CENTAURUS METALS LIMITED — AGM Information 2024

May 27, 2024

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Unleashing Jaguar: Delivering a new generation of reliable, lowcarbon nickel supply from Brazil

Darren Gordon, Managing Director

2024 AGM PRESENTATION – 28 MAY 2024

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.

• This presentation contains information extracted from the following ASX market announcements made by the Company; – ASX release dated 10 November 2022 in relation to the Jaguar Project MRE (slides 9, 11, 13, 27 & 28);

• ASX release dated 29 March 2023 in relation to Jaguar exploration results (slide 12);

• ASX releases dated 28 November 2023 and 27 May 2024 in relation to Boi Novo project exploration results (slides 18 & 19); and

• ASX release dated 5 July 2019 in relation to the Jambreiro MRE and Ore Reserves (slides 20 & 21)

• ASX releases dated 10 April 2024 in relation to Jambreiro exploration results (slide 22)

• 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 noted above and, in the case of estimates of Mineral Resources and Ore Reserves, 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.

Centaurus Metals Key Investment Focus

• Focus on strategic minerals in Brazil

• Jaguar Nickel Sulphide Project

• Extremely low carbon footprint

• Favourable infrastructure-rich location

• Tier-1 JORC Resource, long-life project

• Anticipated strong returns and cash flow generation

• Horizon II Business Development & Growth Strategy starting with Boi Novo Project (IOCG) – drilling underway

• New positive metallurgical testwork results at Jambreiro Iron Ore Project highlight high-purity DRPF opportunity

• ● Well-funded with outstanding growth potential

Corporate Summary

Centaurus is developing one of the world’s premier new near-surface nickel sulphide projects, with class-leading GHG emission credentials.

Highly Experienced Board

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Didier Murcia, AM Darren Gordon Dr Natalia Streltsova Chair Managing Director Non-Executive Director Lawyer Chartered Accountant Chemical Engineer

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496m Shares on issue

66.3% Top-20 holders

5.2m Unlisted options

Substantial Shareholders

A$248m Market cap at A$0.50

A$29m Cash (31/3/24)

Broker Coverage

Mark Hancock Bruno Scarpelli Chris Banasik Non-Executive Director Executive Director Non-Executive Director Chartered Accountant Engineer Geologist

Centaurus Metals World-class Resource with significant growth potential Jaguar is Key Project Focus

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Developing a globally
significant nickel
sulphide asset
Favourable
infrastructure-rich
location in Brazil’s
Carajás Province
Building a Brazilian strategic
minerals business to benefit our
shareholders, our people and the
communities where we operate
Outstanding project
economics and financial
returns
Highly experienced team
with strong mining and
corporate experience
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Extremely low carbon
footprint
Targeting production of
+2 0 ktpa of nickel over
+15 year mine life
Well-funded to underpin
ongoing FS activities
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Western Gigafactory Development Pipeline Over ~2,350GWh of capacity growth in the pipeline with ~1,950GWh Ni-based

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North American & European Gigafactory Pipeline [ (1)] Gigafactory Capacity (GWh) [(2)]
Europe North America
3,000
L N O 2,500
L N
N 2,000
O N N
N
1,500
N N N L
N N
O N N N 1,000
L
N N
L N N
500
N N
N -
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Estimated Nickel Imports Required (kt) [(3)]
Europe North America
Ni Based 1,692
N
776
N N
L 809
N
N
O N N 374
916
234
Ni Based N L
LFP N N N 13995 436
N
Other 2024 2030 2040
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Source: Woodmac
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• (1) Non-exhaustive list. Includes factories under Woodmac’s base case, probable and possible categories; (2) Includes gigafactories with nickel-based chemistries, LFP, solid state and polymer; (3) Estimated nickel required to be imported based on nickel intensity factor of 0.79 kg/kWh applied across nickel based gigafactories only, net of any locally supplied pCAM

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

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GHG Intensity Curve – Nickel (E1 GHG Emission Metrics®)
Scope 1 1.55t
Scope 2 0.00t
Jaguar Nickel Sulphide Project Mine 1.55t
Freight 1.62t
7.27t of CO
2/t of NiEq Downstream 4.10t
TOTAL 7.27t
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Jaguar is currently net sequester of Carbon

Life-of-mine CO 2 footprint forecast to be lower than 94% of global nickel production

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 Jaguar EIA Approved and and Tenement System minerals; includes nickel preliminary Licence (LP) issued 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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8
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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

• Significant resource projects being developed near Jaguar

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Tucumã Township, Para, Brazil

Vila de Conde Port, Para, Brazil

Ero Copper 4Mtpa Copper Concentrator Build, Tucuma - Brazil

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

JORC MRE: 109.2Mt @ 0.87% Ni for 948,900 tonnes of contained nickel

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• High-grade - 28.6Mt @ 1.51% Ni for 431,800t of Ni metal

