ENCOUNTER RESOURCES LIMITED — Capital/Financing Update 2026

Feb 17, 2026

ASX Announcement ASX Announcement

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18 February 2026 XX September 2025

High-Grade Niobium Extends Over 4km at Green

Encounter Resources Limited (ASX: ENR) (“Encounter” or “the Company”) is pleased to report additional high-grade niobium and REE intersections from aircore and diamond drilling at the Green prospect at the Aileron project in the West Arunta region of WA.

Key Highlights:

• Diamond drilling returns thick, high-grade niobium including:

• 42m @ 2.2% Nb ₂ O ₅ from 35m, including 6m @ 5.1% Nb ₂ O ₅ from 40m (EAL1373)

• 33.6m @ 2.1% Nb ₂ O ₅ from 43m, including 5.1m @ 3.9% Nb ₂ O ₅ from 61.9m (EAL1414)

• Holes were drilled to collect further samples for metallurgical test work for potential starter pit locations at Green

• Aircore drilling intersects further high-grade niobium east of the initial Green MRE incl.:

• 5m @ 2.3% Nb ₂ O ₅ from 71m , part of 70m @ 0.8% Nb ₂ O ₅ from 67m (EAL1390)

• 7m @ 1.3% Nb ₂ O ₅ from 83m , part of 85m @ 0.5% Nb ₂ O ₅ from 65m (EAL1402)

• 18m @ 1.3% Nb ₂ O ₅ & 1.0% TREO from 58m , part of 42m @ 0.8% Nb ₂ O ₅ & 0.6% TREO from 58m (EAL1407)

• Step out drilling extends high grade mineralisation up to 1,000m east of the current MRE – high-grade extent of Green is now over 4km of strike

• Drilling at the eastern side of Green continues to intersect REE-dominant mineralisation including:

• 10m @ 1.4% TREO from 50m , part of 27m @ 0.9% TREO from 49m (EAL1408)

• 5m @ 1.6% TREO from 52m , part of 14m @ 0.7% TREO from 52m (EAL1405)

• The first phase of specific REE targeted drilling will be completed in 2026

• MRE update on track for release in Q2 2026 with infill drilling commencing April 2026 targeting the high-grade mineralisation to support project development studies

Executive Chairman, Will Robinson, comments:

"High-grade niobium mineralisation has now been intersected on twenty drill sections at Green with the body of mineralisation extending over 4km in strike. The initial MRE at Green, released in May 2025, covered the western part of the system based on drilling completed before December 2024. An updated MRE is planned in the coming months incorporating the 2025 drilling.

In parallel, metallurgical test work at Green is progressing well, focusing on south-west and central areas where drilling has already shown consistent, thick high-grade zones of mineralisation. At the same time, studies are advancing to accelerate project development plans.

The additional new REE results continue to support the potential for significant value-adding to the Green niobium deposit from these critical minerals.

The drilling at Green is still very broad, with drill sections 200m apart. The next phase of drilling at Green will close the drill spacing the define the highest-grade parts of the system. Field activity is commencing in the coming weeks with infill drilling at Green to be underway at the start of April 2026.”

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Infill and Extension Drilling at Green

In May 2025, the Company announced an initial Inferred Mineral Resource Estimate (MRE) of 19.2Mt @ 1.74% Nb ₂ O ₅ (above a 1.0% Nb ₂ O ₅ cut-off) across the Green, Emily and Crean deposits [1] . Green represents the largest component of the Aileron MRE, containing 12.1Mt @ 1.63% Nb ₂ O ₅ (above a 1.0% Nb ₂ O ₅ cut-off).

The latest assay results at Green include diamond drilling for metallurgical samples within the MRE, and extensional aircore drilling outside of the MRE to the east.

Extensional drilling results from the deeply weathered carbonatite complex up to 1,000m east of the Green MRE include:

• 5m @ 2.3% Nb ₂ O ₅ from 71m , part of 70m @ 0.8% Nb ₂ O ₅ from 67m (EAL1390)

• 7m @ 1.3% Nb ₂ O ₅ from 83m , part of 85m @ 0.5% Nb ₂ O ₅ from 65m (EAL1402)

• 18m @ 1.3% Nb ₂ O ₅ & 1.0% TREO from 58m , part of 42m @ 0.8% Nb ₂ O ₅ & 0.6% TREO from 58m (EAL1407)

Prior step-out drilling at Green East has included[2,3] :

• 18m @ 2.0% Nb ₂ O ₅ from 54m, part of 50m @ 0.9% Nb ₂ O ₅ from 54m to end of hole (EAL1318)

• 4m @ 2.0% Nb ₂ O ₅ from 64m, part of 26m @ 0.6% Nb ₂ O ₅ from 52m to 78m (EAL543)

