CENTAURUS METALS LIMITED — Capital/Financing Update 2018

Jul 1, 2018

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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2 July 2018

WIDE ZONES OF HIGH‐GRADE NICKEL AND COBALT CONFIRM GROWING POTENTIAL OF ITAPITANGA DISCOVERY IN BRAZIL

Drilling outlines consistent mineralised zone over +3.5km strike length at Northern Target including high‐grade cobalt zone grading up to +1% Ni and +0.2% Co; Drilling continuing at Southern and Western Targets

• Drilling at Centaurus’ Itapitanga nickel‐cobalt discovery in northern Brazil has intersected more high‐ grade nickel‐cobalt mineralisation from surface. The latest results include:

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

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

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

• 14.0m @ 0.73% nickel and 0.09% cobalt from 1.0m in ITAP‐RC‐18‐026 ;

• 11.0m @ 1.05% nickel and 0.04% cobalt from 3.0m in ITAP‐RC‐18‐043; and

• 10.0m @ 0.98% nickel and 0.04% cobalt from surface in ITAP‐RC‐18‐036 .

• The new results are consistent with previously released results (see ASX Release of 29 May 2018) from the Northern Target which included:

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

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

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

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

• 12.0m @ 0.94% nickel and 0.19% cobalt from 2.0m in ITAP‐RC‐18‐002 .

• Within the broad zones of mineralisation reported to date, a clear high‐grade cobalt zone (at 0.08% Co cut‐off) has been defined which generally starts at or very close to surface. Better intersections in this zone include:

• 9.0m @ 0.77% nickel and 0.23% cobalt from 2.0m in ITAP‐RC‐18‐003;

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

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

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

• 11.0m @ 0.92% nickel and 0.14% cobalt from surface in ITAP‐RC‐18‐007;

• 11.0m @ 0.85% nickel and 0.13% cobalt from surface in ITAP‐RC‐18‐006;

• 16.0m @ 1.06% nickel and 0.12% cobalt from surface in ITAP‐RC‐18‐004;

• 8.0m @ 0.97% nickel and 0.12% cobalt from surface in ITAP‐RC‐18‐014; and

• 10.0m @ 0.70% nickel and 0.11% cobalt from 1.0m in ITAP‐RC‐18‐026.

• Results have been received from the first 46 holes from the Northern Target, which now has a total strike length of +3.5km with section widths up to 650m and remains open to the west and north‐west.

• The Southern Target (strike length of over 2.0km and up to 400m wide) and the newly identified Western Target (strike length of 1.0km and up to 200m wide) are now being drilled.

• Itapitanga is located just 15km from Anglo American’s world‐class Jacaré nickel‐cobalt deposit.

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 9420 4000 Belo Horizonte ‐ MG ‐ CEP: 30.494.275 BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Centaurus Metals (ASX Code: CTM) is pleased to advise that ongoing Reverse Circulation (RC) drilling at the Itapitanga Nickel‐Cobalt Project in northern Brazil has delivered further strong nickel‐cobalt intersections, highlighting the growing scale and potential of the emerging high‐grade discovery.

Recent results demonstrate that the Northern Target mineralisation (the first area to be drilled) is up to 30m thick, extends over a strike length of 3.5km, and has section widths of up to 650m (refer Figure 1). The nickel grade of the mineralisation is very strong across the mineralised zone with thick and consistent intervals of over 0.90% nickel encountered. In addition, there are multiple +10m‐deep high‐grade cobalt zones where the grade runs over 0.12% Co.

Drilling has now moved onto the Southern Target and newly‐identified Western Target. The Southern Target is a +2.0km long magnetic feature which is locally up to 400m wide where previous auger drilling intersected nickel‐ cobalt mineralisation. The Western Target , identified from soil sampling, is a newly discovered area that is over 1.0km long and up to 200m wide and remains to be tested (see Figure 2).

Figure 1 – The Itapitanga Nickel‐Cobalt Project – Significant RC Drill Results (New results are in white boxes, previously released results are in grey boxes).

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Northern Target

The recent drill results from the Northern Target demonstrate the quality and consistency in both grade and thickness of the nickel and cobalt mineralisation from surface (or near‐surface) over an extensive area. The target now has a strike extent of 3.5km, is up to 650m wide and remains open to the west and north‐west.

Drilling has intersected mineralised profiles up to 30m thick. The nickel grades are consistently above 0.90% nickel across the sections and the highest cobalt grades (+0.20% cobalt) are consistently encountered at or near‐surface, which bodes well for a low‐strip mining case.

