ENCOUNTER RESOURCES LIMITED — AGM Information 2021

Nov 25, 2021

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Annual General Meeting Perth, WA 26 November 2021 Copper exploration critical to meeting market demands

ASX: ENR

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Disclaimer and compliance statement

This presentation has been prepared by Encounter Resources Limited (“Encounter”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Encounter has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Encounter.

Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to Encounter. In particular, they speak only as of the date of this document, they assume the success of Encounter’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned to not place undue reliance on such forward-looking statements.

Encounter makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, Encounter and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Encounter and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick holds shares and options in and is a full time employee of Encounter and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewick consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and the form and context of the announcement has not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Certain exploration drilling results for BM1 were first disclosed under JORC code 2004. It has not been updated since to comply with the JORC code 2012 on the basis that the information has not materially changed.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick is a full time employee of Encounter and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewick consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

This announcement has been approved for release by the Board of Encounter.

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The Encounter business model

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PROJECT GENERATOR MODEL

Progress project pipeline with a mix of alliances, joint ventures and sole funding

TIER 1 TARGETS

Project generation and exploration targeting copper dominant discoveries in world-class mineral belts

HIGH QUALITY PARTNERS

Partner with leading mid-tier and major producers which have well supported, talented and highly resourced exploration teams

FAST ADOPTION OF NEW DATA AND TECHNOLOGIES Fast mover, early adopter of new technologies and datasets

DATA DRIVEN INSIGHTS

Reduce exploration risk through cost effective and innovative data-driven techniques to rapidly prioritise and assess targets

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Transformational year for Encounter – Copper Focus

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January 2021

May 2021

2019-2020

IOCG style copper-gold-REE in drilling at Aileron – West Arunta, WA

Earn-in agreement and JV at Elliott Copper – Northern Territory

First mover camp-scale copper position secured across multiple projects – Northern Territory

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October 2021

October 2021

September 2021

Demerger and $10m IPO of belt scale gold project - West Tanami, WA

Extensive outcropping copper at Sandover – Northern Territory

High grade copper intersected at Lamil – Paterson Province, WA

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A premier copper exploration portfolio

Early mover positions in world-class minerals belts attracting Tier 1 partners

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Paterson Province – WA Sandover
Cu-Au System 25km NW of Telfer and new
approach in a known Cu-Co district
Elliott
▪
Lamil Copper-Gold (ENR 100%)
▪
Yeneena Copper-Cobalt (IGO $15m earn in)
Paterson Province West Carrara
Arunta
Copper - Gold
Jessica
Paterson
Province
West Arunta – WA
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Northern Territory Copper
Sediment-hosted copper and IOCG targets
in emerging region
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▪ Elliott Copper (BHP $25m earn in) ▪ Jessica Copper (ENR 100%) ▪ Carrara Copper-Zinc (ENR 100%) ▪ Sandover Copper (ENR 100%) ▪ Camp Scale Copper projects (ENR 100%)

IOCG targets copper-gold-rare earths

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• Aileron IOCG Copper-Gold (ENR 100%)

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Copper dominant exploration

Positions in three emerging regions in Australia with potential to host large scale copper discoveries

• Validated through joint venture partners and third party interest in 100% owned assets

• Demerger and IPO of West Tanami gold assets through Hamelin Gold facilitates a greater focus on the copper exploration portfolio

Attractive demand side dynamics for copper:

• Significant increase in production required to support the global megatrends of vehicle electrification and decarbonisation

• Greater focus on sustainability supports the development of new, modern mining operations in high quality jurisdictions like Australia

: Attractive supply side dynamics for copper

• Current discovery and development pipeline will not satisfy the forecast demand increase

• Average global mined copper grades remain in decline

• Increasing portion of global supply coming from higher risk jurisdictions

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Encounter at a glance Creating value through project generation and discovery

Share price – 12 months

Capital structure

	ASX ticker	ENR
	Share price (24/11/2021) Shares on issue Options	$0.15 316M 14M
	Market capitalisation	~$50M
	Cash (30/09/21)	~$4.1M
	Listed investments	~$0.6M
	Enterprise value (net of cash and listed investments)	~$45M
	Major shareholders
	Board and Management	~14.2%
	IGO	~8.2%
	Silver Lake Resources	~5.3%