• 6m @ 1.8% Nb ₂ O ₅ from 82m, part of 93m @ 0.5% Nb ₂ O ₅ from 38m to end of hole (EAL1295)

• 8m @ 2.2% Nb ₂ O ₅ from 46m , part of 18m @ 1.3% Nb ₂ O ₅ from 45m (EAL1399)

Diamond drilling for metallurgical samples to support an expanded test work program also returned thick, high-grade intersections:

• 42m @ 2.2% Nb ₂ O ₅ from 35m, including 6m @ 5.1% Nb ₂ O ₅ from 40m (EAL1373)

• 33.6m @ 2.1% Nb ₂ O ₅ from 43m, including 5.1m @ 3.9% Nb ₂ O ₅ from 61.9m (EAL1414)

These results build on a strong pipeline of prior high-grade infill intersections reported during 2025, such as[4,5] :

• 85m @ 3.1% Nb ₂ O ₅ from 48m, part of 124m @ 2.4% Nb ₂ O ₅ from 45m (EAL961B)

• 26m @ 3.4% Nb ₂ O ₅ from 78m part of 112m @ 1.5% Nb ₂ O ₅ from 56m to end of hole (EAL947A)

• 11m @ 5.5% Nb ₂ O ₅ from 74m, part of 59m @ 1.8% Nb ₂ O ₅ from 73m to end of hole (EAL948)

• 26m @ 2.5% Nb ₂ O ₅ from 51m, part of 85m @ 1.4% Nb ₂ O ₅ from 38m (EAL940)

• 18m @ 2.7% Nb ₂ O ₅ from 42m, part of 84m @ 1.2% Nb ₂ O ₅ from 42m to end of hole (EAL955)

• 19m @ 2.2% Nb ₂ O ₅ from 48m part of 90m @ 1.4% Nb ₂ O ₅ from 35m (EAL958)

The results from the Company’s 2025 drill program will now be incorporated into an updated MRE which is targeted for Q2 2026.

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Figure 1 – Green Prospect – Niobium - AEM Layered Earth Inversion (LEI) DS55 showing arcuate conductive feature coincident with the outline of the weathered carbonatite complex (from geological logging) and MRE[2,3,4,5,6,7,8,9,10,11,12 ]

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Figure 2 – Green Prospect 441800E – Cross section A – A’[2]

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Rare Earths at Green

In the West Arunta, carbonatite complexes containing both niobium and REE have been identified over a distance of more than 40km, highlighting consistent enrichment processes across multiple mineralised systems.

On 16 October 2025, the Company announced the intersection of REE-rich fluorocarbonate minerals , including bastnaesite, parisite and synchisite in an untargeted metallurgical drill hole (EAL1370) at Green[12] . This hole was drilled into the interpreted southern basal margin of the Green carbonatite complex.

The potential significance of this setting is underscored by analogy with the Mountain Pass deposit in the United States (owned by MP Materials) where a strike-extensive carbonatite, hosting highgrade bastnaesite-dominant REE mineralisation, occurs along a similar carbonatite–country rock contact across approximately 1km of strike, with true widths ranging from 5 to 85m.

The latest broad-spaced aircore drilling at Green continued to identify zones of shallow, REEdominant intersections including:

• 10m @ 1.4% TREO from 50m , part of 27m @ 0.9% TREO from 49m (EAL1408)

• 5m @ 1.6% TREO from 52m , part of 14m @ 0.7% TREO from 52m (EAL1405)

• 18m @ 1.0% TREO from 58m , part of 42m @ 0.6% TREO from 58m (EAL1407)

These build on prior results from Green including[3] :

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

• 2m @ 3.9% TREO from 61m, part of 4m @ 2.8% TREO (EAL1294)

 14m @ 1.5% TREO from 40m (EAL1362)

These latest results from shallow aircore drilling occur along strike from the REE-rich fluorocarbonate minerals intersected in diamond drilling completed in September 2025.

The margins of the Green Carbonatite Complex are emerging as highly prospective target zones for high-grade REE mineralisation in the West Arunta .

Forward Plan

• MRE update on schedule for Q2 2026 incorporating infill and extensional drilling

• Infill drilling of high-grade mineralisation at Green commencing April 2026

• Systematic testing of high-priority regional targets beginning in Q2 2026

• Metallurgical testwork advancing, with flotation, refining and final product results expected in H1 2026

• Studies and environmental surveys are continuing to support project development plans

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Figure 3 – Aileron project – Prospect Location Plan - Magnetics (RTP)

Will Robinson Executive Chairman +61 8 9486 9455 contact@enrl.com.au

Paul Berson Investor Relations - Corporate Storytime +61 421 647 445 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 Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and confirms that it is not aware of any new data or information that materially affects the information disclosed in this announcement and previously released by the Company in relation to mineral resource estimates. All material assumptions and technical parameters underpinning the mineral resource estimates in the relevant market announcements continue to apply and have 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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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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Table 1 – Aileron Project Inferred Mineral Resource Estimate[ 1]

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Table 2 – Tyrell Copper Oxide Mineral Resource Estimate[11]

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Notes

Table 1:

• The 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.

