis

All assays were conducted at an accredited assay laboratory. The analytical technique used for base metals was a mixed acid digest with an ICP_AES finish. Any samples returning greater than 10,000ppm Cu were re-assayed with an Atomic Absorption (AAS) finish. Gold was assayed using an aqua-regia and AAS finish and subsequent high grade material using a 30g charge fire assay technique. In phase 2 copper was also determined for soluble and insoluble to assist in classification.

Laboratory QA/QC samples included the use of blanks, duplicates, standards (certified reference materials) as part of in-house procedures. The Standard, Repeat and Duplicate assays for the drilling are within acceptable limits of accuracy for this style of deposit.

Estimation Methodology

The resource estimation for grade was estimated using Inverse distance to the power of 2. The software package for the grade estimation and geological interpretation was Surpac. Copper, Gold, Silver and Density were estimated.

Estimation for each element was conducted using the same parameters and were estimated using two passes (refer to Appendix 1 for details).

Estimation of grade was within interpreted hard grade boundaries based on a nominal 0.3 Cu % with a minimum of 2m down hole. Internal dilution was domained separately when mineralised grade was less than 0.3% Cu for sections greater than 2m in width and estimated separately.

Minor mining by local artisanal miners has been previously conducted at surface. Historical records were reviewed and were able to be reconciled against the current model, (taking into account hand sorting of material).

The resource was modelled using a 20 mN by 5 mE by 5 mZ (grid) with sub celling down to 5 mN by 1.25 mE and 1.25 mZ. Each ore domain has been flagged, coded and modelled separately. The Z direction selected at 5 metres to reflect the possible selected mining bench height.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Avenue, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

==> picture [193 x 52] intentionally omitted <==

Ore grade boundaries were defined within the Blanco Y Negro vein/shear.

No top cuts were applied for any of the elements estimated. Coefficients of variation for the estimated elements were low. Block model volume validation was validated against solid wireframes for each ore domain. Block model validation for grade was conducted visually by section northings.

Cut-off Grades

The nominal 0.3 % Cu cut-off grade used for the mineralized interpretation was chosen as this appears to reflect the natural background grade cut-off.

Mining and Metallurgical Factors

The only assumption made regarding to possible mining practices is the setting of the model in the Z direction to 5 metres. The most likely bench height for open pit mining (+/- 1m) assuming hydraulic equipment is used. Mining dilution along or across strike has been taken into account in the new resource estimate.

Surface material has been previously extracted from the Blanco Y Negro concession by artisanal miners and processed at a government-run copper SX-EW plant approximately 30km by road from the mining concession. It is assumed that the oxide material in the resource has similar characteristics to the material previously mined.

Metallurgical testing would be undertaken as part of any future advancement of the project within a Scoping study or similar study.

Competent Persons Statement

The information in this report that relates to the Mineral Resource Estimation for Blanco y Negro is based on information compiled by Mr Byron Dumpleton a Consultant Resource Geologist from his company BKD Resources Pty Ltd. Mr Dumpleton is a member of the Australian Institute of Geoscientist. Mr Dumpleton has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Dumpleton consents to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M Wilson who is a full time employee of Helix Resources Limited and a Member of The Australasian Institute of Mining and Metallurgy. Mr M Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr M Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Details of the assumptions underlying any Resource estimations are contained in previous ASX releases or at www.helix.net.au

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Avenue, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

==> picture [193 x 52] intentionally omitted <==

- ENDS -

For further information:

Mick Wilson Managing Director mick.wilson@helix.net.au Ph: +61 8 9321 2644

Pasquale Rombola Chairman pasquale.rombola@helix.net.au Ph: +61 413 239 630

Table 2: Additional Drill hole details and assay results included from 2014 program into resource model.

Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Results
ARBN14-001	295069	6603679	478	-60	060	144.0	No significant result
ARBN14-002	294944	6603776	450	-60	060	77.0	From 50m – 24m @ 0.6% Cu incl.10m @ 1.0% Cu + 0.3g/t Au
ARBN14-003	294943	6603778	450	-75	007	105.0	From 56m – 45m @ 1.1% Cu + 0.2g/t Au, incl.–30m @ 1.4% Cu from 67m, incl. 4m @ 5.7% Cu + 0.9g/t Au
ARBN14-004	295032	6603536	478	-80	070	50.0	From 21m – 20m @ 0.3%Cu + 0.2g/t Au incl. 4m @ 0.7% Cu + 0.8g/t Au
ARBN14-005	295010	6603700	469	-80	338	105.0	From 56m – 6m @ 0.3%Cu+0.1 g/t Au and From 76m 20m @ 0.1%Cu + 0.1g/t Au
ARBN14-006	295047	6603720	478	-60	030	80.0	From 39m – 4m @ 0.3%Cu + 0.3g/t Au
ARBN14-007	294989	6603755	461	-60	060	75.0	From 20m – 40m @ 0.8% Cu + 0.2g/t Au incl.11m @ 1.7%Cu +0.5g/t Au
ARBN14-008	294941	6603835	445	-60	060	50.0	From 28m – 18m @ 0.7% Cu + 0.3g/t Au incl.5m @ 1.0% Cu + 1g/t Au

Assays reported from 1m split samples at a 0.1%Cu Cut-off, with max 2m internal dilution.

Helix Resources Limited A.C.N. 009 138 738 Incorporated in Western Australia 78 Churchill Avenue, Subiaco WA 6008

P: +61 8 9321 2644 F: +61 8 9321 3909 www.helix.net.au

Email: mick.wilson@helix.net.au

APPENDIX 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	The B y N deposit was delineated using Reverse Circulation (RC) and
techniques	specific specialised industry standard measurement tools appropriate	Diamond Core (DC) drilling. A total of 21 holes were used to delineate
	to the minerals under investigation, such as down hole gamma	and bound the resource estimate. Holes were sited on an
	sondes, or handheld XRF instruments, etc). These examples should	approximate 50m X 50m and 100 x 50m grid and were generally
	not be taken as limiting the broad meaning of sampling.	orientated to the Grid East (060o) at dips between -50 & 80o.
	 Include reference to measures taken to ensure sample representivity	The drill hole locations were located by handheld GPS. Down hole
	and the appropriate calibration of any measurement tools or systems	surveys were conducted post drilling using a down-hole gyro system
	used.	in five of the drill holes completed. No down-hole surveys were
	 Aspects of the determination of mineralisation that are Material to the	conducted in the remaining holes.
	Public Report.	RC drilling was used to obtain generally 1m and 2m samples from
	 In cases where ‘industry standard’ work has been done this would be	which 3kg was pulverized to produce a charge for geochemical
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	analysis. Diamond core was NQ2size for diamond coring and tails off
	m samples from which 3 kg was pulverised to produce a 30 g charge	RC pre-collars. Core was split and half-core was collected over 1m
	for fire assay’). In other cases more explanation may be required,	intervals within mineralised zones and prepared and assayed using
	such as where there is coarse gold that has inherent sampling	the same methods for RC .
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Diamond drilling accounts for the majority of the drilling through
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	mineralised zones completed in phase 1 with RC drilling used in
	or standard tube, depth of diamond tails, face-sampling bit or other	phase 2 (2014).
	type, whether core is oriented and if so, by what method, etc).	RC Drilling was completed using a 140mm face sampling hammer.
		Depths ranged from 83m to 144m within the main mineralisation
		corridor.
		Diamond core drilling comprised NQ2core and NQ2Core ‘tails’. DDH
		holes ranged from 90-170m. RC Pre-collar depths ranged from 30 to
		110m. DC tails ranged in depth form 60 to 150m on thesepre-collars.
Drill sample	 Method of recording and assessing core and chip sample recoveries	Drill core and RC samples recoveries were recorded on the lithology
recovery	and results assessed.	field logs with observations compared to the core and samples
	 Measures taken to maximise sample recovery and ensure	produced.
	representative nature of the samples.	RC samples were checked by the geologist for volume, moisture
	 Whether a relationship exists between sample recovery and grade	content, possible contamination and recoveries. Core was
	and whether sample bias may have occurred due topreferential	reconstructed in continuous lengths where applicable and depths

