POLARX LIMITED — Investor Presentation 2018

Mar 21, 2018

22 March 2018

==> picture [201 x 87] intentionally omitted <==

Investor Presentation

PolarX Limited (ASX:PXX) attaches a copy of the presentation for its upcoming investor roadshows in London, New York and Toronto.

For and on behalf of the Board.

For further information, please 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

==> picture [781 x 136] intentionally omitted <==

Alaska Range Project: A new high‐grade copper‐gold district ASX:PXX www.polarx.com.au Roadshow March 2018

==> picture [781 x 136] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

Significant advances in the last six months

• Significant JORC resources established within 35km of mineralised strike

• Increased global JORC resources to 280 M lb copper and 213,000 oz gold

• Extensive drilling campaign to start this quarter

• Validated drilling database and delivered maiden JORC resource for Zackly Cu‐Au skarn deposit

• Confirmed potential to increase the size of the Zackly resource along‐strike and down‐dip

• Confirmed porphyry Cu‐Au potential for Zackly, Mars, Gemini prospects – robust project pipeline

• Consolidated and expanded land position to >240 km[2] of highly prospective terrain

• Initiated environmental baseline surveys for Zackly and Caribou Dome

	JORC Resource Category Tonnes (Mt) Cu % Au g/t Ag g/t Contained Cu (t) Contained Cu (Mlb) Contained Au (oz) Contained Ag (Moz)
	ZACKLY Inferred 3.4 1.2 2.0 14.0 41,200 90.9 213,000 1.5
	CARIBOU Inferred 1.6 3.2 ‐ 52,300 115.3 ‐
	DOME Indicated 0.6 2.2 ‐ 13,000 28.8 ‐
	Measured 0.6 3.6 ‐ 20,500 45.2 ‐
	TOTAL 127,000 280.1 213,000 1.5

Major exploration and drilling campaign imminent

• Preferred drilling and helicopter contractors currently being secured

• Quotes from geophysical contractors for aeromagnetic survey under review

• Dedicated Project Manager appointed within Millrock Resources Inc.

==> picture [683 x 245] intentionally omitted <==

----- Start of picture text -----

Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18
Zackly assays and data validation
JORC resource model/estimation
Planning 2018 field
programs
Metallurgical test work programs, Caribou Dome and Zackly
Prepare access/camp
Detailed aeromagnetic
Gravity, IP surveys
survey over Stellar claims
Mobilise Core drilling at Zackly (resource extension + porphyry Cu‐Au target),
drill rigs Mars porphyry Cu‐Au target, and Moonwalk Au target
----- End of picture text -----

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 3
----- End of picture text -----

High‐Grades with Significant Upside

• Alaska Range Project, 35km of mineralised strike

• Advanced, high‐grade copper and gold from surface

• Experienced management and technical team (MRG)

• Experienced Alaskan team (Millrock Resources Inc.)

• Environmental programs underway

• Priority targets:

• Zackly deposit extensions + buried porphyry target

==> picture [369 x 186] intentionally omitted <==

• Mars porphyry target with co‐incident Cu‐Au, IP

• Moonwalk target, surface gold over a large area

• Caribou Dome deposit extensions

• Gemini Prospect, high‐grade Cu in outcrop

• Senator prospect, up to 12.1% Cu in outcrop

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 4
----- End of picture text -----

Excellent access, pro‐mining jurisdiction

ALASKA RANGE PROJECT:

• 350km north‐east of Anchorage

• Excellent infrastructure with road access ~6 hours from Anchorage

• Nearby lodges for accom & support

• 100km east of rail, power and highway between Anchorage and Fairbanks

• Easy access to all year port at Seward

ALASKA, USA:

• Mining friendly, 6 current mines

• 80% of GDP from mining, oil & gas

• Over 40Moz Au mined to date

• AAA investment risk index (2017 World Risk Report)

