GR563 Carrara Project EL32476 Partial Surrender Report, EL32476 20 October 2021 to 20 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 mineralization. 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 a significant part of EL 32476. Although this licence 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.