Update on Helix JV Agreement

Executive Summary

• Helix Resources Limited (ASX: HLX) will earn up to a 40% interest in Gold Basin’s oxide gold project by spending up to AUD 3 million over two years, with an initial 20% earned after the first AUD 1 million.
• Helix will receive a 1% Net Smelter Royalty on the Project via issuance of 150 million HLX shares upon execution of formal agreements.
• Director and officer Stephen Pearce has resigned to pursue other business matters.

Key Details

• Earn‑In Structure:
• Up to 40% equity earn‑in for Helix; Gold Basin retains a minimum 60% and remains operator.
• First AUD 1 million spent → Helix receives an initial 20% interest.

• Each additional AUD 1 million spent adds another 10%, capping at 40%.

• Financial Commitment:

• Helix will spend up to AUD 3 million over a two‑year period on exploration and related costs.

• Royalty Arrangement:

• Helix to acquire a 1% Net Smelter Royalty (NSR) on the Project.

• NSR issued via 150 million HLX shares upon execution of formal agreements.

• Governance:

• A Joint Venture Committee will be formed after formal agreements, consisting of two members appointed by each party.

• Gold Basin will appoint the Chairman of the Committee.

• Regulatory & Transaction Terms:

• Agreement subject to exchange approval; arm‑length transaction; no finder’s fees payable.

• 2025 Plan – Exploration Milestones:

• Primary focus: deliver a NI 43‑101 and JORC (2012) Mineral Resource Estimate (MRE).
• Follow‑up: Preliminary Economic Assessment (PEA).

• Additional drilling planned; MRE expected in the December 2025 quarter.

• Director Resignation:

• Stephen Pearce has resigned as a director and officer to focus on other business matters.

Notable Quotes

• “We are pleased to finalize this farm‑in with Helix Resources, which brings significant capital and expertise to advance the Gold Basin Project,” – Charles Straw, President, Director & Interim CEO.