ENCOUNTER RESOURCES LIMITED — Capital/Financing Update 2026

Apr 21, 2026

ASX Announcement ASX Announcement

22 April 2026

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Aileron Resources Grow by Over 50% to 120Mt

Encounter Resources (ASX: ENR) (‘Encounter’ or ‘the Company’) is pleased to announce a substantial increase in the Niobium Inferred Mineral Resource Estimate (MRE) at the Aileron project (“Aileron”) in the West Arunta region of Western Australia. The updated MRE is the product of the 2025 drill program and confirms Aileron, as one of the world’s most significant undeveloped niobium deposits.

Key Highlights:

Substantial Resource Increase

• 83% growth in Green Inferred MRE from the initial estimate reported May 2025[9] to:

• 100Mt @ 0.71% Nb2O5 (0.25% cut-off) containing 19Mt @ 1.6% Nb2O5 (1.0% cut-off)

• Aileron’s combined Inferred MRE has increased by 54% to:

• 120Mt @ 0.77% Nb2O5 (0.25% cut-off) containing 26Mt @ 1.7% Nb2O5 (1.0% cut-off)

• Field operations underway at Aileron targeting:

• upgraded resource classification of potential high-grade starter pit locations

• ongoing expansion of the niobium-REE resource base

Accelerating Studies

• Resource size and grade established to underpin studies targeting a potential multidecade mining operation

• Focus shifting to pre-development activities and studies including metallurgy, mining, environmental, geotechnical and hydrogeological work

• Substantial upside to the MRE

• Target-rich pipeline with ~15 regional prospects to be drill tested in 2026

• Follow up high-grade REE intersections outside of the niobium deposits

• Significant potential remains for high-grade, fresh-rock niobium-REE mineralisation

Executive Chairman, Will Robinson, comments:

“The 2025 drilling program has delivered a step-change in scale at Green, with the resource now exceeding 100 million tonnes and continuing to grow along strike and at depth. This scale and grade provide a strong foundation for a potential long-life, high-grade mining operation.

While advancing pre-development activities at Green, Encounter is continuing to execute its proven exploration strategy across the region, targeting further discoveries and material growth in the Aileron resource base.”

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Figure 1 – Green and Emily MRE outline in plan view

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Figure 2 – Green Block Model in isometric view

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Green Mineral Resource Estimate Update

The updated independent Inferred Mineral Resource Estimate reported in accordance with the JORC Code (2012) for the Green deposit (see Figure 2) is 19Mt @ 1.6% Nb2O5 (above a 1.0% Nb2O5 cutoff) contained within 100Mt @ 0.71% Nb2O5 (above a 0.25% Nb2O5 cut-off). This represents a 48% increase in contained Nb2O5 in the high-grade portion at Green, which is the focus of Encounter’s pre-development and study activities.

The combined Inferred Mineral Resource Estimate for the Aileron Project (see Figure 1) is:

• 26 million tonnes @ 1.7% Nb ₂ O ₅ (above a 1.0% Nb ₂ O ₅ cut-off) within:

• 120 million tonnes @ 0.77% Nb ₂ O ₅ (above a 0.25% Nb ₂ O ₅ cut-off).

Encounter completed 16,026m of drilling at Green through the 2025 field season which delivered significant growth and improved the resolution of tonnes and grade. Resource growth was driven by increasing the strike of the deposit by over 2 km to the east and defining extensions to high-grade zones within the broader footprint of the deposit.

The estimate reflects updated geological interpretation of the weathered carbonatite intrusions and revised estimation inputs, including variography and Ordinary Kriging parameters. These changes have resulted in an increase in reported tonnes and contained Nb ₂ O ₅ relative to the May 2025 Mineral Resource Estimate[9] , with no material change to key reporting assumptions, including cut-off grade, conceptual open pit mining basis and high-level economic parameters, and the Mineral Resource remaining classified as Inferred. As a result of the drilling success at Green, the deposit’s contained Nb ₂ O ₅ grew by 83%, with its high-grade (1.0% Nb ₂ O ₅ cut-off) contained Nb ₂ O ₅ component growing by 48%.

Encounter engaged Snowden Optiro Pty Ltd (“Snowden Optiro”) to prepare the MRE which is reported in accordance with the JORC Code (2012 Edition).

Mineralisation was modelled within multiple weathered carbonatite intrusions, defined using geological logging and a 0.2% Nb ₂ O ₅ cut-off grade.

Mineralisation is hosted within wide, strike-extensive weathered carbonatite intrusions, along a major fault corridor. A series of coherent high-grade cores sit within a larger mineralised halo. The deposit has been drilled over 4,500m of strike and remains open to the east. Mineralisation is located beneath 20 to 60 metres of cover and extends from approximately 80 to 180 metres below surface.

During 2025, drill spacing at Green was reduced to approximately 200m × 80m (locally 40m), compared to previous section spacing of ~400m. Despite this improvement, the drill spacing remains relatively broad for detailed grade estimation. Consequently, grade interpolation in areas more distal from drilling is based on wider search parameters and a greater number of composites, resulting in smoothing of grade distribution and a potential conservative bias in higher-grade zones. Planned infill drilling is expected to reduce estimation uncertainty and improve the resolution of grade continuity.

Infill and extensional drilling at Green will commence in May 2026 to upgrade the resource classification in areas of the deposit with the potential to support high-grade starter pits.

The Company considers that the Green deposit has demonstrated that it hosts the tonnes and grade to potentially support a mining operation and is the main focus of pre-development work and studies. The Company is completing metallurgical test work focusing on Green as a priority, and will complete further environmental surveys, geotechnical drilling, water bore drilling and associated studies throughout the 2026 field season.

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The Company has determined an indicative site layout for the potential future mining operation and is planning to complete environmental surveys and sterilisation drilling over the area through the 2026 field season. The site layout will be determined based on shallow depth to basement, proximity to mining areas, minimisation of surface water impacts and ongoing proactive engagement with traditional owner groups.

Updated Aileron Inferred MRE

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Table 1 – Aileron Project Mineral Resource Estimate

Notes:

• The Mineral Resource is constrained within optimised pit shells based on a price of US$45 per kilogram Nb (US$30/kg FeNb) and is reported above a 0.25% Nb2O5 cut-off grade.

• The resource reported above a 1% Nb2O5 cut-off grade is a subset of the 0.25% Nb2O5 cut-off grade.

• All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

• 2025 MRE refers to the MRE released on 14 May 2025[9]

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Exploration Upside

Fresh Rock Mineralisation

Encounter’s drilling has focussed on the near-surface oxide mineralisation across the Green, Emily and Crean deposits, and the MRE does not include primary (or fresh) mineralisation.

