HELIX RESOURCES LIMITED — Capital/Financing Update 2017

Oct 1, 2017

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ASX Announcement

2 October 2017

NSW PROJECTS – EXPLORATION UPDATE

COLLERINA COPPER PROJECT

• Statutory approvals have been received for the upcoming RC/DD drilling program.

• Helix currently liaising with the drilling contractor on rig scheduling and commencement date.

• Details of the program will be released in a separate announcement when finalised.

MUNDARLO PROJECT

• Helix’s initial program targeting VMS-style base metal systems at Mundarlo has defined a discrete bedrock EM Conductor:

• A moderately dipping plate has been modelled with a conductance level of 200400 Siemens (within the base metal sulphide response range).

• The conductor plate is positioned down-dip of gossanous chert horizons within a north-west trending mixed volcano-sedimentary basin sequence.

• The top of the conductor plate models at a depth of approximately 100m below surface, with a strike of 780m and a dip extent of 460m.

• Helix plans to complete close-spaced soil geochemical surveys along the projected surface strike of the EM conductor prior to drill testing of the target.

• Helix has satisfied its minimum expenditure and has the right to earn 60% equity by completing a two-hole drilling program within a $100,000 expenditure commitment by 18 February 2018.

COBAR GOLD PROJECT

• Rock chip samples collected from the historic Lone Hand and Girl in Blue workings have returned high grade gold assays (up to 17.7g/t gold).

• These historic prospects on the western side of the goldfield (Republic, Reward, Lone Hand and Girl in Blue) now define an open-ended gold bearing zone over a 3km long north-northwest trend.

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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Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to provide an update regarding the ongoing exploration activities at its copper and gold projects in NSW.

MUNDARLO PROJECT

A recently completed MLEM survey at the Mundarlo Project has identified a discrete bedrock conductor in a favorable setting for VMS-style base metal deposits. The conductor sits below a zone of broad spaced historic copper-in-soil anomalism, which has never been drill tested.

An assessment of the 12 line kilometre MLEM survey data by the Company’s geophysical consultant has highlighted a discrete conductor associated with a subtle magnetic linear unit within the basin. The modelled conductor plate has a conductance response of 200-400 Siemens (a response consistent with base metal sulphide bearing rock). The plate dips to the southwest and appears to be associated with previously mapped gossanous banded chert horizons at surface. The top of the conductor plate models at a depth of approximately 100m below surface, with a strike of 780m and a dip extent of 460m.

Helix has undertaken an initial orientation geochemical survey to confirm the historic soil results on the neighboring property. The Company plans to complete infill auger soil sampling over the EM target area, where the surface/near-surface expression of the modeled EM plate should project. This is expected to be followed by drill testing of the EM target to satisfy the earn-in commitment for the project.

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Figure 1: MLEM Anomaly over late-time MLEM image and orientation soils at the Mundarlo Project

Managing Director Mick Wilson said: “ Whilst we are firmly concentrating our current exploration efforts on advancing our Collerina Copper Project, the Mundarlo Project represented a low-cost and exciting addition to Helix’s NSW copper and gold asset portfolio. These initial results from the Mundarlo work program show that the techniques Helix has adopted for early-stage exploration in NSW are generating genuinely prospective new targets. We believe there still exists highly prospective areas in the region and real opportunities to create significant value for our shareholders by making new discoveries ”.

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 Mundarlo Project is located 20km southwest of Gundagai, NSW. Helix is targeting base metal mineralisation associated with a series of gossanous horizons within a north-west trending mixed volcano-sedimentary basin sequence, adjacent to the regionally significant Gilmore Fault Zone (Figure 2).

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Figure 2: Mundarlo Project location map

JV Terms: Helix must spend A$100,000 inclusive of the completed program of work, and including a minimum two hole drilling program by February 2018, to earn 60% equity in the Project from the private vendors of Mundarlo. Helix will then have the sole right to move to 80% equity in the Project by spending a further A$150,000 by February 2019.

COBAR GOLD PROJECT

Results from recent rock chip samples collected during reconnaissance mapping at the Lone Hand and Girl in Blue workings have returned very encouraging gold assays (17.7g/t gold from Lone Hand and 2.17g/t gold from Girl in Blue; see Table 1). A third sample, collected from an area of quartz float located 600m west of Girl in Blue, did not return a significant result.

The workings define a 3km long north-northwest (NNW) oriented mineralised trend (also hosting the Republic and Reward prospects) comprising the Western Gold Prospects. This trend corresponds to an interpreted regional structure derived from aeromagnetics located 1.5km to the west of the Central Gold Prospects (Figure 3). This regional NNW structural orientation is considered an important control to mineralisation in the gold field and is a similar orientation to the controlling structures seen at the +4Moz Au Peak Gold Trend, located 35km to the northwest.