6

Criteria	JORC Code explanation	Commentary
	loss/gain of fine/coarse material.	marker annotated and checked against core blocks. Any issues are
		discussed with the drillingcontractor.
Logging	 Whether core and chip samples have been geologically and	Core holes were geologically logged as part of the logging and
	geotechnically logged to a level of detail to support appropriate	sampling process. All RC chip samples have a representative grab
	Mineral Resource estimation, mining studies and metallurgical	sample placed in 1m intervals in chip trays and geologically logged.
	studies.	Logging of both RC and Core samples recorded lithology, alteration,
	 Whether logging is qualitative or quantitative in nature. Core (or	mineralisation, degree of oxidation, fabric and colour. Core was
	costean, channel, etc) photography.	photographed in both dry and wet form. All RC 1m intervals are
	 The total length and percentage of the relevant intersections logged.	stored in plastic chip trays, labeled with interval and hole number. Drill
		Core is labeled, stacked and palletized in timber core trays at the
		Company’s core yard in Ovalle
		All holes (RC and core)wereloggedin full.
Sub-	 If core, whether cut or sawn and whether quarter, half or all core	Half core was collected and samples generally on on 1m intervals or
sampling	taken.	smaller intervals in specific cases where clear lithological boundaries
techniques	 If non-core, whether riffled, tube sampled, rotary split, etc and	or structures were present.
and sample	whether sampled wet or dry.	The preparation of both RC and core samples followed industry
preparation	 For all sample types, the nature, quality and appropriateness of the	practice. This involves oven drying, coarse crushing (core-only),
	sample preparation technique.	pulverization of total sample using LM2 mills until 95% passes 150
	 Quality control procedures adopted for all sub-sampling stages to	micron.
	maximise representivity of samples.	Field QA-QC involved oversight of collection of riffle split sampling of
	 Measures taken to ensure that the sampling is representative of the in	single metre RC samples to approximately 3kg bags by site geologist
	situ material collected, including for instance results for field	and review of core-cutting and collection of 1m samples at core yard.
	duplicate/second-half sampling.	The sample sizes are considered appropriate to the grain size of the
	 Whether sample sizes are appropriate to the grain size of the material	material being sampled and assayed.
	being sampled.
Quality of	 The nature, quality and appropriateness of the assaying and	All assays were conducted at an accredited assay laboratory Andes
assay data	laboratory procedures used and whether the technique is considered	Analytical Assay Limitada. The analytical technique used for
and	partial or total.	basemetals was a mixed acid digest with an ICP_AES finish. Any
laboratory	 For geophysical tools, spectrometers, handheld XRF instruments, etc,	samples returning greater than 10,000ppm Cu were re-assayed with
tests	the parameters used in determining the analysis including instrument	an Atomic Absorption (AAS) finish. Gold was assayed using an aqua
	make and model, reading times, calibrations factors applied and their	regia and aas finish and subsequent high grade material using a 30g
	derivation, etc.	charge fire assay technique.
	 Nature of quality control procedures adopted (eg standards, blanks,	This is considered appropriate for the material
	duplicates, external laboratory checks) and whether acceptable levels	Laboratory QA/QC samples included the use of blanks, duplicates,
	of accuracy (ie lack of bias) and precision have been established.	standards (certified reference materials) as part of in-house
		procedures. Standard, Repeat and duplicate assays for drilling and
		are within acceptable limits of accuracyfor this style of deposit.
Verification	 The verification of significant intersections by either independent or	Significant intersections have been verified by the field geologist(s),
of sampling	alternative company personnel.	Exploration Manager and ManagingDirector.

