ENCOUNTER RESOURCES LIMITED — AGM Information 2022

Nov 28, 2022

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Annual General Meeting 29 November 2022 Exploring for the next copper, rare earths and lithium discoveries

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. Mark Brodie who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Brodie holds shares and options in and is a full time employee of Encounter Resources Ltd 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 Brodie 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.

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

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Encounter at a glance Creating value through project generation and discovery

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Elliott
Paterson Dunmarra
Capital structure Board of Directors Province BroadmereMaryfield
ASX ticker ENR
Brunchilly Carrara
Share price (28/11/2022) $0.17 Jessica
Paterson
Province
Shares on issue 353M
Sandover
Options 18M Mr Paul Chapman Mr Will Robinson
Non Executive Managing
Market capitalisation ~60M Chairman Director West
Arunta
B.Comm, ACA, B.Comm, MAusIMM Junction
Cash (30/9/2022) ~$5.4M Grad. Dip. Tax, & Sitch
MAICD, MAusIMM
Enterprise value ~$55M
Major shareholders
Board and Management ~14.4%
Dr Jon Hronsky Mr Peter Bewick Mr Philip Crutchfield
IGO ~8.1%
OAM Non Executive Non Executive
Non Executive Director Director
Silver Lake Resources ~5.3% Director B.Eng (Hons), B.Comm., LL.B (Hons),
BAppSci, PhD, MAusIMM LL.M LSE
MAusIMM, FSEG
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A premier exploration portfolio Early mover positions in world-class minerals belts attracting Tier 1 partners

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Elliott Copper (BHP $25m earn-in)
Sediment-hosted copper in an
unexplored region
Elliott
Lamil Copper-Gold (ENR 100%) Paterson Dunmarra
Extensive mineralised copper-
Province Maryfield
gold system 25km NW of Telfer. Broadmere
Jessica and Carrara Copper-Zinc
(S32 $15m & $10m earn-ins)
Brunchilly Carrara Sediment-hosted copper and
copper-zinc targets in an
Yeneena Copper-Cobalt
(IGO $15m earn in) Jessica underexplored region
Paterson
New approach in a copper-
Province
cobalt district where new Sandover Copper (ENR 100%)
discoveries are being made
Right setting for sediment-hosted
Sandover
copper deposits with high-grade
Aileron Copper-Rare Earths copper at surface
(ENR 100%)
Commanding land position in West Junction and Sitch Lithium
Arunta
emerging IOCG - REE region Junction (ENR 100%)
& Sitch
Niobium-REE carbonatite North Arunta Pegmatite Province
discoveries in the belt New lithium targets identified
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Current activity and recent highlights

Copper-REE - Aileron - West Arunta, WA (100% ENR)

• Niobium-REE mineralised carbonatite discovery by WA1 Resources (ASX:WA1)

• Highlights the region’s potential for IOCG and carbonatite-hosted REE deposits

• Airborne magnetic-radiometric survey to refine IOCG and carbonatite targets

Copper - Northern Territory

• ~2,000m diamond drill program in progress at Elliott Copper (BHP farm-in)

• ▪ Eight drill targets defined at Jessica and Carrara, diamond drilling to commence in April-May 2023 (South32 farm-in)

• Gravity survey recently completed at Sandover (100% ENR)

Lithium - Northern Territory (100% ENR)

• Lithium targets identified at Junction and Sitch in the North Arunta Pegmatite Province

• Sampling of outcrops and surface geochemistry commencing

Paterson Province - Copper - WA

• Diamond drilling completed at Lamil with initial assay results expected in Dec 2022 (100% ENR)

• Six diamond drill holes completed at Yeneena. Assays Dec 2022 –Feb 2023 (IGO farm-in)

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West Arunta, Western Australia: A new critical minerals province

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Discovery journey in a new mineral province

