POLARX LIMITED — Capital/Financing Update 2017

Oct 2, 2017

ANNOUNCEMENT 3 October 2017

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HIGH-GRADE COPPER MINERALISATION SEEN IN MOST ZACKLY DRILL-HOLES

• Core drilling at the Zackly deposit reveals thick zones of visible mineralisation including the high-tenor copper sulphides, Covellite and Bornite plus disseminations and stringers of native copper.

• Historical drilling also recorded occasional coarse gold within the cores.

• Multiple phases of copper mineralisation and associated skarn alteration have been observed in most of the holes drilled to date.

• First assays are expected during October 2017 .

• Geological evidence for a buried porphyry intrusive which provided heat, fluids and copper has been observed in several holes.

• The mineralisation remains open along-strike and at depth and lies within a host of much larger and as yet untested soil anomalies.

• An Induced Polarisation survey has been completed across the strike-length of the existing Zackly deposit and will be used to plan additional drilling for the 2018 campaign.

• Zackly appears to be part of a much bigger mineralised system within PolarX’s 100% owned tenure.

Guide to % Copper in Mineralisation types seen in Core

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100
79.8
66.4
63.5
34.8
Cu Cu2S CuS Cu5FeS4 CuFeS2
Native Copper Chalcocite Covellite Bornite Chalcopyrite
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PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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ZACKLY DRILLING UPDATE

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PolarX Limited ( PolarX or the Company ), is pleased to announce visible results as drilling at its 100% owned high‐grade Zackly copper‐gold skarn deposit in Alaska nears completion, with mineralisation observed in all holes. (For location refer to Figures 1 and 2).

A total of 11 holes for 1,778 metres has been drilled to date (refer Table 1 and Figure 3 below), with two holes of approximately 150m each remaining to be drilled.

KEY OBSERVATIONS

Key geological observations to date are:

1. Multiple phases of mineralisation are evident in most of the drill holes.

2. Phase 1

An initial mineralising event likely occurred when a diorite intrusion formed marbles and weakly mineralised skarns in the adjacent silty‐limestones and volcanic rocks, and introduced disseminated Fe, Cu and Mo sulphides (Figures 4, 5).

3. Phase 2

Stronger and later overprinting mineralisation events are also evident in most of the new drill holes, including:

• a. Widespread garnet‐bearing skarns containing clots, veins and disseminations of covellite, native copper and bornite , with local formation of secondary chalcocite (Figure 6, 7, 8).

• b. Zones of massive magnetite‐bornite‐chalcopyrite skarns up to several metres down‐hole thickness (Figure 9).

• These later mineralising events are characterised by the following predominantly high‐tenor copper minerals which have been observed in the Zackly drill core:

• Native Copper

• Chalcocite

• Covellite

• Bornite

• Chalcopyrite

Previous drilling in 1981 and 1982 also recorded occasional coarse gold .

1. The presence of porphyry style veins (Figure 10), overprinting potassic alteration containing K‐feldspar and secondary biotite (Figure 11) and sub‐vertical hydrothermal breccias provide evidence for the possible presence of a buried porphyritic intrusion (Figure 12).

2. Further drilling is being planned to establish the potential scale and commercial extent of this mineralised system at Zackly. This also provides important exploration indicators for PolarX’s other potentially more significant targets.

Larger images of the drill cores are located on PolarX’s website www.polarx.com.au

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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REGIONAL SIGNIFICANCE

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PolarX is extremely encouraged by the presence of the higher‐grade minerals observed in drilling to date and has accelerated laboratory assays which are expected to be reported during the next few weeks.

Zackly is one of a number of exciting and potentially much larger prospects within PolarX’s extensive 28,064 Ha mineralised tenure holding. These new revelations may potentially evidence the presence of a much larger mineralising system from below. (Phase 2, fig. 12)

This has immediate significance to PolarX’s even larger and completely untested targets including Mars, Jupiter, Gemini, Moonwalk and Senator.

These combined targets have each shown high‐order soil anomalies spanning several kilometres. The company is currently processing and reviewing Induced Polarisation testing on some of these targets, which will be reported once completed.

