CENTAURUS METALS LIMITED — Capital/Financing Update 2015

Dec 6, 2015

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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7 December 2015

NEW HIGH‐GRADE ROCK CHIP DISCOVERY AND POSITIVE GROUND MAGNETIC SURVEY RESULTS AT MOMBUCA

Trenching program underway in Initial Target Zone with follow‐up geophysical programs planned as latest exploration results help focus exploration activities

Key Points

• Highest grade rock chip discovered to date at the Mombuca Gold Project in SE Brazil – 12.2g/t Au.

• Strong magnetic structures highlighted by initial ground magnetic survey results. These structures are coincident with the location of the auriferous quartz veins within the Initial Target Zone (“ITZ”).

• New 3D inversion of the ground magnetic survey data to be undertaken in conjunction with a ground Induced Polarisation (IP) survey to target sulphides (pyrite) associated with the high‐grade gold identified in surface rock chips.

• The Company’s exploration focus continues on the ITZ where an open‐ended gold anomaly, extending over a length of 1.5km and varying in width from 50‐150m[1] , has been identified from a previous soils survey.

• A trenching program is currently underway on the ITZ. This trenching work will deliver sub‐surface geological information where the high grade rock chip samples and extensive historical artisanal mining work has been identified.

Centaurus Metals (ASX Code: CTM ) is pleased to report further encouraging results from its highly prospective Mombuca Gold Project in south‐east Brazil, where the discovery of new high‐grade surface rock chip samples combined with encouraging results from a recently completed ground magnetic survey continue to assist in focusing exploration activities.

The most recent sample program results have returned the highest rock chip assay seen to date at Mombuca of 12.2 g/t Au from an‐in situ quartz vein with fresh pyrite and limonite along the wall of a newly identified historical artisanal trench.

The previously released stream sediment survey results [2] confirmed that the Initial Target Zone (“ITZ”) catchment is the most gold anomalous of the catchments that cover the project area. The prospectivity of the ITZ has been further established with additional high‐grade results from rock chip samples that cover a suite of auriferous quartz veins located within the ITZ (see Figure 2 and Table 1).

1 Refer to ASX announcement on 9 July 2015 for full details of Mombuca soil sample and exploration program results

2 Refer to ASX announcement on 9 September 2015 for full details of Mombuca stream sediment results.

Australian Office Brazilian Office ASX: CTM Centaurus Metals Limited Centaurus Brasil Mineração Ltda ACN 009 468 099 Level 3, 10 Outram St Rua Pernambuco, 1.077 – 9[o] andar – Funcionários office@centaurus.com.au WEST PERTH WA 6005 Belo Horizonte – MG – CEP: 30.130‐151 Telephone: +61 8 9420 4000 BRAZIL

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Initial results f r om the re c ently comp l eted detail e d ground m agnetic survey have a lso highlig h ted strong ma g netic structures coincident with th e location o f the auriferous quartz v eins in the ITZ, providi n g valuable assistance with exploration targeting. The results a r e preliminary and the C ompany is n ow undert a king more det a iled interpr e tation wor k including 3D inversion o f the surve y data.

Ground Magnetic Survey

The Company has received preliminary results from a recently c ompleted g r ound magnetic survey. The survey incl u ded 83 lin e kilometre s covering a total area o f 18km[2] . Survey lines were orien t ated north‐south with sec t ion spacing at 200m an d surveys ta k en every 10m.

Pre v iously co m pleted interpretation w ork on r e gional aer o magnetic data, based on the Fi r st Vertical Der i vative (“1V D ”) (which e mphasizes the near‐surface (<200 m ) features ) , identified crustal‐scal e magnetic line a ments that are charact e rised by both high and low magnetic responses. Preliminar y interpreta t ions of the rec e ntly compl e ted ground magnetic s u rvey have f urther defi n ed the loca t ion of thes e structures as seen in Fig u re 1.

Figure 1: Aeromagnetics First Vertical Derivative (left) & Ground Magnetics First Vertical Derivative (right).