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Identified the West Arunta Commencement of drilling at First hole intersects IOCG-style
opportunity, secured tenure, Aileron in an area of no previous copper, gold and REE signature at
introduced Newcrest as JV partner mineral exploration an easily explorable depth
2019 – 2020
7 October 2020 28 January 2021
Surface sampling identifies highly
elevated REE ~7km from the first Gravity survey commences to Return of 100% control of Aileron
refine targets for drilling
drill hole
14 February 2022 12 July 2021 11 February 2021
Geochronology confirms Olympic
Commencement of airborne EIS co-funding grant awarded for
Dam age mineralising events at
magnetic-radiometric survey drilling to start April-June 2023
Aileron
25 August 2022 27 October 2022 14 November 2022
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Aileron Copper-Rare Earths Project (100% ENR) A new rare earth and IOCG province in Australia ▪ Commanding land position in the underexplored West Arunta with +100km long Aileron project ▪ Three rare earths (“REE”) occurrences recently identified in the belt including the discovery of niobium-REE mineralised carbonatites by WA1 Resources Ltd (ASX:WA1) <1km from ENR tenement boundary

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Aileron Cu-REE project – Magnetics (RTP)[1]

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1 refer to ASX announcement 27 October 2022

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Aileron Copper-Rare Earths Project (100% ENR) One of the most prospective regions in Australia for IOCG-REE deposits

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• Only drill hole completed at Aileron (EAL001) (depth of 158m)

• contained zones of anomalism in copper (up to 0.1% Cu), gold (up to 48ppb Au), molybdenum (up to 155ppm Mo), niobium (up to 773ppm Nb) and highly elevated rare earth elements (up to 0.8% TREO)

• confirmed shallow cover depth

• intersected hydrothermal hematite-chlorite altered mafic intrusions and granite with a distinctive IOCG geochemical signature

• GSWA has identified a new suite of granites at around 1.6Ga which is a similar age to Olympic Dam

• Comparable aged host sequence and hydrothermal event as well as similar geochemical signature to the major IOCG deposits of South Australia

EAL001 - Hematite altered and fractured, coarse grained granitic rock with narrow mafic intrusive (88.5 - 91.7m)

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Refer to ASX announcements 16 October 2020, 28 January 2021, 14 February 2022

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Aileron Copper-Rare Earths Project (100% ENR) Niobium-REE mineralised carbonatite system <1km from Aileron

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• Gravity survey and surface sampling have upgraded Aileron targets

• Discrete, coincident gravitymagnetic anomalies on major regional structures

• Reconnaissance rock chip sampling returned 0.5% REE

• WA1 niobium-REE

• mineralised carbonatite discoveries highlight the potential for magmatic hydrothermal systems in the region

• 1 refer ASX release 28 January 2021

• 2 refer ASX release by WA1 - 26 October 2022 3 refer ASX release 14 February 2022

• 4 refer ASX release by WA1 – 16 November 2022

Aileron IOCG /REE project - Detailed residual gravity image with interpreted structures and identified exploration targets[1,2,3,4]

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Caird Target at Aileron

Pipe-like gravity anomaly ~5km along the major structure from Luni

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• Discrete, “bullseye” density anomaly ~600m by 600m (~2 mgal), coincident with magnetic anomaly[1]

• Interpreted as a pipe-like intrusion or alteration system with potential for IOCG style copper and carbonatitehosted REE mineralisation

• Located on major regional fault that hosts the Luni mineralised carbonatite discovery by WA1[2]

Residual Gravity

Gravity inversion depth slice 300m

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• Surface geochemistry start of the 2023 field season

• Drilling to commence in April-June 2023

Magnetics RTP

• 1 refer ASX releases 14 February, 25 August & 29 November 2022 2 refer ASX release by WA1 – 16 November 2022

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Gravity inversion depth slice 500m

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Aileron Copper-Rare Earths Project (100% ENR) A new rare earth and IOCG province in Australia

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• Magmatic hydrothermal mineral systems are active in the region

• Alkaline systems are key drivers in the formation of IOCG and carbonatitehosted REE deposits

• Numerous drill targets with limited or no prior exploration

• Co-funded drilling grant of up to $220,000 under the WA Government’s Exploration Incentive Scheme for drilling in 2023