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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At the prospect scale, mineralisation at Lone hand is interpreted to trend toward 350 degrees, parallel to that seen at Reward. The sample that returned 17.7g/t gold was from ferruginous quartz located adjacent to the main collapsed shaft.

At Girl in Blue, ferruginous, weakly quartz veined shear zone material located adjacent to the central and western shafts returned 2.17g/t gold. The sampled quartz veined shear structures observed in historic shafts appear to lie on secondary structures trending 075 degrees (as seen at Battery Tank and Sunrise).

Table 1: Regional Rock Chip Results

SAMPLE	Easting	Northing	Gold g/t	Prospect
A28038	424253	6486338	17.7	Lone Hand
A28039	424756	6485408	2.2	Girl in Blue
A28040	424232	6485150	NSR	Quartz Float

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Figure 3: Goldfield Prospect Plan, showing gold in soil anomalism and recent rock chip result s

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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- ENDS -

For further information:

Mick Wilson Dale Hanna Managing Director CFO/Company Secretary mick.wilson@helix.net.au dale.hanna@helix.net.au Ph: +61 8 9321 2644 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

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JORC Code – Table 1

Sampling Techniques and Data Cobar Gold Rock Chip Sampling

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	The Cobar Gold Project rock chip sampling was conducted by a
techniques	chips, or specific specialised industry standard	geological consultant with 3 samples collected (refer Table 1 in body
	measurement tools appropriate to the minerals under	of announcement).
	investigation, such as down hole gamma sondes, or	The sample locations were located by handheld GPS.
	handheld XRF instruments, etc). These examples should	The samples were collected as grab samples of surface rock and do
	not be taken as limiting the broad meaning of sampling.	not imply a width or sample interval. Samples were collected to provide
	 Include reference to measures taken to ensure sample	a 2kg sample. The samples were sent to a commercial laboratory,
	representivity and the appropriate calibration of any	pulverized to produce a representative charge with gold assayed.
	measurement tools or systems used.	Samples were also assayed for a multi-element suite using a mixed
	 Aspects of the determination of mineralisation that are	acid digest.
	Material to the Public Report.
	 In cases where ‘industry standard’ work has been done
	this would be relatively simple (eg ‘reverse circulation
	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,	No drilling was conducted.
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg
	core diameter, triple or standard tube, depth of diamond
	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	No drilling was conducted..
recovery	recoveries and results assessed.
	 Measures taken to maximise sample recovery and ensure
	representative nature of the samples.

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Criteria	JORC Code explanation	Commentary
	 Whether a relationship exists between sample recovery
	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	The lithology, geological setting and location was recorded by the
	and geotechnically logged to a level of detail to support	supervising geologist.
	appropriate Mineral Resource estimation, mining studies	Logging of samples was completed with lithology, alteration, degree of
	and metallurgical studies.	oxidation, fabric and colour being recorded.
	 Whether logging is qualitative or quantitative in nature.
	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 samples follows 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.
and sample	and whether sampled wet or dry.	The sample sizes are considered appropriate to the grain size of the
preparation	 For all sample types, the nature, quality and	material being sampled. Repeatability of assays was good.
	appropriateness of the sample preparation technique.
	 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 an accredited assay laboratory. The
assay data	and laboratory procedures used and whether the	analytical technique used for Gold via the fire assay method and scree
and	technique is considered partial or total.	fire assay method (-75µm). Selected samples were assayed for
laboratory	 For geophysical tools, spectrometers, handheld XRF	pathfinder elements using a 4 acid digest.
tests	instruments, etc, the parameters used in determining the	Laboratory QA/QC samples involving the use of blanks, duplicates,
	analysis including instrument make and model, reading	standards (certified reference materials), replicates as part of in-house
	times, calibrations factors applied and their derivation, etc.	procedures.
	 Nature of quality control procedures adopted (eg
	standards, blanks, duplicates, external laboratory checks)
	and whether acceptable levels of accuracy (ie lack of bias)
	and precision have been established.

