New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$134.2m (US$93.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$134.2m market cap, or US$93.9m). New Risk • Mar 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (AU$74k revenue, or US$53k). Announcement • Dec 11
Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million. Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 54,444,444
Price\Range: AUD 0.45
Discount Per Security: AUD 0.0225
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,111,112
Price\Range: AUD 0.45
Discount Per Security: AUD 0.0225
Transaction Features: Subsequent Direct Listing New Risk • Dec 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Announcement • Oct 30
Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 25 million. Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 54,444,444
Price\Range: AUD 0.45
Discount Per Security: AUD 0.0225
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,111,112
Price\Range: AUD 0.45
Discount Per Security: AUD 0.0225
Transaction Features: Subsequent Direct Listing Announcement • Oct 28
Encounter Resources Limited, Annual General Meeting, Nov 27, 2025 Encounter Resources Limited, Annual General Meeting, Nov 27, 2025. Location: at the ebell room, trinity on hampden, 230 hampden road, crawley, wa 6009, Australia New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (AU$988k revenue, or US$652k). New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Announcement • Mar 25
Encounter Resources Ltd Announces Launch of Significant Exploration Programs at the Aileron Project Encounter Resources Ltd. announced the launch of significant exploration programs at the Aileron project (100% ENR) in the West Arunta region of WA. Resource Definition Drilling. An initial RC drill program will commence shortly to further delineate high-grade zones of niobium mineralisation identified through the aircore and RC drilling programs of 2024. Drilling will focus on demonstrating continuity along strike between existing sections, and depth extensions below shallow aircore drilling. Encounter holds a commanding, prospective tenure position in the West Arunta. Exploration programs throughout 2023 and 2024 have demonstrated that the major faults are the deep, mantle-tapping conduits bringing mineralised carbonatite magmas to surface. Encounter has demonstrated niobium-REE mineralisation along an 8km strike along the northern Elephant Island fault where the high-grade niobium zone at Crean was discovered. Along the southern Weddell fault, high-grade mineralisation exists along 10km of strike extending through Emily, Luni and Green and this system remains open to the east and west. Late in 2024 two lines of reconnaissance aircore drilling were completed 8km to further east at Joyce and this identified potential extensions of the carbonatite complex. The key controlling mineralising structures in the West Arunta are clearly mapped by geophysics. The key controlling mineralizing structures in the West Arunta were clearly mapped by geophysics. Encounter has identified numerous additional targets in favourable structural positions utilising magnetics and gravity. The presence of copper in GSWA heavy mineral data at Leopard and the vein of chalcopyrite in the first drill hole at Perce provide an encouraging start to exploration in the eastern part of Aileron. In addition to the niobium-REE exploration targeting, the 2025 exploration program will test copper-gold targets with aircore drilling and surface geochemical sampling. The planned airborne EM survey may also provide priority drill targets if the survey identifies conductive bodies in the basement. Early Project Development Activities. In parallel to the exploration program at Aileron, the Company is progressing project development and study activities underpinned by the expanding zones of high-grade niobium mineralisation. These activities include detailed early resource modelling, mineralogical evaluation, metallurgical test work, marketing, environmental surveys, mining and infrastructure studies. Updates will be provided regarding key project milestones throughout 2025, including initial resource estimates, met allurgical test work, extensional drilling at known mineralised prospects and new target testing. New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (AU$92k revenue, or US$58k). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$112.2m market cap, or US$70.5m). Recent Insider Transactions • Mar 07
Independent Non-Executive Director recently bought AU$100k worth of stock On the 4th of March, Philip Crutchfield bought around 432k shares on-market at roughly AU$0.23 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Dec 06
Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 14.999999 million. Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 14.999999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,857,141
Price\Range: AUD 0.35
Discount Per Security: AUD 0.0175
Transaction Features: Subsequent Direct Listing Announcement • Nov 30
Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,571,428
Price\Range: AUD 0.35 New Risk • Oct 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$149.1m (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.0m free cash flow). Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (AU$149.1m market cap, or US$98.8m). Announcement • Sep 27
Encounter Resources Limited, Annual General Meeting, Nov 29, 2024 Encounter Resources Limited, Annual General Meeting, Nov 29, 2024. New Risk • Sep 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$9.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.0m free cash flow). Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m (AU$618k revenue, or US$421k). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$135 revenue, or US$89.0). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Announcement • Apr 12
Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10.5 million. Encounter Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,727,273
Price\Range: AUD 0.22
Discount Per Security: AUD 0.011
Transaction Features: Subsequent Direct Listing Announcement • Apr 05
Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10.5 million. Encounter Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 47,727,273
Price\Range: AUD 0.22
Discount Per Security: AUD 0.011
Transaction Features: Subsequent Direct Listing New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.8m free cash flow). Revenue is less than US$1m (AU$249k revenue, or US$164k). Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (AU$106.6m market cap, or US$70.2m). Recent Insider Transactions Derivative • Nov 04
Independent Non-Executive Director exercised options to buy AU$663k worth of stock. On the 2nd of November, Philip Crutchfield exercised options to buy 2m shares at a strike price of around AU$0.16, costing a total of AU$275k. This transaction amounted to 37% of their direct individual holding at the time of the trade. Since December 2022, Philip's direct individual holding has increased from 4.20m shares to 4.56m. Company insiders have collectively bought AU$962k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 01
Encounter Resources Announces Chairman Changes, Effective November 24, 2023 Encounter Resources (ENR) announced that Non-Executive Chairman, Paul Chapman has confirmed that after 18 years, he will retire from the Board at the conclusion of the Annual General Meeting on 24 November 2023. The Board of Directors announced that Will Robinson has been appointed as Executive Chairman of the Company effective from that date. Announcement • Oct 24
