HELIX RESOURCES LIMITED — Capital/Financing Update 2019

May 6, 2019

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ASX ANNOUNCEMENT 7 May 2019
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Corporate Details Ordinary Shares 424.47m

Market Cap 9.7m

ASX Code

HLX

Board of Directors

Mr Peter Lester Non-Executive Chairman

Mr Michael Wilson Managing Director

Mr Timothy Kennedy Non-Executive Director

Mr Jason Macdonald Non-Executive Director

Contact

78 Churchill Avenue Subiaco, WA 6008

T: +61 8 9321 2644

F: +61 8 9321 3909

E: helix@helix.net.au

W: www.helix.net.au

JOGMEC Funded Stage 2 Drilling Campaign FastTracked - Second Hole Underway

Highlights

• JOGMEC commits to funding the Stage 2 exploration drilling phase, over an aggressive (6 month) timeframe at the Samuel Copper Project - Chile.

• The Stage 2 program comprises of 8-10 holes for a minimum 3,000m testing targets derived from the Stage 1 geophysics and mapping activities.

• The JV Management Committee has directed Helix’s Chile technical team to progress immediately onto Stage 2, with an approved budget of US$800,000 .

• The diamond drill rig will remain onsite to complete the first-pass drill testing of numerous Manto and Porphyry style copper targets at Samuel.

Drilling Update

• Diamond drilling of first-ever hole has been completed.[(refer 29 March 2019 ASX announcement)] Assays are expected later this month. The second hole is now underway.

• This first hole (SA19-01) was extended from 400m to 465m, testing below an area of historic copper oxide workings, in a structurally favourable setting.

• The hole has intersected highly altered and partly brecciated volcanics, before moving into a monzonitic intrusive.

• Traces of disseminated and veinlet-style copper sulphides were identified in core from both lithology types (refer to Photos).

• Geology in the first-ever hole suggests this large system at Samuel is both fertile and prospective for the styles of copper mineralisation being sought.

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to announce that Japanese organisation and JV Partner JOGMEC has advised Helix that they have received internal approvals and have committed to funding the exploration drilling phase of the Samuel Copper Project JV.

An US$800,000 (~AUD$1.13m) contribution from JOGMEC will sole-fund a minimum 3,000m of diamond drilling in an additional 8-10 holes, fulfilling their funding commitment to Stage 2 of the Samuel Joint Venture Agreement.

The Stage 2 Program will be completed over a shortened six (6) month period to the end of September 2019. Drill collar positions at priority targets have been approved by the JV Management Committee.

This aggressive timeframe and program commitment ensures early drill testing of up to 10 priority target areas derived from the Stage 1 field activities, and maximises copper exploration at the Samuel Project over the coming months. The Project area is prospective for both Mantostyle and Porphyry-style copper (+gold) systems.

Helix Managing Director, Mick Wilson, said: “Our JV Partner, the highly regarded Japanese organisation JOGMEC, informed us of their desire to immediately commit to the exploration drilling phase of the Samuel JV on a shortened timeframe. This commitment to this drillingfocused phase of the JV is an exciting development, with drilling news flow expected throughout the second and third quarters of 2019 from the Samuel Copper Project. Importantly, Helix retains a material exposure to another large copper asset in this world-class jurisdiction, and it allows Helix to continue to focus our main efforts on the advancement of our flagship copper assets in NSW.”

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To date, ten (10) priority target areas have been derived from the Stage 1 work programs within the 40 square kilometre project area[(refer 29 March 2019 ASX announcement).] . With JOGMEC having informed Helix of their approval and commitment to Stage 2, the majority of these targets are expected to be drill tested by the end of September 2019.

Drilling Program Update

The first ever hole at the Samuel Copper Project is now completed. (the hole was funded from the remaining budget from the Stage 1 program[(refer 29 March 2019 ASX announcement)] ). This hole tested below historic copper oxide workings within a coincident geochemical anomaly in a structurally favourable geological setting (refer Figure 1).

The hole, initially planned to a depth of 400m, was extended to 465m, and has returned encouraging visual signs for primary copper mineralisation with copper sulphides in both the highly altered and variably brecciated volcanics as well as the altered monzonitic intrusive intersected from 369m down hole.

