ENCOUNTER RESOURCES LIMITED — AGM Information 2024

Nov 28, 2024

==> picture [252 x 59] intentionally omitted <==

Annual General Meeting 29 November 2024

Building shareholder value through the discovery of niobium and copper in Australia

ASX:ENR

Aircore drilling at Aileron – May 2024

Disclaimer and compliance statement

==> picture [143 x 34] intentionally omitted <==

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.

Slide 7 - Source:

• 1 Mining Technology, CBMM opens niobium anode production facility in Brazil (https://www.mining-technology.com/news/cbmm-opens-niobium-production-facility/)

• 2 GUS Technology and Toshiba Signed Agreement for Next-Generation Niobium Titanium Oxide (NTO) Lithium-ion Batteries (https://www.prnewswire.com/news-releases/gus-technology-and-toshiba-signed-agreement-for-next-generation-niobiumtitanium-oxide-nto-lithium-ion-batteries-302299592.html)

• 4 NOVONIX and CBMM Enter into Joint Development Agreement Focused on Cathode Materials (https://www.novonixgroup.com/novonix-and-cbmm-enter-into-joint-development-agreement-focused-on-cathode-materials/) 5 WAE sign strategic collaboration with Nyobolt (https://nyobolt.com/resources/news/wae-sign-strategic-collaboration-with-nyobolt/)

• 3 Leclanche Presents Lithium-Ion Cell with Niobium Anode Material (https://battery-news.de/en/2024/09/25/leclanche-presents-lithium-ion-cell-with-niobium-anode-

• material/#:~:text=Swiss%20battery%20developer%20Leclanch%C3%A9%20SA,transport%2C%20shipping%2C%20and%20mining.)

• 6 Brazil miner CBMM seeks to sell 45,000 tons of niobium oxide by 2030 (https://www.reuters.com/article/business/autos-transportation/brazil-miner-cbmm-seeks-to-sell-45000-tons-of-niobium-oxide-by-2030-idUSL1N2KF2VE/) 7 Brazilian niobium miner CBMM to invest US$50mn in technology (https://www.bnamericas.com/en/news/brazilian-niobium-miner-cbmm-to-invest-us50mn-in-technology)

2

2024 Highlights

==> picture [143 x 34] intentionally omitted <==

Major exploration campaign – discoveries of niobium-REE in the West Arunta and progress on copper in the NT

• Multiple mineralised carbonatites discovered in the West Arunta

• Highly enriched, near surface niobium-REE mineralisation was intersected at the Crean, Emily and Green prospects

• Well-funded (~$22 million*) to deliver a maiden niobium resource, accelerate exploration activities and progress development study workstreams in the West Arunta

• Farm-in partners South32 and IGO completed copper exploration drilling in WA and NT, results pending

• Sandover (NT) drilling demonstrated basin-wide migration of copper-rich mineralising fluids and returned high-grade copper at the basin-basement interface

==> picture [456 x 388] intentionally omitted <==

3

*Post Placement - refer to ASX announcement 29 November 2024

A premier exploration portfolio

==> picture [143 x 34] intentionally omitted <==

Early mover positions into world-class and emerging minerals belts attracting Tier 1 partners

==> picture [425 x 276] intentionally omitted <==

High impact 100%-owned projects in WA and NT

Commanding land position in the West Arunta mineral province

Large scale copper projects being funded through partnerships with leading miners

Targeting the discovery of new, world-class mineral deposits

Significant and consistent in-ground exploration investment

Early mover into new regions with the application of new datasets

Collaborating with highquality exploration teams at major companies

4

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

Aileron field camp

5

Niobium

==> picture [143 x 34] intentionally omitted <==

Niobium leveraged to global growth and the energy transition

==> picture [212 x 282] intentionally omitted <==

Niobium is a micro alloy for lighter, stronger and more corrosion resistant steel

==> picture [211 x 281] intentionally omitted <==

Enhances next generation batteries with super-fast charging, high energy density and improved safety

==> picture [211 x 281] intentionally omitted <==

Diverse global customer base and classified as a critical mineral by many major western countries