Table 2

• The resource is constrained within an optimised pit shell based on a Cu price of A$17,000 per tonne and is reported above a 0.25% Cu cut-off grade.

• All tonnages reported are dry metric tonnes.

• 1 ENR ASX announcement 14 May 2025

• 2 ENR ASX announcement 17 December 2025

• 3 ENR ASX announcement 27 October 2025

• 4 ENR ASX announcement 1 September 2025

• 5 ENR ASX announcement 6 October 2025

• 6 ENR ASX announcement 27 October 2025

• 7 ENR ASX announcement 22 January 2025

• 8 WA1 Resources Ltd (ASX:WA1) announcement 30 June 2025

• 9 ENR ASX announcement 21 November 2024

• 10 ENR ASX announcement 13 December 2024

• 11 ENR ASX announcement 26 September 2025

• 12 ENR ASX announcement 16 October 2025

• 13 ENR ASX announcement 17 November 2025

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Hole ID	from (m)	to (m)	interval (m)	_Nb_2_O_5%	TREO %	Nd2O3+ Pr2O3 (ppm)	_Tb_2O3+ _Dy_2O3(ppm)	NdPr/ TREO	DyTb/ TREO	_P_2_O_5%	Prospect
EAL1373	35	77	42	2.22	0.93	2107	129	22.7	1.4	11.8	GREEN
including	36	46	10	3.92	1.14	2524	135	22.4	1.1	6.6	GREEN
including^	40	46	6	5.13	1.60	3504	192	21.9	1.2	9.6	GREEN
including	47	48	1	1.96	2.29	5191	344	22.7	1.5	13.8	GREEN
including	51.4	75	23.6	1.99	0.78	1791	114	23.0	1.5	14.5	GREEN
including^	68	72.7	4.7	3.70	1.08	2584	163	24.0	1.5	23.4	GREEN
and	78	85	7	0.21	0.14	312	13	23.0	1.0	3.8	GREEN
and	88.5	94.3	5.8	0.29	0.11	258	12	22.7	1.1	3.3	GREEN
and	99	100.05	1.05	0.46	0.37	961	50	26.0	1.3	18.2	GREEN
and	105.3	105.53	0.23	0.29	0.14	371	22	26.1	1.5	5.1	GREEN
and	107.05	107.43	0.38	0.23	0.11	263	13	23.3	1.2	3.7	GREEN
and	117	123.3	6.3	0.36	0.10	245	11	23.8	1.1	3.3	GREEN
EAL1414	40	76.6	36.6	1.94	0.84	1898	126	22.6	1.4	15.0	GREEN
including	43	76.6	33.6	2.08	0.89	2010	136	22.6	1.5	16.2	GREEN
including^	45	54	9	2.33	1.06	2417	155	23.0	1.4	13.6	GREEN
including^	61.9	67	5.1	3.85	0.89	1977	147	22.4	1.7	23.7	GREEN
and	81.3	159.6	78.3	0.56	0.15	335	22	22.4	1.4	3.9	GREEN
including	81.3	88	6.7	1.61	0.33	743	50	22.4	1.5	8.2	GREEN
including	130.6	133.6	3	1.14	0.29	612	39	21.1	1.3	5.0	GREEN
including	138	139	1	1.12	0.19	416	28	22.3	1.5	4.4	GREEN
including	141	142	1	1.05	0.17	377	25	22.0	1.5	3.6	GREEN
and	164	165	1	0.35	0.10	235	12	23.0	1.1	3.0	GREEN
and	171	175	4	0.35	0.10	226	11	23.5	1.1	3.0	GREEN
and	179	182	3	0.32	0.10	239	11	23.4	1.1	3.5	GREEN
and	186	197	11	0.25	0.12	262	12	23.5	1.1	3.4	GREEN
and	199.2	268	68.8	0.29	0.10	215	9	22.9	1.0	3.5	GREEN
and	271	271.5	0.5	0.56	0.14	257	4	18.1	0.3	4.7	GREEN
and	278.7	280.5*	1.8	0.31	0.05	122	5	23.8	1.0	3.2	GREEN
EAL1371	136.7	142	5.3	0.49	0.15	345	20	23.4	1.3	2.8	GREEN
and	145.07	209.7	64.63	0.25	0.10	211	16	20.9	1.1	1.3	GREEN
including^	191	191.35	0.35	0.04	2.01	3473	29	17.3	0.1	3.3	GREEN
and	216	217	1	0.36	0.15	329	21	21.6	1.4	2.7	GREEN
and	219	220	1	0.21	0.06	135	9	21.7	1.5	1.2	GREEN
and	224.45	235.35	10.9	0.49	0.12	251	18	22.0	1.4	2.8	GREEN
including	225	226	1	1.08	0.08	160	11	19.9	1.4	0.4	GREEN
and	239	271	32	0.54	0.13	305	18	22.8	1.4	3.0	GREEN
including	250	258.6	8.6	1.02	0.14	320	19	22.6	1.4	4.3	GREEN
including	264	265	1	1.12	0.13	296	17	22.6	1.3	4.2	GREEN
EAL1371	275	282	7	0.34	0.12	276	18	22.9	1.5	2.7	GREEN
and	301.55	302	0.45	0.35	0.03	61	5	20.9	1.8	0.5	GREEN
and	308	321	13	0.22	0.07	146	12	21.6	1.6	1.3	GREEN
and	415	416	1	0.20	0.07	146	11	22.4	1.7	1.9	GREEN
and	426.45	431	4.55	0.19	0.10	222	21	22.1	1.6	1.4	GREEN

