Slides
Page 1
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 1 Investor Presentation Encounter Resources ASX: ENR 3-5 AUGUST 2026 DIGGERS AND DEALERS MINING FORUM
Page 2
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 2 Disclaimer & Compliance Statement 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. Mark Brodie who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Brodie holds shares and options in and is a full time employee of Encounter Resources Ltd and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Brodie consents to the inclusion in the report of the matters based on the information compiled by him, in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases and confirms that it is not aware of any new data or information that materially affects the information disclosed in this announcement and previously released by the Company in relation to mineral resource estimates. All material assumptions and technical parameters underpinning the mineral resource estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. This announcement has been approved for release by the Board of Encounter.
Page 3
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 3 Frontier Exploration | High Value Development T H E O P P O R T U N I T Y Aileron – Nb-REE Copper Portfolio • Long life, Inferred resource base - 120Mt @ 0.77% Nb2O5 incl. 26Mt @ 1.7% Nb2O5 • Moving towards development – metallurgy similar to existing operations, studies and approvals workstreams underway • District scale exploration upside - ~1,600km2 of high yielding tenure, multiple rigs testing targets systematically at speed • Dedicated team progressing Encounter’s copper exploration strategy • Large mineralised systems across Yeneena and Lamil • High impact drilling targeting Nifty, Havieron and Telfer analogues • South32 drilling ~6,000m at Jessica in the NT • Frontier exploration since 2006 • Proven remote operational capabilities • Demonstrated experience in partnering with big miners – South32, BHP , Newcrest, Antofagasta • Broadening the board and team to deliver on Aileron’s development and the extensive copper exploration portfolio • Well capitalised to deliver on studies and systematic exploration across the portfolio Refer to ASX announcement 22 April 2026
Page 4
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 4 On the path to development. Systematic exploration targeting further discoveries in parallel. Aileron Nb-REE Project
Page 5
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 5 The West Arunta Province Encounter entered the West Arunta in 2018 before the first discovery was made. Two world-class niobium deposits have since been defined in the province so far - Encounter holds a district-scale ground position and new geophysics data has highlighted multiple walk-up drill targets AILERON PROJECT – MAGNETICS (RTP 1VD) T H E D I S T R I C T
Page 6
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 6 Why Niobium Now T H E C O M M O D I T Y HIGH STRENGTH STEEL The Core Market 75kt Nb of 86kt total global demand in 2024 was ferroniobium into HSLA Steel (High Strength, Low Alloy). Niobium improves toughness, formability and weldability - critical for construction, automotive and infrastructure. AEROSPACE & DEFENCE Strategic Growth Niobium alloys (C103, Nb-Ti) used in jet engines, rocket nozzles, MRI superconductors and defence applications. Classified as a critical mineral in the US, EU and Australia. BATTERIES & ESS Emerging Demand Niobium-anode lithium-ion batteries offer ultra-fast charge rates, high cycle life and strong safety - targeting mining fleets, grid storage and AI data centres. S U P P L Y C O N C E N T R A T I O N One country. One mine. 87% of global supply. Australian Tier 1 supply is strategically essential. CBMM (single mine) 76% Brazil (total) 87% Rest of world 13%
Page 7
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 7 Why Aileron: The Grade Comparison T H E A S S E T 2.5% 1.7% 1.0% 0.4% ARAXA AILERON CATALAO ST HONORE Company Location 1 CBMM - Shikik. A: ‘A review on extractive metallurgy of tantalum and niobium’ Journal of Metallurgy. (2020) CMOC - China Molybdenum Co., Ltd. ‘Major Transaction Acquisition of Angle America PLC’s Niobium and Phosphates Businesses’. (2016) Magris - IAMGOLD Corporation, NI 43-101 Technical Report, Update on Niobec Expansion. (2013) 8%11% 80% Market Share* Deposit Grade 1 (Nb2O5 %) *Excludes artisanal and small-scale supply sources Refer to ASX announcement 22 April 2026 (above a 1.0% Nb2O5 cut-off)
