CENTAURUS METALS LIMITED — Capital/Financing Update 2018

Aug 27, 2018

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [124 x 57] intentionally omitted <==

28 August 2018

ITAPITANGA CONTINUES TO GROW: MORE THICK, HIGH‐GRADE NICKEL‐
COBALT HITS FROM FINAL BATCH OF PHASE 1 DRILL ASSAYS
Planning underway for next phase of drilling; RC drilling at Pebas Copper‐Gold Project to start shortly
Highlights:
 More outstanding assays received from final batch of results from recently completed Phase 1 drilling
at the Itapitanga nickel‐cobalt discovery in northern Brazil. Latest results include:
 21.0m @ 1.01% nickel and 0.09% cobalt from surfacein ITAP‐RC‐18‐138, including:
o 12.0m @ 0.83% Ni and 0.14% Co from surface;
 33.0m @ 0.77% nickel and 0.12% cobalt from surfacein ITAP‐RC‐18‐139, including:
o 15.0m @ 0.92% Ni and 0.22% Co from surface;
 16.0m @ 1.05% nickel and 0.06% cobalt from 1.0min ITAP‐RC‐18‐140; and
 15.0m @ 1.06% nickel and 0.07% cobalt from 12.0min ITAP‐RC‐18‐150.
 Centaurus has applied for a drilling licence to undertake further RC drilling in the Daniel’s Creek Fault
zone and surrounding wetlands and vegetated areas with hand‐held auger drilling continuing where
access allows.
 Drill planning is underway to target undercover mineralisation discovered following the positive results
from drill hole ITAP‐RC‐18‐114, which intersected 30.0m @ 0.90% Ni and 0.04% Co underneath 12.0m of
granite country rock.
 Drilling expected to start shortly at the Pebas Copper‐Gold Project (located 20km from Oz Minerals’
Antas Norte high‐grade copper mine), where drill rig mobilisation is nearing completion.
Centaurus Metals (ASX Code: CTM) is pleased to advise that its 100%‐ownedItapitanga Nickel‐Cobalt Project
discovery in northern Brazil continues to grow in scale and potential, with the final batch of assay results from the
first phase of Reverse Circulation drilling returning more thick, high‐grade nickel‐cobalt intersections.
The results have continued to impress, particularly those from the recently discovered Daniel’s Creek Fault Zone,
where recent results included drill holes ITAP‐RC‐18‐138 (21m at 1.01% Ni and 0.09% Co) and ITAP‐RC‐18‐139
(33.0m at 0.77% Ni and 0.12% Co). The discovery of wide zones of mineralisation in this area highlights the
potential for significant additions to the maiden Exploration Target reported by Centaurus at the start of August.
The RC rig is now in the final stages of mobilisation to the Company’s Pebas Copper‐Gold Project, where a 2,000m
RC drill program has been planned and a number of exciting high‐grade copper drill targets are ready to be tested.
Centaurus’ Managing Director, Darren Gordon, said the Company’s maiden RC drill program at Itapitanga had
been an outstanding success, with the Company advancing a pure greenfields project from acquisition, through
the initial exploration phase, to a significant discovery in the space of six months.
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

==> picture [52 x 33] intentionally omitted <==

“In short order, we have moved from some encouraging surface rock chip results to definition of a significant Exploration Target – which is a huge achievement by our exploration team.

“Importantly, we also think that the project has plenty of room to grow with the most recent results from around Daniel’s Creek showing us that the thickest and highest‐grade intercepts are associated with the fault that runs underneath the creek. We are now trying to expedite the appropriate licences to allow us to extend the RC drilling as soon as possible in the area around the creek.

“We also now plan to test some new targets where we think there might be mineralisation underneath the granite country rock, following the results we’ve seen in drill hole ITAP‐RC‐18‐114, which interested 30.0m @ 0.90% Ni and 0.04% Co below 12.0m of granite.

“We have a team continuing to work these new targets at Itapitanga and, once the drilling at Pebas is finished and the required Itapitanga licence is at hand, we intend to return to the project and build further on the existing Exploration Target in advance of defining a maiden Resource estimate.

“In the meantime, we are really looking forward to getting stuck into drilling the Pebas Copper‐Gold Project, where we have multiple high‐grade copper‐gold drill targets that are analogous to Oz Minerals’ Antas Norte high‐grade copper mine, located just 20km away. With exploration moving forward rapidly at both projects, we’re looking forward to a solid few months of quality news flow.”

The Itapitanga Phase 1 Drill Program

The Phase 1 program included 155 vertical drill holes for a total of 4,309m of Reverse Circulation drilling. Drilling has culminated in the identification of four significant mineralised targets, with the key target being the Northern Target which remains open in multiple directions.

The Exploration Target 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.

The Exploration Target estimate for the Itapitanga Project comprises between 280,000‐495,000 tonnes of nickel, 24,500‐54,000 tonnes of cobalt and 965‐2,065 tonnes of scandium oxide. Full details of the Exploration Target estimate are set out below and are summarised in Table 4.

The Company plans to update the Exploration Target for the Itapitanga Project once it has received the final results for scandium and precious metals and completed the geological interpretation for the project, which is expected in the next few weeks.

