HELIX RESOURCES LIMITED — Capital/Financing Update 2021

Jan 10, 2021

Proposed issue of securities

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Announcement Summary

Entity name

HELIX RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Monday January 11, 2021

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
n/a	up to 10,000,000 unlisted Performance Options vesting	10,000,000
	dependent upon performance hurdles
Proposed +issue date
Friday February 26, 2021

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

HELIX RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ABN

Registration Number

27009138738

1.3 ASX issuer code

HLX

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday January 11, 2021

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Wednesday February 24, 2021 Estimated No

Comments

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No

ASX +security code +Security description New class-code to be confirmed up to 10,000,000 unlisted Performance Options vesting dependent upon performance hurdles

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+Security type

Options

Number of +securities proposed to be issued

10,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

10,000,000 (Full Time) unlisted Performance Options (Zero Priced Options) issued in three tranches (21%, 37% and 42%) with vesting dependent upon the satisfaction of specific performance hurdles, including increasing the Company's share price, achieving certain Mineral Resource milestones and within a two year measurement period ending 11 January 2023

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

1.000000

Will all the +securities issued in this class rank equally in all respects from their issue date?

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Yes

Options details

+Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.0000 Wednesday January 11, 2023

Details of the type of +security that will be issued if the option is exercised

HLX : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

up to 10 million ordinary shares

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

https://www.asx.com.au/asxpdf/20201214/pdf/44qx8y83c3y2x5.pdf

Part 7C - Timetable

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7C.1 Proposed +issue date Friday February 26, 2021 Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Wednesday February 24, 2021 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information 7F.01 The purpose(s) for which the entity is issuing the securities

Issue of zero priced options to the new Managing Director under terms of his employment contract as announced on 14 December 2020.

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7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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