CENTAURUS METALS LIMITED - Capital/Financing Update 2014

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A S X Ann o unceme n t: 21 A u gust 201 4

I n vest m ent U t e pda

Highlights

Asset portfolio rati o nalisation continues with anticipated an n ual cash s avings of ~ $10 million
One-off n on-cash i m pairmen t charges o f ~$25 million antici p ated to b e booked in June 20 1 4 Financia l Stateme n ts

As part of its o ngoing stra t egy to redu c e expendit u re, Atlas Ir o n Limited ( Atlas ) ( ASX:AGO ) has a greed to di v est its interest in S haw River M anganese L imited (AS X : SRR ) (se e SRR anno u ncement d a ted 13 Aug u st 2014). A t las has also relin q uished an d will sell various tene m ents and agreed to s ub-lease s u rplus office space. Th e se ini t iatives are e xpected to g enerate on g oing saving s of approxi m ately $10 m illion a yea r .

These measu r es, along w ith Atlas’ d e cision to a d opt a mark - to-market v a luation of i t s investme n t in Centa u rus M e tals Limite d (ASX: CTM ), are anticipated t o result in one-off impairment a n d restruct u re charges of approximately $25 million i n the June 2014 Financi a l Statemen t s.

Atlas Managi n g Director, Ken Brinsd e n said the initiatives r e flected Atl a s’ commit m ent to reducing costs a nd fo c using tightl y on its core iron ore strategy. “These measures are consist e nt with our d rive to iden t ify savings a nd ensure that ou r efforts are d irected at t h ose areas w hich will m a ximise shar e holder retu r ns,” Mr Brin s den said.

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