7

Criteria	JORC Code explanation	Commentary
and	 The use of twinned holes.	Two twinned holes were collected in phase 2 drilling to compare RC
assaying	 Documentation of primary data, data entry procedures, data	with DDH results. The holes geological and assay variability was
	verification, data storage (physical and electronic) protocols.	within acceptable ranges.
	 Discuss any adjustment to assay data.	Geological data was collected using handwritten log sheets which
		detailed geology (weathering, structure, alteration, mineralisation),
		sampling quality and intervals, sample numbers and survey data. This
		data, together with the assay data received from the laboratory and
		subsequent survey data were entered into databases and verified
		from the original laboratory data and field data.
		No adjustmentswere conducted
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	The drill collar positions were picked-up using GPS. A Gyroscopic
data points	down-hole surveys), trenches, mine workings and other locations	downhole tools was used to collect survey information subsequent to
	used in Mineral Resource estimation.	the completion of drilling where possible.
	 Specification of the grid system used.	Grid system is WGS84 Zone 19S. Local grid has also been used for
	 Quality and adequacy of topographic control.	estimation purposes and geological interpretation and drill planning.
		The local grid is design so that sections are approximately
		perpendicular to the average strike of the resource. The grid has a
		rotation of 60 degrees to the west.
		Surface RL data collected using GPS. Topography around the
		resource is a hill in grid east to a valley grid west of the resource
		area. A topographical wireframe (DTM) has been constructed using
		the data provided by an external geophysical contractor who
		undertook a detailed ground magnetic survey over the project area in
		2Q13 The survey provided - 50m line spacing with continuous
		readings.
Data spacing	 Data spacing for reporting of Exploration Results.	Drill holes for ByN is on an approximate 50m x 50m and 100m x 50m
and	 Whether the data spacing and distribution is sufficient to establish the	grid spacing, which covers the majority of the main mineralised zone.
distribution	degree of geological and grade continuity appropriate for the Mineral	The drill spacing is adequate for the geological and grade continuity
	Resource and Ore Reserve estimation procedure(s) and	and is appropriate for Mineral Resource and Ore Reserve estimation.
	classifications applied.	Samples were composited to1 metre lengths in any drill hole
	 Whether sample compositing has been applied.	intercepts where 2m sampling was included in the resource
		modelling.
Orientation	 Whether the orientation of sampling achieves unbiased sampling of	Inclined RC and DDH drilling has been completed within the
of data in	possible structures and the extent to which this is known, considering	mineralised zones with good correlation observed between data sets
relation to	the deposit type.	No orientation based sampling bias has been identified in the data to
geological	 If the relationship between the drilling orientation and the orientation	date.
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	 _The measures taken to ensure sample security. _	Chain of Custodyis managed bythe Company. RC Samples were

8

Criteria	JORC Code explanation	Commentary
security		collected onsite generally in polyweave bags containing 5-10
		samples. The bags are securely tied and freighted directly to the
		laboratory in secure cages with appropriate documentation listing
		sample numbers and analytical methods requested.
		Diamond core was transported by Helix staff, logged and cut at the
		Company secure core yard in the nearby town of Ovalle, with
		samples bagged, batched and freighted directly to the laboratory with
		appropriate documentation listing sample numbers and analytical
		methods requested.
Audits or	 The results of any audits or reviews of sampling techniques and data.	No additional QA/QC has been conducted for the Resource model
reviews		drilling. Umpire lab re-assaying of selected samples is planned as
		part of future development studies.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	The Blanco y Negro 1/20 mining concession is 100% owned by Helix
tenement	agreements or material issues with third parties such as joint	Resources Chile Limitada, a 100% owned subsidiary of Helix
and land	ventures, partnerships, overriding royalties, native title interests,	Resource limited.
tenure status	historical sites, wilderness or national park and environmental	Title Blanco y Negro 1/20 of the concession is in good standing at the
	settings.	time of reporting and is a mining lease.
	 The security of the tenure held at the time of reporting along with any
	known impediments to obtaining a licence to operate in the area.
Exploration	 Acknowledgment and appraisal of exploration by other parties.	No previous exploration has been conducted on the property prior to
done by		Helix involvement, however a small parcel of oxide material was
other parties		mined by artisanal miners and toll-treated at the nearby Government
		owned SX-EWplant
Geology	 Deposit type, geological setting and style of mineralisation.	Blanco y Negro is a shear and vein hosted copper and gold system in
		a geological setting of volcanics, intrusives and associated
		sediments, variably sheared and faulted within the regionally
		significant Los Mantos Fault system. The material included in the
		resource is dominated byoxide copper mineral species.
Drill hole	 A summary of all information material to the understanding of the	Refer to ASX announcement on 10 September 2014 and drill collar
Information	exploration results including a tabulation of the following information	table in main announcement
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL(Reduced Level – elevation above sea level in

