POLARX LIMITED — AGM Information 2016

Nov 24, 2016

ANNUAL GENERAL MEETING25 NOVEMBER 2016

2016 IN REVIEW

Significantly advanced the development of the high-grade Caribou Dome Copper Project in Alaska:

Drilling:	22hole6,520diadletdfullymmoncoreprogramcompesuccess,
	High-deinelisationteded120mlontriketo300mdethtotheNE>>gramraexnagsp
	fffoBettedeinedthetetsthehigh gdehallowinelisationthatisbeingtatedtateitrexnovery-rasmrarger asrr openp
Ghyiceopss:	f sMltiplehigh-ioityIPttdlintd7kmtikeunewprrargeseeaeoveror
SilSlinoampg:	Nekm-lolydlindheSPr11kmfroheCibDoDei5ttttt,ttwngcopper anomaeeaeaenaorospecmaroumepos,
	Followk-chiplingled sdimhod c12.1%Cut-teto-uprocsampreveaeensopper;assays
Mtllueargy:	ExlletttltfrobthLe4/5/6dLe7/8cenesresusmonseannse
	99%iesd ctrateding27.4%Cuhievd>>recoveranoncens graace

Economic Assessment: Scoping Study underway; scheduled for completion early 2017

Evaluating potential to develop a low-CAPEX starter high-grade mining operation

CORPORATE STRUCTURE

CSiittovenryecures	Nbumer
S(SC)haisAX:YYresonsue	459.9M
$$Otio(isbleA0.014C0.05)pnsexerca–	30.8M
6hhaictmonsreprerange	1.66.2c–
$Mketitlistio(t0.02/ha)arcapaanasre	$A9.2M

MjShhldaorareoers	%
BoddMtarananagemen	11.1%
RuffeGldFudron	8.7%
LollReFudwesourcesn	6.0%
To20p	48.3%

BdfDitoarorecors
MkBojjaranac	NoExChairmn-ec.an
MikeHaynes	MingDire/CEOtanagcor
IaCuinghannnm	ODiret/CF/CStcorompanyecreary
MichalFoleewr	NoExDiretn-ec.cor
RobtBoeraz	NoExDiretn-ec.cor

EXCELLENT ACCESS AND INFRASTRUCTURE IN A PRO-MINING JURISDICTION

CARIBOU DOME COPPER PROJECT

• •250km NE of Anchorage
• • Excellent infrastructure:
  • Road access the whole way to the Caribou Dome Deposit
  • • Only ~100km east of the Anchorage-Fairbanks railway line and high-voltage power at Cantwell
  • • Bulk commodities currently exported from the port of Seward

ALASKA, USA

• •80% of GDP from oil/gas/mining
• • "Number 6" in the 2015 Fraser Institute Investment Attractiveness Index
• •Produced 40M+ oz gold to date
• •6 currently producing mines

Major mineral deposits and occurrences in Alaska, USA

SHALLOW, THICK, VERY HIGH-GRADE MINERALISATION

• 162 holes now drilled for 19,182m
• • High-grade mineralisation intersected over >800m of strike, including:
  • •51.1m* at 5.3% Cu from 4.4m
  • •18.1m at 9.3% Cu from 22.7m
  • 14.1m at 9.9% Cu from 134.6m
  • •18.4m at 6.3% Cu from 31.4m
  • 15.4m at 7.0% Cu from 145.2m (U/G hole)
  • •10.4m at 7.9% Cu from 14.0m
  • •12.8m at 5.8% Cu from 141.1m
  • 10.1m at 7.1% Cu from 39.0m
  • •9.1m at 7.0% Cu from 28.7m
  • *Estimated true width ~25m
• • Mineralisation open in both directions along strike and at dept h

Cross section showing mineralisation in Lenses 4 and 6 at the Caribou Dome Project

Looking NE from outcropping mineralisation at Lense 6 (foreground) to Lenses 3, 7, 8 and 9 (background)

HIGH-GRADE MINERALISATION INTERSECTED IN DRILLING OVER >800M OF STRIKE

Page 6

KNOWN MINERALISATION COINCIDES WITH STRONG IP ANOMALISM

• •7km of strike covered with IP during 2016:
• •Known mineralisation gives rise to very strong IP responses
• •Numerous other strong IP anomalies in the same stratigraphic sequence provide considerable exploration upside

HIGH-PRIORITY IP ANOMALIES ALSO COINCIDE WITH SOIL GEOCHEMISTRY ANOMALIES

• 2016 IP survey covered the extensive copper in soil geochemistry anomalism delineated over 7km of strike during 2015
• •Drilling to begin testing coincident IP/soil anomalies began during 2016, with holes drilled at the Kopis and Lense 2 West Targets
• • Transported cover masks the high-priority Trojan Target, which is located at the preferred stratigraphic level – so not all highpriority targets have coincident soil anomalies
• •Access tracks to be prepared in advance of drilling other high-priority targets

•

AEROMAGNETIC DATA VALUABLE IN PRIORITISING IP ANOMALIES

• • Highest-priority IP anomalies are located at or near the contact between the magnetic volcanic sequence of rocks and the non-magnetic sedimentary sequence of rocks
• •Aeromagnetic data define this preferred stratigraphic level well

