CENTAURUS METALS LIMITED — Capital/Financing Update 2015

Apr 20, 2015

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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21 April 2015

PROJECTS, CORPORATE AND STRATEGY UPDATE

Centaurus Met a ls (ASX Cod e : CTM ) is p l eased to pr o vide share h olders with an update o n the statu s of its iron ore projects in s outh‐east B razil, progr e ss with cos t reduction i n itiatives and the outco m es of a re c ent review of t h e Compan y ’s corporat e and strategic direction.

Candonga Project – Feasibility Study Review

Centaurus has b een pursui n g a low capital cost dev e lopment of its 100%‐o w ned Cando n ga Direct S h ipping Ore (DS O ) Project in south‐east B razil in ord e r to establi s h a near‐te r m pathway t o producti o n and cash f low.

In r e sponse to t he recent significant falls in seabo r ne iron ore prices, the Company initiated a re v iew of the Fea s ibility Stud y on the Can d onga Proje c t complete d in Septem b er 2014.

Thi s review ha s delivered several positive outco m es, confir m ing the te c hnical and financial vi a bility of a 300,000tpa DS O project at C andonga e v en with sig n ificantly lo w er iron ore p rices in the internation a l seaborne ma r ket. The an t icipated pr o duct mix fr o m Candon g a, combine d with the s t ructure of t he domesti c market in Bra z il, provides a niche dev e lopment and cash‐flow opportunit y to produce a suite of hi g h‐grade DSO products to t h e local ste e l and pig iron industries, provided t h at funding c an be secur e d in a timel y fashion.

The Project is able to prod u ce high gra d e (+62.5% F e) lump an d hematitin h a products and a high g rade (64% Fe) sinter feed p roduct. Bo t h products will have lo w impurities with a silic a level in th e range of 5. 5 % to 6.5% and Phosphoru s levels of le s s than 0.03 % . High grade, low impurity hematitinha remain s in high de m and in the loc a l pig iron in d ustry wher e economic p roduct sub s titution is g e nerally not available.

The key outco m es of the Fe a sibility Stu d y review in c luded:

• A 47% r eduction in direct pre‐ p roduction c a pital cost ( i ncluding contingency) t o A$1.9 million for the same 300,000tpa o peration. T otal direct CAPEX has reduced t o A$2.4 mi l lion and t o tal CAPEX (includi n g corporat e overhead) n ow stands a s A$2.7 mil l ion;

• A slight increase in m ine gate c a sh operatin g costs (life‐ o f‐mine C1 cost plus roy a lties) to A$15.9/tonne of ore s o ld. Total o p erating cos t s including c orporate o v erhead A$17.7/tonne o f ore sold;

• Life‐of‐ m ine revenue estimated at A$36.8 m illion and E B ITDA of A$ 2 0.9 million, over a 3‐ye a r mine life (using an average m ine gate life ‐ of‐mine do m estic sale p rice of A$4 1 /tonne of p r oduct); and

• Annual a verage op e rating pre‐t a x cash flo w s of A$7.0 m illion: capital payback f orecast to b e achieved in unde r six months.

A more detaile d summary of the Feasibility Study re v iew is set out in Annex u re 1 to this A nnouncement.

Bot h the environmental an d mining ap p rovals proc e sses for th e Candonga P roject are w ell advanc e d. The trial mining licence (GU) has be e n granted b y the DNPM and only requires the r e quisite env i ronmental a pproval to bec o me fully e ffective. T h e Compan y lodged it s combined Preliminar y and Installation Lice n ce (LP/LI) application in M ay 2014.

Australian Office Brazilian Office ASX: CTM Cen t aurus Metal s Limited Centaurus Brasil Mi n eração Ltda A CN 009 468 0 99 Lev e l 3, 10 Outra m St Rua Pe r nambuco, 1. 0 77 – 9[o] andar – Funcionários o ffice@centa u rus.com.au WE S T PERTH WA 6005 Belo H o rizonte – M G – CEP: 30.130‐151 T elephone: + 6 1 8 9420 4000 BRAZIL

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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The delivery of the grant o f the LP/LI h a s been del a yed by rolling strikes in the releva n t regional o f fice of the Sta t e environm e ntal agenc y , Supram, b u t delivery o f the LP/LI i s expected before the e n d of June 2 0 15 if there are no further delays by Su p ram.

Wh i le the Com p any remains confident t hat the Ca n donga Proj e ct is capabl e of genera t ing positive cash‐flows eve n at current iron ore pr i ces, the ex t remely neg a tive global market sen t iment towa r ds the iron ore sector has made it ve r y challengi n g to finance the devel o pment of a ny new pr o duction ca p acity anyw h ere in the wo r ld, even for low CAPEX a nd niche m a rket projec t s like Cand o nga.