Hole 1 is currently being logged, photographed and sampled. The core from the Samuel Project will be assayed for base metals and gold, with batches of results from assays expected toward the end of this month. The hole will be considered for a follow-up down-hole IP survey.

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Photo 1: Traces of mixed pyrite and copper oxides on fracture Photo 2: Traces of mixed primary sulphides planes in altered andesite in Hole 1 (chalcopyrite and bornite) on fracture planes in altered andesite at 329m in Hole 1

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Photo 3: Traces of disseminated primary copper sulphides (chalcopyrite)* in altered monzonite between 385-405m.

Photo 4: Andesite/Monzonite Contact at 369m down hole in Hole 1.

*Note: pictures of copper bearing sulphides in core from SA19-01 are included for geological purposes and should not be considered indicative of the overall distribution of copper sulphide in this first hole. Assays are expected to be available in 4-6 weeks.

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Figure 1: Approximate position of Hole 1 - targeting primary lithologies below historic copper workings

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Photos 5 & 6: Diamond drill rig set up at Hole 1, Samuel Copper Project, the rig has now moved to hole 2.

The JV Management Committee has prioritised drill hole locations at the target areas identified from the Stage 1 geophysics, mapping and surface sampling. Drilling is underway on hole 2 (SA19-02) with the drill rig expected to remain onsite now for the entire Stage 2 drilling campaign.

Table 1: Diamond drillhole collar information at 7 May 2019

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Helix is acting as manager during the early stages of the JV, earning a Management Fee, and are making our recommendations to the JV participants based on our extensive exploration experience and 8 years operational knowledge working in Chile. Helix is looking to maximise value for the JV participants by delivering an optimal outcome from the programs from funding made available by JOGMEC.

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About the Samuel Copper Project JV

Helix executed a binding Interim Joint Venture Agreement ( IJVA ) with JOGMEC in relation to Helix’s 100%owned Samuel Copper Project in Chile, announced 5[th] September 2018.

The IJVA provides for the continued exploration of the copper prospective and large-scale Samuel Project from a conceptual target without financial contribution from Helix through the earn-in period. In addition, Helix will receive a management fee while Helix’s Chilean team manages the JV through Stages 1- 3.

Key terms of the IJVA

The IJVA provides an avenue for JOGMEC to earn up to a 60% interest in the Samuel Project by funding a 3 stage US$2.4M program to 31 March 2021. The JV terms are:

• Stage 1: Contribute US$0.4M (Minimum Commitment) by 31 March 2019 primarily for the purpose of undertaking of large-scale geophysical surveys and mapping of the Samuel porphyry and mantostyle copper systems.

• Stage 2 : Contribute US$0.8M by 31 March 2020 primarily for the purpose of undertaking initial exploration diamond drilling to drill test the identified priority targets for mineralised systems.

• Stage 3 : Contribute US$1.2M by 31 March 2021 primarily for the purpose of undertaking a second phase diamond drilling to establish scale and continuity of any identified mineralised systems.

• At completion of Stage 3 JOGMEC will earn an option to acquire 60% equity in the project and have the right to sell their joint venture interest by tender to a Japanese company.

• Helix’s Chilean team will manage the project until the completion of Stage 3 with Helix receiving a Management Fee for these services.

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Figure 2 Location of the Samuel Project, situated on the intersection of two major regional structures, 25km southwest of Ovalle City – Region IV Chile

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History of the Samuel Copper Project

The Samuel Copper Project was a greenfield project generated by Helix and is located southeast of Ovalle City in Region IV, approximately 25km southwest of the Joshua Project and 320km North of Santiago - Chile. The Samuel Project lies on the intersection of the regionally significant Los Mantos Fault and a major NW trending lineament, both structures control numerous mineral deposits and mines in the district (Refer Figure 3).

The project is prospective for both porphyry and manto-style copper mineralisation. The main target area is defined by an approximate 19km² zone of mixed intrusives, volcanics, stockworks and breccias with porphyry related alteration defining the extent of the system.

