POLARX LIMITED — Capital/Financing Update 2017

Jul 25, 2017

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For Immediate Release 26 July 2017 Australian Securities Exchange: CYY

COMPLETION OF PLACEMENT AND ACQUSITION OF VISTA MINERALS PTY LTD

Coventry Resources Limited (“Coventry” or the “Company”) advises that it has raised approximately $5.5 million via the issue of 274,750,000 ordinary shares (“Shares”) at an issue price of $0.02 per Share, pursuant to the placement that it announced on 19 July 2017 (“the Placement”). The Placement was undertaken pursuant to the Company’s available capacity under the ASX Listing Rules.

The Company also advises that following the satisfaction of all conditions precedent, including the Placement, it has completed the acquisition of 100% of the issued capital of Vista Minerals Pty Ltd ( Vista ), which holds a 100% interest in the Stellar Copper Gold Project ( Stellar Project ) in Alaska, USA.

The net proceeds from the Placement will be used for exploration and development activities on the Caribou Dome Copper Project and the Stellar Project and for general working capital.

New Board Appointments

Following the acquisition of Vista, Dr Frazer Tabeart and Dr Jason Berton have been appointed as directors of the Company (refer Annexure 1 for brief biographies on Dr Tabeart and Dr Berton). Dr Tabeart has been appointed as Managing Director/CEO. The material terms of his appointment are summarised in Annexure 2.

For further information please contact:

Ian Cunningham Company Secretary +61 8 9226 1356 icunningham@coventryres.com

Coventry Resources Limited (ACN 161 615 783) 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

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ANNEXURE 1 – NEW DIRECTORS BIOGRAPHIES

Dr Frazer Tabeart Ph.D, B.Sc (Hons), ARSM, MAIG

Geologist with 30‐years international experience in exploration and project development, with strong technical background in porphyry copper‐gold systems in SE Asia, SW Pacific, the American Cordillera and central and northern Asia. After spending 16 years with WMC Resources and managing exploration portfolios in the Philippines, Mongolia and Africa, he left to join the Mitchell River Group. Has served on ASX‐listed Company Boards at Executive level over last 10 years. Director and Principal at Mitchell River Group, and current Managing Director at African Energy Resources Limited and Non‐Executive Director at Segue Resources Limited.

Dr Jason Berton Ph.D, B.Sc (Hons), MAusIMM

Geologist with over 16 years’ mining and exploration experience including working for Homestake, Barrick and BHP Billiton and SRK Consulting. Jason has also previously spent two years in private equity investment and four years as Managing Director of ASX‐ listed Estrella Resources. Jason holds two Degrees, a Bachelor of Economics and a Bachelor of Science (Hons) plus a PhD in Structural Geology, all from Macquarie University.

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ANNEXURE 2 – TERMS OF APPOINTMENT

Dr Frazer Tabeart

• Executive fees of $140,000 per annum payable monthly in arrears

• Entitlement to any short or long term incentive remuneration arrangements will be entirely at the discretion of the Board and subject to any requisite regulatory or shareholder approvals

• Either Party may terminate the agreement without cause on 3 months written notice