HELIX RESOURCES LIMITED — Capital/Financing Update 2018

Sep 2, 2018

ASX Announcement Monday, 3 September 2018

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Joshua Copper Project Update

AeroMag Nearing Completion and Drilling Company Contracted for Mid-September

Highlights

• Drone-borne, high-resolution aeromagnetic survey nearing completion

• Data from this survey will be used to map the internal structure (new potential zones of mineralisation) of the large (6.5km by 2km) Joshua Copper Porphyry Alteration System

• The large footprint of this Porphyry-like Alteration System was only first identified in early 2018 using ASTER satellite data

• Preparations are also well on-track to commence Stage 1 diamond drilling (3000m) by midSeptember 2018. The drill pads have been cleared and a drilling company with previous Joshua drilling experience is under contract to conduct the work

Manhattan Corporation Limited (“ Manhattan ” or the “ Company ”) is pleased to announce its planned aeromagnetic survey at the Joshua Copper Porphyry Project in Chile (“ Joshua Project ”) is nearing completion.

Aeromagnetic Survey

A high-resolution (50m flight lines) aeromagnetic survey is nearing completion at Joshua (full details in Table 1). This survey will for the first time enable interpretation of the complexity and full extent of the Joshua Porphyry-like Alteration System. ASTER satellite mineral alteration mapping conducted earlier this year highlighted a substantially larger footprint (6.5km by 2km) for the Joshua porphyry system than had previously been realized. Significantly, the ASTER alteration response mapped is similar to that of the large Andacollo porphyry copper deposit, which is located 45km northwest of Joshua currently operated by Teck Resources Ltd (refers to Figure 1 and 2).

About the Joshua Copper Project

The Joshua Project is located 350km north of Santiago in Chile’s coastal porphyry copper belt (refer to Figure 4). The 50 sq.km project area has all-year-round access and is favourably situated at low altitude, and close to infrastructure including ports, rail, roads and possible power and water solutions for any future mining scenarios.

The Joshua porphyry copper system is characterised by a regionally significant alteration anomaly (6.5km by 2km), centred on a zone of surface copper mineralization, brecciation and silica-tourmaline alteration. The broad alteration response at Joshua is similar to that of the Andacollo Cu-Au porphyry deposit located 45km to the northwest of the Joshua Project and operated by North American mid-cap company Teck.

The Joshua system was discovered by Helix Resources Limited is 2011 and since then only 16 holes have been drilled (2011, 2012 by Helix and subsequently by IMG Contractors in 2015). This drilling returned a number of significant copper intercepts, including 352m at 0.27% Cu, 240m at 0.22% Cu and 400m at 0.25% Cu.

For full details of exploration results, refer to the ASX announcements by Helix dated 10 August 2011, 28 March 2012, 8 June 2012, 17 December 2015 and 6 February 2016. Helix is not aware of any new information or data that materially affects the information in these announcements. Additional information can also be found in Manhattan announcements dated 8 June 2018, 26 June 2018 and 1 August 2018.

On 1 August 2018, Manhattan Corporation Limited (“Manhattan” or the “Company”) announced that it had completed the share placement announced 8 June 2018 to raise $3 million (“Placement”), and that the Placement met the final pre-condition of an option agreement with Helix Resources Limited for Manhattan to earn up to an 80% interest in the Joshua Porphyry Copper Project.

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L e v e l 2 , 3 3 C o l i n S t r e e t W e s t P e r t h W A 6 0 0 5

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Stage 1 Diamond Drilling

Stage 1 diamond drilling is scheduled to commence by mid-September 2018 and will take approximately two months to complete. Holes will be logged, sampled and assayed sequentially, and all assay results for this program are anticipated to be back by mid-December 2018.