The high grade nature of both the nickel and the cobalt combined makes for highly valuable mineralisation. Furthermore, processing testwork has demonstrated that the Itapitanga mineralisation is amenable to multiple leaching processes, with metal extractions for nickel consistently over 98% and cobalt over 94%.

Listed below are the 20 best intercepts for the Itapitanga Project with a nickel equivalent grade to demonstrate the quality of the combined high‐grade nickel and cobalt mineralisation over broad intersections. The nickel equivalent (“Nieq”) calculation assumes a nickel price of US$13,500/t and a cobalt price of US$65,000/t and assumes recoveries of 98% for nickel and 94% for cobalt (refer to Itapitanga Metallurgical Results, ASX Announcement 10 July 2018).

The scandium mineralisation has not been considered in the nickel equivalent calculations as scandium results are so far only available for about half of the drilling.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Intersections were arrived at using a 0.50% nickel or 0.08% cobalt cut‐off and 2m maximum internal waste:

• 10.0m @ 1.03% nickel and 0.21% cobalt (1.95% Nieq) from surface in ITAP‐RC‐18‐025;

• 14.0m @ 1.73% nickel and 0.05% cobalt (1.93% Nieq) from 4.0m in ITAP‐RC‐18‐011 ;

• 30.0m @ 1.48% nickel and 0.09% cobalt (1.84% Nieq) from 10.0m in ITAP‐RC‐18‐128;

• 13.0m @ 1.08% nickel and 0.17% cobalt (1.81% Nieq) from 2.0m in ITAP‐RC‐18‐001;

• 12.0m @ 0.94% nickel and 0.19% cobalt (1.80% Nieq) from 2.0m in ITAP‐RC‐18‐002;

• 32.0m @ 1.02% nickel and 0.13% cobalt (1.57% Nieq) from surface in ITAP‐RC‐18‐127;

• 18.0m @ 1.05% nickel and 0.11% cobalt (1.52% Nieq) from surface in ITAP‐RC‐18‐004 ;

• 20.0m @ 0.98% nickel and 0.11% cobalt (1.47% Nieq) from 2.0m in ITAP‐RC‐18‐092 ;

• 26.0m @ 1.23% nickel and 0.06% cobalt (1.46% Nieq) from 5.0m in ITAP‐RC‐18‐129;

• 21.0m @ 1.01% nickel and 0.09% cobalt (1.38% Nieq) from surface in ITAP‐RC‐18‐138;

• 15.0m @ 1.06% nickel and 0.07% cobalt (1.34% Nieq) from 12.0m in ITAP‐RC‐18‐150 ;

• 19.0m @ 1.04% nickel and 0.07% cobalt (1.32% Nieq) from surface in ITAP‐RC‐18‐046;

• 16.0m @ 1.05% nickel and 0.06% cobalt (1.32% Nieq) from 1.0m in ITAP‐RC‐18‐140;

• 33.0m @ 0.77% nickel and 0.12% cobalt (1.31% Nieq) from surface in ITAP‐RC‐18‐139;

• 24.0m @ 0.94% nickel and 0.08% cobalt (1.27% Nieq) from surface in ITAP‐RC‐18‐006 ;

• 30.0m @ 0.90% nickel and 0.04% cobalt (1.05% Nieq) from 12.0m in ITAP‐RC‐18‐114 ;

• 21.0m @ 0.75% nickel and 0.06% cobalt (1.02% Nieq) from 4.0m in ITAP‐RC‐18‐089;

• 30.0m @ 0.92% nickel and 0.02% cobalt (0.99% Nieq) from 10.0m in ITAP‐RC‐18‐042 ;

• 28.0m @ 0.74% nickel and 0.05% cobalt (0.96% Nieq) from surface in ITAP‐RC‐18‐136 ; and

• 23.0m @ 0.81% nickel and 0.03% cobalt (0.91% Nieq) from 5.0m in ITAP‐RC‐18‐078.

Importantly all these intersections commence at, or very close to, surface with very little overburden sitting above the currently outlined Exploration Target, which bodes well for a low strip open pit mining case.

Figure 1 below shows the location of significant intersections from the current batch of assay results as well as the aforementioned intersections. Tables 1 and 2 include the full set of RC drill results received from the Itapitanga Project.

New Targets

While the RC drill rig is occupied on the Pebas Copper‐Gold Project, the Company is in the process of working up multiple new targets ahead of the next round of RC drilling.

Daniels’ Creek and Wetlands

It is clear that mineralised intercepts are broader and of higher nickel and cobalt grades at the ultramafic intrusion limits or in association with cross‐cutting structural features. These contacts and structures have facilitated the supergene process which furthers the concentration of the nickel and cobalt mineralisation.

This is best demonstrated at the Daniel’s Creek Fault zone, where the Project’s best intercepts were generated.

The high‐grade mineralisation extends beneath Daniel’s Creek between the North and South zones of the Northern Target. There is more than 300m of untested strike potential within the Daniel’s Creek Fault zone alone.

