HELIX RESOURCES LIMITED — Capital/Financing Update 2020

Dec 22, 2020

ASX Announcement 23 December 2020

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Rochford Copper-Gold Trend Update

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to provide an exploration update for the activities underway on the Rochford Copper–Gold Trend.

HIGHLIGHTS

GEOPHYSICS

• A Moving Loop Electromagnetic (MLEM) Survey covering the southern half (600m of strike) of the

• Bijoux Prospect within the broader Rochford Trend has been completed and the data modelled.

• A partially defined NW trending bedrock EM response has been identified in the two northern-

• most survey lines (central zone of the Bijoux Prospect).

• This target position is coincident with broad-spaced copper in auger-soil anomalism , a

• northwest trending magnetic feature and immediately flanks the western side of a localised topographic high .

• The EM target is open to the northwest, southeast and east and represents a high priority drill

• target for copper sulphides along the trend.

FIRST-PASS LABORATORY ASSAYS

• Anomalous copper was recorded in heavily weathered bedrock (depletion zone) in 3 out the 4 scout

• holes drilled at both ends of the 1.7km Bijoux Prospect;

• First-pass 4m composite base metal laboratory assays of samples from the recent scout

• drilling program have confirmed the anomalous copper results from previously reported pXRF readings

• Laboratory results returned BJRC003 - 24m @ 0.24% Cu from 10m; and BRRC004 - 12m @

• 0.18% Cu from 14m.

• Further sampling of the previously unsampled intervals has been undertaken with the precious and

• base metal results yet to be received from the lab.

FORWARD PROGRAM

• These early results show potential for a polymetallic (Cu-Zn-Pb-Ag-Au) mineral system to be

• present on the Rochford Trend, with scout drilling yet to test tested the highest priority parts of the system as highlighted by the MLEM survey.

• The results so far command follow-up work, with clear geophysical and geochemical vectors

• present from the limited programs completed to date.

• Planning is underway for additional MLEM surveying in the New Year as soon a geophysical crew

• can be engaged; It is intended to to extend the EM survey area north, east and south to fully cover the target trend at the Bijoux Prospect.

• Infill auger sampling over the central and southern extension of the Bijoux Prospect is also planned.

• The combination of the results from these programs will assist in defining priority areas for further

drill-testing on this prospective trend.

T +61 8 9321 2644 F +61 8 9321 3909 E helix@helixresources.com.au

Corporate Office

78 Churchill Avenue Subiaco WA 6008 www.helixresources.com.au

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Helix Executive Chairman, Peter Lester, said: “The initial results from the geophysical and geochemical scout programs on the Rochford Trend are very encouraging. We are also buoyed by the regionally significant greenfield discoveries of both Aurelia (Federation) and Aeris (Anomaly K/Constellation) recently in the district. The 12km long Rochford Trend is book-ended by gold and base-metal deposits and has seen little or no modern exploration prior to Helix identifying its prospectivity in late 2019. The results so far are strong indicators of the need for further work, with extensional MLEM surveys and auger soils a priority at Rochford in the New Year. Through good exploration, Helix continues to build a value proposition from its internally generated copper and gold exposure in the Cobar District”.

Scout RC drilling of four holes in two locations along the Rochford Trend was undertaken as part of the November 2020 Cobar Gold Project drilling program. The 12km long Rochford Trend lies on the eastern edge of the Cobar Gold Project, between the polymetallic Pipeline Ridge Deposit (Southeast) and the Canbelego/Mt Boppy copper and gold deposits (Northwest).

Of significance, the two southern holes at the Bijoux Prospect returned broad zones of copper in pXRF readings, in heavily weathered and strongly altered bedrock. The elevated in copper is likely to represent a depletion zone in this mineral system.

Initial 4m composite sample laboratory results, following up the field pXRF readings, in these holes have returned:

• BJRC003 24m @ 0.24% Cu from 10m following-up pXRF readings of 38m @ 0.22% Cu* from surface (peak reading of 0.54%Cu)

• BJRC004 12m @ 0.18% Cu from 14m following-up pXRF readings of 33m @ 0.13% Cu* from 4m (peak reading of 0.50% Cu)

• pXRF readings are semi-quantative and are deemed to only provide an indication of base metal mineralisation. In addition, the pXRF device is not able to detect gold that may be present in the samples.