• 1 refer ASX release 28 January 2021

• 2 refer ASX release by WA1 - 26 October 2022

Aileron Cu-REE project – Magnetics (RTP)[1,2,3,4]

• 3 refer ASX release 14 February 2022

• 4 refer ASX release by WA1 – 16 November 2022

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Aileron Copper-Rare Earths Project (100% ENR) Magnetic/radiometric survey to refine REE carbonatite and IOCG targets – results early December

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Caird
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Aileron Cu-REE project – Magnetics (RTP)

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Refer to ASX announcement 27 October 2022

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Northern Territory: Significant global opportunity for copper and lithium

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Junction and Sitch Lithium Projects (100% ENR) Northern Arunta Pegmatite Province

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▪ Encounter controls a significant part of the North Arunta Pegmatite Province identified by the NT Geological Survey (“NTGS”)

• Analogous to the host pegmatites of the lithium deposits at Greenbushes in WA and the Finnis deposit in the NT

• Several areas with strong lithium potential at Junction and Sitch

• First target to be investigated is the Crawford target at Junction

Northern Arunta Pegmatite Province – LCT pegmatite occurrences sourced from NTGS Report 16 tin-tantalum pegmatite mineralisation of the Northern Territory (Frater 2005)

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Refer to ENR ASX announcement 19 October 2022

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Junction Lithium Project (100% ENR) Crawford target

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• Located at the intersection of two important, LCT-controlling structures

• A series of the most lithium rich occurrences in the Northern Arunta Pegmatite Province (controlled by Core Lithium Ltd (ASX:CXO)) are trending along the major Barrow Creek fault towards Crawford

• Minimal outcrop indicated to be a mixture of fractionated granite and pegmatite

• Majority of the target zone is beneath shallow cover which could be amenable to surface sampling

• Field assessment commencing

Northern Arunta Pegmatite Province – LCT pegmatite occurrences sourced from NTGS Report 16 tin-tantalum pegmatite mineralisation of the Northern Territory (Frater 2005)

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Refer to ENR ASX announcement 19 October 2022

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Sandover Copper Project (100% ENR) Outcropping shale units that contain copper mapped for more than 20km

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▪ Partially exposed Neoproterozoic Basin in the Georgina - 170km north-east of Alice Springs

• Copper mineralisation at surface returned assays up to 20.9% Cu and anomalous pathfinder elements (Zn, Ag, As, Bi, Mo and Pb)

• Limited historical drilling between 1966-71 demonstrated that anomalous copper continues downdip and into fresh rock

• Gravity survey completed November 2022

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1cm
1cm
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Photo 2– primary copper rich nodule from historical drillhole (Mt Skinner DDH3 203.3m) located adjacent to Area 4 containing bornite-chalcopyrite

Photo 1– weathered copper rich nodules collected from surface at Area 1 - containing malachite (interpreted after bornite-chalcopyrite)

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Refer to ENR ASX announcements 16 December 2021 and 9 June 2022

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Northern Territory: globally significant opportunity for copper

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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 NTGS

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

• Encounter has a portfolio of first mover copper opportunities

• Majors acquiring new projects in the NT include: BHP, South32, Rio Tinto, OZ Minerals, Fortescue and Teck

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Elliott Copper Project BHP-funded diamond drilling (~2,000m) in progress

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

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

• Compelling opportunity in the vastly underexplored Greater McArthur Super-basin

• Key ingredients for the formation of large sedimentary copper deposits

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Diamond Drilling at Elliott – October 2022

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Refer to ENR ASX announcement 3 October 2022

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Jessica Copper and Carrara Copper-Zinc Projects South32 entered into two farm-in agreements in June 2022

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• Reprocessing of seismic lines has defined a number of groundbreaking, new drill targets at the Jessica and Carrara

• Diamond drilling is planned at Carrara to test multiple seismic features at key structural positions on the margin of the Carrara sub basin

• Stratigraphic drill hole (NDI Carrara-1) completed by the Minex CRC established the presence of zinc, lead and copper

• Eight new targets identified

• Diamond drilling to commence in April-May 2023

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Refer to ENR ASX announcement 28 October 2022