The current drilling permits do not allow RC drilling in this vegetated wetland. A hand‐held auger program is currently operating to test the area where access is possible (see Figure 1). Furthermore, the Company has lodged the appropriate applications for RC drilling of the vegetated wetland and is working with the local agencies to expedite this licence.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

The wetlands also cover the western margin of the Northern Target (see Figure 2). The mineralisation at the Northern Target remains open to the west and north‐west along the 3.5km strike extent of the target. The new drill licence application also covers these areas.

Figure 1 – Itapitanga Nickel‐Cobalt Project, Significant RC Drill Results (New results are in white boxes; previously released results are in grey, scandium results are not shown).

==> picture [414 x 585] intentionally omitted <==

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Figure 2 – Itapitanga Nickel‐Cobalt Project ‐ Additional auger drilling (Completed RC holes – green circles; Planned Auger holes – yellow triangles)

==> picture [336 x 475] intentionally omitted <==

Undercover Targets

Drill‐hole ITAP‐RC‐18‐114, located at the northernmost extremity of the Northern Target, returned an intersection of 30.0m @ 0.90% Ni and 0.04% Co from 12.0m. The significance of this intersection is that the nickel‐cobalt mineralisation was intersected beneath the saprolite of the granite country rock, meaning that either the ultramafic intrusion (the nickel‐cobalt mineralisation protore) dips beneath the granite or a structure has displaced the ultramafic below the granite.

The depth of weathering in the region is generally around 50m but can extend to over 100m, and this opens up the opportunity for undiscovered high‐grade nickel‐cobalt laterite mineralisation to be located underneath a granitic (or other host rock) overburden, but still within the weathered profile.

Previously, the Company had tested the limits of the mineralisation with hand‐held auger drills and when granite was intersected, the auger holes would not have advanced more than 4‐5m into the rock and certainly did not test what mineralisation might have existed beneath the granite.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Furthermore, RC drill holes in the Phase 1 program were drilled down to 10‐15m in the granite and then stopped. Most of these holes were still in the weathered horizon of the granite, which provides the opportunity to return and drill deeper to assess the extent of any nickel‐cobalt mineralisation below the granite.

Aeromagnetic surveys are the best tool for locating these zones, as the ultramafic intrusions which are the protores for the nickel‐cobalt mineralisation are more magnetic than the granite host. A second phase of RC drilling will therefore be planned to test outside the limits of the existing Exploration Target where the magnetic anomaly extends beyond the current mineralisation limits (see Figure 2).

Regional Targets

The Company has identified multiple nickel‐cobalt laterite targets within a 50km radius of the Itapitanga Project and has advanced the process of identifying and approaching the relevant tenement holders.

Precious Metals Targets

The exploration team will also conduct a detailed mapping and soil sampling program around the recently identified precious metal targets. ITAP‐RC‐18‐076 returned the best PGM intersection at the eastern limit of the Western Target of 4m at 0.42 g/t PGMs (platinum and palladium) within a broader zone of 17m at 0.21 g/t PGMs. There have also been a number of small gold intersections including 2m at 0.31 g/t gold. For more details on these precious metal targets, see the Company’s ASX Announcement of 10 August 2018.

The Company plans to kick off the Phase 2 drill program at the Itapitanga Project after drilling is completed at the Pebas Copper‐Gold Project and all the necessary RC drilling licences have been secured. The Phase 2 program plans to build on the current Exploration Target (exploratory drilling) and increase the confidence in the project (resource definition drilling) to allow for the estimation of a maiden JORC Mineral Resource.

Acquisition Payment

As a result of the excellent exploration results received to date at the Itapitanga Nickel‐Cobalt Project and the prospectivity of the region for further discoveries and extensions, the Company has made the final fixed acquisition payment of R$500,000 (~A$167,000) to the vendor of the Project. As the Project progresses the vendor may receive further milestone payments based on the delivery of key value adding milestones at the project.

‐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

==> picture [52 x 33] intentionally omitted <==

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

								Significant Intersections	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 %	Scg/t**
ITAP‐RC‐18‐138 ITAP‐RC‐18‐139 ITAP‐RC‐18‐140 ITAP‐RC‐18‐141 ITAP‐RC‐18‐142 ITAP‐RC‐18‐143 ITAP‐RC‐18‐144 ITAP‐RC‐18‐145 ITAP‐RC‐18‐146 ITAP‐RC‐18‐147 ITAP‐RC‐18‐148 ITAP‐RC‐18‐149 ITAP‐RC‐18‐150 ITAP‐RC‐18‐151 ITAP‐RC‐18‐152 ITAP‐RC‐18‐153 ITAP‐RC‐18‐154 ITAP‐RC‐18‐155	Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Southern Southern Southern	386247 386296 386445 386384 385780 385766 385779 385868 387631 387599 387561 387396 387356 386626 386530 387699 388096 388112	9297668 9297651 9297662 9297594 9297414 9296848 9296806 9296838 9299609 9299646 9299473 9299454 9299626 9298162 9298127 9296406 9296487 9296435	208 217 208 210 197 197 197 199 208 208 212 215 215 199 198 205 208 210	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	31 including_ 43 _including 34 including_ 39 24 and 18 _including 23 19 31 30 21 20 31 including* 5 33 25 21 15	0 21 21 1.01 0.09 0 12 12 0.83 0.14 0 33 33 0.77 0.12 0 15 15 0.92 0.22 1 17 16 1.05 0.06 1 8 7 0.77 0.12 4 19 15 0.71 0.06 0 4 4 0.73 0.11 11 17 6 0.61 0.01 1 12 11 0.56 0.04 1 4 3 0.70 0.10 4 8 4 0.65 0.03 4 7 3 0.59 0.08 24 30 6 0.57 0.03 8 14 6 0.84 0.05 5 20 15 1.06 0.07 5 9 4 0.61 0.14 23 26 3 0.53 0.02 No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection

Significant Intersections considered a 0.50 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste.