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$0.35 6000000
$0.30 5000000
$0.25
4000000
$0.20
3000000
$0.15
2000000
$0.10
$0.05 1000000
$0.00 0
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Board of Directors

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Dr Jon Hronsky Mr Peter Bewick Mr Philip Crutchfield OAM Non Executive Non Executive Non Executive Director Director Director B.Eng (Hons), B.Comm., LL.B (Hons), BAppSci, PhD, MAusIMM LL.M LSE MAusIMM, FSEG

Mr Paul Chapman Mr Will Robinson Non Executive Managing Chairman Director B.Comm, ACA, B.Comm, MAusIMM Grad. Dip. Tax, MAICD, MAusIMM

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Paterson Province, Western Australia: Australia’s hottest copper address

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Copper-gold system established at Lamil

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• 100% ENR – located 25km NW of Telfer

• Seven hole (2,850m) diamond drill program completed September 21

• Two copper-gold mineralised stratigraphic horizons identified

• Horizons intersected over 200m of strike and remain open in all directions

• multiple, stacked, narrow copper-gold reefs in a mineralised prospective host package that is over 200m thick

• high grade, chalcocite dominant copper mineralisation

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Refer to ASX releases 6 September and 16 November 2021

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Drilling results point to potential large copper-gold system High grade copper intersections rare outside of Winu & Havieron

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Altered & veined siltstone with quartz carbonate-pyrite with chalcopyrite veining ~280.5m in ETG0243 • 0.23m @ 4.70g/t Au & 1.54% Cu

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Semi-massive pyrite – chalcocite mineralisation drilled from 409.1 to 410.6m in ETG0226.

• 1.5m @ 19.1% Cu from 409.1m

• Semi-massive pyrite/chalcopyrite in quartzite unit ~ 347m in ETG0243 • 10 0.50m @ 0.50g/t Au & 2.70% Cu

Refer to ASX releases 6 September and 16 November 2021

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Yeneena Copper-Cobalt

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• Paterson Province is a proven mineral region with a consistent history of discoveries

• ~1,600km² of the Paterson Province

• IGO can sole fund $15 million in

• exploration expenditure over a maximum seven years to earn a 70% interest

• Data acquisition programs progressed

• Three diamond drill holes completed

• Ground magneto-telluric (MT) survey

• AC drilling

• Interpretation of integrated results will allow for the drill testing of the highest quality targets in 2022

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Northern Territory: The next hot spot for copper in Australia

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Northern Territory: the next hot spot for copper in Australia

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• Highly prospective, vastly underexplored region under shallow cover

• Located between the major copper-gold producing districts of Mt Isa and Tennant Creek

• Transformational investment in precompetitive data by Geoscience Australia (GA) and the Northern Territory Geological Survey (NTGS)

• These new datasets are providing crucial early insights into areas prospective for sedimentary hosted deposits

• Encounter has used these datasets as a first mover to build a commanding position in this exciting new province

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Sediment-hosted copper: key ingredients

		DISCOVERY ELEMENTS	NT SCORECARD	EXPLORING FOR THE FUTURE DATA
	Source rocks	Size of sedimentary basin and sub-basin	✓
	Brines	Bitten brines vs evaporites or both?	✓
	Seals	Grabens form a natural containment for dense fluids	✓	Gravity, magnetics
	Inversion	Basin inversion / orogenic event to provide the energy to bring reservoir fluid towards	✓
		surface
	Fluid pathways	Basin margin faults and major faults	✓	Seismic, MT, AEM
	Traps	Reductants or failed hydrocarbon traps provide physical and chemical trap sites	✓	Magnetics, Hydro- geochem

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Elliott Copper Project

• BHP (ASX:BHP) earn-in and joint venture agreement covering the 7,200km[2] Elliott Copper Project

• BHP may earn up to a 75% interest in Elliott by spending up to $25 million over 10 years

• Compelling exploration opportunity in the vastly underexplored Greater McArthur Superbasin

• Key ingredients for the formation of large sedimentary copper deposits

▪ An extensive exploration program, including seismic surveys and drilling, to define prospective deposition sites for sedimentary copper mineralisation

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Refer to ENR ASX release 21 May 2021