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Jessica Copper Project Zeta IOCG Target

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• Drilling at Jessica to include the newly defined Zeta IOCG target:

• Coincident magnetic-gravity anomaly

• Discrete seismic reflector

• Adjacent to a regionally significant deep feeder structure

Zeta IOCG target. Gravity (1VD) (left) and Magnetics (RTP) (right), location of GA seismic lines shown in red

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Refer to ENR ASX announcement 28 October 2022

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Paterson Province, Western Australia: New large scale coppergold discoveries

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(100% ENR)

Lamil: Copper-gold system established EIS diamond drilling completed September

• Located 25km NW of Telfer

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• Expansive copper-gold system >1km of strike containing multiple, stacked, narrow copper-gold reefs

• High-grade copper up to 19.1% Cu contained in chalcocite intersected in 2021 drilling

• EIS co-funded diamond drilling Sep 22

• Both holes intersected the target package

• Steep set of structures in ETG0244 may represent a new untested target

• Downhole EM to test for off-hole conductors associated with Cu-Au mineralisation

• Initial assay results Dec 2022

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Refer to ASX releases 6 September, 16 November 2021 and 12 September 2022

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

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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

• 3.9m @ 1.6g/t Au from 410.6m

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Refer to ASX releases 6 September, 16 November 2021 and 12 September 2022

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Yeneena Copper Paterson Province is a proven region with a history of discoveries

• Exploration at Yeneena is focused on discovering high-value sediment-hosted copper deposits

• ~1,450km² of the Paterson Province

• IGO Ltd (ASX:IGO) can sole fund $15 million in exploration expenditure over a maximum seven years to earn a 70% interest

• 2022 exploration program included:

• 4,000m of diamond drilling

• 1,500m of aircore drilling

• Six diamond drill holes completed

• Assay results Dec 2022 – Feb 2023

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1 refer IGO ASX announcement 31 October 2022

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Large portfolio of exploration projects in Australia

100% ENR projects

Farm-in partners

Elliott Copper Project - NT (up to $25m farm-in funding)

Aileron Copper-Rare Earths Project –WA

• IOCG style copper-gold-REE in drilling

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• Targeting sediment hosted copper

• Olympic Dam age mineralisation events

• Diamond drill program Oct-Nov 2022

• New niobium-REE discovery adjacent to Aileron

Sandover Copper Project - NT

Jessica and Carrara Projects – NT (up to $25m farm-in funding)

• Key geological units and processes for sediment-hosted copper

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• Bornite identified in historical drill core

• Two farm-in agreements completed Jun 22

• Eight new targets identified

Lamil Copper-Gold Project - Paterson Province WA

• Diamond drilling completed Sep 22

• Assay results Dec 22

Yeneena Project – Paterson Province WA (up to $15m farm-in funding)

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Junction Lithium Project - NT

• 4,000m diamond & 1,500m aircore drilling

• ▪ Six diamond drill holes completed

• North Arunta Pegmatite Province

• New lithium targets identified

• Field assessment commencing

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Upcoming news

Nov 2022 Aileron IOCG-REE (100% ENR) - WA – Completion of magnetic-radiometric survey Dec 2022 Junction Lithium (100% ENR) – NT – Reconnaissance-surface sampling completion Dec 2022 Sandover Copper (100% ENR) – NT - Gravity survey, drill target identification Dec 2022 Lamil Copper-Gold (100% ENR) – WA - Assay results diamond drilling Yeneena Copper-Cobalt (IGO farm-in) – WA - Diamond drill program assays Dec 22 -Feb 2023 Junction Lithium (100% ENR) – NT – Reconnaissance-surface sampling results Jan-Feb 2023 Elliott Copper (BHP farm-in) – NT - Assay results diamond drilling Jan-Mar 2023 Aileron IOCG-REE (100% ENR) - WA – Commencement of drilling Apr-Jun 2023

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Contact

Telephone: +61 8 9486 9455 Website: www.enrl.com.au Email: contact@enrl.com.au Suite 2, 1 Alvan Street Subiaco WA 6008

ASX: ENR

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