Encounter Resources (ENR) Q4 2025 TU earnings summary

Executive summary

• Maiden resource at Aileron Project: 19.2Mt @ 1.74% Nb2O5, with mineralisation open along strike and at depth; ongoing infill and extensional drilling across 15+ high-priority targets.

• Joyce discovery at Aileron: 9m @ 2.2% Nb2O5 from 120m EOH, ~6km from Green deposit, confirming broader mineralised system.

• Yeneena Copper Project returned to 100% ownership; BM5 confirmed as high-priority copper sulphide target, with RC drilling planned for October 2025.

• Jessica Copper Project (South32 farm-in): geophysical surveys underway, 2,640 line-km airborne EM survey scheduled, drilling to commence October 2025.

• Cash at 30 June 2025: ~$18.6m; market cap ~$130m.

Financial highlights

• Cash and cash equivalents at quarter end: $18.6m, down from $20.8m previous quarter.

• Exploration spend for the quarter: ~$2.2m, mainly at Aileron and copper targets in WA and NT.

• No mining development or production activities during the quarter.

• Net cash used in investing activities for the quarter: $(2.2)m; net cash from financing activities: $(22)k.

• Estimated quarters of funding available: 8.9.

Outlook and guidance

• Ongoing RC infill and regional aircore drilling at Aileron; project development planning and marketing engagement underway.

• RC drilling at Yeneena BM5 scheduled for October 2025; BM1 target review for sulphide potential.

• Sandover and Maryfield: geophysical surveys and preparatory work for drilling in late 2025 and early 2026.

• Jessica: airborne EM survey in Aug-Sep 2025, follow-up drilling in October 2025.