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Results from field programs will also be progressively reported as they are processed and finalised.

For and on behalf of the Board.

For further information contact the Company directly as detailed below.

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Figure 1. Company's Stellar and Caribou Dome projects showing the location of Zackly

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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Figure 2. Company's 100% owned Stellar Project showing the location of Zackly within much larger untested soil sampling anomalies.

New Holes Drilled this Year

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Figure 3. Drill collar locations for the 2017 Zackly drilling campaign showing cross section for location of Figures 3 and 10.

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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1

PHASE 1, MINERALISATION

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5. Phase 1
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Early iron and molybdenum sulphides in dioritic endoskarn Hole ZM17010, 92.84m

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Figure 4. Schematic geological cross-section showing postulated early skarn development

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PHASE 2 MINERALISATION

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6. Covellite & Bornite

P

H

Covellite and Bornite bearing skarn, Hole ZM17008, 89.3m

1. Native Copper Finely disseminated Native Copper in red and green garnet skarn, ZM17010 153.7m

8. Bornite

Figure 12. Schematic geological cross-section showing postulated early skarn development

11. Phase 2

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Potassic alteration comprising K-Feldspar (pale pink) and secondary Biotite (black) overprinting earlier diorite ZM17010 91.6m

% Copper in Mineralisation

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100 Native Copper
79.8 Chalcocite
66.4 Covellite
63.5 Bornite
34.8 Chalcopyrite
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Bornite mineralisation in garnetiferous skarn, ZM17010, 179.4m

1. Bornite + Chalcopyrite Massive Magnetite + Bornite+Chalcopyrite skarn overprinting massive green garnet skarn ZM17010, 185m

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10. Porphyry Veins + Native Copper
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Multiple porphyry style veins containing Native Copper overprinting green garnet skarn, ZM17010 157-158m

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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HoleID	Easting Northing Azimuth Dip Depth	Mineralized Zone	Summary of Mineralized Zone
		From (m) To (m) Down‐hole thickness (m) 98.27 131.7 33.43 86.45 117.21 30.76 131.87 204.8 72.93 186.89 230.14 43.25 9.7 33.2 23.5 17.07 27.51 10.44 85.7 105.5 19.8 9.7 18.4 8.7 151.85 189.63 37.78 Pending Pending	Garnet skarn with covellite and native copper in veinlets and fracture coatings Diorite hosting garnet veins. Minor chalcopyrite and native Cu is observed associated with pyrite‐dominant veins. Brown garnet exoskarn, mostly barren except minor interstitial blebs and disseminated covellite, chalcopyrite and rare molybdenite Garnet exoskarn, semi‐ to massive magnetite with interstitial bornite>covellite>chalcopyrite to 209.76m. 212.04‐214.58m: massive magnetite bands with traces bornite, covellite. 225.93‐227.38m: hydrothermal breccia with copper oxides. 227.38‐230.14m: late structural graphitic breccia with native Cu and copper oxides. Light buff‐green‐pink garnet skarn with native Cu, chalcocite, malachite, covellite and copper oxides down to 16.90m (supergene enrichment zone). Trace native Cu blebs assoc w/ calcite veins and fracture coatings to 33.20m Disseminated, banded, and patchy chalcocite>malachite>tennantite @ 24.69‐27.51m, in light brown‐green garnet skarn. Garnet skarn: very well mineralised 85.7‐100.45m with covellite, native Cu tennantite, trace bornite. Native Cu is observed as veins, stringers and blebs, and partially to completely replacing chert lenses. Garnet exoskarn: very well mineralized with abundant native Cu, malachite, chalcocite, covellite. Local chert beds <10cm exhibiting near complete native Cu replacement w/ dendritic Cu from micro‐veinlet flooding. Common qtz +/‐ Cu‐bearing micro‐veinlet flooding. Green garnet exoskarn with significant, continuous, variable mineralization intersected from 151.85‐189.63m. Mineralization transitions from dominantly native Cu blebs and stringers, net‐textured covellite with subordinate bornite and native Cu to semi‐massive magnetite bands with interstitial bornite. Data still pending Data still pending
ZM‐17002 ZE‐17003 ZW‐17004 ZM‐17005 ZM‐17006 ZM‐17007 ZM‐17008 ZM‐17009 ZM‐17010 ZM‐17011 ZM‐17012

