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2026-11-06
◂ Monitor ENR ASX

Encounter Resources Limited

Resource Stage · Others · Rare Earths · Copper · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.22
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$123.3M
EV
A$96.5M
Cash
A$26.9M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$26.9M Finite
Debt A$0 Net cash A$26.9M
Basic shares 560.5M 2026-09-18
Runway 5.3 quarters June 2026 Appendix 5B: A$26.920m cash divided by A$5.097m quarterly operating and exploration outflow.

Liquidity

Financial position

Funding covers current exploration/study spend for about 5.3 quarters at the June run rate, but no mine construction funding or committed project finance is disclosed.

Capital structure

Ownership and dilution

Ordinary shares
560.5M
Fully diluted
585.8M

18 September quotation notice shows 560,464,708 ordinary shares and 25,308,394 unquoted options and performance rights; all are included conservatively in fully diluted shares. The June 559,362,292 share base rose to 559,989,708 after June and July exercises, then by 475,000 further performance-right conversions to 560,464,708. No buy-back is evidenced.

Security classes21
ClassTypeQuantityStrikeExpiry
ENRAG unquoted optionsOption350KA$0.3352030-08-04
ENRAZ unquoted optionsOption1MA$0.3972027-12-17
ENRAM unquoted optionsOption5.4MA$0.362030-08-25
ENRAE unquoted optionsOption150KA$0.2082027-02-28
ENRAD unquoted optionsOption250KA$0.2832027-01-15
ENRAAB unquoted optionsOption363KA$0.592028-11-28
ENRAL unquoted optionsOption300KA$0.492030-03-09
ENRAK unquoted optionsOption200KA$0.4752030-05-04
ENRAA unquoted optionsOption325KA$0.6082029-12-09
ENRAX unquoted optionsOption660KA$0.5562027-11-23
ENRAAA unquoted optionsOption100KA$0.652028-09-10
ENRAJ unquoted optionsOption5.7MA$0.6092029-11-27
ENRAB unquoted optionsOption200KA$0.382030-03-31
ENRAI unquoted optionsOption500KA$0.3362029-03-31
ENRAY unquoted optionsOption150KA$0.3552028-02-25
ENRAAC unquoted optionsOption3.1MA$0.522028-12-11
ENRAC unquoted optionsOption4MA$0.2682026-11-30
ENRAH unquoted optionsOption400KA$0.6772027-07-24
ENRAF unquoted optionsOption200KA$0.3682027-06-20
ENRAW unquoted optionsOption400KA$0.6892027-08-01
ENRAAD performance rightsPerformance Right1.6M—2028-12-31

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyFY2026Year-1,475,068 AUD net resultReported
OtherCompanyJune 2026 quarterQuarter5,040,000 AUD exploration and evaluation paymentsReported

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-18RaisingA$0240K—Completed—
2025-12-31Ann. 2025-10-30RaisingA$25M55.6M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

FY2025 annual report note 15 and note 26 establish disclosed farm-in, royalty and clawback terms; later quarterlies and presentation establish the battery MOU. FY2026 annual statement was inspected for leadership, but full arrangement-note text was not accessible remotely.

South32 funds and manages the exploration phase and can earn 60%, then 75%; Encounter bears pro-rata JV funding thereafter and can dilute.

Farm Out · Active
Counterparties
South32 Limited
Applies to
Jessica Copper Project · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Initial earn-in spend: 15,000,000 AUD
Further interest: 15 percentage points
Encounter residual interest after stages: 40% then 25%
How it affects our valuation

No valuation treatment is available for this arrangement.

A$1 per dry metric tonne production royalty burdens ore mined and sold from Lamil licence E45/4613.

Royalty · Active
Counterparties
Royalty holder not disclosed
Applies to
Lamil Copper-Gold Project · Copper · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Production royalty: 1 AUD per dry metric tonne
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional gold clawback can transfer 70–100% of a major gold discovery to Barrick, with Encounter receiving a 1.5% NSR.

Other · Conditional
Counterparties
Barrick (Australia Pacific) Limited
Applies to
Yeneena Copper Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Gold dominance threshold: 65 % revenue
Resource trigger: 4,000,000 oz Au equivalent
Barrick clawback interest: 70%-100%
Encounter royalty: 1.5 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding collaboration on a niobium-lithium battery value chain; no committed purchase volume or project funding disclosed.

Strategic Partnership · Announced
Counterparties
Echion Technologies Ltd · Switch Technologies (WA) Pty Ltd
Applies to
Aileron Niobium-REE Project · Others
Economic direction
Benefit
Period
From 2026-05-27; no end date stated
Key terms
Commercial commitment: No binding offtake disclosed
How it affects our valuation

No valuation treatment is available for this arrangement.

IGO withdrew, returning Yeneena to 100% Encounter control.

Farm Out · Terminated
Counterparties
IGO Limited
Applies to
Yeneena Copper Project · Copper
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.