HELIX RESOURCES LIMITED — Capital/Financing Update 2017

Nov 7, 2017

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ASX Announcement

8 November 2017

INITIAL RC ASSAYS AND NEW DEEP EM TARGET IDENTIFIED AT COLLERINA

Helix is undertaking a six-hole exploration drill program at the Collerina Copper Deposit: 3 RC holes targeting around the previously defined Central Zone and 3 RC/diamond holes targeting Central Zone dip plane extensions. Drilling is being supported by DHEM surveys undertaken in holes within, or adjacent to, the Central Zone dip plane.

RC Drilling Results

• First hole of the drill program, targeting an eastern lateral extension of the Central Zone, has returned a wide interval of copper, zinc and gold mineralisation.

• CORC078 returned: 10m @ 1.4% Cu, 1.1% Zn and 0.15g/t Au from 178m within 16m @ 1% Cu and 0.7% Zn from 173m

• Delivers an extension to the Central Zone and is approximately 60m up-dip and 60m east of previous intercepts,and.

• Increases the overall dip-plane width of the Central Zone.

• Two infill RC holes have been completed at shallower levels within the Central Zone. CORC082 returned 1m @ 2.3% Cu and 0.2g/t Au from 93m within 4m @ 0.7% Cu, whilst CORC079 intersected an EastWest fault zone.

New EM Conductor Targets

• Preliminary modelling of DHEM undertaken this week in the 3 RC pre-collars and a selected historic deep RC hole identified a conductive trend in the dip plane extension of the previously delineated Central Zone mineralisation.

• An off-hole conductor (partially defined) with approximate dimensions of 80m X 100m has been modelled in the dip plane, below previous drilling. The plate has similar conductance to the Central Zone mineralisation (150-200 Siemens). The plate position is open up plunge, down plunge and down dip.

Diamond Drilling Ongoing

• A diamond drill rig has completed diamond core tails on two of the three RC pre-collared drill holes.

• The first two diamond tailed holes have intersected stringer primary sulphide mineralisation in the dip plane in CORC084 on the western side of the target zone (the DHEM anomaly lies east of this hole) and CORC080 which lifted into a fault zone.

• The third diamond tail is underway. It is located behind CORC080 and is targeting a position up dip and up plunge of the new DHEM conductor described above.

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to announce initial results from the Phase 2 drilling program currently underway at the Collerina Copper Project in central NSW.

The Phase 2 exploration program consists of three reverse circulation (RC) and three RC/DD drill holes .

The three RC drill holes were planned to test for:

• An eastern lateral extension of the Central Cone (CORC078), which has been successful; and

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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• Possible primary sulphide extensions within the Central Zone at shallower levels.

Three deeper RC/DD holes were planned to test for mineralisation in the Central Zone dip plane to a depth of approximately 300m from surface. DHEM undertaken on the RC pre-collars and a selected historic deep RC hole has produced a partially constrained EM conductive anomaly within the interpreted Central Zone dip plane. This conductive anomaly trend is being targeted with the currentdrill hole.

Commenting on the initial results Helix Managing Director, Mick Wilson, said, “This is an excellent start to our drilling program at the Collerina Copper Deposit. A wide copper interval that expands the known extent of the Central Zone endowment to the east, combined with a drill hole currently underway targeting an open DHEM conductor position modelled down dip of the Central Zone delivers promise for the potential of the Collerina Copper Deposit.”

RC Extensional Result

The first RC hole of the Phase 2 drill program (CORC078) has returned a wide interval of copper,zinc andgold mineralisation that represents an eastern extension of the Central Zone.

CORC078 was drilled to a depth of 214m and was designed to target the modelled potential for an eastern extension to the Central Zone mineralisation. The hole returned an interval of 10m @ 1.4% Cu, 1.1% Zn & 0.15g/t Au from 178m, within 16m @ 1% Cu, 0.7% Zn from 173m. The hole covers a portion of the Central Zone where a gap in the drilling pattern was present. The intercept comprises a 10m wide zone of massive and semi-massive sulphide with variable stringer sulphide zones present either side (refer photo 1).