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Qualified and Competent Persons Statements

The information in this announcement relating to Exploration Results and Mineral Resources for the Stellar Project is based on information compiled by Dr Frazer Tabeart (an employee of PolarX Limited) who is a member of The Australian Institute of Geoscientists. Dr Tabeart has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’). Dr Tabeart consents to the inclusion of the data in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources for the Caribou Dome Project is based on information compiled by Mr Peter Ball who is a Member of The Australasian Mining and Metallurgy. Mr Ball 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 JORC Code. Mr Ball consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.

*Foreign Historic Mineral Resource Estimate for the Zackly Main Skarn in the Stellar Project:

Readers are referred to the Company's initial market release dated 24 May 2017 which provides supporting information on these historical foreign resource estimates.

The Company confirms that the supporting information disclosed in the initial market announcement continue to apply and have not materially changed.

Readers are cautioned that that this estimate is a "foreign estimate" under ASX Listing Rule 5.12 and is not reported in accordance with the JORC Code.

A Competent Person has not yet undertaken sufficient work to classify the foreign estimate as mineral resources or ore reserves in accordance with the JORC Code.

It is uncertain that, following evaluation and/or further exploration work, it will be possible to report this foreign estimate as mineral resources or ore reserves in accordance with the JORC Code.

Forward Looking Statements

Any forward-looking information contained in this report is made as of the date of this report. Except as required under applicable securities legislation, PolarX does not intend, and does not assume any obligation, to update this forward-looking information.

Any forward-looking information contained in this report is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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Annexure

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JORC CODE 2012 EDITION – TABLE 1 REPORT FOR THE ZACKLY PROSPECT

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code Explanation	Commentary	Commentary
Sampling	Nature and quality of sampling (e.g., cut channels, random chips, or specific		Multiple soil, trenching, geophysical and drilling programs have been
Techniques	specialised industry standard measurement tools appropriate to the		completed at the Zackly Prospect between 1980 and 1994. All programs
	minerals under investigation, such as downhole gamma sondes, or		employed different methodologies from program to program. Previous
	handheld XRF instruments, etc.). These examples should not be taken as		work programs appear to have been undertaken in accordance with
	limiting the broad meaning of sampling.		industry standard practices at the time they were implemented.
	Include reference to measures taken to ensure sample representivity and		Drilling has been completed at the Zackly Prospect between 1981 and
	the appropriate calibration of any measurement tools or systems used.		1994 over 5 different campaigns using rotary and core drilling methods.
	Aspects of the determination of mineralisation that are Material to the		Resources Association of Alaska (RAA) in JV with UNC Teton Exploration
	Public Report.		Drilling (Teton) undertook the following campaigns:
	In cases where ‘industry standard’ work has been done, this would be		1981: 21 diamond holes for 2,964m
	relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1m
	samples from which 3kg was pulverised to produce a 30g charge for fire		1982: 19 diamond holes for 5,855m
	assay’). In other cases, more explanation may be required, such as where
	there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant	Core	from the 1981 and 1982 campaigns was selectively sampled at varying intervals.
	disclosure of detailed information
			In 1987 Nerco Mining Company (NMCO) in JV with Alaska Boulder drilled
			43 rotary holes for 2,959m (sampled at 5ft intervals) and 6 diamond
			holes for 390m (sampled at 2ft intervals).
			In 1990 NMCO in JV with Phelps Dodge drilled 3 diamond holes for 386m.
			In 1994 NMCO in JV with Hemlo Gold drilled 7 rotary holes for 460m.
			Holes were sampled at 5ft intervals.
			Limited information exists regarding sample preparation and analysis
			techniques for the previous Zackly drilling programs.
Drilling	Drill type (e.g., core, reverse circulation, open‐hole hammer, rotary air		Approximately 9,595m of diamond drilling and 3,419m of rotary drilling
Techniques	blast, auger, Bangka, sonic, etc.) and details (e.g., core diameter, triple or		has been completed at the Zackly Prospect (99 holes) prior to 2017.
	standard tube, depth of diamond tails, face‐sampling bit or other type,
	whether core is oriented and if so, by what method, etc.).		This report specifically refers to drilling undertaken in 2017 on the Zackly
			Prospect, where 11 diamond holes for 1,785m have been completed to
			date, with a further 2 holes for approximately 300m outstanding.
			The 2017 drilling program has utilised HQ standard tube and HQ3 triple
			tube drilling equipment.
			Downhole surveys were completed using a Reflex EZ‐trac multi‐shot
			survey tool.
			Core for the HQ3 triple tube holes was oriented by the drillers at the rig
			each run using the Reflex ACTIII orientation tool, and then checked by the
			rig geologist and again by the core logging geologist.
Drill Sample	Method of recording and assessing core and chip sample recoveries and		Drill hole logs for diamond drill holes include statistics on core
Recovery	results assessed.		recoveries. Core recoveries have generally been in the range of 79% to
			98% for this program with the exception of one hole which recorded only
	Measures taken to maximise sample recovery and ensure representative		47% recovery in the mineralised zone.
	nature of the samples.
			Careful use of drilling muds and where possible, triple tubing drilling
	Whether a relationship exists between sample recovery and grade and		techniques have been employed to maximise core recovery.
	whether sample bias may have occurred due to preferential loss/gain of
	fine/coarse material