• 30% of the high-grade resource within 100m of surface

• Measured & Indicated 86.6Mt @ 0.85% Ni for 737,800t Ni metal - 83% of Global MRE

• +500kt of M&I Ni metal within 200m of surface

• Over 50km of diamond drilling completed since this MRE released

	Classification*	Mt	Ni %	Ni Metal
	Measured	14.0	1.06	149,400
	Indicated	72.6	0.81	588,500
	Measured & Indicated	86.6	0.85	737,800
	Inferred Total	22.6 109.2	0.93 0.87	211,000 948,900

• Within pit limits cut-off grade 0.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded, subtotals may not reflect global totals. All oxide material is considered as waste.

Jaguar Project – World-Class Resource High-grade nickel sulphides from top to bottom

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Jaguar South

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20.4m @ 3.94 % Ni
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Onça Preta
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Jaguar Project – World-Class Resource A unique deposit with sustainable growth

One of the world's largest high-grade nickel sulphide orebodies

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• 165,000t of Ni metal added to the MRE per year over the last three years

• Over 50,000m of successful drilling in 2023 that is not yet included in MRE

• Targeting + 1 million tonnes of nickel metal in next MRE

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Refer to the table on slide 28 for Underlying Data References

Jaguar Project – Feasibility Study Feasibility Study Nearing Completion

Anticipated low operating cost project

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Mining

• Jaguar pits coalescing into one – strike extent of +3km, up to 1km width and depths that extend to over 300m

• Mining contractor proposals received with costings used for pit optimisation and mine design and opex assessment

• Pit optimisation work and detailed mine design complete

Process

• Concentrator only FS nearing completion with minimum design throughput of 3.5Mtpa

• Equipment pricing packages received and included in capex estimate

• Nickel concentrate product available for marketing and strategic offtake discussion

Jaguar Project – Processing Circuit A traditional flotation plant

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15
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Jaguar Project - Approvals & Stakeholder Engagement

Environmental Approvals On-Track

• Preliminary Licence (LP) ISSUED

• Mining Lease Application (PAE) APPROVED

• Preliminary (LP) and Installation Licences (LI) for 230kV power line APPROVED

• Issue of Mining Lease only conditional on the issue of the Installation Licence (LI)

• Installation Licence Application lodged April 2024, approval expected Q3/Q4 2024

Other Environmental Programs

• Plant Nursery constructed on site. Over 10,000 trees planted in last 2 years to assist with the revegetation of cleared land and facilitate development of vegetation corridors for enhanced biodiversity of local fauna and flora

• Strong ESG credentials and community support for project

Supporting Local People & Business

• Local training of ~1,500 people for construction roles has commenced – very strong interest in the program

• Gender Diversity across Group – 26% female, 74% male

Land Access

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

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Jaguar Project Targeted Development Timeline

2027 – First Production

– 2025/2026 Construction Phase

– H1/2025 Final Investment Decision - FID

– Q2/2024 Definitive Feasibility Study

– Q1/2024 Preliminary Licence (LP) Issued

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Q1/2024 – Mining Lease Application Approved

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Q2/2023 – 100% Offtake Rights Secured

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Q4 2022 – MRE Resource Upgrade Delivered

Boi Novo Project – Copper-Gold Exploration The Carajás is the world’s premier IOCG address

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With Jaguar moving into pre-development, our exploration team has shifted focus to building a pipeline of organic and inorganic growth opportunities in strategic minerals in Brazil

• 35km from Vale’s copper-gold concentrate load-out facility

• 20km from BHP’s Antas Norte copper flotation plant

• Four distinct prospect areas with +500ppm copper-in-soil anomalies along 12km of discontinuous strike, coincident with Drone Magnetics (DMAG) anomalies

• Discrete contiguous zones of +1,000ppm copper-in-soil anomalies, extending over more than 1.5km of strike

• Rock chip sampling – Up to 2.24% Cu and 0.57g/t Au

• DMAG, FLEM and IP geophysical surveys complete

Boi Novo Project – Copper-Gold Exploration Maiden 3,000m greenfields drill program underway

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Priority 1 targets at the Zebu and Nelore Prospects where IP Chargeability anomalies are proximal or coincident with magnetic anomalies and copper-in-soils geochemistry anomalies.

