ENCOUNTER RESOURCES LIMITED — Capital/Financing Update 2024

Sep 15, 2024

ASX Announcement 16 September 2024

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High-grade niobium extended across multiple targets – West Arunta

• Green – aircore drilling has delineated a large footprint of near-surface +2% Nb2O5 intercepts with numerous holes ending in mineralisation:

• 10m @ 4.2% Nb2O5 from 57m part of 38m @ 1.5% Nb2O5 from 51m (EAL489)

• 10m @ 4.3% Nb2O5 from 51m part of 16m @ 3.0% Nb2O5 from 47m to EOH (EAL500)

• 18m @ 2.7% Nb2O5 from 44m part of 72m @ 1.0% Nb2O5 from 40m (EAL515)

• 10m @ 3.5% Nb2O5 from 47m part of 47m @ 1.0% Nb2O5 from 43m to EOH (EAL534)

• Crean - high-grade mineralisation extended to over 1.2km in strike. New assays include:

• 10m @ 4.9% Nb2O5 from 98m part of 49m @ 1.7% Nb2O5 from 86m to EOH (EAL439)

• 24m @ 2.1% Nb2O5 from 81m part of 43m @ 1.6% Nb2O5 from 79m to EOH (EAL449)

• 4m @ 5.1% Nb2O5 from 54m part of 18m @ 1.8% Nb2O5 from 48m (EAL457)

• RC drilling has commenced to define high-grade, near surface size and grade parameters

• First line of aircore drilling at the Joyce target (located 5km east of Green) has confirmed another mineralised carbonatite complex[ 1]

Commenting on the new high-grade niobium intercepts, Executive Chairman Will Robinson said: “Encounter’s Aileron project in the West Aruna hosts multiple bodies of high-grade, near-surface niobium oxide mineralisation. Crean is shaping up as a coherent body of thick, high-grade niobium mineralisation. Green contains a large, laterally mineralised zone with frequent high-grade niobium intercepts (+2% Nb2O5 ) defined in broad spaced aircore drilling.

Beyond these discoveries, with new results such as at Joyce, we are continuing to validate our targeting model, which focuses on major regional faults which have the capacity to host mineralised carbonatites over considerable strike length. Finding and delineating high-grade zones, with mineable dimensions, along these mineralised corridors, is an immediate priority.”

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Figure 1 – Green Drill Plan (Magnetics TMI 1vd) – Large footprint of near surface +2% Nb2O5 intercepts[5,6] Encounter Resources Limited P Suite 2, 1 Alvan St E Subiaco WA 6008

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

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Encounter Resources Ltd (“Encounter”) is pleased to announce that aircore drilling has intersected further shallow, high-grade niobium-REE mineralisation across multiple targets at the Aileron project (100% ENR) in the West Arunta region of WA.

These latest results provide further validation of the abundant fertility of this new carbonatite mineral province. The extensive footprint of carbonatites that contain +2% Nb2O5 drill intercepts continues to grow with each drill program.

Importantly, high-grade niobium intersections are repeatedly being achieved in wide spaced, first pass drilling. Follow-up drilling can then rapidly delineate the better mineralised parts of these complexes.

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Figure 2 – Magnetics TMI 1vd - High grade niobium intercepts follow structural corridors defined in geophysics

Green Target

Reconnaissance aircore drilling completed at Green has mapped a large, laterally mineralised zone containing frequent high-grade niobium intercepts over 2% Nb2O5 (Figure 1). New assay results from the Green carbonatite complex include:

• 10m @ 4.2% Nb2O5 from 57m part of 38m @ 1.5% Nb2O5 from 51m (EAL489)

• 10m @ 4.3% Nb2O5 from 51m part of 16m @ 3.0% Nb2O5 from 47m to EOH (EAL500)

• 18m @ 2.7% Nb2O5 from 44m part of 72m @ 1.0% Nb2O5 from 40m (EAL515)

• 10m @ 3.5% Nb2O5 from 47m part of 47m @ 1.0% Nb2O5 from 43m to EOH (EAL534)

The latest assay results include the highest-grade niobium intercepts so far at Green and these will focus the next phase of drilling. RC drilling will now be utilised to delineate coherent high-grade zones, with mineable dimensions, within the large, mineralised carbonatite complex at Green.

2

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Crean Target

Crean is a shaping up as a coherent body of high-grade, near-surface niobium mineralisation running parallel to the Elephant Island Fault. The Elephant Island Fault corridor is a significant regional scale control for the emplacement of mineralised carbonatites in the West Arunta.