• *Significant Intersections considered a 20 g/t scandium cut‐off and 2m maximum internal waste.

• **ICP assay results (scandium) only received up to ITAP‐RC‐18‐084

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Table 2– Itapitanga Nickel‐Cobalt Project – Previously Released RC drill results

Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Table 2– Itapitanga Nickel‐Cobalt Project –	Previously Released RC drill results	Previously Released RC drill results	Previously Released RC drill results	Previously Released RC drill results	Previously Released RC drill results	Previously Released RC drill results
								Significant Intersections
Hole ID		Easting	Northing	mRL	Azi	Dip	Depth	From(m)	To(m)	Interval(m)	Ni %	Co %	Scg/t**
ITAP‐RC‐18‐001 ITAP‐RC‐18‐002 ITAP‐RC‐18‐003 ITAP‐RC‐18‐004 ITAP‐RC‐18‐005 ITAP‐RC‐18‐006 ITAP‐RC‐18‐007 ITAP‐RC‐18‐008 ITAP‐RC‐18‐009 ITAP‐RC‐18‐010 ITAP‐RC‐18‐011 ITAP‐RC‐18‐012 ITAP‐RC‐18‐013 ITAP‐RC‐18‐014 ITAP‐RC‐18‐015 ITAP‐RC‐18‐016 ITAP‐RC‐18‐017 ITAP‐RC‐18‐018 ITAP‐RC‐18‐019 ITAP‐RC‐18‐020 ITAP‐RC‐18‐021 ITAP‐RC‐18‐022 ITAP‐RC‐18‐023 ITAP‐RC‐18‐024 ITAP‐RC‐18‐025 ITAP‐RC‐18‐026 ITAP‐RC‐18‐027 ITAP‐RC‐18‐028 ITAP‐RC‐18‐029 ITAP‐RC‐18‐030 ITAP‐RC‐18‐031 ITAP‐RC‐18‐032 ITAP‐RC‐18‐033 ITAP‐RC‐18‐034 ITAP‐RC‐18‐035 ITAP‐RC‐18‐036 ITAP‐RC‐18‐037 ITAP‐RC‐18‐038 ITAP‐RC‐18‐039 ITAP‐RC‐18‐040 ITAP‐RC‐18‐041 ITAP‐RC‐18‐042 ITAP‐RC‐18‐043 ITAP‐RC‐18‐044 ITAP‐RC‐18‐045 ITAP‐RC‐18‐046 ITAP‐RC‐18‐047 ITAP‐RC‐18‐048	Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Southern Southern	386087 386114 386152 386229 386307 385914 385990 386067 386144 386219 386296 386335 385816 385896 385973 386049 386126 386163 385963 385887 385810 385768 385782 385831 386635 386559 386479 386444 386967 386886 386812 386736 386660 386585 386549 387182 387109 387033 386952 386881 386804 386687 387133 387208 387290 387325 387687 387674	9297696 9297676 9297645 9297580 9297517 9297587 9297523 9297459 9297395 9297330 9297267 9297234 9297401 9297338 9297272 9297209 9297146 9297113 9297023 9297088 9297152 9297201 9296911 9296871 9298288 9298350 9298418 9298451 9298531 9298594 9298659 9298723 9298787 9298853 9298885 9298870 9298934 9298997 9299063 9299127 9299190 9299288 9299433 9299369 9299305 9299271 9296476 9296524	205 213 212 217 221 211 221 219 217 223 221 222 210 211 212 214 219 223 214 209 207 206 203 205 210 210 209 208 212 211 206 206 205 203 203 211 211 215 218 215 210 213 219 223 226 227 202 203	