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Figure 1 | Project Location, Region IV, Chile

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Figure 2 | ASTER Alteration Anomaly and Aeromagnetic Survey Area (UTM 19S, WGS-84)

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2 | P a g e

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Figure 3| Drone and Aeromagnetic Sensor - Joshua Survey (in progress)

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Figure 4 | Joshua Copper Project, Region IV Chile

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3 | P a g e

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Competent Persons Statement

The information in this Report that relates to Exploration Results for the Joshua Project is based on information review by Mr Robert Perring who is a non-executive Director of, and technical adviser to Manhattan Corporation Limited and is a Member of the Australian Institute of Geoscientists. Mr R Perring has sufficient experience which is relevant to this style of mineralisation and type of deposit under consideration and to the overseeing activities which he is undertaking to qualify as a Competent Person as defined in the 2004 and 2012 Editions of the “Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr R Perring consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information

Marcello Cardaci (Non-Executive Director)

Telephone +61 8 9322 6677 or

Email: info@manhattcorp.com.au

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JORC Code – Table 1

Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (e.g. cut	Drilling
techniques		channels, random chips, or specific specialised		Chile-based commercial drilling contractors conducted the RC and DDH drilling
		industry standard measurement tools		(DV Drilling in 2011, 2012; TerraServices SA 2015) – a total of 16 holes for
		appropriate to the minerals under		5,504.2m Holes were orientated at various grid directions and were drilled at
		investigation, such as down hole gamma		dips of between 60-90°.
		sounds, or handheld XRF instruments, etc.). These examples should not be taken as		DV Drilling has been contracted to conduct the DDH drilling scheduled for the second half of 2018.
	  	limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘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,	    	Drill hole locations were determined using a hand-held GPS. No down-hole surveys were conducted. RC drill cuttings were collected in a cyclone and split on-site. First-pass sampling was conducted using 2m composites, followed in a few cases with subsequently resampling on 1m intervals. Diamond core was sampled on 2m intervals, taking half or quarter core as a first pass and then with follow-up sampling at various intervals (=/<1m) to better understand particular lithological metal associations. The samples were collected by either the Drilling Contractors (RC cuttings) and supervised at all times by Helix staff, or by Helix staff (diamond core). The samples were under the direct control of Helix staff at all times and were transported to the laboratory by Helix staff.
		such as where there is coarse gold that has	Soils
		inherent sampling problems. Unusual		Soil samples (315) were collected in 2013 for Helix by experienced contract
		commodities or mineralisation types (e.g.		samplers under the direction of CSA Global staff.
		submarine nodules) may warrant disclosure of		Samples were collected at 200m intervals along lines 200m apart.
		detailed information.		The samples were collected by digging and removing soil from shallow holes
				(~15cm deep). The soil from each sample pit was then sieved to minus 1mm
				and the recovered fraction analyzed bya licensed XFR Operator usinga

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Criteria	JORC	Code explanation	Commentary	Commentary
				portable, hand-hand Olympus Delta XRF analyzer supplied from Australia by
				CSA Global, specifically for the job.
				The QA/QC data collected over the course of the program indicate no issues
				were encountered with the analytical method and assay results.
				The data was collected and stored digitally in the field.
			Rock Samples (including Rock Chip Samples)
				Rock samples were collected by Helix staff.
				Each sample is a composite of approximately 5 pieces of rock collected within a
				3m radius of the recorded sample point to give a total sample weight of
				approximately 2kg to 3kg.
				The samples were secured in the company compound before being driven to
				the laboratory by Helix staff.
				At the laboratory, the samples were crushed and pulverised using industry
				standards.
				The laboratory’s standard QA/QC procedures were carried out.
Drilling		Drill type (e.g. core, reverse circulation, open-		RC (2011) and DDH (2012, 2015, 2018 - planned) were the drilling methods
techniques		hole hammer, rotary air blast, auger, Bangka,		chosen.
		sonic, etc.) and details (e.g. core diameter,		The RC holes were drilled with a 150mm face-sampling hammer using industry
		triple or standard tube, depth of diamond tails,		practice drilling methods.
		face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).		Diamond HQ and NQ drill core was collected using double tube and all other industry practice methods.
Drill sample		Method of recording and assessing core and		Sample weight and recoveries were observed during the drilling and any under-
recovery		chip sample recoveries and results assessed.		sized or over-sized drill samples were recorded.
		Measures taken to maximise sample recovery		Samples were checked by the geologist for volume, moisture content, possible
		and ensure representative nature of the		contamination and recoveries. Any issues were discussed with the drilling
		samples.		contractor.
		Whether a relationship exists between sample
		recovery and grade and whether sample bias
		mayhave occurred due topreferential

