Helix Resources Limited provided an update on the ongoing copper exploration drilling at its Canbelego Joint Venture (JV) Project located in the Cobar region of NSW. The Company has received assays for two further diamond drill holes and one RC hole within the Canbelego Main Lode project area. TECHNICAL REPORT ­ CANBELEGO DRILLING: Canbelego Main Lode Drilling Results: South Shoot: Infill confirmation within resource outline and potential extensions RC hole, CBLRC057 intersected a 16m zone from 32m of disseminated malachite and azurite, with chalcocite at the base of the oxide zone (all copper oxide minerals), followed by several zones of chalcopyrite (copper- sulphide mineral) in the primary zone.

A 34m zone from 111m consisted of disseminated, vein and semi-massive chalcopyrite in the Canbelego Main Lode position and returned the following significant intercept: 16m at 3.21% Cu from 117m, downhole; including 11m at 4.58% Cu from 129m. This intercept is approximately 109m vertically from surface and is the high-grade copper intercept in the upper 150m of the Main Lode to date, confirming potential for high-grade copper mineralisation at shallower depths. This is exemplified by a 3m interval from 120m downhole that assayed 9.54% Cu, with two contiguous samples assaying >10% Cu.

This hole was designed to test the central position of the South Shoot that was initially identified by RC hole CANRC002 drilled by Nord Pacific in 1997, which intersected 10m at 2% Cu from 145m. However, this series of 1997 drill holes were located on a local-grid that was subsequently converted to AMG grid coordinates. Around 2010, when the Mineral Resource estimate was undertaken it was found that the AMG grid conversion was incorrect, the intercept could not be accurately located and therefore the results for CANRC002 had to be excluded from the resource estimate.

Helix is reviewing this data as part of its own interpretation and modelling ahead of any updated Mineral Resource estimates and drilled CBLRC057 to ensure accurate modelling of the mineralisation in this area of the South Shoot position. Diamond core hole, CANDD013 targeted the down-plunge extension of the South Shoot and intersected a 6.3m zone of pervasive chlorite alteration and quartz veins with chalcopyrite veins from 157m, including a 40cm zone of >8% chalcopyrite within a broader 1.3m interval which assayed 4.0% Cu. The narrow interval of semi-massive chalcopyrite within a broader copper-anomalous zone from 153m indicates that CANDD013 intersected the southern edge of the South Shoot position.

This is encouraging for testing the open-ended southerly plunge of this shoot which is also supported by an interpreted downhole electromagnetic plate. North Shoot: Potential Resource Extensions CANDD012 targeted the interpreted `North Shoot' position 45m down-plunge from CANDD002 (14m at 4.4% Cu3) and intersected a 14.3m mineralised interval of chalcopyrite (copper-sulphide) veins from 417m, including a 5.3m strongly mineralised zone from 426m with up to 10% chalcopyrite in veins and breccia matrix within strong green and black chlorite alteration. This interval returned the following significant copper intercept: 14.3m at 1.96% Cu from 417m, downhole; including 8.3m at 2.82% Cu from 423m.

The lower 5.3m of this interval assayed 3.68% Cu and included a maximum assay of 5.50% Cu, indicating continuity with similar high-grade copper mineralisation in CANDD002, which is 45m `up-plunge'. This high-grade copper shoot position occurs well beyond the existing Mineral Resource4 outline and remains open at depth. The assay results for holes CBLRC057 and to some extent CANDD013, confirm the South Shoot as having significant copper grade and the potential to extend beyond the existing Mineral Resource outline.

Results for CANDD012 add further high-grade scale to the North Shoot which also remains open at depth to the south. Planned Canbelego Main Lode Drilling: The Company has commenced drilling two, bold, long diamond holes to test the Canbelego Main Lode system to a vertical depth of 550m depth. Current drill testing is to 350-400m depth and the base of the current Mineral Resource4 estimate is to 270m depth.

Background: The Company's exploration team has been building up a geological model based on the Cobar-style of mineralisation with Glencore's CSA Mine an example of these high-grade, vertically extensive large-scale copper deposits. This deposit style typically has a short footprint but very long vertical dimensions and occurs in a series of parallel, en-echelon lodes. They can extend for +2,000m vertically, and typically do not reach the surface, which makes the Western Lodes within the Greater Canbelego project area, ongoing viable targets as well as the depth potential of the Main Lode.

When drilling resumed at Canbelego in April 2021, following an 8 year hiatus, very little of the previous drill core or samples were available to relog to collect specific geological/structural data. Therefore, the 2021 drilling campaign started cautiously stepping away from the known mineralisation on 40-50m spacings and successfully intersected new, high-grade copper zones and generated vital structural data for an updated predictive geological model. Discussion: The new data and interpretations generated by Helix generates the confidence to now step-out and down-plunge 150-200m vertically to test, in large increments the depth potential of this lode-system.

There remains some ambiguity whether the shoots plunge south but are constrained in an overall north trending envelope or if the whole system plunges south. Two Parent diamond drill holes are planned, each approximately 660m deep to test the extensions of the north- and south plunges as depicted in the lower portions of Canbelego Long Section and Schematic Cross Section. These drill holes will target the mineralised zones and also create a platform for downhole electromagnetic surveys ­ vital for detecting a near-miss and vectoring additional drilling toward conductive targets.

Subject to these results, the Parent holes can also be utilised to wedge-off daughter holes to rapidly and more cost effectively test whatever mineralisation or geophysical targets are generated.