In the first phase of the 2024 aircore drill program at Crean, continuous near-surface carbonatite was intersected across four aircore drill lines. Further aircore drilling has extended this mineralisation west to over 1.2km in strike with new near-surface, high-grade oxide intercepts including:

• 10m @ 4.9% Nb2O5 from 98m part of 49m @ 1.7% Nb2O5 from 86m to EOH (EAL439)

• 24m @ 2.1% Nb2O5 from 81m part of 43m @ 1.6% Nb2O5 from 79m to EOH (EAL449)

• 4m @ 5.1% Nb2O5 from 54m part of 18m @ 1.8% Nb2O5 from 48m (EAL457)

RC drilling will now define the width and depth parameters of the strike extensive high-grade mineralisation discovered at Crean.

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Figure 3 – Crean Drill Status Plan - High-grade mineralisation extended to over 1.2km in strike[2,3,4]

Next Steps

Targeted RC drilling has commenced to test the depth extent and define the parameters of highgrade zones at Crean and Green.

In addition, the first line of aircore drilling at the Joyce target (located 5km east of Green) successfully established another carbonatite complex that is anomalous in niobium and rare earth elements (REE) via handheld pXRF field analysis[1] . This carbonatite complex will be systematically explored with further aircore drilling planned for October 2024.

Assay results from diamond holes at Hurley and aircore drilling testing for western extensions of Emily will be returned during October 2024.

3

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1 Cautionary Statement - The references to the presence of anomalism recorded in pXRF are not considered to be a proxy or substitute for laboratory analyses. Determination of mineralisation has been based on geological logging, visual observation and confirmation using a pXRF machine. No pXRF results are reported however the tool was used to verify the mineralisation. pXRF readings may not be representative of the average concentrations of the elements of interest. As such, pXRF results are used as a logging/sampling verification tool only. Laboratory analysis will be required to determine the level of mineralisation contained in the carbonatite complexes. Visual estimates of mineral abundance or anomalism recorded on pXRF should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Hole ID from (m) to (m) interval (m) _Nb_2_O_5% TREO % Nd + Pr (ppm) _P_2_0_5%	Prospect
EAL439 86 135 49 1.7 0.8 1529 4.4 Crean*
including 98 108 10 4.9 1.3 2457 3.7 Crean
EAL448 44 52 8 0.2 0.4 875 2.3 Crean
EAL449 79 122 43 1.6 0.7 1364 7.6 Crean*
including 81 105 24 2.1 0.9 1750 3.6 Crean
and 115 117 2 2.1 0.7 1356 20.7 Crean
EAL457 48 66 18 1.8 1.0 1935 4.8 Crean
including 54 58 4 5.1 2.4 4573 22.7 Crean
EAL458 74 100 26 1.2 0.6 1077 15.8 Crean*
including 92 94 2 2.2 0.8 1499 20.7 Crean
including 96 98 2 2.2 1.0 1810 22.2 Crean
EAL476 48 50 2 0.2 0.4 1014 3.4 Crean
EAL326 41 43 2 0.2 1.5 4825 1.4 Green
EAL328 44 50 6 0.2 0.4 626 0.3 Green
and 62 72 10 0.2 0.4 643 0.4 Green
EAL432 35 94 59 0.6 0.4 528 3.7 Green*
including 43 45 2 2.1 0.9 1689 3.7 Green
EAL487 62 73 11 0.6 0.2 373 3.2 Green*
EAL489 51 89 38 1.5 0.8 1484 5.3 Green
including 57 67 10 4.2 2.0 2828 8.3 Green
and 111 113 2 0.4 0.2 454 3.8 Green
and 119 131 12 0.5 0.2 369 6.2 Green
EAL490 60 62 2 0.2 0.3 637 1.7 Green
EAL491 103 105 2 0.3 0.1 136 2.6 Green
EAL499 115 123 8 1.5 0.3 499 8.1 Green*
including 115 117 2 2.8 0.5 752 4.2 Green
EAL500 47 63 16 3.0 0.8 1501 12.9 Green*
including 51 61 10 4.3 1.1 2033 18.7 Green
EAL503 91 93 2 0.2 0.0 95 2.0 Green
EAL509 40 42 2 0.5 0.2 334 0.5 Green
and 48 56 8 0.3 0.7 942 2.0 Green
EAL510 68 78 10 1.2 0.3 497 2.4 Green*
including 74 76 2 2.3 0.4 721 2.4 Green
EAL511 52 54 2 0.2 0.0 70 0.1 Green
and 78 80 2 0.2 0.0 49 1.5 Green
EAL513 64 67 3 0.2 0.0 24 0.3 Green*
EAL514 33 49 16 0.3 0.2 330 0.6 Green
and 109 111 2 0.3 0.2 441 6.2 Green
and 119 121 2 0.2 0.1 89 0.9 Green

