CENTAURUS METALS LIMITED — Capital/Financing Update 2018

Oct 21, 2018

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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22 October 2018

		22 October 2018
		NEW HIGH‐GRADE NICKEL TARGETS IDENTIFIED AS ITAPITANGA
		DISCOVERY CONTINUES TO GROW
	Outstanding results of up to 2.44% Ni and 0.22% Co from auger drilling well beyond the current
		Exploration Target; planning underway for a second phase of RC drilling
Highlights:
		Ongoing hand‐held auger drilling from multiple zones outside the current Exploration Target limits has
		identified new high‐grade nickel‐cobalt mineralisation. Latest results include (all following holes
		finished in mineralisation):
		 4.7m @ 2.44 % nickel and 0.03% cobalt from 5.0m to 9.7m (EOH) in ITAP‐AG00076;
		 4.0m @ 1.13 % nickel and 0.11% cobalt from 1.0m to 5.0m (EOH) in ITAP‐AG00139;
		 5.0m @ 0.87 % nickel and 0.22% cobalt from 2.0m to 7.0m (EOH) in ITAP‐AG00128;
		 3.0m @ 0.84 % nickel and 0.21% cobalt from 1.0m to 4.0m (EOH) in ITAP‐AG00127;
		 5.0m @ 0.73 % nickel and 0.15% cobalt from 2.0m to 7.0m (EOH) in ITAP‐AG00099;
		 2.7m @ 1.21 % nickel and 0.07% cobalt from 2.0m to 4.7m (EOH) in ITAP‐AG00078; and
		 2.6m @ 1.09 % nickel and 0.08% cobalt from 2.0m to 4.6m (EOH) in ITAP‐AG00077.
		Drilling has confirmed the continuation of high‐grade nickel cobalt mineralisation in the Daniel’s Creek
		Fault Zone, where the first phase of RC drilling returned the best results to date including ITAP‐RC‐18‐
		127 (32m at 1.02% Ni and 0.13% Co) and ITAP‐RC‐18‐139 (15.0m at 0.92 % Ni and 0.22% Co).
		The Daniel’s Creek Fault zone represents 300m of untested strike potential.
		Drilling along 2.5km of strike on the western limits of the Northern Target has also intersected new
		mineralisation, demonstrating that the main zone remains open to the west and south‐west.
		A new North‐eastern Target has also been identified which is approximately 500m long and 200m wide
		and represents the tail of Vale’s neighbouring Jacarezinho Nickel Laterite Project.
		The drilling licence application to undertake further RC drilling in the Daniel’s Creek Fault zone and the
		surrounding wetlands and vegetated areas at Itapitanga is progressing well.
Centaurus Metals (ASX Code: CTM) is pleased to report outstanding new results from ongoing hand‐held auger
drilling at the 100%‐ownedItapitanga Nickel‐Cobalt Projectdiscovery in northern Brazil, where exploration
continues to expand the scale and potential of the discovery including potential new high‐grade zones.
The	new auger results have confirmed that high‐grade laterite mineralisation continues into undrilled areas at the
Daniel’s Creek fault zone and along the western contact of the Northern Target, as well identifying a new
discovery in the north‐east of the tenement package. All three highly prospective areas have not been tested by
Reverse Circulation (RC) drilling and lie outside the current Exploration Target.
Australian Office Brazilian Office ASX: CTM
Centaurus Metals Limited Centaurus Brasil Mineração Ltda ACN 009 468 099
Level 3, 10 Outram St Avenida Barão Homem de Melo, 4391 office@centaurus.com.au
WEST PERTH WA 6005 Salas 606 e 607 ‐ Estoril Telephone: +61 8 6424 8420
		Belo Horizonte ‐ MG ‐ CEP: 30.494.275
		BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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The Exploration Target for the Itapitanga Nickel‐Cobalt Project currently stands at 35‐45Mt at 0.80% to 1.10% nickel, 0.07% to 0.12% cobalt and 18g/t to 30g/t scandium. Centaurus cautions that the potential quantity and grade of the Exploration Target is conceptual in nature and to date there has been insufficient exploration to define a JORC compliant Mineral Resource. It is also uncertain if further exploration and resource development work will result in the estimation of a Mineral Resource.

For full details of the Exploration Target please refer to the Company’s ASX Release of 1 August 2018.

A Phase 2 drilling program is being planned with the aim of allowing the Company to prepare a maiden JORC Mineral Resource estimate for the project. Any future drilling, however, will only be possible after the Company has secured the appropriate RC drill licence for the wetland and vegetated areas at the project.