9

Criteria	JORC Code explanation	Commentary
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	 If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.
Data	 In reporting Exploration Results, weighting averaging techniques,	Refer to section 3
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	grades) and cut-off grades are usually Material and should be stated.
	 Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	 These relationships are particularly important in the reporting of	Drilling was generally aimed at intersecting mineralisation as close to
between	Exploration Results.	perpendicular as possible, based on the ability to position a drill rig to
mineralisatio	 If the geometry of the mineralisation with respect to the drill hole	do so. Holes used to estimate the resource are within this criteria
n widths and	angle is known, its nature should be reported.
intercept	 If it is not known and only the down hole lengths are reported, there
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	Refer to previous releases
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Other	 Other exploration data, if meaningful and material, should be reported	No additional data is available at the time of reporting
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral	Refer to main body of this release
	extensions or depth extensions or large-scale step-out drilling).
	 Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

10

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	 Measures taken to ensure that data has not been corrupted by, for	Data used in the resource estimation was derived from the projects
integrity	example, transcription or keying errors, between its initial collection	drilling database held in Chile and replicated on the company
	and its use for Mineral Resource estimation purposes.	database in Australia.
	 Data validation procedures used.	Validation has occurred through cross-checking of geology to assays,
		assay data compared to original files received from the laboratory by
		the field staff in Chile, and then by Helix staff in Australia prior to
		resource estimation. Hardcopies of both geological logs and certified
		copies of laboratory assays are held in the Chile office. Original
		laboratorydigital files are also available for cross reference.
Site visits	 Comment on any site visits undertaken by the Competent Person and	Mr. Mick Wilson, acting as a Competent Person for the geology and
	the outcome of those visits.	exploration portions of the Table was involved with the project from its
	 If no site visits have been undertaken indicate why this is the case.	purchase in mid-2012 and has made numerous site visits during this
		time, including during the drilling program. He was part of the team
		that developed the Geological Interpretation for the Blanco Y Negro
		Deposit.
Geological	 Confidence in (or conversely, the uncertainty of ) the geological	The geological interpretation is considered to be reasonable for this
interpretatio	interpretation of the mineral deposit.	style of deposit. The confidence of the resource figures is suitable for
n	 Nature of the data used and of any assumptions made.	Indicated and Inferred.
	 The effect, if any, of alternative interpretations on Mineral Resource	Mineralisation has been defined by one main central mineralised
	estimation.	zone with a single zone of weak mineralisation in the HW and a single
	 The use of geology in guiding and controlling Mineral Resource	zone in the FW, a southern pod was also interpreted. The FW zone
	estimation.	has been based around a single intercept from hole ARBN13-002.
	 The factors affecting continuity both of grade and geology.	The main zone has been interpreted over six drill sections
		approximately 50m apart with actual mineralisation between 5
		continuous sections. The mineralised central zone has been
		extrapolated down dip and terminated against a cross-cutting fault.
		Mineralisation has been interpreted based on a nominal 0.3% Copper
		cut off or vein material with a steep dip of -65 towards grid west.
		The geological interpretation has been based on geological and
		grade boundaries.
		The factors for grade continuity are subjective with the limited drilling
		information. The continuityof the Geologyis reasonablyunderstood.
Dimensions	 The extent and variability of the Mineral Resource expressed as	The main mineralised zone is approximately 250 metre along strike
	length (along strike or otherwise), plan width, and depth below	with mineralisation extended to depths from approximately 50 to 350
	surface to the upper and lower limits of the Mineral Resource.	metres. The variable depths is due to the oblique nature of the

