HELIX RESOURCES LIMITED — Interim / Quarterly Report 2021

Oct 17, 2021

ASX Announcement 18 October 2021

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September Quarterly Activities and Cashflow Report

HIGHLIGHTS

COPPER EXPLORATION

Canbelego

• Copper mineralisation intersected in all five diamond drill holes recently completed at Canbelego Copper JV (CANDD001 - CANDD005)

• Assay results confirm extensions to the existing mineralisation with highlights including:

• 11 metres (m) at 1.1% copper (Cu) from 270m (CANDD001)

• 18m at 3.4% Cu, including 14m at 4.4% Cu (CANDD002)

• 6m at 1.26% Cu from 286m (CANDD003)

• 5m at 1.43% Cu from 286m (CANDD003)

• 10m at 1.6% Cu from 298m (CANDD003), including 5m at 2.67% Cu

• 1m at 6.98% Cu from 272m (CANDD004)

• 3m at 1.22% Cu from 69m and 2m at 1.09% Cu from 443m (CANDD005)

• Downhole electromagnetic (DHEM) surveying of CANDD005 identifies large conductive anomaly possibly indicating extension of the high-grade copper zone in CANDD002.

CZ Mineral Resource

• Zones of massive sulphides intersected in diamond drillholes with copper and zinc minerals observed[1]

• Visible oxide copper (malachite & azurite) intersected in four shallow RC holes anticipated to increase CZ Mineral Resource

• 2,000m of RC and Diamond core drilling completed with assays pending

• Diamond drilling to test for deeper extensions of the deposit underway

Regional

• Strategic additions to tenure around Collerina trend and ‘tidy-up’ of historic JV and royalty arrangements

• Several high priority regional targets approved for work at end of cropping season

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CORPORATE

• Quarterly closing cash position of $3.72 million

• 6,000,000 performance options issued to employees under the Company’s Employee Incentive Scheme and 1.4 million ordinary shares issued on exercise of performance options

1 Refer Cautionary Note on Visual Estimates of Mineralisation on page 9

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

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

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Helix Resources Limited ( ASX: HLX ) is pleased to provide a quarterly activities and cashflow report for the period ending 30 September 2021. The quarter saw the Company materially advance its Canbelego joint venture copper project (Helix: 70%, Aeris Resources (ASX:AIS): 30%) and its wholly owned CZ copper deposit[2] , both located in the Cobar region of central NSW (see Figure 1).

Commenting on the September quarter, Helix’s Managing Director Mike Rosenstreich said:

“We are hitting copper in just about every hole we drill at Canbelego and at CZ. With a new, highly experienced exploration team we are confident of piecing together the geological controls on the high-grade copper zones. As well as our own recent drill data, there are many historical drill holes not logged or fully sampled, so there is a huge opportunity to advance our geological understanding to make new discoveries.”

“The CZ deposit has been of particular focus for the Company this quarter as we seek to unlock its potential. CZ sits in a major regional copper bearing structure, and we believe strongly in the prospectivity for deposits like Aeris’ long-lived Tritton operations which includes the new high-grade Constellation and Kurrajong discoveries.

“Not only have we improved our presence in the Collerina trend via the drill bit, but Helix was also able to execute an agreement with Alpha HPA to expand the tenure held. I am excited by our increasing foothold and our upcoming results. The Company will continue to keep shareholders informed as these results are received.”

1. Copper Exploration

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Figure 1: Map of Canbelego Joint Venture Project and Collerina Trend Project

2 Refer Appendix 1 for details.

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1.1. Canbelego Joint Venture Project (Helix 70% and Aeris Resources Ltd ASX.AIS 30%)

The Canbelego Project is a joint venture (JV) with Aeris Resources Limited (ASX: AIS). Helix holds 70% and is Manager and Aeris holds 30% and is contributing to the planning and the expenditure. There is a historical 2004 JORC Inferred Mineral Resource at Canbelego of 1.5Mt at 1.2% Cu[3] . This prospect was last drilled in 2013 at which time downhole electromagnetic (DHEM) surveys generated conductive models potentially representing copper mineralisation, which were never tested. This 2013 DHEM data was recently re-processed and interpreted by Southern Geoscience with updated geology and evolved EM modelling algorithms to refine prospective drill targets for the 2021 program which commenced in April.