NEW SOIL GEOCHEMISTRY – SENATOR PROSPECT

• • 800 new soil samples collected in the far northeast of the Project area in June 2016, over an extension of the prospective sedimentary sequence that hosts the Caribou Dome Deposit
• • Extensive copper geochemistry anomalism evident over 5km of strike
  • •Soil samples to 0.17% Cu
  • •Recent rock chips from outcropping sediment-hosted copper mineralisation returned assays up to 12.1% Cu
• •This area is >11km from the Caribou Dome Deposit itself
• •Initial results confirm that there is considerable Project-wide potential to add to the resource base
• Intend undertaking a ground geophysics survey over the entire Senator Prospect to identify discrete drill targets

METALLURGY

An independent flotation specialist has been undertaking further metallurgical testwork concentrating on conventional flotation

Lenses 4/5/6

• • Two phases of testwork completed on a composite sample that graded 5.03% Cu:
  • •Recoveries >95% Cu have been achieved during rougher flotation tests
  • •Concentrates grading up to 24.5% Cu have been produced

Lense 7/8 Area

• • Initial testwork completed on a sample that graded 7.4% Cu:
  • •Recoveries >99% Cu were achieved during all rougher flotation tests
  • •Concentrates grading up to 27.4% Cu have been produced
• • Initial results are indicating that conventional flotation may be a viable low-CAPEX development alternative
• • Additional samples have been acquired during 2016 to continue to optimise recoveries and concentrate grades and to assess variability across the Deposit

Drill core from CD15-14 (Lense 7/8 Target) – containing >16% Cu

Flotation testwork on samples from Lenses 4, 5 and 6

SCOPING STUDY INITIATED

Scoping study has been initiated to asses the potential to develop a starter, low-CAPEX, high-grade open pit operation at the Caribou Dome Deposit

Gleoogy:	Riifh3-Dlildliitttte-nerpreaonoegeoogcamoesnprogress
Resource:	Rblkdlillhbdttesourceocmoewenegenerae
Mlltearguy:	Fhllilkibidktttttrermeargcaesorsengneraenuuwu
MiDineesgn	Thdldtllilttkltilleresorcemoeanmeargcaesorress:uuwuwbdiiiiiliiditttteuseoopmseannaopenpmneesgn

Capital and Operating Costs: A mining engineer has visited the Project and is well advanced with work to estimate possible capital and operating costs

The 2016 exploration camp at the Caribou Dome Project located directly down-slop of Lenses 4, 5 and 6

Scoping study results are expected in early 2017

• Results will be used to guide decisions on where further exploration and drilling will best be undertaken, and on whether mine permitting activities should be initiated

DISCLAIMER

This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investor should rely on their own analysis of the Company and consult their own legal and/or financial advisers. The information contained in this presentation has been prepared in good faith by the Company, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

This presentation contains forward looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. The forward looking statements are made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward looking statements, whether as the result of new information, future events or results or otherwise.

Qualified and Competent Person

The information in this announcement that relates to exploration and metallurgical results for the Project has been approved by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. Mr Vallerine has reviewed the exploration and metallurgical results disclosed in this release, but has not verified all of the information due to the programs having been undertaken by the previous owners of the Project.

Mr Vallerine is a Member of the Australian Institute of Geoscientists. Mr Vallerine has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Vallerine is also a Qualified Person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr Vallerine consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

ADDITIONAL INFORMATION

PROJECT ACQUISITION TERMS

• •Receives 50% of annual cash payments (per table below); and
• •Retains a 5% royalty, with Coventry having the right to purchase each 1% for US$1,000,000
• • Unlisted US companies SV Metals LP and Hatcher Resources Inc. both retain 10% interests in the Project
  • •SV Metals receives 50% of annual cash payments (per table below)
• •In 2015 Coventry entered into a 9-year option to acquire an 80% interest in the Project
• •Coventry's ongoing obligations comprise:

June	AlChPatnnuaasymens(%C-50tDoDelotC&vepmenorp50%tSVMtls)oea$(US)	OAlExditubligtionnuapenrean$(US)	$MinimExdi3-iod(US)tuumpenreperyear per
2015	PAID$20k	SATISFIED$100k
2016	$PAID30k	SSATIFIED$100k	$2.0SSATIFIEDm
2017	$50k	$100kSATISFIED
2018	$100k	iln
2019	$100k	iln	$2.0m
2020	$100k	iln
2021	$100k	iln
2022	$100k	iln	$2.0m
2023	$1.36m	iln
Totla	$1.96m		$9.0CleFeibiliSdy1ttytumorompeas

1If the Feasibility Study is delivered before expending US$9million, the earn-in condition will be satisfied

MARK BOJANJAC COVENTRY RESOURCES LTDCHAIRMAN

COVENTRYRESOURCES LTD.

SUITE 9, 5 CENTRO AVENUE SUBIACO, WA 6008 PO BOX 457, WEST PERTH WA6872

• T: +618 9226 1356
• **E:**MARK@MORELLA.NET.AU
• **W:**WWW.COVENTRYRES.COM

MIKE HAYNES COVENTRY RESOURCES LTDMANAGING DIRECTOR &CEO

COVENTRYRESOURCES LTD

SUITE 9, 5 CENTRO AVENUE SUBIACO, WA 6008 PO BOX 457, WEST PERTH WA6872

• T: +618 9226 1356
• **E:**MHAYNES@COVENTRYRES.COM
• **W:**WWW.COVENTRYRES.COM