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and	438.38	439.58	1.2	0.36	0.15	325	22	21.9	1.5	2.5	GREEN
and	445.65	446.72	1.07	0.21	0.09	202	14	21.8	1.5	1.5	GREEN
EAL1372	116.3	162*	45.7	0.44	0.14	314	19	22.4	1.4	2.2	GREEN
including	129	131	2	1.08	0.14	341	25	23.9	1.7	4.5	GREEN
including	135.4	136	0.6	1.44	0.27	580	23	21.4	0.8	3.7	GREEN
EAL1382				NSA							GREEN
EAL1389	43	68	25	0.25	0.24	519	37	21.7	1.7	1.0	GREEN
and	72	137	65	0.36	0.21	474	31	22.3	1.5	4.6	GREEN
including	123	125	2	1.06	0.62	1346	79	21.8	1.3	15.4	GREEN
EAL1390	67	137	70	0.75	0.42	895	61	21.3	1.5	11.5	GREEN
including	71	76	5	2.25	1.61	3584	209	22.3	1.3	7.2	GREEN
including	101	105	4	1.12	0.41	864	56	21.1	1.4	8.7	GREEN
including	113	115	2	1.18	0.46	985	69	21.6	1.5	15.6	GREEN
EAL1390	144	146	2	0.23	0.05	103	7	21.8	1.6	1.1	GREEN
and	150	164*	14	0.50	0.21	453	30	21.8	1.5	6.5	GREEN
EAL1391	43	147	104	0.34	0.18	382	27	21.2	1.6	1.2	GREEN
including^	51	52	1	0.46	1.06	2234	110	21.1	1.0	3.0	GREEN
and	68	69	1	1.46	0.33	706	39	21.6	1.2	1.4	GREEN
and	155	175	20	0.29	0.11	238	17	21.5	1.6	1.8	GREEN
EAL1392				NSA							GREEN
EAL1393	48	50	2	0.29	0.24	524	46	21.1	2.0	0.7	GREEN
and	54	57	3	0.23	0.95	2182	156	23.0	1.6	3.5	GREEN
including^	60	66	6	0.19	1.24	2782	167	22.4	1.3	3.8	GREEN
and	72	73	1	0.24	0.77	1751	98	22.7	1.3	2.6	GREEN
and	82	84	2	0.25	0.45	1007	63	22.2	1.4	1.7	GREEN
EAL1397	44	51	7	0.26	0.73	1652	103	22.5	1.4	3.9	GREEN
including^	47	48	1	0.31	1.08	2431	124	22.6	1.1	5.0	GREEN
and	55	65	10	0.34	0.90	1973	138	21.9	1.5	4.6	GREEN
including^	57	61	4	0.43	1.39	3034	215	21.8	1.5	4.5	GREEN
and	73	96	23	0.25	0.37	804	55	22.1	1.5	12.3	GREEN
and	101	113	12	0.53	0.22	514	30	23.0	1.4	7.8	GREEN
including	109	110	1	1.16	0.22	498	29	23	1.3	8.0	GREEN
and	123	126	3	0.39	0.29	658	41	23.0	1.4	10.1	GREEN
EAL1402	65	150	85	0.54	0.24	516	31	22.0	1.4	1.6	GREEN
including^	69	70	1	0.34	1.14	2176	59	19.1	0.5	1.7	GREEN
including	83	90	7	1.30	0.53	1162	58	21.7	1.1	1.3	GREEN
including	99	102	3	1.21	0.40	901	61	22.6	1.5	2.5	GREEN
and	160	180	20	0.38	0.30	679	48	22.6	1.6	6.6	GREEN
and	189	193*	4	0.26	0.18	411	29	22.4	1.6	4.1	GREEN
EAL1403	47	96	49	0.43	0.17	358	21	21.2	1.3	1.1	GREEN
including	48	49	1	1.33	0.58	1158	78	20.1	1.3	1.0	GREEN
and	117	136	19	0.21	0.42	938	58	22.2	1.4	8.5	GREEN
and	152	162*	10	0.20	0.18	396	20	22.2	1.1	5.0	GREEN
EAL1404	56	95	39	0.43	0.37	767	44	21.0	1.3	2.0	GREEN
including	57	59	2	1.07	1.61	3422	167	21.4	1.0	3.3	GREEN