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

9

Annexure

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JORC CODE 2012 EDITION – TABLE 1 REPORT FOR THE ZACKLY PROSPECT

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Logging	Whether core and chip samples have been geologically and geotechnically	Geological logs were recorded for the entire length of all diamond drill
	logged to a level of detail to support appropriate Mineral Resource	holes.
	estimation, mining studies and metallurgical studies.
		Core is geologically and geotechnically logged by qualified geologists.
	Whether logging is qualitative or quantitative in nature. Core (or costean,	Where possible structural angles are measured for later interpretation.
	channel, etc.) photography.
		Core is qualitatively logged and all trays are photographed.
	The total length and percentage of the relevant intersections logged
		It is anticipated that no additional drilling in the known mineralised areas
		will be necessary in order to confirm the geological model and collect
		appropriate geotechnical data prior to defining any Mineral Resource.
Sub‐Sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	No assays have yet been undertaken for this drilling program. Relevant data
techniques and		will be provided in due course.
sample	If non‐core, whether riffled, tube sampled, rotary split, etc. and whether
preparation	sampled wet or dry.
	For all sample types, the nature, quality and appropriateness of the sample
	preparation technique.
	Quality control procedures adopted for all sub‐sampling stages to maximise
	representivity of samples.
	Measures taken to ensure that the sampling is representative of the in situ
	material collected, including for instance results for field duplicate/second‐
	half sampling.
	Whether sample sizes are appropriate to the grain size of the material
	being sampled.
Quality of assay	The nature, quality and appropriateness of the assaying and laboratory	No assays have yet been undertaken for this drilling program. Relevant data
data and	procedures used and whether the technique is considered partial or total.	will be provided in due course.
laboratory tests
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the
	parameters used in determining the analysis including instrument make and
	model, reading times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (e.g. standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels of
	accuracy (i.e. lack of bias) and precision have been established
Verification of	The verification of significant intersections by either independent or	Multiple companies have undertaken drilling programs at the project
sampling and	alternative company personnel.	previously. Such programs have included infill drilling programs, whereby
assaying		new holes have been drilled between previous holes that had successfully
	The use of twinned holes.	intersected mineralisation. Hence the presence and extents of
		mineralisation (to some extent) has been confirmed.
	Documentation of primary data, data entry procedures, data verification,
	data storage (physical and electronic) protocols.	The current program has drilled 9 holes which are twins of historical drill
		holes, with 2 more to be drilled.
	Discuss any adjustment to assay data
		No assay data has been received from this drilling program. Sampling, data
		entry and verification procedures will be documented when assay results
		are released.
Location of data	Accuracy and quality of surveys used to locate drillholes (collar and down‐	Drill hole collars are pegged to WGS84 UTM Zone 6N. Checks of the UTM
points	hole surveys), trenches, mine workings and other locations used in Mineral	Zone 6N set of coordinates have been made by differential GPS surveys of
	Resource estimation.	current and historic drill collars.
	Specification of the grid system used.	A high resolution (sub‐metre accuracy) drone survey of digital elevation and
		orthophotography has been completed for the Zackly Prospect.
	Quality and adequacy of topographic control.
		Locational accuracy at collar and down the drill hole is considered adequate
		for this stage of exploration

