CENTAURUS METALS LIMITED - AGM Information 2023

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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26 May 2023

Chair’s Address & Managing Director’s Presentation to AGM

Centaurus Metals Limited (ASX: CTM, OTCQX: CTTZF) attaches the Chair’s address and the Managing Director’s Presentation to today’s Annual General Meeting.

-ENDS-

For further enquiries please contact:

John Westdorp Company Secretary Centaurus Metals Ltd 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 Street West Perth WA 6005 AUSTRALIA

Brazilian Office

Centaurus Niquel Ltda Edificio Century Tower Rua Maria Luiza Santiago, 200 Santa Lúcia, 17º Andar - Sala 1703 Belo Horizonte - MG - CEP: 30360-740 BRAZIL

ASX: CTM

ACN 009 468 099 [email protected] T: +61 8 6424 8420

Annual General Meeting 26 May 2023 Chair’s Address

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The past year has delivered a combination of significant achievement, exhilaration and challenge for Centaurus – accompanied at all times by the relentless hard work, focus and determination that necessarily goes with the development of any major new resource project.

At the outset, I would like to acknowledge the exceptional efforts of our growing team – both in Brazil and Australia – led by our Managing Director Darren Gordon and in-country manager in Brazil, Bruno Scarpelli.

Despite what has, at times, been a challenging macro-environment and investment climate, we have substantially advanced feasibility work, successfully executed further major drilling and exploration programs, progressed permitting, made enormous progress with our ESG and stakeholder engagement strategy and initiated preliminary financing discussions.

All of the various work streams now underway across the Company are geared towards the singular goal of establishing a major new nickel sulphide mining and processing operation at our flagship Jaguar Nickel Sulphide Project, located in the world-class Carajás Mineral Province of northern Brazil.

I am pleased to say that all our work programs throughout the year have continued to reinforce the Jaguar Project’s credentials as a standout project in terms of scale and quality in the context of undeveloped nickel projects worldwide.

Activity during the year has reflected our two-pronged approach to unlocking the enormous inherent value of the Jaguar asset: continued resource growth drilling and greenfields exploration to grow and upgrade our inventory at Jaguar, in parallel with key de-risking steps associated with Project permitting and completing the ongoing Definitive Feasibility Study (DFS).

Our extensive drilling efforts over the past 12 months culminated in a landmark update to the Jaguar Mineral Resource Estimate (MRE) in November 2022, which saw the global MRE increase to 109.2Mt @ 0.87% Ni for 948,900 tonnes of contained nickel, with the higher confidence Measured & Indicated Resource category more than doubling to over 737,800 tonnes of contained nickel metal[1] – a very significant de-risking step for the Project.

This Resource will form the basis of a maiden Ore Reserve estimate for Jaguar, which will be announced as part of the forthcoming DFS. Work to complete the DFS has been significantly advanced, with the mine design and scheduling underway and pit optimisations and strategic schedules completed.

Recent drilling has also provided compelling evidence to support a potential future underground mining operation, delivering exceptionally high nickel grades from some of the deepest holes ever drilled within the Jaguar Project area. At Jaguar South for example, drilling well beyond the current resource boundary, returned an exceptional intercept of 20.4 metres grading 3.94% nickel[1] . A major drilling program to further test this potential has commenced.

Our pilot metallurgical test work program was also recently completed in Perth, with nickel sulphate successfully produced from Jaguar ore for the first time – a very exciting milestone for the Company.

The pilot test work program has confirmed that a high quality, “4 Nines” battery grade nickel sulphate is able to be produced with impurities well below the low end of the target range specified by potential offtakers. Importantly, samples of nickel sulphate from the Project are also now available for key marketing and strategic offtake discussions.

Unfortunately, bottlenecks at the pilot plant laboratory saw a delay to the start of the test work program, with a resulting flow-on impact on the overall DFS schedule. As a result, the Jaguar DFS is now targeted for late Q4 2023, with a Final Investment Decision (FID) targeted for Q3 2024.

While these delays are frustrating, they are an increasing feature of the current global resources industry, which continues to experience labour shortages.

Annual General Meeting 26 May 2023 Chair’s Address

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Fortunately, the delay in the DFS does not detract in any way from the exceptional fundamentals of the Jaguar Project – and we are confident that the decision to focus on the quality of the work is the right one for shareholders. We are diligently checking off the remaining elements of the DFS and we’re confident the final Study will be delivered by year-end.

Turning briefly to exploration, I would like to highlight the very exciting recent greenfields nickel discovery at Jaguar announced on 15 May.

With development drilling at Jaguar now completed, our drill rigs can focus exclusively on Resource growth and new discoveries ahead of a further MRE update planned for early 2024 after the delivery of the DFS. This strategy has paid immediate dividends with the discovery of the exciting new Twister nickel sulphide prospect, located just 5km from the proposed Jaguar ROM pad.

