Canbelego Deep Drilling Update

Helix Resources Limited (ASX: HLX) ('Helix' or 'the Company') is providing an update on the recently completed 'daughter hole' testing a large DHEM anomaly at its Canbelego Joint Venture (JV) Project located in the Cobar region of NSW. Significant DHEM, conductive targets were discovered2 from two, deep 'Parent' holes, CANDD015 and 016 which successfully demonstrated the down-dip continuity of the Canbelego Main Lode for a further 400m below the base of the 2010 Mineral Resource3 .

These large-scale, highly conductive targets are interpreted as high-grade copper shoots plunging within the overall shear zone hosting the Canbelego copper mineralisation (refer Figure 1). Two 'daughter' holes (CANDD015A and 16A) were designed to test these targets. The results summarised above and described fully in the following 'Technical Report' section, demonstrate drill hole CANDD015A has 'narrowly' missed the target conductor. The scale and prospectivity of these targets has not changed. In challenging conditions for tight directional drilling, utilising three Navi-cuts and various other measures to steer the hole trajectory, thisfirst test appears to have just clipped the shoot.

At the target position, disseminated and vein copper sulphides (chalcopyrite) was observed in drill core - which is not consistent with the intensity of the conductive responses from the DHEM surveys in holes CANDD015 or 016 and the targets remain untested. The other daughter hole, CANDD016 was suspended due to a mechanical failure approximately 80m off the target4 . Drilling will resume on the 9 January 2023 to complete this hole, undertake DHEM of the 'near-miss' in CANDD015A and continue to test these highly significant targets for high-grade copper mineralisation.

Commenting on this first test outcome, Helix Managing Director Mike Rosenstreich said: 'It appears that we have just missed the target. These conductive targets which we consider represent high-grade copper shoots, remain untested. They are unique in terms of their large-scale and conductive intensity compared to anything ever detected around the Canbelego Main Lode. After a well-deserved Christmas break for all of the exploration team and drill crew we will resume our hunt, reassessing means to get better directional control on our drilling. Hopefully, with the ground conditions improving we can also resume and accelerate our regional target generation work. The team and I remain highly confident and excited about the prospectivity at Canbelego and, indeed, our wider tenement holdings. Fortunately we have a strong cash position and are very well positioned to make major discovery inroads in 2023. On behalf of the team and the Board I wish all of our stakeholders and investors a relaxing Christmas break and a happy and safe New Year.

COMPETENT PERSON STATEMENT The information in this report that relates to exploration results, Mineral Resource estimates and geological data for the Cobar projects is based on information generated and compiled by Mr Gordon Barnes and Mr Mike Rosenstreich who are both employees and shareholders of the Company. Mr Barnes is a Member, of the Australian Institute of Geoscientists and Mr Rosenstreich is a Fellow of the Australasian Institute of Mining and Metallurgy. They both have sufficient experience that is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to each qualify as Competent Person(s) as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Barnes and Mr Rosenstreich have consented to the inclusion of this information in the form and context in which it appears in this report.

Contact Details: Helix Resources Limited 78 Churchill Avenue, SUBIACO, WA, 6008 PO Box 8137 Subiaco, WA, 6008 Email: helix@helixresources.com.au Web: www.helixresources.com.au Tel: +61 (0)8 9321 2644

About Helix Resources

Helix Resources is an ASX-listed resources company which is 'all-in on copper' exploration in the prolific copper producing region of Cobar, NSW. The Company possesses a sizable ground position across two tenement groups which are largely untested despite being located within ~50km of significant copper producing operations. The western tenement consists of 30km of contiguous strike and the Company is advancing a pipeline of wholly owned copper opportunities, as well as the Canbelego JV Project (70% owned and operated by Helix and 30% owned by Aeris Resources) where massive copper sulphides have been intersected. The eastern tenement group encompasses more than 150km of prospective strike and includes the 100% owned CZ copper deposit.