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including	84	86	2	1.13	0.43	854	51	19.9	1.2	6.4	GREEN
and	102	105	3	0.64	0.17	335	21	20.2	1.3	2.6	GREEN
EAL1405	52	66	14	0.36	0.67	1390	97	21.0	1.5	3.1	GREEN
including^	52	57	5	0.41	1.61	3311	232	20.6	1.4	6.4	GREEN
and	85	87	2	0.26	0.05	104	8	21.1	1.6	0.9	GREEN
including^	34	36	2	0.11	1.27	2843	161	22.4	1.3	5.4	GREEN
and	38	41	3	0.24	0.74	1623	98	21.9	1.4	3.4	GREEN
including^	38	39	1	0.26	1.35	2905	176	21.6	1.3	5.9	GREEN
and	46	47	1	0.29	0.14	302	25	21.9	1.8	0.7	GREEN
and	69	77	8	0.33	0.44	944	63	21.7	1.6	2.1	GREEN
including^	70	71	1	0.22	1.17	2518	156	21.5	1.3	5.1	GREEN
EAL1407	58	100	42	0.77	0.64	1379	93	21.4	1.5	5.0	GREEN
including	58	76	18	1.32	0.99	2128	140	21.4	1.4	4.5	GREEN
and	105	109	4	0.20	0.36	781	52	21.6	1.4	7.0	GREEN
and	116	120*	4	0.20	0.28	609	42	21.8	1.5	4.9	GREEN
EAL1408	49	76	27	0.29	0.89	2063	126	23.4	1.5	5.5	GREEN
including^	50	60	10	0.25	1.43	3336	186	23.3	1.3	4.0	GREEN
and^	68	69	1	0.39	1.02	2390	163	23.5	1.6	7.3	GREEN
and^	72	74	2	0.20	1.26	2843	188	22.6	1.5	16.7	GREEN
and	89	117*	28	0.40	0.36	824	49	22.7	1.4	9.7	GREEN
including	105	107	2	1.03	0.37	844	47	23.0	1.3	10.6	GREEN
EAL1409	57	61	4	0.28	0.36	843	45	23.9	1.2	0.8	GREEN
and	67	68	1	0.22	0.42	976	64	23.5	1.5	7.3	GREEN
and	76	77	1	0.16	0.28	644	42	22.8	1.5	8.4	GREEN
and	91	93	2	0.24	0.28	590	45	21.4	1.6	14.9	GREEN
and	96	97	1	0.11	0.12	272	21	22.6	1.7	6.5	GREEN
and	126	129	3	0.21	0.41	927	62	22.9	1.5	19.7	GREEN
EAL1410	77	78	1	0.26	0.03	53	6	17.9	1.9	0.0	GREEN
and	87	88	1	0.21	0.24	495	39	21.0	1.7	0.6	GREEN
EAL1411	106	107	1	0.27	0.09	199	3	22.7	0.4	1.2	GREEN
EAL1412	39	51	12	0.50	0.05	125	8	24.0	1.6	0.6	GREEN
including	42	43	1	1.95	0.06	125	10	22.3	1.8	0.3	GREEN
and	56	60	4	0.30	0.03	65	4	22.8	1.3	0.5	GREEN
and	78	99*	21	0.63	0.02	44	2	21.5	0.9	0.3	GREEN
including	87	92	5	2.01	0.03	48	1	18.3	0.4	0.1	GREEN
EAL1415	30	32	2	0.31	0.14	272	14	19.4	1.1	0.4	GREEN
EAL1416	30	58	28	0.45	0.13	284	20	22.2	1.6	0.7	GREEN
and	64	67	3	0.22	0.09	211	12	23.2	1.3	0.4	GREEN
and	86	126	40	0.32	0.11	254	17	22.3	1.5	1.9	GREEN
EAL1417				NSA							GREEN
EAL1418				NSA							GREEN
EAL1423				NSA							GREEN
EAL1450	51	157	106	0.43	0.36	758	55	21.0	1.5	3.3	GREEN
including^	78	80	2	0.39	1.16	2446	173	21.1	1.5	4.9	GREEN
including	126	129	3	1.15	0.59	1255	85	21.2	1.4	12.2	GREEN

