POLARX LIMITED — Capital/Financing Update 2021

May 5, 2021

6 May 2021

==> picture [171 x 74] intentionally omitted <==

: Exploration update Gold-silver assays imminent from Nevada project, and drilling at high-grade Alaskan copper deposit next quarter.

Key Points

• First assays from epithermal veins sampled at Humboldt Range in Nevada expected in ~2 weeks.

• These will be combined with the spectacular historical assays to identify targets for drilling later this year.

• Core drilling at the high-grade Caribou Dome copper deposit in Alaska to commence in August.

• Strong news-flow from both projects throughout this year.

PolarX Limited (ASX: PXX, “PolarX” or ‘the Company”) is pleased to advise that soil sampling, geological mapping and rock-chip sampling of exposed epithermal veins is advancing smoothly within the highly prospective Humboldt Range Gold-Silver Project in Nevada, USA. Previous sampling, reported by PolarX on 11 January 2021 and 2 February 2021, included assays of up to 3,384g/t gold, 2,837g/t silver, 22.9% lead and 3.1% zinc from epithermal quartz veins and mine dumps associated with historical workings.

The Humboldt Range Project comprises 273 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 Figures 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.

The claims have been owned by the same family since the 1950’s and only limited exploration has been reported. 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 (Figure 1).

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.

2021 Humboldt Range Sampling Program

Fieldwork commenced at the Fourth of July claims in mid-April (see Figure 2):

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

Page 1

==> picture [114 x 50] intentionally omitted <==

• PolarX found that Renaissance Exploration Inc undertook a limited program of vein sampling, soil sampling and geological mapping in the central part of the Fourth of July claims in 2015/16 (for location see Figure 2). This information is being incorporated into PolarX’s database and will be reported once fully validated.

• Detailed geological mapping has commenced over the entire claim block and will incorporate previous mapping by Renaissance Exploration Inc., Victoria Gold Corp, and the US Geological Survey.

==> picture [287 x 379] intentionally omitted <==

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

• Rock-chip sampling has commenced along known epithermal veins in the southern part of the claim-block. To date, 73 rock-chip samples have been collected along the Black Warrior Vein (Figure 3), Jackson Vein (Figure 4 and Figure 5), Lucky Dog Vein, Cottonwood Vein and veins in the Arizona Canyon mine area. Assays for the first ~60 samples are expected in ~2 weeks.

• Systematic soil sampling has commenced on a notional 200m x 50m grid, with 503 samples collected to date and approximately 400 more samples planned.

• Contractors are now on site and have commenced collecting ultra-high-resolution drone orthophotography and digital terrain mapping for use as 3-D base maps.

• The first pass evaluation of Fourth of July is expected to be complete within 2 weeks, following which the field crews will commence a similar program on the Black Canyon Claims.

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

Page 2

==> picture [114 x 50] intentionally omitted <==

• Integration of all exploration data including assays to define preliminary drill targets is expected in July-August, allowing drill permitting to commence in August for a potential drilling campaign in the December Quarter.

==> picture [398 x 576] intentionally omitted <==

Figure 2 Fourth of July Claims showing known vein locations, rock-chip sampling locations and soil sampling locations (collected, planned and historical).

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

Page 3

==> picture [114 x 50] intentionally omitted <==

==> picture [448 x 254] intentionally omitted <==

Figure 3 Oblique view of the Black Warrior vein system, which has been mapped along more than 500m strike-length

==> picture [413 x 361] intentionally omitted <==

Figure 4 Sheeted quartz veins with silica alteration haloes, upper Jackson Veins

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

Page 4

==> picture [114 x 50] intentionally omitted <==

==> picture [453 x 302] intentionally omitted <==

Figure 5 Oblique view of the Jackson vein system which has been mapped along more than 600m of strike-length

2021 Alaskan Drilling Program Update

With copper prices approaching US$10,000/t, PolarX’s Caribou Dome copper project is of increased importance to enhancing the Company’s 100% owned and neighbouring Zackly copper/gold project. PolarX is set to conduct metallurgical tests to determine how the two deposits could be combined into one processing operation.

PolarX is also close to finalising a contract for a drilling program to commence at the high-grade Caribou Dome copper project in August 2021.

Caribou Dome contains 2.8Mt @ 3.1% copper in Measured, Indicated and Inferred Resources (see Table 1 below), with copper occurring in massive sulphide lenses associated with volcaniclastic sediments (Figure 6). These lenses remain open along strike and at depth. Significantly, over 1/3 of the current mineral resource is less than 150m from surface at an average grade of 4.4% copper.

This drilling program is intended to deliver 3 principal advances:

1. to collect more copper-bearing massive sulphides for additional metallurgical test-work, 2. targeting extensions of high-grade known sulphide lenses

2. testing new untested geochemical/geophysical targets

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

Page 5

==> picture [114 x 50] intentionally omitted <==

==> picture [383 x 414] intentionally omitted <==

Figure 6 Drill cross-section through the Caribou Dome copper project showing high-grade nature of the massive sulphide lenses.

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

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

Page 6

==> picture [114 x 50] intentionally omitted <==

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

For further information please contact:

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

Or contact the Company directly on +61 8 6465 5500

Media

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

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 and 3 March 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

Page 7