HLX: Canbelego Copper Resource Growth Potential Expanded

• Helix Resources has identified a new 1,200-meter Induced Polarisation (IP) geophysics anomaly near the Canbelego Main Lode Resource.
• This anomaly, along with two others recently identified, suggests potential to increase the existing copper Mineral Resource.
• A gradient array induced polarisation (GAIP) survey at Canbelego Main Lode identified a highly prospective +1,200m conductive zone extending north of Canbelego coincident with surface copper geochemical anomalism.
• A GAIP survey at the Caballero Prospect identified a 2,400m conductive zone, also coincident with surface copper geochemical anomalism.
• These new geophysics anomalies at Canbelego and Caballero are largely undrilled and are considered very prospective for copper mineralisation.
• Follow-up geophysics will commence next week, with drilling planned to commence in May.
• The Canbelego Main Lode Mineral Resource Estimate (MRE) totals 1,830,000 tonnes at 1.74% Cu, containing 31,842 tonnes of copper metal.

Score: 8

Explanation: The announcement is positive due to the identification of new copper targets and the planned drilling program. The company is actively exploring and expanding its resource base, which is a positive sign for investors.

• A new 1,200m IP geophysics anomaly has been identified near the Canbelego Main Lode Resource, indicating potential for resource expansion.
• Three new, undrilled target zones have been identified around the Canbelego Copper Resource through recent geophysical surveys.
• A 2,400m conductive zone was identified at the Caballero Prospect, correlating with surface copper geochemical anomalism.
• Follow-up geophysics will commence next week, with drilling planned to commence in May.
• The Canbelego Main Lode Mineral Resource Estimate (MRE) totals 1,830,000 tonnes at 1.74% Cu, containing 31,842 tonnes of copper metal.

• Successful application of IP geophysical survey techniques to delineate key zones correlating with known copper anomalism.
• Identification of significant new copper targets in close proximity to known, high-grade copper mineralisation at the Canbelego deposit.
• The new anomalies correlate strongly with surface copper geochemical anomalism, increasing confidence in their prospectivity.
• Drilling is scheduled to start in May to test the anomalies.
• Systematic assessment of the tenement portfolio with innovative methods to make new discoveries.

• Drilling commencement in May is subject to weather conditions.
• The new geophysics anomalies are largely undrilled, so there is no guarantee that economic copper mineralisation will be found.
• Results pending from the Bijoux copper prospect survey.

Helix is focused on growing its copper endowment in the Cobar region and is systematically assessing its entire tenement portfolio with innovative methods to make new discoveries, with drilling scheduled to start in May.

• The new geophysical survey results show there are significant new copper targets in close proximity to known, high-grade copper mineralisation at the Canbelego deposit.
• This is generating a lot of excitement in the Helix team on our ability to expand our Canbelego Copper Mineral Resources with drilling scheduled to start in May.
• Helix is strongly focused on growing its copper endowment in the prolific Cobar region and is systematically assessing its entire tenement portfolio with innovative methods to make new discoveries.
• We have high confidence that the conductive zones represent mineralised structures due to the correlation of copper geochemical anomalism at surface with these conductive zones and our new geological modelling.

This announcement is relevant to the copper exploration industry, particularly in the Cobar region of NSW. The use of IP geophysics to identify new targets is a common practice, and the success of Helix's surveys could attract interest from other companies exploring in the area. The joint venture with Aeris Resources is also a common model for sharing risk and expertise in exploration projects.

• The Canbelego Main Lode Mineral Resource Estimate (MRE) totals 1,830,000 tonnes at 1.74% Cu, containing 31,842 tonnes of copper metal.
• Comparable copper projects in Australia, such as Sandfire Resources' DeGrussa mine, have similar grades and tonnages.
• DeGrussa had an initial resource of 10.6Mt at 4.6% Cu.
• Other companies in the Cobar region, such as Peak Gold Mines, also utilize IP geophysics for exploration.

• Shareholders: Positive impact due to the potential for increased copper resources and future production.
• Employees: Positive impact due to the potential for new job opportunities and career advancement.
• Customers: No immediate impact, but potential for increased copper supply in the future.
• Suppliers: Positive impact due to increased demand for exploration and drilling services.
• Creditors: Positive impact due to the potential for increased revenue and profitability.

• Commence follow-up geophysics over both prospective areas to better define targets.
• Commence drilling in May to test existing and new PDIP chargeable anomalies.
• Complete data processing for the Bijoux GAIP survey in mid-April.
• Plan follow-up PDIP lines after the Bijoux GAIP survey data processing is completed.

• 2024-02-29: Referenced ASX Report regarding previous exploration results.
• 2024-03-04: GAIP survey conducted between 4 and 24 March 2024
• 2024-03-24: GAIP survey conducted between 4 and 24 March 2024
• 2024-04: April 2024 Canbelego orientation GAIP survey
• late-April: Completion of follow-up PDIP lines in the Canbelego-Caballero corridor is expected.
• mid-April: Data processing for the Bijoux GAIP survey is expected to be completed.
• mid-May: Drilling of existing and new PDIP chargeable anomalies is planned to commence.