4

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Hole ID from (m) to (m) interval (m) _Nb_2_O_5% TREO % Nd + Pr (ppm) _P_2_0_5%	Prospect
EAL515 40 112 72 1.0 0.5 845 8.1 Green
including 44 62 18 2.7 1.1 1983 16.2 Green
and 120 123 3 0.4 0.6 1051 7.2 Green*
EAL516 32 50 18 0.4 0.3 530 1.5 Green
and 56 117 61 0.9 0.5 883 7.3 Green*
including 90 94 4 2.1 0.4 857 10.7 Green
and 106 108 2 2.4 0.7 1287 16.9 Green
EAL517 38 88 50 0.6 0.3 527 2.0 Green
including 42 48 6 2.2 1.0 1963 5.0 Green
and 94 101 7 0.3 0.1 155 1.5 Green*
EAL378 38 62 24 0.2 0.4 810 1.8 Green
and 68 112 44 0.4 0.2 433 2.7 Green*
EAL521 57 59 2 0.3 0.2 403 0.2 Green
and 87 95 8 0.2 0.2 265 0.6 Green
and 111 113 2 0.3 0.0 88 1.2 Green
EAL522 84 90 6 0.5 0.1 194 4.6 Green
EAL523 42 71 29 1.3 0.5 929 6.7 Green
including 66 71 5 3.2 0.8 1394 16.9 Green*
EAL524 40 90 50 0.3 0.1 145 0.8 Green
and 98 108 10 0.3 0.1 198 3.1 Green
EAL530 23 35 12 0.5 0.1 228 0.3 Green
and 41 43 2 0.2 0.1 171 0.3 Green
and 77 78 1 0.2 0.1 106 1.1 Green*
EAL532 53 57 4 0.2 0.4 682 9.9 Green
and 85 89 4 0.3 0.2 300 5.6 Green
and 99 103 4 0.3 0.1 194 2.8 Green
EAL533 50 54 4 0.2 0.4 748 2.3 Green
EAL534 43 90 47 1.0 0.4 727 5.4 Green*
including 47 57 10 3.5 1.0 1905 4.0 Green
EAL535 45 61 16 0.2 0.1 117 0.5 Green
and 85 87 2 0.2 0.2 388 4.3 Green
EAL536 46 50 4 0.2 0.1 93 0.4 Green
and 70 78 8 0.2 0.1 188 2.0 Green

Table 1. Drillhole assay intersections above 0.2% Nb2O5. Intervals greater than 2% Nb2O5 have been reported as included intervals. * denotes intersection to the end of hole.