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including	133	144	11	1.21	0.39	825	55	21.3	1.4	6.3	GREEN
and	165	166	1	0.26	0.20	466	31	23.8	1.6	4.1	GREEN
and	167	170	3	0.20	0.18	404	29	22.1	1.6	3.1	GREEN
and	173	174*	1	0.25	0.22	482	41	21.8	1.8	5.8	GREEN
EAL1451				NSA							GREEN

Table 3. Drillhole assay intersections above 0.2% Nb2O5. Intervals greater than 1% Nb2O5 have been reported as including intervals. ^Selected intervals greater than 2% Nb2O5 or 1% TREO have been itemised. * Denotes intersection to the end of hole.

Hole_ID	Hole_Type	Grid_ID	MGA_North	MGA_East	MGA_RL	EOH Depth (m)	Dip	Azimuth	Prospect
EAL1371	DDH	MGA94_52	7542574	440197	387	471.8	-60	180	Green
EAL1372	DDH	MGA94_52	7541423	438603	387	162.0	-59	181	Green
EAL1373	DDH	MGA94_52	7541619	439001	388	123.8	-60	180	Green
EAL1382	AC	MGA94_52	7542029	440403	388	150.0	-61	181	Green
EAL1389	AC	MGA94_52	7541979	441804	394	168.0	-90	0	Green
EAL1390	AC	MGA94_52	7542140	441800	391	164.0	-90	0	Green
EAL1391	AC	MGA94_52	7541893	442201	394	180.0	-90	0	Green
EAL1392	AC	MGA94_52	7541742	442601	396	135.0	-90	0	Green
EAL1393	AC	MGA94_52	7541895	443001	392	140.0	-90	0	Green
EAL1397	AC	MGA94_52	7542181	441606	391	138.0	-90	0	Green
EAL1402	AC	MGA94_52	7542020	442002	391	193.0	-90	0	Green
EAL1403	AC	MGA94_52	7542105	442003	392	162.0	-90	0	Green
EAL1404	AC	MGA94_52	7542178	442000	392	117.0	-90	0	Green
EAL1405	AC	MGA94_52	7542268	442004	392	126.0	-90	0	Green
EAL1406	AC	MGA94_52	7542343	442004	392	126.0	-90	0	Green
EAL1407	AC	MGA94_52	7541927	442402	394	120.0	-90	0	Green
EAL1408	AC	MGA94_52	7542014	442403	391	117.0	-90	0	Green
EAL1409	AC	MGA94_52	7542087	442400	392	147.0	-90	0	Green
EAL1410	AC	MGA94_52	7542166	442400	392	177.0	-90	0	Green
EAL1411	AC	MGA94_52	7542278	440399	389	111.0	-61	179	Green
EAL1412	AC	MGA94_52	7542353	440399	389	99.0	-60	182	Green
EAL1414	DDH	MGA94_52	7541542	438801	385	280.5	-60	180	Green
EAL1415	AC	MGA94_52	7541701	438799	389	96.0	-90	0	Green
EAL1416	AC	MGA94_52	7541774	438799	389	138.0	-90	0	Green
EAL1417	AC	MGA94_52	7541854	438798	388	102.0	-90	0	Green
EAL1418	AC	MGA94_52	7541935	438801	388	78.0	-90	0	Green
EAL1423	AC	MGA94_52	7542158	439203	392	99.0	-90	0	Green
EAL1450	AC	MGA94_52	7541860	442394	393	174.0	-90	0	Green
EAL1451	AC	MGA94_52	7541772	442394	393	174.0	-90	0	Green

Table 4. Drillhole collar table.

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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. Reported Aircore (AC) and Diamond (DD) drilling has been completed at Green to obtain samples for geological logging, metallurgical testwork and assaying. All samples underwent routine pXRF analysis using a Bruker S1 TITAN to aid in logging and identifying zones of interest. No pXRF data is being reported.
	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. AC drilling has been completed with Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method. Diamond drill core was sampled as whole core samples of PQ, or half core samples of HQ or NQ sized core. 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 Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method was used to obtain a bulk samples (each approximately 8-10kg) 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 ALS Laboratories in Adelaide or Perth where it was dried, crushed (-2mm) and a representative split was obtained for analysis. Diamond drill core was sampled as whole core samples of PQ, or half core samples of HQ or NQ sized core. Samples were marked up at nominal 1m intervals and samples were constrained to within geological boundaries. To ensure representivity PQ drillcore was sampled as whole core, which was crushed (- 3.35mm) and a representative split was taken at the lab for analysis. Below the top of fresh rock HQ or NQ core was half core cut and sampled. Samples were analysed using ALS method ME- MS81hD with overlimit determination via ME- XRF30 if required. 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