Encounter Resources Limited, Annual General Meeting, Nov 24, 2023 Encounter Resources Limited, Annual General Meeting, Nov 24, 2023, at 09:00 W. Australia Standard Time. Location: The Epworth Room, Trinity on Hampden, 230 Hampden Road Crawley Western Australia Australia Agenda: To discuss the Financial Report, the Directors' Report and Auditor's Report for the year ended 30 June 2023; to consider Adoption of the Remuneration Report; to consider Re-election of Director - Dr. Jon Hronsky; and to consider other matters. New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$130.5m market cap, or US$86.2m). Announcement • Feb 13
Encounter Resources Limited Confirms Lithium & Other Critical Minerals At Junction The directors of Encounter Resources Ltd. advised that assays have confirmed lithium and other critical minerals bearing LCT pegmatites at the Crawford targetpart of the Junction Lithium Project ("Junction") in the Northern Territory ("NT"). Junction sits within the North Arunta Pegmatite Province which was first identified in a report by the Northern Territory Geological Survey ("NTGS") in 2005. The NTGS interprets that the pegmatites in the region are LCT pegmatites similar to the host pegmatites of the lithium deposits at Greenbushes in WA and the Finnis deposit in the Pine Creek pegmatite province in the NT. The NTGS interpretation has now been validated at Crawford with significant implications for the broader Junction area. The Crawford target at Junction is defined by the intersection of two important LCT-controlling structures, the Barrow Creek and Neutral Junction Fault Zones. In December 2022, initial field reconnaissance was completed at Crawford to investigate a series of outcropping and sub-cropping pegmatites. The outcrops were rock chip sampled over 4km of strike proximal to the margin of a large, interpreted granite body. Several outcropping pegmatites and fractionated granites were sampled along the 4km trend which returned highly anomalous lithium and other critical mineral assay results. Accordingly, Crawford is a new critical minerals occurrence in the North Arunta region. The results confirm LCT pegmatites at Crawford, comparable to the host pegmatites of the Core Lithium Finnis lithium deposits in the Pine Creek region of the NT (JORC Resources of 15Mt @ 1.3% Li 2 0). Systematic soil geochemical sampling of the LCT pegmatite prospective corridor will be completed in early 2023. The geochemical sampling will test for a range of critical minerals including Li, Cs, Ta, Sn, Be, W and Rb. Following this soil sampling program, RC drilling of defined targets is planned. Announcement • Dec 28
Encounter Resources Ltd Reports Assay Results from Diamond Drilling At Lamil in the Paterson Province of WA Encounter Resources Ltd. reported assay results from diamond drilling at Lamil in the Paterson Province of WA. The 100%-owned Lamil Project covers an area of ~61km2 and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining Ltd. Lamil is adjacent to a major regional gravity lineament which marks the location of an interpreted significant crustal scale structure that would have acted as a pathway for mineralising fluids during the formation of the Proterozoic aged deposits. The Dune prospect is located in the northwest of the Lamil project and consists of a laterally extensive copper-gold system, outlined by broad spaced RC drilling over 1km of strike. The mineralisation at Dune is hosted in metasedimentary rocks of the Proterozoic Lamil group which also host the Telfer, Havieron and Winu copper-gold deposits. Dune is situated close to the intersection of the prospective contact between the Upper Malu and Telfer Formations with the interpreted fold axial plane in the north western part of the Lamil Dome. Prior drilling at Dune intersected multiple, stacked, copper-gold reefs in drill hole ETG0243 within a thick prospective package of interbedded siltstones and quartzites. This package is analogous to the Telfer formation siltstones and Upper Malu quartzites which are important hosts of Au-Cu reefs at the Telfer deposit. Two holes (ETG0244 & ETG0245) were completed in September 2022 to test for lateral and down plunge extensions of the prospective package intersected in ETG0243. Drillhole ETG0244 has further expanded the footprint of the mineral system at Dune. It was collared 200m north-west of ETG0243 and intersected copper-gold reefs higher in the hole than expected including: 0.3m @ 21.5g/t gold and 3.8% copper from 175.2m. 0.2m @ 15.9g/t gold from 201.9m. 0.18m @ 11.3g/t gold and 6.48% copper from 206.57m in ETG0244. The nearer surface copper-gold reefs intersected in ETG0244 are proximal to prior high-grade RC drill intersections at the base of the weathered profile at Dune including: 10m @ 2.8g/t gold and 812ppm copper from 94m in ETG0015. 4m @ 3.3g/t gold and 1,400ppm copper from 74m in ETG0016 The relationship between the copper-gold reefs intersected in ETG0244 and the supergene intersections in ETG0015 and ETG0016 will be investigated. ETG0244 intersected the target prospective package (projected from previous hole ETG0243) of altered interbedded siltstones and sandstones from 355m to 474m. In ETG0244 the target package carried lower copper-gold grades than in ETG0243. However, an unexpected result from ETG0244 was a deeper intersection of copper-silver mineralisation, hosted by a tetrahedrite-chalcopyrite bearing vein with epithermal textures. This is the first time this style of mineralisation has been recognised at the Lamil project. Assay results from this vein returned: 0.75m at 268g/t silver and 2.5% copper from 616.65m in. ETG0244: Tetrahedrite (a copper-silver mineral) has a common association with high-sulphidation epithermal deposits and may represent a new untested target-style at Lamil. Announcement • Dec 15
Encounter Resources Limited Announces Initial Field Reconnaissance Supports the Lithium Potential of the Crawford Target At the Junction Lithium Project The directors of Encounter Resources Ltd. announced that initial field reconnaissance supports the lithium potential of the Crawford target at the Junction Lithium Project. Pleasingly, the first on-ground activities have already confirmed series of pegmatites at this key structural target. Initial sampling assay results are due early in 2023. A systematic soil sampling program is planned for early in 2023 ahead of drilling. Field Reconnaissance at Crawford: Initial field reconnaissance has been completed at Crawford and supports the lithium potential of the project. Positive developments include: a series of outcropping and sub-cropping pegmatites have been identified over 4km of strike which are interpreted to extend under shallow cover to the north; pegmatite trend is situated along the western margin of a large granite body; trend is under shallow cover amenable to surface sampling to define drill targets; target located ~4km east of Core Lithium's Ringing Rocks prospect - a which hosts two large pegmatite bodies with surface rock chips assaying up to 0.6% Li2O. Announcement • Dec 08
