CENTAURUS METALS LIMITED — AGM Information 2022

May 26, 2022

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

27 May 2022

Managing Director’s Presentation - Annual General Meeting

The Company attaches the presentation to be made by the Managing Director at today’s Annual General Meeting.

-ENDS

For further enquiries please contact:

John Westdorp

Company Secretary Centaurus Metals Limited T: +61 8 6424 8420

Authorised for release by:

Darren Gordon

Managing Director Centaurus Metals Ltd T: +61 8 6424 8420

Australian Office Centaurus Metals Limited Level 2, 1 Ord St West Perth WA 6005 AUSTRALIA

Brazilian Office ASX: CTM Centaurus Brasil Mineração Ltda ACN 009 468 099 Avenida Barão Homem de Melo, 4391 office@centaurus.com.au Salas 606 e 607 - Estoril T:: +61 8 6424 8420 CEP: 30.494.275, Belo Horizonte MG BRAZIL

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Developing the world's next significant green nickel project

Darren Gordon, Managing Director

Disclaimer

• This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

• To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

• This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Centaurus Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

• The Scoping Study referred to in this presentation has been undertaken for the purpose of initial evaluation of a potential development of the Jaguar Nickel Sulphide Project. It is a preliminary technical and economic study (±40%) of the potential viability of the Jaguar Nickel Sulphide Project. The Scoping Study outcomes, Production Target and forecast financial information referred to in this presentation are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore Reserves. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the Production Target itself will be realised. Further exploration and evaluation work and appropriate studies are required before Centaurus will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case.

• Assumptions also include assumptions about the availability of funding. While Centaurus considers that all the material assumptions are based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by this study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding in the order of US$288M will likely be required. There is no certainty that Centaurus will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Centaurus’s shares. It is also possible that Centaurus could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Jaguar Nickel Sulphide Project. This could materially reduce Centaurus’s proportionate ownership of the Jaguar Nickel Sulphide Project.

• The information in this report that relates to Exploration Results is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Fitzhardinge is a permanent employee and shareholder of Centaurus Metals Limited. Mr Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• The information in this report that relates to the December 2021 Jaguar Mineral Resources is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

• The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement.

• This presentation contains information extracted from the Company’s ASX market announcements dated 29 March 2021 and 31 May 2021 which are available on the Company’s website at www.centaurus.com.au . The Company confirms that that all material assumptions underpinning the Jaguar Project Scoping Studies as detailed in the ASX market announcements of 29 March 2021 and 31 May 2021 continue to apply and have not materially changed.

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Centaurus
World-class Resource
with significant growth
Investment overview
potential
Developing a globally
Extremely low carbon
significant nickel
footprint
sulphide asset
Favourable Targeting production of
infrastructure-rich +20ktpa of nickel in
location in Brazil’s sulphate over 13-year
Carajas Province life
Well-funded with
Outstanding project ~A$65m in cash to
economics and financial
underpin ongoing DFS
returns
and exploration
Well-timed to meet Highly experienced team
forecast shortfall of with strong mining and
Class-1 nickel corporate experience
3
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Corporate Summary

Centaurus is developing one of the world’s premier new near-surface nickel sulphide projects, with class-leading GHG emission credentials, to take advantage of surging demand for Class-1 nickel from the global EV industry.

427m Shares on issue 70% Top-20 holders

9m Unlisted options $495m Market cap at $1.16 $67m Cash at April 2022

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Broker Coverage

Substantial Shareholders

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A New Era of Nickel Sulphide Demand The looming clean energy revolution

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Source: Macquarie Commodities Strategy

Source: Roskill

• Nickel demand for batteries growing very strongly – Nickel sulphate demand in batteries estimated to grow at 18-19% CAGR (2020-2030)

WHERE IS THE NEW SUPPLY COMING FROM?

EVs and the path to decarbonisation require Class-1 nickel

Class-1 nickel will preferentially be sourced from sulphide deposits – low capital intensity, easy processing, lowest carbon footprint

Decades of limited nickel exploration means a very small pipeline of new projects, especially lower-cost, lower-emission sulphide projects in geopolitically safe mining jurisdictions.

