POLARX LIMITED — Capital/Financing Update 2016

Apr 11, 2016

>95% RECOVERIES ACHIEVED IN

METALLURGICAL TESTWORK – CARIBOU DOME COPPER PROJECT

1. HIGHLIGHTS

• Recoveries of >95% copper returned in ongoing metallurgical testwork on samples from the Caribou Dome Copper Project

• Further metallurgical testwork in progress; to continue to optimise recoveries and concentrate grades

• Results provide further confidence a conventional flotation processing plant may be a viable low‐CAPEX development alternative

2. FURTHER RESULTS FROM ONGOING

METALLURGICAL TESTWORK

Coventry Resources Inc. (ASX:CYY; “Coventry” or “the Company”) is pleased to advise it has received further results from an ongoing metallurgical testwork program on samples from the high‐grade Caribou Dome Copper Deposit in Alaska, USA (“the Project” and “the Caribou Dome Project”).

Since December 2015, conventional flotation testwork has been progressing, utilising representative drill core from the Company’s 2015 drilling program at the Project. Testwork to date has been undertaken on a composite sample from the Lense 4, 5 and 6 area, which averaged 5.03% copper.

Having recently achieved cleaner concentrates grading as high as 24.5% copper, recent testwork has been further investigating potential recoveries.

Very encouraging results have been achieved during recent rougher flotation tests, with recoveries of >95% copper returned. This considerably exceeds recoveries achieved in the most recent historical testwork (2009).

These results provide further confidence that a conventional flotation processing plant may provide a viable low‐CAPEX pathway for the development of the Caribou Dome Project.

==> picture [198 x 148] intentionally omitted <==

Australian Registered Office: Suite 9, 5 Centro Avenue, Subiaco Western Australia 6008 PO Box 457, West Perth Western Australia 6872 t: +61 8 9226 1356 f: +61 8 9226 2027 e: info@coventryres.com www.coventryres.com

==> picture [225 x 54] intentionally omitted <==

Initial flotation testwork on a composite sample from the Lense 7/8 area will now be undertaken, to assess whether the metallurgical properties of mineralisation in that area are similar to those in the Lense 4, 5 and 6 area. Additional samples of mineralisation will also be collected during the forthcoming 2016 field work program to undertake further metallurgical testwork to continue to refine the optimal processing flowsheet for the Project.

Mike Haynes Managing Director/CEO

COVENTRY RESOURCES INC. ‐ BACKGROUND

Coventry Resources Inc. is an ASX‐listed copper explorer. Coventry’s primary asset is its right to acquire an 80% interest in the highly prospective, high‐grade Caribou Dome Copper Project in Alaska, USA.

==> picture [145 x 207] intentionally omitted <==

The Caribou Dome Project is located 250km north‐east of Anchorage, Alaska’s main port. There is road access all the way to the Project. Rail and high voltage power are both accessible 100km west of the Project, at Cantwell.

Alaska is a stable, pro‐mining jurisdiction. Approximately 80% of the state’s GDP comes from mining and resources, with six large‐scale mines currently in production. Alaska’s largest alluvial gold field, Valdez Creek, is ~15km from the Caribou Dome Project.

Mineralisation was discovered at the Project in 1963. From 1963‐1970 nine lenses of sediment‐hosted copper mineralisation were delineated over approximately 700 metres of strike. 95 diamond core holes were drilled during this period, from surface and underground. This drilling was concentrated primarily on just 250 metres of strike, at Lenses 4, 5 and 6.

Very limited exploration had been undertaken since 1970, until Coventry secured the rights to explore and develop the Project in February 2015.

Since then Coventry has compiled all historic technical information, prioritised targets arising, undertaken a ground geophysics (induced polarisation) survey, and completed 4,300 metres of diamond core drilling. Confirmatory drilling has validated previous work and the Company’s initial results from work undertaken to further expand the resources at the Project have been very promising. All previous drilling is within a 700m long corridor, with mineralisation remaining open in both directions along strike and at depth. Significant intersections in drilling include:

• 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 (U/G drill hole)

• • 10.4m at 7.9% Cu from 14.0m

• 12.8m at 5.8% Cu (U/G drill hole)

• 13.0m at 4.9% Cu (U/G drill hole)

• • 10.1m at 7.1% Cu from 39.0m • 9.1m at 7.0% Cu from 28.7m • 10.2m at 6.2% Cu from 46.6m

• 12.2m at 5.0% Cu from 27.1m

• True width estimated to be approximately 25m

CYY – >95% Recoveries Achieved In Metallurgical Testwork – Caribou Dome Copper Project

Page 2

==> picture [225 x 54] intentionally omitted <==

Multiple high‐priority targets remain undrilled. With >18km of the stratigraphic horizon that hosts the mineralisation evident within the Company’s project area, there is considerable potential to discover additional high‐grade mineralisation and to continue to expand the resource base at the Project.

Qualified and Competent Person

The information in this announcement that relates to exploration results and metallurgical testwork for the Project is based on information compiled by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in the Company. 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.

Forward Looking Statements

This news release may contain "forward‐looking statements" and/or "forward‐looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, forward‐looking information"). Any forward‐ looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry Resources Inc. (“Coventry”) does not intend, and does not assume any obligation, to update this forward‐looking information. Forward‐looking information includes, but is not limited to, statements with respect to resource project identification and evaluation, exploration and development activities and expected outcomes. Often, but not always, forward‐looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", “forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.

Any forward‐looking information contained in this news release is based on certain assumptions that Coventry believes are reasonable, including, that the current price of and demand for mineral commodities will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct Coventry’s planned exploration and development activities will be available on reasonable terms and that Coventry will not experience any material accident, labour dispute, or failure of equipment.

However, forward‐looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Coventry to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking information. Such factors include, among others, risks and uncertainties relating to the actual results of exploration activities being different than anticipated, cost of labour increasing more than expected, cost of equipment or materials increasing more than expected, fluctuations in the commodity prices, currency fluctuations, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failing to obtain governmental or community approvals or financing. Although Coventry has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward‐looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward‐looking information due to the inherent uncertainty thereof.

CYY – >95% Recoveries Achieved In Metallurgical Testwork – Caribou Dome Copper Project

Page 3