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	25 19 32 30 including_ 35 44 _including 31 including_ 28 _including 25 35 32 37 including_ 25 _including 30 including_ 20 25 _including 30 33 including_ 31 60 38 25 _including 24 24 30 including_ 24 _including 13 including_ 18 _including 30 43 including_ 17 _including 21 including_ 19 18 19 40 _including 25 23 including_ 20 _including 25 28 49 including_ 28 _including 25 28 including_ 37 _including 40 46	2 15 13 1.08 0.17 19.4 2 14 12 0.94 0.19 32.7 2 11 9 0.77 0.23 35.3 0 18 18 1.05 0.11 16.8 0 16 16 1.06 0.12 17.8 1 16 15 0.93 0.07 18.4 0 24 24 0.94 0.08 10.7 0 11 11 0.85 0.13 13.0 0 13 13 0.87 0.12 20.0 0 11 11 0.92 0.14 22.3 0 10 10 0.76 0.09 18.3 0 8 8 0.74 0.11 22.3 5 10 5 0.70 0.01 30.8 4 13 9 0.90 0.04 8.9 4 18 14 1.73 0.05 14.2 7 12 5 1.48 0.05 24.8 7 10 3 1.81 0.08 32.3 0 8 8 0.67 0.08 23.7 0 8 8 0.67 0.08 23.7 0 8 8 0.97 0.12 25.0 0 8 8 0.97 0.12 25.0 0 8 8 1.16 0.03 5.0 0 10 10 0.82 0.04 8.4 1 4 3 0.48 0.08 19.3 1 11 10 0.88 0.03 4.2 4 9 5 0.74 0.10 31.4 4 9 5 0.74 0.10 31.4 1 11 10 0.70 0.03 7.3 2 10 8 0.71 0.08 8.9 0 10 10 0.59 0.04 8.2 1 5 4 0.60 0.08 9.6 4 13 9 0.82 0.02 5.2 6 22 16 0.55 0.02 4.4 0 10 10 1.03 0.21 22.7 0 10 10 1.03 0.21 22.7 1 15 14 0.73 0.09 16.3 1 11 10 0.70 0.11 22.6 3 9 6 0.91 0.07 28.7 4 8 4 1.06 0.08 32.8 4 9 5 1.10 0.05 27.0 5 7 2 0.93 0.08 24.5 0 15 15 0.61 0.05 6.2 0 8 8 0.55 0.08 6.8 0 6 6 0.59 0.09 13.0 0 6 6 0.59 0.09 13.0 0 8 8 0.59 0.06 11.8 0 4 4 0.49 0.10 18.5 4 10 6 0.83 0.07 17.8 4 10 6 0.54 0.04 17.8 4 8 4 0.54 0.02 7.9 0 10 10 0.98 0.04 15.0 2 4 2 0.59 0.08 24.0 0 4 4 0.55 0.07 24.5 0 4 4 0.51 0.08 16.0 0 4 4 0.51 0.08 16.0 0 10 10 0.90 0.04 6.8 0 2 2 0.68 0.08 15.5 0 10 10 0.76 0.04 8.5 3 8 5 0.61 0.04 14.8 10 40 30 0.92 0.02 15.4 10 12 2 0.54 0.08 49.0 3 14 11 1.05 0.04 11.2 5 9 4 1.84 0.09 16.3 6 11 5 0.52 0.03 7.7 4 9 5 1.02 0.09 21.7 4 9 5 1.02 0.09 21.7 0 19 19 1.04 0.07 21.2 2 12 10 0.69 0.09 24.2 8 10 2 0.54 0.04 11.5 5 8 3 0.46 0.09 13.3 No Significant Intersection No Significant Intersection	15 14 11 18 16 16 24 11 13 11 10 8 10 13 18 12 10 8 8 8 8 8 10 4 11 9 9 11	13 12 9 18 16 15 24 11 13 11 10 8 5 9 14 5 3 8 8 8 8 8 10 3 10 5 5 10	1.08 0.94 0.77 1.05 1.06 0.93 0.94 0.85 0.87 0.92 0.76 0.74 0.70 0.90 1.73 1.48 1.81 0.67 0.67 0.97 0.97 1.16 0.82 0.48 0.88 0.74 0.74 0.70	0.17 0.19 0.23 0.11 0.12 0.07 0.08 0.13 0.12 0.14 0.09 0.11 0.01 0.04 0.05 0.05 0.08 0.08 0.08 0.12 0.12 0.03 0.04 0.08 0.03 0.10 0.10 0.03

