Helix Resources Limited provided an update on its drilling activities at the Canbelego Copper Project located southeast of Cobar in central NSW, Australia. Drill testing of a `high-order' conductive geophysical target has returned visible copper sulphide minerals in drill core over 14m (downhole in CANDD016C) from 594m. Whilst assays are pending, this mineralization occurs in the Canbelego Main Lode position and is potentially continuous with significant copper intercepts approximately 200m higher in the mineralised shear.

A diamond drilling program commenced in December 2022 to test the depth continuity of copper mineralization within the Canbelego Main Lode Shear. A bold initiative to step down 200m below the level of any previous drill intercepts with two diamond core "parent' holes created the platform for DHEM surveys and further daughter drill holes. The DHEM surveys from both parent holes (CANDD015 & 16) each generated highly conductive geophysical targets interpreted as high-grade copper shoots.

Following several attempts in challenging conditions for directional drilling, daughter-hole CANDD016C was completed after successfully testing the central portion of the conductive targets. The target is represented by a 14m intersection of chalcopyrite veins and stringers and a 1m interval of semi- massive chalcopyrite4. Helix's geologists have described the mineralisation as similar to that intersected in CANDD006 which yielded 5.3m at 3.3% Cu.

The CANDD016C Main Lode intercept is approximately 185m below CANDD012, which returned 14.3m at 1.96% Cu from 417m, including 8.3m at 2.82% Cu. There is no drilling between CANDD012 and CANDD016C in a zone which is occupied by EM conductor plates from the recent DHEM surveys. There appears to be ample scope for further copper mineralisation within this section of the Canbelego Main Lode Shear to contribute to an updated Mineral Resource estimate.

In light of this encouraging result, the drilling strategy is being reviewed in this area; additional drilling ahead of the new Mineral Resource estimate may push back the timing to enable more data to be included. The modelled conductive plates have proven to be very accurate in predicting the position of the copper shoot with the actual intersection at 594m within metres of the predicted conductive target depth. DHEM surveys modelling of results is currently underway for hole CANDD015A and 16C to further resolve the conductive plates and guide further drilling.

TECHNICAL REPORT ­ CANBELEGO DRILLING: The following section provides an update of the drilling at the Canbelego Main Lode, in particular observed copper mineralisation in the recently completed diamond hole CANDD016C, testing a high-order conductive target from DHEM surveys. The Canbelego Copper Project lies along the regional scale Rochford Copper Trend. The Project falls within the 70:30 `contributing' joint venture (JV) with Aeris Resources Ltd. The Rochford Trend has the potential to host `Cobar-style' copper deposits analogous to the large-scale, high-grade mineralisation found at the nearby CSA Copper Mine, under offer from Metals Acquisition Corp.

In 2021, the JV drilled five diamond drillholes for nearly 2,000 metres around and beneath the Canbelego Mineral Resource at Main Lode, after an 8-year exploration hiatus. Positive results led to further RC and diamond drilling highlighting high-grade shoot extensions on the Canbelego `Main Lode' and identifying new, multiple, parallel lode positions, the `Western Lodes' to the west of the Main Lode. Current Diamond Drilling Program: In December 2022 two deep "step-out" diamond drill holes were completed to test the continuity of high-grade copper mineralisation 200m down plunge from known drill intercepts and to create a platform for DHEM surveys to test for the continuity of high-grade copper shoots.

These were the `Parent' holes CANDD015 and CANDD016. Both holes intersected the Canbelego Main Lode Shear and visible copper sulphides were logged6&7. The DHEM surveying of both holes identified highly significant conductive anomalies of a scale and intensity never recorded on the project before. The central position of the modelled conductive plates effectively occurs equidistant from both the Parent drill holes collars which made drill testing with `daughter holes' challenging.

Hole CANDD016C targeted the intersection of two modelled EM conductor plates defined by the CANDD016 DHEM survey. The depth of the target was 600m downhole. CANDD016C was wedged off the parent hole from 242.2m, and after four Navi cuts to control the hole trajectory, it intersected 14m of visible copper mineralisation 8 from 594m at the targeted position and was drilled to a final depth of 642.7m.

This is one of the deepest copper intercepts to date at Canbelego and is 320m vertically below the base of the current 2010 Inferred Mineral Resource outline. The mineralised zone consists of weak to strong chalcopyrite veins and stringers including a 1m interval of semi-massive chalcopyrite and brecciated quartz veins. The tenor and style of the chalcopyrite mineralisation in CANDD016C appears similar to the mineralization intersected in CANDD006, which returned 5.3m at 3.34% Cu from 421m.

The CANDD016C Main Lode intercept is approximately 185m below CANDD012, which returned 14.3m at 1.96% Cu from 417m, including 8.3m at 2.82% Cu located approximately 50m south of the CANDD006 intercept. There is no drilling between CANDD012 (CANDD006) and CANDD016C in a zone which is occupied by EM conductor plates which extend up and down plunge, surveyed from holes CANDD015 and CANDD016. There is a large volume of untested conductive anomalies, suggesting ample scope for further copper discovery within this section of the Canbelego Main Lode Shear.

A distinctive feature of the semi-massive chalcopyrite mineralisation in CANDD016C is the presence of up to 4% pyrrhotite. Pyrrhotite is magnetic and conductive, and it may enhance the conductive response identified in the CANDD015 and CANDD016 DHEM surveys. Generally, only traces of pyrrhotite have been observed associated with the copper mineralisation to date.

DHEM surveys are in progress for CANDD015A and CANDD016C. The results from these surveys will provide further resolution of the conductors within this zone, which will guide further drill planning. DHEM modelling results are expected in mid-February.

The ongoing drill program will have the advantage of these DHEM conductive models which have so far proven to be highly accurate predictors. As well, drill hole locations can now be optimised for more efficient and accurate directional drilling. Core processing and logging of CANDD016C is in progress.

Samples will be submitted for assay shortly with results expected in March.