CENTAURUS WELL PLACED TO BE PART OF THE SOLUTION

• Depending on the scenario for the EV rate of adoption, estimated nickel volumes to meet additional demand is 1-1.5 million tonnes by 2030

• Massive Investments by OEM’s to transition to electric vehicles - Ford – US$30b, GM US$35b, VW US$60b and Hyundai US$55b

• Vale and Tesla have recently entered offtake deal for Class 1 nickel in Canada

Brazil

Responsible Mining in an emission-friendly jurisdiction

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ROAD MAP TO MINING FAVOURABLE TAX SYSTEM ROYALTIES TO THE REGIONS 15% effective tax rate for first Royalties split between the Well-Established Mining Regulation 10yrs of operations (SUDAM municipal (65%), state and federal and Tenement System Program) authorities ENVIRONMENTAL STRATEGIC MINERALS POLICY RENEWABLE POWERHOUSE Approval Process clearly defined Recently-created to assist in 80% of Brazil’s power currently with Terms of Reference issued for approval process for strategic generated from renewable sources EIA minerals; includes nickel

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High-quality Board and Management Team Extensive Brazil & Nickel Sulphide Experience

Board

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Didier Murcia, AM Darren Gordon Chair Managing Director Lawyer Chartered Accountant

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Bruno Scarpelli Executive Director Engineer

Chris Banasik Non-Executive Director Geologist

Mark Hancock Non-Executive Director Chartered Accountant

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Wayne Foote John Westdorp GM - Operations Chief Financial Officer Engineer Accountant

Roger Fitzhardinge GM – Exploration & Growth Geologist

Julia Oliveira Legal & Commercial Manager Lawyer

Gaudius Montresor Exploration Manager Geologist

Fábio Borges John Knoblauch Finance & Accounting Principal Metallurgist Manager Engineer Accountant

Jaguar Project – Supporting Local Building relationships now and for the future

Supporting Local People & Business

• 110 people currently employed by Centaurus in Brazil – 90% reside locally with 20% female

• Female representation in the sciences (geology/engineering) strongly on the rise in the region

• Additional 175 contractor employees working on the project

• Centaurus has contracted with over 480 suppliers in the State of Para with ~340 suppliers used in the local municipalities

• Local training of ~2,000 people for construction roles soon to commence

Social Programs Underway

• Social programs focus on health and water quality underway

• Public/Private Partnership with Sao Felix municipality to upgrade roads

• LOM contribution of +US$400M in taxes and government royalties

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GHG Emissions – Forecast to be a Class-leader Powered by renewables & high-grade nickel sulphides

GHG Intensity Curve – Nickel (E1 GHG Emission Metrics®)

Jaguar Nickel Sulphate Project 4.69t of CO2/t of NiEq

Presently Net Sequester of Carbon at Jaguar Life-of-mine CO 2 footprint forecast to be lower than 97% of global nickel production THE BEST NICKEL TONNES ARE THOSE WITH THE LOWEST GHG EMISSIONS AND HIGHEST OPERATING CASH MARGINS

Brazil’s Carajás Mineral Province A Tier-1 global mining province

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Jaguar Nickel Sulphide Project
80.6Mt @ 0.91% Ni
for 730,700t Ni Metal
The Carajás contains one of the world’s largest known
concentrations of large-tonnage world-class mineral deposits
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Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

• High-Voltage (138kV) grid power 40km line from Tucumã to site

• Brazil’s national power grid runs on +80% renewables

• Relatively low cost, clean power

• Project located 40km north of Tucumã and Ourilândia do Norte (pop +70,000) – mining communities with skilled workforce

• Sealed road access to Vila de Conde Free Access Port or rail to Sao Luis

• Ideally positioned to feed the global battery supply chain

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Tucumã Township, Para, Brazil
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Vila de Conde Port, Para, Brazil
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Jaguar Project – Processing Plant & Mine Infrastructure Nickel sulphate plant to treat 2.7Mtpa

Blended Mill Feed: 33.7Mt @ 1.01% Ni for 341,300t of contained Ni over initial ~13-year LOM +75% of mill feed from open pit; LOM strip-ratio of 6.5:1

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Nickel Sulphate DFS

• Ausenco recently appointed DFS Lead Engineer

• Process route and product specification optimisation work is ongoing

• Partial Oxidation of sulphides looking favourable with significant capital and operating cost savings