Daniel’s Creek Fault Zone

The focus of the recent hand‐held auger drilling has been on the Daniel’s Creek Fault Zone (the central part of the Northern Target), where the first phase of RC drilling returned some of the project’s best assay results, including ITAP‐RC‐18‐127 ( 32m at 1.02% Ni and 0.13% Co ) and ITAP‐RC‐18‐139 ( 15.0m at 0.92 % Ni and 0.22% Co ).

Mineralised intercepts are broader and of higher nickel and cobalt grades in association with structural features. These structures facilitate the supergene process, which furthers the concentration of the nickel and cobalt mineralisation and deepens the mineralised profile.

RC drilling was not possible in the Daniel’s Creek Fault Zone during the maiden campaign under the existing drilling permit. Auger drilling has been able to continue in areas where no vegetation clearing is required and was successful in intersecting high grade nickel‐cobalt laterite mineralisation (represented by the red triangles in Figure 1).

While numerous auger holes were able intersect the top of high‐grade nickel and cobalt mineralisation, many of the auger holes, which started in alluvium (stream sediment), could not advance due to water influx into the holes. In those areas where auger drilling has been ineffective, further RC drilling will be required to test beneath the alluvium.

Some of the better assay results from the recent auger drilling at the Daniel’s Creek Fault Zone include:

• 5.0m @ 0.87 % nickel and 0.22% cobalt from 2.0m to 7.0m (EOH) in ITAP‐AG00128;

• 3.0m @ 0.84 % nickel and 0.21% cobalt from 1.0m to 4.0m (EOH) in ITAP‐AG00127;

• 5.0m @ 0.73 % nickel and 0.15% cobalt from 2.0m to 7.0m (EOH) in ITAP‐AG00099;

• 5.0m @ 0.70 % nickel and 0.11% cobalt from 1.0m to 6.0m (EOH) in ITAP‐AG00163;

• 4.0m @ 0.69 % nickel and 0.11% cobalt from 2.0m to 6.0m (EOH) in ITAP‐AG00096;

• 4.0m @ 0.51% nickel and 0.12% cobalt from 2.0m to 6.0m (EOH) in ITAP‐AG00100; and

• 3.0m @ 0.79 % nickel and 0.13% cobalt from 3.0m to 6.0m (EOH) in ITAP‐AG00105.

All of these intersections finished in mineralisation (see Figure 1 and attached Table 1 for a full list of auger assay results).

The results indicate that the high‐grade mineralisation does extend beneath Daniel’s Creek between the North and South zones of the Northern Target. In this area there is more than 300m of untested strike potential to be tested with further RC drilling.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Northern Target (Western Contact)

Wetlands also cover the western margins of the Northern Target (see Figures 1 and 2). The mineralisation at the Northern Target remains open to the west and south‐west along roughly 2.5km of the 3.5km strike extent of the Northern Target.

Auger drilling has been carried out along these limits and has successfully identified high‐grade nickel and cobalt mineralisation beyond the current limits of the Exploration Target. As with some of the auger drilling in the Daniel’s Creek Zone, many of the auger holes did not pass through the alluvium and, as such, will require RC drilling to fully test the extent of the mineralisation.

The following assay results are from the western contact north of Daniel’s Creek:

• 2.7m @ 1.21 % nickel and 0.07% cobalt from 2.0m to 4.7m (EOH) in ITAP‐AG00078;

• 2.6m @ 1.09 % nickel and 0.08% cobalt from 2.0m to 4.6m (EOH) in ITAP‐AG00077;

• 3.3m @ 1.28 % nickel and 0.04% cobalt from 3.0m to 6.3m (EOH) in ITAP‐AG00080;

• 1.2m @ 1.04 % nickel and 0.08% cobalt from 2.0m to 3.2m (EOH) in ITAP‐AG00074;

• 2.0m @ 1.16 % nickel and 0.05% cobalt from 1.0m to 3.0m (EOH) in ITAP‐AG00201; and

• 7.0m @ 0.94 % nickel and 0.07% cobalt from 6.0m to 13.0m (EOH) in ITAP‐AG00079.

The following assay results are from the western contact south of Daniel’s Creek:

• 4.0m @ 1.13 % nickel and 0.11% cobalt from 1.0m to 5.0m (EOH) in ITAP‐AG00139;

• 1.0m @ 1.10 % nickel and 0.08% cobalt from 4.0m to 5.0m (EOH) in ITAP‐AG00130; and

• 3.0m @ 0.67 % nickel and 0.02% cobalt from 3.0m to 6.0m (EOH) in ITAP‐AG00132.

