POLARX LIMITED — Capital/Financing Update 2021

May 31, 2021

1 June 2021

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- Humboldt Range Gold Silver Project, Nevada

Visible mineralised outcrops and exceptional assays prompt PolarX to expand land holding

Additional acreage is next to the Fourth of July claims, where recent sampling returned high-grade silver assays with gold credits.

Highlights:

• PolarX has expanded its land holding around the Fourth of July lodes within the Humboldt Range gold-silver project by 358.7ha.

• The additional acreage secures extensions of known mineralised gold-silver veins and recently-discovered mineralised breccias located during systematic sampling.

• PolarX secured the new claims following the receipt of bonanza silver assays with gold credits on its adjacent Fourth of July claims (ASX release dated May 27, 2021).

• All current field work in Nevada, including systematic soil sampling of all PolarX’s claims on a notional 200m x 50m grid, sampling of mineralised veins and collection of ultra-high-resolution ortho-photography, will be completed this week.

• Assays to date confirm very high grades of gold (up to 76g/t Au in the Cottonwood quartz veins) and silver (up to 4,800g/t Ag in an unnamed vein in the Arizona Canyon area).

• Assays for grid soil sampling at the Fourth of July claims are expected in 2-3 weeks and will be combined with geological mapping and vein assays to delineate preliminary drill targets.

• Assays for vein samples at Black Canyon (also part of Humboldt Range) and grid soil samples and are expected in July.

• PolarX technical staff will shortly relocate to Alaska to prepare for a core drilling program at the high-grade Caribou Dome copper project (2.8Mt @ 3.1% Cu in mineral resources, Table 1), which is expected to commence in August.

PolarX Limited (ASX: PXX, “PolarX” or ‘the Company”) is pleased to announce that it has expanded its land holding at the Company’s Humboldt Range Gold-Silver Project in Nevada USA after receiving bonanza silver assays and identifying visible mineralised outcrop outside of the existing claims at Fourth of July.

A total of 45 new lode claims have been staked at Fourth of July, securing the mineralisation noted during transit to field areas, including gossanous breccias and old workings. Soil sampling and rockchip sampling has been undertaken on these new claims, with assays expected in the next 2-3 weeks.

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

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Fourth of July is at the southern end of PolarX’s Humboldt Range Project and is less than 15km from the Rochester Mine, which hosts 400Moz silver and 3Moz gold. The northern end of Humboldt Range contains the Company’s Black Canyon claims which are less than 3km from the Florida Canyon Mine which hosts 5Moz gold (Figure 1 ). The Humboldt Range Project thus lies between two active gold and silver mines, and mapping to date has confirmed similar geology along the entire trend.

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Figure 1 . Location map depicting Black Canyon and Fourth of July Claim Blocks, and proximal large-scale gold-silver mining operations.

NEVADA FIELD PROGRAM RESULTS TO DATE

PolarX last week released assays for its own rock-chip sampling and historical rock-chip sampling at Fourth of July (see Figure 2 and ASX release dated 27 May 2021), concluding that:

• Several mapped veins have significant strike lengths:

• Lucky Dog vein 260m;

• Cottonwood Vein 370m;

• Black Warrior Vein 560m, and

• Jackson Vein 725m

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

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• Veins in the Fourth of July claims contain high to very high grades of silver (up to 4,800g/t Ag) and locally high grades of gold (up to 76.0g/t Au), with a broad trend of increasing silver to gold ratios from north to south.

• This metal trend is consistent with the presence of the gold-only Florida Canyon Mine near the northern claim block, Black Canyon, and the silver-dominant Rochester Mine to the south of Fourth of July claims (see Figure 1).

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Figure 2 Claim outlines showing new claims (red outline) staked between Fourth of July and Black Warrior claims (black outlines). Vein locations and rock-chip sampling results depicted for gold and silver.

