Helix Resources Limited (ASX: HLX) ('Helix' or 'the Company') is pleased to advise that Mitchell Services Ltd has mobilised a RC rig to the Canbelego Copper Project and commenced drilling today. A program of approximately 1,000m comprising 6-8 holes is designed to infill shallow copper mineralisation ahead of an updated Mineral Resource estimate planned for late March 2023.

Results from late 2022 such as CBLRC057 intersecting 16m at 3.21% Cu from 117m downhole (including 11m at 4.58% Cu) highlighted possible extensions of high-grade copper mineralisation at shallow levels which this drilling plans to infill. The present Inferred Mineral Resource estimate of 1.5 million tonnes at 1.2% Cu3 was undertaken in October 2010. Helix's drilling on behalf of the joint venture has identified new high-grade copper shoots that continue with depth for several hundred metres below the existing Mineral Resource. An updated Mineral Resource estimate is appropriate to provide an interim basis for early-stage development studies. The deeper diamond drilling program resumed on 13 January with drilling in progress to test highly conductive geophysical targets reported in December 2022. Initial results are expected in late January.

Commenting on the current drilling programs, Helix Managing Director Mike Rosenstreich said: 'It's great to start the year on site with the exploration team and two rigs testing the Canbelego Lode at these different levels - the RC drill infilling the shallow gaps and the diamond rig testing the highly conductive anomalies we discovered recently at depth. We are hoping to intersect high-grade copper shoots with the deeper diamond drilling - they are very strong geophysical anomalies unlike anything we have recorded previously. Preliminary, visual results should be available in late January. The 'near-miss' drill outcome we reported recently highlights the unpredictable ground conditions where we haven't drilled before and the requirement for sophisticated, highly technical directional drilling technology. We are fortunate to have geologists and drill operators who are highly experienced in this very specialised drilling activity. The large scale and highly prospective nature of these targets remains the same. We look forward to reporting on the drilling outcomes as soon as possible. A video is available with the Managing Director on site discussing the diamond drilling https://www.helixresources.com.au/media/. The Company looks forward to providing further updates. 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:

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 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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