All of the intersections reported above finished in mineralisation (see Figure 1 and attached Table 1 for a full list of auger assay results).

The result from auger hole ITAP‐AG00139 (4m at 1.13% Ni and 0.11% Co) is particularly interesting as it indicates the presence of high‐grade mineralisation at the south‐western limit of the current Exploration Target, showing that the mineralisation may trend further to the south‐west than originally thought. Additional auger drilling has been planned for this area (see Figure 1 – yellow triangles).

Northern Target (Eastern Contact)

The auger drilling beyond the current limits of the Eastern Contact has extended the high‐grade nickel‐cobalt mineralisation with ITAP‐AG00076 intersecting 4.7m @ 2.44 % nickel and 0.03% cobalt from 5.0m to the end‐of‐ hole (EOH). Further RC drilling will also be required in this area.

New North‐eastern Target

The exploration team has also identified a new target in the north‐eastern portion of the project area (see Figure 1). The mineralisation represents the tail of Vale’s neighbouring Jacarezinho Nickel Laterite Project.

Drilling at the North‐eastern Target returned multiple intersections of nickel‐cobalt laterite mineralisation. The target area is roughly 500m long and 200m wide. The best results from initial auger drilling in this area include:

• 2.0m @ 0.86 % nickel and 0.04% cobalt from 9.0m to 11.0m (EOH) in ITAP‐AG00239; and

• 1.0m @ 0.41 % nickel and 0.05% cobalt from 2.0m to 3.0m in ITAP‐AG00237.

See Figure 1 and attached Table 1 for a full list of auger assay results.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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The North‐eastern Target area is partially covered by vegetation and the appropriate clearing licenses will be required to test the new target with RC drilling. An RC program has been designed for this target to be completed in the next phase of work.

Next Steps

The auger program is continuing at the Itapitanga Nickel‐Cobalt Project. In parallel, the Company has lodged the appropriate applications for RC drilling of the vegetated wetland that covers both the Daniel’s Creek Fault Zone and the Western Contact of the Northern Zone and is working with the local agencies to expedite this licence.

Once this licence is approved, the Company is positioned to be able to commence a second phase of RC drilling. Planning for this next phase of work is underway and would include brownfields exploratory drilling over the new targets identified in the latest auger program as well as a number of undercover targets following the positive results from RC drill hole ITAP‐RC‐18‐114, which intersected 30.0m @ 0.90% Ni and 0.04% Co underneath 12.0m of granite country rock.

The Phase 2 drilling program currently being planned would also involve resource definition drilling to allow for the estimation of a maiden JORC Mineral Resource estimate.

‐ENDS‐

	‐ENDS‐
Released by:	On behalf of:
Nicholas Read	Darren Gordon
Read Corporate	Managing Director
M: +61 419 929 046	Centaurus Metals Limited
	T: +618 6424 8420

Competent Person Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Roger Fitzhardinge who is a Member of the Australasian 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 mineralisation and type of deposit under consideration and to the activity which he is 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 Reserves’. Roger Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration Target

This report comments on and discusses Centaurus Metals Limited’s exploration in terms of target size and type. The information relating to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and quality of material discussed as Exploration Targets is conceptual in nature since there has been insufficient work completed to define them as Mineral Resources or Ore Reserves. It is uncertain if further exploration work will result in the determination of a Mineral Resource or Ore Reserve.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

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Figure 1 – Itapitanga Nickel‐Cobalt Project – Recent Auger Drilling Results (Completed Auger hole – by EOH lithology (see legend); Planned Auger holes – yellow triangles; Completed RC drill holes – green circles)

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Figure 2 – Itapitanga Nickel‐Cobalt Project, Significant RC Drill Results (Refer to Itapitanga Continues to Grow ‐ Final Phase 1 Assay Results , ASX Announcement 28 August 2018 for full list of assay results)

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Table 1 – Itapitanga Nickel‐Cobalt Project – New Auger Drill Results

							Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections
Hole ID	Easting	Northing	mRL	Azi	Dip	Depth	**From(m) **	**To(m) **	**Interval(m) **	Ni %	Co %
ITAP‐AG00064 ITAP‐AG00065 ITAP‐AG00066 ITAP‐AG00067 ITAP‐AG00068 ITAP‐AG00069 ITAP‐AG00070 ITAP‐AG00071 ITAP‐AG00072 ITAP‐AG00073 ITAP‐AG00074 ITAP‐AG00075 ITAP‐AG00076 ITAP‐AG00077 ITAP‐AG00078 ITAP‐AG00079 ITAP‐AG00080 ITAP‐AG00081 ITAP‐AG00082 ITAP‐AG00083 ITAP‐AG00084 ITAP‐AG00085 ITAP‐AG00086 ITAP‐AG00087 ITAP‐AG00088 ITAP‐AG00089 ITAP‐AG00090 ITAP‐AG00091 ITAP‐AG00092 ITAP‐AG00093 ITAP‐AG00094 ITAP‐AG00095 ITAP‐AG00096 ITAP‐AG00097 ITAP‐AG00098 ITAP‐AG00099 ITAP‐AG00100 ITAP‐AG00101 ITAP‐AG00102 ITAP‐AG00103 ITAP‐AG00104 ITAP‐AG00105 ITAP‐AG00106 ITAP‐AG00107 ITAP‐AG00108 ITAP‐AG00109 ITAP‐AG00110 ITAP‐AG00111 ITAP‐AG00112 ITAP‐AG00113 ITAP‐AG00114 ITAP‐AG00115 ITAP‐AG00116 ITAP‐AG00117 ITAP‐AG00118 ITAP‐AG00119 ITAP‐AG00120	387004 387043 387262 387130 387168 387413 387098 386833 386874 387309 386444 386673 387271 386490 386549 386687 386926 386526 386515 386501 386445 386478 386540 386505 386468 386430 386402 386549 386514 386474 386433 386394 386358 386320 386296 386254 386216 386185 386372 386328 386419 386154 386188 386228 386265 386303 386045 386015 386086 386123 386166 385999 386028 386062 386103 385962 385919	9298499 9298467 9298804 9298653 9298620 9299458 9299467 9298379 9298346 9299022 9298451 9298256 9299055 9298667 9298885 9299288 9299344 9296167 9296213 9296262 9298148 9298133 9298120 9298140 9298170 9298201 9298227 9297964 9297993 9298027 9298065 9298088 9298122 9298160 9298050 9298081 9298110 9298135 9297990 9298014 9297964 9298037 9298007 9297970 9297938 9297910 9297987 9298018 9297960 9297930 9297898 9297912 9297882 9297848 9297817 9297809 9297839	210 212 212 213 216 220 220 214 213 215 209 209 215 202 204 212 220 218 218 215 207 206 207 207 208 209 210 209 207 205 205 205 208 211 208 210 209 208 207 207 206 206 206 207 207 208 210 211 208 207 206 207 207 207 208 204 204	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90	9 5 6 6 9 5 5 4.5 4.7 4 3.2 8 9.7 4.6 4.7 13 6.3 9 9.5 1.5 5 4 4.8 6 5 4 3 3 2 3 2 3 6 3 2 7 6 5 3 3 4 6 5.45 3 3 4 4.5 3 3 3 4 3 4 4 5 2 3	2 3.2 1.2 1.04 0.08 3 6 3 0.57 0.05 5 9.7 4.7 2.44 0.03 2 4.6 2.6 1.09 0.08 2 4.7 2.7 1.21 0.07 6 13 7 0.94 0.07 3 6.3 3.3 1.28 0.04 2 6 4 0.69 0.11 2 7 5 0.73 0.15 2 6 4 0.51 0.12 3 6 3 0.79 0.13 4 5.45 1.45 0.92 0.02 3 4 1 0.64 0.03 3 4 1 0.72 0.03 Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results No significant results No significant results Not assayed Not assayed No significant results No significant results No significant results No significant results No significant results No significant results No significant results Not assayed Not assayed Not assayed Not assayed No significant results No significant results Not assayed Not assayed Not assayed No significant results

Significant Intersections considered a 0.40 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste. "No significant results" ‐ Samples sent for assay, returned no significant intersection "Not Assayed" ‐ Drill hole intersected alluvium or saprolite (granite)

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Table 1 – Itapitanga Nickel‐Cobalt Project – New Auger Drill Results (continued)

							Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections
Hole ID	Easting	Northing	mRL	Azi	Dip	Depth	**From(m) **	**To(m) **	**Interval(m) **	Ni %	Co %
ITAP‐AG00121 ITAP‐AG00122 ITAP‐AG00123 ITAP‐AG00124 ITAP‐AG00125 ITAP‐AG00126 ITAP‐AG00127 ITAP‐AG00128 ITAP‐AG00129 ITAP‐AG00130 ITAP‐AG00131 ITAP‐AG00132 ITAP‐AG00133 ITAP‐AG00134 ITAP‐AG00135 ITAP‐AG00136 ITAP‐AG00137 ITAP‐AG00138 ITAP‐AG00139 ITAP‐AG00140 ITAP‐AG00141 ITAP‐AG00142 ITAP‐AG00143 ITAP‐AG00144 ITAP‐AG00145 ITAP‐AG00146 ITAP‐AG00147 ITAP‐AG00148 ITAP‐AG00149 ITAP‐AG00150 ITAP‐AG00151 ITAP‐AG00152 ITAP‐AG00153 ITAP‐AG00154 ITAP‐AG00155 ITAP‐AG00156 ITAP‐AG00157 ITAP‐AG00158 ITAP‐AG00159 ITAP‐AG00160 ITAP‐AG00161 ITAP‐AG00162 ITAP‐AG00163 ITAP‐AG00164 ITAP‐AG00165 ITAP‐AG00166 ITAP‐AG00167 ITAP‐AG00168 ITAP‐AG00169 ITAP‐AG00170 ITAP‐AG00171 ITAP‐AG00172 ITAP‐AG00173 ITAP‐AG00174 ITAP‐AG00175 ITAP‐AG00176	385881 385998 386040 385803 385757 385831 386154 386186 386281 386243 386383 385775 385740 385707 385731 385686 385649 385616 385757 385712 385674 385640 385597 385558 385519 385722 385687 385740 385650 385699 385659 385611 385583 385622 385529 385567 385498 385531 386681 386644 386606 386570 386526 386486 386747 386709 386812 386671 386632 386773 386594 385591 385553 385490 385515 385452	9297872 9297773 9297736 9297680 9297723 9297652 9297771 9297753 9297795 9297821 9297840 9297434 9297465 9297500 9297218 9297249 9297281 9297310 9296933 9296964 9297000 9297029 9297066 9297095 9297129 9296828 9296856 9296685 9296883 9296716 9296751 9296913 9296955 9296789 9296991 9297342 9297020 9297380 9297730 9297758 9297790 9297823 9297850 9297884 9297803 9297835 9297885 9297860 9297899 9297908 9297931 9296814 9296846 9297160 9296878 9297192	208 208 212 206 211 206 210 210 210 207 207 209 208 206 206 206 208 206 205 206 206 208 207 204 203 205 205 207 205 205 206 207 209 206 206 208 207 212 216 214 214 216 213 208 203 204 205 206 206 205 206 206 206 204 206 205	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90	2 4 2 3 5 2 4 7 3 5 0 6 6 5 4 5 4 5 5 3 3 4 4 5 3 3 3 4 2 3 5 2 4 4 4 3 2 3 3 5 5 5 6 4 4 3 3 3 4 3 4 3 3 3 2 4	1 4 3 0.84 0.21 2 7 5 0.87 0.22 4 5 1 1.1 0.08 3 6 3 0.67 0.02 1 5 4 1.13 0.11 1 6 5 0.7 0.11 Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed

Significant Intersections considered a 0.40 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste. "No significant results" ‐ Samples sent for assay, returned no significant intersection "Not Assayed" ‐ Drill hole intersected alluvium or saprolite (granite)

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Table 1 – Itapitanga Nickel‐Cobalt Project – New Auger Drill Results (continued)

							Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections
Hole ID	Easting	Northing	mRL	Azi	Dip	Depth	**From (m) **	**To (m) **	Interval (m)	Ni%	Co %
ITAP‐AG00177 ITAP‐AG00178 ITAP‐AG00179 ITAP‐AG00180 ITAP‐AG00181 ITAP‐AG00182 ITAP‐AG00183 ITAP‐AG00184 ITAP‐AG00185 ITAP‐AG00186 ITAP‐AG00188 ITAP‐AG00189 ITAP‐AG00190 ITAP‐AG00191 ITAP‐AG00192 ITAP‐AG00193 ITAP‐AG00194 ITAP‐AG00195 ITAP‐AG00196 ITAP‐AG00197 ITAP‐AG00198 ITAP‐AG00199 ITAP‐AG00200 ITAP‐AG00201 ITAP‐AG00202 ITAP‐AG00203 ITAP‐AG00204 ITAP‐AG00205 ITAP‐AG00206 ITAP‐AG00207 ITAP‐AG00208 ITAP‐AG00209 ITAP‐AG00210 ITAP‐AG00211 ITAP‐AG00212 ITAP‐AG00213 ITAP‐AG00214 ITAP‐AG00215 ITAP‐AG00216 ITAP‐AG00217 ITAP‐AG00218 ITAP‐AG00219 ITAP‐AG00220 ITAP‐AG00221 ITAP‐AG00222 ITAP‐AG00223 ITAP‐AG00224 ITAP‐AG00225 ITAP‐AG00226 ITAP‐AG00227 ITAP‐AG00228 ITAP‐AG00229 ITAP‐AG00230 ITAP‐AG00231 ITAP‐AG00232 ITAP‐AG00233 ITAP‐AG00234 ITAP‐AG00235 ITAP‐AG00236 ITAP‐AG00237 ITAP‐AG00238 ITAP‐AG00239 ITAP‐AG00240	385476 385413 385504 385375 385465 385426 385632 385464 385387 385594 385556 385517 386352 386378 386339 385722 386301 385684 386403 385980 386365 385954 386005 386455 386417 386146 386105 386369 386459 386335 386420 386294 386380 386262 386346 386615 386595 386649 386552 386697 386479 386729 386440 386558 386426 386366 386190 385909 385989 388979 388970 389175 389171 389170 388970 389163 388972 388962 389176 388973 389178 389177 388969	9296910 9297224 9297410 9297256 9297442 9297083 9297563 9297051 9297115 9297595 9297627 9297659 9298264 9298373 9298405 9297748 9298438 9297780 9298482 9298054 9298514 9297945 9298163 9298699 9298732 9298176 9298211 9298763 9298954 9298794 9298986 9298827 9299015 9298865 9299050 9298040 9299104 9298010 9299137 9297973 9299195 9297941 9299231 9297569 9297421 9296949 9296833 9296810 9296741 9299172 9299223 9299179 9299127 9299330 9299275 9299379 9299376 9299474 9299428 9299529 9299477 9299530 9299425	206 208 212 207 207 199 207 205 201 208 209 211 210 211 212 211 211 210 209 213 205 209 216 201 202 209 212 204 208 208 208 212 212 216 212 207 209 207 212 205 210 205 211 224 219 224 213 208 203 217 219 218 217 221 222 222 222 226 225 227 224 221 224	0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90	3 4 4 3 3 4 4 4 5 4 5 3 3 3 3 3 3 3 2 3 3 3 5 3 3 3 3 4 4 2 4 4 4 4 1 3 4 3 4 4 4 4 3 8 8 6 5 5 4 7 6 7 10 8 8 8 8 3 7 9 8 11 8	1 3 2 1.16 0.05 2 3 1 0.41 0.05 9 11 2 0.86 0.04 Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed No significant results Not assayed Not assayed Not assayed Not assayed Not assayed Not assayed

Significant Intersections considered a 0.40 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste. "No significant results" ‐ Samples sent for assay, returned no significant intersection "Not Assayed" ‐ Drill hole intersected alluvium or saprolite (granite)

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About the Itapitanga Nickel‐Cobalt Project

The Itapitanga Project covers an area of approximately 50km[2 ] and is located in the Carajás Mineral Province of northern Brazil. The Project is the southern extension of the same ultramafic‐mafic intrusive complex that hosts both the Jacaré Ni‐Co deposit and several unpublished nickel‐cobalt resources held by Vale (see Figure 3 below).

Anglo American’s neighbouring world‐class Jacaré Ni‐Co Deposit, is one of the highest large‐tonnage nickel‐cobalt grades in the world with a Mineral Resource of 307Mt at 1.3% Ni and 0.13% Co, including a high‐grade cobalt resource of 185Mt at 1.2% Ni and 0.18% Co[1] .

The Itapitanga Project is located on farm land 50km northeast of the regional centre of São Felix de Xingu and accessible all year via unpaved road. The project is located 110km from Vale’s operating nickel mine Onça‐Puma.

Figure 3 – Location of the Itapitanga Nickel‐Cobalt Project. The regional magnetic signature (AS) is coincident with the ultramafic intrusive that hosts the nickel‐cobalt mineralisation.

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1 Resource data sourced from Anglo American Presentations “O Depósito de Níquel Laterítico do Jacaré (PA), Brasil” – Simexmin 2010 and Ore Reserves and Mineral Resources Report 2016