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Of p articular interest to the Company is the magnetic low struc t ure, orienta t ed in an ea s t‐south‐east direction, whi c h traverse s the ITZ an d P01 targe t s. This tren d is coincid e nt with the auriferous quartz vein s that have ret u rned rock c hip sample s of up to 12.2 g/t Au a nd is on t h e same ori e ntation as t he Brasilia n o tectonic tra n sport direction within t h e Iron Qua d rangle.

The magnetic l o w features within the a nomaly ma y be associated with either hematit e ‐rich zones caused by hydrothermal upgrade of t h e itabirite o r iron oxid e depleted z o nes due to sulfidation o f the itabir i te, both of whi c h are excel l ent structural targets for further ex p loration.

Foll o wing these encoura g ing prelim i nary resul t s, the Co m pany is n ow under t aking mor e detailed interpretation o f the groun d magnetic survey work, including 3 D inversion of the survey data.

Ad d itionally, a ground‐bas e d Induced Polarisatio n (IP) survey is being planned ov e r the ITZ. Given the ass o ciation of s u lphides (py r ite) with th e high‐grad e gold identi f ied at surfa c e, the Com p any believes that an IP sur v ey should b e able to identify the c o ntinuation of the sulp h ides at dep t h, therefor e highlighting excellent drill targets.

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Initial Target Zone (“ITZ”)

Rec e nt rock chip samples f rom mineralized quart z veins in the ITZ returned the highest values s een at the pro j ect to date, including a n assay of 12.2g/t Au. Th e se rock chi p s were tak e n from the s ame area a s a number of o ther high g r ade results , including 9.3g/t Au, 5. 6 g/t Au and 3.2g/t Au. L ocations of the rock c h ip samples wit h in the ITZ a r e shown in t he map in F igure 2.

Figure 2: Rock chip locations and results in Initial Target Zone – Mombuca Gold Project

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These rock chip samples were taken fro m in‐situ qu a rtz veins h o sted in seri c itic schists o r ferrugino u s quartzite wit h limonite ( o f pyrite) an d fresh pyrite. The veins are located in a zone t h at is roughl y 350m lon g and up to 80 m wide. Outcropping vei n s within thi s zone can b e traced for around 50m to 80m bef o re diving u n dercover.

The Company has recently identified fu r ther signifi c ant historic a l artisanal m ining thro u ghout this z one where a c o mplex arra y of trenche s up to 5m d e ep cover t h e ITZ, orien t ated parallel to the qua r tz veins. Th e Company beli e ves that th e garimpeir o s mined th e veins that h eld abund a nt pyrite to depths of u p to 5m. Th e veins that Centaurus has identified at surface to‐ d ate are un d erstood to be the “wa s te” veins that the gari m peiros left behind. The ph o to in Figur e 3 below s h ows the sit e of one of t he rock chip samples, t aken on th e edge of a hist o rical artisa n al excavati o n.

A n u mber of adits around t h is zone ha v e been ide n tified but a r e closed. T o the south o f this zone t here are a nu m ber of adit s that are o p en and are understood to date from the same period as t h e artisanal diggings in the ITZ. Sampli n g from the s e adits ret u rned gold i n tercepts of up to 6m at 5.3g/t Au and 8m and 1.8g/t Au (se e Table 2).

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Figure 3: Positive rock chip samples taken along artisanal excavation in ITZ.

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The Mombuca Exploration Program

The ITZ is the p riority expl o ration target of the M ombuca Pr o ject. As discussed abo v e, given th e excellent res u lts from t h e ground magnetic survey prog r am, the Company is now unde r taking mo r e detailed interpretation w ork includi n g 3D inversion of the s u rvey data. A dditionally a ground I n duced Pola r isation (IP) sur v ey is being planned. Given the as s ociation of sulphides (pyrite) with the high g r ade gold i d entified at sur f ace, an IP s u rvey should outline the continuatio n of any sul p hides at de p th.

The Company is currently undertaking a trenchin g program t hat will cross‐cut the a uriferous q u artz veins ide n tified in th e ITZ. The t r enches will give the Company new sub‐surface geological i nformation in an area wh e re the high‐grade rock c hip samples and extensive historical artisanal m i ning work has been ide n tified.