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NTGS Core Library, Darwin

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Jessica and Carrara: Copper near surface and at depth

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Copper Carbonate (Malachite) 0-3m from RN28419 – chemical assay 1.5% Cu[1]

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Chalcopyrite contained in a calcareous shale unit within NDI Carrara1 ~1,617m[4]

Drill hole NDIBK04 pyritechalcopyrite vein[3]

Crosswinds Copper Prospect - Malachite (copper carbonate) mineralisation exposed in table drain[2]

1 Refer ENR ASX release 19 Aug 2020 2 Refer to ASX:MDI release 23 Dec 2020 3 Refer to ASX:ICG release 28 Mar 2021 4 Refer to ENR ASX release 28 Apr 2021

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Drillcore is from the national drilling initiative. It is not the property of the company

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Carrara: prospective basin architecture Correlation of prospective stratigraphic units from the Isa Super Basin into the Carrara Sub-basin indicates the Mount Isa Province extends to the west

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Carrara
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Chalcopyrite (Cu sulphide) contained in a calcareous shale unit

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Carrara
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Sphalerite (Zn sulphide) contained in a calcareous shale unit

South Nicholson Seismic Survey, a foundational dataset acquired as part of the GA Exploring for the Future Program (AGES 2019)

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Refer to ENR ASX release 28 Apr 2021

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Sandover Copper Project

• 170km north-east of Alice Springs

• Zambian copper belt analogous – very rare to find in an Australian setting

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• Targeting the Neoproterozoic basal Georgina basin sediments

• +20km of outcropping malachite in the Neoproterozoic Central Mt Stuart Formation

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Sandover Copper Project

Outcropping malachite outlines potential major mineral system

• Major elements of a sediment-hosted copper system present

• Juxtaposition of Neoproterozoic sediments against crystalline basement

• Evaporites

• Reduced stratigraphic units to trap Cu brines, within a red-bed sequence

• Evidence of copper mineralisation event

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Cu
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NTGS Kruse et al, 2013

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Sandover Copper Project +20km of outcropping copper in Zambian copper belt setting

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West Arunta, Western Australia: “The next major copper exploration focus in WA”

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West Arunta: IOCG targets in an unexplored region

• 1,300km² West Arunta province of WA

• First diamond drill hole to a depth of 158m (EAL001) intersected hydrothermal hematitealtered mafic intrusions and granite with a distinctive IOCG geochemical signature

• Metal anomalism is associated with hematite-alteration

• IOCG mineralisation often has a strong density contrast (Olympic Dam, Prominent Hill) meaning gravity surveys could provide drill targets and a clear pathway to discovery

• ▪ Gravity survey August - November 2021

• EIS co-funded drilling to follow ($150,000)

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Aileron Project – Tenement and gravity survey location plan on TMI background

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Refer to ASX announcement 12 July 2021

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West Arunta: Initial gravity results

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• Discrete, pipe-like density anomaly ~600m by 600m (~2 mgal)

• Coincident magnetic anomalism

• Next Steps - Heritage survey, surface geochemistry then drilling

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Gravity Inversion DS300

Residual Gravity

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Gravity Survey Nov 2021

Gravity Inversion DS500

South-Eastern Gravity Anomaly

Magnetics RTP

South-Eastern Gravity Anomaly

Aileron Project – Ground gravity Residual Image

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2022 exploration activity

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Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Paterson Copper-Gold Gravity Diamond Drilling
(100% ENR) Survey Lamil
Copper Projects NT Gravity survey Partnering Aircore Diamond
(Jessica / AEM
(100% ENR) opportunities? drilling Drilling
Carrara)
West Arunta IOCG
Gravity
Geochem Diamond Drilling
(100% ENR) Survey
Elliott Copper BHP run 2021 exploration activities including diamond drilling
Paterson Province
IGO run exploration activities
Copper-Cobalt
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Foundations established for major copper exploration drive

Major new copper discoveries required to meet burgeoning demand Sediment-hosted copper systems are a high grade and large deposit style

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Central Australia has the right geology for sedimenthosted and IOCG copper deposits….but underexplored

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Partnering with majors to maximise exploration investment and activity Encounter shareholders have prime exploration leverage to the decarbonisation and electrification megatrends

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