Highlights

• PolarX Limited has proposed a Placement of up to 96,666,666 ordinary shares at $0.015 per share, with an Issue Date of 19 November 2026.

• All 96,666,666 shares are to be issued under the company's 15% placement capacity under ASX Listing Rule 7.1, requiring no prior Shareholder approval.

• Proceeds are directed to exploration and development activities at the Humboldt Range Project, Working Capital for corporate development, and offer costs.

• A 5% capital raising fee is payable to participating brokers, alongside standard ASX, share registry, legal, and administrative expenses.

PolarX Limited (ASX:PXX), a minerals exploration company listed on the Australian Securities Exchange under the ticker PXX, lodged an Appendix 3B on 12 November 2026 outlining a proposed placement of up to 96,666,666 ordinary shares at a price of $0.015 per share. The placement is structured entirely within the company's 15% placement capacity under ASX Listing Rule 7.1, meaning no prior shareholder approval is required for the full issue. The proposed issue date is 19 November 2026, allowing the company to access capital quickly and deploy it toward exploration activities in the near term. The placement price of $0.015 per share reflects the company's current stage of development and positions it to attract institutional and sophisticated investor participation in the offer.

Placement Structure and Regulatory Mechanism

The stated purposes for which PolarX intends to apply the placement proceeds are the funding of exploration and development activities at the Humboldt Range Project, working capital for corporate development, and the costs of the offer itself. The Humboldt Range Project is PolarX's primary exploration asset, situated in Nevada, USA — a Jurisdiction consistently ranked among the most favourable in the world for Mining investment, with an established regulatory framework, supportive infrastructure, and a long history of successful mineral exploration and production. The allocation of placement capital to both exploration and development activities suggests the company is in an active phase of advancing its geological understanding of the project area, which may encompass drilling, geochemical and geophysical programs, resource definition work, or preliminary development studies depending on the project's stage. Working capital is a standard component of small-company capital raises, ensuring that the corporate entity has sufficient Liquidity to meet its ongoing obligations while field activities are underway.

Humboldt Range Project — Use of Proceeds

The administrative structure of the placement is straightforward: 96,666,666 shares represent the full amount being issued, all within existing ASX Listing Rule 7.1 capacity, with no attaching securities and no underwriting. A 5% capital raising fee is payable to participating Brokers who assist in placing the shares with investors, alongside standard costs including ASX fees, share registry, legal, and administrative expenses. These fee structures are typical for a placement of this scale and reflect market-standard terms for small and emerging company capital raises on the ASX. Following the issue, the new shares will rank equally in all respects with the company's existing ordinary shares, and a cleansing notice under section 708A(5) of the Corporations Act will be published to allow the placed shares to be freely traded without a prospectus.

PolarX Corporate Overview and Exploration Focus

PolarX's focus on the Humboldt Range Project in Nevada positions the company in a region that has attracted significant exploration and Investment activity from both junior and major mining companies over many decades. Nevada is particularly well known as a world-class gold and silver jurisdiction, but its geological diversity also supports a range of base and precious metal deposit styles, including copper-gold porphyry and related systems of the type that PolarX has been targeting. For investors in PolarX, the placement provides the company with financial capacity to continue advancing its exploration programs at a time when Commodity market dynamics and geological discovery potential remain key drivers of interest in junior exploration companies with prospective ground in established mining jurisdictions. The speed and simplicity of the placement mechanism, utilising existing ASX Listing Rule capacity without shareholder approval, reflects the company's intent to access capital efficiently to maintain momentum. The scale of the placement — 96,666,666 shares within the existing 15% capacity — also means that PolarX is managing its capital raising in a measured way, using available headroom rather than seeking additional capacity that would require a shareholder meeting and the associated time and cost. This approach is consistent with the management of small exploration companies that need to balance financial agility with shareholder communication obligations. Following the placement, the company will update the market on its activities at the Humboldt Range Project as field work is conducted and results become available. Nevada's mining-friendly environment is supported by a well-established permitting system, access to experienced mining services and skilled workforce, proximity to major smelting and refining facilities in the broader western United States, and a track record of significant mineral discoveries across multiple commodity types. For a junior explorer like PolarX, the choice to focus exploration effort in Nevada reflects a deliberate decision to operate in a jurisdiction where the regulatory risks associated with exploration are well understood and manageable, where operational costs can be contained through access to established services infrastructure, and where any discovery of commercial significance is likely to attract the attention of larger companies seeking Acquisition opportunities. The capital raised through this placement will fund the next phase of that exploration effort, with investors in the placement sharing in the geological risk and potential upside of advancing the Humboldt Range Project toward a point of technical definition that supports further investment decisions.

Key Insights

PolarX's focus on the Humboldt Range Project in Nevada positions the company in a region that has attracted significant exploration and investment activity from both junior and major mining companies over many decades. Nevada is particularly well known as a world-class gold and silver jurisdiction, but its geological diversity also supports a range of base and precious metal deposit styles, including copper-gold porphyry and related systems of the type that PolarX has been targeting. For investors in PolarX, the placement provides the company with financial capacity to continue advancing its exploration programs at a time when commodity market dynamics and geological discovery potential remain key drivers of interest in junior exploration companies with prospective ground in established mining jurisdictions. The speed and simplicity of the placement mechanism, utilising existing ASX Listing Rule capacity without shareholder approval, reflects the company's intent to access capital efficiently to maintain momentum. The scale of the placement — 96,666,666 shares within the existing 15% capacity — also means that PolarX is managing its capital raising in a measured way, using available headroom rather than seeking additional capacity that would require a shareholder meeting and the associated time and cost. This approach is consistent with the management of small exploration companies that need to balance financial agility with shareholder communication obligations. Following the placement, the company will update the market on its activities at the Humboldt Range Project as field work is conducted and results become available. Nevada's mining-friendly environment is supported by a well-established permitting system, access to experienced mining services and skilled workforce, proximity to major smelting and refining facilities in the broader western United States, and a track record of significant mineral discoveries across multiple commodity types. For a junior explorer like PolarX, the choice to focus exploration effort in Nevada reflects a deliberate decision to operate in a jurisdiction where the regulatory risks associated with exploration are well understood and manageable, where operational costs can be contained through access to established services infrastructure, and where any discovery of commercial significance is likely to attract the attention of larger companies seeking acquisition opportunities. The capital raised through this placement will fund the next phase of that exploration effort, with investors in the placement sharing in the geological risk and potential upside of advancing the Humboldt Range Project toward a point of technical definition that supports further investment decisions.