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APPENDIX B – TECHNICAL DETAILS OF THE ITAPITANGA NICKEL‐COBALT PROJECT, JORC CODE, 2012 EDITION – TABLE 1 SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	Commentary	Commentary
Sampling techniques		Soil samples were collected at roughly 100‐150m intervals along a fence line oblique to the
		mineralisation. Surface material was first removed and sample holes were dug to roughly 30cm depth.
		A 2‐3kg 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.
		Surface rock chip/soil samples were collected from in situ outcrops and rolled boulders for chemical
		analysis.
		Channel samples were taken at a road cutting site vertically across the profile. The channel sample
		height was 2.5m, approximately 3‐5kg of sample was collected.
		Auger samples are taken by a hand‐held auger. Sections are 200‐400m apart with 50‐100m between
		holes. Care is taken to try to remove up hole contamination from the auger bit during sampling. A 3‐
		5kg sample was taken from the bit. The sample is placed in a plastic sample bag with a sample tag
		before being sent to the laboratory.
		The first phase of RC drilling involves drill sections that are 200 or 400m. Generally there is 100m
		spacing between drill holes on sections. Samples are split to make 3‐5kg samples, a twin 3‐5kg sample
		is kept for metallurgical testwork. The sample is placed in a plastic sample bag with a sample tag
		before beingsent to the laboratory.
Drilling techniques		Auger drilling was completed using a hand‐held auger with a 200mm auger bit. Drilling depth is
		determined by drill refusal.
		RC drilling was completed using a face sampling hammer (4.5”). Sample is collected from the sample
		cyclone in large plastic sample bags. Samples are then split either by riffle splitters or manually (fish
		bone method) where there is high moisture content.
		All RC holes were sampled on 1m intervals. Sample size, sample recovery estimate and conditions
		were recorded.
		All holes drilled to date have been vertical.
Drill sample recovery		RC sample weights are taken for all samples and a recovery estimate is made where the sample is not
		wet. Where the sample is wet a visual estimate of the sample recovery is made. To date the estimated
		recovery is approximately 80%, which is considered acceptable for a nickel‐cobalt laterite deposit.
		To ensure the representative nature of the sample the cyclone and sample hoses are cleaned after
		each metre of drilling, the rig has two cyclones to facilitate the process. Additionally, extra care is
		taken when drillingthrough the water table or other zones of difficultground conditions.
Logging		All outcrop and soil sample points were registered and logged in the Centaurus geological mapping
		points database.
		Geologists complete a visual log of the RC samples on 1m intervals at the time of drilling. Logging
		captures colour, rock‐type, mineralogy, alteration and mineralisation style. A hand‐held XRF is also
		used to take real time geochemical readings to assist in the logging process. Logging is both qualitative
		and quantitative.
		Chiptrays have been collected, photographed and stored for all drill holes to‐date.
Sub‐sampling techniques		1m samples were taken from the cyclone and then split by rifle splitter (if dry) or manually (if wet)
and sample preparation		using the fish‐bone technique. Sample weight is between 3‐5kg.
		QAQC: A blank sample is inserted at the start of each hole. Standards (3 different standards are used
		on a rotating basis) are inserted every 20 samples. Field duplicates are completed every 20 samples.
		Sample sizes are appropriate for the nature of the mineralisation.
		All geological samples were received and prepared by SGS Geosol Laboratories in Parauapebas, Brazil
		as 0.5‐5kg samples. They were dried at 105°C until the sample was completely dry (6‐12hrs), crushed
		to 90% passing 3mm and reduced to 200‐300g. The samples were pulverised to 95% passing 150µm
		and split further to 50galiquots for chemical analysis.
Quality of assay data		Chemical analysis for metal oxides is determined using XRF analysis (XRF79C). Fusion disks are made
and laboratory tests		with pulped sample and the addition of a borate based flux. Analysis at SGS is for a 12 element suite.
		LOI is determined by thermo‐gravimetric analysis at 1000°C. Fusion/XRF analysis is considered to be
		an industry standard to analyse nickel‐cobalt laterite ore.
		Chemical analysis was completed for gold by fire assay and ICP for limit of 0.001ppm as well as multi
		element using ICP (IC40B) for select samples.
		SGS Geosol Laboratories insert their own standards at set frequencies and monitor the precision of
		the XRF and ICP analysis. These results reported well within the specified 2 standard deviations of the
		mean grades for the main elements.
		Additionally, the laboratories 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 industrystandards.