2 ASX announcement 7 August 2023

3 ASX announcement 24 June 2024

4 ASX announcement 8 July 2024

5 ASX announcement 16 July 2024

6 ASX announcement 31 July 2024

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Hole_ID	Hole_Type	Grid_ID	MGA_East	MGA_North	MGA_RL	Azimuth	Dip	EOH Depth	Prospect
EAL148	AC	MGA94_52	425600	7547395	377	180	-60	67	Crean
EAL149	AC	MGA94_52	425599	7547584	376	180	-60	83	Crean
EAL434	AC	MGA94_52	426148	7547267	377	180	-60	102	Crean
EAL435	AC	MGA94_52	426148	7547309	377	180	-60	74	Crean
EAL436	AC	MGA94_52	426154	7547351	377	180	-60	79	Crean
EAL437	AC	MGA94_52	426149	7547393	377	180	-60	74	Crean
EAL438	AC	MGA94_52	426146	7547426	377	180	-60	104	Crean
EAL439	AC	MGA94_52	426146	7547465	377	180	-60	135	Crean
EAL440	AC	MGA94_52	426150	7547510	376	180	-60	76	Crean
EAL441	AC	MGA94_52	426148	7547549	376	180	-60	83	Crean
EAL443	AC	MGA94_52	425959	7547217	377	180	-60	109	Crean
EAL444	AC	MGA94_52	425954	7547259	377	180	-60	90	Crean
EAL445	AC	MGA94_52	425950	7547307	377	180	-60	99	Crean
EAL446	AC	MGA94_52	425947	7547348	377	180	-60	94	Crean
EAL447	AC	MGA94_52	425948	7547385	377	180	-60	93	Crean
EAL448	AC	MGA94_52	425945	7547423	376	180	-60	90	Crean
EAL449	AC	MGA94_52	425946	7547461	376	180	-60	122	Crean
EAL450	AC	MGA94_52	425937	7547502	376	180	-60	88	Crean
EAL451	AC	MGA94_52	425006	7547225	377	180	-60	75	Crean
EAL452	AC	MGA94_52	425005	7547266	377	180	-60	68	Crean
EAL453	AC	MGA94_52	425006	7547308	377	180	-60	69	Crean
EAL454	AC	MGA94_52	425004	7547346	377	180	-60	69	Crean
EAL456	AC	MGA94_52	425800	7547392	377	180	-60	87	Crean
EAL457	AC	MGA94_52	425803	7547429	376	180	-60	98	Crean
EAL458	AC	MGA94_52	425800	7547456	376	180	-60	100	Crean
EAL459	AC	MGA94_52	425794	7547507	376	180	-60	87	Crean
EAL460	AC	MGA94_52	425796	7547548	376	180	-60	79	Crean
EAL461	AC	MGA94_52	425940	7547551	376	180	-60	83	Crean
EAL462	AC	MGA94_52	425605	7547430	376	180	-60	74	Crean
EAL463	AC	MGA94_52	425600	7547464	376	180	-60	68	Crean
EAL464	AC	MGA94_52	425602	7547514	376	180	-60	82	Crean
EAL465	AC	MGA94_52	425599	7547555	376	180	-60	86	Crean
EAL475	AC	MGA94_52	425795	7547309	377	180	-60	72	Crean
EAL476	AC	MGA94_52	425795	7547340	377	180	-60	88	Crean
EAL477	AC	MGA94_52	425602	7547300	377	180	-60	67	Crean
EAL478	AC	MGA94_52	425602	7547346	377	180	-60	56	Crean
EAL320*	AC	MGA94_52	439009	7541495	385	180	-60	122	Green
EAL335*	AC	MGA94_52	439788	7541333	386	180	-60	95	Green
EAL342*	AC	MGA94_52	439791	7542460	387	180	-60	135	Green
EAL343*	AC	MGA94_52	439799	7542619	388	180	-60	115	Green
EAL344*	AC	MGA94_52	439797	7542779	389	180	-60	60	Green
EAL346*	AC	MGA94_52	439806	7543106	390	180	-60	101	Green
EAL355*	AC	MGA94_52	440605	7541070	388	180	-60	53	Green
EAL356*	AC	MGA94_52	440600	7541237	388	180	-60	42	Green
EAL357*	AC	MGA94_52	440608	7541367	389	180	-60	51	Green
EAL358*	AC	MGA94_52	440602	7541533	389	180	-60	61	Green
EAL359*	AC	MGA94_52	440600	7541670	388	180	-60	56	Green