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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Annexure

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JORC CODE 2012 EDITION – TABLE 1 REPORT FOR THE ZACKLY PROSPECT

Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Data Spacing and	Data spacing for reporting of Exploration Results.	Drillhole spacing is variable, with sections varying from 80m to 200m apart.
distribution
	Whether the data spacing and distribution is sufficient to establish the	It is believed that the current drilling program will allow a statistical
	degree of geological and grade continuity appropriate for the Mineral	comparison between this program and previously undertaken drilling
	Resource and Ore Reserve estimation procedure(s) and classifications	programs, and if the statistics indicate sampling of the same population,
	applied.	that the drilling density will be sufficient for a Mineral Resource to be
		declared once assays have been received and the appropriate resource
	Whether sample compositing has been applied.	estimation modelling has been completed.
		No sample compositing has been documented.
Orientation of	Whether the orientation of sampling achieves unbiased sampling of	The dip and azimuth of drill holes has been planned to twin previously
data in relation to	possible structures and the extent to which this is known, considering the	drilled holes from 1981 and 1982 drilling programs and is believed to be
geological	deposit type.	orientated approximately perpendicular to the orientation of the previously
structure		identified skarn mineralisation.
	If the relationship between the drilling orientation and the orientation of
	key mineralised structures is considered to have introduced a sampling bias,	The orientation of drill holes relative to key geological structures does not
	this should be assessed and reported if material.	appear to have introduced a sampling bias.
Sample Security	The measures taken to ensure sample security	Sample security measures have not been documented for any of the
		historical drilling.
		Drill samples from the current program have been transported to ALS
		Global laboratories in Fairbanks, Alaska by representatives of PolarX, where
		they are being securely stored pending analysis.
Audits or reviews	The results of any audits or reviews of sampling techniques and data	The Company is unaware of any sampling audits adopted previously.

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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JORC CODE 2012 EDITION – TABLE 1 REPORT FOR THE ZACKLY PROSPECT

Section 2: Reporting of Exploration Results

(Criteria listed in section 1 also apply to this section)

