POLARX LIMITED — Capital/Financing Update 2017

Jul 18, 2017

==> picture [221 x 47] intentionally omitted <==

For Immediate Release 19 July 2017 Australian Securities Exchange: CYY

SITE‐WORKS INITIATED WITH A$5.7M FINANCING

CAPITAL RAISING

Coventry Resources Limited (“the Company”) requested a voluntary suspension on 12 July 2017 pending the release of an announcement regarding a capital raising. The Company is pleased to announce that it has received commitments to subscribe for approximately 285 million shares at $0.02 per share to raise approximately A$5.7 million ( Placement ). The Placement is being undertaken within the Company’s capacity under the ASX Listing Rules.

Settlement of the Placement is expected to take place on or around 25 July 2017. Interest in the raising was strong at an institutional level and the Company has received expressions of interest in additional demand following this closing.

The largest participants in the Placement comprise UK and Asian based institutional funds, including:

• J.P. Morgan Asset Management; and

• Ruffer LLP

The Company also advises that completion of the proposed acquisition of Vista Minerals Pty Ltd ( Vista ) is scheduled to take place contemporaneously with completion of the Placement. The Vista acquisition was originally subject to the Company completing a $10 million financing at $0.02 per share. The Company advises that it is in the process of varying the terms of the underlying Vista share sale agreement to reflect the terms of the Placement. Vista’s major shareholders have given their consent to the proposed variation and Vista has advised the Company that it does not anticipate any issues in securing the remainder of the consents prior to settlement.

COMMENCEMENT OF 2017 FIELD PROGRAMS

The Company has been active on‐site during June and July and has already planned the initial geophysics and drilling programs for the 2017 field season.

Induced Polarisation (IP) surveying will commence at the Zackly, Senator and Mars prospects later this month.

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

==> picture [221 x 47] intentionally omitted <==

Drilling is expected to initially commence at Zackly in early August 2017 to upgrade historical/foreign resource estimates to JORC standard and evaluate along strike extensions to known high‐grade Cu‐Au mineralisation.

For further information please contact:

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

2