During the quarter the Company completed the preliminary five-hole diamond drilling campaign for nearly 2,000 metres drilled and received assay results from all holes. Not only was the campaign highly successful in identifying massive copper sulphides in CANDD002, returning 14 metres at 4.2% copper[4] , but assays received during the period for CANDD003 - CANDD005 have confirmed the presence of additional copper mineralisation (see Figure 2).

A list of significant drill intercepts at a range of copper cut-off grades is presented in Table 1 and the drillhole collar details are presented in Table 2.

Additional mineralised intervals from CANDD003 and CANDD004 have also been submitted for assay, with anomalous copper results, important for geological interpretation.

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Figure 2: Schematic long section of Canbelego Copper deposit with significant intercepts

3 Refer to Appendix 1

4 Refer to ASX announcement dated 12th May 2021

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Notably, a DHEM survey for CANDD005 identified a modelled conductor plate that aligns with the down-dip position of the CANDD002 intersection, suggesting continuation of the mineralised zone, which remains open at depth.

Work is ongoing to update the geological model based on the recent drill and geophysical data. A review is also underway considering historical data with the aim of better resolving the geological controls on the higher-grade copper zones. The JV plans to workshop these updated concepts ahead of a further round of drilling.

Table 1: Copper intercepts at a range of cut-off grades[5]

Hole ID	Interval(m)	Interval(m)		Cu Assay Cut-off Grade
	From	To	0.10%	0.50%	1%
CANDD001	259	260	1m @ 0.31% Cu from 259m	-	-
	263	281	18m @ 0.74% Cu from 263m	11m @ 1.1% Cu from 270m	2m at 3.07% Cu from 277.8m
CANDD002	91	92	1m at 0.13% Cu from 91m	-	-
	100	101	1m at 0.29% Cu from 100m	-	-
	110	115	5m at 0.47% Cu from 110m	2m at 0.51% Cu from 113m	1m at 1.39% Cu from 110m
	118	120	-	-	2m at 2.99% Cu from 118m
	306	310	4m at 0.12% Cu from 306m	-	-
	345	366	21m at 2.92% Cu from 345m	18m at 3.38% Cu from 351m	14m at 4.22% Cu from 352m
	368	369	1m at 0.15% Cu from 368m	-	-
	373	375	2m at 0.15% Cu from 373m	-	-
CANDD003	186	187	1m at 0.18% Cu from 186m	-	-
	256	259	3m at 0.29% Cu from 256m	1m at 0.51% Cu from 258m	-
	286	292	6m at 1.26% Cu from 286m	5m at 1.43% Cu from 286m	3m at 2.03% Cu from 288m
	295	308	13m at 1.27% Cu from 295m	10m at 1.61% Cu from 298m	5m at 2.67% Cu from 303m
CANDD004	189	193	4m at 0.13% Cu from 189m	-	-
	213	215	2m at 0.46% Cu from 213m	1m at 0.51% Cu from 214m	-
	231.9	233	1.1m at 0.11% Cu from 231.9m	-	-
	255	258.7	3.7m at 0.2% Cu from 255m	1m at 0.53% Cu from 257.7m	-
	272	275	5m at 1.56% Cu from 272m	-	1m at 6.98% Cu from 272.6m
	295	297	2m at 0.18% Cu from 295m	-	-
CANDD005	65.9	73	7.1m at 0.65% Cu from 65.9m	3m at 1.22% Cu from 69m	1m at 2.53% Cu from 71m
	103	104	-	1m at 0.81% Cu from 103m	-
	108	114	6m at 0.74% Cu from 108m	-	1m at 3.48% Cu from 108m
	384	385	-	1m at 0.57% Cu from 384m	-
	429	437	8m at 0.45% Cu from 429m	2m at 0.68% Cu from 435m	1m at 1.51% Cu from 432m
	442	447	5m at 0.53% Cu from 442m	2m at 1.09% Cu from 443m	1m at 1.3% Cu from 444m
	454	458	4m at 0.31% Cu from 454m	1m at 0.5% Cu from 456m	-
	469	470	1m at 0.49% Cu from 469m	-	-