There are currently three large-scale operating niobium mines, with two of them (Catalão II and St Honoré) mine and process niobium mineralisation hosted in the primary carbonatite while the largest mine, Araxá mines oxide material.

There is significant potential for future resource growth in fresh rock mineralisation within the extensive carbonatite complexes of the West Arunta. Significant fresh rock intersections, outside of the MRE, ending in mineralisation include[1,2,3] :

• 19m @ 1.2% Nb2O5 within 42m @ 0.9% Nb2O5 from 126m to EOH (EAL894)

• 27m @ 0.9% Nb2O5 from 117m to EOH (EAL911)

• 16m @ 1.2% Nb2O5 within 26m @ 0.9% Nb2O5 from 100m to EOH (EAL942)

• 28m @ 1.1% Nb2O5 within 39m @ 0.9% Nb2O5 from 126m to EOH (EAL1375)

Encounter has begun initial assessment of the considerable potential for fresh-rock niobium and REE mineralisation.

REE Potential

Carbonatite complexes often host niobium and rare earth element (REE) deposits in separate domains within multi-phase intrusions. While discoveries to date at Aileron have predominantly been enriched, weathered niobium-rich deposits, there is significant potential for REE-dominant carbonatite deposits.

Encounter has drilled a significant number of high-grade, REE-dominant intersections outside of the niobium-dominant MRE at Aileron. This includes 2025 diamond drilling at Green which identified REE-rich fluorocarbonates on the southern margin of the niobium deposit, and subsequent step-out aircore drilling which identified REE-dominant zones in saprolite, further along strike on Green’s southern margin. Drilling has also identified REE-dominant mineralisation on Green’s northern margin (EAL550). Significant intersections include[4] :

• 46m @ 1.0% TREO from 43m, from 61m to end of hole (EAL1293)

• 2m @ 3.9% TREO from 61m (EAL1294)

• 14m @ 1.5% TREO from 40m (EAL1362)

Exploration for separate high-grade REE dominant deposits within the intrusive complexes will be completed in conjunction with niobium focused drilling at Aileron.

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Forward Plan

Key workstreams for the 2026 Aileron field season include:

• Infill drilling at Green, Emily and Crean – Further infill drilling is planned to target an upgrade in resource classification at Green, and increase continuity of high-grade zones along strike. At Emily, shallow aircore holes that ended in mineralisation will be followed up with deeper drilling to test depth potential. Potential extensions along strike and at depth will be followed up at Crean.

• Metallurgical test work – Test work is underway including beneficiation, impurity removal and final product processing, utilising multiple composites. Geometallurgical modelling is underway to inform the optimal flotation regime for the high-grade mineralisation at Green.

• Pre-development activities – Surveys and site evaluations to be completed during the 2026 field season across geotechnical, hydrogeology and environmental to inform key design elements for mining, process engineering, site layout and logistics.

• Diamond drilling – EIS co-funded diamond drilling will be used to test new targets at depth.

• Regional drilling – The Company has defined a set of high-priority targets for 2026 aircore drilling, focused on structurally complex zones along the key mineralised faults within its tenure. Targets will be initially tested with cost effective aircore drilling.

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Table 2: Aileron Inferred Mineral Resource Estimate (JORC Code 2012)

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Notes:

• The Mineral Resource is constrained within optimised pit shells based on a price of US$45 per kilogram Nb (US$30/kg FeNb) and is reported above a 0.25% Nb2O5 cut-off grade.

• The resource reported above a 1% Nb2O5 cut-off grade is a subset of the 0.25% Nb2O5 cut-off grade.

• All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

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Figure 3 – Aileron Grade-Tonnage Curve

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Technical Overview

The following is a material information summary relating to the Green, Emily and Crean Mineral Resource estimates consistent with ASX Listing Rule 5.8.1 requirements. Further details are provided in the JORC Code Table 1.

Geology and Geological Interpretation

The Aileron Project is situated within the Proterozoic West Arunta Province of Western Australia, a geologically underexplored region due to limited outcrop and historical activity. Recent work, including the 2024 GSWA report based on 2023 Encounter EIS drill cores, has identified Paleoproterozoic gneisses, metasedimentary rocks, and younger Mesoproterozoic garnet-bearing granitic gneiss, all affected by granulite facies metamorphism. These basement rocks were later intruded in the Neoproterozoic by carbonatite, lamprophyre, and aillikite-type intrusions.

The Aileron Project hosts three carbonatite-related niobium deposits—Green, Crean, and Emily— interpreted to have intruded along major structural corridors, including the Elephant Island Fault (Crean) and Weddell Fault (Emily and Green). These structures have focused intrusions and associated fenitisation of the gneissic and metasedimentary host rocks.

• Green: Carbonatites strike ENE–WSW, curving toward E–W and then arc towards WNW-ESE strike. The dip is poorly constrained due to limited deep drilling. Sub-horizontal oxide-enriched niobium mineralisation is derived from weathered and deflated primary carbonatite.

• Emily: The intrusion’s geometry is less defined due to limited drilling. However, sub-horizontal oxide enrichment is consistent with weathering of primary carbonatite.

• Crean: Carbonatite strikes ENE–WSW and dips steeply north to sub-vertical. The northern extent of mineralisation remains poorly defined. Weathered oxide mineralisation is again interpreted to originate from primary carbonatite.

The nearby Luni Deposit (WA1 Resources), along strike from Green and Emily, is an analogous carbonatite-hosted, oxide-enriched niobium system. The broader West Arunta belt remains prospective for carbonatite-hosted critical minerals, IOCG-style copper, and orogenic gold.

Drilling Techniques

Drilling at Aileron has been carried out using a combination of drilling techniques. A total of 413 drillholes for 45,299 meters, comprising aircore (AC), reverse circulation (RC), and diamond drill (DD) holes have been used for mineralisation interpretation at the project. A total of 307 drillholes for 33,836 meters comprising aircore (AC), reverse circulation (RC), and diamond drill (DD) holes have been used for the Green mineralisation interpretation, including 16,026 meters completed during the 2025 field season. Drilling was undertaken during 2023, 2024 and 2025 and managed by Encounter using contractors.

RC holes were drilled at diameter of 146mm or at 143mm (using an AC/RC combination rig). AC holes were drilled at diameter of 90mm, 143mm (using an AC/RC combination rig) or 83mm (by the Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method).

Diamond holes were drilled using HQ3 (61mm), PQ3 (85mm) or NQ2 (51mm) equipment. Drill core was oriented using the industry standard Reflex orientation tool.

Sampling techniques

Sampling at Aileron utilised standard procedures employed across all drilling methods, with samples considered representative for the purposes of reporting.

• RC: Samples were collected in 1–2 metre intervals directly from a rig-mounted cone splitter.

