Ann: Results of Meeting, page-2

Two Board members Paul Chapman, Will Robinson (WR)
Two company related attendees and
Two shareholders.

Formal part quite informal with one resolution a fait accomplit with the proxy votes.

No presentation but WR fielded questions from both of us and showed me some core from the recent Lamil drilling.

HMG.
Demerger should now proceed as per time frame outlined. Notwithstanding the ASX apparently are experiencing staffing issues and a high level of work with the number of such corporate matters stretching the system. Not dissimilar to the delays facing assays.

The $10M was oversubscribed and not extended to the $12M. Means a scale back which was not discussed.

My main concern about the West Tanamai was that NCM's departure from the scene may have signaled a lack of potential. Definitely not the case according to WR with a "parting" comment that he related to us from an NCM "exec":

"Here's a gift for you guys"

- This referred to the West Tanamai being returned to 100% ENR holding after NCM made the decision to focus elsewhere. The assumption is that elsewhere, in WA at least, was Havieron. The present was the exploration and heritage clearances for the West Tanamai with some drill ready targets. Simplified paraphrased version of limited recall.

This exit left ENR with the opportunity they have taken by de merging.

The proposed board should be strong with a good register that includes some institutional investors. Enough cash to explore through 2022. Good relations with the traditional owners. Not ramping just basic facts being looked at without too critical a lens.

The possible legislative changes to heritage sites matters has been addressed by focusing on flat sand covered areas that have limited (no?) sacred sites. Some more culturally sensitive sections have been dropped by ENR as part of their ESG policy. [Not certain quite how to word the last sentence.]

Assuming HMG gets off the ground on schedule there is likely to be some airborne geophysics (magnetics?) this year. Perhaps some soil geochemistry (fine fraction) though the timing on this may be problematic with the weather.
The main field season begins lat Q1 early Q2 next year.

As would be expected there is a buzz of excitement about the potential of West Tanamai. Let's hope the drill bit shares that with future SHs in HMG.

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Some discussion of the other areas ENR are involved with though more limited than above.

Lamil.
The chalcocite (CC) intersection could be primary. WR cited primary chalcocite occurrences being reported from Telfer UG. If this occurrence at Lamil is primary then there are implications not present from secondary fracture related CC. Can't recall but some down hole EM may be tried.

The core samples from Lamil show

• strong (semi massive, disseminated) sulphides (pyrrhotite, pyrite and according to WR some fine grained chalcopyrite (my eyes aren't what they used to be).)
• strong altered sediments with some unusual (to me) bladed minerals in one sample
• brecciation in one sample.

How representative and extensive these examples were. I do not know.

Sand dunes: A topic that is important in the Paterson for cultural and environmental reasons. Not a major issue at Lamil. Some dunes have heritage significance. There are moles in others that are considered endangered.


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NT and Elliot

BHP are good and excited (from my post meeting notes though I can't expand much on that). Apparently the interest from BHP is top down to some extent.

Some pegmatites noted at Sandover. Will be sampled as a matter of course representing the openness to look for other opportunities as one does in exploration.

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West Arunta.

This could be the real sleeper for ENR if WR's comments are any example.

The first EIS hole has apparently been one of the most viewed in the government core farm. The potential indicated by the REO and other elements from the first hole into a virgin target is exciting ENR staff.
It will be followed up in due course probably with soil geochem and perhaps a wide spaced aircore program. Then...

Thanks to Will R for his time and patience. The latter is something investors need in exploration companies at the moment where assay turnaround is out to near record levels. ENR is no exception although they had the small batch of Lamil core expedited as a one off.