HELIX RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 27, 2021

Quarterly Activities and Cashflow Report ending 30 June 2021 28 July 2021

==> picture [194 x 87] intentionally omitted <==

==> picture [24 x 24] intentionally omitted <==

==> picture [25 x 25] intentionally omitted <==

HIGHLIGHTS

Overview

The June quarter was a significant period of achievement with copper sulphide mineralisation intersected from the diamond drilling program at the Canbelego joint venture project (Helix: 70%, Aeris Resources: 30%) in the Cobar region of central NSW.

Copper

The new exploration team is reassessing all the Company’s data sets and geological models for the existing deposits and prospects to underpin an aggressive exploration program focused on the highest ranking most prospective targets.

Advanced Projects

The Company has two copper Mineral Resources[1] ; Canbelego and Central Zone (CZ) located along the Rochford and Collerina copper-mineralised trends respectively.

• Canbelego – 2021 drilling program targeting depth extensions indicated by untested electromagnetic conductors has been successful with copper sulphide mineralisation intersected in all 5 drill holes. Copper assays received for first two holes includes 14 metres at 4.2% copper and 11 metres at 1.1% copper with remaining assays pending. Strong downhole electromagnetic (DHEM) conductors defined in surveys of the first three drill holes. JV Partner, local producer Aeris Resources (ASX: AIS), is contributing to this program at their 30% equity position.

• CZ – Upcoming reverse circulation (RC) and diamond (DD) drilling campaign planned for early August to extend the existing Mineral Resource[1] outline and collect metallurgical samples.

Target Generation

• Surface moving loop electromagnetic (EM) surveys and interpretation are currently in progress at Canbelego and Bijoux prospect areas to refine the airborne (VTEM) EM anomalies ahead of drill testing

Corporate

• Received $4 million from a strongly supported capital raising in May 2021 and received Tranche 2 of the previous capital raising campaign of $1.2 million in April 2021.

• Quarterly closing cash position of $5.398 million.

==> picture [33 x 174] intentionally omitted <==

• Management revamp continued during the quarter with the commencement of the Company’s new Exploration Manager and Chief Financial Officer, implementing an aggressive exploration budget for FY22 and new systems for enhanced regulatory and internal reporting.

1 Refer to Appendix 1 for details. 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

==> picture [18 x 51] intentionally omitted <==

Helix Resources Limited ( ASX: HLX ) provides this Quarterly Activities and Cashflow Report for the June 2021 quarter.

Commenting on the June Quarter 2021, Helix’s Managing Director Mike Rosenstreich said:

“It has been a defining period in Helix’s history with the first two drill holes of the Canbelego program successfully intersecting 14 metres at 4.2% copper and 11 metres at 1.1% copper. We hit varying copper sulphides in all 5 drill holes and overall, the results from this initial campaign have been pleasing and demonstrate the high-grade potential within the overall broader Canbelego copper lode structures. We are now awaiting assay results for three of the holes and look forward to getting back drilling at Canbelego later in the year armed with new downhole and surface EM data and some quality geological thinking time.

“We are in the envious position of holding a strong presence in the Cobar region, a proven copper and gold province. With this in mind, we are now planning a drilling campaign next month at the exciting Collerina Trend – starting at the CZ deposit. This is clearly a major regional copper bearing structure, and we think there is real potential to find deposits similar to Aeris’ high grade and long-lived Constellation and Tritton deposits to our north.

“With cash in the bank following a $4 million capital raise, we are well positioned to accelerate a multi-pronged exploration program across our vast array of projects in this premier copper and gold district.”

REVIEW OF OPERATIONS

1. Copper Exploration

The Company has a range of advanced projects (with resources[2] ), prospects and regional targets under evaluation. Helix holds ~1,300km² of tenure in the highly mineralised Cobar region, within central NSW, Australia. The Company has 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[3] ; Central Zone (CZ) and Canbelego located on the Collerina and Rochford Trends respectively (Figure 1).

==> picture [453 x 317] intentionally omitted <==

Figure 1: Map of Rochford Trend (host to Canbelego JV) and Collerina Trend Project (host to CZ Deposit)

2 Refer to Appendix 1 for details.

Page 2

==> picture [18 x 51] intentionally omitted <==

1.1 Advanced Copper Projects

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

Overview

The Canbelego Project is a joint venture (JV) with Aeris Resources Limited (ASX: AIS). Helix holds 70% of the project 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] which was last drilled in 2013. Downhole electromagnetic (DHEM) surveys undertaken at the time, generated conductive models potentially representing copper mineralisation, which had never been tested. The 2013 DHEM was recently re-processed and interpreted by Southern Geoscience with updated geology and evolved EM modelling algorithms to refine prospective drill targets.