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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). Results are reported from AC and DD drilling at Green. AC holes were drilled at diameter of 83mm by the Wallis’ proprietary, dual tube, patented Air-Core bit (AC) drilling method DD holes were drilled by DDH1 using PQ3 equipment to the top of fresh rock and then with HQ and NQ diameter equipment. Method of recording and assessing core and chip sample recoveries and results assessed Sample recoveries were estimated as a percentage and recorded by Encounter field staff. Diamond core recoveries were recorded each drill run by drill crews and validated by Encounter Geologists. There were small sections of lost core noted by the diamond drillers and this was validated and recorded by Encounter staff. Measures taken to maximise sample recovery and ensure representative nature of the samples Drillers used appropriate measures to minimise down-hole contamination in AC drilling. If any contamination of the sample was suspected this was noted by Encounter field staff as a percentage. PQ diamond core was 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. A project wide review of sample recoveries, grade, sampling methods and twinned drillholes has determined that there is no relationship between sample recovery and grade.
Drill sample recovery
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 where assays are reported. All reported holes have been logged in full with lithology, alteration and mineralisation recorded. Geological logging is routinely 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. PQ diamond drill core was sampled by ALS laboratories as whole core, which was crushed (-3.35mm) and a representative split was taken for pulverisation and multi element analysis. HQ and NQ core was cut in half by Encounter staff or contractors and sampled as half core which was crushed (-2mm) and a representative split was taken for pulverisation and multi element analysis.

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	Wallis’ proprietary, dual tube, patented Air-Core bit (AC)
	drilling method was used to obtain a bulk sample (each
	approximately 8-10kg) every 1m interval downhole.
	AC bulk material from each 1m interval was captured in a
If non-core, whether riffled, tube	green mining bag or a 450mm x 750mm calico bag. The
sampled, rotary split, etc and whether	1m bulk sample was submitted to ALS Laboratories in
sampled wet or dry.	Adelaide or Perth where it was dried, crushed (-2mm) and
	a representative split was obtained (post crushing) for
	pulverisation and multi element analysis.
	Samples were recorded as being dry, moist or wet by
	Encounter field staff.
	Sample preparation was completed at ALS Laboratories
	in Perth or Adelaide.
	AC bulk samples were dried, crushed and a split was
	taken (post crushing) to create a representative
	subsample for pulverisation and analyses.
	PQ diamond drillcore was sampled by ALS laboratories as
For all sample types, the nature, quality and appropriateness of the sample preparation technique.	whole core, which was crushed (-3.35mm) and a representative split was taken for pulverisation and multi element analysis.
	HQ and NQ core was cut in half by Encounter staff or
	contractors and sampled as half core which was crushed
	(-2mm) and a representative split was taken for
	pulverisation and multi element analysis.
	This is considered a high quality representative sampling
	methodology and an appropriate sample preparation for
	the drilling types and analysis undertaken.
	Encounter’s QC procedures involve the use of commercial
	certified reference materials (CRMs) and blanks.
	In all drilling the insertion rate of CRMs is at a rate of 1:50
Quality control procedures adopted for	In both AC and DD drilling blanks are inserted and
all sub-sampling stages to maximise	laboratory quartz flush samples are requested within and
representivity of samples.	at the end of mineralised zones as determined by the site
	geologist based on geological observations and pXRF
	readings.
	Outside of mineralised zones blanks are inserted at a rate
	of 1:100.
	No field duplicates were taken from bulk AC samples.
	Coarse split duplicates were collected by ALS from
	crushed AC bulk samples at a rate of approximately 1:50,
	including within mineralised zones as instructed by the
Measures taken to ensure that the	site geologist based on geological observations and pXRF
sampling is representative of the in	readings.
situ material collected, including for
instance results for field	No coarse split duplicates were taken from the whole core
duplicate/second-half sampling.	sampled diamond drillcore.
	No second half or quarter core duplicates were taken from
	cut core.
	The results from duplicates are assessed on a periodical
	basis.