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Hole_ID	Hole_Type	Grid_ID	MGA_East	MGA_North	MGA_RL	Azimuth	Dip	EOH Depth	Prospect
EAL360*	AC	MGA94_52	440600	7541844	388	180	-60	66	Green
EAL361*	AC	MGA94_52	440605	7542006	388	180	-60	70	Green
EAL367*	AC	MGA94_52	440602	7542971	389	180	-60	123	Green
EAL369*	AC	MGA94_52	440599	7543297	390	180	-60	64	Green
EAL370*	AC	MGA94_52	441406	7541059	390	180	-60	64	Green
EAL371*	AC	MGA94_52	441400	7541225	390	180	-60	80	Green
EAL372*	AC	MGA94_52	441402	7541387	390	180	-60	79	Green
EAL373*	AC	MGA94_52	441397	7541549	390	180	-60	77	Green
EAL374*	AC	MGA94_52	441396	7541701	390	180	-60	75	Green
EAL375*	AC	MGA94_52	441401	7541868	389	180	-60	76	Green
EAL376*	AC	MGA94_52	441402	7542031	389	180	-60	67	Green
EAL377*	AC	MGA94_52	441403	7542183	389	180	-60	77	Green
EAL378*	AC	MGA94_52	441404	7542349	389	180	-60	112	Green
EAL380*	AC	MGA94_52	441403	7542670	390	180	-60	72	Green
EAL381*	AC	MGA94_52	441402	7542830	390	180	-60	113	Green
EAL382*	AC	MGA94_52	441399	7542992	390	180	-60	68	Green
EAL383*	AC	MGA94_52	441401	7543145	391	180	-60	63	Green
EAL384*	AC	MGA94_52	441404	7543301	391	180	-60	56	Green
EAL386*	AC	MGA94_52	442204	7541206	390	180	-60	60	Green
EAL387*	AC	MGA94_52	442203	7541373	390	180	-60	62	Green
EAL388*	AC	MGA94_52	442201	7541538	391	180	-60	72	Green
EAL389*	AC	MGA94_52	442199	7541702	391	180	-60	108	Green
EAL395*	AC	MGA94_52	442204	7542655	392	180	-60	60	Green
EAL396*	AC	MGA94_52	442202	7542819	392	180	-60	60	Green
EAL397*	AC	MGA94_52	442201	7542977	393	180	-60	60	Green
EAL398*	AC	MGA94_52	442203	7543128	393	180	-60	72	Green
EAL399*	AC	MGA94_52	442200	7543288	394	180	-60	72	Green
EAL401*	AC	MGA94_52	443801	7541054	391	180	-60	58	Green
EAL402*	AC	MGA94_52	443800	7541214	391	180	-60	80	Green
EAL403*	AC	MGA94_52	443801	7541374	391	180	-60	78	Green
EAL409*	AC	MGA94_52	443800	7542338	396	180	-60	104	Green
EAL410*	AC	MGA94_52	443804	7542499	396	180	-60	59	Green
EAL411*	AC	MGA94_52	443799	7542658	396	180	-60	42	Green
EAL412*	AC	MGA94_52	442988	7541036	390	180	-60	57	Green
EAL413*	AC	MGA94_52	442995	7541201	391	180	-60	72	Green
EAL414*	AC	MGA94_52	442997	7541365	392	180	-60	86	Green
EAL415*	AC	MGA94_52	442989	7541529	392	180	-60	94	Green
EAL420*	AC	MGA94_52	442999	7542324	393	180	-60	80	Green
EAL422*	AC	MGA94_52	442999	7542648	395	180	-60	66	Green
EAL423*	AC	MGA94_52	443000	7542800	396	180	-60	72	Green
EAL424*	AC	MGA94_52	443001	7542962	396	180	-60	80	Green
EAL425*	AC	MGA94_52	442999	7543122	396	180	-60	63	Green
EAL431*	AC	MGA94_52	439404	7542216	387	180	-60	98	Green
EAL432	AC	MGA94_52	438995	7541894	386	0	-90	94	Green
EAL433	AC	MGA94_52	438997	7542057	387	0	-90	68	Green
EAL487	AC	MGA94_52	438600	7541341	384	0	-90	73	Green
EAL489	AC	MGA94_52	438604	7541419	384	0	-90	131	Green

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Hole_ID	Hole_Type	Grid_ID	MGA_East	MGA_North	MGA_RL	Azimuth	Dip	EOH Depth	Prospect
EAL490	AC	MGA94_52	438610	7541503	385	0	-90	110	Green
EAL491	AC	MGA94_52	438608	7541579	385	0	-90	117	Green
EAL492	AC	MGA94_52	438595	7541664	385	0	-90	135	Green
EAL493	AC	MGA94_52	438590	7541747	386	0	-90	58	Green
EAL494	AC	MGA94_52	438596	7541832	386	0	-90	53	Green
EAL495	AC	MGA94_52	438598	7541908	387	0	-90	40	Green
EAL496	AC	MGA94_52	438596	7541991	387	0	-90	43	Green
EAL497	AC	MGA94_52	438605	7542067	387	0	-90	47	Green
EAL498	AC	MGA94_52	438596	7542141	388	0	-90	53	Green
EAL499	AC	MGA94_52	438997	7541433	385	0	-90	124	Green
EAL500	AC	MGA94_52	439005	7541581	385	0	-90	63	Green
EAL501	AC	MGA94_52	438999	7541750	386	0	-90	80	Green
EAL502	AC	MGA94_52	439399	7541584	385	0	-90	95	Green
EAL503	AC	MGA94_52	439399	7541740	386	0	-90	102	Green
EAL504	AC	MGA94_52	439402	7542381	388	0	-90	63	Green
EAL505	AC	MGA94_52	439801	7541902	386	0	-90	69	Green
EAL507	AC	MGA94_52	439803	7542535	388	0	-90	83	Green
EAL508	AC	MGA94_52	440199	7541902	387	0	-90	69	Green
EAL509	AC	MGA94_52	440202	7541979	387	0	-90	77	Green
EAL510	AC	MGA94_52	440197	7542063	387	0	-90	78	Green
EAL511	AC	MGA94_52	440195	7542142	387	0	-90	81	Green
EAL512	AC	MGA94_52	440199	7542222	387	0	-90	81	Green
EAL513	AC	MGA94_52	440197	7542301	387	0	-90	67	Green
EAL514	AC	MGA94_52	440197	7542380	387	180	-60	126	Green
EAL515	AC	MGA94_52	440208	7542472	387	180	-60	123	Green
EAL516	AC	MGA94_52	440198	7542538	387	180	-60	118	Green
EAL517	AC	MGA94_52	440202	7542618	387	180	-60	101	Green
EAL518	AC	MGA94_52	440195	7542699	388	180	-60	100	Green
EAL519	AC	MGA94_52	440201	7542777	388	180	-60	120	Green
EAL520	AC	MGA94_52	440600	7542088	388	180	-60	69	Green
EAL521	AC	MGA94_52	440597	7542251	388	180	-60	135	Green
EAL522	AC	MGA94_52	440604	7542413	388	180	-60	95	Green
EAL523	AC	MGA94_52	440598	7542581	388	180	-60	71	Green
EAL524	AC	MGA94_52	440597	7542739	388	180	-60	114	Green
EAL525	AC	MGA94_52	440602	7542895	389	180	-60	117	Green
EAL526	AC	MGA94_52	440600	7543055	389	180	-60	75	Green
EAL527	AC	MGA94_52	441000	7541998	389	180	-60	33	Green
EAL528	AC	MGA94_52	441001	7542080	389	180	-60	36	Green
EAL529	AC	MGA94_52	441003	7542162	389	180	-60	135	Green
EAL530	AC	MGA94_52	441003	7542234	388	180	-60	78	Green
EAL531	AC	MGA94_52	441007	7542321	388	180	-60	103	Green
EAL532	AC	MGA94_52	441007	7542401	389	180	-60	129	Green
EAL533	AC	MGA94_52	441005	7542481	389	180	-60	103	Green
EAL534	AC	MGA94_52	441005	7542558	389	180	-60	90	Green
EAL535	AC	MGA94_52	441006	7542645	389	180	-60	91	Green
EAL536	AC	MGA94_52	441004	7542721	389	180	-60	97	Green
EAL548	AC	MGA94_52	441004	7542798	389	180	-60	100	Green