The tenor of the copper in these two holes is slightly higher, over narrower widths than the initial pXRF readings, however sampling of the entirety of all holes was also conducted, with those assays pending.

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Figure 1: Bijoux Prospect Plan, showing Channel 33 MLEM survey response overlain by scout drilling collars, Bijoux copper-in-soil anomaly (red dashed line) and localised magnetic trend (yellow dashed) Channel 30 & 36 responses, as inserts.

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About the Bijoux Prospect

The Bijoux Prospect was initially defined by a 1.7km x 0.7km copper in soil anomaly within the larger Rochford Trend. The prospective zone was initially identified from field mapping and a cluster of pXRF readings from the Auger soils, with readings of up to 580ppm Cu. Importantly the copper anomaly coincides with the subtle northwest ridgeline, a northwest trending magnetic feature, and favourable lithologies, hosting brecciated ironstones.

This prospect has similarities to Aurelia Metals Limited’s recent polymetallic Federation Deposit discovery, and these initial results are considered very significant in that context given its location along strike from Pipeline Ridge and surrounding deposits (Southeast) and both the Canbelego Copper Deposit (70% Helix, 30% Aeris) and the high grade Mt Boppy Gold Mine (North-Northwest), refer Figure 1 and 2.

The material noted on surface, has a similar texture to the brecciated massive sulphide hosting the highgrade copper at the Canbelego deposit to the north. The brecciated iron-rich material is similarly surrounded by a matrix of iron dominated material to form the sub-cropping gossan.

The iron-rich units identified at surface, may relate to massive sulphide accumulation in primary rock below. These initial 4 scout holes, designed to test the gossan beneath surface, all intersect heavily weathered bedrock that has been altered to clays. All holes ended in bedrock outside the target unit, where a mafic intrusive unit and sediments appear to be strongly chlorite and sericite altered.

Now that a mineralised horizon has been confirmed and surface MLEM has identified a partially defined target trend, furvey EM Surveys and infill soils are a priority for the New Year. Further drilling will be considered following the review of the soil results and data from the extensional MLEM geophysical survey.

Table 1: Bijoux Prospect Drill Collar Positions

Hole ID	Easting	Northing	Total Depth	Dip	Azi Grid
BJRC001	438866	6494476	100	-60	220
BJRC002	438820	6494431	100(planned 150m)	-60	40
BJRC003	439728	6493338	100	-60	220
BJRC004	439683	6493278	100	-60	50

Table 2: Initial 4m composite laboratory results

HoleID	From	To	**Intercept **	Comment
BJRC001			N/A	Assayspending
BJRC002			N/A	Assayspending
BJRC003	10	34	24m@0.24% Cu	Stronglyweathered bedrock
BJRC004	14	26	12m@0.18% Cu	Stronglyweathered bedrock

The Rochford Copper Trend covers 12km of strike south-east of Canbelego Copper deposit, the Mount Boppy goldmine and lies northwest of the Pipeline Ridge polymetallic deposit. With direct access from the Barrier Highway, the trend is parallel to the Cobar Trend and represents a structural repeat in the Devonian (Cobar aged) Kopjye Shelf sedimentary zone.

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Figure 2: Location Map of the Bijoux Prospect on northwest striking Rochford Trend, on HLX 100% owned EL8633 and EL8948, approximately 30km east of Cobar NSW.

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Photo 1: RC Chips from BJRC003 (Left) and BJRC004 (Right), showing zones of anomalous copper (Red lines) in strongly weathered bedrock in each hole.

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Competent Person Statement

The Information in this report that relates to Exploration Results is based on information compiled by Mr Michael Wilson, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Wilson is a full-time employee and shareholder of Helix Resources Limited. Mr Wilson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 forward-looking 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.

This ASX release was authorised by the Board of Directors of Helix Resources Ltd.