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Verification of sampling		All samples were collected by Centaurus field geologists. All assay results were verified by alternative
and assaying		Company personnel and the Competent Person before release.
		All RC sampling is completed by Centaurus field staff under supervision of Centaurus geologists.
		Logging is entered into the Centaurus database (MS‐Access) on site. SGS Geosol send assay results as
		csv files which are imported into the Centaurus database by geologists. All data is validated by
		Centaurus geologists and the Exploration Manager.
		Although no RC twin holes have been completed to date good correlation has been observed between
		the RC drill results and the auger result.
Location of data points		To date drill collars have been picked up using hand‐held GPS units. Drill collars and the project
		topography will be surveyed once the first phase of drilling is complete.
		The survey grid system used is SAD‐69 22S. This is in line with Brazilian Mines Department
		requirements. No mapping points are reported.
Data spacing and		Soil sampling was completed on 200‐400m line spacing with 50m between samples.
distribution		Auger drilling was completed on 200‐400m line spacing with 50‐100m between holes.
		The first phase of RC drilling was completed primarily on 400m line spacing with 100m between drill
		holes. There are localised cases where the section spacing is 200m and there is 50m between holes on
		section.
		No sample compositinghas been applied.
Orientation of data in		The extent and orientation of the mineralisation was interpreted based on initial field mapping, soil
relation to geological		sampling, auger drilling and regional geophysical interpretations.
structure		All drill holes to date are vertical and give a true width of the laterite mineralisation.
Sample security		All samples were placed in plastic sample bags and then numbered. Bags are sealed and placed in
		larger bags (10 samples per bag) and then transported to the SGS Geosol laboratory in Parauapebas,
		PA. Sample request forms are sent with the samples and via email to the laboratory. Samples are
		checked at the laboratory and a work order is generated by the laboratory which is checked against
		the sample request.
Audits or reviews		The Companyis not aware of anyaudit or review that has been conducted on theproject to date.

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria	Commentary	Commentary
Mineral tenement and		The Itapitanga project includes one exploration licence 850.475/2016, for a total area of circa
land tenure status		50km2.
		The tenement is part of an agreement where Centaurus may make milestone payments to the
		vendor of ‐ R$1 million (~A$400,000) if a JORC Resource is defined and R$1.5 million (~A$600,000) if
		a Mining Lease is granted by the Brazilian Mines Department (DNPM).
		All mining projects in Brazil are subject to a CFEM royalty, a government royalty of 2% on base
		metals revenues.
		Landowner royalty is 50% of the CFEM royalty.
		Theproject is locatedprimarilyin farmingland.
Exploration done by other		The company is not aware of any historical exploration.
parties
Geology		The Itapitanga Project forms part of the southern extension of the ultramafic‐mafic intrusive
		complex (2.8Ga) that intrudes the Archean Xingu basement granites in the western region of the
		Carajás Mineral Province.
		Nickel‐cobalt laterite mineralisation generally occurs from surface and is associated with the
		ferruginous laterite of the ultramafic protore. Nickel mineralisation is associated with the saprolite
		that underlies the ferruginous laterite.
Drill hole Information		Assay results have been received for 155 RC drill holes for a total of 4,309m drilled.
		Refer to ASX release on 28 August 2018 for full list of significant intersections and additional RC drill
		hole data frompreviouslyannounced drilling.
Data aggregation methods		Continuous sample intervals are calculated via weighted average. Significant intersections
		considered a 0.50 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste for RC drilling
		and 0.40 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste for auger drilling.
		There are three significant intersections for scandium only that considered a 20g/t scandium cut‐off
		and 2m maximum internal waste. ICP assay results (scandium) only received up to ITAP‐RC‐18‐084.
		Further details of the auger intersections can be found in the drill hole results of Table 1.
		Nickel equivalent (“Nieq”) calculation assumes a nickel price of US$13,500/t Ni and cobalt price of
		US$65,000/t Co and recoveries of 98% Ni and 94% Co respectively (refer to Itapitanga Metallurgical
		Results,ASX Announcement 6 July2018).
Relationship between		All RC holes are vertical and have intersected the complete mineralisation profile into the underlying
mineralisation widths and		un‐mineralisedprotore. It is considered the holes are 90° to mineralisation and therefore

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Criteria	Commentary	Commentary
intercept lengths		intersections are considered to be of true width.
Diagrams		Refer to Figures 1‐3.
Balanced reporting		All exploration results received by the Company to date are included in this report or can be
		referenced toprevious ASX releases.
Other substantive exploration data		The Company is working with the CPRM geological and geophysical regional data set (Carajás – Área I (1047)).
		The Company is working with the SRTM topographical surface (30m resolution).
		Dry bulk density estimations have been carried out on in situ samples. Samples were taken using a
		30cm steel mould that is cut into the in‐situ laterite mineralisation. Samples were then weighed wet
		and dry. The average dry bulk density for the mineralisation is 1.5 t/m3.
Further work
		The Company has made applications for drilling in the vegetated and wetland areas that were not
		drilled in the first campaign.
		Auger drilling is ongoing for these areas that were not accessed under current drilling permits.
		Soil sampling and mapping is planned around the PGM and gold anomalies.
		Additional metallurgical samples have been taken for further processing testwork.