Thi s means th a t, despite t he significant progres s that has b een achiev e d in adva n cing the p r oject to a dev e lopment‐r e ady stage, t he Company is unable to pursue a standalone developme n t of Candonga at this poi n t in time w ithout the r equired pr o ject develo p ment fund i ng being a v ailable. Acc o rdingly, th e Company intends to pur s ue opport u nities to extract valu e from the Project via either an outright sale or joint dev e lopment p r oposition.

The attractive economic fu n damentals o f the Cand o nga Project, together w ith its high g rade, excel l ent quality pro d uct and p r oximity to m arket, ma k e the asse t highly de s irable to local Brazilia n groups w h o have an understanding o f the stron g domestic m arket for hi g h grade, lo w impurity o r e.

No n ‐committal early stage interest has a lready bee n received from local pa r ties on bot h outright sa l e and joint dev e lopment.

Jambreiro Project Update

The Company’s 100%‐own e d Jambreiro Project, a lso located in south‐e a st Brazil, i s a significa n tly larger, sho v el‐ready pr o ject that is licenced for 3Mtpa of w et producti o n and whic h represents a strategic a sset in the Bra z ilian domestic iron ore a nd steel se c tor.

The Company h as recentl y received an unsolicited expressio n of interest in the Ja m breiro Pro j ect and is cur r ently assessing this inte r est as well a s exploring other avenues to realise value from t his substantial asset.

Corporate Strategy

In light of the c h allenging environment confronting the iron or e sector and the uncert a in medium and longer ter m outlook f o r iron ore, C entaurus is exploring o pportunitie s to diversif y its asset b a se in Brazil outside of the bulk comm o dities secto r .

Wh i le the Com p any has no intention o f abandonin g its iron or e assets and remains de t ermined to realise the ma x imum possible value fr o m these pr o jects for its shareholde r s, the Boar d is cognisa n t of the need to create val u e for its sh a reholders b y investing in commodities and as s ets capable of being fu n ded and g e nerating a me a ningful ret u rn within a r easonable time horizon .

The Company h as an exte n sive and hi g hly prospe c tive tenem e nt position totalling 437 square kilometres in Bra z il. This exis t ing portfoli o includes a r eas which are prospective for other commoditi e s, and the C ompany is aw a re of a nu m ber of proj e ct opportu n ities in the State of Minas Gerais w hich could provide diversification and growth out s ide of iron o re.

Centaurus rem a ins attracte d to the opp o rtunities in Brazil due t o country’s s ignificant mineral endo w ment, the Co m pany’s exis t ing teneme n t holding a n d its highly skilled in‐country team, which has e xperience i n a range of oth e r commodi t y areas incl u ding gold, c opper, zinc a nd nickel.

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Cost Reductions

Foll o wing the r ecently co m pleted ca p ital raising , Centaurus implemen t ed a num b er of addi t ional cost red u ction meas u res to ensure that the C ompany mi n imises cor p orate and a d ministrativ e overheads.

Sin c e the cost r eduction m easures ou t lined last m onth, and in light of t h e further d e terioration in market con d itions and t he Company’s decision to explore o ther avenu e s to extract value (incl u ding joint v e nture and out r ight sale) f r om its Can d onga and J ambreiro a s sets, the C o mpany has implement e d further c ost saving me a sures both i n Australia a nd Brazil. T h ese includ e :

• a furth e r significant reduction ( a pprox. 45% ) in overall s t affing level s ;

• a move to smaller premises in Brazil reduci n g rent to one‐third of the previous c o st; and

 key ma n agement p e rsonnel agr e eing to tak e a portion o f their salar y in Centaur u s shares. The remaining team will all o w the Com p any to con t inue to realise value fro m its Brazili a n iron ore assets while at t h e same tim e exploring a nd progres s ing meanin g ful diversifi c ation oppo r tunities.

‐ENDS‐

Released By: Nic h olas Read Read Corporate Mb : (+61) 419 929 046 Tel: (+61‐8) 938 8 1474

On behalf of:

Mr Darren Gor d on Ma n aging Dire ct or Centaurus Met a ls Ltd Tel: (+61‐8) 94 2 0 4000

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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ANNEXURE 1 – CANDONGA FEASIBILITY STUDY REVIEW ASSUMPTIONS AND OUTCOMES

Pre‐Production Capital Costs

The total direc t capital cos t s for the C a ndonga Pr o ject have b een reduced by 35% t o a very modest A$2.4 million at an A U D:BRL exc h ange rate o f 2.3. In a d dition to t h is, corporate overhead costs of A $ 0.3 million wo u ld be incurred between the period o f the Proje c t Go Ahead (PGA) decisi o n and first p roduction.

