HELIX RESOURCES LIMITED — Capital/Financing Update 2016

Nov 30, 2016

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ASX Announcement

1 December2016

Collerina: Mineralisation Defined to 350m Depth – Large EM Survey to Commence.

• Results from drilling on the main mineralised zone have returned >1% Copper in 6 of the 8 holes drilled, extending the system to a vertical depth of 350m (refer Figure 1).

• The main mineralised zone is remarkably persistent and its position predictable along a shallow dip and plunge over at least 1,000 metres, and remains open.

• Intercept widths continue to vary within the mineralised zone. This is consistent with Tritton-style deposits (internal variation of 2m-30m thick).

• Downhole geophysics will be used to vector toward the thicker sulphide accumulations within the main mineralised zone for testing with further drilling, as well as defining further zones in the shallower extensions of the Collerina Copper-Zinc system.

• A comprehensive 600 line kilometre VTEM-Max helicopter-borne geophysics survey will be flown over the entire 25 kilometre Collerina trend in early December targeting additional VMS systems on the prospective trend.

Helix Resources (ASX:HLX) wishes to advise that exploration drilling at the Collerina Copper-Zinc Prospect has continued to intersect copper sulphide mineralisation on the down-plunge extension to the main mineralised zone. Remaining results have been received from the large step-out drilling that has tested a further 300m east of previous drilling and tested the system to a vertical depth of 350m.

Six of eight holes targeting the main mineralised zone position have intersected copper mineralisation over various widths.

The Company is very encouraged by the presence of copper mineralisation at predictable depths within the targeted corridor (Refer Figure 1). The geological controls on the main mineralised zone are now well understood with a foot-wall marker horizon consistently being intersected 10-20m below mineralisation, providing a good geological control within the Prospect.

Tritton-style copper deposits have significant variability in mineralisation thickness from 2m to 30m thick. At Collerina there is similar variability of sulphide accumulation in the drilling to date and therefore there is confidence that with further infill and extensional drilling, zones of greater thickness and grade tenor will continue to be identified within the system.

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Figure 1: 3D schematic showing drill locations on eastern extension of main mineralised zone at Collerina

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

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

Email: mick.wilson@helix.net.au

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Table 1: Collerina Project Drill Collar details

Project	Site_ID	Easting	Northing	Dip	Azi	Total Depth	HoleType
EL6336	CORC037 CORC038 CORC039 CORC040 CORC041 CORC042 CORC043 CORC044 CORC045 CORCDD046 CORCDD032 CORCDD033	505670.000 505909.698 505946.715 505875.284 505827.000 505710.000 505875.000 505500.000 506000.000 505585.000 505626.558 505653.368	6454970.000 6455093.942 6455141.162 6455044.793 6455002.000 6455010.000 6455950.000 6456300.000 6454975.000 6455005.000 6454905.185 6454946.847	-90 -80 -80 -75 -75 -76 -60 -60 -90 -75 -50 -50	000 215 215 225 235 205 035 035 000 215 226 215	400 350 392 326 282 240 191 171 356 180 370(150) 390(150)	RC RC RC RC RC RC RC RC RC RC/DDT DDT DDT

RC = Reverse circulation, RC/DDT = RC pre-collar and diamond tail, DDT = Diamond Tail

Table 2: Collerina drilling results from recent program.

Hole ID	From	Result
CORC037	From 193m2m @ 5.9% Cu, 3.0% Zn, 0.5g/t Au & 15g/t Ag within7m@ 2.1% Cu, 1.0% Zn, 0.2g/t Au & 5g/t Ag.
CORC038	From 320m1m @ 2.3% Cu, 0.3% Zn, 0.1g/t Au within 4m@0.7% Cu,0.1% Zn
CORC039	NSR target not intersected
CORC040	From 285m2m@ 1.1 % Cu
CORC041	NSR target not intersected
CORC042	From 209m3m@ 3% Cu, 0.3% Zn, 0.1g/t Au
CORC045	From 344m1m @ 2.6% Cu within: 7m@0.5% Cu
CORC046	From 158.2m1.6m @ 2.6% Cu, 1.2 Zn, 0.6g/t Au within: 4.8m@0.8% Cu,0.3% Zn,0.2g/t Au

Reported Intercepts are based on 1m split samples assayed for base metals via a mixed acid digest and MS finish, Gold via fire assay. Intercepts are calculated on a 0.1% Cu cut-off with no internal dilution.