June Quarter 2021 Review

The June 2021 quarter delivered on the significant exploration advances of the March 2021 Quarter with the Company successfully intersecting Canbelego-style copper sulphide mineralisation from its first diamond core drilling program at Canbelego since 2013. To date, five diamond drill holes for 1,913 metres have been completed since the program commenced in April this year, each intersecting copper sulphide mineralisation. A summary of each drill hole is provided in the tables and commentary below:

Table 1: Drill Hole Details

Hole ID	Type	Easting (mE)	Northing (mN)	Start Dip	Azimuth	RL	Total Depth
CANDD001	HQ 0-114.6m NQ112.1-350m	434285	6500710	-80	060	315	350
CANDD002	HQ 0-86.3m NQ86.3 – 390.3m	434215	6500714	-75	055	315	390.3
CANDD003	HQ 0-87m NQ87-360.4m	434255	6500830	-75	070	315	360.4
CANDD004	HQ 0-87m NQ87-360.4m	434255	6500745	-75	070	315	333.5
CANDD005	HQ 0-119.6m NQ119.6-478.5m	434155	6500760	-75	075	315	478.5

CANDD001

The first diamond drill hole, CANDD001, targeted an untested downhole electromagnetic (DHEM) conductor position.

CANDD001 intersected 24 metres of typical Canbelego style copper sulphide (chalcopyrite) mineralisation from 257 metres downhole comprising discrete zones of disseminated chalcopyrite and veining as presented in Figure 2. The true width of the significant chalcopyrite mineralisation is estimated to be 16 metres.[4]

3 Refer to Appendix 1

4 Refer to ASX announcement dated 3rd May 2021

Page 3

==> picture [18 x 51] intentionally omitted <==

==> picture [301 x 204] intentionally omitted <==

Figure 2: Disseminated and vein-fill chalcopyrite CAND001 ~278 metres downhole

CANDD002

This was followed by the second diamond drill hole CANDD002 which intersected intense copper sulphide mineralisation approximately 80 metres down dip (from 348 metres downhole) from the 24-metre interval of copper sulphide mineralisation intersected in CANDD001.[5]

CANDD002 intersected discrete zones of massive and semi massive chalcopyrite as well as veins and disseminated chalcopyrite (Figure 3) within the overall 29.5 metre interval. The true width of the chalcopyrite mineralisation is estimated to be 22 metres.

==> picture [307 x 211] intentionally omitted <==

Figure 3: Massive/semi massive and vein-fill chalcopyrite in CAND002 from ~352 to 361 metres downhole

A second ‘copper position’ in the hanging wall of CANDD002, between 90 and approximately 120 metres downhole, was also intersected as shown in Figure 6. This zone may represent a second copper lens position, or structural repeat of the Canbelego main lens.

CANDD003

A third diamond drill hole, CANDD003, was drilled 200 metres to the north of the two initial drill holes to test another possible high-grade shoot position indicated by previous drilling and reprocessed DHEM data.

CANDD003 intersected stringer, semi-massive veins and disseminated copper sulphide mineralisation approximately 200 metres north along strike from the 29.5 metre interval of strong copper sulphide

5 Refer to ASX announcement dated 12th May 2021

Page 4

==> picture [18 x 51] intentionally omitted <==

mineralisation intersected in CANDD002 and at a similar level, approximately 270 metres below surface.[6] Examples of the copper sulphide mineralisation intersected in CANDD003 are presented in Figure 4.

This third drill hole has extended copper sulphide mineralisation approximately 200 metres to the north and an additional 100 metres below the base of the previously defined copper mineralisation.

The interpreted ‘northern shoot’ was the focus of historical mining. Previous drilling had defined mineralisation to approximately 150 metres below surface with an intercept of 7 metres at 3.5% copper in drillhole ‘CC4’. The CANDD003 intercept potentially extends this shoot a further ~120 metres down dip based on the copper sulphides intersected.

==> picture [307 x 223] intentionally omitted <==

Figure 4: Stringer, vein and disseminated chalcopyrite in drillhole CANDD003. The upper core tray is from 288.4m to 292.7m and the lower core tray is from 301.3m to 305.4m.