Page 8
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 8 The Resource Green Deposit - Block Model in Isometric View Shallow 30 – 200m below surface Strike Extensive >4,000m long Open at Depth Primary mineralization remains untested Targeting Upgrades Infill drilling underway T H E A S S E T
Page 9
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 9 19Mt @ 1.6.% 48Mt 100Mt The Resource: Scale and Trajectory T H E A S S E T May 2025 April 2026 May 2025 April 2026 May 2025 April 2026 Total Tonnage Green Deposit 68Mt 120Mt Targeting Future Upgrades +54% +37% +83% High-Grade Core 26Mt @ 1.7.% Targeting Future Upgrades Targeting Future Upgrades Refer to ASX announcement 22 April 2026
Page 10
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 10 Metallurgy: Proof of Concept DE - R I S K E D 1.Henrique. P: ‘Production of niobium: Overview of processes from the mine to products’ Journal of Mining and Metallurgy. (2022) 2 Gibson, C.E: ‘Niobium Oxide Mineral Flotation: A Review of Relevant Literature and the Current State of Industrial Operations’ International Journal of Mineral Processing. (2015) 3 Shikik. A: ‘A review on extractive metallurgy of tantalum and niobium’ Journal of Metallurgy. (2020) 4 IAMGOLD Corporation, NI 43-101 Technical Report, Update on Niobec Expansion. (2013) 5 China Molybdenum Co., Ltd. ‘Major Transaction Acquisition of Angle America PLC’s Niobium and Phosphates Businesses’. (2016) Process flow sheet summary comparison to existing niobium operations1,2,3,4,5 Refer to ASX announcement 18 May 2026
Page 11
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 11 Site Layout: Room to Scale D E V E L O P E R M I N D S E T Conceptual Site Layout for the Aileron Project
Page 12
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 12 Development Workstreams D E V E L O P E R M I N D S E T Resource Definition KEY RESULT: 120Mt Inferred MRE April 2026. Infill drilling at Green commenced May 2026 targeting classification upgrade and starter pit definition. NEXT: Upgraded resource at high-grade zones. Status: Active. Metallurgy KEY RESULT: 51–53% Nb recovery, 40–57% concentrate grade, conventional flowsheet confirmed comparable to all three global producers. NEXT: Ferroniobium and niobium oxide production demonstration. Status: Active. Marketing & Offtake KEY RESULT: MOU signed with Echion Technologies and Switch Technologies for integrated Nb-Li battery industry in Australia (May 2026). Active engagement with additional customers across ferroniobium and oxide NEXT: Expand customer relationships across product options Status: Active. Geotechnical & Hydrogeology KEY RESULT: Drilling and testing underway through 2026 field season. NEXT: Optimisation of study assumptions and finalisation of site layout. Status: Active. Environmental Baseline KEY RESULT: Targeted surveys over mining lease area commenced. Multiple heritage surveys completed. NEXT: Environmental impact assessment inputs. Status: Active. Studies KEY RESULT: Baseline studies completed across range of streams to identify key drivers, risks and opportunities including logistics, power, mining and process engineering NEXT: Incorporation of baseline into next round of data collection and completion of a PFS Status: Active. Pre-development workstreams are being advanced in parallel with an active exploration program to maximise the value of the province.
Page 13
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 13 Market Development: Battery MOU T H E M A R K E T Niobium - Lithium Battery Development MOU MOU announced 27 May 2026. Partners: Echion Technologies (Cambridge, UK) and Switch Technologies (Perth, WA). Echion's XNO® niobium anode technology: ultra-fast charge, high cycle life, high power density, strong safety. Mining Fleet Electrification Switch/Echion hybrid Cat 785 haul truck. 17–20% fuel saving, 10–15% cycle time improvement, ~3-year payback. Operational trials at a WA mine underway. Grid Energy Storage (ESS) AI Data Centres Volatile, instantaneous, repetitive power requirements. Load smoothing. Power-dense, reliability-critical applications. Growing global demand. Echion is backed by CBMM - the world’s largest niobium producer Encounter is building market relationships now, in parallel with development activities.