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Jambreiro Project – Well Located

• JORC Resource of 127.2Mt. Initial Ore Reserve of 48.5Mt 350km

• Over 19,000 metres of diamond and RC 110km drilling

• Over US$25 million spent on exploration, 140km feasibility and engineering work

• Extensive data set (including drill core) available

• Offtakers have shown interest in potential DRPF product

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20

Jambreiro Project – High Quality JORC Resource Inventory

Project	JORC Category	Million Tonnes	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
Jambreiro*(1)	Measured	44.3	29.2	50.5	3.9	0.04	1.6
	Indicated	37.7	27.5	51.1	3.7	0.04	1.7
	Measured + Indicated	82.1	28.4	50.8	3.8	0.04	1.3
	Inferred	45.1	27.3	52.7	3.3	0.05	1.3
	TOTAL	127.2	28.0	51.4	3.7	0.05	1.5
Canavial*(2)	Indicated	6.5	33.6	33.6	7.1	0.10	7.9
	Inferred	21.1	29.6	38.0	5.7	0.07	5.9
	TOTAL	27.6	30.5	37.0	6.0	0.07	6.4
Guanhães Region*	Measured	44.3	29.2	50.5	3.9	0.04	1.6
	Indicated	44.2	28.4	48.5	4.2	0.05	2.6
	Measured + Indicated	88.6	28.8	49.5	4.1	0.05	2.1
	Inferred	66.2	28.0	48.0	4.1	0.06	2.8
	TOTAL	154.7	28.5	48.9	4.1	0.05	2.4

• 20% Fe cut-off grade applied; Rounding may generate differences in last decimal place.

• (1) JORC 2012, (2) JORC 2004. Refer Centaurus’ 2018 Annual Report released 28 March 2019

21

Jambreiro Project - JORC Ore Reserves & DR Product Quality

Project	Ore Reserve Classification	Million Tonnes	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
Jambreiro*	Proved	35.4	28.5	49.6	4.3	0.04	1.7
	Probable	13.1	27.2	49.0	5.3	0.04	2.4
	TOTAL	48.5	28.1	49.4	4.6	0.04	1.9

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Average product specification achieved from current bench scale testwork program:

• Iron (Fe) - 67.8%

• Silica (SiO2) - 1.08%

• Alumina (Al2O3) - 0.64%

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Combined Silica + Alumina level of 1.72% - well under the 2% threshold required to achieve direct reduction quality.

POSITIVE METALLURGICAL TESTWORK RESULTS REINFORCE ABILITY TO PRODUCE HIGH-PURITY DIRECT REDUCTION PELLET FEED PRODUCT

Jambreiro Project – New Proposed Process Flowsheet

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Revised Flowsheet Incorporates Dry Stacking of Tails and Ball Mill to Grind Product to PF Size Fraction

Jambreiro Project – Permitting

Environmental Approvals (3.0Mtpa project)

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• Environmental Impact Assessment (EIA/RIMA) – Lodged

• Key Environmental Approvals in place

• LP – Previously Issued – New application lodged

• LI – Previously Issued – New application awaiting LP approval

• LO – On Completion of Construction

• Strong community support for Project

• Mines Department and Ministry of Mines & Energy

• Mining Leases – Granted

• Land Access

• Renewal process of land access and co-operation agreement with Cenibra (Landowner) is underway

Centaurus Metals Key Investment Takeaways

• Focus on strategic minerals in Brazil

• Jaguar Nickel Sulphide Project

• Extremely low carbon footprint

• Favourable infrastructure-rich location

• Tier-1 JORC Resource, long-life project

• Anticipated strong returns and cash flow generation

• Horizon II Business Development & Growth Strategy starting with Boi Novo Project (IOCG) – drilling underway

• New positive metallurgical testwork results at Jambreiro Iron Ore Project highlight high-purity DRPF opportunity

• ● Well-funded with outstanding growth potential

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Unleashing Jaguar: Delivering a new generation of reliable, lowcarbon nickel supply from Brazil

Authorised for release by: Darren Gordon – Managing Director +61 8 6424 8420 : office@centaurus.com.au : Centaurus Metals : @CentaurusMetals