CANDD004

A fourth diamond drill hole, CANDD004, tested for shallower extensions of the higher-grade, more intense chalcopyrite shoot in CANDD002.[7]

This hole intersected 25.8 metres from 252 metres downhole of copper sulphide mineralisation including 8 metres with approximately 1% of disseminated chalcopyrite from 252 metres and a 4.8 metre interval from 273 metres with 0.5% disseminated chalcopyrite and two intervals totalling 1.2 metres with 5 to 70% disseminated, vein and massive chalcopyrite.

CANDD005

Post-quarter end[8] , Helix announced a fifth diamond drill hole, CANDD005, which tested for deeper extensions of the higher-grade shoot intersected in CANDD002. This hole intersected 7 metres from 66 metres downhole of gossanous veins with chalcocite and malachite in the oxidised zone.

Several sulphide intervals were also intersected in the fresh rock including the following:

• 10 metres from 101 metres of disseminated and stringer chalcopyrite (up to 2%).

• 3 metres from 334 metres of stringer chalcopyrite (< 1%) and quartz veins.

• 19 metres from 426 metres of veinlet, stringer and disseminated chalcopyrite (± pyrrhotite), including localised intervals of up to 3% chalcopyrite in anastomosing stringers.

6 Refer to ASX announcement dated 31 May 2021

7 Refer to ASX announcement dated 23 June 2021

8 Refer to ASX announcement dated 21 July 2021

Page 5

==> picture [18 x 51] intentionally omitted <==

The deeper sulphide interval is associated with strong chlorite alteration in silicified siltstone. Continuation of the massive high-grade chalcopyrite shoots intersected in CANDD002 were not intersected within this complexly deformed and folded host sequence. Further interpretation and modelling are required to determine controls and potential extensions to the high-grade mineralisation, prior to further drilling.

Geological logging of CANDD005 is in progress, and a DHEM survey was recently completed to further define the broad zones of mineralisation and the more intensely copper mineralised shoot structures for further drilling work. A schematic long section showing the historical and recent drilling as well as the defined EM conductor plates is presented in Figure 5.

==> picture [462 x 358] intentionally omitted <==

Figure 5 : Schematic long section of Canbelego Copper deposit with re-processed DHEM conductor target and approximate location of drill hole pierce points for CANDD001, CANDD002, CANDD003, CANDD004 and CANDD005

High Grade Assay Results

During the quarter, copper assays were received for intervals where geological estimates of copper sulphides (chalcopyrite) were reported[9] (Table 2).

• CANDD001 intersected 2 metres at 3.07% copper within a broader interval of 11 metres at 1.10% copper from 270 metres downhole

• CANDD002 intersected 14 metres at 4.22% copper from 253 metres downhole, including o 3 metres at 7.01% copper from 352 metres; and

• 4 metres at 5.94% copper from 358 metres.

• A new mineralised position above the main lode assayed 2 metres at 3.1% copper from 118 metres within a broader mineralised 12 metre envelope from 110 metres downhole.

Gold assays were received for the above intervals with no significant results reported.

9 Refer to ASX announcement dated 23 June 2021

Page 6

==> picture [18 x 51] intentionally omitted <==

Assay results remain outstanding for drill holes, CANDD003 and CANDD004 with 5–8-week laboratory turnaround times being experienced across the sector. Samples from CANDD005 will be submitted to the laboratory after the completion of geological logging.

Table 2: CANDD001 and CANDD002 copper intercepts at a range of cut-off grades

Hole ID	Interval 0.1% Cu Assay Cut- off	Interval 0.1% Cu Assay Cut- off	0.5% Cu Assay Cut- off 1% Cu Assay Cut-off	0.5% Cu Assay Cut- off 1% Cu Assay Cut-off	3% Cu Assay Cut- off
CANDD001	263m - 281m	18m @ 0.74% Cu from 263m	11m @ 1.10% Cu from 270m	2m @ 3.07% Cu from 277.8m	1m @ 3.5% Cu from 277.8m
CANDD002	110m – 115m	5m @ 0.47% Cu from 110m		1m @ 1.39% Cu from 110m	-
	118m – 120m	-		2m @ 2.99% Cu from 118m	1m @ 3.92m from 118m
	345m – 366m	21m @ 2.92% Cu from 345m	15m @ 3.98% Cu from 351m	14m @ 4.22% Cu from 352m	3m @ 7.01% Cu from 352m 4m @ 5.94% Cu from 358m

==> picture [417 x 406] intentionally omitted <==

Figure 6: Schematic cross section showing existing drilling and assays, 2004 JORC Inferred Mineral Resource outline and recently completed CANDD005.