Of t he direct c a pital costs, A$0.5 million will be a b le to be de f erred until a fter first c a sh flows ar e achieved. The Company h as been able to run a competitive p rocess for t he dry crushing and sc r eening pla n t purchase and achieve sig n ificant savi n gs on the s u pply of this plant comp a red to the Feasibility St u dy (“FS”) e s timate.

Table 1 – Candonga Project Capital Cost Schedule

	C apital Expendi ture Total ( A$ M) Pr e‐Production ( A$ M)
	D IRECT COSTS
	P re‐Strip & Min e Preparation 0. 3 0.3
I	nfrastructure 1. 0 1.0
	C rushing & Scre ening Plant 0. 9 0.4
	D irect Owners C osts 0. 1 0.1
	C ontingency 0. 1 0.1
	T OTAL DIRECT C APEX 2. 4 1.9
I	NDIRECT COST S
	C orporate Over head 0. 3 0.3
	T OTAL CAPEX 2. 7 2.2

Operating Cash Costs

The C1 operati n g cash cost s plus royal t ies over th e life‐of‐min e (LOM) at the mine ga t e are a ver y attractive A$15.8 per wet tonne of pr o duct. A bre a kdown of t h e operatin g cash costs is provided i n Table 2 be l ow:

Table 2 – Candonga Project Life‐of‐Mine Operating Cash Costs

Operating Costs		(A$ per we t tonne prod uct)	(A$ per we t tonne prod uct)	(A$ per we t tonne prod uct)
Mining			10.3
Processing			1.9
General & A dministration			2.1
SITE OPERA TING CASH CO STS (C1)			14.3
Royalties – Government a nd Other			1.6
TOTAL OPE RATING CASH COSTS (C1 + Ro yalties)			15.9
Corporate O verhead			1.8
TOTAL OPE RATING COSTS			17.7

Sin c e the completion of th e FS, mining costs have increased slightly in BR L due to a c h ange in th e proposed operating phil o sophy in order achiev e more pr o ductive plant operations and con t rol the final product spe c ifications o f the Cando n ga producti o n.

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The mine operation costs a r e the largest compone n t of the tot a l operating c ost. It is pr o posed to u s e a mining con t ractor for the mining o perations. D etailed quo t es have been received from a nu m ber of groups and the pre f erred contr a ctor, with w hom contr a ctual terms have been a greed, has b een selecte d .

In t h e plant are a , the large s t operating c ost will be t he diesel c o nsumption used in the c rushing an d screening pla n t.

In addition to t h e operating cash costs, t he Company has applied a Federal G overnmen t (CFEM) Ro y alty of 2%, a State‐based m ining fee of R$1.06 per w et tonne o f product so l d and a pro d uction roy a lty of 0.85 % relating to the original acq u isition of t h e Project te n ement to determine the overall op e rating cost s of the Proj e ct.

Key Assumptions

The key assum p tions in rel a tion to the P roject hav e been upda t ed to arrive at the curr e nt financial outcomes. The new key a s sumptions a re set out in Table 3 a n d the fina n cial outcomes are set o ut in Table 4. The Site Lay o ut Map for the Candon g a Project is shown in Fi g ure 1:

Table 3 – Key FS Review Assumptions

Key Assum ption
DSO Ore Res erves	1.2Mt
Grade	60.5% Fe
Reserve – Fi nal Product	0.9Mt
Grade	62‐64% Fe
Waste Move ment	0.7Mt
Total Materi al Movement (including pre‐ strip)	1.9Mt
Waste to Or e Ratio (LOM)	0.57 to 1
Production R ate	3 00,000tpa
LOM Exchan ge Rate AUD t o BRL	2.30
LOM Exchan ge Rate AUD t o USD	0.77
LOM Exchan ge Rate USD to BRL	3.00
Average Sale s Price – FOB Mine Gate	A$41/wmt

Table 4 – Key FS Review Financial Outcomes

Key Fina ncial Outcom e		Total
Total Rev enue		A$36.8M
EBITDA		A$20.9M
Total Cap ital Costs		A$2.7M
Annual Av erage Operati ng Cash Flow P re Tax		A$7.0M
C1 Operat ing Cash Costs (per tonne of	Product)	A$14.3/ton ne
C1 Operat ing Cash Cost plus Royalties		A$15.9/ton ne
Total Ope rating Cash Co sts		A$17.7/ton ne

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Pricing Assumptions & Domestic Sales Market

The products p roduced at Candong a will inclu d e lump, hematitinha and sinter feed. He m atitinha is pre d ominantly s old to dom e stic pig iro n producers w ho use the material in t heir mini blast furnace s (MBF). Pig iro n producers have limite d cost effec t ive means o f substituti n g out hem a titinha for s inter or pellets in the MB F and as suc h there is a t rue domestic market pr i cing regime for hematitinha.