Page 14
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 14 Niobium Oxide - critical applications driving premium pricing and strong growth T H E M A R K E T Jean de la Verpilliere, CEO of Echion Technologies, said: “AI data centers need backup power that charges fast, stays safe and takes up as little space as possible, and until now that has meant compromise. BAK’s new cell removes it: symmetric fast charge and discharge, far longer cycle life, and the safety and thermal stability these mission-critical sites demand. BAK is one of the world’s foremost cell manufacturers, and its renowned tabless architecture is an outstanding platform for our XNO® anode technology. To see XNO® commercialised in a product of this calibre, for one of the fastest-growing applications in energy storage, is a landmark moment for Echion.”Announcement from BAK Power, Shenzhen - 14 July 2026
Page 15
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 15 Target Rich Environment Aileron Magnetics (RTP) – showing prospects to be tested in 2026 and major regional faults O P T I O N A L I T Y ~50,000m of drilling underway across regional targets The majority of Encounter’s high-yielding tenure is undrilled. Exploration upside includes: 1. Further shallow, high-grade niobium deposits 2. REE-dominant carbonatites 3. Primary mineralisation below base of weathering 4. Cu/Au mineralisation – IOCG and orogenic gold targets
Page 16
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 16 Paterson Province WA - High-impact copper-gold drilling. South32 to drill multiple targets at Jessica Copper (NT) in 2026. Australian Copper Portfolio
Page 17
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 17 Copper - Gold in One of WA’s Most Proven Districts Encounter Paterson Province Copper/Gold Projects Refer to ASX announcement 28 May 2025, 28 July 2025, 26 September 2025 Winu and Havieron successes demonstrate the region’s potential P A T E R S O N P R O V I N C E W A - 1 0 0 % E N C O U N T E R Yeneena Copper Project Tyrell • Near-surface, high-grade copper oxide MRE Parbo • +8km copper mineral system • Drilling in progress following up high-grade copper intersections Lamil Copper- Gold Project • 25km northwest of Telfer copper-gold mine • Copper-gold intersections over 5km of strike • High-grade copper-gold intersected on the margin of an interpreted Havieron-style breccia complex at Elsa
Page 18
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 18 Yeneena Copper - Parbo Refer to ASX announcement 28 May 2025, 28 July 2025, 26 September 2025 +8km Parbo copper mineral system: • 15m @ 1.0% Cu & 0.6% Co (EPT1557) • 7m @ 1.4% Cu (EPT2292) • 73m @ 0.4% Cu incl. 8m @ 1.0% Cu (EPT1159) • 5.3m @ 2.5% Cu incl. 0.7m @ 10.7% Cu (EPT1719) Follow-up drilling of the high-grade zones within the Parbo copper system – commenced June 2026 EPT1719 - ~387.6m to 392.9m (5.3m @ 2.5% Cu) – Veined and brecciated carbonate with local massive copper sulphide P A T E R S O N P R O V I N C E W A
Page 19
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 19 Lamil: Multi-Target Copper-Gold System Near Telfer Refer to ASX announcements 28 December 2022, 27 July 2026 • 25km northwest of Telfer copper-gold mine • +5km mineralised corridor with multiple drill-defined targets • Mineralised copper-gold intersections incl: • 10m @ 2.8g/t Au from 94m (Dune) • 132m @ 0.3g/t Au, 0.1% Cu from 87m (Dune) • 1.5m @ 19.1% Cu from 409.1m (Dune) • 30m @ 1.1 g/t Au from 96m (Gap) • 18m @ 0.45% Cu from 96m (Elsa) • 6m @ 1.74g/t Au from 94m (Elsa) • RC drilling in June 2026 intersected shallow copper-gold mineralisation at Elsa over 1.2km Lamil is a large copper-gold system in a proven district, with scale potential and multiple quality targets P A T E R S O N P R O V I N C E W A
Page 20