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	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. 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. Assays have been reported from MEXRF30 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 1m intervals 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 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. Encounter’s QC procedures involve the use of commercial certified reference materials (CRMs) and blanks. In all drilling the insertion rate of CRMs is at a rate of 1:50 In AC and DD drilling blanks and laboratory quartz flush samples are inserted within and at the end of mineralised zones as determined by the site geologist based on geological observations and pXRF readings. Outside of mineralised zones blanks are inserted at a rate of 1:100. ALS Laboratory QAQC involves the use of internal lab standards using certified reference material and blanks as part of in-house laboratory procedures. A formal review of QC data is completed on a periodic basis.
Quality of assay data and laboratory tests
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 (Principal Geologist)

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	The use of twinned holes. Diamond holes EAL1371, EAL1372, EAL1373 and EAL1414 were drilled as twin holes for verifying AC/RC/DD drilling and sampling methodologies and to provide material for metallurgical testwork EAL1371 (DD) was collared approximately 7.5m to the SSE of EAL917 (RC). EAL1371 assay results are reported for 136.7m to EOH. Sampling of EAL1371 between 0- 136.7m is still in progress. EAL1372 (DD) was collared approximately 6m to the NE of EAL894 (RC). EAL1372 assay results are reported for 115.37m to EOH. Sampling of EAL1372 between 0- 115.37m is not yet complete. EAL1373 (DD) was collared approximately 3m to the E of EAL901 (RC). EAL1373 assay results are reported for 0m to EOH. EAL1414 (DD) was collared approximately 5m to the NE of EAL899 (RC), approximately 5.5m to the SE of EAL940 (DD), and approximately 11m to the SSE of EAL1375 (AC). EAL1414 assay results are reported for 0m to EOH.
	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-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Drill hole collar locations are determined using a handheld GPS. Downhole surveys were completed on all angled AC holes. No surveys were undertaken on vertical AC holes. Down hole surveys were collected during diamond drilling at approximately 30m intervals downhole.

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	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. Drillhole spacing in the extensional drilling area Green is approximately 80m spaced on section with drill traverses 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. Many drill results from Green in this announcement are extensional drilling outside of the existing Mineral Resource Estimate area. Drill data and spacing of extensional drilling at Green will be reviewed to determine if geological and grade continuity is appropriate for Mineral Resource estimation.
	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. Carbonatite intrusions have exploited interpreted structural corridors including the Weddell Fault at Green. 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. 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. Initial observations suggest these fresh rock intrusions are sub vertical in orientation.
	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. The relationship between drilling orientation and the orientation of oxide-enriched mineralisation is not considered to have introduce any sampling bias.
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. A project QAQC audit was completed prior to Mineral Resource Estimation by Snowden Optiro on Aileron drilling data and sampling techniques. Encounter continue to work closely with Snowden Optiro who advise on best practice sampling techniques and review data as it becomes available.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	JORC Code explanation	Commentary
Mineral		The Aileron project is located within the
tenement and		tenements E80/5169, E80/5469, E80/5470 and
land tenure		E80/5522 which are held 100% by Encounter
status	Type, reference name/number, location and	Resources
	ownership including agreements or material
	issues with third parties including joint	The tenements are contained within Aboriginal
	ventures, partnerships, overriding royalties,	Reserve land where native title rights are held by
	native title interests, historical sites,	the Parna Ngururrpa and the Tjamu Tjamu.
	wilderness or national park and environmental settings.	Mineral Resources have been defined at Green (E80/5469), Crean (E80/5169) and Emily
		(E80/5469) wholly within Parna Ngururrpa native
		title determination area.
Exploration		Prior to Encounter Resources, no previous on
done by other	Acknowledgment and appraisal of exploration	ground exploration has been conducted on the
parties	by other parties.	tenement other 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 unraveled by ongoing research studies. The
	Deposit type, geological setting and style of mineralisation	belt is prospective for carbonatite-hosted critical mineral deposits, IOCG style copper deposits and orogenic gold.
		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.

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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 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 3m of internal dilution. Intervals greater than 1% Nb2O5have been reported as including. Selected intervals greater than 2% Nb2O5or 1% TREO have been itemised. 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 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% Nb2O5have been reported as including. Selected intervals greater than 2% Nb2O5or 1% TREO have been itemised. 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 in this announcement. For the purposes of assay intersection calculation, and small sections of lost core were assigned a length weighted average of assay results from samples directly above and below.
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 is not yet known due to insufficient drilling in the targeted areas.
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 All results have been balanced and transparently reported.

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	avoid misleading reporting of Exploration
	Results.
Other	Other exploration data, if meaningful and
substantive	material, should be reported including (but not
exploration	limited to): geological observation;
data	geophysical survey results; geochemical	All meaningful		and material information has been
	survey results; 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	MRE update scheduled for Q2 2026				incorporating
	extensions or large – scale step – out drilling).	infill and extensional drilling.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling	Infill drilling of high-grade commencing April 2026.				mineralisation
	areas, provided this information is not
	commercially sensitive.