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Hole_ID	Hole_Type	Grid_ID	MGA_East	MGA_North	MGA_RL	Azimuth	Dip	EOH Depth	Prospect
EAL549	AC	MGA94_52	441005	7542879	390	180	-60	79	Green
EAL550	AC	MGA94_52	441000	7542962	390	180	-60	112	Green
EAL551	AC	MGA94_52	441004	7543034	390	180	-60	113	Green

Table 2- Aircore drillhole collar table from Crean and Green.

*** denotes previously announced planned collars with updated final co-ordinates and RLs**

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About Encounter

Encounter is one of Australia’s leading mineral exploration companies listed on the ASX. Encounter’s primary focus is on discovering major copper and niobium/REE deposits in Australia.

Encounter controls a large portfolio of 100% owned projects in Australia’s most exciting mineral provinces that are prospective for copper and critical minerals including the Aileron project in the West Arunta region of WA. Complementing this, Encounter has numerous large scale copper projects being advanced in partnership and funded through farm-in agreements.

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For further information, please contact:

Will Robinson Michael Vaughan Executive Chairman Fivemark Partners +61 8 9486 9455 +61 422 602 720 contact@enrl.com.au michael.vaughan@fivemark.com.au

The information in this report that relates to Exploration Results and visual observations 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 Resources Limited.

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SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sounds, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Aircore drilling has been completed to obtain samples for geological logging and assaying. Aircore drilling was used to obtain samples at 1 metre intervals. 2 metre composite samples were created using a scoop to collect a composite sample in a pre-numbered calico. This composite sample was sent for lab analysis. AC samples underwent routine pXRF analysis using a Bruker S1 TITAN to aid in logging and identifying zones of interest.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used Drill hole collar locations were recorded by handheld GPS, which has an estimated accuracy of +/- 5m.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information AC drilling was used to obtain 2m composite samples each approximately 1.5-2kg. All samples were submitted to ALS Laboratories in Perth where they were crushed and pulverised for analyses. Samples were submitted for ALS method ME-MS81hD with overlimit determination via ME-XRF30. (ME-MS81hD reports high grade REE elements by lithium meta-borate fusion and ICP-MS. This method produces quantitative results of all elements, including those encapsulated in resistive minerals.)
Drilling techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). Results reported in this announcement refer to samples from AC drilling. A Challenger RA 150 aircore rig mounted on a 4 x 4 MAN truck was utilised to complete the drill program
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed AC sample recoveries were estimated as a percentage and recorded by Encounter field staff.
	Measures taken to maximise sample recovery and ensure representative nature of the samples Driller’s used appropriate measures to minimise downhole and/or cross-hole contamination in AC drilling. Where contamination of the sample was suspected this was noted by Encounter field staff as a percentage.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. To date, no detailed analysis to determine the relationship between sample recovery and/or and grade has been undertaken for this drill program.

