Encounter Resources (ENR) Q1 2026 TU earnings summary

Executive summary

• Expanded high-grade niobium mineralisation at the Green prospect through infill and extensional drilling, supporting potential resource growth at Aileron (West Arunta).

• Confirmed 1.5km eastern extension of the Green carbonatite complex and identified district-scale rare earth element (REE) potential at Crean and Juan prospects.

• Established maiden Inferred Mineral Resource Estimate for Tyrell copper oxide deposit at Yeneena and identified multiple high-grade copper zones at Parbo for follow-up.

• Drill planning at Lamil highlighted high-grade epithermal copper-silver potential, with significant intersections open in all directions.

Financial highlights

• Cash balance of approximately $14.8 million as of 30 September 2025.

• Market capitalisation of ~$240 million as of 22 October 2025.

• 500 million issued shares and 17.1 million options/rights on issue at quarter end.

• Exploration expenditure for the quarter was approximately $3.9 million, primarily on Aileron and copper projects.

Outlook and guidance

• Ongoing resource definition and extensional drilling at Green, with further aircore and diamond drilling planned.

• EIS-supported diamond drilling at Scott and Haddon scheduled for Q4 2025.

• Continued project development planning, marketing engagement, and studies for Aileron.

• Follow-up drilling at Tyrell, Parbo, and Lamil prospects planned for 2026 field season.