Page 7

==> picture [18 x 51] intentionally omitted <==

New EM Conductors Confirm Growth Potential

DHEM surveys have been completed, interpreted, and modelled so far in the first three diamond drillholes (CANDD001, CANDD002 and CANDD003), confirming potential high-grade massive copper sulphide targets comprising discrete steeply plunging shoots. The DHEM modelling results for drill holes CANDD001 to CANDD003 are described below.[10]

• a) CANDD001 – the DHEM survey suggests the hole has intersected the southern edge of the target conductor (target from CBLRC018 2013 DHTEM remodelling). The modelling of the new DHEM survey in CANDD001 has defined a strong conductor centred just above and extending north of the hole. The conductor plate models at approximately 70 metres width (N-S) and has over 200 metres dip extent/plunge extent. The conductor models as plunging steeply NW with a dip of 800 to 850 WNW, and a conductance of 200 to 300S (Figure 7).

==> picture [270 x 199] intentionally omitted <==

Figure 7: DHEM conductor plates modelled from CANDD001

• b) CANDD002 – this hole clearly intersected the conductor with the strong copper sulphide intercept related to the modelled DHEM conductor. The EM conductor is centred about the hole and extends to the north. This supports the same steep NW plunge, consistent with the CANDD001 intercept. Similarly, the conductor plate models at 70 metres width (NS) and over 125 metres depth/plunge extent. The conductor plate models as a steep 85[0] dip to sub-vertical, and possibly steepens with depth. Conductance from CANDD002 varies between 250 to 500S. This is slightly higher than CANDD001 conductor and suggests strengthening conductance at depth (Figure 8).

==> picture [263 x 200] intentionally omitted <==

Figure 8: DHEM modelled conductor plates from CANDD002

10 Refer to ASX announcement dated 3rd June 2021.

Page 8

==> picture [18 x 51] intentionally omitted <==

• c) CANDD003 – initial assessment of the DHEM data suggests there is a clear, local, moderate to strong off hole anomaly centred at 270 metres to 280 metres down hole. The anomaly source margin is 30 metres above the hole, meaning the hole did not pass through the best part of the conductor which has a 300-600 Siemens conductance. A lower anomaly is also modelled south of the hole, which appears to extend down dip in the later DHEM readings. This has a conductance of 500-700S.

Modelling will refine source position/parameters and importantly a new drill target is expected to emerge from this interpretation, which is broadly in-line with the earlier DHTEM model targets from CANRC017. The northern shoot was the focus of historical mining.

A broader off-hole anomaly centred approximately 260 metres to 290 metres down hole is also apparent in the data. Whilst difficult to fully define given the superimposed localised conductors, it relates to the Central Shoot sulphide zone/conductor, as it is strongly apparent south of hole, and approximately 75 metres off-hole to the conductor margin.

Further modelling which includes data from CANDD005 in conjunction with the other conductors from CANDD001 & CANDD002 will assist in better refining drill targets in the complex geometry of these high-grade copper shoots (Figure 9).

==> picture [299 x 229] intentionally omitted <==

Figure 9: DHEM modelled conductor plates from CANDD003

Surface Moving Loop EM (MLEM)

A surface MLEM survey was completed over the broader Canbelego area to follow-up anomalies defined by the VTEM Max[TM] survey[11] , which clearly defined several bedrock conductors around the Canbelego deposit. The copper sulphide intercepts in recent diamond drilling at Canbelego[12] , in conjunction with the DHEM modelling results described above, have confirmed that the bedrock conductor at Canbelego is associated with significant copper sulphide mineralisation.

In combination, the surface and DHEM survey techniques are highly effective for the direct detection of copper mineralisation. The follow-up Canbelego MLEM survey has been completed and data interpretation is expected to further refine the geometry of the VTEM anomalies and provide drill targets for later testing, likely to be RC drill traverse to scope out the target zones ahead of more detailed diamond drilling if results warrant. An MLEM survey commenced at the Bijoux prospect, on the Rochford Trend, southeast of Canbelego (Figure 1) post-quarter. The Bijoux MLEM survey will be completed in late-July 2021. Surface Fixed Loop EM surveys are also planned for Collerina in the September quarter.

