ENCOUNTER RESOURCES LIMITED — Investor Presentation 2021

Aug 1, 2021

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Diggers and Dealers August 2021

Copper and gold in Australia Collaborating with high quality partners to make new discoveries

ASX: ENR

Disclaimer and compliance statement

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This presentation has been prepared by Encounter Resources Limited (“Encounter”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Encounter has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Encounter.

Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to Encounter. In particular, they speak only as of the date of this document, they assume the success of Encounter’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned to not place undue reliance on such forward-looking statements.

Encounter makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, Encounter and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Encounter and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick holds shares and options in and is a full time employee of Encounter 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 Bewick consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and the form and context of the announcement has not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Certain exploration drilling results for BM1 were first disclosed under JORC code 2004. It has not been updated since to comply with the JORC code 2012 on the basis that the information has not materially changed.

The information in this report that relates to Exploration Results is based on information compiled by Mr. Peter Bewick who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Bewick is a full time employee of Encounter and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewick 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.

This announcement has been approved for release by the Board of Encounter.

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The Encounter business model

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PROJECT GENERATOR MODEL

Progress project pipeline with a mix of alliances, joint ventures and sole funding

TIER 1 TARGETS

Project generation and exploration targeting major gold and base metal discoveries in world-class mineral belts

HIGH QUALITY PARTNERS

Partner with leading mid-tier and major producers which have well supported, talented and highly resourced exploration teams

FAST ADOPTION OF NEW DATA AND TECHNOLOGIES Fast mover, early adopter of new technologies and datasets

DATA DRIVEN INSIGHTS

Reduce exploration risk through cost effective and innovative data-driven techniques to rapidly prioritise and assess targets

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Creating value through project generation and discovery Encounter at a glance

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Capital structure

Capital structure
ASX ticker	ENR
Share price (30/07/2021)	$0.17
Shares on issue	316M
Options	17M
Market capitalisation	~$54M
Cash (30/06/21)	~$5.7M
Listed investments	~$1M
Enterprise value (net of cash and listed investments)	~$47M
Major shareholders
Board and Management	~14.2%
IGO	~8.2%
Silver Lake Resources	~5.3%

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Share price – 12 months

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$0.35 4,000,000
$0.30 3,500,000
3,000,000
$0.25
2,500,000
$0.20
2,000,000
$0.15
1,500,000
$0.10
1,000,000
$0.05
500,000
$0.00 0
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Mr Peter Bewick Mr Philip Crutchfield Exploration Director Non Executive Director B.Eng (Hons), B.Comm., LL.B (Hons), MAusIMM LL.M LSE

Mr Paul Chapman Non Executive Chairman B.Comm, ACA, Grad. Dip. Tax, MAICD, MAusIMM

Dr Jon Hronsky OAM Non Executive Director BAppSci, PhD, MAusIMM, FSEG

Mr Will Robinson Managing Director B.Comm, MAusIMM

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A premier copper and gold exploration portfolio

Early mover positions in world-class minerals belts attracting world-class partners

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Paterson Province
Gold-Copper
West Tanami
Drill ready gold targets
25km NW of Telfer Belt scale gold Northern Territory
project
Sediment Hosted copper
100% and IOCG targets in
100% 100% emerging region
100%
West
Arunta
IOCG target
copper-gold-rare earths
Paterson Province
New approach in a
known Cu-Co district
100%
Yilgarn Gold
Copper
New techniques in a
Gold world-class gold
province
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Paterson Province - WA

• Lamil Copper-Gold (ENR 100%)

• Yeneena Copper-Cobalt (IGO $15m earn in)

Northern Territory Copper

• Elliott Copper (BHP $22m earn in)

• Seven camp scale projects (ENR 100%)

West Arunta - WA

• Aileron IOCG Copper-Gold (ENR 100%)

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West Tanami Gold (Intention to Demerge)

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Paterson Province – WA Australia’s hottest copper address

Lamil – 5km long Cu-Au system

Yeneena – Copper/cobalt targets

ENR 100% Earn-in

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Lamil: copper-gold system over 1km long and growing

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• 100% ENR – located 25km NW of Telfer

• Two diamond rigs currently operating

• Extending a number of RC holes which contain strengthening copper-gold mineralisation towards end of hole, including:

• ETG0227 - 132m @ 0.31g/t Au and 0.11% Cu from 87m to end of hole including:

  • → 22m @ 0.51g/t Au and 0.24% Cu from 181m

• Testing geophysical features proximal to ETG0003 and ETG0208 which intersected:

• 24.9m @ 0.7g/t Au from 127.1m and 4.0m @ 7.1g/t Au from 216m

• 18m @ 1.2g/t Au and 0.2% Cu from 126m including:

  • → 4m @ 4.1g/t Au and 0.3% Cu from 138m

• EIS co-funded drill program

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Dune Prospect (Max in hole Au) and recently completed RC holes

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Refer to ASX releases 26 April 2017, 11 June 2020 and, 4 September 2020, 18 December 2020, 15 February 2021, 21 April 2021

Lamil: Two diamond drill rigs operating

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▪ Testing geophysical features (EM, Magnetic) proximal to high grade supergene gold intersections

▪ Extending RC holes which contain strengthening copper-gold mineralisation towards end of hole

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Refer to ASX release 26 July 2021

Yeneena Copper-Cobalt

• Paterson Province is a proven mineral region with a consistent history of discoveries

• ~1,600km² of the Paterson Province

• IGO can sole fund $15 million in exploration expenditure over a maximum seven years to earn a 70% interest

• Three diamond drill holes completed

• Ground magneto-telluric (MT) survey underway

• Preparations for upcoming AC drilling

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1Refer ASX announcements 15 July 2014, 30 January 2015, 2 March 2017. *Reported pursuant to the 2004 Edition of the JORC Code.

Northern Territory The next hot spot for copper in Australia

Elliott – Standout copper in groundwater anomaly Earn in First mover camp scale copper projects ENR 100%

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Major Proterozoic basins of Australia

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Centralian Superbasin
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• Central Australia contains two of the largest Proterozoic sedimentary basins in the world

• Known regions for large scale, sediment hosted base metal mineralisation

• Significant deposits including Mt Isa, Century, McArthur in the McArthur Basin and Nifty in the Centralian

• Vastly underexplored areas remain untested undercover in this highly prospective first world jurisdiction

• A significant opportunity exists to discover the world’s next great copper belt

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Sediment-hosted copper: the mineral system

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Sedimentary deposits are one of the world’s fastest growing sources of high grade copper

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(Hitzman et al., 2010)

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Example of sediment-hosted copper deposit – Ivanhoe Mines Kamoa/Kakula[1] Indicated Mineral Resource (at 1% total copper cut-off grade) Tonnes (Millions) Grade % Cu Contained Cu (kt) 1,387 2.74% 38,000

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1 Ivanhoe Mines Kamoa/Kakula 2020 Resource Update – Mar 2020

Sediment-hosted copper: key ingredients

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				EXPLORING
		DISCOVERY ELEMENTS	NT SCORECARD	FOR THE
				FUTURE DATA
	Source rocks Brines Seals Inversion Fluid pathways Traps	Size of sedimentary basin and sub-basin Bitten brines vs evaporites or both? Grabens form a natural containment for dense fluids Basin inversion / orogenic event to provide the energy to bring reservoir fluid towards surface Basin margin faults and major faults Reductants or failed hydrocarbon traps provide physical and chemical trap sites	✓ ✓ ✓ ✓ ✓ ✓	Gravity, magnetics Seismic, MT, AEM Magnetics, Hydro-geochem

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Northern Territory: the next hot spot for copper in Australia

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• Highly prospective, vastly underexplored region under shallow cover

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

• Transformational investment in pre-competitive data by Geoscience Australia (GA) and the Northern Territory Geological Survey (NTGS)

• These new datasets are providing crucial early insights into areas prospective for sedimentary hosted deposits

• Encounter has used these datasets as a first mover to build a commanding position in this exciting new province

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Elliott Copper Project

• BHP (ASX:BHP) has exercised an option to enter into an earn-in and joint venture agreement covering the 4,500km[2] Elliott Copper Project

• BHP may earn up to a 75% interest in Elliott by spending up to $22 million over 10 years

• Validates Encounter’s NT copper exploration strategy

• Compelling exploration opportunity in the vastly underexplored Greater McArthur Superbasin