5 Intercepts are based on 1m sample intervals with a maximum of 2m of internal dilution.

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Table 2: Drill Hole Details

Hole ID	Type	Easting (mE)	Northing (mN)	Start Dip	Azimuth	RL	Total Depth
CANDD005	HQ 0-119.6m NQ 119.6-478.5m	434155	6500760	-75	075	315	478.5
CANDD004	HQ 0-87m NQ 87-360.4m	434255	6500745	-75	070	315	333.5
CANDD003	HQ 0-87m NQ 87-360.4m	434255	6500830	-75	070	315	360.4
CANDD002	HQ 0-86.3m NQ 86.3 – 390.3m	434215	6500714	-75	055	315	390.3
CANDD001	HQ 0-114.6m NQ 112.1-350m	434285	6500710	-80	060	315	350

1.2 Central Zone (CZ) Project - Collerina Copper Trend (Helix 100%)

The CZ deposit is owned 100% by Helix and comprises an Inferred and Indicated Mineral Resource of 2.0Mt at 2.02% Cu and 0.1g/t Au[6] . The Project lies along the regional scale Collerina Copper Trend which continues north and hosts high-grade copper deposits such as Tritton, Murrawombie, Constellation and Kurrajong discovered and owned by Aeris Resources. Similar, to these deposits, at CZ, high-grade copper mineralisation appears to be developed in late-stage structures, possibly related to regional scale folding.

The Company is using the opportunity to diamond drill for metallurgical samples to also gain valuable geological and structural data from the large-diameter diamond drill core, which the historical reverse-circulation (RC) drill holes in the area don’t provide. The drilling is also designed to test for potential resources extensions of the shallow oxide-copper mineralisation and down plunge of the defined ‘central’ copper-sulphide shoot, as well as to the north and south.(Refer Figure 2 & 3).

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Figure 2: CZ Deposit Drill Hole Location Plan[a]

6 Refer to Appendix 1

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Figure 3: Schematic section of CZ copper mineralised zones and recent

The following section includes descriptions of visual estimates of copper and zinc mineralisation intersected in the new drilling. Various RC and diamond core samples are being prepared for assay with results expected sometime in November 2021. Please refer Cautionary Note below on page 9 .

Metallurgical and Resource Extension Drilling

The September quarter saw Helix Resources make considerable strides at the CZ deposit[7] , commencing a 3,500-metre drilling campaign utilising both RC and diamond core drilling. The CZ drilling comprises diamond core to provide samples for metallurgical test work and a mixture of RC and diamond core tails for copper resource extension and definition.

Four PQ (large 85mm diameter) and HQ (standard 64mm diameter) diamond core holes have been drilled for 663.3 metres. Each of the four holes intersected copper mineralisation, as summarised below:

• CODD0132 intersected 10m of copper oxide mineralisation from 32m down hole.

• CODD0133 intersected 18m of copper oxide mineralisation from 39m down hole

• CODD0134 intersected two massive sulphide intervals, with an upper interval 3.3m from 84.7m down hole, and a lower 3.2m interval from 102.3m down hole (Figure 4).

• CODD0135 intersected a 2.4m massive sulphide interval from 156.6m down hole.

All assays are pending.

7 Refer Appendix 1 for details.

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Figure 4: CODD0134 101.5m to 106.2m showing massive sulphide from 102.3m to 105.5m comprising stratiform fine-grained pyrite and chalcopyrite

No metallurgical testing has previously been undertaken on the CZ mineralisation and the larger diameter drill core maximises the amount of sample available.

It is important to commence the commercial assessment of this mineralisation by understanding how the different mineralisation styles, oxide, transitional and sulphide respond to ‘standard’ processing flow sheets. Helix has engaged IMO Metallurgical in Perth to advise and undertake the initial characterisation testwork.

In addition, shallow CZ Resource extension exploration has also reached completion with seven RC holes drilled for a total of 599 metres. The RC holes tested up dip and along strike from existing mineralisation (Figure 5).

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Figure 5: Copper oxide mineralisation; azurite (blue) and malachite (green) in CORC0140 at 34m

Visible copper was encountered in four of these holes, identifying a significant thickness of previously undiscovered mineralisation. It is anticipated that the copper oxide component of the Mineral Resource[8] at CZ will increase after assay results are received and processed.

A summary of the visual results for the oxide holes is provided in Table 3.

