CENTAURUS METALS LIMITED — Capital/Financing Update 2010

Oct 21, 2010

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22 October 2010

[Shareholder Name] [Shareholder Name] [Address] [Address] [Suburb State Postcard]

ELIGIBILITY CODE 00000

Dear Shareholder

Priority Offer to Participate in IPO of Southern Crown Resources Limited

On 19 October 2010, Centaurus Metals Limited (Centaurus) announced that its shareholders will receive a priority offer to participate in the forthcoming $4 million IPO of Southern Crown Resources Limited (Southern Crown), which has acquired Centaurus’ former Dish and Percyvale Gold/Copper Projects.

Southern Crown has lodged a Prospectus with ASIC for an Initial Public Offering (‘IPO’) which will see it issue 20 million shares at 20 cents each together with one free Option for every two Shares issued to raise $4 million to progress exploration activities on The Dish and Percyvale Projects. The Board of Southern Crown has also advised that they will be actively pursuing new project opportunities and we are confident that the experience of the Board and Management team in the resource sector will deliver value to shareholders.

To participate in the offer, eligible shareholders who were recorded on the Centaurus share register as at the Record Date of 21 October 2010, are required to download the Prospectus and Share Application Form from the Southern Crown website, southerncrown.com.au .

To ensure your priority is recognised by the Southern Crown Share Registry, please record your Eligibility Code, as set out above in the top right hand corner of this letter, on the Application Form. Applications may only be made on the form contained in the Prospectus. Completed Application Forms must be sent to the Share Registry of Southern Crown in accordance with the instructions contained in the Prospectus. Applicants outside of Australia are required to obtain all necessary approvals to participate in the offer. Please refer to the Prospectus for further details.

The Priority Offer will be limited to 2.5 million shares ($500,000) and 1.25 million options. Centaurus shareholders who wish to participate are advised to send in their applications early as Southern Crown may close the offer early and applications received over the priority offer limit will fall into the General Offer pool.

The following indicative dates have been provided by Southern Crown in relation to the IPO:

Lodgement of the Prospectus with ASIC	18 October 2010
Priority Offer Record Date	21 October 2010
Opening Date	26 October 2010
Priority Offer Closing Date	9 November 2010
General Offer Closing Date	19 November 2010
Dispatch of Holding Statements	26 November 2010
Expected Date for Listing on ASX	30 November 2010

Perth Office Level 1, 16 Ord Street, West Perth WA 6005 PO Box 975 West Perth WA 6872 T: +61 8 9420 4000 F: +61 8 9420 4040 E:office@centaurus.com.au W: www.centaurus.com.au ASX Code: CTM ACN 009 468 099

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Centaurus shareholders have no obligation to participate in the Southern Crown offer. Centaurus is not providing any advice in respect to the Southern Crown offer and, as such, each Centaurus shareholder considering participation in the offer should, in addition to reading the full Southern Crown Prospectus in its entirety, consult with their accountant or professional adviser before taking any action.

Should you wish to discuss any information contained in this letter further, do not hesitate to contact the Company Secretary for Southern Crown, Mr Adrian Hill, on (03) 9813 3882.

Yours faithfully, CENTAURUS METALS LIMITED

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DARREN GORDON Managing Director

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