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been		A representative sample of the RC chips collected from each of the interval
		geologically and geotechnically logged to a		sampled were logged and then stored in chip trays for future reference.
		level of detail to support appropriate Mineral		The drill core was stored in core trays and comprehensively logged and
		Resource estimation, mining studies and		sampled.
		metallurgical studies.		RC chips and drill core were logged for lithology, alteration, degree of oxidation,
		Whether logging is qualitative or quantitative		fabric, colour and occurrence and type of sulphide mineralisation.
		in nature. Core (or costean, channel, etc.) photography.		All reference RC chips and drill core have been stored in the Helix secure compound in Ovalle, Chile.
		The total length and percentage of the
		relevant intersections logged.
Sub-		If core, whether cut or sawn and whether		The preparation of DDH and RC samples follow industry practice. This involves
sampling		quarter, half or all core taken.		oven drying, pulverization of total sample using LM5 mills until 85% passes 75
techniques		If non-core, whether riffled, tube sampled,		micron.
and sample		rotary split, etc. and whether sampled wet or		The laboratory’s standard QA/QC procedures were carried out.
preparation		dry.		The sample sizes are considered appropriate to the grain size of the material
		For all sample types, the nature, quality and		being sampled.
		appropriateness of the sample preparation		Repeatability of assays was assessed and considered well with the tolerance
		technique.		limits for the style of mineralisation under investigation.
		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 beingsampled.
Quality of		The nature, quality and appropriateness of the		All assays were conducted at accredited assay laboratories in Santiago, Chile
assay data		assayingand laboratory procedures used and		(2011, 2012, 2018 – planned): Andes Analytical Assay AAA; 2015 ALS Chemex).

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
and		whether the technique is considered partial or		The analytical technique used for base metals was a mixed acid digest with an
laboratory		total.		MS determination of metal concentrations. Gold was assayed by fire assay and
tests		For geophysical tools, spectrometers,		aqua regia methods.
		handheld XRF instruments, etc., the		Laboratory QA/QC samples involving the use of blanks, duplicates, standards
		parameters used in determining the analysis		(certified reference materials) and replicates as part of in-house procedures.
		including instrument make and model, reading
		times, calibrations factors applied and their
		derivation, etc.
		Nature of quality control procedures adopted
		(e.g. standards, blanks, duplicates, external
		laboratory checks) and whether acceptable
		levels of accuracy (i.e. lack of bias) and
		precision have been established.
Verification		The verification of significant intersections by		Results have been verified by Helix Company management.
of sampling		either independent or alternative company		Geological data was collected using handwritten log sheets, which detailed
and assaying		personnel.		geology (weathering, structure, alteration, mineralisation), sample quality,
		The use of twinned holes.		sample interval, sample number and QA/QC inserts (standards, duplicates,
		Documentation of primary data, data entry		blanks) into the numbering sequence. This data, together with the assay data
		procedures, data verification, data storage		received from the laboratory, and subsequent survey data were entered into a
		(physical and electronic) protocols.		secure Access databases and verified.
		Discuss anyadjustment to assaydata.
Location of		Accuracy and quality of surveys used to locate		The drill collar positions were determined using a GPS (±5m).
data points		drill holes (collar and down-hole surveys),		Grid system is WGS-84 Zone 19S.
	 	trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Qualityand adequacyof topographic control.	  	Surface RL data collected using GPS. Variation in topography is approximately 400m within the drill zone. All drill pads are also visible on Google Earth images.
Data spacing		Data spacing for reporting of Exploration		Drill holes were positioned to test specific parts of a porphyry copper system
and		Results.		and designed to intersect rocks lying beneath either anomalous surface features
distribution		Whether the data spacingand distribution is		such as rock alteration (silica, tourmaline, sericite, chlorite, magnetite, clay)