Lu m p and sinte r feed is pre d ominantly s old to the i n tegrated steel mills but could also b e sold to o t her mining gro u ps as a qu a lity enhanc e r for their o wn produc t mix. Domestic market operators h a ve indicated that FOB mine gate prices of R$105‐ R $130/tonn e (A$45‐55/ t onne) are p resently be i ng achieve d for lump/hematitinha whilst sinter fe e d prices a r e circa US$ 2 0‐30/tonn e (A$25‐A$35 tonne), b o th depending on proj e ct location relative to the customer ba s e and prod u ct quality.

For the purpos e of this project updat e and base d on the lik e ly product mix, Centa u rus has es t imated an ave r age FOB mine gate pric e of A$41 p e r wet tonne (US$31/w m t) over the life of the pr o ject.

Project Implementation Plan

The project site implement a tion program can start upon the a p proval of t h e Installati o n Licence ( L I), which is no w due befor e the end of J une 2015. A s discussed above, whil e the key ca p ital and op e rating cost items have been locked d o wn and th e preferred suppliers o f the crushing and scr e ening plan t and contract mining ser v ices have b e en selected, project de v elopment i s now dependent on sec u ring a suita b le funding p ath.

The project has advanced t o the stage w here it is n o w possible to;

• a) order t h e proposed crushing an d screening p lant, which can be commissioned 4 months aft e r order; b) execut e freehold la n d purchase agreement s ; and c) engage the preferr e d mining co n tractor

Until a suitable d evelopme n t path is identified, how e ver, a PGA decision will not be ma d e by the Co m pany.

The dry crushing and scree n ing plant c o ntemplate d for the Ca n donga Project is “off‐t h e‐shelf” equipment in Bra z il and proc u rement lea d ‐times are relatively sh o rt. The equipment can b e easily tra n sported to s ite.

Environmental Approvals

The Company l o dged a co m bined Preli m inary Licence/Installati o n Licence a pplication ( L P/LI) in Ma y 2014 and is n o w awaitin g approval. O riginally ex p ected to b e received i n February 2015, the LI i s now expected in the nex t two mont h s. This is a s a result of r olling strikes of the relevant region a l office of t h e state environmental age n cy, Supram, over the last six months. The Com p any is not expecting an y technical i s sues with t h e approval pro c ess as the P roject is loc a ted on pastoral land an d no native v egetation r e moval is re q uired.

Ore Reserve

Du e to the fa c t that ope r ating costs, product p r ices and o t her Modif y ing Factors from the p roject are con s istent with the FS and capital cos t s have red u ced, the C o mpany has not had to update the JORC 2012 Pro v ed and Pro b able Ore R e serve estimate of 1.2 million tonnes at an average grade of 60.5% Fe[1] .

1 Re f er to ASX ann o uncements o n 30 Septemb e r 2014 for full details of Candonga JORC Ore Reserve est i mate. The C o mpany is not awa r e of any new i n formation or d ata that mate r ially affects th e information in the JORC Or e Reserve esti m ate of 30 Sept e mber 2014.

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As l u mp produc t s (lump an d hematitinha) achieve a healthy pri c ing premiu m in the Bra z ilian dome s tic market, a si m ple blendi n g strategy h as been designed to op t imise their r ecovery. Th e ore is cate g orised into :

• Direct Shipping Ore (DSO) – ore that requir e s no benefi c iation to pr o duce salea b le lump, hematitinha or sinte r feed prod u cts; and

 Lump Blending Ore (LBO) – ore that produc e s lump and hematitinh a products w ithin marke t specific a tions after b lending with appropria t e DSO products. The DSO comp o nent of the Ore Reserv e estimate is 726,000 to n nes at an a v erage grad e of 64.8% F e . The LBO co m ponent of t he Ore Re s erve estim a te is 483,0 0 0 tonnes a t an avera g e grade of 53.9% Fe. S inter feed pro d uct from t h e LBO ore is not intended to mee t immediat e sales specifications an d will be st o ckpiled as “Lo w Grade Fin e s” for futur e processin g .