ABN: 27 009 138 738 ASX: HLX HLX

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Contact Details: Helix Resources Limited 78 Churchill Avenue, SUBIACO, WA, 6008 PO Box 825 West Perth, WA, 6872 Email: helix@helix.com.au Web: www.helixresources.com.au Tel: +61 (0)8 9321 2644

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Board of Directors: Peter Lester Executive Chairman Tim Kennedy Non-Executive Director Jason Macdonald Non-Executive Director Company Secretary Ben Donovan

Investor Contact: Peter Lester Tel: +61 (0)8 9321 2644 Email: helix@helix.com.au Media Contact: Michael Vaughan Fivemark Partners Tel: +61 422 602 720 Email: michael.vaughan@fivemark.com.au

ASX Announcement 23 December 2020

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About Helix Resources

Helix Resources Limited (ASX:HLX) has been listed on the ASX since May 1986, exploring and developing projects in Australia and globally.

The Company’s current focus is its exciting copper and gold projects located near Cobar in New South Wales. The Cobar Region is highly endowed, with a number of gold and base metals mines active in the region including the CSA Mine, Peak Mine, Tritton Copper Operations and Hera Mine.

At the Company’s 100% owned Collerina Copper Project , the Company discovered the VMS-hosted Central Zone deposit in 2017, with a maiden Mineral Resource defined soon after. The Company is actively exploring in and around the Mineral Resource, looking for both clusters of mineralisation as well as potential extensions to the Mineral Resource.

To the west, the Company’s 100% owned Cobar Gold Project has identified a number of Mineral Resources, mainly focused around high-grade historical workings. The geology and structure at these prospects are similar to that seen at the 4Moz Peak Gold Mine to the north, where deposits are known to extend to over 1600m depth. The Company is looking to increase the Mineral Resources as well as assess near term mining and processing opportunities.

More recently, the Company identified a 1.7km x 0.7km northwesterly trending zone, which it has called the Rochford Trend . Within the trend, the Bijoux Prospect was the first drill tested by the Company, with wide zones of anomalous copper identified by pXRF analysis in the field. Detailed gold and base metals assays are pending.

Corporate Office 78 Churchill Avenue Subiaco WA 6008 www.helixresources.com.au

T +61 8 9321 2644 F +61 8 9321 3909 E helix@helixresources.com.au

JORC Code – Table 1

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Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random	The Rochford drill sampling was conducted by Helix technical staff.
techniques	chips, or specific specialised industry standard	Samples are a representative grab sample from the drill bags on a
	measurement tools appropriate to the minerals under	nominal 4 metre sampling interval.
	investigation, such as down hole gamma sondes, or	The locations of the holes were located by handheld GPS.
	handheld XRF instruments, etc). These examples should	Samples were collected in calico bags and transported to an accredited
	not be taken as limiting the broad meaning of sampling.	laboratory
	 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 (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,	Reverse circulation drilling using a face sampling bit
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	Recovery was generally good with any sample issues noted by the
recovery	recoveries and results assessed.	overseeing geologist
	 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

Corporate Office 78 Churchill Avenue Subiaco WA 6008 www.helixresources.com.au

T +61 8 9321 2644 F +61 8 9321 3909 E helix@helixresources.com.au

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Criteria		JORC Code explanation	Commentary	Commentary
		preferential loss/gain of fine/coarse material.
Logging		 Whether core and chip samples have been geologically and		All samples are representative of the collection areas.
		geotechnically logged to a level of detail to support		Logging of depth of sample was included in the dataset.
		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-		 If core, whether cut or sawn and whether quarter, half or all		The preparation of the samples follow industry practice for RC
sampling		core taken.		sampling, with a 2kg calico bag of material collected lab assay.
techniques		 If non-core, whether riffled, tube sampled, rotary split, etc		Field QA/QC was undertaken, lab QA/QC was completed on lab
and sample		and whether sampled wet or dry.		samples
preparation		 For all sample types, the nature, quality and		The sample sizes are considered appropriate to the grain size of the
		appropriateness of the sample preparation technique.		material being sampled. Repeatability of check assays was good.
		 Quality control procedures adopted for all sub-sampling
		stages to maximise representivity of samples.
		 Measures taken to ensure that the sampling is
		representative of the in situ material collected, including for
		instance results for field duplicate/second-half sampling.
		 Whether sample sizes are appropriate to the grain size of
		the material being sampled.
Quality	of	 The nature, quality and appropriateness of the assaying and		All samples were dried, prepared via a single stage mix and grind to 80
assay	data	laboratory procedures used and whether the technique is		mesh and prepared for multi-element base metal analysis
and		considered partial or total.		MLEM was undertaken by contractor Fender Geophysics, with
laboratory		 For geophysical tools, spectrometers, handheld XRF		specs on the survey equipment available at the Compny’s website
tests		instruments, etc, the parameters used in determining the		http://www.fendergeophysics.com.au/
		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		 The verification of significant intersections by either		Results have been verified by Company management.
of sampling		independent or alternative company personnel.		The assay data and location data were entered into the corporate
and assaying		 The use of twinned holes.		database and verified.
		 Documentation of primary data, data entry procedures, data
		verification, data storage (physical and electronic)
		protocols.
		 Discuss any adjustment to assay data.