11 Refer to ASX release dated 23 March 2021

12 Refer to ASX releases dated 3 May 2021, 12 May 2021 & 31 May 2021.

Page 9

==> picture [18 x 51] intentionally omitted <==

Next Steps

Drilling productivity and field activities have been hampered by wet weather, as well as COVID-19 travel restrictions which are affecting both drill crews and the Helix exploration team. In response to these factors and to expedite surface and DHEM surveying, geological logging and interpretation at Canbelego, the joint venture decided post quarter end to pause the drilling at the JV project.

Following the completion of this work, further drilling to follow-up on the recent drill results and to test the surrounding EM anomalies is planned for later this year.

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

Overview

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[13] . The Project lies along the regional scale Collerina Copper Trend which continues north and hosts highgrade copper mineralisation such as Tritton, Murrawombie, Constellation and Kurrajong, which belong to Aeris Resources Limited (ASX: AIS). Similar, to these deposits, high-grade copper mineralisation appears to be developed in late-stage structures, previously interpreted as the hinge-zones of moderately plunging, regional scale folds. The Company is reassessing these interpretations but considers that there is potential to extend this resource as indicated by shallow anomalous copper geochemistry and untested EM anomalies (Figure 10).

==> picture [476 x 275] intentionally omitted <==

Figure 10: Schematic long section of CZ Shoot and interpreted parallel shoots and untested EM Models

With Helix’s primary focus on the diamond drill campaign at the Canbelego JV Project, limited exploration was undertaken at the project during the June Quarter 2021.

Next steps

Post quarter end, Helix announced an upcoming drilling campaign at CZ Deposit on the highly prospective 100%-owned Collerina Trend.

Drilling, comprising both reverse circulation and diamond core is being planned for the CZ deposit in early August to extend the existing Mineral Resource outline and collect metallurgical samples (refer location plan in Figure 1).

13 Refer to Appendix 2

Page 10

==> picture [18 x 51] intentionally omitted <==

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 non-core assets such as its Chile copper projects and its iron ore royalty interests.

2.1 Chile

The Company owns 100% of three highly prospective early-stage copper (and gold) projects in an accessible, low elevation area in Chile. These comprise:

• Blanco Y Negro: a historical mine with an Indicated and Inferred Mineral Resource of 1.5 mt at 1.4% Cu and 0.5 g/t Au

• Joshua Copper Porphyry: several large-scale copper targets defined by geophysics and drilling including 352m at 0.27% Cu, 240m at 0.22% Cu and 400m at 0.25% Cu

• Samuel Project: large scale copper target defined by geophysics and early-stage drilling

Exploration expenditure for the quarter included the settlement of legacy liabilities relating to the Chile exploration activities undertaken by previous management. The company has engaged Santiago based, Kura Minerals to assist with due diligence, financial and legal management of its 100% owned subsidiary company, Helix Resources Chile Limitada to prepare it for divestment, which is delayed and now planned to occur before the end of 2021. The Company notes that these projects are not key assets of the Company

3. Corporate

3.1 Financial Position

The Company finished the June 2021 quarter with $5.398 million in cash and cash equivalents. This does not include $318K in term deposits, most of which secure environmental performance bonds for tenements in NSW. The cashflow statement is attached – Appendix 2.

3.2 Capital Raising

During the quarter, the Company completed the second tranche of the capital raising announced on 18 February 2021, with $1.2 million received on 13 April 2021.

On the 18 May, following a successful start to the Canbelego drilling program, the Company announced that it had received binding applications for $4 million (before costs) via a placement of 149.4 million New Shares at $0.027 per share to fund ongoing exploration program on its Cobar tenements in central NSW.

JPE Equity Partners acted as Lead Manager for this capital raise and received 6% fee plus the issue of 10 million options exercisable at 5.4 cents expiring in 3 years from the date of issue.

3.3 Management Update

During the quarter, the Company held a general meeting, the outcome of which included the ratification of Tranche 1 of the Capital raising (for funds raised in the previous quarter) and approval of Tranche 2 capital raise (refer to Capital Raising section above). The shareholders also approved the terms of new employee incentive plan and performance options issued to Mike Rosenstreich as Managing Director of the Company.