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

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Humboldt Range Background

The Humboldt Range Project currently comprises 318 lode mining claims in Nevada in two claim groups: Black Canyon and Fourth of July and is situated between two large-scale active mines: the Florida Canyon gold mine and the Rochester silver-gold mine (see Figure 1).

Humboldt Range contains geology consistent with bonanza-style epithermal gold-silver mineralisation and bulk mineable epithermal gold-silver mineralisation, both of which are well known in Nevada.

Access to the project is straightforward via roads off the I-80 Interstate Highway, which lies less than 15km to the west of the claims.

Widespread narrow vein mineralisation with visible gold occurs within the claims and was historically mined via numerous adits and underground workings between 1865 and the 1927. Mineralisation occurs in swarms of high-grade epithermal quartz veins of varying thickness (reported from 1cm to 3m), either as isolated veins or as broad zones of sheeted/anastomosing veins within zones of intensely altered and mineralised host rocks.

Fieldwork commenced at the Fourth of July claims in mid-April. The field activities include:

• Integration of data collected by Renaissance Exploration Inc in 2015/16 into the PolarX database has been completed, including data related to vein sampling, soil sampling and geological mapping in the central part of the Fourth of July claims. These data have been validated via assessment of assay certificates and field notes accompanying the sampling (see ASX release dated 27 May 2021 for details).

• Geological mapping over the entire claim block incorporating data from previous mapping by Renaissance Exploration Inc., Victoria Gold Corp, and the US Geological Survey.

• Systematic soil sampling on a notional 200m x 50m grid, has now been completed over Fourth of July with a total of 1,248 soil samples and 88 rock chip samples collected and submitted for assay.

• Ultra-high-resolution drone orthophotography and digital terrain mapping for use as 3-D base maps has been collected over the entire Humboldt Range Project and is now being processed.

• Similar programs of rock-chip sampling of known veins and systematic soil sampling of the Black Canyon claims will be finished later this week.

• Integration of all exploration data to define preliminary drill targets is expected in July-August, allowing drill permitting to commence in August for a potential Q4 drilling campaign following PolarX’s Q3 drilling campaign in Alaska.

Authorised for release by Dr. Frazer Tabeart, Managing Director.

For further information contact:

Peter Nesveda, International Investor Relations and Corporate Affairs on +61 412 357 375

Or contact the Company directly on +61 8 6465 5500

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

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For further information, please contact: Paul Armstrong Read Corporate +61 8 9388 1474

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Media

Table 1. Alaska Range Project Resource Estimates (JORC 2012), 0.5% Cu cut-off grade

		Category	Million Tonnes	Cu %	Au g/t	Ag g/t	Contained Cu(t)	Contained Cu(M lb)	Contained Au(oz)	Contained Ag (oz)
	ZACKLY	Inferred	3.4	1.2	2.0	14.0	41,200	91	213,000	1,500,000
	CARIBOU	Measured	0.6	3.6	-		20,500	45	-	-
	DOME	Indicated	0.6	2.2	-		13,000	29	-	-
		Inferred	1.6	3.2	-		52,300	115	-	-
						TOTAL	127,000	280	213,000	1,500,000

ADDITIONAL DISCLOSURE

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this announcement has been presented in accordance with the JORC Code.

Information in this announcement relating to Exploration results is based on information compiled by Dr Frazer Tabeart (an employee and shareholder 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 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Tabeart consents to the inclusion of the data in the form and context in which it appears.

There is information in this announcement relating to:

• (i) the Mineral Resource Estimate for the Caribou Dome Deposit (Alaska Range Project), which was previously announced on 5 April 2017;

• (ii) the Mineral Resource Estimate for the Zackly Deposit (Alaska Range Project), which was previously announced on 20 March 2018, and

(iii) exploration results which were previously announced on 11 January, 2 February, 3 March 2021 and 27 May 2021

.

Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements:

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, PolarX does not intend, and does not assume any obligation, to update this forward-looking information. Any forward-looking information contained in this news release 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 forwardlooking information due to the inherent uncertainty thereof.

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

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