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• AC: Samples were collected at 1 metre intervals. For assay purposes, 2 metre composite samples were formed using a scoop from individual 1 metre samples. Where AC drilling was conducted using a combination AC/RC rig, samples were collected at 1 metre intervals via a cone splitter mounted on the rig. Where AC drilling was conducted using Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method, bulk samples were collected every 1m interval downhole. The entire 1m bulk sample was submitted to the lab where it was dried, crushed (-2mm) and a representative split was obtained for analysis.

• DD: Drill core was logged and marked up for sampling at nominal 1 metre intervals. Sampling intervals were adjusted to geological boundaries where appropriate. Entire core intervals were submitted for analysis to ensure representativity. Core was crushed and a sub-sample split was taken at the laboratory for assay.

These sampling approaches are consistent with current industry best practice for geochemical analysis and are appropriate for the style of mineralisation targeted.

Sample Preparation and Assay

All samples were submitted to ALS Laboratories in Adelaide or Perth where they were crushed and pulverised for analyses.

All samples were analysed in Perth using ALS method ME-MS81hD with overlimit determination via ME-XRF30 or ME-XRF15b, 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.

Bulk Density

A total of 313 bulk density values were collected using the Volume Bulk Density Method, an advanced variation of the Caliper method, utilising a 3D-model obtained through digital scanning to determine sample volume. Primarily applied to core trays but adaptable to other containers, the process begins by weighing the tray containing the sample, ensuring all artifacts are removed, and subtracting the weight of an empty tray to isolate the sample's mass. A reference geometry is then defined, either through approximation or by scanning with the Minalyzer CS. The sample volume is calculated by comparing average heights across a raster grid between the reference and sample geometries, with the differences at each point representing localized volume contributions. Summing these values yields the total sample volume, which, combined with the measured weight, allows for accurate bulk density calculation.

Estimation Methodology

Mineral Resource estimates across all deposits were prepared using industry-standard software including Leapfrog Geo for geological and mineralisation modelling, Snowden Supervisor for geostatistical analysis, and Datamine Studio RM for drillhole validation, block modelling, grade estimation, classification, and reporting.

The mineralised zones at the Green deposit was modelled using a nominal cut-off grade of 0.20% Nb ₂ O ₅ while Emily and Crean prospects were modelled using a nominal cut-off grade of 0.25% Nb ₂ O ₅ , reflecting consistent niobium mineralisation across the project areas.

The estimation process employed Ordinary Kriging (OK) based on 2 metre downhole composites, with top cuts applied to selected domains to reduce the influence of outlier grades. This approach was deemed appropriate given the spatial continuity of mineralisation observed through detailed variogram analysis.

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Grade estimation was conducted into parent blocks measuring 50 metres east-west by 20 metres north-south by 5 metres vertically (RL), oriented to match the strike of mineralisation. To better honour geological volumes, sub-celling was applied down to a minimum of 5m × 5m × 1m. Drill spacing was approximately 200m × 40m for all the deposits. For domains where block grades could not be interpolated due to limited data, the average domain grade was assigned.

A three-pass estimation strategy was adopted. The first pass utilised variogram ranges and required a minimum of 6 and maximum of 12 samples. The second and third passes expanded the search distances to 1.5 and 3 times the variogram range respectively, while reducing the minimum required samples to 4. A constraint of no more than four composites per drillhole was applied to ensure spatial representation. Dynamic anisotropy was used throughout to accommodate the undulating geometry of the mineralised layers.

Hard boundaries were applied between distinct mineralisation domains for all analytes. For Nb ₂ O ₅ % and TREO%, soft boundaries were used between weathering zones, while P ₂ O ₅ % estimations applied hard boundaries throughout. Variogram analysis determined the spatial continuity of mineralisation, with major ranges of up to 428m for Green, 300m for Emily, and 600m for Crean (Nb ₂ O ₅ ).

All models were validated using visual checks, swath plots, statistical comparison of composites vs block model, and domain-by-domain volume checks.

Classification

The Mineral Resource has been classified following the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (the JORC Code). The Mineral Resource has been classified as Inferred on the basis of confidence in geological, grade continuity and by taking into account the quality of the sampling and assay data, and confidence in estimation of niobium, based on the robustness of the grade estimate as determined from the drillhole spacing, geological confidence and grade continuity.

Cut-off Grade

A cut-off grade of 0.25% Nb ₂ O ₅ was adopted for reporting the Mineral Resource within the constraints of an optimised pit shell. This decision was based on a high-level preliminary evaluation of potential modifying factors.

Reasonable Prospects for Eventual Economic Extraction

The Mineral Resources for Green, Emily and Crean have been assessed for reasonable prospects of eventual economic extraction (RPEEE) in accordance with the JORC Code. Green, Emily and Crean have been reported as open pit resources.

For this early-stage evaluation, the following indicative parameters were considered: a ferro-niobium (FeNb) market price of approximately US$30/kg (based on a contained niobium price of US$45/kg), a metallurgical recovery to concentrate of 50%, mining costs of US$3.25 per tonne, processing costs of US$20 per tonne, and general and administrative (G&A) costs of US$3 per tonne. Based on these assumptions, a cut-off grade of 0.25% Nb ₂ O ₅ is considered to offer a reasonable basis for defining a head grade that supports the potential for economic extraction.

Mineralogy and Metallurgical Factors or Assumptions

The main niobium minerals in the Aileron deposits have been identified by thin section petrography and TIMA examination as pyrochlore and columbite. Most of the mineralogy work has been at the Green deposit. Mineralogy work completed on a metallurgical composite made from hole EAL940 demonstrates pyrochlore is the dominant niobium-bearing mineral, with columbite present in lesser

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quantities. This work was completed on a composite sample which had been subjected to stage grinding down to P100 1,000µm and screened into four size fractions. Pyrochlore shows excellent liberation properties in the -150µm / +38 µm fraction, with 88% of the mineral volume classified as either well liberated (>90%) or high-grade middlings (60-90%). Columbite also showed acceptable liberation at this size fraction.

Based on the identified niobium and gangue mineralogy it is anticipated that the ‘ore’ should process similarly to other niobium deposits. Metallurgical assumptions were based on publicly available data for existing niobium mines and process flowsheets, backed up with mineralogical examination of drill cores and RC samples.

Niobium production generally involves the initial concentration of niobium minerals such as pyrochlore to produce concentrates grading around 50% Nb2O5 which is then converted to ferroniobium with approximately 65% Nb. Initial concentration is typically by a combination of physical beneficiation such as magnetic separation and desliming, followed by flotation. The initial concentrate may then be treated hydrometallurgically for example by leaching to remove impurities such as phosphates. The final ferroniobium product is produced by conversion in a furnace.