• Key ingredients for the formation of large sedimentary copper deposits

• An extensive exploration program, including seismic surveys and drilling, to define prospective deposition sites for sedimentary copper mineralisation

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Refer to ENR ASX release 21 May 2021

NTGS Core Library – Darwin

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Jessica and Carrara: copper near surface and at depth

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Copper Carbonate (Malachite)
0-3m from RN28419 – chemical assay
1.5% Cu [[1]]
Chalcopyrite contained in a
calcareous shale unit within NDI
Carrara1 ~1,617m [4]
Crosswinds Copper Prospect - Malachite (copper Drill hole NDIBK04 pyrite-
carbonate) mineralisation exposed in table drain [2] chalcopyrite vein [3]
1 Refer ENR ASX release 19 Aug 2020
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Copper Carbonate (Malachite)
0-3m from RN28419 – chemical assay
1.5% Cu [[1]]
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1 Refer ENR ASX release 19 Aug 2020
2 Refer to ASX:MDI release 23 Dec 2020
3 Refer to ASX:ICG release 28 Mar 2021
4 Refer to ENR ASX release 28 Apr 2021
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DRILLCORE IS FROM THE NATIONAL DRILLING INITIATIVE. IT IS NOT THE PROPERTY OF THE COMPANY.

Carrara: prospective basin architecture

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Correlation of prospective stratigraphic units from the Isa Super Basin into the Carrara Sub-basin indicates the Mount Isa Province extends to the west

Carrara

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Chalcopyrite (Cu sulphide) contained in a calcareous shale unit

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Carrara
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Sphalerite (Zn sulphide) contained in a calcareous shale unit

South Nicholson Seismic Survey, a foundational dataset acquired as part of the GA Exploring for the Future Program (AGES 2019)

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Refer to ENR ASX release 28 Apr 2021

West Arunta – WA Belt Scale IOCG Opportunity

Aileron Cu-Au-REE project

ENR 100%

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West Arunta: IOCG targets in a new region

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• 1,300km² West Arunta province of WA

• First diamond drill hole to a depth of 158m (EAL001) intersected

hydrothermal hematite-altered mafic intrusions and granite with a distinctive IOCG geochemical signature

• Metal anomalism is associated with hematite-alteration

• IOCG mineralisation often has a

• strong density contrast (Olympic Dam, Prominent Hill) meaning gravity surveys could provide drill targets and a clear pathway to discovery

• Gravity survey completed July 2021

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• EIS co-funded drilling to follow ($150,000)

Aileron Project – Tenement and gravity survey location plan on TMI background

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Refer to ASX announcement 12 July 2021

West Arunta: Initial Gravity Results

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• Discrete, pipe-like density anomaly ~600m by 600m (~2 mgal)

• Coincident magnetic anomalism

• Next Steps - Heritage survey, complete gravity survey, surface geochemistry then drilling

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Gravity Inversion DS300

Residual Gravity

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Gravity Inversion DS500

Magnetics RTP

South-Eastern Gravity Anomaly

Aileron Project –South-Eastern Gravity Anomaly

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Aileron Project – Ground gravity Residual Image

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Upcoming exploration activity

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JUN JUL AUG SEP OCT NOV DEC
Paterson Copper-Gold EIS diamond
drilling
(100% ENR)
Copper Projects NT Gravity survey Aircore drilling
(100% ENR) (Jessica / Carrara) (Jessica)
Paterson Province
Diamond drilling Aircore drilling
Copper-Cobalt
Elliott Copper BHP run 2021 exploration activities
West Arunta IOCG Gravity EIS diamond
Geochemistry
(100% ENR) Survey drilling?
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Foundations established for major exploration drive

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EXPLORATION EXPENDITURE

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Total spend on Encounter projects

Shareholders Elliott Cu gain leverage to significant discovery opportunities with minimal Yeneena Cu-Co JV dilution Lamil Copper-Gold Encounter spend NT Copper Projects 100% ENR West Arunta IOCG Cu-Au-REE

NEXT MILESTONE

Shareholder approval of demerger Tanami diamond drilling – H2 2021

Formal farm-in agreement then commence exploration

Aircore drill program H2 2021 Lamil diamond drilling – In progress Aileron gravity survey – Aug 2021 Aircore drilling Jessica – Sep 2021