Significant Intersections considered a 0.50 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste.

• *Significant Intersections considered a 20 g/t scandium cut‐off and 2m maximum internal waste.

• **ICP assay results (scandium) only received up to ITAP‐RC‐18‐084

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Table 2 (continued) – Itapitanga Nickel‐Cobalt Project – Previously Released RC drill results

								Significant Intersections	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 %	Scg/t**
ITAP‐RC‐18‐049 ITAP‐RC‐18‐050 ITAP‐RC‐18‐051 ITAP‐RC‐18‐052 ITAP‐RC‐18‐053 ITAP‐RC‐18‐054 ITAP‐RC‐18‐055 ITAP‐RC‐18‐056 ITAP‐RC‐18‐057 ITAP‐RC‐18‐058 ITAP‐RC‐18‐059 ITAP‐RC‐18‐060 ITAP‐RC‐18‐061 ITAP‐RC‐18‐062 ITAP‐RC‐18‐063 ITAP‐RC‐18‐064 ITAP‐RC‐18‐065 ITAP‐RC‐18‐066 ITAP‐RC‐18‐067 ITAP‐RC‐18‐068 ITAP‐RC‐18‐069 ITAP‐RC‐18‐070 ITAP‐RC‐18‐071 ITAP‐RC‐18‐072 ITAP‐RC‐18‐073 ITAP‐RC‐18‐074 ITAP‐RC‐18‐075 ITAP‐RC‐18‐076 ITAP‐RC‐18‐077 ITAP‐RC‐18‐078 ITAP‐RC‐18‐079 ITAP‐RC‐18‐080 ITAP‐RC‐18‐081 ITAP‐RC‐18‐082 ITAP‐RC‐18‐083* ITAP‐RC‐18‐084 ITAP‐RC‐18‐085 ITAP‐RC‐18‐086 ITAP‐RC‐18‐087 ITAP‐RC‐18‐088 ITAP‐RC‐18‐089 ITAP‐RC‐18‐090 ITAP‐RC‐18‐091 ITAP‐RC‐18‐092 ITAP‐RC‐18‐093 ITAP‐RC‐18‐094 ITAP‐RC‐18‐095 ITAP‐RC‐18‐096 ITAP‐RC‐18‐097 ITAP‐RC‐18‐098 ITAP‐RC‐18‐099 ITAP‐RC‐18‐100 ITAP‐RC‐18‐101	Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Southern Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Western Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern	387661 387648 387635 387616 387258 387239 387228 386865 386852 386840 386901 386912 386495 386505 386519 386175 386184 384311 384414 384313 384408 384516 384315 384413 384516 384419 384309 384511 384515 384415 384315 384368 384472 384572 384619 384318 384322 384416 387786 387743 387521 387482 387445 387406 387375 387297 387224 386926 386890 386969 387044 387122 387193	9296572 9296621 9296669 9296721 9296523 9296568 9296616 9296438 9296477 9296517 9296314 9296269 9296258 9296213 9296167 9295918 9295868 9297075 9297076 9297276 9297277 9297278 9297476 9297478 9297477 9297676 9297675 9297075 9296879 9296877 9296875 9296675 9296677 9296869 9297276 9296678 9297873 9297844 9299665 9299701 9299501 9299534 9299567 9299594 9299497 9299548 9299621 9299344 9299381 9299312 9299252 9299183 9299119	205 210 215 208 199 199 199 197 198 198 201 201 200 202 203 209 210 214 215 214 213 213 212 211 210 214 213 216 213 213 213 210 212 213 213 210 212 212 208 222 213 213 213 220 218 216 209 202 216 210 213 212 212	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	40 42 39 including_ 46 40 43 31 25 8 11 20 25 20 24 39 25 34 31 18 35 31 _including 35 25 25 including_ 17 27 55 _including 34 31 28 including_ 24 23 20 22 37 25 _including 16 15 19 13 39 including_ 34 37 _including 40 including_ 37 _including 25 19 28 17 22 20 19 26	7 11 4 0.57 0.10 12.8 3 7 4 0.58 0.06 24.5 5 7 2 0.67 0.11 25.0 9 18 9 0.66 0.03 15.3 6 9 3 0.62 0.02 6.0 8 12 4 0.54 0.02 7.9 4 25 21 0.14 0.01 41.1 4 11 7 0.54 0.09 16.8 7 10 3 0.38 0.08 24.0 5 10 5 0.99 0.01 14.0 3 10 7 0.98 0.05 25.6 7 9 2 0.51 0.03 9.3 4 13 9 0.70 0.03 8.7 4 7 3 0.71 0.08 17.0 2 5 3 0.50 0.05 30.7 2 9 7 0.67 0.08 18.0 0 19 19 0.69 0.05 10.9 0 10 10 0.85 0.08 17.9 3 20 17 0.74 0.03 12.3 3 7 4 0.54 0.08 18.5 0 17 17 0.18 0.02 30.1 4 19 15 0.90 0.05 21.8 5 28 23 0.81 0.03 11.6 3 7 4 0.51 0.08 30.0 4 8 4 1.13 0.04 26.0 5 11 6 0.74 0.12 28.7 0 30 30 0.14 0.01 26.5 4 17 13 0.60 0.06 5 12 7 0.66 0.08 4 25 21 0.75 0.06 4 20 16 0.72 0.08 3 6 3 0.20 0.08 3 20 17 0.67 0.06 3 14 11 0.74 0.10 2 22 20 0.98 0.11 2 14 12 0.79 0.18 3 10 7 1.31 0.06 3 7 4 1.33 0.09 0 6 6 0.40 0.14 2 10 8 0.65 0.06 6 18 12 0.65 0.02 0 6 6 0.62 0.03 0 7 7 0.66 0.04 1 5 4 0.51 0.08 0 7 7 0.61 0.09 No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection
ITAP‐RC‐18‐102 ITAP‐RC‐18‐103 ITAP‐RC‐18‐104 ITAP‐RC‐18‐105 ITAP‐RC‐18‐106 ITAP‐RC‐18‐107	Northern Northern Northern Northern Northern Northern	387270 387055 387093 386980 386900 386821	9299053 9298719 9298686 9298784 9298846 9298909	212 209 210 210 210 209	0 0 0 0 0 0	‐90 ‐90 ‐90 ‐90 ‐90 ‐90	31 including_ 27 16 15 _including 14 including_ 12 _including	0 10 10 1.44 0.05 2 6 4 1.49 0.08 0 8 8 1.19 0.07 0 8 8 0.86 0.10 0 8 8 0.86 0.10 0 10 10 0.85 0.05 0 5 5 0.99 0.09 0 8 8 0.90 0.03 0 2 2 1.14 0.08 No Significant Intersection

Significant Intersections considered a 0.50 % nickel or 0.08% cobalt cut‐off and 2m maximum internal waste.

