POLARX LIMITED — Interim / Quarterly Report 2021

Apr 27, 2021

28 April 2021

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

quarterly

MARCH 2021 QUARTERLY ACTIVITIES REPORT

HIGHLIGHTS

Humboldt Range Project, Nevada

• Completed the acquisition of 100% of the mining rights to the Humboldt Range Gold-Silver Project in north-western Nevada, a TIER 1 fiscal and geological jurisdiction.

• Humboldt Range comprises two claim blocks (Black Canyon and Fourth of July) and occurs between two large-scale active heap leach mining operations at Florida Canyon and Rochester.

• PolarX has validated previous sampling of outcropping veins and grab sampling from the dumps of old mine workings which returned peak values up to 3,384g/t gold, 2,837g/t silver, 22.9% lead and 3.1% zinc.

• Staked 96 new federal lode mining claims to enhance the Fourth of July claims area, more than tripling its size.

• Field work has started in the southern claim block at Fourth of July and will initially focus on known high-grade outcropping quartz veins where the strike extent will be mapped and sampled.

• This will be followed by systematic soil sampling and geological mapping over the entire claim block.

• A similar program will then follow in the Black Canyon claims further to the north.

• Drones will be used during May to collect ultra-high resolution orthophotography and digital terrain mapping.

Alaska Range Project, Alaska

• Metallurgical test work to evaluate processing options for the Zackly gold-copper-silver mineralisation and the potential for co-processing with Caribou Dome copper mineralisation has been planned and is expected commence in Q2 2021.

• Drilling to test high priority high-grade copper targets at Caribou Dome is being planned and is expected to commence in Q3 2021.

• An initial scoping study is being considered to evaluate combined mining and processing of Zackly East, Caribou Dome and Zackly Main mineralisation to help determine minimum resource size required for a viable project and whether Caribou Dome can be mined on a campaign basis and processed at Zackly.

• Discussions with potential copper porphyry JV partners will resume as COVID-19 restrictions ease.

HUMBOLDT RANGE PROJECT

During the March 2021 quarter, PolarX Limited (ASX: PXX, “PolarX” or “the Company”) exercised its option to acquire a Mine Lease Agreement over the highly prospective Humboldt Range Gold-Silver Project in Nevada, USA (“Humboldt Range Project”).

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 <==

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.

The Humboldt Range Project is situated between two large-scale active mines: the Florida Canyon gold mine (see Figure 1), and the Rochester silver-gold mine. 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 very 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 (Figure 2).

==> picture [451 x 241] intentionally omitted <==

Figure 1. 3D view of the Black Canyon claims situated in the hills just 2km behind the operating Florida Canyon gold mine.

During the quarter the Company also staked and registered 96 new federal lode claims to consolidate tenure at Fourth of July in the Humboldt Range Project (Figure 2). The Humboldt Range Project now comprises 273 lode mining claims in two groups: Black Canyon and Fourth of July.

Verification of Previous Exploration Results

Very limited previous exploration data is available for the Humboldt Range claims other than limited exploration Victoria Gold Corp, who briefly evaluated the area between July 2005 and July 2009 (refer ASX release on 11 January 2021).

During this period, Victoria Gold Corp collected rock-chip samples from outcropping quartz veins and sampled mine dumps near many of the abandoned underground workings and adits. A total of 227 samples were collected on the Black Canyon and Fourth of July claims. Of the 227 samples previously collected on the Humboldt Range claims, 44 returned assays over 1g/t Au, of which 19 were above 10g/t Au. Locally very high silver and lead grades were also recorded (Figures 3 and 4).

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 <==

==> picture [269 x 355] intentionally omitted <==

Figure 2. Location map depicting Black Canyon and Fourth of July Claim Blocks, and proximal large-scale gold-silver mining operations.