Downhole EM Surveys

The recent drilling at Collerina provides a suitable platform for further downhole EM surveys (DHEM). Additional DHEM will be undertaken to vector toward zones of thicker sulphide accumulation within the known portions of the main mineralised zone. DHEM will also assist in identifying stronger EM conductors down plunge, east of the drilling to date. This will assist in planning future step-out drilling at depth.

Closer to surface, the Eastern and Western extensions of the surface gossan and associated soil anomaly remain poorly tested by drilling. DHEM targeting primary zones down dip of the oxide copper results in the limited shallow holes in these areas is also being assessed. DHEM will be targeting repeats or parallel “shoots” similar to the main mineralised zone targeted to date for further drill testing (Refer Figure 2).

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

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

Email: mick.wilson@helix.net.au

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Figure 2: Collerina Copper-Zinc Prospect: areas to be targeted with further DHEM to assess and prioritise zones for future drilling programs.

Large Regional Geophysics Survey to Commence

Helix has signed a services agreement with a contractor for a comprehensive VTEM-Max helicopter-borne geophysical survey to cover the entire 25km Collerina Project VMS prospective trend. The survey is expected to commence in early December and take 4-5 days to complete.

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Figure 3: Extent of helicopter-borne VTEM-Max survey to be completed in December 2016 testing Entire 25km of prospective trend within EL6336.

Copper-rich deposits in this region are known to form in clusters. Previous detailed aeromagnetics and mapping by Helix has identified a series of priority regional targets along the trend, however the high rainfall over the winter period in 2016 delayed proposed regional soil programs aimed at assessing those targets.

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

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

Email: mick.wilson@helix.net.au

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The VTEM-Max survey will fast-track the regional program identifying late-time EM conductors which will be followed-up with detailed close-spaced surface geochemistry sampling. Where coincident EM and geochemical anomalies are identified, first-pass drilling will test for associated copper mineralisation.

The cost for this survey has been kept to a minimum by joining with several other Companies in the region to give the overall survey an economy of scale that has reduced both the mobilisation cost and line kilometre rate for each Company.

If the VTEM-Max system proves successful in defining prospects with potentially economic copper mineralization within this survey, the Company will consider expanding the coverage. Future surveys may include some or all of the remaining 60km of prospective VMS trend within Helix’s tenement portfolio in this region.

- ENDS -

For further information:

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

Competent Persons Statement

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 Ave, Subiaco WA 6008

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

Email: mick.wilson@helix.net.au

JORC Code – Table 1

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Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	The Collerina drilling used a commercial contractor for RC & DDH
techniques	chips, or specific specialised industry standard	drilling. A total of 12 holes are being drilled (refer Table 1 & 2 in body
	measurement tools appropriate to the minerals under	of announcement). Holes were orientated to various grid directions,
	investigation, such as down hole gamma sondes, or	and were drilled at dips of 60°-90°.
	handheld XRF instruments, etc). These examples should	The drill hole locations were located by handheld GPS. Down hole
	not be taken as limiting the broad meaning of sampling.	surveys were conducted during drilling, using an in-rod down-hole
	 Include reference to measures taken to ensure sample	system.
	representivity and the appropriate calibration of any	RC Drilling was used to obtain 1m split samples from selected intervals.
	measurement tools or systems used.	RC was collected at the rig as a split sample from each metre with
	 Aspects of the determination of mineralisation that are	selected metres collected by Helix staff for assay. DDH drilling was
	Material to the Public Report.	used to obtain 1m samples over selected intervals with 1m half core
	 In cases where ‘industry standard’ work has been done	samples collected (~3kg). The 1m samples were cut and collected at a
	this would be relatively simple (eg ‘reverse circulation	commercial laboratory, pulverized to produce a representative charge
	drilling was used to obtain 1 m samples from which 3 kg	with gold assayed.
	was pulverised to produce a 30 g charge for fire assay’).
	In other cases more explanation may be required, such as
	where there is coarse gold that has inherent sampling
	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,	RC and DDH Drilling were the method chosen for theholes drilled. The
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	core diameter was NQ size. The RC was drilled with a 140mm face
	core diameter, triple or standard tube, depth of diamond	sampling hammer using industry practice drilling methods.
	tails, face-sampling bit or other type, whether core is
	_oriented and if so, by what method, etc). _
Drill sample	 Method of recording and assessing core and chip sample	Sample weight and recoveries are observed during the drilling and any
recovery	recoveries and results assessed.	sample under-sized or over-sized was noted the geological logs.
	 Measures taken to maximise sample recovery and ensure	Samples were checked by the geologist for volume, moisture content,
	representative nature of the samples.	possible contamination and recoveries. Any issues are discussed with
	 Whether a relationship exists between sample recovery	the drilling contractor.
	and grade and whether sample bias may have occurred
	due topreferential loss/gain of fine/coarse material.
Logging	 Whether core and chip samples have been geologically	All RC samples have a representative sieved amount of drill chips
	andgeotechnically logged to a level of detail to support	collected in trays for future reference Core is retained as full or a half