Encounter Resources Ltd Announces Magnetic- Radiometric Survey Recently Completed At the Aileron CU-REE Project in the West Arunta Region of WA The directors of Encounter Resources Ltd. announced that the magnetic- radiometric survey recently completed at the Aileron Cu-REE project in the West Arunta region of WA has identified new high-quality targets as well as upgrading existing targets. Aileron is located in the West Arunta region of WA 600km west of Alice Springs. Prior to the recent magnetic-radiometric survey, several structural and geophysical targets had been identified through aerial magnetic and gravity surveys. To date, only one diamond hole, EAL001, has been drilled within the project which targeted a discrete magnetic anomaly at the Worsley target. EAL001 was partially completed to a depth of 158m in October 2020 and drilled through 5m of shallow cover followed by a brecciated hydrothermal hematite-chlorite-altered granite with a narrow mafic intrusion. Assays from EAL001 include zones of anomalism in copper gold, molybdenum, niobium and highly elevated rare earth elements consistent with the IOCG deposit model. The presence of highly anomalous REE at Aileron and the recent mineralised carbonatite discoveries by WA1 Resources Ltd. indicate that an alkaline magmatic hydrothermal system has been active in the region. Such systems are known to play an important role in the formation of both IOCG and carbonatite-hosted REE deposits. Magnetic-Radiometric Survey In November 2022, an 8,000 line km airborne magnetic-radiometric survey was completed at Aileron. The 100m spaced survey covered ~50 strike km of the western part of the project. The survey was designed to provide detailed structural and geological information and to identify new carbonatite and IOCG targets. An initial assessment has identified new targets including: Hurley - a discrete magnetic target highlighted east of the Worley and Crean targets on the major Elephant Island fault, Macklin - an interpreted intrusion located on the key Endurance fault that hosts the Caird gravity target and WA1's recent mineralised carbonatite discovery at Luni In addition, the structural context of the existing targets has been upgraded, Caird - `bullseye' coincident magnetic and density anomaly on the Endurance fault, 5km north- west of WA1's recent mineralised carbonatite discovery at Luni, Crean - regional scale magnetic anomaly at a key structural location on the major Elephant Island fault, Shackelton - gravity anomaly where reconnaissance rock chip sampling returned 0.5% REE Worsley - the region's standout magnetic feature with a coincident gravity anomaly. Single, drill hole was terminated without testing the magnetic-gravity anomalies but intersected highly, anomalous Cu, Au, Mo, Nb and REE n the top of the hole. The interpretation and integration of the new data is ongoing with expanded gravity coverage planned for early in the 2023 field season. In addition to diamond drilling at Caird and Worsley, drilling plans for the Crean target are also well advanced. Diamond drilling is scheduled to commence in April-June 2023, co-funded by the WA Government Exploration Incentive Scheme. Encounter is one of Australia's leading mineral exploration companies listed on the ASX. Encounter's primary focus is on discovering major copper dominant deposits in Australia. Announcement • Nov 29
Encounter Resources Limited Announces Cu-REE Gravity Targets at Aileron - West Arunta The directors of Encounter Resources Ltd. announced that gravity inversion modelling has identified an interpreted pipe-like intrusion or alteration system at Caird, part of the Aileron Cu-REE project (100% ENR) in the West Arunta region of WA. Aileron is located in the West Arunta region of WA ~600km west of Alice Springs. The project contains several structural and geophysical targets identified through aerial magnetic and gravity surveys. To date, only one diamond hole, EAL001, has been drilled within the project which targeted a discrete magnetic anomaly (Worsley). EAL001 was partially completed to a depth of 158m in October 2020 and drilled through 5m of shallow cover followed by a brecciated hydrothermal hematite-chlorite-altered granite with a narrow mafic intrusion. Within these units, zones of increased brecciation and alteration correlate with increased REE anomalism with a distinctive IOCG geochemical signature. The hole ended prior to designed depth due to a mechanical failure. Assays from EAL001 include zones of anomalism in copper (up to 0.1% Cu), gold (up to 48ppb Au), molybdenum (up to 155ppm Mo), niobium (up to 773ppm Nb) and highly elevated rare earth elements (up to 0.8% TREO) consistent with the IOCG deposit model. The presence of highly anomalous REE at Aileron and the mineralised carbonatite discoveries by WA1 Resources, provide encouragement that an alkaline magmatic hydrothermal system has been active in the region. Such systems are known to play an important role in the formation of both IOCG and carbonatite-hosted REE deposits. Gravity Survey: In November 2021, a helicopter-supported ground gravity survey was completed at Aileron which confirmed and elevated the presence of multiple priority anomalies. Caird is a discrete and coincident "bullseye" gravity and magnetic anomaly. Inversion modelling has defined a 600m diameter (~2 mgal) discrete, gravity anomaly at Caird. This anomaly is sub-vertical and can be clearly recognized in the 300m and 500m depth slices. The anomaly is interpreted as a pipe-like discrete intrusion or alteration system. Caird is located immediately adjacent to the major Endurance fault system that hosts the recent Luni mineralised carbonatite discovery by WA1 Resources 5km to the south-east. Caird is mapped by GSWA as an area of residual regolith. However, the causative body for the geophysical anomaly is not exposed at surface. During a reconnaissance field visit, quartz veining and ferruginous duricrust were identified at surface close to the south-west margin of the anomaly. Accordingly, a systematic surface geochemistry survey will be undertaken during 2023. Drill Ready: Preparations for drilling Caird and Worsley are well advanced with a heritage survey completed in May 2022 and access tracks established. Compilation and interpretation of the geophysical data is ongoing with results from an 8,000 line km magnetic/radiometric survey expected in early December 2022. Additional gravity surveys and surface geochemistry are planned for the start of the 2023 field season. Drilling of Caird, Worsley and other targets will commence in April-June 2023. Recent Insider Transactions Derivative • Nov 16
Non Executive Director exercised options to buy AU$338k worth of stock. On the 10th of November, Peter Bewick exercised options to buy 2m shares at a strike price of around AU$0.052, costing a total of AU$78k. This transaction amounted to 19% of their direct individual holding at the time of the trade. Since December 2021, Peter's direct individual holding has increased from 8.01m shares to 9.51m. Company insiders have collectively bought AU$155k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Non-Executive Director Philip Crutchfield was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 11
Non Executive Director exercised options to buy AU$248k worth of stock. On the 10th of November, Peter Bewick exercised options to buy 2m shares at a strike price of around AU$0.051, costing a total of AU$77k. This transaction amounted to 19% of their direct individual holding at the time of the trade. Since December 2021, Peter has owned 8.01m shares directly. Company insiders have collectively bought AU$154k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Non-Executive Director Philip Crutchfield was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 29
