Helix Faces Strategic Crossroads Amid Exploration and Cashflow Challenges

Exploration Momentum in Arizona

Helix Resources is preparing to commence drilling in the December 2025 quarter at its White Hills project in Arizona, targeting porphyry-style copper and gold mineralisation. This follows encouraging integration of geophysical, geological, and geochemical data that highlighted potential for large-scale mineralisation, including copper anomalism and evidence of multiple mineralisation phases. Historical data, including rock chip samples with copper grades up to 5.7%, underpin the confidence in this upcoming drill program.

Meanwhile, at the Gold Basin oxide-gold project, assay results from recent drilling are awaited alongside an updated resource estimate. Previous metallurgical testwork has demonstrated strong gold recoveries, supporting the potential for a low-cost heap-leach operation. The company is also planning further resource extension drilling and broader exploration activities to refine targets for 2026.

Strategic Review of NSW Critical Metals Portfolio

In New South Wales, Helix is undertaking a strategic review of its nickel, cobalt, and scandium assets amid recent market volatility in critical metals. The company holds 100% ownership of several exploration licences, including the Homeville nickel-cobalt deposit, noted for its high scandium concentrations. This review aims to optimise the portfolio’s value and will be updated to shareholders in the coming quarter.

Despite withdrawing from the Cobar joint venture and relinquishing one tenement, Helix remains committed to its NSW copper and gold projects. The company is advancing exploration at priority sites such as the Muriel Tank gold project, where auger sampling and field mapping are planned, and the Bijoux copper project, where follow-up programs are in development. The NSW portfolio covers over 2,100 square kilometres of prospective ground, including the Canbelego copper deposit.

Financial Position and Capital Raising

Helix closed the September quarter with $1.42 million in cash, following operating outflows of $413,000 and investing outflows of $101,000. The company successfully completed a $2 million capital raise through a rights issue and placement, providing a solid funding base for its upcoming exploration activities. Payments to related parties during the quarter related solely to director fees.

With a capital structure comprising over 5.3 billion fully paid shares and more than 1 billion options and rights, Helix is positioned to advance its exploration agenda while managing financial discipline. The company confirms no material changes to previously reported resource estimates and continues to comply with regulatory standards.

Looking Ahead

As Helix Resources moves into a critical phase of drilling and resource evaluation, the market will be watching closely for assay results and strategic decisions on its NSW critical metals assets. The company’s ability to convert exploration potential into tangible resources and maintain financial stability will be key to its next growth chapter.