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Criteria	JORC Code explanation	Commentary	Commentary
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 recorded by the geologist which detailed geology
and	 The use of twinned holes.		(weathering, structure, alteration, mineralisation), sampling quality, and
assaying	 Documentation of primary data, data entry procedures,		sample numbers. This data, together with the assay data received from
	data verification, data storage (physical and electronic)		the laboratory and subsequent survey data were entered into a secure
	protocols.		Access databases and verified.
	 Discuss any adjustment to assay data.
Location of	 Accuracy and quality of surveys used to locate drill holes		The sample 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.
	 Specification of the grid system used.
	 Quality and adequacy of topographic control.
Data spacing	 Data spacing for reporting of Exploration Results.		Rock Chip samples at the Cobar Gold Project were targeting possibly
and	 Whether the data spacing and distribution is sufficient to		mineralised material adjacent to historic workings (refer Figure 1).
distribution	establish the degree of geological and grade continuity		The rock chip sampling programs conducted by Helix at Republic and
	appropriate for the Mineral Resource and Ore Reserve		Reward prospects remain insufficient to establish a JORC compliant
	estimation procedure(s) and classifications applied.		resource.
	 Whether sample compositing has been applied.
Orientation	 Whether the orientation of sampling achieves unbiased		No orientation based sampling bias has been identified in the data to
of data in	sampling of possible structures and the extent to which		date.
relation to	this is known, considering the deposit type.	
geological	 If the relationship between the drilling orientation and the		No material sampling bias is considered to be present in the current
structure	orientation of key mineralised structures is considered to		drilling orientations.
	have introduced a sampling bias, this should be assessed
	and reported if material.
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 to cut and analytical methods
			requested.
Audits or	 The results of any audits or reviews of sampling		No additional QA/QC has been conducted for the sampling to date.
reviews	techniques and data.

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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	The Cobar Gold Project is located on EL6140, a JV between Helix
tenement	including agreements or material issues with third parties	90% and manager and 10% Glencore (diluting). The tenement is in
and land	such as joint ventures, partnerships, overriding royalties,	good standing. There are no known impediments to operating in this
tenure status	native title interests, historical sites, wilderness or national	area and EL8433 100% owned by Helix granted in May 2016.
	park and environmental settings.
	 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 Cobar Gold Project was limited
done by	parties.	set-depth 20m open hammer holes drilled by CRA in the 1970’s with
other parties		follow-up work by Glencore in the mid 2000’s.Historic shafts and pits
		are present throughout the area, which date back to small scale
		miningactivities in the late 1800’s and early1900’s.
Geology	 Deposit type, geological setting and style of mineralisation.	The prospect is considered to be sediment hosted mesothermal to
		epithermal stylegold.
Drill hole	 A summary of all information material to the understanding	No Drilling was conducted.
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	No weighting has been used
aggregation	techniques, maximum and/or minimum grade truncations	No metal equivalent results were reported.
methods	(eg cutting of high 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,
	theprocedure used for such aggregation should be stated

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Criteria JORC Code explanation Commentary
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 between mineralisatio n widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). The program was designed to intersect and expand trends of known gold mineralization and to further define structural controls of high grade gold mineralisation. Geological interpretation is underway so true width is presently not known. Results are reported as grab samples only with no width of length implied.
Diagrams  Appropriate maps and sections (with scales) and 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. Refer Figures 1 to 2, and table 1 in the main body.
Balanced reporting  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Refer to Table 1.
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Previously reported activities Refer to ASX announcements on www.helix.net.au for details
Further work  The nature and scale of planned further work (eg tests for lateral 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. Based on these highly encouraging results so far, additional field work is considered imperative to further assess the potential at various Prospects on the Cobar Gold Project.

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JORC Code – Table 1

Sampling Techniques and Data Mundarlo MLEM Survey

Criteria	Criteria	JORC	Code explanation	Commentary	Commentary
Sampling			Nature and quality of sampling (eg cut channels, random chips,		A Contractor was secured to complete the survey.
techniques			or specific specialised industry standard measurement tools		MLEM was undertaken A 200m x 200m transmitter
			appropriate to the minerals under investigation, such as down		loop was used to transmit a current of 20 amps. A B-
			hole gamma sondes, or handheld XRF instruments, etc). These		field down hole probe was used to measure the EM
			examples should not be taken as limiting the broad meaning of		response with survey stations every 100m on 200m
			sampling.		spaced lines.
			Include reference to measures taken to ensure sample		A Monex Geoscope Terra-TEM data collection system
			representivity and the appropriate calibration of any		was used with information transmitted to the
			measurement tools or systems used.		Companies Geophysical Consultant (SGC) for QA/QC
			Aspects of the determination of mineralisation that are Material		and data processing and modelling.
			to the Public Report.		Maxwell modelling software was used to model the EM
			In cases where ‘industry standard’ work has been done this		data and produce best-fir plate models where
			would be relatively simple (eg ‘reverse circulation drilling was		conductors were present.
			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,		No Drilling completed in this phase
techniques			rotary air blast, auger, Bangka, sonic, etc) and details (eg core
			diameter, triple or standard tube, depth of diamond 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		No Drilling completed in this phase
recovery			recoveries and results assessed.
			Measures taken to maximise sample recovery and ensure