This is the second greenfields discovery to be made at Jaguar since we acquired the Project from Vale and represents a further exciting development for our exploration team, led by Roger Fitzhardinge.

We are confident that we can upgrade the Jaguar MRE to more than one million tonnes of contained nickel metal over the course of this year, firmly cementing the Project’s status as a truly world-scale nickel sulphide deposit.

In light of its size and scale, the Jaguar Project has been selected as a Strategic Minerals Project by the Brazilian Federal Government, recognising its strategic importance for Brazil’s growth and providing Centaurus with access to tailor-made assistance to navigate the steps required implement and develop the Jaguar Project in an environmentally sustainable manner.

Apart from its size, immense growth potential and exceptional economics, Jaguar’s extremely low emission footprint will also be a key distinguishing feature in the market – particularly as car manufacturers and the broader lithium-ion battery supply chain are increasingly forced to report their Scope-3 emissions and certify where they source their nickel.

We remain confident in our ability to deliver the Project with class-leading ESG credentials, including very low levels of greenhouse gas emissions. This stems from the relatively high-grade nature of the ore, the very high proportion of Brazilian power generated from renewable sources (currently exceeding 80% of the nation’s total power supply) and our plan to produce a value-added nickel sulphate product.

Centaurus maintains a strong focus on ESG performance, and I’m very pleased that we have recently been able to finalise and release our inaugural Sustainability Report which showcases our excellent progress.

In conclusion, I would like to take this opportunity to welcome Dr Natalia Streltsova, who joined our board during the year as an independent non-executive Director. Natalia is a highly credentialled chemical engineer with a wealth of experience in the international resources industry, including extensive experience working with nickel in Brazil – and she has already made an invaluable contribution to the Company.

As always, I would also like to thank my other fellow board members, our Managing Director Darren Gordon and the members of our senior leadership team and our incredibly hard-working team in Australia and Brazil.

I would also like to thank you – our shareholders – for your ongoing support.

The future for Centaurus is extremely bright, and I look forward to continuing to share our progress and successes with you as we become the next significant green nickel sulphide producer globally.

Didier Murcia

Non-executive Chair

1Refer ASX releases of 10 November 2022, 28 April 2023 and 29 March 2023. 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 were presented have not been materially modified from the original announcements.

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Developing the world's next significant green nickel project

Darren Gordon, Managing Director

ANNUAL GENERAL MEETING PRESENTATION – MAY 2023

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 November 2022 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 Metals
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 +20 year
Carajás Province mine life
BUILDING A BRAZILIAN STRATEGIC
MINERALS BUSINESS TO BENEFIT OUR
SHAREHOLDERS, OUR PEOPLE AND THE
Outstanding project COMMUNITIES WHERE WE OPERATE
Well-funded to underpin
economics and financial
ongoing DFS activities
returns
Well-timed to meet Highly experienced team
forecast shortfall of with strong mining and
Class-1 nickel corporate experience
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Centaurus Metals Investment overview

Corporate Summary

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

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427m Shares on issue 71% Top-20 holders

9.5m Unlisted options

Substantial Shareholders

A$312m Market cap at A$0.73 A$23m Cash (31/3/23) Broker Coverage

Brazil Responsible Mining in an emission-friendly jurisdiction

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

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5
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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

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Dr Natalia Streltsova Non-Executive Director Chemical Engineer

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Mark Hancock Non-Executive Director Chartered Accountant

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Chris Banasik Non-Executive Director Geologist

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Wayne Foote GM - Operations Engineer

John Westdorp Chief Financial Officer Accountant

Roger Fitzhardinge GM – Exploration & Growth Geologist

Julia Oliveira Gaudius Montresor Legal & Commercial Exploration Manager Manager Geologist Lawyer

Fábio Borges Finance & Accounting Manager Accountant

Mick Ryan Project Manager Metallurgist

Getting Ready for an Electric Future Nickel is a key ingredient for the clean energy revolution

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Source: Benchmark Minerals Intelligence

Source: Wood Mackenzie

Nickel demand for batteries growing very strongly – nickel sulphate demand in batteries estimated to grow at 18-19% CAGR (2020-2030)
Massive investments by OEM’s globally to transition to electric vehicles

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

United States Inflation Reduction Act provides support for a “green premium” for nickel projects with a low-carbon footprint in geopolitically friendly jurisdictions

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

Net Sequester of Carbon during exploration phase of work at Jaguar Life-of-mine CO 2 footprint forecast to be lower than 97% of global nickel production

Approvals & Stakeholder Engagement

Environmental Approvals On-Track

Environmental Impact Assessment (EIA/RIMA) lodged
Jaguar Project is a Strategic Mineral Project in Brazil
Mining Lease Application (PAE) lodged