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Mineral tenement	Type, reference name/number, location and ownership including		The Stellar Project comprises 181 contiguous State Mining Claims in the
and land tenure		agreements or material issues with third parties such as joint ventures,	Talkeetna District of Alaska. The claims cover a total area of 28,960 acres
status		partnerships, overriding royalties, native title interests, historical sites,	(11,720 hectares), and are registered to Vista Minerals Alaska Inc a wholly
		wilderness or national park and environmental settings.	owned subsidiary of PolarX Limited.
	The security of the tenure held at the time of reporting along with any		The Caribou Dome Project comprises 196 contiguous State Mining Claims
		known impediments to obtaining a licence to operate in the area	covering an area of 25,560 acres (10,344 hectares) in the Talkeetna
			District of Alaska. The Company controls 80% of the Claims via option
			agreements with Hatcher Resources Inc. and SV Metals LP.
			While the Claims are in good standing, additional permits/licences may be
			required to undertake specific (generally ground‐disturbing) activities
			such as drilling and underground development.
Exploration done by	Acknowledgment and appraisal of exploration by other parties.		A brief history of previous exploration was released to the market on 24th
other parties			May 2017.
Geology	Deposit type, geological setting and style of mineralisation		A brief description of the deposit type, geological setting and style of
			mineralisation is included in the body of this announcement.
Drillhole	A summary of all information material to the understanding of the		Reported results are summarised in relevant tables within the attached
Information		exploration results including a tabulation of the following information for	announcement.
		all Material drillholes:
			• The drill holes reported in this announcement have the following
	easting and northing of the drillhole collar		parameters appGrid co‐ordinates are reported here in WGS 84 UTM
			Zone 6N.
		elevation or RL (Reduced Level elevation above sea level in metres) of
		the drillhole collar	• Dip is the inclination of the hole from the horizontal. Azimuth is
		dip and azimuth of the hole	reported as the direction toward which the hole is drilled relative to True North.
		downhole length and interception depth	• Down hole length of the hole is the distance from the surface to the
		hole length.	end of the hole, as measured along the drill trace
	•	If the exclusion of this information is justified on the basis that the	• Intersection depth is the distance down the hole as measured along
		information is not Material and this exclusion does not detract from the	the drill trace.
		understanding of the report, the Competent Person should clearly explain	• Intersection width is the downhole distance of an intersection as
		why this is the case.	measured along the drill trace.
Data aggregation	In reporting Exploration Results, weighting averaging techniques,		Not applicable – this report only provides qualitative assessments of
methods		maximum and/or minimum grade truncations (e.g. cutting of high grades)	drilling observations to date and does not include any information from
		and cut‐off grades are usually Material and should be stated.	assays as these have not yet been received.
	Where aggregate intercepts incorporate short lengths of high grade
		results and longer lengths of low grade results, the procedure used for
		such aggregation should be stated and some typical examples of such
		aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values should
		be clearly stated
Relationship	These relationships are particularly important in the reporting of		Thickness of mineralisation reported is down‐hole thickness. There is
between		Exploration Results.	insufficient interpretation of the mineralisation to confidently report
mineralisation widths and intercept lengths	If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.		“true widths”. It is however noted that the mineralized lenses appear to be relatively steeply dipping. As such it is probable that “true widths” will be smaller than the down‐hole widths by approximately 50% (depends on
	If it is not known and only the downhole lengths are reported, there		hole dip and azimuth).
		should be a clear statement to this effect (e.g., ‘down hole length, true
		width not known’).
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts		Summary plans and schematic sections are included in this
		should be included for any significant discovery being reported These	announcement.
		should include, but not be limited to a plan view of drillhole collar
		locations and appropriate sectional views
Balanced reporting	Where comprehensive reporting of all Exploration Results is not		This report does not include any assay results as samples have not yet
		practicable, representative reporting of both low and high grades and/or	been assayed.
		widths should be practiced to avoid misleading reporting of Exploration Results	This report provides a short summary of the mineralisation description
			and down‐hole thickness encountered in each hole drilled in 2017.

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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JORC CODE 2012 EDITION – TABLE 1 REPORT FOR THE ZACKLY PROSPECT

Section 2: Reporting of Exploration Results

(Criteria listed in section 1 also apply to this section)

Criteria	JORC Code Explanation	Commentary
Other substantive	Other exploration data, if meaningful and material, should be reported	Two lines of IP surveying were undertaken to the west of the Main Skarn
exploration data	including (but not limited to) geological observations; geophysical survey	in late 2016 by Vista Minerals Pty Ltd.
	results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Additional IP surveying was undertaken in September 2017. Final data and inversion models have yet to be received by the Company and will be reported once available.
		Two preliminary metallurgical reports focusing on gold recoveries from
		near‐surface, mainly oxidized skarn material, were completed in 1987 and
		1992. These tests comprised gravity, floatation and cyanidation methods
		for gold recoveries, and were conducted on 4 bulk samples.
Further Work	The nature and scale of planned further work (e.g., tests for lateral	A suitable work program will be developed following more
	extensions or depth extensions or large‐scale step‐out drilling).	comprehensive review, compilation and interpretation of previously
	Diagrams clearly highlighting the areas of possible extensions, including	acquired data.
	the main geological interpretations and future drilling areas, provided this	Diagrams highlighting potential drilling target areas are included in this
	information is not commercially sensitive.	announcement.

PolarX Limited I +61 8 6465 5500 I +61 8 6465 5599 I www.polarx.com.au Suite 1, 245 Churchill Avenue, Subiaco, Western Australia 6008

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