CENTAURUS METALS LIMITED — Capital/Financing Update 2005

Feb 28, 2005

1 March 2005

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam

ANNOUNCEMENT OPTIONS EXPIRING 31 MARCH 2005 AT 15 CENTS PER SHARE

The Directors of Glengarry Resources Limited announce that Australian Stock Exchange Limited has granted the company a waiver from Listing Rule 6.24 regarding the company's 54.685.775 listed options which are exercisable at 15 cents per ordinary share and expire on 31 March 2005. Listing Rule 6.24 requires compliance with Appendix 6A regarding the despatch of option expiry notices to option holders.

In the opinion of the directors the likelihood of option holders exercising options is too remote to justify the cost of sending notices. The current share price of Glengarry Resources Limited is approximately 3.3 cents per share and the exercise price of the options is 15 cents per share.

In accordance with the terms of the waiver, the company will not send notices to option holders pursuant to paragraph 6.1 of Appendix 6A of the Listing Rules, however, the company gives an undertaking that if the market price of the company's ordinary shares exceeds 11.25 cents per share before 31 March 2005, it will immediately send option expiry notices to all option holders.

The information required by paragraph 6.1 of Appendix 6A is set out as follows:

• 1. The number of options on issue is 54,685,775.
• 1. The exercise price of the options is 15 cents per ordinary share.
• 1. The due date for payment of the exercise price is 31 March 2005.
• There is no obligation upon option holders to exercise their options. Option holders may $4¹$ exercise some or all of the options held. Failure to exercise the options within the prescribed time will mean that the options will lapse and all rights under the options will cease at that time.
• 1. The date that quotation of the options will end is 22 March 2005.
• 1. The latest available market price of the company's ordinary shares is 3.3 cents per share.
• The highest and lowest market price of the company's ordinary shares during the 3 months $7.$ immediately before this announcement is 4 cents on 16 December 2004 and 3 cents on 24 February 2005, respectively.

Yours faithfully

David Richards Managing Director

GLENGARRY RESOURCES LIMITED ABN 40 009 468 099 Telephone: (08) 9322 4929 Facsimile: (08) 9322 5510 PO Box 975, West Perth, WA 6872 35 Havelock Street, West Perth, WA 6005 Website: www.glengarrvnl.com.au_Email: info@glengarrynl.com.au