Helix Resources Limited (ASX: HLX) ('Helix' or 'the Company') is pleased to report on new copper assay results from its diamond core drilling activities at the Canbelego Copper Project located southeast of Cobar in central NSW, Australia.

The Project is a 70:30 contributing joint venture with Aeris Resources Ltd (ASX: AIS) with Helix holding 70% and managing the program. Assays were received for the last two diamond drill holes ahead of completing a new Mineral Resource estimate for the Canbelego Main Lode. These holes were necessary to infill the down-plunge extent of a high-grade copper shoot identified by drilling and downhole electromagnetic (DHEM) surveys.

Commenting on the latest copper assays for Canbelego, Helix Managing Director Mike Rosenstreich said: 'We are looking forward to completing the first Mineral Resource update for Canbelego since 2010 which is on track for completion this month. Helix's drilling has highlighted the potential for thicker, higher-grade zones at shallower levels within the existing 2010 resource outline and for new resources to extend beneath that 2010 outline following the newly defined shoots. The next steps at Canbelego, aside from the resource estimate, are to undertake a thorough geological review of the greater Canbelego project area to assess new targets. We have gathered a massive amount of high-quality structural and geophysical data from over 70 recent drillholes with intercepts and conductive anomalies from the Main Lode having kept us focused primarily on that shoot. However, we know 'Cobar-style' systems can have multiple lodes and therefore we need to pause and examine all the data. For example, the potential of the Western Lodes to develop into larger-scale shoots along strike or down plunge. Helix is very busy across its eastern and western tenements undertaking geophysical and geochemical surveys aimed at making new copper discoveries. I am looking forward to sharing further updates on this work as well as the forthcoming Canbelego resource update.'

The Western Lodes are a series of parallel, mineralised lenses located m west of the Main Lode. They were identified last year and were intersected regularly by holes testing depth extensions of the Main Lode shoot. The intercepts are generally narrow, i.e., 1-3 metres but with high copper grades and similar intercepts were made in these two drillholes, comprising: 6m at 1.24% Cu from 341m, including 1m at 6.25% Cu from 346m (West Lode). 4m at 0.77% Cu from 388m, including 0.5m at 2.67% Cu from 389.1m (West Lode). The Western Lodes will be examined in detail to assess the potential for wider zones in this lode style which tends to pinch and swell in thickness as demonstrated by the Main Lode. These results complete the data required for the updated Mineral Resources estimate which is expected to be completed and reported in June 2023.

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:

Tel: +61 (0)8 9321 2644

Email: helix@helixresources.com.au

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 Ltd ASX: AIS) 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.

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