ENCOUNTER RESOURCES LIMITED — Share Issue/Capital Change 2022

Nov 30, 2022

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

ENCOUNTER RESOURCES LIMITED

Date of this announcement

Thursday December 01, 2022

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted options exercisable at $0.0268 expiring 3,980,000 01/12/2022 to be confirmed 30 November 2026

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

1 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of entity

ENCOUNTER RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

47109815796

1.3 ASX issuer code

ENR

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

1/12/2022

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

2 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

==> picture [21 x 22] intentionally omitted <==

2.1 The +securities the subject of this notification are:

==> picture [8 x 8] intentionally omitted <==

Other

Please specify

Unlisted options exercisable at $0.268 expiring 30 November 2026

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

==> picture [8 x 9] intentionally omitted <==

does not have an existing ASX security code ("new class")

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

3 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed Unlisted options exercisable at $0.0268 expiring 30 November 2026 +Security type ISIN code Options Date the +securities the subject of this notification were issued 1/12/2022 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. Refer 2022 Notice of Annual General Meeting lodged with ASX on 28 October 2022. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02590471-6A1118920?access_token=8 3ff96335c2d45a094df02a206a39ff4 Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.26800000 30/11/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description Ordinary fully paid share (ENR)

Any other information the entity wishes to provide about the +securities the subject of this notification

None

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

4 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Options issued to directors pursuant to shareholder approval at the Company's 2022 AGM.

Issue details

Number of +securities

3,980,000

Were the +securities issued for a cash consideration?

==> picture [9 x 9] intentionally omitted <==

No

Please describe the consideration being provided for the +securities

Nil cash consideration

Purpose of the issue

Other

Additional Details

Issued in lieu of payment of cash director fees and as incentive securities.

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

5 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
ENR : ORDINARY FULLY PAID	353,025,781
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
ENRAO : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES	3,500,000
ENRAB : OPTION EXPIRING 26-NOV-2024 EX $0.222	2,450,000
ENRAQ : OPTION EXPIRING 30-JUN-2024 EX $0.182	650,000
ENRAT : OPTION EXPIRING 28-NOV-2025 EX $0.224	3,630,000
ENRAP : OPTION EXPIRING 31-OCT-2023 EX $0.162	5,050,000
ENRAU : OPTION EXPIRING 28-JUN-2026 EX $0.19	1,200,000
ENRAS : OPTION EXPIRING 30-APR-2025 EX $0.212	800,000
New class - code to be confirmed : Unlisted options exercisable at $0.0268 expiring 30	3,980,000
November 2026

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

6 / 7

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

==> picture [21 x 22] intentionally omitted <==

Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

14

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

7 / 7