PolarX’s representatives visited the claims in late November 2020 and validated several of the Victoria Gold Corp sample locations. Ten samples were collected at these locations, and assay results have confirmed the presence of high grades of gold and silver (Table 1, and see Figures 3 and 4), providing strong validation of the previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.

he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.	he previous exploration data, and allowing PolarX to finalise its technical due-diligence on the project.
Table 1: Due Diligence validation assay results
Sample Easting Northing Elevation(m) Auppm Ag ppm Historic Site Historical results Field Description of Sample
BLACK CANYON
1719602	398,550	4,488,564	2149.118	27.7	9	Lois Vein area	512.73g/t Au 120.41g/t Au	Black Canyon Lois Vein. Massive white/grey quartz with rare dissem py. Sample chipped from in-situ vein above adit entrance
1719603	398,556	4,488,564	2149.472	37.7	18	Lois Vein area	335.03g/t Au 21.74g/t Au	Black Canyon Lois Vein. Massive white/grey quartz with rare dissem py. Sample chipped from in-situ vein above adit entrance
1719604	398,514	4,488,535	2158.249	0.05	0.5	Lois Vein area	No previous sampling here	Black Canyon- in-situ subvertical quartz vein in canyon wall ~50m west of Lois Vein adit. White-greymottledquartz
FOURTH OF JULY
1719605	402,924	4,478,847	1781.907	10.75	992	KM-11-1-16	15.47g/t Au, 6,006.3g/t Ag, 3.5% Pb	Congress Canyon. FeOx/yellow-stained friable quartz in-situ within excavatedpit ~20m east of historicallyAuplacer in creekbed
1719606	402,583	4,478,974	1921.055	5.59	1590	KM-11-1-7	1.78g/t Au, 1,069.8g/t Ag, 0.5% Pb	Sugary to massive vuggy quartz with grey mottling and <1% galena andpyrite. Collected from dump~20m south of mine shaft.
1719607	402,553	4,479,032	1921.862	31.2	853	KM-11-1-4	12.3g/t Au, 838.9g/t Ag, 1.0% Pb	Vuggy grey mottled quartz vein from pit excavation dump (possibly collapsed adit). Disseminatedgalena andpossible AgS
1719608	402,854	4,475,258	1963.094	0.15	246	KM-11-16-3	3.41g/t Au, 526.6g/t Ag, 0.5% Pb	Laminated quartz vein on excavated pit dump. Patchy chysacolla andpossible dissem AgS
1719609	402,856	4,475,264	1958.147	5.44	689	KM-11-16-3	9.41g/t Au, 2,095.5g/t Ag, 1.3% Pb	Quartz vein breccia with laminations of AgS? + sooty black MnOx?. Patchymalachite stain.
1719610	402,803	4,474,417	2021.984	0.44	236	KM-11-17-16	13.6g/t Au, 131.0g/t Ag, 0.2% Pb 5.23g/t Au, 269.3g/t Ag, 0.3% Pb	Qtz vein from mine adit dump. Laminated AgS and rare Cu stain.
1719612	401,974	4,474,510	2100.408	0.34	247	KM-11-11-6	4.69g/t Au, 2,083.3g/t Ag, 2.3% Pb	Qtz vein from mine adit dump. Laminated with dissem py, possible AgS and more malachite locallycompared to other sites visited

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 <==

Key findings of the previous exploration and review of sporadic records from historical mining are:

• The project contains volcanic rocks of the Koipato Formation (which also host the Rochester Ag-Au deposit), with limestones emplaced both above and below the volcanic rocks.

• Epithermal veins occur in very wide structural corridors varying from 30m to 275m width.

• The veins in these wide structural corridors are oriented N60E (200-275m wide structural system), N45W (140-200m), ~ N-S (100-130m), and N25-30E (60-100m).

• Within the structural corridors there are literally hundreds of quartz-sulfide veins that carry visible gold and which range in width from 5cm to over 1.5 meters.

• Host rocks are strongly silicified over widths up to 5 times the thickness of the veins or more.

• Previous studies have indicated that the strongly altered host rock can also carry good gold values up to 2m away from 20-30cm wide veins.

• No exploration for limestone-hosted Carlin-style gold mineralisation has been undertaken to date on the claims.

• In addition to evaluating individual high-grade veins as possible mining targets, PolarX intends to evaluate these structural corridors to determine if modern-scale bulk mineable widths and grades are present. This will include geological mapping, rock chip and channel sampling and may include ground geophysics (IP to detect resistivity highs associated with the silicification).

==> picture [451 x 403] intentionally omitted <==

Figure 3. Fourth of July Claims showing the outline of the 96 new federal lode claims and previously reported sampling of outcropping epithermal veins and historic mine dumps.