- 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 reviewed 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 2004 and 2012 Editions 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 previous ASX announcements 17 October 2014, 30 January 2015, 9 September 2018, 20 November 2018 and 29 March 2019 on Helix’s website. Helix Resources is not aware of any new information or data that materially effects the information in this announcement

Forward-Looking Statements

This ASX release may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Helix Resources Ltd.’s current expectations, estimates and assumptions about the industry in which Helix Resources Ltd operates, and beliefs and assumptions regarding Helix Resources Ltd.’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward- looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Helix Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forwardlooking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward- looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Helix Resources Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based.

No new information that is considered material is included in this document. All information relating to exploration results has been previously released to the market and is appropriately referenced in this document. JORC tables are not considered necessary to accompany this document

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JORC Code Table

Sampling Techniques and Data

	Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary
	Sampling		Nature and quality of sampling (e.g. cut Drilling
	techniques		channels, random chips, or specific		Chile-based commercial drilling contractors are conducting DDH drilling
			specialised industry standard measurement		(DV Drilling
			tools appropriate to the minerals under		Drill hole locations were determined using a hand-held GPS. No down-hole
			investigation, such as down hole gamma		surveys have been conducted to date.
			sounds, or handheld XRF instruments, etc.).		Diamond core will be sampled on 2m intervals, taking half or quarter core
			These examples should not be taken as		as a first pass and then with follow-up sampling at various intervals
			limiting the broad meaning of sampling.		(=/<1m) to better understand particular lithological metal associations.
			Include reference to measures taken to		The samples will be collected by Helix staff (diamond core).
			ensure sample representivity and the		The samples will be under the direct control of Helix staff at all times and
			appropriate calibration of any measurement		transported to the laboratory by Helix staff.
			tools or systems used. Soils
			Aspects of the determination of		Soil samples were collected in 2018 by experienced contract samplers
			mineralisation that are Material to the Public		under the direction of Helix staff.
			Report.		Samples were collected at approximate 100m intervals along lines 100m
			In cases where ‘industry standard’ work has		apart.
			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, such as where there is coarse
			gold that has inherent sampling problems.
			Unusual commodities or mineralisation
			types (e.g. submarine nodules) may warrant
			disclosure of detailed information.

	Criteria JORC Code explanation Commentary  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 standardQA/QCprocedures were carried out. Drilling techniques  Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).  DDH is the drilling method chosen.  Diamond HQ and NQ drill core was collected using double tube and all other industry practice methods. Drill sample recovery  Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure 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.  Sample weight and recoveries were observed during the drilling and any under- sized or over-sized drill samples were recorded.  Samples were checked by the geologist for volume, moisture content, possible contamination and recoveries. Any issues were discussed with the drilling contractor. Logging  Whether core and chip samples have been geologicallyandgeotechnicallylogged to a
	 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 standardQA/QCprocedures were carried out.
	Drilling techniques  Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).  DDH is the drilling method chosen.  Diamond HQ and NQ drill core was collected using double tube and all other industry practice methods.
	Drill sample recovery  Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure 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.  Sample weight and recoveries were observed during the drilling and any under- sized or over-sized drill samples were recorded.  Samples were checked by the geologist for volume, moisture content, possible contamination and recoveries. Any issues were discussed with the drilling contractor.
	Logging  Whether core and chip samples have been geologicallyandgeotechnicallylogged to a

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	Criteria	Criteria	JORC	Code explanation		Commentary	Commentary	Commentary
			level	of detail to support appropriate Mineral sampled were logged and then stored in chip trays for future reference.
			Resource estimation, mining		studies	and		The drill core is stored in core trays in Ovalle, and comprehensively logged
			metallurgical studies.					and sampled.
				Whether logging is	qualitative	or		Visual estimates of the proportion of sulphides: From systematic logging
				quantitative in nature. Core (or costean,				of NQ diamond drill core, the visual estimate of the total amount of
				channel, etc.) photography.				sulphide (pyrite+chalcopyrite+molybdenite) in individual metre intervals
				The total length and percentage of		the		ranges from 0.01% to 5%. The relative proportion of each sulphide species
				relevant intersections logged.				present in each metre interval is estimated to range from absent to 50% of
								the total amount of sulphide present. The amount of sulphide and the
								relative proportions of the sulphide species from metre to metre are highly
								variable and a detailed estimate of this variability is not possible within the
								limits of acceptable accuracy. The metal grades of the core shall be
								determined by assay. The sulphides occur as disseminations and randomly
								oriented, penetrative veins. The veins range from 0.1mm to 20cm thick. The
								sulphide is accompanied by one or more of the following gangue minerals
								in variable proportions: quartz, albite, chlorite, sericite, epidote and
								tourmaline. The visual estimates are estimates only and fine sulphide may
								be under-estimated, if present. Identification of the sulphide species and
								visual estimates of the proportions of those sulphide species present have
								been made by two geologists with more than 25 years experience each in
								porphyry copper mineralisation.
	Sub-			If core, whether cut or sawn and whether				The preparation of DDH 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
	techniques			If non-core, whether riffled, tube sampled,				75 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
				For all sample types, the nature, quality		and		material being sampled.
				appropriateness of the samplepreparation				Repeatabilityof assays will be assessed upon receipt