Table 3: Visual copper oxide results[9]

	Total Copper	Total Copper	Interval (m)
Hole ID				Description
	Depth(m) Observed
CORC0139	72	31m to 39m	9	Box work after sulphide, gossan and quartz with manganese staining and copper hydroxides (malachite).
CORC0140	66	27m to 47m	20	Iron oxide, variable copper hydroxides (malachite and azurite)andquartz.
CORC0141	78	32m to 53m	21	Gossan, variable copper hydroxides (malachite and azurite)and box work after sulphide.
CORC0142	90	None		Weathered and fresh schist.
CORC0143	58(abd.)	None		Weathered schist. Hole terminated due to water.
CORC0144	90	38m to 39m	1	Copper hydroxide(malachite)andquartz.
CORC0145	144	TBA	NA	Logginginprogress.

8 Refer Appendix 1 for details.

9 Refer to cautionary statement on page 9 for commentary on visual estimates of mineralisation.

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Finally, Helix has also completed seven RC pre-collars for 721 metres with an additional 1,400 metres of diamond core tails to be drilled at these pre-collar locations. This phase of the drilling program will target deeper extensions to the primary mineralised zone of the CZ deposit. The diamond drilling was in progress at the end of the quarter and will continue into the December quarter.

Two further holes remain ‘undesignated’ in the State approved 20-drill hole program, and these holes (likely pre-collared diamond holes) will be designed after further review of ongoing results.

CAUTIONARY STATEMENT ON VISUAL ESTIMATES OF MINERALISATION

References in this announcement to visual results are from diamond core drilling and RC drilling. Visible oxide mineralisation in PQ core drilling (CODD0132 and CODD0133) consisted of gossan (hematite and goethite) with trace chalcocite, trace copper hydroxides and minor native copper for the intervals listed on page 6. Fresh sulphide mineralisation in PQ core drilling (CODD0134 and CODD0135) consisted of 10% to 90% massive stratiform pyrite with up 5% chalcopyrite and trace sphalerite. Visible oxide mineralisation in RC drilling comprised the copper hydroxide minerals azurite and malachite in variable abundance ranging from 0.5% to 3% in one metre samples for the intervals listed in Table 3.

Visual estimates of percentages are based on sieved RC chips and therefore may not be representative of the entire sample as gangue minerals may be washed through the sieve. Laboratory assays are required for representative estimates of copper abundance. All RC holes have been sampled in one metre intervals and submitted to the laboratory for analysis. Results are expected in November 2021. The PQ diamond core holes are currently being cut into one metre half PQ core samples and will be submitted to the laboratory in midOctober 2021 with results expected in late-November 2021. Refer to ASX report “CZ Copper Drilling Update – Positive Progress” 14 October 2021 for further details.

1.3 Regional Copper Exploration

Approval has been received from the NSW Resources Regulator for a regional exploratory auger drilling campaign comprising approximately 1,000 shallow holes in the northern section of the Collerina Trend within EL74385. This work is expected to commence in November subject to finalising an appropriate drilling contractor and cropping cycle.

The program is designed to follow-up on several high-priority VTEM targets identified in March 2021 in the Hermidale/Qanda prospect area at the north of the tenement. As well, the Company filed an application for an additional exploration licence (ELA6339) to ensure coverage of high-priority VTEM targets identified in the south of the Collerina Trend, on the western boundary of the existing tenement, near Five Ways. Surface EM surveys are also planned for these prospects as soon as cropping activity is complete. (Figure 6)

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Figure 6 : Location Plan of approved auger drilling

2. Business Development

Helix is actively assessing and generating opportunities to support its copper business strategy to add to its copper inventory by regional consolidation, joint venture and acquisitions in addition to its planned growth through exploration success. As well, it is working on extracting value on its noncore assets such as its Chile copper projects and its iron ore royalty interests.

2.1 Cobar Region Tenement Expansion (& Nickel Cobalt Opportunity)

During the period, Helix Resources entered into a binding agreement with Alpha HPA Ltd (ASX: A4N) to further consolidate its ground position in the Cobar region of New South Wales via the acquisition of prospective copper tenure, removal of pre-existing JV restraints and acquisition of

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a nickel-cobalt Mineral Resource[10] for issue of 20 million Helix shares Settlement of the transaction is subject to approval by Helix shareholders at the Company’s Annual General Meeting on 23 November 2021.

