ENCOUNTER RESOURCES LIMITED — AGM Information 2023

Nov 23, 2023

Annual General Meeting 24 November 2023 Building shareholder value through the discovery of copper and critical minerals in Australia

ASX:ENR

Sandover diamond drilling – November 2023

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Disclaimer and compliance statement

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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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The Encounter business model

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Foundations of a leading Australian minerals exploration company

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Targeting the discovery of new, world-class mineral deposits

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Significant and consistent in-ground exploration investment

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Early mover into new regions with the application of new datasets

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Collaborating with high-quality exploration teams at major companies

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Critical mineral focus

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Exploring for commodities highly leveraged to growth and the energy transition

Cu Nb REE Copper Niobium Rare Earth Elements The most important metal for the A micro alloy for lighter, stronger and Used across critical technology, global energy transition more corrosion resistant steel military and energy applications Supply being impacted by steadily Enhances next generation batteries Majority of supply controlled by declining head grades at major with super-fast charging, high energy Chinese companies operations and geopolitical issues density and improved safety Highly strategic commodities which Major new discoveries needed to Market constrained with only three are the focus of global efforts to meet upcoming demand operating mines encourage new sources of supply

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Encounter at a glance

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Creating value through project generation and discovery

Capital structure

Capital structure
ASX ticker	ENR
Share price (23/11/2023)	$0.37
Shares on issue	402M
Options	17.5M
Market capitalisation	~$149M
Cash (30/9/2023)	~$9M
Enterprise value	~$140M

Board of Directors

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Mr Paul Chapman Non-Executive Chairman

Mr Will Robinson Managing Director B.Comm, MAusIMM

B.Comm, ACA, Grad. Dip. Tax, MAICD, MAusIMM

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Dr Jon Hronsky OAM Non-Executive Director

BAppSci, PhD, MAusIMM, FSEG

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Mr Peter Bewick Mr Philip Crutchfield Non-Executive Non-Executive Director Director

B.Eng (Hons), MAusIMM B.Comm., LL.B (Hons), LL.M LSE

Share price 12 months

Major shareholders

Major shareholders
Board and Management	~14.7%
IGO	~7.1%
Silver Lake Resources	~5.1%

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2023 Highlights

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Early mover into new regions with significant in-ground exploration investment

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

• 2,600m diamond & 10,000m RC drill programs completed

• Multiple, large niobium-REE rich carbonatites discovered

• Major diamond/RC/aircore drill programs in 2024

Sandover Copper – NT (100% ENR)

• Diamond drilling (NT govt co-funded) completed Nov 2023

Jessica and Carrara Copper/Zinc – NT (South32 farm-in)

• 8 hole (7,400m) diamond drilling program

• Copper sulphides intersected at Zeta IOCG target

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Yeneena Copper – Paterson Province - WA (IGO farm-in)

• 5 diamond drill holes (2,900m) and 42 aircore holes (2,800m) completed

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Aileron, West Arunta (ENR 100%) Carbonatite-hosted niobium/REE and IOCG copper

Aileron field camp - September 2023

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Aileron Project – West Arunta

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Modern geophysics is revealing exceptional new targets

• Commanding land position in the underexplored West Arunta region

• Several new niobium-REE discoveries in the region that hosts the Luni discovery of WA1 Resources Ltd (ASX:WA1)

• Rapidly evolving targeting models are delivering a high success rate in identifying niobium-REE mineralised carbonatites

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Refer to ASX announcement 8 December 2022

Aileron Cu-REE project – Magnetics (RTP)

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Aileron Project – West Arunta

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New mineralised carbonatites discovered in the first phase of drilling

Emily

• 2km northwest of WA1’s Luni

• Niobium-REE mineralised carbonatites from ~50m depth

Green

• Untested circular magnetic feature interpreted as a potential large intrusive complex

Hurley

• Strike and depth extensive niobiumREE mineralised carbonatite

Crean

• High grade, near surface niobiumREE mineralisation intersected in first drill program

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• Aileron drill targets over RTP magnetics with location of the four areas of carbonatites discovered in 2023 at Emily, Green, Hurley and Crean.

Refer to ENR ASX announcements 29 September 2023 and 31 October 2023

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Aileron Project - Green and Emily targets

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Near surface niobium-REE mineralisation intersected in the first phase of RC drilling testing targets adjacent to Luni

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Aileron drill plan over RTP magnetics showing new carbonatites intersected at Green and Emily. Also highlighted is a large circular magnetic feature interpreted as a potential intrusive complex east of Green (open arrow)

Refer to ENR ASX announcement 31 October 2023

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Aileron Project – Crean target

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First drill program intersected high grade, near surface niobium-REE mineralisation

• EAL007 - 282m @ 0.54% Nb2O5 & 0.17% TREO from 64m to end of hole including:

• 19m @ 1.0% Nb2O5 & 0.2% TREO from 65m

• 48m @ 1.0% Nb2O5 & 0.2% TREO from 181.5m

• 18m @ 0.9% Nb2O5 & 0.2% TREO from 276m

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EAL007 Niobium-REE carbonatite 68-71.7m (part of 19m @ 1.0% Nb2O5 from 65m)

• EAL008 located 1.5km west of EAL007 returned:

• 69m @ 0.8% Nb2O5 & 0.5% TREO from 55m incl:

• 4m @ 3.8% Nb2O5 & 1.9% TREO from 55m

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Refer to ENR ASX announcement 7 August & 6 September 2023

EAL007 Niobium-REE carbonatite 211.6-215.3m (part of 4.9m @ 2.2% Nb2O5 from 209m)

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Aileron Project – Hurley target

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Large scale, depth extensive carbonatite that remains open

• Coincident magnetic-gravity anomaly 3km east of the Crean carbonatite discovery

• Drilling intersected predominantly fresh niobium-REE mineralisation over 1km in strike

• Potential to rapidly establish a large-scale body of mineralisation

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Hurley target drill plan over residual gravity

Refer to ENR ASX announcement 28 June, 25 July, 7 August, 6 & 29 September 2023

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Aileron Project – untested eastern targets

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Falcon airborne gravity survey defines a suite of new, large-scale carbonatite and IOCG targets

• Three significant gravity anomalies (up to ~6 mGal) identified in the eastern part of Aileron

• Potential alkaline/carbonatite intrusions or hematite alteration prospective for IOCG mineralisation

• Mawson, Wordie and Perce diamond drilling to commence in Mar-Apr 2024

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Falcon gravity survey has highlighted a number of high priority targets

Refer to ASX announcement 12 May 2023

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Aileron Project – what comes next…

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Surface geochemistry survey (>1,800 samples) 10,000 RC drill program Preliminary metallurgical assessment of mineralised carbonatites

Surface geochemistry survey (>1,800 samples) Aug – Sep 23 10,000 RC drill program Aug – Nov 23 Preliminary metallurgical assessment of mineralised carbonatites Oct 23 – Feb 24 Assays from Green and Emily Dec 23 – Jan 24 Assays from Hurley and Crean Dec 23 – Feb 24 Evaluation of soil geochemical sampling techniques and results Nov 23 – Jan 24 Preparations for diamond drilling at eastern targets Jan – Feb 24 Follow up diamond/RC/aircore drilling Mar – Nov 24

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Farm-In Projects Large, funded exploration programs targeting Tier 1 discoveries with majors

Diamond drilling at Jessica copper project August 2023 15

NT: a globally significant copper opportunity

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Major exploration programs targeting Tier 1 discoveries in new untested areas

• New Government data has transformed the exploration potential of the Northern Territory

• Vastly underexplored regions under shallow cover

• Highly prospective for sedimentary hosted copper-zinc deposits

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

• Encounter has a portfolio of first mover copper opportunities:

• Jessica & Carrara – separate $15m & $10m farm-ins with South32

  • ENR carried to Scoping Study

• Elliott – $25m farm-in with BHP

• Advancing pipeline of 100% owned projects

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Encounter copper and lithium projects in the Northern Territory – Project Location Plan

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Jessica Copper & Carrara Copper-Zinc Projects First diamond drilling in progress under the South32 farm-in agreements

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• NDI Carrara-1 established the presence of zinc, lead and copper at Carrara

• Near surface copper oxide (malachite) in rock chips from prior water bore drilling at Jessica

• Reprocessing of seismic lines has defined a number of ground-breaking, new drill targets

• 7,400m diamond drill program in progress:

• 5 holes (4,400m) completed at Jessica

• 3 holes (3,000m) underway at Carrara

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Jessica and Carrara project location plan over Bouguer gravity. NDI Carrara-1, which intersected Cu-Zn is highlighted (white diamond)

Refer to ENR ASX announcements 19 Aug 2020, 28 October 2022, 17 May 2023

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Jessica Copper Project

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Copper sulphides intersected in the first drilling of the Zeta IOCG target

• Coincident magnetic-gravity anomaly

• Discrete seismic reflector

• Adjacent to a regionally significant deep feeder structure

• First two drill holes at Zeta, drilled 1.3km apart, intersected several key IOCG indicators including:

• Intense and pervasive red rock hematite alteration

• Chalcopyrite/bornite in thin quartz-

carbonate veins

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Top – Z23DD002 – Chalcopyrite in quartz-carbonate veins (3.2m estimated 0.25% chalcopyrite from 664.55m) Bottom – Z23DD001 – Bornite-chalcopyrite in chlorite quartz–carbonate vein ~457.3m

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Zeta IOCG target – gravity image draped on TMI RTP Magnetics

Refer to ENR ASX announcement 27 September 2023

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100% ENR Projects

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Aileron Niobium-REE-Copper Project – WA Large niobium-REE rich carbonatites discovered Assay results from 10,000m RC drill program December 23 to February 24

Sandover Copper Project - NT Outcropping shale units that contain copper mapped for >20km Diamond drilling November 2023

Junction Lithium Project - NT Confirmed lithium-caesium-tantalum pegmatites No previous drilling

Lamil Copper-Gold Project - Paterson Province WA High-grade copper-gold reefs 25km from Telfer

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About Encounter

One of Australia’s leading mineral explorers advancing projects in emerging new provinces

An in a new exceptionally high discovery rate critical minerals province in the West Arunta

Large, externally funded exploration programs targeting Tier 1 copper discoveries with major partners

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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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