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Figure 1: Schematic Plan of the Collerina Deposit illustrating the extension to the Central Zone projected to surface

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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Photo 1: Mineralised zone in CORC078 returning 10m @ 1.4% Cu, 1.1% Zn and 0.15g/t Au from 178m

The result has delivered an eastern extension to the Central Zone, with the interval being located approximately 60m up-dip from CORC032 (6m @ 2.2% Cu and 0.3% Zn from 192m) and 60m east of CORC022 (8m @ 2.4% Cu and 1.3% Zn). Whilst this intercept is more pyritic than previous intercepts nearby, such localised variation in copper content is not uncommon in these systems. Importantly, the drilled dip extent of the Central Zone primary sulphides is averaging approximately 150m in the dip plane.

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Figure 2: Schematic cross section illustrating interpreted mineralisation distribution in the dip plane at the Collerina Deposit. EM conductor target position present in the interpreted Central Zone extension.

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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Central Zone shallow infill drilling

Two further RC holes have been completed at shallower levels within the Central Zone. The drill holes were designed to fill in gaps in the drill pattern between the oxide zones of the Central Zone and deeper primary sulphides already defined below. CORC082 has returned 1m @ 2.3% Cu and 0.2g/t Au from 93m within 4m @ 0.7% Cu in primary sulphides. CORC079 intersected an East-West fault zone at the targeted depth and returned no significant assay result.

New EM Conductor Targets

Helix has undertaken DHEM surveys as part of the current exploration program in 4 holes in order to assist with the targeting of the deeper holes.

Modelling of DHEM data derived from the 3 deep RC pre-collars and a selected previous deep RC hole has identified a new conductive trend in the dip plane of the Central Zone mineralisation. A partially defined offhole DHEM conductor was identified east and down dip of CORC039; which is one of the deeper holes drilled at Collerina to date (392m downhole). This newly modelled EM conductor plate sits within the dip-plane target zone, has a conductance similar to the central zone mineralisation at 150-200 Siemens and importantly remains open up plunge, down plunge and down dip.

Helix has commenced diamond drilling today of CORC081, a hole that is designed to test the zone in the dipplane below the main central zone, up plunge of the modelled DHEM plate ( which remains open due to its partial definition ) and down plunge from stringer sulphides intersected in CORC084 ( assays pending ).

Further drill and assay results from the Phase 2 exploration program at Collerina are expected over the coming weeks.

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Figure 3: Schematic 3D interpretation Collerina Copper Deposit showing dip target beyond the previously delineated Central Zone.

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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Background

Phase 1 shallow RC drilling at the Collerina Copper Deposit completed earlier this year identified new nearsurface oxide copper zones, discrete from the previously identified Central Zone. The scale and tenor of the intercept results identified in these new zones were consistent with previous oxide intersections over the Central Zone. The new zones expanded the strike extent of copper mineralisation by approximately three times to over 500 metres.

Subsequent DHEM identified discrete EM conductors beneath these new copper zones. By way of context, the Central Zone mineralisation is characterised by broad zones of copper in oxides from approximately 50m below surface which then transitions to the high-grade copper sulphide mineralisation from approximately 80m below surface. The mineralisation has exhibited a local plunge continuity displayed in drill results received to date, with the massive sulphides extending over the currently identified plunge extent of at least 300 metres.

The target corridor (refer to Figures 1, 2 & 3) represents the down dip extension from surface copper geochemistry, a 300m wide zone of surface moving loop EM and DHEM anomalism and the direct dip extensions beyond the massive sulphide intersections identified in previous drilling.

- ENDS -

For further information:

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

Dale Hanna CFO/Company Secretary dale.hanna@helix.net.au Ph: +61 8 9321 2644

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 4: Location of the Collerina Project within a 150km copper prospective trend in central NSW

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

¹ For full details of exploration results refer to ASX announcements dated 1 April 2015, 10 November 2015, 18 February 2016, 24 May 2016, 29 June 2016 2 November 2016, 1 December 2016, 13 July 2017. Helix Resources is not aware of any new information or data that materially effects the information in these announcements.

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: Collar details for the current phase of drilling at the Collerina Deposit.