Under the terms of the binding Offer Letter, Helix will acquire EL8703 from Alpha HPA’s 100%owned subsidiary Solindo Pty Ltd (“Solindo”). The Company considers the tenement prospective for ‘Collerina type’ copper/base metal deposits as well as nickel-cobalt mineralisation (see Figure 7).

The transaction also extinguishes all ‘deemed’ joint venture rights as well as reduces and standardises the Royalty impost with Alpha HPA to retain a 1.0% NSR Royalty on all metals from the tenements reduced from a 1.5% NSR.

Helix views the acquisition as a strategic opportunity with EL8703 neighbouring EL8768 (former JV tenement) which holds Helix’s CZ Deposit[11] among other advanced targets. Under the transaction with Alpha HPA, the tenement title for EL8768 (currently in the name of Solindo) will be transferred to Helix.

The final element of the transaction is the acquisition by Helix of 100% of the nickel-cobalt Mineral Resource at Homeville and all nickel-cobalt rights previously held by Alpha HPA which applied to Helix’s existing tenements and EL8703. Homeville has an Indicated and Inferred Mineral Resource of 17.9Mt grading at 0.89% nickel (Ni) and 0.06% cobalt (Co)[12] .

To the northeast of Homeville deposit, the Company has intersected high-grade nickel and cobalt in drilling completed in 2018[13] , which returned significant intercepts of:

• 12m at 0.12% Co within 21m at 0.6% Ni, 0.10% Co to EOH in HCOAC018

• 8m at 0.18% Co within 18m at 0.9% Ni, 0.10% Co to EOH in HCOAC019

• 4m at 0.12% Co and 5m at 1.0% Ni, 0.05% Co to EOH within 21m at 0.7% Ni, 0.07% Co to EOH in HCOAC022

• 4m at 0.20% Co in HCOAC028

• 32m at 1.0% Ni within 64m at 0.7% Ni, 0.04% Co to EOH in HCOAC015.

• 12m at 1.2% Ni, 0.07% Co within 24m at 1.0% Ni to EOH in HCOAC016

This mineralisation occurs in thick zones of laterite from near surface, with numerous holes ending in mineralisation. There appears ample scope to extend mineralisation in multiple directions.

The Company envisages transferring the nickel-cobalt assets and rights into a 100% owned subsidiary to provide flexibility on future funding options such as attracting external investment. After preliminary exploration work and a metallurgical and development review, a broader investment strategy regarding these assets will be finalised.

2.2 Chile Divestment

The Company currently owns 100% of three highly prospective early-stage copper (and gold) projects in an accessible, low elevation area in Chile. Progress to divest or farm-out these projects has been impeded by the need to remedy various legacy financial matters and update the exploration concessions. This is now almost complete – but has caused the Company to

10 Refer ASX Report 28 September 2018 from Alpha HPA, formerly Collerina Cobalt Ltd

11 Refer Appendix 1 for details.

12 Refer ASX Report 28 September 2018 from Alpha HPA, formerly Collerina Cobalt Ltd

13Refer ASX Report 11 May 2018 Regional Scout Drilling Confirms Helix’s Cobalt Potential

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spend approximately $82k this quarter (approximately $322K to date this calendar year), which was not planned. Working with specialist advisors in Santiago, the divestment process has restarted, and several parties have signed Confidentiality Agreements and are currently reviewing the data. The company now hopes to close a transaction on its Chile assets in early 2022. Work has been completed during the quarter to review existing contracts and a plan to reduce commitments is being implemented to minimise monthly holding costs during the divestment process.

3. Corporate

3.1 Financial Position

The closing cash position of the Company as at 30 September 2021 was $3.715 million. The Cashflow Statement is attached – Appendix 2. The Company did incur several ‘one-off’ expenses such as payout of entitlements to 3 departing long term employees and addressing Chile creditor issues.

During the quarter, the Company obtained an unqualified audit opinion for the year ended 30 June 2021 and published its Annual Report for FY21.

The Company’s Annual General Meeting has been scheduled for 11.00am (WST) on Tuesday 23 November 2021.