• 14[th] best (of 104) global jurisdiction in 2016 Fraser Institute survey

==> picture [460 x 186] intentionally omitted <==

==> picture [460 x 187] intentionally omitted <==

Capital Structure and Corporate

	Shares (M)	Options (M)	Cash ($M)
TOTALS	239	4.9	1.3
SHAREHOLDERS:	%
Management/Directors/MRG Team	17.0	TIGHTLY	HELD
Millrock Resources Inc	10.7
JP Morgan (UK) Ruffer Gold Fund (UK) Lowell Resources Fund (Aus)	9.8 8.1 4.0	Top 20 Top 40	70% 80%
Jupiter Asset Management (UK)	3.3

EXECUTIVES: Mark Bojanjac – Executive Chairman Frazer Tabeart – Managing Director Jason Berton – Executive Director

KEY ADVISORS & CONTRACTORS:

Mitchell River Group: technical, permitting Millrock Resources Inc: in‐country exploration Read Corporate: PR and corporate communications

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 6
----- End of picture text -----

Located in a known porphyry Cu‐Au‐Mo belt

• Multiple periods of island‐arc and post‐collisional intrusive activity = FERTILE METALLOGENY

• In same geological belt as Pebble (108Moz Au, 37Mt Cu) and other Cretaceous porphyry systems in Alaska and B.C.

==> picture [781 x 271] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 7
----- End of picture text -----

Favourable setting, multiple intrusions + untested Cu anomalies

==> picture [624 x 425] intentionally omitted <==

Stellar Property ‐ significant Cu‐Au anomalism – BIG targets

Broad spaced (500m) soil sampling shows two highly significant copper anomalies, both >250ppm, up to 11km x 6km in size

ZACKLY – JUPITER (Porphyry, skarn)

• Zackly is open in all directions, porphyry source

• 2km x 1km soil anomaly at Jupiter with up to 3,850ppm Cu, 0.78 g/t Au, no drilling, and very limited IP

MARS (Porphyry, skarn)

• 2km x 1.5km soil anomaly with visible copper oxides at surface, up to 3,510ppm Cu and 1.1g/t Au in soils. Rock‐ chip samples up to 1.75g/t Au and 7.4% Cu, no IP (until late 2017) or drilling

MOONWALK (Tintina‐style Au)

• 1km x 1km Au, As, W anomaly in soils, Tintina style Au mineralisation in outcrop with multiple samples >1g/t Au in rock‐chips

GEMINI (Porphyry)

• 2km x 2km soil anomaly with up to 1,130ppm Cu, 0.25g/t Au, no IP or drilling, high‐grade copper in sporadic rock‐ chips

JORC Inferred Resource 3.4Mt @ 1.2% Cu & 2.0g/t Au

==> picture [378 x 206] intentionally omitted <==

2017 Zackly drilling results support historical drilling

==> picture [781 x 271] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 10
----- End of picture text -----

Zackly – maiden JORC resource confirms mineralisation

Cut‐off	Category	Million	Cu %	Au g/t	Ag g/t	Contained	Contained	Contained	Contained Ag
grade		Tonnes				Cu (t)	Cu (Mlb)	Au (oz)	(Moz)
0.5% Cu	Inferred	3.4	1.2	2.0	14.0	41,200	90.9	213,000	1.5
0.8% Cu	Inferred	2.4	1.5	2.3	16.3	34,750	76.6	177,000	1.2
1.0% Cu	Inferred	1.9	1.6	2.5	17.4	30,250	66.7	152,000	1.0

The new Zackly inferred resource confirms:

• The presence of Cu‐Au skarn mineralisation and validates historical drilling

• The style of mineralisation and geological setting is consistent with a larger system driven by Cu‐Au bearing porphyry intrusions

• Immediate potential to extend the Zackly mineralisation along‐strike and down‐dip

==> picture [447 x 293] intentionally omitted <==

Mars – Zackly structural corridor , multiple PORPHYRY TARGETS

• WNW structural trend at Zackly extends along strike to the Mars IP anomaly, evident in magnetic imagery

• Forms a structural corridor containing multiple targets for porphyry Cu‐Au deposits (orthogonal to arc)

==> picture [781 x 271] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

12
----- End of picture text -----

Mars – strong IP results and geochemistry, PORPHYRY TARGET

• Three lines and one tie‐line of IP data collected using pole‐dipole array at 100m electrode spacing

• Strong chargeability anomaly directly below 2km long zone of highly anomalous soil and rock‐chip geochemistry