• Nickel recovery from concentrate to sulphate – 98%

• Mining

• New open pit and UG optimisations and scheduling to drive production profile selection

• Pricing packages for mining contractor rate verification underway

• Integrated Waste Landform (IWL) – Geotech and design studies well advanced

Targeting world’s best-practice tailings & emissions management

Jaguar Project Scoping Study Economics - Proceeded Straight to DFS

 At conservative SS Ni prices of US$7.50/lb & US$0.50/lb sulphate premium

 Post Tax NPV of A$1.11 billion 52% IRR 8  Operating Cash Margin of US$4.27/lb Ni  LOM Annual Cash Flow (pre-tax) - US$189m  Development Capital – US$288 million  After Tax Payback – 1.8 Years  Massive leverage to rising nickel price

At US$11.00/lb Ni price, post tax NPV8 A$2.58 billion with 102% IRR

Project Development Opportunities

Refine local based Resource Growth CAPEX & OPEX estimates Mine Schedule Process Route optimisation by-product opportunities

Process Route by-product opportunities

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kt25 21.5 21.2 22.7 21.7 21.2 21.2 22.3 Nickel in Sulphate
20.0 19.7
20 18.7 18.4 18.7
15
9.5
10
5.6
5
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
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Nickel in Sulphate

Jaguar Project – Large-tonnage high quality Resource Resource up-grade set to underpin project capacity upgrade

JORC Mineral Resource Estimate: 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel metal

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• +500kt of nickel metal within 200m of surface

• Indicated Resource of 43.4Mt @ 0.92% Ni for 397,000t of nickel, 54% of the Global MRE

• High-grade component of 22.4Mt @ 1.59% Ni for 354,800t of nickel metal

• on

• 13 x Diamond & 2 x RC Rigs site

• Next JORC Resource up-grade planned for Q3 2022

Jaguar Project – Resource Growth and Upside A unique deposit with sustainable growth

+40% increase since the Company’s maiden Resource in June 2020 – 213kt of contained nickel in 18 months

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• Currently adding 140,000tpa of Ni metal in resources

• Targeting 1 million tonnes of nickel metal by EOY 2023

• The largest nickel sulphide deposit on the ASX not held by the majors

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Jaguar Project – Resource Growth and Upside Deep plumbing systems in the Carajás

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1.0% Cu
0.4 - 1.0% Cu
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World-class Carajás IOCG deposits hosted in deep regional-scale structures. Salobo (Cu-Au) Mine, mineralisation to depths of +1,400m and remains open! JAGUAR IS JUST GETTING STARTED

Source: Wheaton Precious Metals: Salobo Cu-Au Mine, Technical Report, December 2019

Jaguar Project – Resource Growth and Upside Deep plumbing - open at depth & below UG stope limits

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Jaguar South Jaguar Central Onça Preta
300m
400m
Untested
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Jaguar Project – Resource Growth and Upside DHEM to drive more deep massive sulphide discoveries

DHEM Conductor plates extend +270m below deepest drilling

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17.6m @ 4.86% Ni from 208m, within
56.1m @ 2.05 Ni
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DHEM Plates
Open & Untested
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Jaguar Project – Resource Growth and Upside More development & growth drilling for 2022

Resource Development & Growth In-fill, step-out and extensional drilling Geotechnical & metallurgical drilling 13 diamond rigs on site

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Greenfields Growth Drilling
2 RC rigs on site
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Jaguar Project Targeted Development Timeline

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Late 2024/Early 2025
First Production
2023-24 – Construction phase
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Q3/2023 – Formal Decision to Mine Q4/2022 – Definitive Feasibility Study Q4/2021 & Q3/2022 – MRE Resource Upgrades Q3/Q4 2021 – Key Environmental & Mining Licenses lodged Q1/2021– MRE Upgrade & Scoping Study Results

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Centaurus

Key investment takeaways

• Nickel focus in Brazil

• Extremely low carbon footprint

• Favourable infrastructure-rich location

• Globally significant JORC Resource

• Long-life project

• Strong returns and cash flow generation

• Outstanding growth potential

• The right team and well funded

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Developing the world's next significant green nickel project

Contact Details

Darren Gordon – Managing Director

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+61 8 6424 8420

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office@centaurus.com.au : Centaurus Metals : @CentaurusMetals