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 [466 x 394] intentionally omitted <==

Figure 4. Sample locations and assay results in Black Canyon claims. Due diligence assays depicted in black text on yellow.

Fieldwork Commenced

PolarX mobilised its field team to the Humboldt Range Project in April 2021, where it plans to evaluate the length and continuity of the vein sets and determine whether the altered rock between the veins contains economically viable grades of gold and silver amenable to bulk mining.

Fieldwork has started in the southern claim block, Fourth of July, and will initially focus on known high-grade outcropping quartz veins where the strike extent will be mapped and sampled. This will be followed by systematic soil sampling and geological mapping over the entire southern claim block. A similar program of vein mapping and sampling, soil sampling and geological mapping will then follow in the Black Canyon claims further to the north. Drones will be used to collect ultra-high resolution orthophotography and digital terrain mapping over the entire project area. This initial program is aimed at establishing drilling targets for a follow up program in the second half of 2021.

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 <==

ALASKA RANGE PROJECT

The Zackly skarn system occurs within PolarX’s Alaska Range Project, comprising the Caribou Dome Property and the 100% owned Stellar Property (Figure 5). Copper and gold-copper-silver resources have been defined in the Alaska Range Project (Table 2).

==> picture [401 x 401] intentionally omitted <==

Figure 5. Overview of the Alaska Range Project showing the location of key deposits and prospects referred to in the text

Zackly occurs on the southern edge of an extensive copper in soils geochemical anomaly, within which are several targets for porphyry Cu-Au (Mars, Saturn, Gemini, Jupiter).

Skarn deposits, such as Zackly, are often found associated with or close to large porphyry deposits. Further work is required to assess the porphyry potential of the Stellar Property, but of considerable note is the porphyry mineralisation discovered in drilling at Mars in 2019 (102m @ 0.22% Cu, 0.1g/t Au, see ASX release dated 19 November 2019), which remains open in all directions and requires further drilling. Additional porphyry targets at Jupiter and Gemini were identified by previous project owners through soil sampling and rock-chip sampling but have never been drilled.

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 <==

Table 2. 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

During the March quarter the Company announced that it was planning a scoping study on the Zackly project. The preliminary study will assess the key economics, including costs, tonnages and recoveries and take into account Zackly Main, Zackly East and Caribou Dome. The decision followed the receipt of final drilling results from Zackly East, which confirmed the conclusions reported on 17 December 2020 that 4km of strongly magnetic structures at Zackly East are a high priority for further drilling as they are either known to be strongly mineralised or have the same structure as that which hosts the known mineralisation.

Zackly East sits immediately adjacent to the Zackly Main skarn deposit, where the JORC Inferred Resource currently stands at 213,000oz of gold, 41,000t of copper and 1.5Moz silver (Table 2 and Figure 6).

2020 Assay Results and Observations to Date

During the March quarter, assays were received for the final seven holes from the 2020 core drilling program which focussed on the Zackly East mineralisation to the east of the PolarX discovery holes which intersected 55m @ 2.8g/t gold and 0.6% copper (hole ZX18020) and 47m @ 3.1g/t gold and 0.6% copper (ZX18024) (see Table 3 and Figure 7 for location).

The most significant of the final results were those from hole ZX20046 and ZX20053, which further confirmed up to 57m of mineralisation on the very strong magnetic structure (Figures 7), and hole ZX20047 which shows that the mineralisation intersected in holes ZX20035 and ZX20040 (previously reported on 17 December 2020) continues for another 50m along strike (Figure 7).

Table 3. Assay Results for final seven holes at Zackly East

	From(m)	To(m)	**Interval(m)1 **	**Goldppm **	Cu %	**Ag ppm **
ZX20046	3.05	8.53	5.48	0.31	0.73	4.20
	86.00	96.93	10.93	0.10	0.19	1.48
ZX20047	65.00	80.77	15.77	0.51	0.11	1.78
ZX20048	22.00	24.00	2.00	0.23	0.27	1.07
ZX20049	28.35	30.48	2.13	1.00	1.98	22.40
ZX20050	26.52	31.00	4.48	0.06	0.27	1.25
ZX20051		No significant intersections
ZX20053	1.70	11.50	9.80	0.18	0.43	2.09
	119.48	127.00	7.52	0.67	0.14	0.86
	139.50	151.00	11.50	0.03	0.25	1.13

1. Thickness of mineralisation reported is down-hole thickness. There is currently insufficient interpretation of the mineralisation to confidently report “true widths”. It is however noted that the mineralized lenses appear to dip obliquely to the drill holes, and as such it is probable that “true widths” will be less than the down-hole width.