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Criteria	JORC Code explanation	JORC Code explanation			Commentary	Commentary
		sufficient to establish the degree of geological				and/or high metal concentrations (copper, molybdenum), or IP anomalies (zones
		and grade continuity appropriate	for the			of high resistivity and/or chargeability).
		Mineral Resource and Ore Reserve estimation				No drilling had been conducted by anyone on the Joshua Project prior to Helix
		procedure(s) and classifications applied.				commencing drilling operations in 2011.
		Whether sample compositing has		been		Three phases of drilling have subsequently been conducted (#1: RC in 2011 #2:
		applied.				diamond drilling in 2012, #3: diamond drilling in 2015).
						Drilling is planned for the second half of 2018 and will be conducted in a
						manner consistent with the procedures set out in this JORC table.
						Drilling phases 1 & 2 were conducted for Helix. Phase 3 was completed by IMG
						Contractors on behalf of EPG Partners as part of an Option Agreement to earn
						an interest in the Joshua Project (since expired). Helix supervised this drilling.
						Phase 4 drilling is planned for the second half of 2018 and will be supervised by
						Helix for Manhattan Corporation Limited as part of an Option Agreement.
Orientation		Whether the orientation of sampling	achieves			Surface sampling and the position of the drill holes and sampling techniques
of data in		unbiased sampling of possible structures and				and intervals are considered appropriate for the early-phase exploration of a
relation to		the extent to which this is known, considering				large porphyry system with bulk-tonnage copper sulphide potential.
geological		the deposit type.				The distribution of copper is known to be variably enriched and depleted within
structure		If the relationship between the	drilling			an overall porphyry copper system. The relatively small area drilled to date
		orientation and the orientation	of	key		(700m by 600m) is not sufficient to suggest a positive or negative bias, and the
		mineralised structures is considered	to	have		large hydrothermal system at Joshua, as defined by the ASTER alteration
		introduced a sampling bias, this should be				mapping (6.5km by 2km), has yet to be fully investigated on the ground because
		assessed and reported if material.				of the large areal extent of the system.
Sample		The measures taken to ensure sample	security.			Chain of Custody is managed by Helix staff and its contractors. The samples
security						were freighted directly to the laboratory with appropriate documentation listing
						sample numbers, sample batches, and required analytical methods and element
						determinations.
Audits or		The results of any audits or reviews of				No additional QA/QC has been conducted for the drilling to date.
reviews		samplingtechniques 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	JORC Code explanation	Commentary	Commentary
Mineral		Type, reference name/number, location and		The Joshua Project is located on concessions Joshua 1-17. Helix owns the
tenement and		ownership including agreements or material		project 100%, with Manhattan having the right to earn an interest in the project
land tenure		issues with third parties such as joint		of up to 80% by delivering a Bankable Feasibility Study.
status		ventures, partnerships, overriding royalties,		The mineral concessions are in good standing and payment of statutory fees is
		native title interests, historical sites,		managed for Helix and Manhattan by a Land Management Consultant in
		wilderness or national park and		Santiago, Chile.
		environmental settings.		This is no statutory, minimum, annual expenditure commitment for exploration
		The security of the tenure held at the time		and mining titles in Chile.
		of reporting along with any known impediments to obtaining a licence to operate in the area.	 	There are no known impediments to operating in this area. The drill area is situated at a relatively low altitude for Chile (<1800m) and can be accessed all year round.
Exploration		Acknowledgment and appraisal of		No previous modern exploration has occurred at Joshua prior to Helix’s
done by other		exploration by other parties.		involvement commencing in 2010.
parties				A number of small artisanal mines and working are present throughout the
				district.
Geology		Deposit type, geological setting and style of		The project is considered to be prospective for copper (gold-molybdenum)
		mineralisation.		porphyry-style mineralisation.
Drill hole		A summary of all information material to the		Refer to Helix’s previous announcements dated 10 August 2011, 28 March
Information		understanding of the exploration results		2012, 8 June 2012, 17 December 2015 and 6 February 2016.
		including a tabulation of the following		Helix is not aware of any new information or data that materially effects the
		information for all Material drill holes:		information in these announcements.
		If the exclusion of this information is		A portion of the results have been included in this announcement as indicative
		justified on the basis that the information is		of previous drilling results for information purposes only.
		not Material and this exclusion does not detract from the understandingof the		The zoned to be drilled under the auspices of the Manhattan Option