==> picture [212 x 281] intentionally omitted <==

Niobium is a high margin business with only three operating mines (two in Brazil and one in Canada)

6

Niobium Demand - Batteries

==> picture [143 x 34] intentionally omitted <==

Significant momentum building in commercial applications of niobium in batteries

• November 2024: CBMM opens niobium anode production facility in Brazil, producing 2,000 tonnes of Echion Technologies XNO active anode material[1]

• November 2024: GUS Technology and Toshiba signed a collaboration agreement to commercialise next generation Li-ion battery cells utilising Niobium Titanium Oxide (NTO) as the anode. The agreement is backed by CBMM and Sojitz Corporation[2]

• September 2024: Swiss-based battery developer Leclanché SA launched the XN50, the world’s first commercialised Li-ion cell featuring niobium-based anode material XNO from Echion Technologies[3]

• August 2024: Australian-based battery and technology company, Novonix signed a partnership agreement with CBMM to trial niobium in its cathode production processes[4]

• Fortescue owned Williams Advanced Engineering and Nyobolt have a partnership agreement progressing battery technology focused on ultra-fast charging and heavy-duty power train, underpinned by niobium-based anodes[5]

• CBMM is targeting to sell 45,000 tons per annum of niobium oxide by 2030[6] with plans to invest US$52m in technology development for niobium use in battery applications in 2024[7]

==> picture [46 x 46] intentionally omitted <==

Battery Advantages

Fast Charging

Energy Density

Safety

Cycle Life Stability

==> picture [137 x 22] intentionally omitted <==

==> picture [95 x 46] intentionally omitted <==

==> picture [124 x 37] intentionally omitted <==

==> picture [98 x 43] intentionally omitted <==

==> picture [136 x 54] intentionally omitted <==

==> picture [245 x 233] intentionally omitted <==

7

Footnote source references on Slide 2

West Arunta – new niobium+ mineral province

==> picture [143 x 34] intentionally omitted <==

Extraordinary early drill success rates in the West Arunta

• World-class Luni niobium discovery by WA1 Resources (200 Mt @ 1.0% Nb2O5)[1]

• Carbonatite complexes in the West Arunta are strike extensive and host abundant high-grade niobium mineralisation

• West Arunta is a potential major new source of niobium

• Size and grade of discoveries could be transformative for the niobium market

• West Arunta is remote but located in the top tier mining jurisdiction of Western Australia

==> picture [450 x 380] intentionally omitted <==

8

1 Refer to WA1 ASX announcement 1 July 2024

==> picture [143 x 34] intentionally omitted <==

Carbonatite hosted niobium mineralisation

Carbonatites weather preferentially and can host abundant high-grade niobium mineralisation

==> picture [960 x 405] intentionally omitted <==

----- Start of picture text -----

Carbonatites weather preferentially and can host abundant high-grade niobium mineralisation
Mine Grade
Schematic Geological Profile Existing Mines (% Nb2O5) Encounter Prospects
Cover
Upper Saprolite
Leached Zone
Niobium Oxide Araxá
2.48% [1]
Green, Crean, Emily
Enriched Zone Open Pit
Catalao II
1.01% [2]
Open pit
Primary
Carbonatite Crean, Hurley
Niobec
0.41% [3]
Underground
Increasing depth
----- End of picture text -----

• 1 Shikik. A: ‘A review on extractive metallurgy of tantalum and niobium’ Journal of Metallurgy. (2020) 2 China Molybdenum Co., Ltd. ‘Major Transaction Acquisition of Angle America PLC’s Niobium and Phosphates Businesses’. (2016) 3 IAMGOLD Corporation, NI 43-101 Technical Report, Update on Niobec Expansion. (2013)

9

Aileron Project – West Arunta Targeted for IOCG copper-gold – zero previous exploration on the tenements

==> picture [143 x 34] intentionally omitted <==

==> picture [914 x 384] intentionally omitted <==

----- Start of picture text -----

2019
----- End of picture text -----

==> picture [49 x 383] intentionally omitted <==

Aileron project – Magnetics (RTP)