Encounter Resources Ltd Announces Suite of Compelling Drill Targets Identified at the Carrara and Jessica Projects in the NT The directors of Encounter Resources Ltd. announced that a suite of compelling drill targets have been identified at the Carrara and Jessica projects in the NT. These projects are being explored in partnership with South32 under Farm-in Agreements. Jessica covers ~6,300km2 along key structural corridors east of Tennant Creek and is prospective for sediment-hosted copper and IOCG style deposits. Access to the project is via the sealed Tablelands Highway that traverses the western side of Jessica. Jessica captures compelling structural targets along the Brunette Downs Rift Corridor identified by Geoscience Australia in the Exploring for the Future program. Jessica was targeted along the northern flanks of the East Tennant gravity ridge and the intersection with a major NNW structural corridor (Figure 3). Jessica has potential for both basement IOCG style mineralisation and sediment- hosted copper deposits. Systematic assessment of drill chips from water bores at Jessica has been conducted by Encounter and a previous explorer utilising handheld XRF machines. Areas of copper anomalism were selected for chemical analysis and for the sample interval 0-3m in RN28419 (Figure 3, No. 39 water bore) which returned 1.5% copper (refer ASX announcement 19 August 2020). In partnership with South32, reprocessing of Geoscience Australia seismic data that extends through Jessica (Figure 3) has been completed by HiSeis, in order to provide greater detail of the geology and structure in the upper 1,000m. A 2km spaced gravity survey was also completed at the project in 2022 by the NT Geological Survey. In addition, 1km spaced gravity infill data was collected to cover a series of high priority magnetic targets. A significant and discrete gravity feature was identified coincident with a prominent magnetic feature on the margin of a large interpreted intrusive body (Figures 1 & 2). This target has been named the Zeta IOCG target ("Zeta"). In addition, seismic reprocessing has highlighted a discrete seismic reflector at depth immediately underlying Zeta. Seismic reprocessing has also highlighted a zone of washed out seismic character at depth beneath Zeta, interpreted to represent a potential deep rooted alteration zone associated with a crustal scale structure (Figure 4). This confluence of geophysical anomalism (gravity, magnetics and seismic) together with the structural context, located on a fundamental NNW structure, makes Zeta a priority target. Announcement • Oct 19
Encounter Resources Ltd Advises of Lithium Exploration Targets Identified At Sandover in the Northern Territory The directors of Encounter Resources Ltd. advised of lithium exploration targets identified at Sandover in the Northern Territory. Sandover sits within the Northern Arunta Pegmatite Province which was first identified in a report by the NTGS in 2005. The NTGS interpret that the pegmatites in the region are LCT pegmatites similar to the host pegmatites of the lithium deposits at Greenbushes in WA and the Finnis deposit in the Pine Creek pegmatite province in the NT. The region's lithium potential was also highlighted by rock chip sampling of the Anningie Tin Field (located 30km west of Sandover) completed in 2017 which returned 15 rock chip samples above 1% Li 2 O including a maximum lithium grade of 4.63% Li 2 O. The presence of LCT pegmatites is further supported at Sandover by two tin-tantalum occurrences in the south-east of the project area. The region's lithium prospectivity has been recognised by a number of companies including Core Lithium Ltd. which holds the Anningie and Barrow Creek Lithium Projects in the North Arunta district. Lithium Targets Encounter Non-Executive Director, Dr. Jon Hronsky, has completed a technical assessment of the lithium potential at Sandover. Integrating available data for the region has resulted in the definition of two large projects, Junction and Sitch, that contain three priority targets for follow up: Crawford: This target, located in the north of Junction, is defined by the intersection of two important, LCT-controlling structures, the Barrow Creek and Neutral Junction Fault Zones. There is very little outcrop mapped in the target area but what is mapped is indicated to be a mixture of granite and pegmatite. It appears to be a residual area, amenable to surface sampling. The most Li-rich occurrence sampled by NTGS in the Northern Arunta Pegmatite Province (Tabby Cat) is located 5km south of the target area. Nelson: This target lies within the southern area of Junction and is defined by the intersection of the major west-north-west structure, which bounds the northern side of the large Neoproterozoic Sandover basin depocentre, with two north-east trending structures that control the Western and Eastern Groups of pegmatites within the Barrow Creek District (Figure 2). The area predominantly covered by Quaternary soil, however radiometric signatures indicate the presence of fractionated granite and the target is likely to be amenable to surface geochemical exploration to identify LCT-pegmatites. Utopia: This target, located in the northern part of Sitch, is defined by the intersection of the major west-north-west structure, which bounds the northern side of the large Neoproterozoic Sandover Basin depocentre, with the northwest trending Neutral Junction Fault. The area hosts the Utopia cluster of pegmatites which are known to be low in Li, although it is interpreted that may be due to their close proximity to source granites. The primary target area at Utopia is located north-west of the outcropping pegmatites under cover. The area is also predominantly covered by Quaternary soil and is likely to be amenable to surface geochemical exploration. All three targets are considered to represent residual terranes that are potentially amenable to surface geochemical sampling. Crawford has been selected as the first target for follow up exploration. Next Steps: 1. An NTGS co-funded 1km spaced gravity survey is in progress which will refine the structural architecture at Sandover including the location of LCT prospective structures. 2. Initial on ground assessment of the Crawford target will commence in October/November 2022 and will include sampling of mapped outcrops and a trial of surface geochemical methods. 3. Systematic 200m x 50m soil geochemical sampling of prospective corridors; analysis for Li, Cs, Ta, Sn, Be, W, Rb. 4. High-resolution aerial photography of prospective corridors looking for evidence of sub-cropping pegmatites in areas mapped as generally non-outcropping; follow up rock-chip sampling of identified occurrences. 5. RC drill testing of defined anomalous areas. Announcement • Sep 12
Encounter Resources Limited Advises Completion of Diamond Drilling At Lamil Paterson Province The directors of Encounter Resources Ltd. advised that diamond drilling has been completed at Lamil in the Paterson Province of WA. Lamil covers an area of ~61km2 and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining Ltd. Lamil is adjacent to a major regional gravity lineament which marks the location of an interpreted significant crustal scale structure that would have acted as a pathway for mineralising fluids during the formation of the Proterozoic aged deposits. The Dune prospect is located in the northwest of the Lamil project and consists of a laterally extensive copper-gold system, outlined by broad spaced RC drilling over 1km of strike. The mineralisation at Dune is hosted in metasedimentary rocks of the Proterozoic Lamil group which also host the Telfer, Havieron and Winu copper-gold deposits. Dune is situated close to the intersection of the prospective Upper Malu formation and the interpreted fold axis in the north western part of the Lamil Dome. Prior drilling at Dune intersected multiple, stacked, copper-gold reefs in drill hole ETG0243 within a thick prospective package of interbedded siltstones analogous to Telfer's Upper Malu formation. The two holes (ETG0244 & ETG0245) that were completed in the current program were designed to test for lateral and down plunge extensions of the prospective package intersected in ETG0243. Initial observations confirm the geological model with both holes intersecting the target package as well as multiple veins containing sulphides (pyrite and chalcopyrite). Drillhole ETG0244 intersected the prospective package of altered interbedded siltstones and sandstones from 355m to 474m downhole. Initial observation of the veining within this zone has noted multiple (<1m) quartz-quartz carbonate veins orientated sub-parallel to bedding and are similar to the mineralised veins seen in ETG0243. In addition, a new steep vein orientation striking sub- parallel to drilling was observed in the hole which may represent a new untested target. ETG0245 confirmed the dip of the north eastern flank of the Lamil Dome and intersected the prospective package at 159m. The package again contained altered siltstones and sandstones. This hole contained less veining throughout the target package but did intersect a 3.1m wide quartz carbonate vein with blebby pyrite from 262m. The hole ended in quartzite at 355m. Diamond drilling was also completed to test a discrete gravity anomaly at the Elsa prospect also part of Lamil. This hole (ETG0246) intersected a folded sequence of metasediments containing minor pyrrhotite and was completed to 301.1m. Logging and sampling of the three diamond drill holes is in progress prior to submission for chemical analysis. ETG0244 and ETG0245 are being cased for downhole EM to assess the proximal area for conductive features that could represent sulphide accumulations often associated with copper-gold mineralisation at Dune. Assay results from this program are expected in November/December 2022. Announcement • Aug 25