11

Criteria	JORC Code explanation	Commentary
		intersection between the moderately westerly (grid) steep dipping
		mineralised zone against the NW (grid) trending near vertical fault.
		The mineralised(true)width varies from 2 to 25 metres.
Estimation	 The nature and appropriateness of the estimation technique(s)	The resource estimation for grade was estimated using Inverse
and	applied and key assumptions, including treatment of extreme grade	distance to the power of 2. The software package for the grade
modelling	values, domaining, interpolation parameters and maximum distance	estimation and geological interpretation was Surpac. Copper, Gold,
techniques	of extrapolation from data points. If a computer assisted estimation	Silver and Density were estimate. Estimation for each element was
	method was chosen include a description of computer software and	conducted using the same parameters and were estimated using two
	parameters used.	passes. For the first pass a search radius of 105 metres along
	 The availability of check estimates, previous estimates and/or mine	strike/plunge with an anisotropy used for the search ellipsoid with a
	production records and whether the Mineral Resource estimate takes	ratio of 2:1 for major to semi-major direction and 3 to 1 for major to
	appropriate account of such data.	minor direction. For the second pass a 210m radius was used also
	 The assumptions made regarding recovery of by-products.	using the same anisotropy ratios for both the major to semi-major and
	 Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage	major to minor directions. Estimation of grade was within interpreted hard grade boundaries based on a nominal 0.3% Copper with a
	characterisation).	minimum of 2m down hole. Internal dilution was domained separately
	 In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	when mineralised grade was less than 0.3% Copper for sections greater than 2m in width and estimated separately.
	 Any assumptions behind modelling of selective mining units.  Any assumptions about correlation between variables.  Description of how the geological interpretation was used to control the resource estimates.	Blanco Y Negro is an updated resource. Mining by local artisanal miners has been conducted at surface. Historical records were available and reconcile against the current model, taking into account hand sorting of material.
	 Discussion of basis for using or not using grade cutting or capping.  The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	No assumptions have been made for recovery of by-products. No deleterious elements were estimated. The resource was modelled using a 20 mN by 5 mE by 5 mZ (grid) with sub celling down to 5 mN by 1.25 mE and 1.25 mZ. Each ore
		domain has been flagged, coded and modelled separately.
		The Z direction selected at 5 metres to reflect the possible selected
		mining bench height.
		N/A
		Ore grade boundaries were defined within the Blanco Y Negro
		vein/shear.
		No top cuts were applied for any of the elements estimated.
		Coefficient of variation for the estimated elements were low.
		Block model volume validation was validated against ore solid
		wireframes for each ore domain. Block model validation for grade was
		conducted visuallybysection northings.
Moisture	 Whether the tonnages are estimated on a dry basis or with natural	Tonnages are estimated on dry basis.
	moisture, and the method of determination of the moisture content.