The Company’s new Exploration Manager, Mr Gordon Barnes commenced on 10 May and following recent Board approval is leading an aggressive exploration program for FY22 focussing on copper in the Cobar region of NSW. Mr Barnes has also progressed with establishing the Company’s new exploration base in Orange, NSW and hiring a new local Geologist to assist with the planned FY22 exploration activities.

The Company’s newly appointed Chief Financial Officer, Ms. Meagan Hamblin, has led a process, involving Mr Barnes and Mr Rosenstreich, the ‘core leadership group’, of establishing accessible, robust, transparent financial and tenement reporting systems. This ensures the Company can monitor and account for the increased exploration expenditure across its various tenements and to more efficiently meet NSW regulatory reporting requirements and provide better and more timely financial analysis internally, to the Board and joint venture partners.

Page 11

==> picture [18 x 51] intentionally omitted <==

3.4 Investor Relations

Investor relations is a key focus for the Company to ensure that key stakeholders are kept fully up to date on the Company’s activities and on ‘macro’ issues which affect our industry. To facilitate this and advise on strategy, the Company has recently engaged Chapter One Advisors.

During the quarter, management held numerous investor and broker meetings – with video content of recent investor presentations available on the Company’s website. Further engagement directly with the Company is encouraged via Twitter (#helixresources) and LinkedIn as well as subscribing for emailed updates at www.helixresources.com.au.

3.5 Capital Structure

During the quarter the Company issued the following securities:

Helix shares issued during the quarter	Number	Date
Fully paid ordinary shares as part of Tranche 2 of capital raise	120,081,686	13 April 2021
Fully paid ordinary shares on exercise of unlisted options at $0.015 (part of broker fee from 2020 financing)	11,000,000	18 May 2021
Fully paid ordinary shares as part of May capital raise	149,400,989	18 May 2021
Fully paid ordinary shares on exercise of unlisted options at $0.024.	2,500,000	29 June 2021

During the quarter the Company issued the following options:

Helix options issued during the quarter	Number	Date
Unlisted performance options to the Company’s managing director (various performance milestones and expiry of 12 April 2023 – 2 years from issue)	7,000,000	Approved by shareholders on 7 April 2021.
Unlisted options issued to Broker for May capital raise at $0.054 per share expiring on or before 26 May 2024	10,000,000	18 May 2021

In addition to the above, on 5 April 2021 3,000,000 Class D unlisted Director’s incentive options expired.

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

Table 2: Helix Capital Structure

Helix Securities	As of 30 June 2021
Fully paid ordinary shares	1,257,020,917
Options (unlisted & Variable strikes/expiries)	37,000,000

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.

Page 12

==> picture [18 x 51] intentionally omitted <==

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

==> picture [26 x 26] intentionally omitted <==

----- Start of picture text -----

HLX
----- End of picture text -----

ABN: 27 009 138 738 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

Page 13

==> picture [19 x 51] intentionally omitted <==

APPENDIX 1: MINERAL RESOURCES – OVERVIEW

Introduction

Helix holds 1,275km² of tenure in the highly mineralised Cobar region, within central NSW, Australia. The Company has recently divided the prospective copper ground into 3 regional trends referred to as Collerina, Richford and Meryula as shown in Figure 1 in the report. The Company has two copper Mineral Resources; Central Zone 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

The Canbelego Deposit is located 45km south-east of Cobar and 5km south of the historic Mt Boppy Mine along the Rochford Copper Trend. 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 ~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.

Structural remobilisation is considered an important control on high-grade copper in these mineralised systems, termed CSA Mine-style base metal deposits. Copper mineralisation is developed as structurally controlled, subvertically plunging, semi-massive to massive sulphide shoots.

A mineral resource compliant with the 2004 JORC Code of 1.5Mt @ 1.2% Cu (oxide, transition and fresh), 100% Inferred was reported in October 2010 as presented in Table 2. This Mineral Resource estimate is based on a total of 39 holes for 8,080 metres of RC and diamond drill core. Untested DHEM Conductors remain below the mine workings. No significant work has been undertaken at Canbelego since 2013. The recent VTEM work announced by Helix 23 March 2021 has refocused attention to this area.

Page 14

==> picture [18 x 51] intentionally omitted <==

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.

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 tables)

• JORC 2004 Compliant Resource: For full details regarding estimation methodologies please refer ASX announcement on 1 October

2010 – reported as 100% of deposit

Page 15