Encounter Resources Announces Olympic Dam Age Mineralising Events At Aileron The directors of Encounter Resources Ltd. announced that geochronology at the Aileron project in the West Arunta region of Western Australia has confirmed that mineralising events at Aileron are similar in age to those in the Gawler Craton in South Australia which hosts Olympic Dam and other large scale IOCG deposits. In addition, REE are intrinsically associated with the copper-gold mineralisation at Olympic Dam, Oak Dam and other IOCG deposits in South Australia. The first drill hole into this belt, EAL001, contains numerous assays above 0.1% TREO, up to 0.8% TREO. A rock chip collected from a ferruginous quartz vein in altered quartzite 7km from EAL001 returned 0.5% TREO. Aileron is located in the West Arunta region of WA ~600km west of Alice Springs. The project contains several structural and geophysical targets identified through aerial magnetic and gravity surveys. To date, one diamond hole, EAL001, has been drilled targeting a discrete magnetic anomaly (Worsley prospect). EAL001 was partially completed to a depth of 158m in October 2020 and drilled through 5m of shallow cover followed by a brecciated hydrothermal hematite-chlorite-altered granite with narrow mafic intrusions. Within these units, zones of increased brecciation and alteration correlate with increased REE anomalism with a distinctive IOCG geochemical signature. The hole ended prior to designed depth due to a mechanical failure. Assays from EAL001 include zones of anomalism in copper (up to 0.1% Cu), gold (up to 48ppb Au), molybdenum (up to 155ppm Mo) and highly elevated rare earth elements (up to 0.8% TREO) consistent with the targeted IOCG deposit model. The metal anomalism in the hole is associated with the most intensely brecciated and chlorite- hematite altered zones (up to 15% Fe). IOCG mineralisation often has a strong density contrast to background and may be identifiable through the application of gravity surveys. In November 2021, a ground gravity survey and geological reconnaissance activities, including a successful surface sampling trial, were completed at Aileron. Announcement • Aug 23
Encounter Resources Limited Announces Strategic Review of Lithium at Sandover in the Northern Territory The directors of Encounter Resources Limited ('Encounter' /'the Company') announced that, following strong regional interest in lithium, a strategic review of lithium has been initiated at Sandover in the Northern Territory. Sandover sits within the Northern Arunta Pegmatite Province which was first identified in a report by the NTGS in 2005. The NTGS interpret that the pegmatites in the region are Lithium-Caesium-Tantalum ('LCT') pegmatites similar to the host pegmatites of the lithium deposits at Greenbushes in WA and the Finnis deposit in the Pine Creek pegmatite province in the NT. The region's lithium potential was also highlighted by rock chip sampling of the Anningie Tin Field (located 30km west of Sandover) completed in 2017 which returned 15 rock chip samples above 1% Li 2 O including a maximum lithium grade of 4.63% Li 2 O. The presence of LCT type pegmatites is further supported at Sandover by two tin-tantalum occurrences in the south-east of the project area. The region's lithium prospectivity has been recognised by a number of companies including Core Lithium Ltd. (ASX:CXO) which holds the Anningie and Barrow Creek Lithium Projects in the North Arunta district. Copper exploration at Sandover continues to advance with the commencement of an NTGS co-funded gravity survey to aid the development of a basin wide stratigraphic model. The gravity survey will also aid lithium exploration by defining potential key hosting structures. Announcement • Aug 12
Encounter Resources Limited Announces Diamond Drilling Commencement At Lamil - Paterson Province The directors of Encounter Resources Ltd. advised that diamond drilling has commenced at Lamil in the Paterson Province of WA. In the coming months substantial diamond drill programs will be completed at three Encounter projects: 1,500m program at the Lamil project in the Paterson Province of WA (EIS co-funded); 3,000m program at the Elliott copper project in the Northern Territory (BHP funded); and 4,500m program at the Yeneena copper project in the Paterson Province of WA (IGO funded). Lamil covers an area of 61km2 and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining Ltd. Lamil is adjacent to a major regional gravity lineament which marks the location of an interpreted significant crustal scale structure that would have acted as a pathway for mineralising fluids during the formation of the Proterozoic aged deposits. The Dune prospect is located in the northwest of the Lamil project and consists of a laterally extensive gold-copper system, outlined by broad spaced RC drilling over 1km of strike. The mineralisation at Dune is hosted in metasedimentary rocks of the Proterozoic Lamil group which also host the Telfer, Havieron and Winu Au-Cu deposits. Dune is situated close to the intersection of the prospective Upper Malu formation and the interpreted fold axis in the north western part of the Lamil Dome. Seven diamond holes were completed at Dune in September 2021. Copper-gold mineralisation was intersected in two diamond drill sections spaced 200m apart. Announcement • Jul 22
Encounter Resources Ltd Commences Diamond Drilling at Yeneena Under the Earn-In and Joint Venture Agreement with IGO in the Paterson Province of WA The directors of Encounter Resources Ltd. advised that diamond drilling has commenced at Yeneena under the earn-in and joint venture agreement with IGO in the Paterson Province of WA. The planned 2022 activities represent a significant program of high impact drilling targeting sediment hosted copper. A number of new and innovative exploration techniques have been applied to generate these high priority drill targets. The planned six-hole program of deep diamond drilling by IGO is a substantial investment in copper exploration at Yeneena. This drilling, coupled with the upcoming diamond drilling at 100%-owned Lamil prospect in the Paterson Province and by BHP at the Elliott copper project in the Northern Territory, means that the second half of 2022 is shaping as one of the most eventful drilling periods in Encounter's history." Background: Yeneena comprises a major land position covering >1,450km2 in the highly prospective Paterson Province, targeting copper-cobalt mineralisation. IGO can sole fund $15 million in exploration expenditure over a maximum of seven years to earn a 70% interest in Yeneena. Exploration at Yeneena is focused on discovering high-value sediment-hosted copper deposits. The strategy implemented by IGO involves the collection of belt-scale high-quality primary datasets, with cutting-edge techniques used to acquire geological, geochemical and geophysical data. In recent months, the 2021 aircore drilling assays were incorporated into a regional 3D model, which has been created through the integration of historical and modern datasets. Regional target areas have been identified from the model, defining sub-basins that could contain similar rocks to those found at Nifty copper mine. Diamond drill testing of these targets will be completed during the 2022 field season. 