GR563 Carrara Project EL 32477 & EL 32701 Final Surrender Report, EL 32477 20 September 2021 to 23 September 2025, EL 32701 27 October 2021 to 23 September 2025

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 three exploration licences covering a total area of approximately 1,202 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. Following a review of Encounter Resources' exploration portfolio, the decision was made to surrender EL 32477 and EL 32701. Although these licences had previously represented a prospective exploration area, updated assessments showed that the primary targets now lie below technically and economically viable exploration depths, reducing their potential value and resulting in a lower ranking within the broader portfolio.