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 20 Large Scale Drilling at Jessica Copper Project (NT) Refer to ASX announcement 11 February 2026 • Extensive seismic reprocessing, targeted stratigraphic drilling, AEM and MIMDAS geophysical surveys completed • Jessica Farm-in Agreement expanded with the addition of 685km2 of new tenure in Feb 2026 • 4,000m of reverse circulation (RC) drilling and ~2,000m of diamond drilling to test targets identified from VTEM and MIMDAS surveys • Drilling commencing August 2026 P A T E R S O N P R O V I N C E W A
Page 21
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 21 Corporate Snapshot T H E C O M P A N Y Will Robinson | Executive Chairman Jon Hronsky OAM | Non-Executive Director Peter Bewick | Non-Executive Director Philip Crutchfield | Non-Executive Director Simon Hay | Non-Executive Director Board Leadership Team Jardee Kininmonth | GM, Corp Dev Mark Brodie | Exploration Manager Sarah James | Principal Geologist Kate Vinnicombe | Geology Manager George Martin-Johnson | Senior Geologist Vince Crombez | Senior Geologist Chris Crawford | Resource Geologist Pablo Salazar | Marketing Advisor Enej Catovic | Metallurgy Advisor Leveraging strong technical capability Disciplined and focused in-ground investment First-Mover Access to Emerging Mineral Provinces Collaborating with Tier 1 exploration teams The Team Share price (31 July 2026) $0.23 Shares on issue 559M Options 21M Market Cap ~$129M Cash ~$27M Enterprise Value ~$102M 9% 5% 5% 20% 26% 35% Board/Management IGO Chalice Mining Institutions Top 50 shareholders Other Major ShareholdersCapital Structure Research Coverage 2025 AMEC Prospector Award Winner
Page 22
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 22 Why Encounter T H E I N V E S T M E N T C A S E THE DEPOSIT • High-grade, shallow and growing • 120Mt Inferred MRE at 0.77% Nb₂O₅ • High-grade core at 1.7% Nb₂O₅ • Comparable to global producers • Conventional treatment THE DISTRICT • ENR holds district-scale upside in the West Arunta • New world-class niobium province - first drill hole 2020 • Numerous untested prospects to be drilled • Fresh-rock niobium, REE and copper-gold potential THE COMPANY • Development workstreams progressing • Advancing market engagement • Adding key hires to the team • Systematic exploration in parallel with development Encounter has the tenure, the scale, the grade, the team and the market/industry relationships - the question now is how big this gets… THE BONUS • Enviable copper portfolio across Australia’s most exciting regions • Managed by a focused team • Pipeline of copper opportunities • Proven ability to partner with big miners Copper exploration is an asymmetric opportunity to create a step-change for the Company
Page 23
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 23 Contact Us T H A N K Y O U enrl.com.au Will Robinson Executive Chairman, Encounter Resources T: +61 8 9486 9455 E: contact@enrl.com.au Paul Berson Investor Relations, Corporate Storytime T: +61 421 647 445 E: paul@corporatestorytime.com
Page 24
ENCOUNTER RESOURCES | INVESTOR PRESENTATION 24 Mineral Resource Tables Table 2 – Tyrell Copper Oxide Mineral Resource Estimate5 •The resource is constrained within optimised pit shells based on a price of US$45 per kilogram Nb (US$30/kg FeNb) and is reported above a 0.25% Nb2O5 cut-off grade. •The resource reported above a 1% Nb2O5 cut-off grade is a subset of the 0.25% Nb2O5 cut-off grade. •All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Table 1 – Aileron Project Inferred Mineral Resource Estimate 6 •The resource is constrained within an optimised pit shell based on a Cu price of A$17,000 per tonne and is reported above a 0.25% Cu cut-off grade. •All tonnages reported are dry metric tonnes. •All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Refer to ASX announcements 26 September 2025 & 22 April 2026 A P P E N D I X