Other Environmental Programs

Plant Nursery constructed on site
Assist with the revegetation of cleared land and to facilitate development of vegetation corridors for enhanced biodiversity of local fauna
Inaugural Sustainability Report prepared and released to the market

Supporting Local People & Business

144 people currently employed by Centaurus in Brazil – 90% reside locally with 22% female
Internship Program implemented with the University of Maraba
Local training of ~1,500 people for construction roles to commence in H1 2024 – very strong interest in the program

Land Access

Secured possession of three key properties that cover an area of 2,000 hectares

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

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The Carajás contains one of the world’s largest known concentrations of large-tonnage world-class mineral deposits

Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

High-Voltage (230kV) grid power within 40km of Project
Brazil’s national power grid runs on +80% renewables
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 – 2021 Scoping Study 2.7Mtpa nickel sulphate plant to produce +20ktpa nickel in sulphate

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

Refine local based

Resource Growth CAPEX & OPEX

estimates

Process Route by-product opportunities

Mine Schedule optimisation

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kt
25 21.5 21.2 22.7 21.7 21.2 21.2 22.3
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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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
LOM Strip Ratio – 6.5:1

 Massive leverage to rising nickel price At US$10.00/lb Ni price, post tax NPV8 A$2.2 billion with 89% IRR

Jaguar Project – World-Class Resource Large-Tonnage, High-Quality

JORC Mineral Resource Estimate: 109.2Mt @ 0.87% Ni for 948,900 tonnes of contained nickel metal

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Measured & Indicated Resource of 86.6Mt @ 0.85% Ni for 737,800 tonnes - 75% of the Global MRE
+500kt of M&I nickel metal within 200m of surface
High-grade component of 28.6Mt @ 1.51% Ni for 431,800 tonnes of nickel metal
30% of the high-grade resource sits less than 100m from surface
6 Diamond & 1 RC Rig on site

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

+83% since the Company’s maiden Resource in June 2020 – that’s 421kt of contained nickel in 30 months

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Currently adding 165,000tpa of Ni metal in resources
● Targeting 1 million tonnes of nickel metal in 2023

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Refer to the table on slide 23 for Underlying Data References

Jaguar Project – Globally Significant Project Taking Shape Definitive Feasibility Study Ongoing

Multiple DFS Work Fronts Progressing Well

Mining

Jaguar pits coalescing into one – strike extent of +3km, up to 1km width and depths that extend to over 300m
Maintaining a low strip ratio of around 7.5:1
Mining contractor proposals received and under assessment
Pit optimisation work complete with detailed mine design underway

Process

Minimum design throughput of 2.7Mtpa
Concentrator design complete with equipment pricing packages received and under assessment
POX pilot testing complete with battery-grade nickel sulphate produced
Product available for marketing and strategic offtake discussion
Process Design for refinery circuit is underway

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Jaguar Project – Globally Significant Project Taking Shape Pilot Plant Delivers Positive Results

Battery Grade Nickel Sulphate Produced from Jaguar Refinery Pilot Program

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Pilot demonstrates Jaguar’s ability to produce a high-quality battery-grade nickel sulphate product – Minimum “4 Nines”
• Key results from the pilot work:
All impurities below the low end of target range
Overall nickel recovery from ore to sulphate – 75%
High-purity cobalt and zinc hydroxide by-products have been produced, to benefit overall project economics.

	Element	Measure	Target Specification	Assay Result
Nickel	Ni	%	22.0 - 22.3	>22.2
Cobalt	Co	ppm	10 - 20	0.6
Copper	Co	ppm	5 - 10	0.1
Zinc	Zn	ppm	5 - 10	2.7
Iron	Fe	ppm	5 - 10	4.4
Manganese	Mn	ppm	10 - 20	0.3
Calcium	Ca	ppm	10 - 20	2.7
Magnesium	Mg	ppm	10 - 50	2.9
Potassium	K	ppm	10 - 100	1.0
Sodium	Na	ppm	10 - 100	6.4

Refer to ASX Announcements dated 5 May 2023 and 23 May 2023

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

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Jaguar Deeps
Planned Drilling
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Source: Wheaton Precious Metals: Salobo Cu-Au Mine, Technical Report, December 2019

Jaguar Project – Resource Growth and Upside Open at depth & below UG stope limits

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Jaguar South Jaguar Central Onça Preta
400m
600m
Untested
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Jaguar Project – Resource Growth and Upside Greenfields Exploration and New Discoveries

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Jaguar Project Targeted Development Timeline

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Q1 2027 - First Production

2025/2026 – Construction Phase

Q3/2024 – Final Investment Decision - FID

Q4/2023 – Definitive Feasibility Study

Q2/2023 – Process Design of Refinery Circuit

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Q1/2023 – Pilot Plant Test Work

Q4 2022 – MRE Resource Upgrade Delivered

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2021 – Key Environmental & Mining Licenses lodged

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