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• Encounter intends to demerge and launch of an IPO of subsidiary Hamelin Gold Ltd, subject to Encounter shareholder approval, as well as satisfactory ASX and other regulatory approvals

– New corporate entity to drive a gold focused exploration business

Hamelin Gold Modern exploration to unlock one of Australia’s most underexplored gold provinces

• More optimal structure to deliver on the potential within Encounter’s current project portfolio across the Tanami, Paterson Province and Northern Territory

• Hamelin will hold a 100% interest in the West Tanami Gold Project in WA

• Belt-scale exploration opportunity applying learnings from Newmont’s adjacent +14Moz Callie gold operation

• Numerous advanced drill targets and widespread untested opportunity across a 2,275km[2] land position including 100km of prospective strike

• Pro-rata, in-specie distribution to eligible Encounter shareholders and IPO

• IPO will include a priority offer to eligible Encounter shareholders

• Highly respected team assembled with a clear strategy and focus

• Peter Bewick as Managing Director

• Justin Osborne as a Non-Executive Director - former Gold Road Resources Executive Director

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Refer to ENR ASX announcement 30 July 2021

The West Tanami gold province – a sleeping giant

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The Tanami Gold Province

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West Tanami: Major extension of the Tanami Gold Province

~0.7Moz Au

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~25Moz Au

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Tanami Geology and gold occurrences

West Tanami leasing with gold occurrences over regional gravity data

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• … same geology, same key structures, but underexplored

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1 Refer to Newmont Tanami Operations AGES Paper 20 March 2018

Newmont’s Tanami Operations

Lowest AISC gold production within Newmont’s global portfolio (~$US650/oz)

• Newmont’s Tanami Operations have undergone transformational improvement since 2013 with AISC ~45% lower and production~80% higher

• Tanami is a world class asset producing >500koz pa and projected to grow to ~700koz pa

• Tanami Expansion 2 secures future to 2040 and provides platform for growth

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Refer to Newmont Investor Presentation May 2021 & Newmont Tanami Operations AGES Paper 20 March 2018

Australia’s most underexplored gold district

• Belt scale gold project (~2,275km[2] ) in a Tier 1 jurisdiction

• 100km of strike along the major structural corridor interpreted to be the key controlling structure for gold mineralisation in the Tanami

• Extensive areas of shallow cover and limited deeper drilling (30 holes >200m deep)

• Modern, prioritised and focused strategy to assess

• Open, high-grade gold intersections

• Significant multi-kilometre scale geochemical anomalies

• A portfolio of untested geophysical targets

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Key prospect locations on detailed aeromagnetics

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Hamelin exploration strategy

• Understanding the structural architecture is the key to exploration success

• Complete detailed aeromagnetic coverage

• Complete structural and stratigraphic interpretation and targeting program

• Conduct diamond drilling of priority targets to confirm structural and stratigraphic model

• Understanding the regolith is key to determining the effectiveness of previous exploration

• Complete ASTER and radiometrics coverage

• Complete regolith amenability map

• Assess modern surface geochemistry techniques to see through transported cover

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Orientation Fine Fraction soil sampling – Tanami June 2021

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Systematic modern exploration

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Next 18 months of exploration activity

2021 2022 Q3 Q4 Q1 Q2 Q3 Q4 Bandicoot, Mojave, EIS Diamond Drilling Quenda Fine Fraction Soils and Detailed Target Generation Aeromagnetics Driven by new data and new Target Assessment exploration model Aircore Regional Testing Priority Targets RC and Diamond Drilling Target Definition

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Demerger Rationale

The people and the project + the focus and the funding

WEST TANAMI EXPLORATION POTENTIAL

EXPERIENCED BOARD AND MANAGEMENT

• 100km of strike in Australia’s most underexplored Tier 1 gold district

• Extensive greenfields and near mine exploration knowledge

• Proven project generation and discovery success

• New geophysical datasets, geological understanding and exploration approach

OPTIMISED CORPORATE STRUCTURE

INVESTMENT OPPORTUNITY

• Encounter and Hamelin clarify exploration focus

• Both companies will hold transformational discovery opportunities in world-class mineral belts

• In-specie distribution and priority offer to eligible Encounter shareholders

• IPO Prospectus to follow with ASX listing (subject the ASX approval) expected in the December 2021 quarter

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Refer to ENR ASX announcement 30 July 2021