Carrara Project EL 32477, EL 32476, EL 32701, EL 32813 Partial Surrender Report to 23 October 2024

Abstract

The Carrara Project is located in the Barkly Tablelands approximately 340km east northeast of Tennant Creek, 730km southeast of Katherine and 630km northeast of Alice Springs and consists of four Exploration Licences: covering a total area of approximately 2,435 square kilometres. These were granted to Baudin Resources Pty Ltd (a fully owned subsidiary of Encounter Resources Ltd - 'Encounter'). Carrara is considered prospective for sediment-hosted Zn - Pb and Cu mineralisation. In June 2022, South32 and Encounter entered into a Farm-in Agreement covering the Carrara Copper - Zinc Project. In September 2024 Encounter regained 100% ownership and operatorship over the entire Carrara Project tenure. Encounter completed a review of the Carrara project tenure in October 2024 and surrendered blocks with lower prospectivity and where targets were below explorable depths.