Centaurus

November 2022 JORC MRE – Jaguar Nickel Project

Deposit Classification Mt Ni % Cu % Coppm Zn % Ni Grade	Cu Co Zn Contained Metal
Indicated 28.5 0.87 0.05 199 0.13 247,800 Inferred 7.3 1.08 0.06 258 0.09 79,100 Total 35.8 0.91 0.05 211 0.12 327,000 Jaguar South	13,500 5,700 37,400 4,800 1,900 6,500 18,000 7,600 44,000
Measured 8.9 0.88 0.05 252 0.56 78,600 Indicated 2.9 0.61 0.04 207 0.24 17,300 Inferred 0.7 0.68 0.05 210 0.19 4,500 Total 12.5 0.81 0.05 239 0.47 100,400 Jaguar Central	4,900 2,300 50,400 1,000 600 6,700 300 100 1,200 6,200 3,000 58,400
Indicated 2.7 1.14 0.17 383 1.19 30,900 Inferred 0.5 1.19 0.23 387 1.16 5,700 Total 3.2 1.15 0.18 383 1.19 36,600 Jaguar North	4,500 1,000 32,200 1,100 200 5,600 5,600 1,200 37,800
Indicated 10.2 0.61 0.04 189 0.62 62,000 Inferred 4.0 0.66 0.04 197 0.44 26,100 Total 14.2 0.62 0.04 191 0.57 88,100 Jaguar Central North	3,600 1,900 63,500 1,700 800 17,600 5,300 2,700 81,100
Indicated 13.3 0.71 0.09 269 0.50 95,100 Inferred 3.5 0.89 0.21 317 0.55 31,200 Total 16.8 0.75 0.11 279 0.51 126,200 Jaguar Northeast	11,700 3,600 66,100 7,200 1,100 19,300 18,900 4,700 85,400
Indicated 7.8 0.72 0.03 168 0.13 56,200 Inferred 0.9 0.75 0.04 157 0.05 6,900 Total 8.7 0.72 0.03 167 0.12 63,100 Jaguar West	2,300 1,300 9,800 300 100 400 2,600 1,500 10,200
Measured 8.9 0.88 0.05 252 0.56 78,600 Indicated 65.4 0.78 0.06 216 0.33 509,400 Inferred 16.8 0.91 0.09 252 0.30 153,400 Total 91.2 0.81 0.06 226 0.35 741,300 Jaguar Deposits	4,900 2,300 50,400 36,500 14,100 215,800 15,400 4,200 50,600 56,800 20,600 316,800
Measured 5.1 1.39 0.10 636 0.33 70,800 Indicated 4.5 1.19 0.09 517 0.15 53,800 Inferred 4.5 1.08 0.08 436 0.07 49,200 Total 14.2 1.23 0.09 534 0.19 173,900 Onça Preta	4,900 3,200 17,000 4,100 2,300 6,900 3,700 2,000 3,000 12,700 7,600 26,900
Indicated 1.9 0.98 0.08 281 0.03 18,200 Onça Rosa Inferred 0.04 0.92 0.05 304 0.02 400 Total 1.9 0.98 0.07 282 0.03 18,600	1,400 500 500 20 10 10 1,400 500 500
Indicated 0.8 0.86 0.09 303 0.04 7,100 Tigre Inferred 1.2 0.70 0.06 248 0.02 8,100 Total 2.0 0.77 0.07 271 0.03 15,100	700 200 300 700 300 300 1,400 500 600
Measured 14.0 1.06 0.07 388 0.48 149,400 Indicated 72.6 0.81 0.06 237 0.31 588,400 Inferred 22.6 0.93 0.09 289 0.24 211,000 Total 109.2 0.87 0.07 268 0.32 948,900 Jaguar MRE	9,700 5,500 67,500 42,600 17,200 223,600 19,800 6,500 53,800 72,300 29,200 344,900
* Within pit limits cut-off grade 0.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals. All oxide material is considered as waste and therefore not reported as Resources.

Centaurus

Data and references for comparison of pre-mined resources of global nickel sulphide deposits and camps

				Pre-Mined Resource MI&I	Pre-Mined Resource MI&I	Ni Metal
Camp / Deposit	Country	Deposit Type	Resource Date	Mt Ore	% Ni	Mt
Norilsk (Talnakh Camp) Sudbury Camp Jinchuan Deposit Thompson Belt Camp Leinster Camp Raglan Camp Voiseys Deposit Kambalda Camp Kabanga Deposit Jaguar Deposit	Russian Federation Canada China Canada Australia Canada Canada Australia Tanzania Brazil	Low-MgO NiS Low-MgO NiS Low-MgO NiS High-MgO NiS High-MgO NiS High-MgO NiS Low-MgO NiS High-MgO NiS Low-MgO NiS Low-MgO NiS	31-Dec-19 31-Dec-09 31-Dec-09 31-Dec-09 30-Jun-20 31-Dec-14 31-Dec-21 30-Jun-11 31-Dec-15 10-Nov-23	2,433 1,215 520 232 295 53 70 60 58 109	1.02 1.38 1.06 1.58 1.07 3.10 2.31 3.08 2.62 0.87	24.7 16.8 5.5 3.7 3.2 1.7 1.6 1.9 1.5 0.9

Source: MinEx Consulting © June 2023

Note that quoted resources are “Pre-Mined Resources” and have not been altered with reduction/addition in resources due to production or resource development; Of the listed camps/deposits Kabanga and Jaguar are the only projects that have resources that are yet to be mined.

Camps are a collection of deposits sharing a common proximal location and geology - and they usually share a common processing facility. When a set of mines is owned by a single company, the reported endowment often refers to the entire camp.