*Significant Intersections considered a 20 g/t scandium cut‐off and 2m maximum internal waste.

• **ICP assay results (scandium) only received up to ITAP‐RC‐18‐084

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Table 2 (continued) – Itapitanga Nickel‐Cobalt Project – Previously Released RC drill results

								Significant Intersections	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 %	Scg/t**
ITAP‐RC‐18‐108 ITAP‐RC‐18‐109 ITAP‐RC‐18‐110 ITAP‐RC‐18‐111 ITAP‐RC‐18‐112 ITAP‐RC‐18‐113 ITAP‐RC‐18‐114 ITAP‐RC‐18‐115 ITAP‐RC‐18‐116 ITAP‐RC‐18‐117 ITAP‐RC‐18‐118 ITAP‐RC‐18‐119 ITAP‐RC‐18‐120 ITAP‐RC‐18‐121 ITAP‐RC‐18‐122 ITAP‐RC‐18‐123 ITAP‐RC‐18‐124 ITAP‐RC‐18‐125 ITAP‐RC‐18‐126 ITAP‐RC‐18‐127 ITAP‐RC‐18‐128 ITAP‐RC‐18‐129 ITAP‐RC‐18‐130 ITAP‐RC‐18‐131 ITAP‐RC‐18‐132 ITAP‐RC‐18‐133 ITAP‐RC‐18‐134 ITAP‐RC‐18‐135 ITAP‐RC‐18‐136 ITAP‐RC‐18‐137	Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern Northern	386748 386672 386638 386733 386646 387585 387546 387509 386496 386528 386604 386678 386759 386836 386603 386529 386452 386418 386402 386353 386474 386507 386473 386424 386387 386516 386555 386548 386303 386249	9298975 9299037 9299067 9299254 9299329 9299580 9299613 9299642 9298673 9298632 9298566 9298507 9298438 9298376 9298180 9298247 9298314 9298331 9297692 9297724 9297744 9297803 9297830 9297783 9297807 9297702 9297766 9297677 9297749 9297773	208 207 201 220 214 216 217 217 205 207 208 205 207 205 201 196 220 220 210 221 220 215 206 206 205 211 205 209 209 200	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	21 21 24 including_ 28 16 25 52 37 19 28 14 _including 14 19 including_ 29 31 23 _including 23 including_ 19 37 _including 39 including_ _including 49 including_ 46 _including 31 40 and 30 36 15 25 30 including* 25	0 4 4 0.56 0.02 2 6 4 0.75 0.05 3 9 6 1.00 0.06 3 5 2 0.78 0.08 12 16 4 0.97 0.03 12 42 30 0.90 0.04 4 11 7 0.60 0.02 2 5 3 0.71 0.01 5 9 4 0.83 0.09 5 9 4 0.83 0.09 4 8 4 0.68 0.02 0 10 10 0.70 0.10 1 6 5 0.74 0.15 10 12 2 0.69 0.01 3 20 17 0.72 0.02 2 5 3 0.70 0.01 3 5 2 0.44 0.12 2 5 3 0.47 0.10 2 5 3 0.47 0.10 0 4 4 0.64 0.09 18 26 8 0.67 0.04 0 2 2 0.35 0.08 0 32 32 1.02 0.13 4 22 18 1.16 0.20 4 14 10 1.18 0.28 10 40 30 1.48 0.09 10 22 12 1.58 0.10 5 31 26 1.23 0.06 11 15 4 0.62 0.09 1 13 12 1.03 0.10 6 10 4 0.94 0.01 21 28 7 0.77 0.01 4 18 14 0.63 0.02 7 13 6 0.59 0.05 0 28 28 0.74 0.05 0 11 11 0.70 0.12 No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection No Significant Intersection
Significant Intersections considered a 0.50 % nickel or 0.08% cobalt cut‐off and 2m maximum internal Significant Intersections considered a 20 g/t scandium cut‐off and 2m maximum internal waste. *ICP assay results (scandium) only received up to ITAP‐RC‐18‐084								waste.

Table 3 – Itapitanga Nickel‐Cobalt Project – RC drill results (Precious metals)

								Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections	Significant Intersections
Hole ID		Easting	Northing	mRL	Azi	Dip	Depth	From(m)	To(m)	Interval(m)	Aug/t	Ptg/t	Pdg/t
ITAP‐RC‐18‐003 ITAP‐RC‐18‐025 ITAP‐RC‐18‐034 ITAP‐RC‐18‐042 ITAP‐RC‐18‐054 ITAP‐RC‐18‐062 ITAP‐RC‐18‐064 ITAP‐RC‐18‐076	Northern Northern Northern Northern Southern Southern Southern Western	386152 386635 386585 386687 387239 386505 386175 384511	9297645 9298288 9298853 9299288 9296568 9296213 9295918 9297075	212 210 203 213 199 202 209 216	0 0 0 0 0 0 0 0	‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90 ‐90	32 30 18 49 43 29 25 34 including	15 4 1 16 5 5 10 0 3	16 5 4 19 6 8 12 17 7	1 1 3 3 1 3 2 17 4	0.27 0.35 0.01 0.01 0.13 0.01 0.31 0.01 0.03	0.01 0.01 0.10 0.09 0.01 0.01 0.01 0.13 0.29	0.01 0.01 0.06 0.11 0.01 0.24 0.01 0.08 0.13
Significant Intersections considered a 0.1 g/t Au or 0.1 g/t PGMs cut‐off

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

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.