2022 Exploration Program: The Yeneena 2022 exploration program, to be operated and funded by IGO, is currently planned to comprise the following activities: 1,900m aircore drill program to test highpriority targets. 4,500m diamond core drill program to test highpriority targets. 1,200 line km of Heli TEM surveying covering two target areas. Detailed geological mapping of the Lookout Rocks and Aria prospects. Hydro-geochemistry orientation program on cased 2021 aircore drillholes. Diamond Drilling: Diamond drilling has commenced and is focused on two high priority regional targets: EB01a: Regional 3D modelling has identified an area of high prospectivity to focus copper bearing fluid. High permeability fluid pathways and their intersection with favourable stratigraphy forms the basis of the primary targets in this area. Three diamond drill holes are planned to test the targets. ET01c: A new regional 3D model, as well as field mapping, has led to a better understanding of the BM1-BM7 prospect and of the paleo-basin architecture. Several opportunities for favourable traps for copper bearing brines have been identified. These targets will be tested by three planned diamond drill holes. Aircore Drilling: ET01: Regional aircore drilling is being utilised to gain end of hole and litho-geochemical data in areas that are higher priority and will be used to facilitate the 3D model in data poor areas. Collars will be cased with PVC to allow for hydrogeochemical testing. Further aircore drilling may be added following the hydrogeochemical orientation program. Announcement • Jun 04
Encounter Resources Ltd Provides Update on Exploration Activities At the 100%-Owned Sandover Project in the Northern Territory The directors of Encounter Resources Ltd. ("Encounter") provide an update on exploration activities at the 100%-owned Sandover project in the Northern Territory. A field trip by team in April 2022 confirmed further areas containing copper-bearing shale units. In addition, bornite nodules within a mineralised grey shale horizon were identified in both surface sampling and historical drill core at Sandover. The shale units containing the outcropping copper at Sandover are only considered to be moderate reductants but have precipitated considerable copper which provides evidence that a highly copper charged fluid has been active at Sandover. Additional surface sampling and field reconnaissance was completed in April 2022. This program confirmed additional mapped areas containing surface copper oxide mineralisation. The surface mapping also identified small bornite nodules, interpreted to be zones of increased fluid flow after replacement of anhydrite, within the grey shale unit. Surface samples were also collected from various outcropping stratigraphic horizons for chemical analysis and stratigraphic correlation. Inspection of historical drill core from Sandover in the Alice Springs core library was completed in April 2022. A number of historical drill holes (drilled in 1968, 1971 and 1994) were reviewed and confirmed key geological units and processes to enable the formation of sediment hosted copper deposits are present. Significantly, narrow zones of copper sulphide minerals, including bornite, were identified in historical drill core. It is interpreted that the copper rich nodules identified at the surface represent the weathered form of the bornite nodules observed in historical drill core. This provides encouraging evidence that processescapable of forming high grade copper mineralisation are present in the basin. Accordingly, exploration activities at Sandover are focused on identifying more reduced units within the basin. There will be a particular emphasis on where these units intersect long-lived basin forming structures which are areas with the potential to host major mineral deposits. Announcement • Feb 16
Encounter Resources Limited Announces Identification of Highly Elevated Rare Earth Elements Collected in Surface Geochemical Reconnaissance At the Aileron Project in the West Arunta Region of Western Australia The directors of Encounter Resources Ltd. announced the identification of highly elevated rare earth elements collected in surface geochemical reconnaissance at the Aileron project in the West Arunta region of Western Australia. Aileron is located in the West Arunta region of WA 600km west of Alice Springs. The project contains a number of structural targets identified through aerial magnetic surveys. To date, one diamond hole, EAL001, has been drilled targeting a discrete magnetic anomaly. EAL001 was partially completed to a depth of 158m in October 2020 and intersected hydrothermal hematite-altered mafic intrusions and granite with a distinctive IOCG geochemical signature under shallow cover. The hole ended prior to designed depth due to a mechanical failure. Assays from EAL001 include zones of anomalism in copper (up to 0.1% Cu), gold (up to 48ppb Au), molybdenum (up to 155ppm Mo) and highly elevated rare earth elements (up to 0.8% TREO) consistent with the targeted IOCG deposit model. The metal anomalism in the hole is associated with the most intense hematite altered zones (up to 15% Fe). IOCG mineralisation often has a strong density contrast to background and may be identifiable through the application of gravity surveys. In November 2021, a helicopter-supported ground gravity survey (Phase 2) and geological reconnaissance activities, including a surface sampling trial were completed at Aileron. Geological and Surface Sampling Reconnaissance. The geological reconnaissance was conducted in areas of interest including at newly defined gravity anomalies. A limited surface sampling was completed to assess surface geology, regolith conditions and amenability of target areas to surface sampling. Rock chips were collected from isolated weathered granite and quartzite outcrops. An area of pervasive iron alteration within a 2km long outcropping quartzite was identified from the air. A single rock chip, EG116398B, was taken from a ferruginous quartz vein within this altered quartzite and returned 0.5% TREO (including 0.1% Nd 2 O 3 +Pr 6 O 11). The presence of highly anomalous REE is encouraging for future exploration at Aileron suggesting an alkaline magmatic hydrothermal system has been active in the region. Alkaline magmatic systems are known to play an important role in the formation of both IOCG and REE deposits. Samples were taken to trial the effectiveness of soil geochemistry (1-2mm size fraction) from an area of interest identified in radiometric and ASTER data 1.6km to the south-east of 2020 drillhole EAL0001. Assay results demonstrated amenable contrast to background in Au ppb values and included anomalism up to 20ppb Au in EG116407. These results provide further encouragement that regolith conditions are amenable to systematic surface sampling but also indicate the presence of notable surface Au anomalism. It is expected that systematic surface sampling will provide an effective and economic means of exploration at Aileron. Gravity Survey Targets: Newly acquired gravity data has successfully defined new target areas of interest within the survey area and gravity anomalies were visited during the geological reconnaissance. To date, five priority anomalies have been identified as summarised below: Anomaly 1: A gravity anomaly has been identified coincident with the discrete magnetic feature that was incompletely tested with drillhole EAL001 in October 2020. The hole was terminated at 158m above the target due to drill rig breakdown. New gravity data has defined a discrete sub-vertical gravity anomaly that has been modelled from a