June 2022 Quarterly Activities Report

Centaurus Metals Limited (ASX:CTM) is pleased to present the company's June 2022 quarterly activities report.

JAGUAR NICKEL SULPHIDE PROJECT

• Significant shallow results received from ongoing in-fill drilling at the Jaguar Central (JC), Jaguar South (JS) and Jaguar Northeast (JNE) deposits, demonstrating the continuity of the mineralisation within the current Mineral Resource model and demonstrating the continuity of the mineralisation both down-dip and along strike. New assay results include:
  • 46.0m at 2.17% Ni from 128.0m incl. 23.2m at 2.82% Ni (JC)
  • 49.3m at 1.20% Ni from 31.9m incl. 13.2m at 2.37% Ni (JC)
  • 38.3m at 1.16% Ni from 87.7m (JS)
  • 15.2m at 2.12% Ni from 187.8m incl. 2.6m at 9.14% Ni (JS)
  • 33.3m at 0.89% Ni from 136.3m (JC)
  • 26.9m at 0.93% Ni from 91.6m (JC)
  • 22.5m at 1.01% Ni from 116.5m incl. 6.0m at 2.29% Ni (JC)
  • 15.0m at 1.42% Ni from 122.0m incl. 5.5m at 2.82% Ni (JS)
• Extensive infill and step out drilling completed during the quarter. Over 120 drill holes currently in laboratory awaiting assay.
• 15 rigs currently on site (13 diamond and 2 RC) drilling double shift, with the drilling focused on upgrading the maximum amount of the Mineral Resource Estimate (MRE) into the Measured and Indicated categories.
• Next MRE update to be delivered at the end of September will underpin the Definitive Feasibility Study (DFS) and the Project’s maiden Ore Reserve estimate.
• Definitive Feasibility Study (DFS) progressing well, though completion now Q1 2023 due, in part, to the expansion in the overall Project design flowing from a significantly larger Jaguar Resource base and project footprint and in part due to delays in being able to start the pilot program as originally scheduled.
• A Final Investment Decision (FID) remains on track for the end of Q3 2023, after relevant environmental approvals have been secured.

CORPORATE

• Cash at 30 June 2022 of $60.1 million.

JAGUAR NICKEL PROJECT

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.

Figure 1: Jaguar Nickel Sulphide Project Location Map

DRILLING & EXPLORATION PROGRAMS

Resource in-fill, extensional and step-out drilling continued at the Jaguar Project throughout the reporting period, with the drilling results to feed into the next MRE update scheduled for the end of Q3 2022.

Resource Development In-fill Drilling

The December 2021 MRE comprised 80.6Mt @ 0.91% Ni for 730,700t of contained nickel, with an Indicated component of the Resource being 43.4Mt @ 0.92% Ni for 397,000t of contained nickel, representing 54% of the Global MRE.

The focus of drilling during the first half of 2022 was resource development in-fill drilling at all the Jaguar Deposits. In-fill drilling is designed to upgrade all resources within a constrained US$22,000/t nickel price pit shell limit into the Measured and Indicated categories. The Company is targeting more than 500,000t of contained nickel in the Measured and Indicated categories of the next MRE based on the extensive in-fill drill currently being undertaken and the MRE already in place.

The MRE planned for the end of Q3 2022 will underpin the Jaguar DFS and maiden Ore Reserve estimate. The current resource definition in-fill drilling is important as it will ensure that as much of the in-pit Resource as possible will be upgraded to the higher-confidence Indicated category, which in turn increases the potential production target and anticipated conversion of Resource to Ore Reserves.

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