==> picture [336 x 439] intentionally omitted <==

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

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Detail of the Itapitanga Exploration Target

The Itapitanga Exploration Target tonnage and grade potential is based on the following data:

• An extensive RC and auger drilling database for mineralisation width, depth and grade ranges across the three main targets. The Northern target has been separated into two targets for the purpose of the tonnage and grade estimation;

• The width of mineralisation is primarily based on the RC drilling. The lower range is a conservative estimate of mineralisation intersected to date. The upper range recognises the potential for additional mineralisation where the targets remain open, mainly along the western limits of the Northern target as well as the gap between the northern and southern zones of the Northern Target;

• The grade ranges for nickel and cobalt are based on the nickel and cobalt grades intersected in the auger and RC drilling received up to drill hole 103 (2,943 metres);

• The grade ranges for scandium are based on the scandium grades intersected in the RC drilling for drill holes ITAP‐RC‐18‐001 to ITAP‐RC‐18‐083. The grade range considers only the scandium grade that is coincident with the nickel‐cobalt mineralised zones;

• This first phase of RC drilling was completed primarily on 200m line spacing with 100m between drill holes. There are localised cases where the section spacing is 400m or 100m. There are also localised cases of 50m between holes on section;

• Surface mapping, soil sampling and geophysical images for interpretation of areas that have not been drill tested due to access issues;

• A dry bulk density value of 1.5 t/m[3] , based on tests completed on in‐situ mineralisation; and

• A digital terrain model from SRTM survey (30m resolution).

The Itapitanga Nickel‐Cobalt Project preliminary Exploration target results are outlined in Table 4 below.

Table 4 – Itapitanga Project Exploration Target Potential Estimate

Target	Tonnage Range (Mt)	Tonnage Range (Mt)	**Ni% Range **	**Ni% Range **	**Co% Range **	**Co% Range **	**Scg/t **	**Range **
	Lower	Upper	Lower	Upper	Lower	Upper	Lower	Upper
Northern(north of Daniel’s Creek)	16	19	0.80	1.10	0.06	0.11	18	25
Northern(south of Daniel’s Creek)	13	16	0.85	1.20	0.08	0.14	18	35
Southern	3	5	0.60	0.70	0.05	0.09	18	25
Western	3	5	0.75	1.00	0.05	0.09	18	30
Total	35	45	0.80	1.10	0.07	0.12	18	30

*Rounding differences may occur.

The Exploration Target estimate for the Itapitanga Project comprises between 280,000‐495,000 tonnes of nickel, 24,500‐54,000 tonnes of cobalt and 965‐2,065 tonnes of scandium oxide. The in‐situ metal content estimation includes no metallurgical or other recovery factors.

The Company plans to update the Exploration Target for the Itapitanga Project once it has received the final results for Scandium and precious metals and completed the geological interpretation, expected in the next few weeks.

The map in Figure 4 below shows the surface expression of the Exploration Targets limits. Much of the western limit of the Northern Target is either inaccessible due to wetlands or in vegetated areas (where drilling is not permitted under the current drilling license). Only a portion of this area has been included in the Exploration Target.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Together with the western limit of the Northern Target there are multiple un‐tested nickel‐cobalt mineralisation targets that have been identified through mapping, soil sampling and geophysical interpretation. Where these areas could not be tested as part of the recent RC drill program, the Company plans to test them with its hand‐ held auger drills. Centaurus is also in the process of obtaining the drilling licenses required for the wetland and vegetated areas.

Once the Phase 2 drilling has been completed a maiden resource estimate should be able to be prepared. The timing of the drilling will be dependent on the timing of securing the RC drill licence for the wetland and vegetated areas and in turn the timing of the drilling will impact the timing of when a resource estimate can be prepared.

Figure 4 – The Itapitanga Project Exploration Target Area

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 66] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

==> picture [365 x 67] intentionally omitted <==

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

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.
Verification of sampling		All samples were collected byCentaurus fieldgeologists. All assayresults were verified byalternative

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

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 is being 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 tenements are part of an agreement where Centaurus has paid R$150k (~A$50k) over the last
		six months and has recently paid a further R$500k (~A$167k) as the final fixed payment due under
		the Purchase Agreement. Further, milestone payments to the vendor may be made ‐ 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 drill holes for a total of 4,309m drilled.
		Refer to Tables 1, 2 and 3 for full list of significant intersections and RC hole data from recent and
		previouslyannounced 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.
		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 intersections can be found in the drill hole results in Tables 1, 2 and 3.
		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 10 July2018).
Relationship between		All RC holes are vertical and have intersected the complete mineralisation profile into the underlying
mineralisation widths and		un‐mineralised protore. It is considered the holes are 90° to mineralisation and therefore
intercept lengths		intersections are considered to be of true width.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

==> picture [52 x 33] intentionally omitted <==

Criteria	Commentary	Commentary
Diagrams		Refer to Figures 1‐4.
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 underway 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.