Niobium Market

Niobium is a critical element, and is a vital input into aerospace, defence, automotive, construction and health technologies. Niobium’s applications in superconductors and energy storage also highlight its importance in emerging and high-growth technologies.

The core market for niobium is the high-strength low-alloy (‘HSLA’) steel market where ferroniobium is a critical input into the steel alloying process, significantly improving steel’s toughness and formability. In 2023, the total supply of niobium was estimated to be 83 kt Nb[5] , of which approximately 73 kt Nb was ferroniobium demand from the steel industry.

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Figure 4 - Key Niobium Producers and Deposits[6,7,8]

Niobium pentoxide and high-purity niobium metal alloys represent important growth markets. These include niobium-titanium (Nb-Ti) as a superconductor in MRI machines, niobium C103 (Nb-Hf-Ti) in various aerospace applications.

Niobium pentoxide and high-purity niobium metal alloys represent important growth markets. These include niobium-titanium (Nb-Ti) as a superconductor in MRI machines, niobium C103 (Nb-Hf-Ti) in various aerospace applications and niobium anodes being trialled in the battery industry for their fast charging and cycle life capabilities.

Supply is concentrated from Brazil, where approximately 87% of niobium is produced, with CBMM’s Araxá mine responsible for 76% of global production. Other supply comes from CMOC’s Catalão II mine in Brazil (11%), Magris Performance Material’s Niobec mine in Canada (8%), and minor quantities as a by-product from predominantly tantalum concentrate processing (5%).

Aileron represents an exciting new potential source of supply for the niobium industry, with multiple deposits demonstrating grades between 1.5 – 2.0% Nb2O5, similar to the world-class Araxá deposit.

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About Encounter

Encounter Resources Limited (ASX:ENR) is a leading Australian mineral exploration company focused on the discovery of major copper and niobium/rare earth element (REE) deposits.

The Company holds a commanding portfolio of 100%-owned projects located in some of Australia’s most prospective mineral belts, targeting copper and critical minerals. Key among these is the Aileron Project in the highly endowed West Arunta region of Western Australia, emerging as a significant frontier for critical mineral exploration.

Encounter’s strategy is centred on high-impact discovery in Tier 1 jurisdictions, leveraging strong technical capability and a proven track record of attracting leading industry partners.

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Will Robinson Paul Berson Executive Chairman Investor Relations - Corporate Storytime +61 8 9486 9455 +61 421 647 445 contact@enrl.com.au paul@corporatestorytime.com

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 information in this report which relates to Mineral Resources for Green, Emily and Crean deposits at the Aileron Project was prepared by Ms Susan Havlin and reviewed by Dr Andrew Scogings, both employees of Snowden Optiro. Ms Havlin is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and Dr Scogings is a Member of the Australian Institute of Geoscientists (RPGeo Industrial Minerals) and they have sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and to the activity undertaken to qualify as Competent Persons as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Havlin and Dr Scogings consent to the inclusion of the information in the release in the form and context in which it appears.

The information in this document that relates to metallurgical test work is based on, and fairly represents, information and supporting documentation reviewed by Mr Enej Catovic, BEng. (Hons.) (Chemical Engineering), who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Catovic is a consultant who has been engaged by Encounter Resources Ltd to provide metallurgical consulting services. Mr Catovic has approved and consented to the inclusion in this document of the matters based on his information in the form and context in which it appears.

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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 Persons findings are presented have not been materially modified from the original market announcements.

1 ENR ASX announcement 17 December 2025

2 ENR ASX announcement 20 November 2024

3 ENR ASX announcement 21 January 2025

4 ENR ASX announcement 27 October 2025

• 5 CBMM: The Niobium Swing Producer, SFA Oxford (3 April 2025)

• 6 Shikik. A: ‘A review on extractive metallurgy of tantalum and niobium’ Journal of Metallurgy. (2020)

• 7 China Molybdenum Co., Ltd. ‘Major Transaction Acquisition of Angle America PLC’s Niobium and Phosphates Businesses’. (2016)

• 8 IAMGOLD Corporation, NI 43-101 Technical Report, Update on Niobec Expansion. (2013)

9 ENR ASX announcement 14 May 2025

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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. Assay data used in mineral resource estimation are from RC, AC and DD drilling at Green, Emily and Crean. All samples underwent routine pXRF analysis in the field using a Bruker S1 TITAN to aid in logging and identifying zones of interest. No pXRF data has been used in mineral resource estimation.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used All samples are considered to be representative. Industry standard workflows for RC, AC and DD drilling have been followed. RC samples at Green were collected every 1 meter from the drill rig cone splitter into pre numbered calico bags approximately 2- 3kg sample weight. Remaining downhole RC material from the 1m interval was captured in a green mining bag or a 450mm x 750mm calico bag if wet. When splitting by cone splitter was not suitable the entire 1m interval was sent to the lab for splitting and crushing. RC drilling at Emily was used to obtain 2m interval samples via a rig-mounted cone splitter, each sample captured approximately 3kg of material in a calico bag which was sent to the lab. At Green, Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method was used to obtain a bulk samples every 1m interval downhole. Bulk material from each 1m interval was captured in a green mining bag or a 450mm x 750mm calico bag. The entire 1m bulk sample was submitted to the lab where it was dried, crushed (- 2mm) and a representative split was obtained for analysis. At Green, Emily and Crean 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. 15 AC holes at Emily were drilled and sampled at 1m intervals via a rig-mounted cone splitter. Each sample captured approximately 3kg of material in a calico bag which was sent to the lab. Samples from diamond drillholes were marked up at nominal 1m intervals and samples were constrained to within geological boundaries. To ensure representivity drillcore was sampled as whole core, which was crushed and a representative split was taken at the lab for analysis.
	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’). All samples were submitted to ALS Laboratories in Adelaide or Perth where they were crushed and pulverised for analyses. All samples were analysed in Perth using ALS method ME- MS81hD with overlimit determination via ME-XRF30 or ME- XRF15b. (ME-MS81hD reports high grade REE elements by lithium meta-borate fusion and ICP-MS. This method produces