Criteria JORC Code explanation Commentary

technique.

 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. 



Quality	Quality	Quality	of		The nature, quality and appropriateness of		All assays to be conducted at accredited assay laboratories in Santiago,
	assay		data		the assaying and laboratory procedures		Chile (Andes Analytical Assay).
	and				used and whether the technique is		The analytical technique to be used for base metals was a mixed acid digest
	laboratory				considered partial or total.		with an MS determination of metal concentrations. Gold will be assayed by
	tests				For geophysical tools, spectrometers,		fire assay method.
					handheld XRF instruments, etc., the		Laboratory QA/QC samples involving the use of blanks, duplicates,
					parameters used in determining the analysis		standards (certified reference materials) and replicates as part of in-house
					including instrument make and model,		procedures.
					reading times, calibrations factors applied		Helix are not aware of any new information or data that materially effects
					and their derivation, etc.		the information in this announcement.
					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)andprecision have been established.
	Verification				The verification of significant intersections		Results will be verified by Helix and JOGMEC management.
	of	sampling			by either independent or alternative		Geological data is collected using handwritten log sheets, which detailed
	and	assaying			company 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
					procedures, data verification, data storage		data received from the laboratory, and subsequent survey data entered
							into a

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	Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary
		(physical and electronic) protocols. secure Access databases and verified.
				Discuss anyadjustment to assaydata.
	Location	of		Accuracy and quality of surveys used to		The drill collar positions were determined using a GPS (±5m).
	data points			locate drill holes (collar and down-hole		Grid system is WGS-84 Zone 19S.
				surveys), trenches, mine workings and other		Surface RL data collected using GPS and Google Earth.
				locations used in Mineral Resource		Variation in topography is approximately 100m within the drill zone.
				estimation.
				Specification of the grid system used.
				Quality and adequacy of topographic
				control.
	Data spacing			Data spacing for reporting of Exploration		Drill holes were positioned to test specific parts of a porphyry/manto
	and			Results.		copper system and designed to intersect rocks lying beneath either
	distribution			Whether the data spacing and distribution is		anomalous surface features such as rock alteration (silica, tourmaline,
				sufficient to establish the degree of		sericite, chlorite, magnetite, clay) and/or high metal concentrations
				geological and grade continuity appropriate		(copper, molybdenum), structures, or IP anomalies (zones of high resistivity
				for the Mineral Resource and Ore Reserve		and/or chargeability).
				estimation procedure(s) and classifications		No drilling had been conducted by anyone on the Samuel Project prior to
				applied.		Helix commencing drilling operations in 2018.
				Whether sample compositing has been		The drilling has been conducted in a manner consistent with the
				applied.		procedures set out in this JORC table.
						Drilling phases 1 & 2 will be conducted for Helix and JOGMEC.
						Helix staff will supervise all drilling.
	Orientation			Whether the orientation of sampling		Surface sampling and the position of the drill holes and sampling
				achieves		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 or manto system with bulk-tonnage copper sulphide potential.
geological		the deposit type.				The distribution of copper is known to be variably enriched and depleted
						within

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Criteria	JORC	JORC	Code explanation			Commentary	Commentary	Commentary
structure			If the between	drilling		an	overall copper system.
			relationship the
	orientation and the orientation			of
					k
				ey
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample			The measures taken to ensure sample					Chain of Custody is managed by Helix staff and its contractors. The samples
			security.
security						will be 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.

Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	Criteria		JORC	JORC	Code explanation Commentary	Code explanation Commentary	Code explanation Commentary
	Mineral				Type, reference name/number, location		The Samuel Project is located on concessions Bogarin 1-17. Helix owns the
	tenement and				and ownership including agreements or		project 100%, with JOGMEC having the right to earn an interest in the
	land	tenure			material issues with third parties such as		project of up to 60% by spending US$2.4M over 2years.
	status				joint ventures, partnerships, overriding		The mineral concessions are in good standing and payment of statutory
					royalties, native title interests, historical		fees is managed for Helix by a Land Management Consultant in Santiago,
					sites, wilderness or national park and		Chile.
					environmental settings.		This is no statutory, minimum, annual expenditure commitment for
					The security of the tenure held at the time		exploration and mining titles in Chile.
					of reporting along with any known		There are no known impediments to operating in this area.
					impediments to obtaining a licence to		The drill area is situated at a relatively low altitude for Chile (<600m) and
					operate in the area.		can be accessed allyear round.
	Exploration				Acknowledgment and appraisal		No previous modern exploration has occurred at Samuel prior to Helix’s
					of
	done by other		exploration by other parties. involvement commencing in 2015.
parties							A number of small artisanal mines and working are present throughout the
					district.
	Geology				Deposit type, geological setting and style		The project is considered to be prospective for copper (gold-
					of mineralisation.		molybdenum) porphyry-style and manto-style mineralisation.
	Drill	hole			A summary of all information material to		No previous drilling
	Information				the understanding of the exploration
					results including a tabulation of the
					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
					clearlyexplain whythis is the case.

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Data  In reporting Exploration Results, weighting aggregation averaging techniques, maximum and/or methods minimum grade truncations (e.g. cutting of Helix is 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

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Criteria		JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary
stated.
Relationship				These relationships are particularly		The drilling is initially designed to ‘prove concept’ that a large, porphyry or
between				important in the reporting of Exploration		manto copper system is present at Samuel.
mineralisation				Results.		The geology (lithological associations, metal associations, alteration
widths	and			If the geometry of the mineralisation with		zonation patterns) has been determined to be consistent with that of a
intercept				respect to the drill hole angle is known, its		large porphyry system and associated manto systems.
lengths				nature should be reported.		Porphyry and manto copper systems are generally broad in all dimensions
				If it is not known and only the down hole		and mineralised drill intercepts are generally treated as true-widths given
				lengths are reported, there should be a		the size of the system and the pervasive nature of the mineralisation (10’s
				clear statement to this effect (e.g. ‘down		-100’s of metres wide and thick).
				hole length, true width not known’).
Diagrams				Appropriate maps and sections (with		Refer to Figure 1. Helix is not aware of any new information or data that
				scales) and tabulations of intercepts		materially effects the information in these announcements.
				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		Refer to Helix’s previous announcements dated 29 March 2019. Helix and
reporting				Exploration Results is not practicable,		Manhattan are not aware of any new information or data that materially
				representative reporting of both low and		effects the information in these announcements.
				high grades and/or widths should be
				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
		surveyresults;bulk samples – size and widths in the Visible to Near-Infrared,Shortwave Infrared and Thermal Infrared

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Criteria	JORC Code explanation			Commentary	Commentary	Commentary
	method of treatment; metallurgical test results; are					measured. Diagnostic combinations (ratios) of these bands are then used to
	bulk density, groundwater, geotechnical and rock characterize and map the areal extend of Iron Oxide, Hydroxyl, Kaolinite- Alunite,
	characteristics; potential	deleterious	or Sericite and Silica alteration zones.
	contaminating substances.					Induced Polarisation (IP) Survey:A pole-dipole IP survey was conducted
						for Helix by MapaLtda in 2018. The data was collected on 100m centres
						along E-W lines spaced 400-800m 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 40sq. km. in December
						2018 for Helix as part of the Stage 1 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: 450m.
						Total flight lines: approx. 800km. Average altitude: 50m. System Name:
						GeoMagDrone™. The data has been imaged by Southern Geoscience
						Consultants in Perth,Western Australia.
Further work	 The nature and scale of planned further					All drill core assay results for the JOGMEC 2019 drilling program are
						awaited, a further 8 – 10 holes are planned for completion before the end
						of September.
	work (e.g. 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.