depth of 200m below surface. Anomaly 2: is a strong semi-coincident gravity and magnetic anomaly 1.8km to the east of Anomaly 1. Geological reconnaissance determined the area consisted of patchy silcrete and minor aeolian sand over interpreted residual regolith. Anomaly 3: is a discrete gravity high with a coincident moderate magnetic anomaly. Geological reconnaissance noted that the gravity high was covered by aeolian sand and was surrounded by a semi-circular series of low lying ferruginous duricrust hills. This environment would be amendable to a systematic surface geochemistry survey. Anomaly 4: is a moderate amplitude gravity feature which is located at the intersection of a major interpreted NE-SW and NW-SE striking structures. Geological reconnaissance noted no outcrop or sub-crop in the area. Anomaly 5: is a moderate amplitude gravity anomaly over which no outcrop was identified during geological reconnaissance. To the north of Anomaly 5 there is a large low lying quartzite outcrop, containing the area of iron alteration and REE anomalous quartz vein sample EG116398B. Next Steps: Reconnaissance data is being collated with the geophysical inversion models and insights from EAL001. The outcomes of this work will be used to prioritise and rank these anomalies. Future work will likely include surface sampling, ground IP and diamond drilling. Announcement • Nov 27
Encounter Resources Ltd Provides Geological and Activities Update for Large Scale Sandover Copper Project in Northern Territory The directors of Encounter Resources Ltd. provided a geological and activities update for the large scale Sandover copper project in the Northern Territory. Background: Sandover is located 170km north of Alice Springs and covers a major structural corridor on the southern margin of the Georgina Basin. Historical exploration at Sandover has mapped copper oxides at surface in a stratiform position extending over 20km of strike. Sandover is interpreted to represent a locally preserved Neoproterozoic depocentre, overlain by more extensive Cambrian Georgina Basin sediments. The major elements of the classic Zambian style sediment-hosted copper system are present at Sandover including: Juxtaposition of Neoproterozoic sediments against crystalline basement; Evaporites; Reduced stratigraphic units to trap copper brines, within a red-bed sequence; and Evidence of copper mineralisation event. Exploration Activity: In March 2021, drill cuttings from Northern Territory government's water bore program were analysed by the company utilising a handheld XRF unit. Regional scale copper anomalism was identified in multiple water bore cuttings and consequently the Sandover project area was significantly expanded to ~4,000km2. In October 2021, a field mapping program was completed at Sandover which confirmed outcropping copper mineralisation associated with a local grey shale reduced unit within a broader red bed sandstone sequence at Sandover. The setting is analogous to the Zambian ore shale in contrast to other sediment-hosted copper occurrences/deposits in Australia (Mt Isa, Nifty) where mineralisation is located in the overlying reduced shales. During September to November 2021, historical geophysical datasets were compiled and integrated including regional gravity, magnetics, ASTER and the recent AEM lines completed as part of Geoscience Australia's Exploring for the Future Program. Following the observations during the October 2021 field visit and the reprocessing and integration of the available geophysical packages, Sandover was further expanded in November 2021. Next Steps: Exploration will focus on identifying extensions to the reduced units within the basin along strike and under cover and with a particular focus on where they intersect with long-lived basin forming faults. Further regional surface mapping and sampling of the copper mineralised shale unit will commence at the start of the 2022 field season. An airborne EM survey will also be completed over the area of the outcropping copper oxide mineralisation to map the prospective conductive host geological unit and also potentially as a direct detection tool of copper sulphide mineralisation at depth. Sandover also includes historical tantalum, tin occurrences and multiple mapped pegmatites that will also be investigated for lithium and other critical metals in conjunction with the copper exploration activities. Mapping of the known pegmatite occurrences using ASTER satellite data could provide a rapid assessment tool to identify new pegmatite occurrences in this emerging pegmatite province. The sampling of existing and new pegmatite occurrences will be completed in parallel with a planned regional field mapping program. Announcement • Jul 06
Encounter Resources Ltd Commences Diamond Drilling At the Millennium Joint Venture in the Paterson Province of WA Encounter Resources Ltd. announced that diamond drilling has commenced at the Millennium Joint Venture in the Paterson Province of WA. The Millennium Project is located 40km south-west of Newcrest's Telfer gold/copper mine and is being explored via a 75:25 joint venture with Hampton Hill Mining ("HHM"). Millennium is situated at a key structural intersection on the regionally significant Tabletop Fault on the margin of an interpreted sedimentary sub-basin. Millennium is located on the Tabletop Fault in an area of no outcrop, with up to 20m of transported overburden. This structure is known to be metallogenically important and is closely associated with the position of the Nifty copper deposit, 50km along strike to the north-west. Previous drilling defined a broad zone of copper anomalism (+0.25% Cu) over a strike extent of +800m. RC drill hole EPT1140 collared in the core of the copper anomaly, returned a copper sulphide intersection: 26m @ 0.60% Cu from 100m incl. 10m @ 0.92% Cu from 100m 1. The +800m long copper anomaly identified in prior drilling at Millennium is interpreted to be leakage up the Tabletop Fault from a primary copper position at depth. The planned diamond drill program will target primary copper mineralisation deposited at the base of a thick carbonaceous shale within the Broadhurst Formation. The target position is interpreted as a syncline adjacent to the Tabletop Fault, analogous to the Nifty copper deposit located 50km north-west (se. A 400m diamond drill tail is planned to extend EPT2278 to test the targeted position adjacent to the regionally significant Tabletop Fault. Drilling will be completed in July 2021 with assay results expected in September 2021. Announcement • Feb 16
Encounter Resources Ltd Completes RC Drilling at Lamil Copper-Gold Project The directors of Encounter Resources Ltd. announced that a ten hole, 2,077m RC drill program has been completed at Dune, part of the 100% owned Lamil Copper-Gold Project in the Paterson Province of WA. Lamil covers an area of ~61km2 and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining Ltd. Lamil is adjacent to a major regional gravity lineament which marks the location of a significant structure and deformation zone that would have acted as a pathway for ore forming fluids during the formation of the Proterozoic aged deposits. This is a regionally similar structural context to the setting of Rio Tinto Ltd.'s Winu copper-gold deposit (Inferred Resource of 503Mt @ 0.35% Cu and 0.27 g/t Au 1). Dune sits in the northwest of Lamil and consists of a laterally extensive +1g/t Au supergene zone outlined in previous broad spaced drilling. The mineralisation is located on the fold axis in the northern part of the Lamil Dome. The November 2020 RC drill program (14 holes) at Dune successfully 2: Extended the gold mineralisation intersected in ETG0003 and ETG0010; Identified a mineralisation vector to the south that remains open; Expanded the gold mineralisation footprint; and Intersected primary, copper-gold mineralisation in a series of stacked lodes. The follow-up RC drill program completed in February 2021 at Dune was designed to test for extensions of the copper-gold system both to the south and east. Observations from the program include: Mineralised zone at Dune extends further to the south and east; Copper anomalism noted in handheld Niton XRF; and Minor visual malachite and native copper logged in drill cuttings. Announcement • Dec 20