10

Refer to ASX announcement 8 December 2022

Aileron Project – West Arunta Encounter drilled the first hole (incomplete) which intersected anomalous copper, gold, niobium and REE

==> picture [914 x 385] intentionally omitted <==

----- Start of picture text -----

2020
----- End of picture text -----

==> picture [49 x 383] intentionally omitted <==

Aileron project – Magnetics (RTP)

11

Refer to ASX announcement 8 December 2022

Aileron Project – West Arunta WA1 Resources discovered the Luni and P2 carbonatites adjacent to Encounter’s tenement boundaries

==> picture [914 x 385] intentionally omitted <==

----- Start of picture text -----

2022
----- End of picture text -----

==> picture [49 x 383] intentionally omitted <==

Aileron project – Magnetics (RTP)

12

Refer to ASX announcement 8 December 2022

Aileron Project – West Arunta Encounter has discovered high-grade niobium mineralisation at the Green, Crean and Emily carbonatites

==> picture [912 x 383] intentionally omitted <==

----- Start of picture text -----

2024
----- End of picture text -----

==> picture [49 x 383] intentionally omitted <==

Aileron project – Magnetics (RTP)

13

Refer to ASX announcement 8 December 2022

Aileron Project – West Arunta Carbonatite complexes are strike extensive and host abundant high-grade niobium mineralisation

==> picture [960 x 383] intentionally omitted <==

----- Start of picture text -----

Carbonatite Complex
2024
----- End of picture text -----

Aileron project – Magnetics (RTP)

14

Refer to ASX announcement 8 December 2022

Aileron Project – West Arunta Aircore drilling intersecting shallow, high-grade niobium-REE mineralisation across multiple targets

==> picture [756 x 402] intentionally omitted <==

==> picture [103 x 402] intentionally omitted <==

==> picture [103 x 402] intentionally omitted <==

High grade niobium intercepts follow structural corridors defined in geophysics (Magnetics TMI 1vd)

Refer to ASX announcements 8 July, 16 July, 16 September, 14 October 2024

15

Aileron Project – Green

==> picture [143 x 34] intentionally omitted <==

Large mineralised carbonatite containing multiple zones of shallow, high-grade niobium mineralisation

==> picture [572 x 410] intentionally omitted <==

• Initial results demonstrate the continuity of the high-grade niobium system from WA1’s Luni discovery

• EAL894 (197 metre % Nb2O5) is the highest ‘grade x thickness’ RC drill intercept returned from the entire West Arunta province to date

• Diamond hole completed for metallurgical test work

• Assays from the remaining 30 RC holes completed across ~2km of strike will be returned in the coming months

16

Refer to ASX announcement 21 November 2024

Aileron Project – Green

==> picture [143 x 34] intentionally omitted <==

First RC holes completed at the western side of Green demonstrate some of the best, depth extensive niobium mineralisation in the West Arunta

==> picture [473 x 297] intentionally omitted <==

==> picture [416 x 297] intentionally omitted <==

17

Refer to ASX announcement 21 November 2024

Aileron Project – Emily

==> picture [143 x 34] intentionally omitted <==

Enriched niobium oxide mineralisation on the north-west structural trend adjacent to Luni