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	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 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, Bangka, 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). RC holes were drilled at diameter of 146mm by Strike drilling or 143mm by Stark Drilling (using an AC/RC combination rig). AC holes were drilled at diameter of 90mm by Bullion Drilling , at 143mm by Stark Drilling (using an AC/RC combination rig), or at 83mm by Wallis Drilling (using their proprietary, dual tube, patented Air-Core bit (AC) drilling method). DD holes were drilled by DDH1 using HQ3 (61mm), PQ3 (85mm) or NQ2 (51mm) equipment. Drillcore was oriented using industry standard Reflex ori tool.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed All sample recoveries were estimated as a percentage and recorded in the database by Encounter field staff. Analysis of RC and AC bulk weights revealed good recovery in line with hole diameter and average assumed density. Bulk sample weight analysis of RC and AC revealed some bulk cyclical weight fluctuations linked to rod changes during drilling. Diamond core recoveries were recorded each drill run by drill crews and validated by Encounter Geologists. Core recovery averaged 95%.
	Measures taken to maximise sample recovery and ensure representative nature of the samples Driller’s used appropriate measures to minimise down-hole and/or cross-hole contamination in RC and AC drilling. Drilling procedures are in place to reduce bulk weight fluctuation, maximise sample recovery and ensure representivity. During RC drilling blow-down valves are used to keep the hole dry and dust suppression applied. Shroud tolerance was minimised to prevent excessive loss to outside return. Wallis AC is designed around the Reverse Circulation principle, the sample is returned up the concentric inner tube. The Wallis system uses a designed-in, slight vacuum at the bit face to lift samples directly into the inner tube. There is minimal, if any contamination. Where isolated occurrences of contamination of the sample was suspected this was noted by Encounter field staff as a percentage. This was noted in 18 samples and represents a negligible percentage of samples at Green. HQ and PQ diamond core were drilled using triple tube to ensure maximum core recovery.
	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. Diamond drill holes were completed as twins to verify RC and AC drilling results at Green and Crean. A review of sample recoveries, grade, sampling methods and twinned drillholes has determined that there is no relationship between sample recovery and grade.

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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 holes. All reported holes have been logged in full with lithology, alteration and mineralisation recorded. Geological logging has been reviewed using multi element geochemistry to verify geological observations.
	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 holes reported in this announcement
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. Diamond drillcore was sampled by ALS laboratories as whole core, which was crushed and a representative split was taken for multi element analysis
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. All samples were recorded as being dry, moist or wet in the database by Encounter field staff. RC samples were collected from the drill rig cone splitter into pre numbered calico bag. At Green remaining downhole RC material from the 1m interval was captured in a green mining bag or a 450mm x 750mm calico bag if wet. When wet, the entire 1m interval was sent to the lab where it was dried, crushed (-2mm) and split. When splitting by cone splitter was not suitable the entire 1m interval was sent to the lab for splitting and crushing At Green, Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method was used to obtain a bulk samples every 1m interval downhole. Bulk material from each 1m interval was captured in a green mining bag or a 450mm x 750mm calico bag. The 1m bulk sample was submitted to the lab where it was dried, crushed (-2mm) and a representative split was obtained for analysis. At Green, Emily and Crean 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. 15 AC holes at Emily were drilled and sampled at 1m intervals via a rig-mounted cone splitter. Each sample captured approximately 3kg of material in a calico bag which was sent to the lab.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Sample preparation was completed at ALS Laboratories in Adelaide and analysed in the Perth laboratory. Samples were crushed and pulverised to a nominal 85% passing 75 microns 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 duplicates were taken during RC and AC drilling.

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	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. RC field duplicates were collected on the rig via cone splitter at a rate of 1:20. Additional duplicates were collected through the mineralized zone at Green at a rate of approximately 1:5 Field duplicates were taken during AC drilling and were collected using the same sampling method as the primary sample at a rate of 1:50. Coarse split duplicates were taken from bulk AC samples at the lab at a rate of approximately 1:5 through the mineralised zone. No coarse split duplicates were taken from the diamond drillcore.
	Whether sample sizes are appropriate to the grain size of the material being sampled. The sample sizes, sub -sampling techniques and sample preparation are considered to be 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 ME-MS81hD (package of methods ME-MS81h + MEICP06). ALS method ME-MS81h reports high grade rare earth 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. 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 Niobium overlimit determination (>50,000ppm Nb) completed via ALS method ME-XRF30 or ME-XRF15b. Assays have been reported from MEXRF30 or ME-XRF15b when completed.
	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. Samples underwent routine pXRF analysis at 1 metre intervals using a Bruker S1 TITAN to aid in 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 calibrate 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. Standard field and laboratory QAQC was undertaken and monitored. Encounter submits an independent suite of certified reference materials and blanks at average ratio of 1:30. In RC and Wallis AC drilling at Green, blank samples were inserted within and at the end of mineralised zones as determined by the site geologist based on geological observations and pXRF readings. QAQC review identified that assay results for CRMs were generally accurate, though there was limited grade coverage above 0.67% Nb₂O₅. 4 CRM swaps were detected and corrected. Duplicate precision analysis showed that cone splitter duplicates

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	provided more reliable results than scoop duplicates, with only minor bias observed in high-grade samples. Overall duplicate precision is very good and holds across several orders of magnitude and no systematic bias is evident. Contamination control analysis indicated that while most blank samples fell within acceptable limits, some showed elevated niobium levels, suggesting potential contamination issues that need to be addressed. Quartz flushes are routinely being inserted within and at the end of mineralised zones as determined by the site geologist based on geological observations and pXRF readings to check for potential contamination from laboratory preparation processes. ALS Laboratory QAQC involves the use of internal lab standards using certified reference material and blanks as part of in-house laboratory procedures. Quality control procedures and review have shown that acceptable levels of accuracy and precision have been established fit for purpose for the estimation and reporting of mineral resource classification.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. Sampling and assay data have been verified and reviewed by Encounter Principal Geologist Sarah James and Snowden Optiro Managing Consultant Susan Havlin.
	The use of twinned holes. Diamond drillholes have been completed at Green and Crean for the purpose of twinning and verifying RC and AC drill results and to provide additional material for mineralogical and metallurgical work.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Primary logging and sampling data is collected for drillholes on toughbook computers using Maxwell Geoservice’s LogChief software and using excel templates (physical and electronic). Data is sent offsite by email to be loaded or direct synced to Encounter’s SQL 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 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- Drill hole collar locations are recorded using a handheld GPS which has an estimated accuracy of ± 5m.