• High priority drill target for 2018 program, initially 5‐6 drill holes to ~500m depth

==> picture [439 x 106] intentionally omitted <==

==> picture [439 x 106] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

13
----- End of picture text -----

Caribou Dome ‐ shallow, high‐grade Cu deposit

• 2.8Mt at 3.1% copper (0.5% lower‐cut) for 86,000t of contained Copper (JORC 2012)

• 60% in the top 150m including 935,000t @ 4.4%

• High grade, sediment‐hosted

• Drill intersections over >800m strike‐length

• Open in all directions

• Structural re‐interpretation targeting additional tonnages

• Many un‐tested IP and soil anomalies within 1‐5km

==> picture [368 x 207] intentionally omitted <==

==> picture [345 x 404] intentionally omitted <==

Caribou Dome ‐ multiple IP and Cu anomalies, upside potential

• Known mineralisation shows a strong IP and geochemical response

• Strong IP anomalies often coincide with a strong copper in soils, many un‐tested co‐incident anomalies require drilling

• Transported cover masks the geochemistry over some of the best IP anomalies (eg, Trojan)

==> picture [356 x 262] intentionally omitted <==

Plan view of 2016 IP chargeability data showing targets and drill collars

==> picture [355 x 261] intentionally omitted <==

High priority IP targets on image of copper in soil anomalism

Concluding Statements

• Big holding of high quality, high‐grade copper‐gold assets in mining friendly Alaska, USA

• Advanced projects – early exploration risk removed

• Numerous large new targets in a well endowed mineral belt

• Massive upside from new Cu‐Au targets and deeper porphyry sources

• Major drilling and exploration program commencing in April

• Management with proven technical expertise, experience in US permitting and successful mine development.

• Good timing over the next 5 years for an emerging high‐quality copper developer

==> picture [781 x 131] intentionally omitted <==

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 16
----- End of picture text -----

Appendix 1 Management team with track‐record

MARK BOJANJAC

B.Com, ICAA EXECUTIVE CHAIRMAN

A Chartered Accountant initially with over 25 years’ direct experience in developing resource companies. A founding director of Gilt-Edged Mining Limited which discovered East Kundana, one of Australia’s highest grade gold mines and managing director of a public company which successfully developed and financed a 2.4m oz gold mine in Mongolia (Boroo). Previous CEO of Adamus Resources Limited and oversaw its advancement from an early stage exploration project through definitive feasibility studies and managed the debt and equity financing to build its successful Ghanaian gold mine. Current Non-Exec Director of Geopacific Resources Limited and of Kula Gold, which are developing a copper mine in Cambodia and a gold mine in PNG.

FRAZER TABEART

Ph.D, B.Sc (Hons), ARSM, MAIG MANAGING DIRECTOR

Geologist with 30-years international experience in exploration and project development, with strong technical background in porphyry copper-gold systems in SE Asia, SW Pacific, the American Cordillera and central and northern Asia. After spending 16 years with WMC Resources and managing exploration portfolios in the Philippines, Mongolia and Africa, he left to join the Mitchell River Group. Has served on ASX-listed Company Boards at Executive level over last 10 years. Director and Principal at Mitchell River Group (see below), and current Managing Director at African Energy Resources Limited and Non-Exec Director at Segue Resources Limited.

JASON BERTON

Ph.D, B.Sc (Hons), MAusIMM EXECUTIVE DIRECTOR

Geologist with over 16 years’ mining and exploration experience including working for Homestake, Barrick and BHP Billiton and SRK Consulting. Jason has also previously spent two years in private equity investment and four years as Managing Director of ASX- listed Estrella Resources. Jason holds two Degrees, a Bachelor of Economics and a Bachelor of Science (Hons) plus a PhD in Structural Geology, all from Macquarie University.

IAN CUNNINGHAM

B.Com, LLB, ICAA, FGIA CFO and COMPANY SECRETARY

A Chartered Accountant and Chartered Secretary with a Bachelor of Commerce degree and Bachelor of Laws degree from the University of Western Australia. He also holds a Graduate Diploma in Applied Corporate Governance from the Governance Institute of Australia and a Graduate Diploma of Applied Finance and Investment from the Securities Institute of Australia. Mr. Cunningham has some 15 years’ experience in the resources industry in executive and senior management roles, including with Adamus Resources Ltd, during which time Adamus developed the Nzema Gold Mine (Ghana) before merging with Endeavour Mining Corporation.