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Criteria	JORC Code explanation Commentary
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Encounter geologists have completed geological logs on all AC chips for holes where assays are reported. All reported holes have been logged in full with lithology, alteration and mineralisation recorded.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Geological logging is qualitative in nature and records interpreted lithology, alteration, mineralisation and other geological features of the samples.
	The total length and percentage of the relevant intersections logged Encounter geologists have completed geological logs on all AC chips at Crean and Green reported in this announcement
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. No assays from core drilled are reported in this announcement.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. Composite samples were created using a scoop to collect a composite sample in a pre-numbered calico bag in the ratio of one sample for every two metres. This composite sample was sent for lab analysis. Samples were recorded as being dry, moist or wet by Encounter field staff.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Sample preparation was completed at ALS Laboratories in Perth for analyses. Samples were crushed and pulverised to enable a subsample for analyses. This is considered appropriate for the analysis undertaken.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Field QC procedures involve the use of commercial certified reference materials (CRMs) and inhouse blanks. The insertion rate of these is at an average of 1:33.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Field duplicates were taken during AC drilling at a rate of 1:50. The results from these duplicates are assessed on a periodical basis.
	Whether sample sizes are appropriate to the grain size of the material being sampled. No work has been done to date to determine if the sample sizes are appropriate for the material being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. All samples were submitted to ALS Laboratories in Perth for analysis. Assays have been reported from ALS package ME-MS81hD (package of methods ME-MS81h + ME-ICP06). ALS method ME-MS81h reports high grade REE elements via fusion with lithium borate flux followed by acid dissolution of the fused bead coupled with ICP-MS analysis. It provides a quantitative analytical approach for a broad suite of trace elements. This method is considered a complete digestion allowing resistive mineral phases to be liberated. Elements reported: Ba, Ce Cr, Cs, Dy, Er, Eu, Ga, Gd, Hf, Ho, La, Lu, Nb, Nd, Pr, Rb, Sc, Sm, Sn, Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, Zr.

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	Additionally whole rock oxides are reported by method ME-ICP06 by analysing the same digested solution by ICP-AES and include LOI. Oxides reported: Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO, TiO2, LOI Additionally base metals are reported from ALS method ME- 4ACD81, a separate four-acid digestion and ICP-AES. Elements reported: Ag, As, Bi, Cd, Co, Cu, Li, Mo, Ni, Pb, S, Tl, Zn. Niobium overlimit determination (>50,000ppm Nb) completed via ALS method ME-XRF30. Assays have been reported from ME- XRF30 when completed. Standard laboratory QAQC was undertaken and monitored.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. AC samples underwent routine pXRF analysis every second metre using a Bruker S1 TITAN to aid in geological logging and identifying zones of interest. All pXRF readings were taken in GeoExploration mode with a 30 second 3 beam reading. OREAS supplied standard reference materials were used to check the pXRF instrument. No pXRF results are being reported.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Laboratory QAQC involves the use of internal lab standards using certified reference material and blanks as part of in-house procedures. Encounter also submits an independent suite of CRMs and blanks (see above). A formal review of this data is completed on a periodic basis.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. Geological observations included in this report have been verified by Sarah James (Exploration Manager)
	The use of twinned holes. No twinned holes have been drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary logging and sampling data is being collected for drillholes on toughbook computers using Excel templates and Maxwell Geoservice’s LogChief software. Data collected is uploaded to Encounter’s Database (Datashed software), which is backed up daily.
	Discuss any adjustment to assay data. Standard stoichiometric calculations have been applied to convert element ppm data to relevant oxides. Industry standard calculation for TREO as follows La2O3+ CeO2+ Pr2O3+ Nd2O3+ Sm2O3+ Eu2O3+ Gd2O3+ Tb2O3+ Dy2O3+ Ho2O3+ Er2O3+ Tm2O3+ Yb2O3+ Y2O3+ Lu2O3 Conversion factors La2O3 1.1728 CeO2 1.2284 Pr2O3 1.1703 Nd2O3 1.1664 Sm2O31.1596 Eu2O3 1.1579 Gd2O3 1.1526 Tb2O3 1.151 Dy2O3 1.1477 Ho2O3 1.1455 Er2O3 1.1435