	Criteria	JORC Code explanation	Commentary
		appropriate Mineral Resource estimation, mining studies	core representation of the metres drilled with the core held at the
		and metallurgical studies.	Companies storage facility..
		 Whether logging is qualitative or quantitative in nature.	Logging of RC and Core was recorded lithology, alteration, degree of
		Core (or costean, channel, etc) photography.	oxidation, fabric and colour.
		 The total length and percentage of the relevant	All holes were/are to be logged in full.
		intersections logged.
	Sub-	 If core, whether cut or sawn and whether quarter, half or	The preparation of RC and core samples follow industry practice. This
	sampling	all core taken.	involves oven drying, coarse crushing (core-only), pulverization of total
	techniques	 If non-core, whether riffled, tube sampled, rotary split, etc	sample using LM5 mills until 85% passes 75 micron.
	and sample	and whether sampled wet or dry.	Field QA_QC involved the laboratories standard QA_QC procedures.
	preparation	 For all sample types, the nature, quality and	The sample sizes are considered appropriate to the grain size of the
		appropriateness of the sample preparation technique.	material being sampled. Repeatability of assays was good.
		 Quality control procedures adopted for all sub-sampling
		stages to maximise representivity of samples.
		 Measures taken to ensure that the sampling is
		representative of the in situ material collected, including for
		instance results for field duplicate/second-half sampling.
		 Whether sample sizes are appropriate to the grain size of
		the material being sampled.
	Quality of	 The nature, quality and appropriateness of the assaying	All assays were conducted at accredited assay laboratory. The
	assay data	and laboratory procedures used and whether the	analytical technique used for base metals is a mixed acid digest with a
	and	technique is considered partial or total.	MS collection. Gold was assayed via the fire assay method.
	laboratory	 For geophysical tools, spectrometers, handheld XRF	Laboratory QA/QC samples involving the use of blanks, duplicates,
	tests	instruments, etc, the parameters used in determining the	standards (certified reference materials), replicates as part of in-house
		analysis including instrument make and model, reading	procedures.
		times, calibrations factors applied and their derivation, etc.
		 Nature of quality control procedures adopted (eg
		standards, blanks, duplicates, external laboratory checks)
		and whether acceptable levels of accuracy (ie lack of bias)
		andprecision have been established.
	Verification	 The verification of significant intersections by either	Results have been verified by Company management.
	of sampling	independent or alternative company personnel.	Geological data was collected using handwritten log sheets which
	and	 The use of twinned holes.	detailed geology (weathering, structure, alteration, mineralisation),
	assaying	 Documentation of primary data, data entry procedures,	sampling quality and intervals, sample numbers, QA/QC and survey
		data verification, data storage (physical and electronic)	data. This data, together with the assay data received from the
		protocols.	laboratory and subsequent survey data were entered into a secure
		 Discuss any adjustment to assay data.	Access databases and verified.