3.2 Capital Structure

During the quarter the Company issued the following securities:

Helix shares issued during the quarter	Number	Date
Unlisted performance options to employees under the Company’s Employee Incentive Scheme (various performance milestones and expiry of 3 August 2023 – 2 years from issue)	6,000,000	4 August 2021
Fully paid ordinary shares issued to the Managing Director on exercise of vested Performance Options	1,458,333	28 July 2021

The capital structure of the Company is shown in Table 2 below as of 30 September 2021:

Table 2: Helix Capital Structure

Helix Securities	As of 30 June 2021
Fully paid ordinary shares	1,258,479,250
Options (unlisted & Variable strikes/expiries)	41,541,667

3.3 Incident Report - Environmental Regulations, NSW

The Group is subject to environmental regulations under laws of the Commonwealth and State. The Group has a policy of complying with its environmental performance obligations. However, on and from the 6 September 2021 the Company became aware of potential breaches of the NSW Mines Act including several aircore holes, hydraulic auger holes and one RC hole undertaken without the requisite statutory approval. These were drilled at various time in 2018 and between 2016 and 2020.

Helix ‘self-reported’ the suspected breaches to the NSW Resources Regulator. The Company is committed to co-operating fully with the Regulator and any investigation deemed necessary by

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the Regulator. As of 30 June 2021, no provision has been recognised and no contingent liability disclosed in relation to the suspected breaches in the Company’s accounts as the matter is still under investigation with the NSW Resources Regulator and the outcome as yet cannot reasonably be determined by management.

A preliminary risk assessment completed by the Company indicates there are no other regulatory breaches associated with its operations.

Pending the outcome of an investigation by the Regulator, Helix has taken active steps to verify that rehabilitation was completed for the unpermitted drillholes, recompense the Landholders in respect of long-term outstanding amounts and has commenced rehabilitation of the identified historical drill area.

These non-compliance events occurred prior to the appointment of the majority of the current Directors and prior to the new management and exploration team that was appointed through 2021. The Board has now satisfied themselves that appropriate compliance measures and a suitably experienced team are in place to ensure that these types of events cannot occur in the future.

4. COMPETENT PERSON STATEMENT

The information in this report that relates to exploration results, Mineral Resource estimates and geological data for the Cobar projects is based on information generated and compiled by Mr Gordon Barnes and Mr Mike Rosenstreich who are both employees and shareholders of the Company. Mr Barnes is a Member of the Australian Institute of Geoscientists and Mr Rosenstreich is a Fellow of the Australasian Institute of Mining and Metallurgy. They both have sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to each qualify as Competent Person(s) as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Barnes and Mr Rosenstreich have consented to the inclusion of this information in the form and context in which it appears in this report.

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

ABN: 27 009 138 738 HLX ASX: HLX

Contact Details:

Helix Resources Limited 78 Churchill Avenue, SUBIACO, WA, 6008

Board of Directors:

Peter Lester Non-Executive Chairman Tim Kennedy Non-Executive Director Jason Macdonald Non-Executive Director Mike Rosenstreich Managing Director

Company Secretary

Ben Donovan

PO Box 825 West Perth, WA, 6872

Email: helix@helixresources.com.au Web: www.helixresources.com.au Tel: +61 (0)8 9321 2644

Investor Contact:

Mike Rosenstreich Tel: +61 (0)8 9321 2644 Email: helix@helixresources.com.au

Media Contact:

David Tasker Chapter One Advisers Email: dtasker@chapteroneadvisors.com.au Tel: 0433 112 936

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APPENDIX 1: MINERAL RESOURCES – OVERVIEW

Introduction

Helix holds ~1,500km² of tenure in the highly mineralised Cobar Basin, within central NSW, Australia (refer Figure 1). The Company has recently divided the prospective copper ground into 3 regional trends referred to as Collerina, Rochford and Meryula as shown in the figure below. The Company has two copper Mineral Resources; Central Zone (CZ) and Canbelego located on the Collerina and Rochford Trends respectively (Refer Tables 1 & 2 below).

Central Zone (CZ) Copper Deposit - Context

The CZ Mineral Resource is a high-grade copper discovery made by Helix in late 2016 along the Collerina Trend.

In June 2019, Helix announced a maiden resource estimate for the CZ deposit of 2.02 Mt at 2.03% Cu and 0.1g/t Au for 40kt copper and 9.4koz gold (Indicated and Inferred) (refer Table 1). Almost 60% of that resource tonnage sits in the Indicated categorisation, with the remainder classified as Inferred (by contained copper).