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	hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Down hole surveys were collected during RC drilling at Green at approximately 30m intervals downhole. No downhole surveys were collected during AC 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 drill hole spacing at Green is nominally 40-80m spaced on section with drill traverses 200m and 400m apart. The drill hole spacing at Crean is nominally 40m spaced on section with drill traverses 200m apart. The drill hole spacing at Emily is nominally 80m spaced on section with drill traverses 200m and 400m 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. Drill data spacing has been determined by the Competent Person to be sufficient in both geological and grade continuity appropriate for the Mineral Resource estimation classification applied.
	Whether sample compositing has been applied. 2 metre composite samples were created from some Aircore drilling using a scoop to collect a composite sample in the field. The MS Access database supplied to Snowden Optiro for resource estimation did not have any further sample compositing applied.
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. Carbonatite intrusions have exploited interpreted structural corridors including the Elephant Island and the Weddell Faults. The orientation of oxide-enriched mineralisation is sub- horizontal and derives from primary fresh carbonatites by deflationary and regolith processes. The orientation of carbonatite intrusions at Green follow approximate ENE-WSW strike with a gentle curve towards E- W and then arcs towards WNW-ESE strike. The dip of the primary carbonatites below the top of fresh rock at Green is poorly constrained due to the limited number of drillholes that have sufficiently tested at depth. The orientation of the carbonatite intrusion at Crean is ENE- WSW strike. The orientation of the primary carbonatite at Crean is steep northerly to sub- vertical in dip. The orientation of the northern boundary of Crean mineralisation is less constrained due to the limited number of drillholes that have sufficiently tested this position. The orientation of Carbonatite at Emily is poorly constrained due to the limited number of drillholes that have sufficiently tested at depth or at the edges of the carbonatite.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this The relationship between drilling orientation and the orientation of oxide-enriched mineralisation is not considered to have introduce any sampling bias.

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	should be assessed and reported if
	material.
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.
		Sampling techniques and procedures are regularly reviewed
		internally, as is data.
	The results of any audits or reviews of	A QAQC review has been completed by Snowden Optiro on
Audits or reviews	sampling techniques and data.	Aileron drilling data.
		Multi element geochemistry and geological domaining
		methodology has been reviewed by Senior Encounter geologists
		and by Snowden Optiro Competent Person Andrew Scogins.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral tenement		The Aileron project is located within the tenements
and land tenure status	Type, reference name/number, location and ownership including agreements or	E80/5169, E80/5469, E80/5470 and E80/5522 which are held 100% by Encounter Resources
	material issues with third parties including joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or	The tenements are contained within Aboriginal Reserve land where native title rights are held by the Parna Ngururrpa and the Tjamu Tjamu.
	national park and environmental	Mineral Resources are defined at Green (E80/5469),
	settings.	Crean (E80/5169) and Emily (E80/5469) wholly within
		Parna Ngururrpa native title determination area.
Exploration done		Prior to Encounter Resources, no previous on ground
by other parties	Acknowledgment and appraisal of	exploration has been conducted on the tenement other
	exploration by other parties.	than government precompetitive data.
Geology		The Aileron project is situated in the Proterozoic West
		Arunta Province of Western Australia. The geology of the
		area is poorly studied due to the lack of outcrop and
		previous exploration.
		A 2024 GSWA report (using 2023 Encounter EIS drill
		cores) has documented Paleoproterozoic gneisses and
		metasedimentary rocks in the region. A younger,
		Mesoproterozoic garnet-bearing granitic gneiss has now
		been documented in the belt. Granulite facies
		metamorphism occurred soon after this Mesoproterozoic
		magmatic emplacement. In the Neoproterozoic gneissic
		rocks were intruded by post metamorphic, cogenetic
		carbonatite, lamprophyre and aillikite-type
		lamprophyres.
		The extensive geological history in the belt is still being
		unravelled by ongoing research studies. The belt is
		prospective for carbonatite-hosted critical mineral
	Deposit type, geological setting and	deposits, IOCG style copper deposits and orogenic gold.
	style of mineralisation	Green, Crean and Emily are carbonatite related niobium
		deposits. Oxide-enriched mineralisation has derived
		from primary niobium enriched carbonatites through
		deflationary and regolith weathering processes.
		The Aileron carbonatites have intruded into gneisses and
		metasedimentary basement rocks along interpreted
		structural corridors including the Elephant Island (at
		Crean) and the Weddell Fault (at Emily and Green).
		Carbonatite intrusions have intensely fenitised (altered)
		surrounding basement rocks. Lamprophyre intrusions
		interpreted as cogenetic with carbonatites are present,
		particularly near the margins of carbonatite intrusions.
		Preferential weathering of carbonatites has accelerated
		oxidation and resulted in niobium enrichment at Green,
		Crean and Emily.
		The Luni deposit (WA1 Resources), along strike from
		Green and Emily is an analogous oxide enriched
		carbonatite related niobium deposit in the belt.

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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 No new drillholes are being reported. Refer to tabulation from previous announcements.
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 previously reported assays have been length weighted, with a nominal 0.2% Nb2O5lower limit and a maximum of 3m of internal dilution. Intervals greater than 1% Nb2O5cutoff have been reported as including. Selected intervals greater than 2% Nb2O5cut off have been reported. No upper cutoffs 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 previously reported assays have been length weighted, with a nominal 0.2% Nb2O5lower limit and a maximum of 3m of internal dilution. Intervals greater than 1% Nb2O5cutoff have been reported as including. Selected intervals greater than 2% Nb2O5cut off have been reported. No upper cutoffs have been applied.
	The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalents have been reported.
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’). All previously reported results are downhole length. True width geometry of the mineralisation is not yet known.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plane view of drill hole collar locations and appropriate sectional views. Refer to body of this announcement
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 Exploration Results. All previously reported results have been balanced and transparently reported as exploration results.

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Other	Other exploration data, if meaningful
substantive	and material, should be reported
exploration data	including (but not limited to): geological
	observation; geophysical survey
	results; geochemical survey results;	All meaningful and material information has been
	bulk samples – size and method of treatment; metallurgical test results;	included in the body of the text.
	bulk density, groundwater, geotechnical
	and rock 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).
	Diagrams clearly highlighting the areas	Refer to body of this announcement.
	of possible extensions, including the
	main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	sensitive.

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Snowden Optiro received the final drillhole database from Encounter Resources (Encounter) on 25thMarch 2026. A MS Access database was supplied.
	Data validation procedures used. Prior to undertaking resource estimation, a high-level data review and referential checks were conducted, including topo to collar checks, overlapping and duplicate records. All data was found to be appropriate for Mineral Resource Estimation. The drillholes and all data used in the MRE is in MGA. Collars appear to be measured with high-level of accuracy and have decimal places. Snowden Optiro is of the opinion that the drillhole data is suitable for resource estimation for all of the deposits, given the level of classification applied.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case. The Encounter CP, responsible for the data and geological interpretation has visited site and observed collars, drill pads and general site layout. The Snowden Optiro CP’s have not conducted a site visit due to the remote location of the deposit and lack of activityduringthe estimationperiod.
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Green The Green deposit comprises four sub-horizontal lodes trending ENE-WSW with a gentle curve towards E-W. The mineralisation horizons are restricted to the oxide material. Emily The Emily deposit comprises six sub-horizontal lodes trending E-W. Emily has niobium enrichment in both the oxide and transported material. Crean The Crean deposit comprises two-sub horizontal lodes trending E-W. The mineralisation horizons are restricted to the oxide material. All deposits The geological interpretation is based on logging of drillholes and grade. The confidence in geological interpretation is reflected by the assigned Mineral Resource classification

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Nature of the data used and of any assumptions made.