The results of this work wi l l play an i m portant rol e in improvi n g the Com p any’s geol o gical under s tanding of the regional and project s c ale structu r es as well g old distrib u tion within the ITZ an d greater project area, lea d ing to the d e finition of d rilling targets.

Management Comment

Centaurus’ Ma n aging Direc t or, Darren G ordon, sai d the Momb u ca Gold Pr o ject was continuing to e volve as a pot e ntially very significant g old explora t ion opportunity.

“W e continue to develop the Mom b uca gold t a rgets usin g a combin a tion of lo w ‐cost field work and geophysical programs” he said. “We ar e focusing in on the ITZ a nd have already devel o ped some exciting drill tar g ets. We ha v e a couple o f field and g eophysical programs t h at will be fi n ished by the end of th e year after whi c h the proje c t will be re a dy to drill.

“Th e Mombuca Gold Proje c t continues to develop as an excit i ng opportu n ity for Cen t aurus in li n e with our bro a der diversi f ication plan s .”

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‐ENDS‐

Released by: On behalf of: Nicholas Read Darren Gordon Read Corporate Managing Director M: +61 419 929 046 Centaurus Metals Limited T: +618 9420 4000

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Roger Fitzhardinge is a permanent employee of Centaurus Metals Limited.

Roger Fitzhardinge has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are 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 Reserve’. Roger Fitzhardinge consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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Table 1: Mombuca Gold Project – Rock Chip Samples

Field Sample*	East	North	RL	Sample Description	Au(ppm / gpt)
IBP‐RO‐0038	674292	7851099	877	Quartz vein within iron oxides	0.04
IBP‐RO‐0039	674308	7851100	870	Quartz vein withpyrite and iron oxides	9.30
IBP‐RO‐0042	674504	7851124	803	Quartz vein with iron oxides	3.20
IBP‐RO‐0044	671730	7849169	751	Soil	0.02
2400057	674377	7851122	859	Quartz vein withpyrite and limonite	1.98
2400058	674375	7851103	865	Quartz vein withpyrite,limonite and visiblegold	3.16
2400059	674311	7851144	882	Quartz vein withpyrite and limonite	1.55
2400063	674579	7851295	810	Itabirite in contact with talc‐chlorite schist,local boxworks	0.05
2400078	674350	7851095	870	Artisanal excavation;Quartz vein with freshpyrite and limonites within the ferruginousquartzite host	12.20
2400079	674336	7851088	869	Quartz vein withpyrite and limonite;Sn= 190/25	0.16
2400080	674341	7851072	862	Artisanal excavation;Quartz veins with limonite(ofpyrite)	0.29
2400081	674299	7851100	875	Artisanal excavation;Quartz veins with limonite(ofpyrite)	1.98
2400082	674270	7851119	874	Quartz vein withpyrite and limonite	2.93
2400086	674221	7851167	888	Quartz vein withpyrite and limonite near a stronglysericitized schist	1.06
2400087	674283	7851149	868	Quartz vein withpyrite and limonite	5.64
2400089	677727	7850853	847	Quartz vein withpyrite and limonite with sericite alteration; pyritegrains upto 7cm	0.04
2400094	677619	7850816	841	Quartz vein withpyrite and limonite	0.06

*Only rock chips samples that returned Au > 0.01 ppm have been shown.

Table 2: Mombuca Gold Project – Historical Face Sampling of Adits

Adit Number	East	North	RL	Dip	Azimuth	Intersection
IBP‐GA‐0003	673807	7850604	975	0	160	8m@1.8g/t Au
						incl. 2m@ 5.6g/t Au
IBP‐GA‐0004	673770	7850578	987	0	110	6m@5.3g/t Au
						incl. 2m@ 9.6g/t Au
IBP‐GA‐0009	673717	7850501	935	0	125	4m@3.4g/t Au
						incl. 2m@ 6.4g/t Au