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

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

==> picture [415 x 288] intentionally omitted <==

Figure 6. Aeromagnetic map (RTP) showing PolarX (red drill collars) and pre-PolarX drilling and all significant assays to date. Drilling in 2020 focussed to the east of the Zackly Main deposit (red line) which contains 3.4Mt @ 2.0g/t Au + 1.2% Cu.

==> picture [419 x 286] intentionally omitted <==

Figure 7. Overview of the Zackly East skarn mineralisation on ultra-high-resolution drone aeromagnetic data (RTP). Drilling in 2020 has focussed to the east of the two discovery holes, ZX18020 and ZX18024.

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

Page 8

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

Conclusions and Next Steps at Alaska Range Project

Drilling has identified mineralisation along 2.5km of strike-length since work commenced at Zackly in 1981 (Figure 6), predominantly along a series of strongly magnetic structures. Drilling density in the western 1km of the system is sufficient to formulate a JORC resource (see Table 2).

Drilling further to the east, over another 1.5km of strike-length, has intersected mineralisation in most holes (see Figure 6), but drill density is not yet sufficient for resource modelling.

The Company has commenced the following work programs to advance Zackly to evaluate its economic viability, either as a stand-alone project, or in some form of combined operation with Caribou Dome (2.8Mt @ 3.1% Cu, refer Table 2):

• Planning is underway for a metallurgical test work program to evaluate processing options for the Zackly mineralisation and the potential for co-processing with Caribou Dome mineralisation:

• Initial work to evaluate gravity-recovery of coarse gold in the Zackly mineralisation.

• Evaluation of subsequent flotation of the gravity circuit residue to recover copper sulphides, silver and remaining gold.

• Comparison of the above dual processing flow sheet with a single phase of flotation only.

• Comparison of the above results with Caribou Dome flotation results to evaluate coprocessing or batch processing options.

• An initial scoping study to evaluate combined mining and processing of Zackly East, Caribou Dome and Zackly Main mineralisation to help determine minimum resource size required for a viable project and whether Caribou Dome can be mined on a campaign basis and processed at Zackly.

• Compilation of all available drilling data, surface geochemical sampling, geophysical surveying and spectral analysis into a detailed 3D model which will be used to formulate the next drilling program at Zackly. Over 2.6km of strike-length remains untested at Zackly East and Zackly Main remains open at depth.

• In addition to the Zackly skarn mineralisation, the recently acquired ultra-high-resolution magnetic data has highlighted a potential porphyry target to the north and east of current drilling, in which a magnetic high is surrounded by a magnetic low, producing an “eye” structure consistent with geophysical models of porphyry style mineralisation. This target has never been drilled and is a high priority for follow-up.

• The Company is still pursuing farm-out opportunities for its major copper-gold porphyry exploration plans and expects this to accelerate as COVID-19 restrictions ease and vaccination programs take effect. Significantly more evidence of porphyry presence, including the Mars drill intersection (102m @ 0.22% Cu + 0.1g/t Au), has been demonstrated since the previous farm-out arrangement was negotiated.

CORPORATE

On 17 February 2021, the Company completed a share placement, which raised gross proceeds of $5M pursuant to the issue of 125,000,000 ordinary shares ( Shares ) at an issue price of $0.04 per Share.

As of 31 March 2021, the Company had on issue 671,878,894 Shares and 32,000,000 unlisted options, and cash of ~$4.5M.

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

Page 9

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

The $132k of exploration and evaluation expenditure capitalised during the quarter predominantly comprised:

• Payments to service providers in relation to the 2020 Alaska Range Project exploration program and technical due diligence activities on the Humboldt Range Project

• Technical consulting fees

• Annual vendor payment for the Alaska Range Project

The aggregate amount of payments during the quarter to related parties and their associates of $136k comprised the following:

• Director fees and administrative consulting services ($69k)

• Director’s technical consulting services ($62k)

• Mitchell River Group consulting services ($2k)

• Mitchell River Group serviced office ($3k)

Authorised for release by the Board.