All deposits

Both assay and geological data were used for the mineralisation interpretation, with holes for each area listed below;

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Aircore drilling was used to inform the estimation and interpretation.

Geological and mineralisation continuity between drillholes and sections is adequate. Some of the mineralised lodes have limited drillholes. The modelling of these domains assumes reasonable continuity; however, additional drilling is required to confirm.

Green

The mineralised volumes were modelled at a nominal 0.20% Nb2O5 cut-off grade.

Emily and Crean

The mineralised volumes were modelled at a nominal 0.25% Nb2O5 cut-off grade

The effect, if any, of alternative interpretations on Mineral Resource estimation.

The use of geology in guiding and controlling Mineral Resource estimation.

All deposits

Alternative interpretations may be possible with further understanding from additional drilling and may affect the grade and continuity of the deposit.

All deposits

Green, Crean and Emily are carbonatite hosted niobium deposits. Oxide-enriched mineralisation has derived from primary niobium mineral rich carbonatites through deflationary and regolith weathering processes. Preferential weathering of carbonatites has accelerated the oxidation and enrichment process at Green, Crean and Emily.

The weathering boundaries have strongly influenced the modelling of mineralisation.

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	The factors affecting continuity both of grade and geology. All deposits All geological observations were used to guide the interpretation and further control the mineralisation trends for the Mineral Resource estimate. The confidence in the grade and geological continuity is reflected by the assigned Mineral Resource classification. Green and Emily Green is truncated to the west along strike by current drilling and is still open to the east. Emily partially truncated by broad spaced drilling to the north-west and remains open to the east. Crean The mineralisation is truncated to the west along strike bycurrent drillinghowever is still open to the east.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. Green The mineralised sub horizontal domains strike ENE-SWS with a gentle curve to E-W. Each of the domain layers ranges in thickness from 1 m to 74 m with the average thickness around 22 m. The strike length is 4.6 km within a 1.8 km wide corridor. Emily The mineralised sub horizontal domains strike E-W. Each of the domain layers range in thickness from 2 m to 32 m with the average thickness around 11 m. The strike length is 2.4 km within a 700 m wide corridor. Crean The mineralised sub horizontal domains strike E-W. Each of the domain layers ranges in thickness from 4 m to 64 m with the average thickness around 33 m. The strike length is 1.8 km within a 200 m wide corridor.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. All deposits Software used:  Leapfrog Geo – wireframe modelling of geological and mineralisation units  Snowden Supervisor – geostatistics, variography, kriging neighbourhood analysis (KNA) and block model validation  Datamine Studio RM – drillhole validation, compositing, block modelling, grade estimation, classification and reporting. The Mineral Resource estimates were completed employing ordinary block kriged (OK) grade estimation of 2 m length, topcut composites. The mineralised interpretations defined zones of material as determined by assay data. Block model and estimation parameters:  Nb2O5%, P2O5% and TREO% grades were estimated using ordinary kriging (OK). OK is considered the most appropriate method with respect to the observed continuity of mineralisation, spatial analysis (variography) and dimensions of the domains that had sufficient data. For domains with blocks that did not estimate, the average domain grade was applied to the unestimated blocks. For all estimates, dynamic anisotropy (DA) was utilised to account for the undulating nature of the mineralised

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• layers.

• Two meter downhole composited, top-cut data were estimated into parent blocks using OK.

• Top cuts were applied to the waste domains to reduce the impact of outlier values.

• Normal scores variogram analysis was undertaken on combined mineralised domains to determine the kriging estimation parameters used for OK estimation for the different analytes.

• The number of samples used for block grade estimation was determined by Kriging Neighbourhood analysis (KNA)

• Three estimation passes were used for the estimate. The first search was based upon the variogram ranges; the second search was 1.5 times the initial search and the third search was 3 times the initial search. The second and third search had reduced sample numbers required for estimation. First pass had a minimum of 6 and maximum of 12 samples. The second and third pass had a minimum of 4 and maximum of 12 samples.

• A maximum composites per drillhole constraint of four samples was applied.

• Hard boundaries were applied between the different mineralisation domains for all analytes. Soft boundaries were applied between weathering boundaries for Nb2O5% and TREO%.

• Boundary conditions for the weathering and mineralisation boundaries for P2O5% are hard.

• Green  Continuity was interpreted from variogram analysis to have a major direction range of between 350 to 428 m and a semi major range of 40 to 129 m and a minor range of 25 to 55m for Nb2O5. For P2O5 the major range is 350 to 420 m, a semi major range of 40 to 130 m and a minor range of 25 to 60 m. TREO has a major direction range of 325 to 450 m, semi major range of 55 to 95 m and a minor range of 45 to 60 m.

Emily

• Continuity was interpreted from variogram analysis to have a major direction range of 250 m and a semi major range of 300 m and a minor range of 23 m for Nb2O5. For P2O5 the major range is 200 m, a semi major range of 500 m and a minor range of 25 m. TREO has a major direction range of 200 m, semi major range of 350 m and a minor range of 35 m.

Crean

• Continuity was interpreted from variogram analysis to have a major direction range of 600 m and a semi major range of 125 m and a minor range of 45 m for Nb2O5. For P2O5 the major range is 450 m, a semi major range of 65 m and a minor range of 35 m. TREO has a major direction range of 500 m, semi major range of 100 m and a minor range of 50 m.

The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

All deposits

All domains were estimated using OK with DA.

Inverse distance squared (ID[2] ) for all analytes was used as a check estimate.

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No previous MRE has been undertaken.

	The assumptions made regarding recovery of by-products. All deposits No assumptions have been applied for recovery of by products.
	Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). All deposits P2O5% has been estimated as a deleterious element, however metallurgical testwork will also assess the potential for a P2O5by-product.
	In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. All deposits Grade estimation was into parent block size of 50 mE by 20 mN by 5 mRL oriented in line with the strike of the mineralisation. The nominal drill spacing of the drillholes is approximately 200 m by 40 m. Sub-cells to a minimum of 5 mE by 5 mN by 1 mRL were used to represent the volume.
	Any assumptions behind modelling of selective mining units. All deposits Selective mining units were not modelled.
	Any assumptions about correlation between variables. All deposits Correlation coefficients indicate a strong positive relationship between Nb2O5and TREO and a poor positive relationship between Nb2O5and P2O5.
	Description of how the geological interpretation was used to control the resource estimates. All deposits The modelled mineralisation domains were used to control the search ellipse direction and the major controls on the distribution of grade.
	Discussion of basis for using or not using grade cutting or capping. All deposits The coded and composited sample data was used to assess whether the grade distribution required top- cutting to mitigate the impact of outlier grades. The grade distribution was assessed for each individual domain reviewing histograms, log probability plots, statistics and CVs. Top cuts were applied to the waste domains for Nb2O5and TREO.
	The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available. All deposits Validation checks of the estimate occurred by way of global and local statistical comparison, comparison of volumes of wireframe versus the volume of the block model, comparison of the model average grade (and general statistics) and the declustered sample grade by domain, swath plots by northing, easting and elevation, visual check of drill data versus model data and comparison of global statistics for check estimates.
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content. All deposits The tonnage was estimated on a dry basis