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Criteria	Criteria		JORC	Code explanation	Commentary	Commentary
				representative nature of the samples.
				Whether a relationship exists between sample recovery and
				grade and whether sample bias may have occurred due to
				preferential loss/gain of fine/coarse material.
Logging				Whether core and chip samples have been geologically and		No Drilling completed in this phase
				geotechnically logged to a level of detail to support appropriate
				Mineral Resource estimation, mining studies and metallurgical
				studies.
				Whether logging is qualitative or quantitative in nature. Core (or
				costean, channel, etc) photography.
				The total length and percentage of the relevant intersections
				logged.
Sub-sampling				If core, whether cut or sawn and whether quarter, half or all core		No Drilling completed in this phase
techniques				taken.
and	sample			If non-core, whether riffled, tube sampled, rotary split, etc and
preparation				whether sampled wet or dry.
				For all sample types, the nature, quality and appropriateness of
				the sample preparation technique.
				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 and		No Drilling completed in this phase
assay		data		laboratory procedures used and whether the technique is
and				considered partial or total.
laboratory				For geophysical tools, spectrometers, handheld XRF
tests				instruments, etc, theparameters used in determining the

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Criteria		JORC	Code explanation	Commentary	Commentary
			analysis including instrument make and model, reading 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) and precision have
			been established.
Verification	of		The verification of significant intersections by either		No Drilling completed in this phase.
sampling and			independent or alternative company personnel.
assaying			The use of twinned holes.
			Documentation of primary data, data entry procedures, data
			verification, data storage (physical and electronic) protocols.
			Discuss any adjustment to assay data.
Location	of		Accuracy and quality of surveys used to locate drill holes (collar		The MLEM survey positions were picked-up using GPS.
data points			and down-hole surveys), trenches, mine workings and other		Grid system is GDA94 Zone 55.
			locations used in Mineral Resource estimation.		Surface RL data collected using GPS. Topography
			Specification of the grid system used.		around the area is undulating with a relief of 100m
			Quality and adequacy of topographic control.		across the surveyarea.
Data spacing			Data spacing for reporting of Exploration Results.		The MLEM surveys at the Mundarlo Project was
and			Whether the data spacing and distribution is sufficient to		targeting conductors in new zones.
distribution			establish the degree of geological and grade continuity
			appropriate for the Mineral Resource and Ore Reserve
			estimation procedure(s) and classifications applied.
			Whether sample compositing has been applied.
Orientation	of		Whether the orientation of sampling achieves unbiased		No Drilling completed in this phase
data	in		sampling of possible structures and the extent to which this is
relation	to		known, considering the deposit type.
geological			If the relationship between the drilling orientation and the
structure			orientation of key mineralised structures is considered to have
			introduced a sampling bias, this should be assessed and
			reported if material.

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Criteria JORC Code explanation Commentary
Sample security  The measures taken to ensure sample security.  Chain of Custody of data is managed by the Company’s geophysical field contractor and geophysical consultants. The data is transferred daily and QA/QC’d byaqualifiedgeophysicist.
Audits or reviews  The results of any audits or reviews of sampling techniques and data.  An internal peer review of the DHEM interpretations are carried out internally within the geophysical consultancy.
Section 2 Reporting of Exploration Results
(Criteria listed in theprecedingsection also applyto this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  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.  The Mundarlo Project is located on EL8096. Helix has signed a joint venture agreement to earn an initial 60% equity from the private owners. The tenement is in good standing, with a renewal due in May 2020. There are no known impediments to operating in this area.
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties.  Previous modern exploration at Mundarlo was limited to surface geochemistry in the 1980’s by Jododex Australia Pty Ltd. This was followed upbyorientation MLEM and IP surveys bythe vendors.
Geology  Deposit type, geological setting and style of mineralisation.  The prospect is considered to be prospective for a VMS style base metal systems.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  If the exclusion of this information isjustified on the  No Drilling completed

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Criteria	JORC	Code explanation	Commentary	Commentary
		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		No Drilling completed in this phase
aggregation		techniques, maximum and/or minimum grade
methods		truncations (eg cutting of high 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		No Drilling completed in this phase
between		reporting of Exploration Results.
mineralisatio		If the geometry of the mineralisation with respect to
n widths and		the drill hole angle is known, its nature should be
intercept		reported.
lengths		If it is not known and only the down hole lengths are
		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		No Drilling completed in this phase
reporting		Results is notpracticable, representative reporting of

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Criteria JORC Code explanation Commentary
both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.  No previously reported activities
Further work  The nature and scale of planned further work (eg tests for lateral 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.  Additional soil sampling, and subject to positive results, drilling will be undertaken to further assess the potential of the Mundarlo project.