September 2022 Quarterly Activities Report

Centaurus Metals (ASX Code: CTM, OTCQX: CTTZF), developing a globally significant nickel project for a clean energy future.

JAGUAR NICKEL SULPHIDE PROJECT

• Step-out drilling at Onça Preta (OP) and Jaguar South (JS) delivers strong, consistent results:
  
  • 31.7m at 1.61% Ni from 369.4m including 5.6m at 4.34% Ni from 374.9m in JAG-DD-22-263 (OP)
  • 22.7m at 1.47% Ni from 383.3m including 6.4m at 2.49% Ni from 386.6m in JAG-DD-22-284 (OP)
  • 13.5m at 1.26% Ni from 406.6m including 3.7m at 2.23% Ni from 411.2m in JAG-DD-22-263 (OP)
  • 20.8m at 1.54% Ni from 415.4m including 7.0m at 2.71% Ni from 421.0m in JAG-DD-22-375 (OP)
  • 21.7m at 1.35% Ni from 402.3m including 3.0m at 3.31% Ni from 404.5m in JAG-DD-22-333 (OP)
  • 25.2m at 0.90% Ni from 506.8m including 4.1m at 2.20% Ni from 510.4m in JAG-DD-22-341 (JS)
  • 26.0m at 0.76% Ni from 375.0m including 10.0m at 1.07% Ni from 388.0m in JAG-DD-22-312 (JS)
• Further significant results received from completed in-pit in-fill drilling across all deposits, demonstrating the continuity of the mineralisation within the current Mineral Resource model:
  
  • 50.6m at 0.63% Ni from 110.0m including 7.2m at 1.87% Ni from 145.8m in JAG-DD-22-289 (JC)
  • 28.8m at 0.97% Ni from 8.2m including 9.1m at 1.49% Ni from 10.3m in JAG-DD-22-303 (JCN)
  • 15.4m at 1.50% Ni from 112.2m including 2.4m at 5.76% Ni from 121.9m in JAG-DD-22-270 (JS)
  • 30.0m at 0.72% Ni from 82.1m in JAG-DD-22-278 (JNE)
  • 15.6m at 1.16% Ni from 66.5m including 6.7m at 2.17% Ni from 66.5m in JAG-DD-22-293 (JNE)
  • 37.0m at 0.84% Ni from 291.0m including 9.0m at 1.49% Ni from 291.0m in JAG-DD-22-352 (JCN)
  • 15.6m at 1.69% Ni from 74.3m including 8.8m at 2.13% Ni from 81.0m in JAG-DD-22-359 (JNE)
• More than 100 drill holes were awaiting assay at Quarter-end, with an updated Mineral Resource Estimate (MRE) for Jaguar on track for late October 2022.
  
• Definitive Feasibility Study (DFS) completion rescheduled to mid-2023 to accommodate additional time needed for Pressure Oxidation (POX) pilot plant work and downstream solution purification testwork.

• Former Vale, WMC and BHP executive, Dr Natalia Streltsova, appointed as a Non-Executive Director.
  
• Orimco appointed to provide independent financial advisory services in relation to the debt financing of the Jaguar Project evelopment.
• 4Cash at 30 September 2022 of $47 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.

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 update of the Mineral Resource Estimate (MRE), scheduled for the end of October 2022.

The Company has had up to 15 rigs on site and drilled more than 260 holes for 53,000m of drilling in the last two quarters to support an updated MRE (focussed on converting as much of the previous MRE into the Measured and Indicated categories), which is due to be delivered by the end of October. Critical project development drilling (geotech, metallurgical, sterilisation drilling) has also been undertaken and is included in these drilling figures. Drilling and assays costs have comprised the majority of exploration spend for the Company over the last two quarters.

Resource Growth – Step-out Drilling

Diamond drilling undertaken during the September Quarter targeted Resource growth through both step-out and extensional drilling across all deposits, with a focus on the high-grade Onça Preta and Jaguar South Deposits. The base of both the Onça Preta and Jaguar South Deposits have now been extended well below the base of the underground operations identified in the May 2021 Jaguar Project Scoping Study, which itself was already restricted by the base of the March 2021 MRE.

Any new resource tonnes generated by step-out drilling are therefore expected to result in growth of the overall MRE and, in time, contribute to future underground operations. Full details of the assay results from step-out drilling were reported in the Company’s ASX Announcements dated 20 July and 30 September 2022.

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