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APPENDIX A – TECHNICAL DETAILS OF THE MOMBUCA PROJECT, JORC CODE, 2012 EDITION – TABLE 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria			Commentary
Sampling techniques			 Stream sediment samples were collected at selected points and sieved down to 1.0‐ 1.5 kg
			samples using a 100 mesh sieve.
			 Stream sediment samples were delivered to ALS laboratory wet, drying and homogenization
			was completed at ALS.
			 Soil samples were collected at 25m intervals along 100m spaced grid lines.
			 Surface material was first removed and sample holes were dug to roughly 30cm depth. A 4‐
			5kg sample was taken from the subsoil. The sample was placed in a plastic sample bag with
			a sample tag before being sent to the lab.
			 The adits were sampled by continuous channel sampling along the mineralised quartz vein
			(15‐30cm width). Chips were taken from the quartz vein and host rock approximately 20cm
			either side of the vein, results can be found in Table 1.
			 36 surface rock chip/soil samples were collected from in situ outcrops and rolled boulders
			for chemical analysis. Results can be found in Table 2.
Drilling techniques			 There is historical drilling on one of the Mombuca tenements for iron ore. These drill results
			are not referred to in this announcement. No drilling of the gold targets has been
			conducted.
Drill sample	recovery		 No drilling was conducted.
Logging			 All outcrop and soil sample points were registered and logged in the Centaurus geological
			mapping point database.
Sub‐sampling			 All rock chip and soil samples were sent to the laboratory without any field preparation.
techniques and sample			 Stream sediment samples were sieved down to 1.0‐15kg using a 100 mesh sieve.
preparation
Quality of assay data			 Stream sediment samples are first dried in an oven at 60⁰C and them homogenised before
and laboratory tests			crush and screening to 80 mesh. The pulp is quartered and an aliquot of 50g is sent for
			chemical analysis.
			 Analysis of the soil samples was completed at ALS Laboratories. Samples are dried at 100⁰C
			and crushed and screened to 80 mesh. The pulp is quartered and an aliquot of 50g is sent
			for chemical analysis.
			 Chemical analysis for soil and stream sediment samples was completed for gold by fire
			assay and ICP for limit of 0.001ppm as well as multi element using ICP.
			 For the historical adit sample an ore‐grade sample metallic screen fire assay was applied.
			 ALS and SGS laboratories insert their own standards at set frequencies and monitor the
			precision of the XRF analysis. These results reported well within the specified 2 standard
			deviations of the mean grades for the main elements. Additionally the labs perform repeat
			analyses of sample pulps at a rate of 1:20 (5% of all samples). These compare very closely
			with the original analysis for all elements.
			 Laboratory procedures are in line with industry standards.
			 To date noQAQC samples have been inserted byCentaurus for thisproject.
Verification		of	 All samples were collected by Centaurus field geologists. All assay results were verified by
sampling and assaying			alternative Company personnel and the Competent Person before release.
Location	of	data	 The survey grid system used is SAD‐69 23S. This is in line with Brazilian Mines Department
points			requirements. All sample and mapping points are collected using a Garmin hand held GPS.

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Data spacing	and	 Soil samples were collected with a spacing of 100m x 25m.
distribution		 Stream sediment samples were collected at sample points planned by Centaurus geologist
		to represent catchment areas of between 500‐1,000ha.
		 Sample spacing was deemed appropriate for geochemical studies but should not be
		considered for Mineral Resource estimations.
		 No sample compostinghas been applied.
Orientation of data in		 The extent and orientation of the mineralisation was interpreted based on field mapping
relation to geological		and historical workings. Sample orientation is perpendicular to the main stratigraphic
structure		sequence along which mineralisation exists.
Sample security		 All samples are placed in pre‐numbered plastic samples bags and then a sample ticket is
		placed within the bag as a check. Bags are sealed and placed in larger bags (10 samples per
		bag) and then transported by courier to the ALS or SGS laboratories in Belo Horizonte.
		Sample request forms are sent with the samples and via email to the labs. Samples are
		checked at the lab and a work order is generated by the lab which is checked against the
		sample request.
Audits or reviews		 No audit or review has been conducted on the project to date.