==> picture [614 x 404] intentionally omitted <==

• Best niobium intercept achieved to date in Oct 2024

• 23m @ 4.2% Nb2O5 from 40m to EOH

• Further assays from aircore drilling expected in Dec 2024

18

Refer to ASX announcements 24 June, 8 July, 16 September 2024

Aileron Project – Crean

==> picture [143 x 34] intentionally omitted <==

Coherent body of thick, high-grade niobium mineralisation over 1.2km in strike

==> picture [147 x 405] intentionally omitted <==

==> picture [668 x 405] intentionally omitted <==

19

Refer to ASX announcements 24 June, 8 July, 16 September 2024

High-grade niobium at multiple prospects

==> picture [143 x 34] intentionally omitted <==

Prospect	Best Select Intersections	Best Select Intersections	Current Status	Next Steps
Green	•	116m @ 1.7% Nb2O5 from 52m (EAL894)	• Aircore drilling has outlined a	• RC drilling to delineate zones
	•	43m @ 2.4% Nb2O5 from 43m (EAL899)	large footprint of +2% Nb2O5	of high-grade mineralisation
	•	16m @ 3.0% Nb2O5 from 47m (EAL500)	• Numerous holes end in mineralisation	• Mineral resource definition
Crean	•	52m @ 3.0% Nb2O5from 81m (EAL256)	• Coherent high-grade	• RC drilling to delineate zones
	•	46m @ 3.1% Nb2O5 from 60m (EAL239)	mineralisation over 1.2km	of high-grade mineralisation
	•	32m @ 2.5% Nb2O5 from 67m (EAL155)	• Numerous holes end in mineralisation	• Mineral resource definition
Emily	•	23m @ 4.2% Nb2O5from 40m (EAL259)	• Aircore drilling completed to	Further aircore drilling to define
	•	20m @ 2.7% Nb2O5 from 41m (EAL225)	test for western extensions	high-grade zones
	•	16m @ 2.7% Nb2O5 from 50m (EAL260)	• Numerous holes end in mineralisation
Hurley	•	24m @ 0.9% Nb2O5 from 66m (EAL034)	Diamond drilling intersected	Explore north and east for
	•	28m @ 0.7% Nb2O5 from 210m (EAL115)	depth extensive primary carbonatite	enriched oxide mineralisation
Joyce	First assays pending (Dec 2024)		First aircore drilling confirmed	Systematically explore Joyce
			another carbonatite complex	with aircore drilling in 2025

20

Refer to ASX announcement 14 October 2024

Aileron Project – Towards Project Development

==> picture [143 x 34] intentionally omitted <==

Progressing to resource definition, metallurgical test work and studies

• Low cost, fast moving aircore has outlined shallow niobium mineralisation across key target areas

Significant Exploration Upside…

• Moving into resource definition RC drilling of the high-grade, near-surface niobium at Green and Crean

• Commanding land position with a large number of targets

• Aircore drilling provides cost effective, fast exploration in areas of shallow cover:

• Diamond drilling completed to support initial metallurgical test work

• Effective for regolith testing (e.g. oxides)

• 2-3x faster than RC

• Transitioning to project development studies including metallurgy, marketing, environmental surveys and preliminary location studies

• ~60% cheaper than RC

• Less ground disturbance

21

Aileron Project – West Arunta

==> picture [143 x 34] intentionally omitted <==

Exploration Upside - Commanding land position and aircore drilling is fast and cost-effective

==> picture [960 x 383] intentionally omitted <==

----- Start of picture text -----

Carbonatite Complex
Resource Definition
2025
Exploration
----- End of picture text -----

Aileron project – Magnetics (RTP)

22

Refer to ASX announcement 8 December 2022

Key Value Drivers

Resources - moving into resource definition of high-grade, nearsurface niobium at Green and Crean

Exploration upside - commanding land position in the West Arunta - aircore drilling is fast and cost-effective

Project development – initiating studies, including metallurgy, environmental and marketing discussions

Valuation upside – potential to re-rate as the scale and value of the West Arunta province is demonstrated

Major Copper Exploration Portfolio A globally significant copper opportunity

Northern Territory

• Encounter has a large portfolio of first mover copper opportunities in the Northern Territory - highly prospective for sedimentary hosted copper deposits

• Jessica farm-in with South32

• ENR carried to Scoping Study

• 2,500m RC/diamond program October 2024

• Sandover Project (100% ENR) – copper mineralisation in first hole at basement unconformity

Western Australia

• Lamil Copper-Gold Project – highly mineralised drill intersections with multiple copper-gold targets located 25km NW of Telfer

• Yeneena Copper Project (IGO $15m farm-in) – Paterson Province in WA – diamond/aircore drilling July 24

==> picture [143 x 34] intentionally omitted <==

==> picture [409 x 382] intentionally omitted <==

==> picture [39 x 382] intentionally omitted <==

Encounter copper projects in the Northern Territory – Project Location Plan

24

Refer to ASX announcement 10 April 2024

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

25