	Criteria	JORC Code explanation	Commentary
	Location of	 Accuracy and quality of surveys used to locate drill holes	The drill collar positions were picked-up using GPS.
	data points	(collar and down-hole surveys), trenches, mine workings	Grid system is GDA94 Zone 55.
		and other locations used in Mineral Resource estimation.	Surface RL data collected using GPS. Topography around the drilled
		 Specification of the grid system used.	area is a slight slope grading from Grid North-East to drainage west of
		 Quality and adequacy of topographic control.	the main drilled area. Variation in topography is less than 5m across
			the drilled area.
	Data spacing	 Data spacing for reporting of Exploration Results.	Drill holes at the Collerina Project were targeting various geological and
	and	 Whether the data spacing and distribution is sufficient to	geophysical targets.
	distribution	establish the degree of geological and grade continuity	This was the 4th drilling program conducted by Helix for the Project and
		appropriate for the Mineral Resource and Ore Reserve	therefore the amount of drilling remains insufficient to establish a JORC
		estimation procedure(s) and classifications applied.	compliant resource.
		 Whether sample compositing has been applied.	Sampling involved 1m or less interval samples cut at the laboratory for
			assay.
	Orientation	 Whether the orientation of sampling achieves unbiased	Inclined RC drilling and two diamond holes have been previously
	of data in	sampling of possible structures and the extent to which	completed within the mineralised zones with good correlation observed
	relation to	this is known, considering the deposit type.	between data sets.
	geological	 If the relationship between the drilling orientation and the	No orientation based sampling bias has been identified in the data to
	structure	orientation of key mineralised structures is considered to	date.
		have introduced a sampling bias, this should be assessed	High grade base metals and associated gold was intersected in several
		and reported if material.	oftheholes drilled.
	Sample	 The measures taken to ensure sample security.	Chain of Custody is managed by the Company. The samples were
	security		freighted directly to the laboratory with appropriate documentation
			listing sample numbers intervals and/or cut, with analytical methods
			requested.
	Audits or	 The results of any audits or reviews of sampling	No additional QA/QC has been conducted for the drilling to date.
	reviews	techniques and data.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership	The Collerina Project is on EL6336.Helix has secured the precious
tenement	including agreements or material issues with third parties	and base metal rights under a split commodity agreement with the
and land	such as joint ventures, partnerships, overriding royalties,	owners Augur minerals Limited. The tenement is in good standing,
tenure status	native title interests, historical sites, wilderness or national	with a renewal due in October 2018.There are no known impediments
	park and environmental settings.	to operating in this area.
	 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	Previous modern exploration on the Collerina was limited to 3 holes
done by	parties.	drilled by CRA in the 1980’s all three holes intersected copper
other parties		mineralisation. Historic shafts and pits are present in the area, which
		date back to small scale miningactivities in the early1900’s.
Geology	 Deposit type, geological setting and style of mineralisation.	The prospect is considered to be a hybrid VMS style system similar to
		the Tritton style systems in the region.
Drill hole	 A summary of all information material to the understanding	Refer to table 2 in the body of the text
Information	of the exploration results including a tabulation of the	No material information was excluded from the results listed
	following information for all Material drill holes:
	 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	Results were reported from 1m intervals on a 0.1% cut-off, with no
aggregation	techniques, maximum and/or minimum grade truncations	intenal dilution.
methods	(eg cutting of high grades) and cut-off grades are usually	No weighting has been used
	Material and should be stated.	No metal equivalent results were reported.
	 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	The program was designed to intersect various targets of base metal
between	reporting of Exploration Results.	mineralisation .

		Criteria	JORC Code explanation	Commentary
		mineralisatio	 If the geometry of the mineralisation with respect to the	From our understanding of the Prospect, drilling is designed to
		n widths and	drill hole angle is known, its nature should be reported.	intersect target mineralisation as close to perpendicular as practical.
		intercept	 If it is not known and only the down hole lengths are
		lengths	reported, there should be a clear statement to this effect
			_(eg ‘down hole length, true width not known’). _
		Diagrams	 Appropriate maps and sections (with scales) and	Refer to figure 1
			tabulations of 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.
		Balanced	 Where comprehensive reporting of all Exploration Results	Refer to Table 2, remaining results have not been received at the
		reporting	is not practicable, representative reporting of both low and	time of release and will be release as soon as they become available
			high grades and/or widths should be practiced to avoid
			misleading reporting of Exploration Results.
		Other	 Other exploration data, if meaningful and material, should	Previously reported activities Refer to ASX announcements on
		substantive	be reported including (but not limited to): geological	www.helix.net.au for details
		exploration	observations; geophysical survey results; geochemical
		data	survey results; bulk samples – size and 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	Additional geophysics, geochemistry and drilling will be undertaken to
			lateral extensions or depth extensions or large-scale step-	further assess the potential of the Collerina prospect and overall
			out drilling).	Collerina Project.
			 Diagrams clearly highlighting the areas of possible
			extensions, including the main geological interpretations
			and future drilling areas, provided this information is not
			commercially sensitive.