December 2022 Quarterly Activities Report and Cash Flow Report

Centaurus Metals (ASX Code: CTM, OTCQX: CTTZF) is pleased to present its Quarterly Report and Cash Flow Report.

JAGUAR NICKEL SULPHIDE PROJECT

• Updated JORC 2012 Mineral Resource Estimate (MRE) confirms Jaguar as one of the world’s premier near- surface nickel sulphide development projects, with the Jaguar Global MRE growing to now contain an estimated:
  • GLOBAL: 108.0Mt @ 0.87% Ni for 938,500 tonnes of contained nickel.
• Measured and Indicated component of the Global MRE increased by over 100% to:
  • MEASURED & INDICATED: 85.8Mt @ 0.85% Ni for 730,300 tonnes of contained nickel.
• High-grade component of the MRE increased to 28.6Mt @ 1.51% Ni for 431,800 tonnes of contained nickel, with 30% of this resource located within 100m of surface.
• The mineralisation remains open both at depth and locally along plunge and strike, with significant potential to continue to grow the MRE.
• Key work programs for the Jaguar Definitive Feasibility Study (DFS) were well advanced during the Quarter, including:
  • Pricing proposals were received from mining contractors to support the development of the DFS opex, open pit optimisations and mine planning work. Commercial and technical evaluation of the proposals is underway.
  • The process design for the concentrator circuit of the processing facility was finalised and major equipment pricing was received from suppliers. Commercial & technical evaluation is well advanced.
  • Process design and the layout of the refinery circuit and non-process plant infrastructure (NPI) commenced.
  • An additional ~2.5 tonnes of diamond core was drilled and transported from the Jaguar project site to Perth to generate an additional 300kg of concentrate required for the pilot testwork program.
  • The pilot plant setup at ALS Laboratories in Perth was completed just prior to the end of the quarter, ready for the 2-phase pilot testwork program to commence in January 2023.
  • Initial design and licencing work commenced to connect to the 230kV national power grid for the Project’s integrated concentrator and refining circuit power requirements.
  • Geotechnical drilling for the final design of the roads and bridges from Tucumá and Ourilândia do Norte to site was completed.

CORPORATE

• Cash at 31 December 2022 of $34 million.

The Jaguar Nickel Sulphide Project, located in the world-class Carajás Mineral Province of northern Brazil (Figure 1), was acquired from global mining giant, Vale S.A. (“Vale”) in April 2020.

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