The in‐situ Ore Reserve pr o duces 0.9M t of high gr a de product over the 3‐ y ear mine li f e of the Pr o ject. Lump and hematitinh a products m ake up ap p roximately 5 0% of the t otal product at an aver a ge grade o f 62.8% Fe. The balance of p roduction i s a Sinter Fe e d product w ith an aver a ge grade of 64.0 % Fe.

Full details of t h e Ore Rese r ve estimate were relea s ed on 30 S e ptember 2014. A sum m ary of the O re Reserve esti m ate is pro v ided in Tabl e 5 below:

Table 5 – Candonga Ore Reserves and Mineral Resources, September 2014

Ore R eserve Classifica tion	Ore R eserve Classifica tion	Ore Category	wmt (0 00’s)	Fe%	Si **O2% **	Al2O **3% **	P%	LOI %
Prove d		DSO*	44 6	64.8	4 .5	0.0 3	1.3	0.2
		LBO**	36 2	53.9	1 7.9	0.0 4	2.5	1.4
Total			80 8	59.9	1 0.5	0.0 3	1.9	0.7
Proba ble		DSO*	28 0	64.8	5 .2	0.0 3	0.9	0.1
		LBO**	12 1	53.9	1 8.0	0.0 4	2.5	1.2
Total			40 1	61.5	9 .1	0.0 3	1.4	0.4
		DSO*	72 6	64.8	4 .8	0.0 3	1.2	0.1
		LBO**	48 3	53.9	1 7.9	0.0 4	2.5	1.3
Total			1,20 9	60.5	1 0.0	0.0 3	1.7	0.6
Mine ral Resource Clas sification (Friab le + Compact)
Meas ured			79 5	60.4	1 0.1	1.7	0.03	0.58
Indica ted			3,08 8	43.8	2 9.0	3.5	0.08	2.74
Inferr ed			5,5 11	41.3	3 0.9	4. 1	0.08	3.28
Total			9,39 4	43.7	2 8.5	3.7	0.07	2.87

61.3% Fe c_ _u t‐off grade appl_ _i ed; 45.0% Fe_ _c ut‐off grade applied; Mineral Re_ _s ources are inclu_ _s ive of Ore Reser_ _v* es

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Competent Person’s Statement

The information in this report t h at relates to E xploration R es ults and Min e ral Resources is based on in formation co m piled by Ro g er Fitzhardinge who is a Member of t he Australasia Institute of Mi n ing and Meta l lurgy and Volo d ymyr Myadze l who is a Me m ber of Australi a n Insti t ute of Geosci e ntists. Roger F itzhardinge is a permanent e mployee of Ce n taurus Metal s Limited and V olodymyr Myadzel is the Sen i or Resource Geologist of Micromine d o Brasil Consultoria e Sistem a s Ltda, indepe n dent resource consultants e n gaged by Centaurus Metals.

Rog e r Fitzhardinge and Volodym y r Myadzel ha v e sufficient ex p erience which is relevant to t he style of mi n eralization and type of depo s it und e r consideratio n and to the a c tivity which th e y are underta k ing to qualify as a Compete n t Person as d ef ined in the 2 0 12 Edition of t h e ‘Aus t ralasian Code f or Reporting o f Exploration R esults, Miner a l Resources a n d Ore Reserve ’ . Roger Fitzh a rdinge and Vo l odymyr Myad z el cons e nt to the incl u sion in the rep o rt of the matt e rs based on their informatio n in the form a n d context in w h ich it appears.

The i nformation in this report th a t relates to Or e Reserves is b ased on infor m ation compile d by Beck Nad e r who is a pr o fessional Mini n g Engi n eer and a M e mber of the M ember of Aus t ralian Institut e of Geoscient i sts. Beck Na d er is the Man a ging Director of Micromine d o Bras i l Consultoria e Sistemas Ltda and is a consultant to Centau r us.

Bec k Nader has su f ficient experie n ce, which is r e levant to the style of miner a lization and t y pe of deposit under conside r ation and to t h e acti v ity, which they are undertaki n g to qualify as a Competent P erson as defin e d in the 2012 E dition of the ‘A ustralasian C o de for Reporti n g of E x ploration Results, Mineral Re s ources and Or e Reserve’. Be c k Nader conse n ts to the inclu s ion in the rep o rt of the matt e rs based on th e ir info r mation in the f orm and conte x t in which it a p pears.

Figure 1 – Candonga Project Site Layout Map

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