For further information, please contact the Company directly on +61 8 6465 5500

Investor Relations:

Peter Nesveda - Australian and International Investor Relations and Corporate Affairs email: peter@intuitiveaustralia.com.au Mobile: +61 412 357 375

ADDITIONAL DISCLOSURE

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineralised material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

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 report 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 report 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 5 November 2018, 12 November 2018, 29 January 2019, 25 March 2019, 5 August 2019, 1 October 2019, 21 October 2019, 19 November 2019, 20 January 2020, 19 May 2020, 14 September 2020, 9 October 2020, 17 December 2020 ,11 January 2021, 2 and 4 February 2021 and 3 March 2021.

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

Page 10

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

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

Page 11

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

LIST OF MINING CLAIMS

Tenement	Location	Licence Details	Ownership	Change in Quarter
Alaska Range Project
Caribou Dome
135 State mining claims	Alaska, USA	Caribou 1 – 20 ADL# 563243 - 563262 Copper 1 – 6 ADL# 588461 – 588466 Copper 7 – 11 ADL# 645375 – 645379 CD 1 – 66 ADL# 664859 – 664924 CDS 001 – 038 ADL# 719949 – 719986	Option to acquire 80% interest	Nil
81 State mining claims	Alaska, USA	CD 001 – 040 ADL# 719909 – 719948 CDE-01 – 20 ADL# 722216 – 722235 CDE 26 ADL# 722241 CD 41 – 51 ADL#725113 - 725123 SBX 71 ADL#726910 SBX 74 - 75 ADL#726913 - 726914 SBX 77 - 82 ADL#726916 – 726921	Option to acquire 90%	Nil
Stellar
231 State mining claims	Alaska, USA	SB 154 – 155 ADL# 704562 – 704563 SB 167 – 168 ADL# 704575 – 704576 ZK 3 – 5 ADL# 704621 – 704623 ZK 14 ADL# 704632 ZK 19 – 21 ADL# 704637 – 704639 Z 1 – 5 ADL# 709427 – 709431 Z 6 – 10 ADL# 711728 – 711732 SB 281 – 283 ADL# 714079 – 714081	100% interest	Nil

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

Page 12

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

Stellar(continued)
		SB 297 – 299 ADL# 714095 – 714097 SB 317 – 319 ADL# 714115 – 714117 SB 346 – 348 ADL# 714144 – 714146 SB 364 – 368 ADL# 714162 – 714166 SB 376 – 379 ADL# 714174 – 714177 SB 389 – 390 ADL# 714187 – 714188 SB 417 ADL# 715392 SBA 001 – 066 ADL# 721446 – 721511 SBX 001 – 070 ADL# 724789 – 724858 LYKN 1 – 2 ADL# 725111 – 725112 CDE-21 – 25 ADL# 722236 – 722240 CDE 27 ADL# 722242 SBX 72 – 73 ADL# 726911 – 726912 SBX 76 ADL# 726915
Humboldt Range Project
273 Federal lode claims	Nevada, USA	FOJ 40, FOJ 42, FOJ 44, FOJ 60, FOJ 62, FOJ 203, FOJ 262, SM 27, SM 29, SM 73-75, SM 103, SM 105, SM 107, SM 109, SM 111, SM 113 -116, SM 133-152, SM 160-163, SM 170- 179, SM 198-203, FOJ- 249R, FOJ-251R, INCA # 1, INCA # 4-7, SM 3- 26, SM 43-72, SM 91- 102, SM 104, SM 106, SM 108, SM 110, SM 112, SM 117-126, FOJ 65-68, FOJ 99, FOJ 102, FOJ 104, FOJ 106, FOJ 140, FOJ 142, FOJ 190, FOJ 192, FOJ 194, FOJ 213,FOJ 215,FOJ 217,	100% interest in a Mineral Lease Agreement to explore, develop and mine the project	Acquired

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

Page 13

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

Humboldt Range Project (continued) FOJ 219, FOJ 244, FOJ 250, FOJ 252, FOJ 258261, FOJ 276, FOJ 278, FOJ 300, FOJ 302, PFJ 01-96

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

Page 14