Other than results contained in this ASX release, Helix confirms that it is not aware of any new information or data that materially affects the Mineral Resource information included in Helix ASX release dated 11 June 2019, Interim Maiden Resource at Collerina Copper Project . All material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed.

Table 1: Central Zone Mineral Resource Estimate (June 2019) (0.5% Cu Cut-off)

Classification	Type	Tonnes	Cu	Au	Cu	Au
		Mt	%	g/t	t	oz
Indicated	Oxide / Transitional	0.17	1.1	0.0	1,900	200
Inferred	Oxide / Transitional	0.46	0.6	0.0	2,700	100
Total	Oxide / Transitional	0.63	0.7	0.0	4,600	300
Indicated	Fresh	0.83	2.6	0.2	21,800	6,600
Inferred	Fresh	0.57	2.5	0.1	14,100	2,500
Total	Fresh	1.40	2.6	0.2	35,800	9,100
Indicated	Oxide / Transitional	0.17	1.1	0.0	1,900	200
Indicated	Fresh	0.83	2.6	0.2	21,800	6,600
Inferred	Oxide / Transitional	0.46	0.6	0.0	2,700	100
Inferred	Fresh	0.57	2.5	0.1	14,100	2,500
Total	Combined	2.02	2.0	0.1	40,400	9,400

Canbelego Copper Deposit - Context

A Mineral Resource compliant with the 2004 JORC Code was reported 7 October 2010 as presented in Table 2 below. This Mineral Resource estimate is based on a total of 39 drill holes for 8,080 metres of RC and diamond core drilling.

Since this estimate the JV has undertaken additional exploration work including drilling and geophysics which is currently being compiled and interpreted.

Table 2: Canbelego* (October 2010) (0.5% Cu cut-off)

Classification	Type	Tonnes	Copper	Gold	Contained Copper	Contained Gold
		Mt	%	g/t	t	Oz
Inferred	Oxide/Transition/Fresh	1.50	1.2	N/A	18,000	N/A
Total	Combined	1.50	1.2	N/A	18,000	N/A
(Rounding discrepencies may occur in summary t					ables)

* Reported as 100% of the deposit, not JV interest.

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Historic production from the Canbelego Copper mine was reported (1920) to be ~10,000t of hand-picked ore grading 5% Cu with mining stopped at the water table at a depth of approximately 80 metres.

Canbelego is located on EL6105 which is a joint venture with local copper producer Aeris Resources (ASX: AIS). Helix holds 70% and is the Manager and AIS is a contributing, 30% partner.

Other than results contained in this ASX release, Helix confirms that it is not aware of any new information or data that materially affects the Mineral Resource information included in Helix ASX release dated 1 October 2010 Initial Copper Resources for Canbelego and Exploration Update . All material assumptions and technical parameters underpinning the estimates in that release continue to apply and have not materially changed.

Appendix 2:

Helix has the following tenement interests in Australia.

Tenement	Name	Mineral	Ownership
EL6105	Canbelego	Base metals/gold	70% Helix, 30% Aeris
EL6140	Restdown	Gold	100% Helix*
EL6501	South Restdown	Gold	100% Helix*
EL6739	Muriel Tank	Gold	100% Helix*
EL7438	Quanda	Base metals/gold	100% Helix
EL7439	Fiveways	Base metals/gold	100% Helix
EL7482	Little Boppy	Base metals/gold	100% Helix
EL8433	Boundary	Base metals/gold	100% Helix
EL8608	Yanda Creek	Base metals/gold	100% Helix
EL8633	Rochford	Base metals/gold	100% Helix
EL8710	Honey Bugle	Base metals/gold	100% Helix
EL8845	Darbarlara	Base metals/gold	100% Helix
EL8948	Bijoux	Base metals/gold	100% Helix
EL6336/EL8768	Collerina	Copper/gold/nickel & cobalt	100% Helix
EL8096/EL9026	Mundarlo	Base metals	80% Helix, 20% Private Partner

• Under conversion from 90% Helix, 10% Isokind Pty Ltd (Glencore entity) to 100% Helix, 1% NSR Isokind

Helix owns the following licences in Chile, through its 100% owned overseas subsidiary Helix Resources Chile Limitada as set out below:

Type	Ownership	Name	Project	Ha	National Number
Exploration Licence	100%	Joshua 2-C	Joshua	300	042034127-k
Exploration Licence	100%	Joshua 4-C	Joshua	300	042034105-9
Exploration Licence	100%	Joshua 10-C	Joshua	300	042034113-K
Exploration Licence	100%	Joshua 16-C	Joshua	300	042034115-6
Exploration Licence	100%	Joshua 3-C	Joshua	300	042034150-4
Exploration Licence	100%	Joshua 5-C	Joshua	300	042034151-2
Exploration Licence	100%	Joshua 11-C	Joshua	300	042034153-9
Exploration Licence	100%	Joshua 17-C	Joshua	300	042034154-7
Exploration Licence	100%	Joshua 6-C	Joshua	300	042034152-0

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Type	Ownership	Name	Project	Ha	National Number
Exploration Licence	100%	Joshua 13-C	Joshua	300	042034233-0
Exploration Licence	100%	Joshua 15-C	Joshua	300	042034235-7
Exploration Licence	100%	Joshua 12-C	Joshua	300	042034231-4
Exploration Licence	100%	Joshua 14-C	Joshua	300	042034234-9
Exploration Licence	100%	Joshua 1 al 150	Joshua	300	042031160-5
Exploration Licence	100%	Joshua 7 1 al 47	Joshua	300	042031271-7
Exploration Licence	100%	Joshua 1, 1 AL 60	Joshua	300	042031282-2
Exploration Licence	100%	Joshua 8, 1 AL 60	Joshua	300	042031272-5
Exploration Licence	100%	Joshua 9, 1 AL 54	Joshua	300	042031273-3
Exploration- Application*	100%	Joshua 2	Joshua	300	042034454-6
Exploration- Application*	100%	Joshua 3	Joshua	300	042034421-K
Exploration- Application*	100%	Joshua 4	Joshua	300	042034427-9
Exploration- Application*	100%	Joshua 5	Joshua	300	042034455-4
Exploration- Application*	100%	Joshua 6	Joshua	300	042034426-0
Exploration- Application*	100%	Joshua 10	Joshua	300	042034422-8
Exploration- Application*	100%	Joshua 11	Joshua	300	042034456-2
Exploration- Application*	100%	Joshua 16	Joshua	300	042034428-7
Exploration- Application*	100%	Joshua 17	Joshua	300	042034457-0

* Exploration Applications to cover existing, maturing Exploration Licence areas

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Type	Ownership	Name	Project	Ha	National Number
Exploration Licence	100%	Bogarin 31-C	Samuel	300	042013101-1
Exploration Licence	100%	Bogarin 39-C	Samuel	200	042013104-6
Exploration Licence	100%	Bogarin 41-C	Samuel	200	042034236-5
Exploration Licence	100%	Bogarin 42-C	Samuel	200	042034237-3
Exploration Licence	100%	Bogarin 27-C	Samuel	300	042013096-1
Exploration Licence	100%	Bogarin 28-C	Samuel	300	042013099-6
Exploration Licence	100%	Bogarin 30-C	Samuel	300	042013097-K
Exploration Licence	100%	Bogarin 26-C	Samuel	300	042013098-8
Exploration Licence	100%	Bogarin 29-C	Samuel	300	042013100-3
Exploration Licence	100%	Bogarin 37-C	Samuel	300	042013102-K
Exploration Licence	100%	Bogarin 38-C	Samuel	200	042013103-8
Exploration Licence	100%	Bogarin 40-C	Samuel	200	042013105-4
Exploration Licence	100%	Bogarin 43-C	Samuel	300	042034232-2
Exploration Licence	100%	Bogarin 42, 1 al 150	Samuel	150	042031310-1
Exploration Licence	100%	Bogarin 41, 1 al 90	Samuel	90	042031309-8
Exploration Licence	100%	Bogarin 40, 1 al 12	Samuel	12	042031308-K
Exploration Licence	100%	Bogarin 49, 1 al 36	Samuel	36	042031312-8
Exploration Licence	100%	Bogarin 50, 1 al 184	Samuel	184	042031313-6
Exploration Licence	100%	Bogarin 51, 1 al 100	Samuel	100	042031314-4

Type	Ownership	Name	Project	Ha	National Number
Exploration Licence	100%	Blanco y Negro 1 al 20	Blanco y Negro	100	042011444-3
Exploration Licence	100%	La Caña 1 al 20 (11/20)	Blanco y Negro	70	042011526-1

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