PolarX Limited reported positive results from the scoping study conducted for the Alaska Range Copper Gold Project which evaluated sequential mining and processing options for the high-grade Caribou Dome VMS Copper deposit and the nearby Zackly Copper-Gold-Silver skarn deposit. Key outcomes from the Scoping Study are presented in this announcement, together with the underlying material assumptions. This scoping study is based on the 2017 Caribou Dome mineral resource estimate, an updated mineral resource estimate for Zackly and new metallurgical test work results for both deposits as detailed in this release.

The study reveals several key aspects: Sequentially mining Zackly followed by Caribou Dome using one plant modified for each is feasible. Mining is best commenced underground at Zackly and mining at Caribou Dome would commence as a shallow, high-grade open pit, prior to underground mining. Relatively fast capital recoupment is possible and could accommodate a short mine-life.

Modest resource extensions at either deposit could significantly enhance projected economic returns. Potential remains to improve copper recovery at Caribou Dome and gold recovery at Zackly with further metallurgical test-work. Revenue from copper contributes more than gold at the assumed commodity prices.

Project economics are most responsive to the copper price and copper recovery. Both can be enhanced further by infill and expansionary drilling and by improved metal recoveries via further metallurgical test-work. Significant resource expansion potential is evident at Caribou Dome where the most recent drilling (19m at 7% Copper) remains open at depth and along strike, and at Zackly which remains open at depth and immediately along strike to the east of the mineral resource.

The Study outcomes fully justify additional investment on extension drilling at both deposits where an increase in mineral resources could significantly enhance projected returns. Summary; Key assumptions and results of the study include: Increased size of the Zackly mineral resource estimate to 4.0Mt @ 1.1% Cu and 1.6g/t Au. Metallurgical recoveries of 90% copper and 79% gold from flotation at Zackly, and 78% copper recovery from flotation at Caribou Dome.

Processing scheduled to occur at 600ktpa over 6.5 years, with mining commencing at Zackly and then moving to Caribou Dome, with mineralisation processed through a common conventional sulphide flotation plant, modified when production shifts from Zackly to Caribou Dome. Returns are most sensitive to copper price, metallurgical recovery and operating costs. + Key economic outcomes on a 100% project basis and without finance leverage .