12

Criteria	JORC Code explanation	Commentary
Cut-off	 The basis of the adopted cut-off grade(s) or quality parameters	The nominal 0.3 % Copper cutoff grade used for the mineralized
parameters	applied.	interpretation was chosen as this appears to reflect the natural
		backgroundgrade cutoff.
Mining	 Assumptions made regarding possible mining methods, minimum	Only assumption made regarding to possible mining practices is the
factors or	mining dimensions and internal (or, if applicable, external) mining	setting of the model in the Z direction to 5 metres. The most likely
assumptions	dilution. It is always necessary as part of the process of determining	bench height for open pit mining (+/- 1m) assuming hydraulic
	reasonable prospects for eventual economic extraction to consider	equipment is used. No account has been taken for mining dilution
	potential mining methods, but the assumptions made regarding	along or across strike.
	mining methods and parameters when estimating Mineral Resources
	may not always be rigorous. Where this is the case, this should be
	reported with an explanation of the basis of the mining assumptions
	made.
Metallurgical	 The basis for assumptions or predictions regarding metallurgical	Surface material has been previously extracted from the Blanco Y
factors or	amenability. It is always necessary as part of the process of	Negro concession by artisanal miners and processed at a
assumptions	determining reasonable prospects for eventual economic extraction to	government-run copper plant approximately 30km by road from the
	consider potential metallurgical methods, but the assumptions	mining concession. It is assumed that the oxide material in the
	regarding metallurgical treatment processes and parameters made	resource has similar characteristics to the material previously mined
	when reporting Mineral Resources may not always be rigorous.	Metallurgical testing will be undertaken part of any future
	Where this is the case, this should be reported with an explanation of	advancement of the project within a Scoping study or similar.
	the basis of the metallurgical assumptions made.
Environmen-	 Assumptions made regarding possible waste and process residue	Desktop studies and background work has commenced on various
tal factors or	disposal options. It is always necessary as part of the process of	aspects regarding average rainfall, ground water, land access and
assumptions	determining reasonable prospects for eventual economic extraction to	potential mining scenarios. More detailed work will form part of any
	consider the potential environmental impacts of the mining and	future advancement of the project within a Scoping study or mine
	processing operation. While at this stage the determination of	permitting framework.
	potential environmental impacts, particularly for a greenfields project,
	may not always be well advanced, the status of early consideration of
	these potential environmental impacts should be reported. Where
	these aspects have not been considered this should be reported with
	an explanation of the environmental assumptions made.
Bulk density	 Whether assumed or determined. If assumed, the basis for the	For the Blanco Y Negro resource bulk density values were
	assumptions. If determined, the method used, whether wet or dry, the	determined for host rock and mineralised shear and vein material
	frequency of the measurements, the nature, size and	from selected that appear to be representative.
	representativeness of the samples.	Density measurements were determined on diamond core samples
	 The bulk density for bulk material must have been measured by	using the 'Archemides Method' (weight in air v's weight in water).
	methods that adequately account for void spaces (vugs, porosity,	It was not possible to determine the density of much of the friable
	etc), moisture and differences between rock and alteration zones	material, much of which was not recovered in DDHBN003 and
	within the deposit.	ARDBN005
	 Discuss assumptions for bulk density estimates used in the	Bulk densitywas assigned byweathering/material type interpreted

13

Criteria	JORC Code explanation	Commentary
	evaluationprocess of the different materials.	fromgeological logging.
Classificatio	 The basis for the classification of the Mineral Resources into varying	Classification of the resource is based on drilling density, geological
n	confidence categories.	confidence and the position of the shoots within the main shear and
	 Whether appropriate account has been taken of all relevant factors (ie	vein material for each domain. The mineral resource has been
	relative confidence in tonnage/grade estimations, reliability of input	classified into Indicated and Inferred categories based on drill hole
	data, confidence in continuity of geology and metal values, quality,	spacing, geological confidence, and grade continuity and estimation
	quantity and distribution of the data).	quality. The combination of these factors together guides the coding
	 Whether the result appropriately reflects the Competent Person’s	of the resource. Indicated material is generally material with average
	view of the deposit.	drill spacing of 50 metres along with reasonable geology confidence
		and grade continuity. Inferred material is generally material that has
		average drill spacing greater than 50 metres and or the geology or
		grade continuity confidence is low.
		The drill and input data density is comprehensive in its coverage for
		this style of resource for an open pit evaluation to allow reasonable
		confidence for the tonnage and grade distribution to the levels of
		Indicated and Inferred.
		The Mineral Resource estimated appropriately reflects the view of the
		competentperson.
Audits or	 The results of any audits or reviews of Mineral Resource estimates.	No External Audits have been conducted. Historical mining has
reviews		occurred by artisanal miners and records of the grade and tonnage of
		thismaterialare available.
Discussion	 Where appropriate a statement of the relative accuracy and	The relative accuracy of the Mineral Resource estimate is reflected in
of relative	confidence level in the Mineral Resource estimate using an approach	the reporting of the Mineral Resource as per the guidelines of the
accuracy/	or procedure deemed appropriate by the Competent Person. For	2012 JORC code.
confidence	example, the application of statistical or geostatistical procedures to	The statement relates to global estimate of tonnes and grade for an
	quantify the relative accuracy of the resource within stated confidence	Indicated and Inferred resource.
	limits, or, if such an approach is not deemed appropriate, a qualitative
	discussion of the factors that could affect the relative accuracy and
	confidence of the estimate.
	 The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation should
	include assumptions made and the procedures used.
	 These statements of relative accuracy and confidence of the estimate
	should be compared withproduction data, where available.

14