ENCOUNTER RESOURCES LIMITED — AGM Information 2022

Nov 28, 2022

ASX Announcement 29 November 2022

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AGM Chair Address

The past year has been significant for Encounter. Milestones included:

• The Hamelin Gold (ASX:HMG) demerger/IPO was successfully completed.

• A $1.25m Junior Mineral Exploration Incentive tax credit was successfully applied for.

• A well supported placement raised $4m to advance programs on our 100% owned Cu, Li and REE projects.

• Significant Cu potential was identified at Sandover (100%).

• South32 (ASX:S32) and Encounter entered into Farm-in Agreements covering the Jessica Cu Project and the Carrara Cu-Zn Project for a potential combined spend of $25m. As a consequence, eight exciting targets were identified at Jessica/Carrara for drilling in 2023.

• Diamond drilling was undertaken by IGO (ASX:IGO) at the Yeneena Cu-Co Project.

• 1,329 metres of diamond drilling was completed at the Lamil Cu-Au Project (100%)

• BHP commenced diamond drilling at the Elliott Cu Project.

• Li potential was identified at Sandover in the North Arunta Pegmatite Province following a technical review completed by Dr. Jon Hronsky.

• The Aileron Cu-REE Project (100%) in the West Arunta advanced significantly on the back of our own work and that of our neighbour, WA1 Resources (ASX:WA1).

Copper is a strong focus for Encounter. Copper is critical for electrification and global growth. Global copper supply remains constrained and average mine grades continue to decline.

We also established quality positions with a number of critical minerals being lithium, rare earths and zinc. These are minerals that are deemed critical to the US, the EU, Japan etc considering their role in national security or economic development. They are also minerals prone to supply chain disruption.

Lithium emerged as a potential opportunity for us during the year. A large ground position in the North Arunta Pegmatite Province saw us well placed to advance on this critical mineral.

With rare earths, WA1 Resources made significant advances with discoveries in the West Arunta and we are looking for similar success to our neighbour in 2023.

Thanks to government drilling, we have also established the presence of zinc along with lead and copper at Carrara.

Our project generator business model underpins our high-quality project pipeline through a mix of earnins, joint ventures and sole funding. This allows Encounter to pursue multiple large-scale opportunities in parallel. In this regard we are working alongside BHP, IGO and South32. Well regarded companies such as these provide necessary funding as well as strong technical support to maximise our probability of success.

P +61 8 9486 9455 E contact@enrl.com.au www.enrl.com.au

Encounter Resources Limited Suite 2, 1 Alvan St Subiaco WA 6008

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For 2023, we are looking to capitalise on our strengths: the right commodity mix; high quality projects; relationships with Australia’s biggest companies and an experienced and capable team.

In closing, we would like to thank our local communities, employees, joint venture partners and suppliers. We also would take this opportunity to thank our fellow shareholders for your ongoing support.

That concludes my chairman’s address, and I would now like to move to notified business.

Paul Chapman

Non-Executive Chairman

Will Robinson Managing Director +61 8 9486 9455 contact@enrl.com.au michael.vaughan@fivemark.com.au

This announcement has been authorised for release by the Board of Encounter Resources Limited

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