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Cut-off parameters	The basis of the adopted cut-off grade(s)	The basis of the adopted cut-off grade(s)	All deposits
	or quality parameters applied.		Grade and tonnes have been reported within USD45/kg
			niobium pit shells for open pit.
			The cut-off grade has been selected by Encounter in
			consultation with Snowden Optiro based on current
			experience and in line with cut-off grades for reporting of
			Mineral Resources elsewhere in Australia. Given the
			stage of the Project and classification applied to the
			Mineral Resource and the current niobium price, the cut-
			off grade is considered reasonable.
			The Mineral Resource has been reported above a cut-off
			grade of 0.25% Nb2O5for open pit resources.
Mining factors or	Assumptions made regarding possible		All deposits
assumptions	mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for		The cover thickness of material above mineralisation averages 49 to 70 m of waste and mineralisation extends down a further 25m. This geometry is expected to be suitable for potential open pit mining.
	eventual economic extraction	to consider	Based on these assumptions, it is considered that there
	potential mining methods,	but the	are no mining factors which are likely to affect the
	assumptions made regarding mining		assumption that the deposit has reasonable prospects
	methods and parameters when estimating		for eventual economic extraction.
	Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.		The Mineral Resource has been reported using a cut-off grade of 0.25% Nb2O5, which is considered a reasonable cut-off grade for reporting potential open pit Mineral Resources.
Metallurgical factors	The basis for assumptions or	predictions	All deposits
or assumptions	regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the		The main niobium minerals in the Aileron deposits have been identified by thin section petrography and TIMA examination as pyrochlore and columbite. Most of the mineralogy work has been at the Green deposit.
	assumptions regarding metallurgical		Mineralogy work completed on a metallurgical composite
	treatment processes and	parameters	made from hole EAL940 demonstrates pyrochlore is the
	made when reporting Mineral	Resources	dominant niobium-bearing mineral, with columbite
	may not always be rigorous. Where this is		present in lesser quantities. This work was completed on
	the case, this should be reported with an		a composite sample which had been subjected to stage
	explanation of the basis of the metallurgical		grinding down to P100 1,000µm and screened into four
	assumptions made.		size fractions. Pyrochlore shows excellent liberation
			properties in the -150µm / +38 µm fraction, with 88% of
			the mineral volume classified as either well liberated
			(>90%) or high-grade middlings (60-90%). Columbite
			also showed acceptable liberation at this size fraction.
			Based on the identified niobium and gangue mineralogy
			it is anticipated that the ‘ore’ should process similarly to
			other niobium deposits.
			Metallurgical assumptions were based on publicly
			available data for existing niobium mines and process
			flowsheets, backed up with mineralogical examination of
			drill cores and RC samples.
			Niobium production generally involves the initial
			concentration of niobium minerals such as pyrochlore to
			produce concentrates grading around 50% Nb2O5which
			is then converted to ferroniobium with approximately
			65% Nb.
			The initial concentration is typically by a combination of
			physical beneficiation such as magnetic separation and

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	desliming, followed by flotation. The initial concentrate may then be treated hydrometallurgically for example by leaching to remove impurities such as phosphates. The final ferroniobium product is produced by conversion in a furnace.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. All deposits The Company has completed an initial scoping assessment on relevant environmental factors for the region in the context of a potential future project development. This includes the requirements to gain all requisite project approvals. Initial environmental baseline surveys have commenced and are ongoing in order to provide data inputs to inform future environmental impact assessments of potential future project development. There have been no environmental characteristics which would materially negatively impact potential future project development. Heritage surveys have also been completed across various zones within the project area and no significant heritage sites or exclusion zones have been identified which would negatively impact potential future project development.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. All deposits The Volume Bulk Density Method uses 3D scanning to calculate a sample’s volume and density, replacing manual measurements. The sample is weighed (excluding tray weight), and its volume is determined by comparing the scanned tray surface to a reference geometry. The difference in surface heights gives the volume, which, combined with the sample’s weight, allows for density calculation. 313 measurements were taken over the project area.
	The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. The method accounts for surface-level voids such as vugs and rough porosity through high-resolution surface mapping. However, internal porosity and moisture content are not directly measured in this method.
	Discuss assumptions for bulk density estimates used in the evaluation process of the different materials. All deposits Bulk density has been assigned to the block model by lithology/weathering. Assigned values are summarised below.  Transported – 1.5 t/m3  Moderately weathered zone – 1.6 t/m3  Weakly weathered zone – 1.8 t/m3  Fresh – 2.4 t/m3
Classification	The basis for the classification of the Mineral Resources into varying confidence categories. All deposits The Green, Emily and Crean Mineral Resource has been classified as Inferred based on drillhole spacing, drill data quality, geological continuity and estimation quality parameters Inferred Mineral Resources were defined where there was a moderate level of geological confidence in geometry and where the drill spacing was 200 m or greater.

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	Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). All deposits The Mineral Resource has been classified according to confidence in geological and grade continuity and accounting for the quality of sampling and assay data, the lack of data density and density measurements, confidence in estimation of Nb2O5(from the kriging metrics) and available metallurgy results
	Whether the result appropriately reflects the Competent Person’s view of the deposit. All deposits The assigned classification of Inferred reflects the Competent Persons’ assessment of the accuracy and confidence level in the Mineral Resource estimate.
Audits or reviews	The results of any audits or reviews of Mineral Resource estimates. All deposits No external audits have been conducted on the Mineral Resource estimates. Snowden Optiro undertakes rigorous internal peer reviews during the compilation of the Mineral Resource model and reporting
	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. All deposits With further drilling it is expected that there will be variances to the tonnage, grade, and metal of the deposit. The Competent Person expects that these variances will not impact on the economic extraction of the deposit. The assigned classification of Inferred reflects the Competent Persons’ assessment of the accuracy and confidence levels in the Mineral Resource estimate. It is the Competent Persons’ view that this Mineral Resource estimate is appropriate to the type of deposit and proposed mining style.
	The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. All deposits The Mineral Resource classification is appropriate at the global scale.
	These statements of relative accuracy and confidence of the estimate should be compared with production data, where available. All deposits No production data was available for review.

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