How Will Helix Resources Unlock Value in Its US Gold Basin JV Amid Cash Constraints?

Strategic US Expansion with Gold Basin JV

Helix Resources has taken a significant step in expanding its footprint in the US by entering binding agreements to earn up to a 40% interest in the Gold Basin oxide gold project in Arizona. Situated within the prolific Walker Lane gold trend, just 1.5 hours from Las Vegas, the 42 square kilometre project boasts an inferred resource of 8.35 million tonnes containing approximately 300,000 ounces of gold at an average grade of 1.12 grams per tonne. Early metallurgical testing suggests the gold is amenable to low-cost heap-leach processing, a promising indicator for future development.

The earn-in structure requires Helix to spend up to AUD 3 million over two years, with staged ownership increments tied to expenditure milestones. Gold Basin Resources retains a minimum 60% interest and operational control, while Helix will also acquire a 1% net smelter royalty through a share issuance. This arrangement positions Helix to leverage near-term production potential while targeting resource growth through ongoing drilling and an imminent resource update incorporating over 350 new drillholes completed since 2019.

Unlocking Copper-Gold Potential at White Hills

Adjacent to Gold Basin lies the White Hills copper-gold project, covering 23 square kilometres and featuring seven tenements. Historic exploration has been limited, with only ten drillholes focused on gold and no assays for copper despite surface samples showing copper grades up to 5.7%. Helix’s recent geophysical and geochemical work indicates the presence of two mineralisation styles – copper porphyry related to Cretaceous intrusions and Tertiary-aged gold associated with detachment faults. This dual potential for copper and gold mineralisation adds a compelling dimension to Helix’s US portfolio, with plans underway for expanded drilling and soil sampling to define the scale and grade of mineralisation.

Reinvigorating Australian Copper-Gold Assets

Back home in Australia, Helix completed a comprehensive review of its extensive 3,200 square kilometre landholding in the Cobar region of central New South Wales. The company remains confident in the prospectivity of this portfolio, which includes advanced targets such as Bijoux and Muriel Tank, as well as new gold anomalies in the Eastern Tenement Group. The Cobar region is renowned for its copper-gold deposits, and Helix plans to recommence focused exploration programs in the second half of 2025, aiming to unlock value from this well-established mining district.

Financial Position and Funding Outlook

Despite these promising developments, Helix’s cash position at the end of June stood at a modest AUD 244,000, representing less than one quarter of funding for its current expenditure levels. The company acknowledges this tight liquidity and is actively reviewing capital raising options, with a targeted raise of at least AUD 1 million planned in the coming quarter to support exploration activities and working capital needs. Management remains optimistic about securing the necessary funds to advance its growth strategy across both US and Australian projects.

Executive Chair Michael Povey emphasised the transformative potential of the US acquisitions alongside the established Cobar portfolio, highlighting the strategic advantage of operating in mining-friendly jurisdictions with strong infrastructure. The upcoming resource update for Gold Basin and expanded drilling programs at both US projects are expected to be key catalysts for Helix’s growth trajectory.