Encounter Resources Limited Announces Assay Results from the 17 Hole (3,200M) RC Drill Program at Lamil The directors of Encounter Resources Ltd. announced assay results from the 17 hole (3,200m) RC drill program at Lamil. RC drill program has expanded the copper-gold footprint at the 100% owned Lamil Copper-Gold Project ("Lamil"), located 25km northwest of Newcrest Mining Ltd.'s Telfer copper-gold mine, in the Paterson Province of Western Australia ("WA"). Potentially significant copper-gold mineral system is emerging with multiple stacked copper-gold lodes and copper grades strengthening to the south. At the Dune Prospect (14 holes), significant primary copper-gold mineralisation has been discovered, with intersections over 800m and remaining open, with strengthening copper and multi element pathfinders (Te, Sb, Bi) to the south: ETG0208; 20m @ 0.5g/t Au and 665ppm Cu from 96m; 18m @ 1.2g/t Au and 0.2% Cu from 126m incl: 4m @ 4.1g/t Au and 0.3% Cu from 138m; ETG0221; 10m @ 0.7g/t Au and 0.2% Cu from 149m incl: 2m @ 2.8g/t Au and 0.9% Cu from 157m; 6m @ 0.8g/t Au and 0.5% Cu from 177m; ETG0222 (limit of drilling to the south); 2m @ 0.9g/t Au and 0.7% Cu from 115m; 6m @ 0.3g/t Au and 0.4% Cu from 121m; 4m @ 0.8g/t Au and 0.8% Cu from 143m; Gap Prospect (2 holes) - supergene gold zone expanded both north and south and remains open in all directions: 14m @ 1.1g/t Au from 93m in ETG0218; 36m @ 0.6g/t Au from 77m including 4m @ 2.8g/t Au from 83m in ETG0219; Elsa Prospect (1 hole) - drilling of an IP chargeability anomaly intersected strongly developed; sulphide zones with narrow zones of copper-gold mineralisation. Follow up RC drilling across all three prospects to recommence in January 2021. Background: Lamil covers an area of ~61km2 and is located 25km northwest of the major copper-gold mine at Telfer, owned by Newcrest Mining. Lamil is adjacent to a major regional gravity lineament which marks the location of a significant structure and deformation zone that would have acted as a pathway for ore forming fluids during the formation of the Proterozoic aged deposits. This is a regionally similar structural context to the setting of Rio Tinto Ltd.'s (ASX:RIO) Winu copper-gold deposit (Inferred Resource of 503Mt @ 0.35% Cu and 0.27 g/t Au 3). Dune Prospect: Prior exploration at Dune outlined a laterally extensive +1g/t Au supergene zone in broad spaced drilling. The mineralisation is located on the fold axis in the northern part of the Lamil Dome. Prior drilling had intersected high grade, near surface gold mineralisation including: 24.9m @ 0.7g/t Au from 127.1m and 4.0m @ 7.1g/t Au from 216m in ETG0003 1; 20m @ 1.8g/t Au and 502ppm Cu from 94m including 10m @ 2.8g/t Au and 812ppm Cu from 94m in ETG0015 2; 14m @ 1.2g/t Au and 1,179ppm Cu from 66m including 4m @ 3.3g/t Au and 1,400ppm Cu from 74m in ETG0016 2; 8m @ 1.0g/t Au and 426ppm Cu from 197m in ETG0010 2. The 14 hole RC drill program completed in November 2020 successfully: extended the gold mineralisation intersected in ETG0003 and ETG0010; identified a mineralisation vector to the south that remains open; expanded the gold mineralisation footprint; and intersected primary, copper-gold mineralisation in a series of stacked lodes. New primary copper-gold intersections at the Dune prospect include: ETG0208; 20m @ 0.5g/t Au and 665ppm Cu from 96m; 18m @ 1.2g/t Au and 0.2% Cu from 126m including: 4m @ 4.1g/t Au and 0.3% Cu from 138m. ETG0209: 4m @ 0.9g/t Au from 151m ETG0217: 6m @ 0.6g/t Au and 1,510ppm Cu from 83m; ETG0221 (southern most drill line): 10m @ 0.7g/t Au and 0.2% Cu from 149m including: 2m @ 2.8g/t Au and 0.9% Cu from 157m; 6m @ 0.8g/t Au and 0.5% Cu from 177m; ETG0222 (southern most drill line): 2m @ 0.9g/t Au and 0.7% Cu from 115m; 6m @ 0.3g/t Au and 0.4% Cu from 121m; 4m @ 0.8g/t Au and 0.8% Cu from 143m. Follow up RC drilling will focus on extending the zone of gold mineralisation to the south where the copper signature is strengthening. A number of proximal pathfinder elements (up to 2,530ppm Bi, 9ppm Te & 20ppm Sb) are vectoring towards this area where the prospective host unit is closer to surface. EIS co-funded diamond drilling at Dune is scheduled to follow the upcoming RC drill program. Recent Insider Transactions Derivative • Nov 19
Board Member exercised options to buy AU$128k worth of stock. On the 18th of November, Peter Bewick exercised options to buy 750.00k shares at a strike price of around AU$0.13, costing a total of AU$97k. This transaction amounted to 10% of their direct individual holding at the time of the trade. Since December 2019, Peter has owned 7.20m shares directly. Company insiders have collectively bought AU$133k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 16
Encounter Resources Limited Provides Update on the Drill Program At the Aileron Gold-Copper Project Encounter Resources Limited provided an update on the drill program at the Aileron gold-copper project held in joint venture with Newcrest Mining Limited located in the West Arunta region of Western Australia. The Aileron joint venture is located in the West Arunta region of WA, ~600km west of Alice Springs. The project contains a number of structural targets identified through aerial magnetic surveys, including a discrete magnetic anomaly consistent with the scale of an Ernest Henry or Carrapateena style gold-copper system. There has been no previous mineral exploration on the project and EAL_001 is the first drill hole into an unexplored belt which is prospective for large scale gold-copper deposits. Diamond drilling commenced in October 2020, but following mechanical issues with the drill rig, a decision has been made to demobilise the rig and assay the completed section of the hole to 158m. The initial observations from the drill hole include: Shallow cover depth (10m) opening up potential for application of surface sampling and shallow geochemical drilling. Extensive hydrothermal alteration including zones of hematite alteration consistent with the IOCG model. Magnetite bearing banded iron formation (BIF) intersected at ~150m containing high magnetic susceptibility readings consistent with the modelled anomaly. The centre of the magnetic anomaly was modelled to be intersected at ~300m downhole. Core from the completed 158m of drill hole EAL_001 will be transported to Perth with assays expected in November/December 2020. Following receipt of assays future work programs for Aileron will be designed. Announcement • Oct 07
Encounter Resources Ltd Announces Drilling Commenced At Aileron Gold-Copper JV with Newcr The directors of Encounter Resources Ltd. announced the commencement of diamond drilling at the Aileron gold-copper project held in joint venture with Newcrest Mining Limited located in the West Arunta region of Western Australia. The initial anomaly to be drilled tested has been modelled utilising close spaced aeromagnetic data, as a steeply dipping 500m x 200m magnetic body starting from ~50m below surface. The strongly magnetic body is modelled to a depth of 1km. The first drill hole (EAL_001) has been planned to a depth of 500m with further drilling dependent on observations in the initial drill hole. The Aileron drilling is co-funded through a WA Government drilling grant of up to $150,000 under the Exploration Incentive Scheme. Is New 90 Day High Low • Oct 05
New 90-day high: AU$0.23 The company is up 45% from its price of AU$0.15 on 07 July 2020. The Australian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. 