Site_ID	Northing	Easting	Dip	Azi	TotalDepth	**HoleType **
CORC078	6455000	505640	-70	215	202	RC
CORC079	6454970	505441	-60	215	214	RC
CORC080	6455177	505846	-75	215	366	RC/DDH
CORC081	6455189	505853	-90	215	TBA	RC/DDH
CORC082	6454980	505410	-60	215	130	RC
CORC084	6455132	505714	-90	215	294	RC/DDH

Table 2: List of results and pending results from drilling program underway

Site_ID	Depth From	Result
CORC078	173	16m@ 1%Cu, 0.7%Zn
	178	10m@ 1.4% Cu, 1.1% Zn, 0.15g/t Au
CORC079		NSR - intersected fault
CORC080		Results Pending
CORC081		To be drilled
CORC082	93	1m@ 2.3% Cu, 0.2g/t Au
	92	4m@0.7% Cu
CORC084		Results Pending

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 and drilling.
techniques	chips, or specific specialised industry standard	A total of 6 holes were drilled (refer Table 1 & 2 in body of
	measurement tools appropriate to the minerals under	announcement). Holes were orientated generally to grid 215 grid
	investigation, such as down hole gamma sondes, or	directions, and were drilled at dips of 60-90°.
	handheld XRF instruments, etc). These examples should	The drill hole locations were located by handheld GPS. with 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.	Some sampling was completed as 4m composites around areas of
	 Aspects of the determination of mineralisation that are	interest and assays are pending. RC was collected at the rig as a split
	Material to the Public Report.	sample from each metre with selected metres collected by Helix staff
	 In cases where ‘industry standard’ work has been done	for assay.DDH drilling is ongoing and NQ size drilling. Core zones
	this would be relatively simple (eg ‘reverse circulation	identified for sampling will be transported to the laboratory.
	drilling was used to obtain 1 m samples from which 3 kg
	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 werethe methods chosen for the holes drilled and were
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	drilled with a 150mm face sampling hammer and NQ triple tube DDH
	core diameter, triple or standard tube, depth of diamond	coring, 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.

	Criteria	JORC Code explanation	Commentary
		appropriate Mineral Resource estimation, mining studies	Logging of Drilling recorded lithology, alteration, degree of oxidation,
		and metallurgical studies.	fabric and colour.
		 Whether logging is qualitative or quantitative in nature.	All holes were/are to be logged in full.
		Core (or costean, channel, etc) photography.
		 The total length and percentage of the relevant
		intersections logged.
	Sub-	 If core, whether cut or sawn and whether quarter, half or	The preparation of RC samples follow industry practice. This involves
	sampling	all core taken.	oven drying, pulverization of total sample using LM5 mills until 85%
	techniques	 If non-core, whether riffled, tube sampled, rotary split, etc	passes 75 micron. DDH assays are pending.
	and sample	and whether sampled wet or dry.	Field QA_QC involved repeat sampling and the laboratories standard
	preparation	 For all sample types, the nature, quality and	QA_QC procedures.
		appropriateness of the sample preparation technique.	The sample sizes are considered appropriate to the grain size of the
		 Quality control procedures adopted for all sub-sampling	material being sampled. Repeatability of assays was good.
		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	structural targets.
	distribution	establish the degree of geological and grade continuity	This was an infill and step-out drilling program conducted by Helix for
		appropriate for the Mineral Resource and Ore Reserve	the Project and at the end of the planned programs it will be assessed
		estimation procedure(s) and classifications applied.	if there is sufficient drilling establish a JORC compliant resource.
		 Whether sample compositing has been applied.	Sampling involved 1m interval samples. Some sampling in areas of
			low-prioritywere subject to4mcomposite sampling assay.
	Orientation	 Whether the orientation of sampling achieves unbiased	Inclined RC drilling and diamond holes have been previously
	of data in	sampling of possible structures and the extent to which	completed within the central mineralised zone with good correlation
	relation to	this is known, considering the deposit type.	observed 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 many
		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% Cu cut-off, with no
aggregation	techniques, maximum and/or minimum grade truncations	internal 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 1,2 and 3
			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 released when 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 and drilling is underway to further assess the
			lateral extensions or depth extensions or large-scale step-	potential of the Collerina Deposit.
			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.