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Criteria		JORC Code explanation	Commentary
Location	of	 Accuracy and quality of surveys used to locate drill holes	The positions were picked-up using GPS.
data points		(collar and down-hole surveys), trenches, mine workings	Grid system is GDA94 Zone 55.
		and other locations used in Mineral Resource estimation.	Surface RL data collected using GPS. Topography around the areas is
		 Specification of the grid system used.	a slight ridge grading from Grid East to Grid West to an access road
		 Quality and adequacy of topographic control.	west of the area. Variation in topography is less than 20m across the
			sampled area.
Data spacing		 Data spacing for reporting of Exploration Results.	Drilling and Sampling was targeting possible polymetallic
and		 Whether the data spacing and distribution is sufficient to	mineralisation below sub-cropping gossan.
distribution		establish the degree of geological and grade continuity	The drilling was first pass scout drilling
		appropriate for the Mineral Resource and Ore Reserve	Sampling involved collecting samples of 4m composites in the areas of
		estimation procedure(s) and classifications applied.	interest of the holes. Further sampling has been completed since, with
		 Whether sample compositing has been applied.	results pending.
Orientation		 Whether the orientation of sampling achieves unbiased	No orientation bias is considered to affect the results tabled
of data	in	sampling of possible structures and the extent to which this
relation	to	is 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.
Sample		 The measures taken to ensure sample security.	Chain of Custody is managed by the Company. The samples will be
security			freighted directly to the laboratory with appropriate documentation
			listingsample numbers.
Audits	or	 The results of any audits or reviews of sampling techniques	No additional QA/QC has been conducted for the sampling to date.
reviews		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 Rochford Trend is on EL8633 and EL8948 and are owned 100%
tenement			including agreements or material issues with third parties	by Helix . The tenements are in good standing. There are no known
and	land		such as joint ventures, partnerships, overriding royalties,	impediments to operating in this area.
tenure status			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.
Exploration			 Acknowledgment and appraisal of exploration by other	Previous modern exploration on the Rochford trend appears to be
done		by	parties.	limited to a regional soil program by Golden State, but not over the area
other parties				covering the Bijoux Prospect
Geology			 Deposit type, geological setting and style of mineralisation.	The prospects are considered to be similar to Cobar and Hera-style
				mineralisation and structurally modified VMS systems, similar to the
				manysimilar copper systems in the region.
Drill	hole		 A summary of all information material to the understanding	Drilling details are listed in table 1 and 2
Information			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 clearly explain why this is the
			case.
Data			 In reporting Exploration Results, weighting averaging	Results were reported for intervals analyzed.
aggregation			techniques, maximum and/or minimum grade truncations	No weighting has been used.
methods			(eg cutting of high grades) and cut-off grades are usually	No metal equivalent results were reported.
			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	The drilling and MLEM programs were designed to assess the potential
between			reporting of Exploration Results.	of the Rochford Trend to host a poly metallic deposit(s).
mineralisatio			 If the geometry of the mineralisation with respect to the drill	The Drilling was designed to drill perpendicular to the target trend.
n widths		and	hole angle is known, its nature should be reported.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
intercept 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 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 to figure 1 and 2
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. 	This approach to reporting the results is deemed appropriate for an early stage greenfield program such as this.
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.helixresources.com.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. 	Additional geophysics, soil auger and further drilling is considered appropriate to further assess the potential of the Rochford Trend.