ROBERT BOAZ

B.A. (Hons), M.A. Economics NON-EXECUTIVE DIRECTOR

Mr Boaz graduated with honours from McMaster University of Hamilton, Ontario with a Bachelor of Arts in Economics and has a Masters Degree in Economics from York University in Toronto. He is a highly respected financial and economic strategist in Canadian bond and equity markets with experience related to equity research, portfolio management, institutional sales and investment banking. Mr Boaz has over 20 years’ experience in the finance industry, most recently as Managing Director, Investment Banking with Raymond James Ltd and Vice-President, Head of Research and in-house portfolio strategist for Dundee Securities Corporation. He is currently President & CEO of Aura Silver Resources Inc.

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 17
----- End of picture text -----

Appendix 2: Mitchell River Group Pty Ltd

• MRG is a privately owned Australian venture capital and resource management and development group

• Provides comprehensive technical, commercial and management services to multiple companies.

• Current clients include ASX‐listed:

• African Energy Resources

• Anova Metals

==> picture [375 x 176] intentionally omitted <==

• PolarX Limited

• Engaged to provide

• Data management services

• 3D geological modelling

• JORC/NI43‐101 resource estimation

• Feasibility study management and

• Management of US permitting

==> picture [781 x 136] intentionally omitted <==

----- Start of picture text -----

Slide 18
----- End of picture text -----

Appendix 3: Millrock Resources Inc.

• 10.7% shareholder of PolarX

• Provides on‐ground exploration logistics under PolarX management at cost +10%

• Office in Anchorage, Alaska

• 20+ years Alaskan exploration experience

• TSX‐V listed

• CEO is also an Alaskan Minerals Commission member

• Chief Geologist was directly involved in the discovery and growth of:

• Pebble Project (from discovery to 37Mt Cu and

  • 108Moz Au), and

• Donlin Creek (now 79Moz Au)

==> picture [382 x 164] intentionally omitted <==

==> picture [382 x 164] intentionally omitted <==

Cautionary Statements

This presentation has been prepared by PolarX Limited (“ PolarX ”) to assist in informing interested parties about the Company and its progress. It should not be considered as an offer or invitation to subscribe for or purchase any securities in PolarX or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in either Company will be entered into on the basis of this presentation.

You should not act or refrain from acting in reliance on this presentation material. This overview of PolarX does not purport to be all inclusive or to contain all information which recipients may require in order to make an informed assessment of either Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision.

The Company has not verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. The contents of this presentation are confidential.

This presentation includes certain “Forward- Looking Statements”. The words “forecast”, “estimate”, “like”, “anticipate”, “project”, “opinion”, “should”, “could”, “may”, “target” and other similar expressions are intended to identify forward looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results, future expansion plans and development objectives of PolarX involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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 and references to “Measured Resources”, “Inferred Resources” and “Indicated Resources” are to those terms as defined in the JORC Code.

Information in this report relating to Exploration results is based on information compiled by Dr Frazer Tabeart 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 deposits 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.

The information in this announcement that relates to Mineral Resources for the Zackly Project is based on information compiled by Mr Lauritz Barnes (a consultant to and shareholder of PolarX Limited) and Dr Frazer Tabeart (an employee and shareholder of PolarX Limited). Both Mr Barnes and Dr Tabeart are members of The Australian Institute of Geoscientists. Mr Barnes and Dr Tabeart have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity undertaken to qualify as Competent Persons as defined in the JORC Code. Mr Barnes and Dr Tabeart consent to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.

There is information in this presentation relating to:

• the Mineral Resource estimate for the Zackly deposit, which was previously announced on 20 March 2018;

• the Mineral Resource estimate for the Caribou Dome deposit, which was previously announced on 6 April 2017; and

• Exploration Results which were previously announced on 25 October 2017, 23 November 2017, 6 and 8 December 2017, 7 February 2018 and 20 March 2018.

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.