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	Tm2O31.1421 Yb2O3 1.1387 Y2O3 1.2699 Lu2O3 1.1371 Nb2O5 1.4305
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Drill hole collar locations are determined using a handheld GPS (accuracy +-5m). No downhole surveys were collected during aircore drilling.
	Specification of the grid system used. Horizontal Datum: Geocentric Datum of Australia1994 (GDA94) Map Grid of Australia 1994 (MGA94) Zone 52.
	Quality and adequacy of topographic control. RLs were assigned using a DTM created during the detailed aeromagnetic survey.
Data spacing and distribution	Data spacing for reporting of Exploration Results. The reported drill hole spacing at Green is nominally 80-160m with north-south drill traverses 400m-800m apart. The reported drill hole spacing at Crean is 40m with north-south drill traverses at 150-200m apart.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Mineralisation has not yet demonstrated to be sufficient in both geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications to be applied.
	Whether sample compositing has been applied. Intervals have been composited using a length weighted methodology.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. This is early-stage exploration drilling and the orientation of the holes with respect to key structures is not fully understood. Reported results are downhole length. True width geometry of the mineralisation is not yet known due to insufficient drilling in the targeted area.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. This is early-stage exploration drilling and the orientation of the holes with respect to key structures is not fully understood. Reported results are downhole length. True width geometry of the mineralisation is not yet known due to insufficient drilling in the targeted areas.
Sample security	The measures taken to ensure sample security. The chain of custody is managed by Encounter. Samples were transported by Encounter personnel and reputable freight contractors to the assay laboratory.
Audits or reviews	The results of any audits or reviews of sampling techniques and data. Sampling techniques and procedures are regularly reviewed internally, as is data. To date, no external audits have been completed on Aileron data.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties including joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The Aileron project is located within the tenements E80/5169, E80/5469, E80/5470 and E80/5522 which are held 100% by Encounter Resources The tenements are contained within Aboriginal Reserve land where native title rights are held by the Parna Ngururrpa and the Tjamu Tjamu.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties. Prior to Encounter Resources, no previous on ground exploration has been conducted on the tenement other than government precompetitive data.
Geology	Deposit type, geological setting and style of mineralisation The Aileron project is situated in the Proterozoic West Arunta Province of Western Australia. The geology of the area is poorly understood due to the lack of outcrop and previous exploration. The interpreted geology summarises the area to be Paleo – Proterozoic in age and it is considered prospective for IOCG style and carbonatite-hosted critical mineral deposits.
Drill hole information	A summary of all information material to the understanding of the exploration results including tabulation of the following information for all Material drill holes:  Easting and northing of the drill hole collar  Elevation or RL (Reduced Level – elevation above sea level in meters) of the drill hole collar  Dip and azimuth of the hole  Down hole length and interception depth  Hole length Refer to tabulation in the body of this announcement
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. All reported assays have been length weighted, with a nominal 0.2% Nb2O5lower limit and a maximum of 4m of internal dilution. Selected intervals greater than 2% Nb2O5have been reported separately. No upper cuts- offs have been applied.
	Where aggregated intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. All reported assays have been length weighted, with a nominal 0.2% Nb2O5lower limit and a maximum of 4m of internal dilution. Selected intervals greater than 2% Nb2O5have been reported separately. No upper cuts- offs have been applied.
	The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalents have been reported in this announcement.
Relationship between mineralization widths and intercept lengths	These relationships are particularly important in the reporting of exploration results. If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). Reported results are downhole length. True width geometry of the mineralisation is not yet known due to insufficient drilling in the targeted areas.

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Criteria	JORC Code explanation	Commentary
Diagrams	Appropriate maps and sections (with scales) and
	tabulations of intercepts should be included for any
	significant discovery being reported. These should	Refer to body of this announcement
	include, but not be limited to a plane view of drill
	hole collar locations and appropriate sectional
	views.
Balanced Reporting	Where comprehensive reporting of all Exploration Results is not practical, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of	All reported assays have been length weighted, with a nominal 0.2% Nb2O5lower limit and a maximum of 4m of internal dilution. Selected intervals greater than 2% Nb2O5have been reported separately. No upper cuts-
	Exploration Results.	offs have been applied.
Other	Other exploration data, if meaningful and material,
substantive exploration data	should be reported including (but not limited to): geological observation; geophysical survey results;	All meaningful and material information has been
	geochemical survey results; bulk samples – size	included in the body of the text.
	and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock	No metallurgical assessments have been completed.
	characteristics; potential deleterious or
	contaminating substances.
Further Work	The nature and scale of planned further work (e.g.
	tests for lateral extensions or depth extensions or
	large – scale step – out drilling).	Targeted RC drilling to test the depth extent and define
	Diagrams clearly highlighting the areas of possible extensions, including the main geological	the parameters high-grade zones.
	interpretations and future drilling areas, provided
	this information is not commercially sensitive.

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