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria			Commentary
Mineral tenement		and	 The Mombuca Project consists of the tenements DNPM 832.316/2005 (application for
land tenure status			Mining Lease), 833.133/2014 (Exploration Licence) and 830.668/2015 (Exploration Licence
			Application). Granted Exploration Leases have three years of exploration rights that may
			be extended for a further three years.
			 The tenement 833.133/2014 was acquired from Terrativa Minerais SA. Under the
			Acquisition Agreement Centaurus will pay a production royalty of 2% to the Vendor on all
			product sold from this tenement, with the royalty being capable of being converted to a
			25% project interest should it be sold to a third party.
			 All mining projects in Brazil are subject to a CFEM royalty, a government royalty of 2% on
			iron ore revenue (less taxes) and 1% on gold revenue (less taxes).
			 Landowner royalty is 50% of the CFEM royalty.
			 The project is located circa 15km from the federal wilderness park of the Serra do Cipo.
			The project is outside the buffer zone and exploration and mining is permitted with
			appropriate environmental licences as held byCentaurus.
Exploration	done	by	 Historically the 832.316/2005 tenement area was explored for iron ore by Centaurus.
other parties			 Exploration for gold on the 832.316/2005 tenement was originally restricted to the adits
			that were worked by garimpeiros in the 1800s. Centaurus conducted some follow up
			mapping and sampling of the gold adits in 2009 that are reported in this announcement.
			 There has been historical artisanal mining undertaken in this area. There is no known
			evidence of exploration forgold or iron ore done bymodern‐daycompanies.
Geology			 The Mombuca Project is located within the Espinhaço Super Group (Mesoproterozoic).
			 The target units are part of a metavolcanic‐sedimentary sequence of quartzite,
			ferruginous quartzite, itabirite, mafic and ultramafic schists. This sequence has not been
			identified in the Brazilian Geological Survey (CPRM) regional mapping and as such it is not
			fully understood if the sequence is in fact part of the Espinhaço Super Group. The
			sequence is emplaced in Archean gneissic basement.
			 The sequence generally dips shallowly to the south‐east and has been affected by multiple
			phases of folding. Late‐stage thrust faulting is apparent throughout the project area.
			 Later stage mafic intrusives (gabbro and dolerite) are also present throughout the project
			area.
			 The auriferous quartz veins identified in the adits are generally hosted by the mafic schists
			and run parallel to the foliation. Iron oxide and sericite alteration is present within the
			host rock.

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Criteria			Commentary	Commentary
				The host rocks have undergone intense weathering locally. Sericite, carbonate and talc‐
				chlorite alteration is present in the mafic and ultra‐mafic schists. The hots rocks have been
				further softened through intense weathering process which has further concentrated the
				iron oxides through the weathering of sulphides. The vein orientation varies slightly
				across the three gold adits but is generally orientated SW‐NE with varying plunge
				orientations to the ESE.
				The itabirite is fine‐medium grained and composed of quartz, hematite, magnetite,
				goethite with minor mica and clay minerals. Itabirite thickness varies from 5 to 20 metres
				and is more compact at depth. Itabiritegrade is between 35‐50% Fe.
Drill hole Information				There is historical drilling on one of the Mombuca tenements for iron ore. These drill
				results are not referred to in this announcement. No drilling of the gold targets has been
				conducted.
Data	aggregation			No cut‐offs have been applied in reporting of the exploration results.
methods				No aggregate intercepts have been applied in reporting of the exploration results.
Relationship		between		No drilling was conducted.
mineralisation		widths
and intercept lengths
Diagrams				Refer to Figures 1‐3.
Balanced reporting				All Exploration Results received by the Company to date are included in this report.
Other	substantive			Historical geological mapping was carried out by Centaurus geologists.
exploration data				Interpretation of Regional AeromagneticandGamma Spectrometry data that was
				collected by state agency CODEMIG was completed by geophysics company Geofbras
				Exploração Geofísica.
Further work
				The Company plans to complete further detailed geological mapping, soil sample
				programs and an IP survey. Also the company plans to further process the ground
				magnetics data. Based on targets generated from these programs, the Company will
				consider an initial exploration drilling program.