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		report, the Competent Person should clearly		Agreement will be 1) step-outs from earlier mineralised drill intercepts, and 2)
		explain why this is the case.		the testing of new anomalous zones (IP anomalies, surface geochemical
				anomalies, alteration anomalies) within the much broader Joshua porphyry
				system.
Data		In reporting Exploration Results, weighting		Refer to Helix’s previous announcements dated 10 August 2011, 28 March
aggregation		averaging techniques, maximum and/or		2012, 8 June 2012, 17 December 2015 and 6 February 2016.
methods		minimum grade truncations (e.g. cutting of		Helix and Manhattan are not aware of any new information or data that may
		high grades) and cut-off grades are usually		materially effects the information in these announcements.
		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		The drilling was initially designed to ‘prove concept’ that a large, porphyry
between		important in the reporting of Exploration		copper system is present at Joshua.
mineralisation		Results.		The geology (lithological associations, metal associations, alteration zonation
widths and		If the geometry of the mineralisation with		patterns) has been determined to be consistent with that of a large porphyry
intercept		respect to the drill hole angle is known, its		system.
lengths		nature should be reported.		The initial three phases of drilling (2011, 2012, 2015) were also designed to
		If it is not known and only the down hole		investigate the potential for copper mineralisation beneath the outcropping
		lengths are reported, there should be a clear		copper exposed in the silica cap and hydrothermal breccias on surface.
		statement to this effect (e.g. ‘down hole		Porphyry copper systems are generally broad in all dimensions and mineralised
		length, true width not known’).		drill intercepts are generally treated as true-widths given the size of the system
				and the pervasive nature of the mineralisation (100’s of metres wide and thick).
Diagrams		Appropriate maps and sections (with scales)		Refer to Figure 2, 3 and 4 in MHC ASX announcement titled: Manhattan Signs

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		and tabulations of intercepts should be		Landmark Agreement on Joshua Copper Project dated 8 June 2018.
		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		Refer to Helix’s previous announcements dated 10 August 2011, 28 March
reporting		Exploration Results is not practicable,		2012, 8 June 2012, 17 December 2015 and 6 February 2016.
		representative reporting of both low and		Helix and Manhattan are not aware of any new information or data that
		high grades and/or widths should be		materially effects the information in these announcements.
		practiced to avoid misleading reporting of
		Exploration Results.
Other		Other exploration data, if meaningful and		ASTER: PhotoSat Information Ltd conducted the remote-sensing mineral
substantive		material, should be reported including (but		alteration study in March 2018. ASTER (Advanced Spaceborne Thermal Emission
exploration		not limited to): geological observations;		and Reflection Radiometer) is an imaging instrument flying on Terra, a satellite
data		geophysical survey results; geochemical		launched in December 1999 as part of NASA’s Earth Observation System. Band
		survey results; bulk samples – size and		widths in the Visible to Near-Infrared, Shortwave Infrared and Thermal Infrared
		method of treatment; metallurgical test		are measured. Diagnostic combinations (ratios) of these bands are then used to
		results; bulk density, groundwater,		characterize and map the areal extend of Iron Oxide, Hydroxyl, Kaolinite-
		geotechnical and rock characteristics;		Alunite, Sericite and Silica alteration zones.
		potential deleterious or contaminating		Induced Polarisation (IP) Survey:A pole-dipole IP survey was conducted for
		substances.		Helix by Quantec Geoscience in 2011. The data was collected on 100m centres
				along E-W lines spaced 200m apart using Industry best practices for data
				collection and processing.
				Aeromagnetics:A drone-borne aeromagnetic survey was conducted by GFDas
				Geofisica UAV over an area of approximately 25sq. km. in August 2018 for Helix
				as part of the Manhattan Option work program. The drone was fitted with a
				fluxgate magnetometer. Flight lines: N-S and 50m apart. Tie-lines: E-W and
				1000m apart. The survey was designed to cover the entire ASTER alteration
				anomaly. Elevation difference across the survey area: 850m. Total flight lines:
				approx. 500km. Average altitude: 1,200m. System Name: GeoMagDrone™.
Further work		The nature and scale ofplanned further		Manhattan is funding a minimum A$1m program to deliver 3,000m of DDH

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		work (e.g. tests for lateral extensions or		drilling at Joshua targeting new areas surrounding the previous work
		depth extensions or large-scale step-out		conducted by Helix.
		drilling).		The drilling program is scheduled to commence in September 2018 and will
		Diagrams clearly highlighting the areas of		take approximately 2 months to complete.
		possible extensions, including the main		Drill core assay results will be received progressively during the drilling program
		geological interpretations and future drilling		and it is anticipated that all results will be received before the end of 2018.
		areas, provided this information is not		Refer to Manhattan announcements dated 8 June 2018, 26 June 2018 and 1
		commercially sensitive.		August 2018 for additional information. Manhattan is not aware of any
				information that materially changes the information reported in these
				announcements.

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