HELIX RESOURCES LIMITED — Capital/Financing Update 2020

Oct 26, 2020

ASX Announcement 27 October 2020

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Cobar Gold Update RC Drilling Resumed

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) is pleased to provide an exploration update for the Cobar Gold Project.

HIGHLIGHTS

• A Reverse Circulation (RC) drill rig has recommenced drilling at The Cobar Gold Project, NSW. This program is expected to be completed in November.

• Drill pad and access track preparation for all the remaining prospects in this program will be completed this week.

▪ Although the area has many old shafts and workings, this phase of work will be the first-ever drilling at Lone Hand, Girl in Blue, Reward North, Homeward Bound, Republic East and other new regional prospects in the gold camp.

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Figure 1: Helix’s RC drilling contractors have arrived onsite and commenced drilling at the Cobar Gold Project, NSW

Helix Executive Chairman, Peter Lester, said: “In this second phase of the program, drilling will be focussed on previously untested areas identified as a high priority for drilling in the broader gold camp. Track and pad clearing at historic workings and new structural zones is being finalised this week. This current work is aimed at identifying areas where there is potential to extend the current “from-surface” Inferred Resource base of 118,000oz[(see Appendix 1)] gold”.

Corporate Office 78 Churchill Ave Subiaco WA 6008 ABN 27 009 138 738

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

helixresources.com.au

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Drill Program

The gold drilling program planned as a result of the mid-year capital raising envisaged 29 holes for approximately 3,400m of drilling. The first 13 holes were in areas with reasonably easy access and known gold mineralisation identified in rock chip sampling and previous drilling. The remaining holes in the program will be in previously undrilled areas where high potential geochemical and structural indicators were highlighted in a recent review by internal and external consultants. This current gold drilling program is expected to be completed during November.

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Figure 2: Location Map of Helix’s quality mineral assets in the Cobar District.

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This ASX release was authorised on behalf of the Helix Board by: Peter Lester, Executive Chairman

CONTACT DETAILS:

Investors Media Peter Lester Michael Vaughan Executive Chairman Fivemark Partners +61 8 9321 2644 +61 422 602 720 helix@helix.net.au michael.vaughan@fivemark.com.au

1 For full details of exploration results refer to the ASX announcements 25 Nov 2010, 22 Feb 2011, 24 May 2011, 13 July 2011, 17 Aug 2011, 4 Oct 2012, 24 Jan 2017, 26 Apr 2017, 17 Jul 2017, 23 Aug 2017, 6 November 2019, 25 May 2020, 23 July 2020, 6 August 2020, 21 September 2020 and 8 October 2020. Helix Resources is not aware of any new information or data that materially effects the information in these announcements.

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.

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Appendix 1

Cobar Gold Project Context

The Cobar Gold Project is located 30km east-southeast of Aurelia’s Peak Gold Operations and only 16km from the Mt Boppy Gold Mine (historic production 417,000oz at 12.2g/t average grade). It shares similar geological and structural controls to the nearby Peak Trend deposits, being relatively shortstrike, sediment-hosted and structure-related gold deposits. The Cobar Gold Project resource estimate was defined below historic prospects (Sunrise, Good Friday and Battery Tank) and an internally generated greenfield discovery (Boundary).

Whilst a high-level mining study assessment is yet to be conducted, the “from surface” nature of the gold mineralisation suggests that if deposits of sufficient scale are delineated they be may amenable to initial open cut mining methods. There remains significant potential for locating additional gold mineralisation throughout the broader goldfield .

The deposits were mostly delineated by Helix with RC and diamond drilling completed in drilling campaigns between 2011 and 2017. The Mineral Resources are defined by a total of 135 RC and diamond drill holes for 15,390m at a total discovery cost per ounce of approximately A$25 per oz .

The Mineral Resources have been classified as Inferred in accordance with the JORC Code, 2012 Edition, and are shown in Table A. This table represents the total resource from multiple deposits and is reported using a cut-off grade of 0.4 g/t Au, and a secondary cut-off grade of 1.2g/t Au.

Resource interpretations and wireframes were prepared using a nominal 0.3g/t Au cut-off grade. The boundaries were generally modelled as sharp for this resource.

Table A: Cobar Gold Project 2019 Mineral Resource Estimate (0.4 g/t Au Cut-off)[ 1]

Deposit	Classification	**Type **	Million Tonnes	Aug/t	Au oz
Sunrise	Inferred	Oxide/Trans	1.58	1.1	56,400
Good Friday	Inferred	Oxide/Trans	0.45	0.9	13,700
Boundary	Inferred	Oxide/Trans	1.54	0.9	42,800
BatteryTank	Inferred	Oxide/Trans	0.18	1.0	5,900
Total			3.75	1.0	118,800

(Rounding discrepancies may occur in summary tables)

Table B: Cobar Gold Project 2019 Mineral Resource Estimate (1.2g/t Au Cut-off)[ 1]

Deposit	Classification	**Type **	Million Tonnes	Aug/t	Au oz
Sunrise	Inferred	Oxide/Trans	0.50	2.1	33,100
Good Friday	Inferred	Oxide/Trans	0.10	1.7	5,300
Boundary	Inferred	Oxide/Trans	0.22	1.8	12,900
BatteryTank	Inferred	Oxide/Trans	0.05	1.9	3,000
Total			0.87	2.0	54,300

(Rounding discrepancies may occur in summary tables)

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