Highlights of the new assay results from the Northern Target include the following intersections. Intersections were estimated using a 0.50% nickel or 0.08% cobalt cut‐off and 2m maximum internal waste (see Figure 1 and attached Table 1 for a full list of significant assay results):

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

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

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

• 14.0m @ 0.73% nickel and 0.09% cobalt from 1.0m in ITAP‐RC‐18‐026 ;

• 11.0m @ 1.05% nickel and 0.04% cobalt from 3.0m in ITAP‐RC‐18‐043 ;

• 15.0m @ 0.61% nickel and 0.05% cobalt from surface in ITAP‐RC‐18‐030 ;

• 10.0m @ 0.98% nickel and 0.04% cobalt from surface in ITAP‐RC‐18‐036; and

• 10.0m @ 0.90% nickel and 0.04% cobalt from surface in ITAP‐RC‐18‐039 ;

Within these broader intervals, there are consistent zones of higher‐grade cobalt mineralisation. The intervals below were estimated using a 0.08% cobalt cut‐off (see Table 1 for all significant assay results):

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

• 10.0m @ 0.70% nickel and 0.11% cobalt from 1.0m in ITAP‐RC‐18‐026 ;

• 8.0m @ 0.71% nickel and 0.08% cobalt from surface in ITAP‐RC‐18‐021 ;

• 10.0m @ 0.69% nickel and 0.09% cobalt from 2.0m in ITAP‐RC‐18‐046; and

• 5.0m @ 0.74% nickel and 0.10% cobalt from 4.0m in ITAP‐RC‐18‐018 ;

Importantly, the thickest mineralised zones (and often the zones carrying the highest nickel and cobalt grades) are found close to both structural features as well as at the limits of the ultra‐mafic intrusion (the protore of the laterite mineralisation).

This is especially evident in the central part of the Northern Target, where Daniel’s Creek splits the target (see Figure 1). This creek is interpreted to be a regional‐scale fault and is where the thickest and highest grade cobalt intersections have been identified either side of the fault.

There is currently an 800m gap between the sections hosting the highest cobalt grade intercepts: drill holes ITAP‐ RC‐18‐003 (9.0m @ 0.77% nickel and 0.23% cobalt) on the southern side of the creek, and ITAP‐RC‐18‐025 (10.0m @ 1.03% nickel and 0.21% cobalt) on the northern side of the creek.

The Company considers this 800m zone to be extremely prospective for additional high‐grade cobalt mineralisation. Assay results from the drill holes on the sections immediately north and south of Daniel’s Creek are shown below:

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

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

• 9.0m @ 0.77% nickel and 0.23% cobalt from 2.0m in ITAP‐RC‐18‐003 (South);

• 10.0m @ 0.70% nickel and 0.11% cobalt from 1.0m in ITAP‐RC‐18‐026 (North); and

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

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The RC rig is currently unable to access this area due to surface water levels. Landowners have indicated that these areas dry up by July and, in light of this, the Company will plan to drill these areas as soon as access allows.

Similar swampy ground also covers the western contact of the Northern Target, from drill hole ITAP‐RC‐18‐042 (30.0m @ 0.92% nickel and 0.02% cobalt) all the way down to the southern limit of the target. This area is also being monitored and will be drilled once access is available.

Southern and Western Target Drilling

Drilling is now progressing at the Southern Target, where previous auger drilling intersected the top of nickel‐ cobalt mineralisation under 5‐10m of overburden. The Southern Target is a +2.0km long magnetic feature, locally up to 400m wide. Additional drilling has been planned along the western extension of the Southern Target to test the lateral extent of the aeromagnetic signature.

Once drilling at the Southern Target is complete the RC rig will move across to the Western Target, where recent mapping and soil sampling by the exploration team has been successful in defining this target. The Western Target has around 1.0km of strike and is up to 200m wide within the Centaurus tenure, which abuts ground held to the west by Vale.

Figure 2 – The Itapitanga Project RC program – (CRPM Regional Aeromagnetic Image‐AS)

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Drilling productivity at Itapitanga has been good but assay laboratory turnaround times over the last month were impacted by a recent nationwide transport strike in Brazil, coupled with an increase in sample volume at the local sample preparation facility in Parauapebas. The laboratory has recently added an additional shift to help reduce the backlog and turnaround time.

Metallurgical Testing

The high‐grade nickel‐cobalt ferruginous laterite mineralisation found at the Itapitanga Project is considered highly amendable to both Atmospheric Acid Leach (AL) and High‐Pressure Acid Leach (HPAL) processing. Preliminary leach testwork on samples from the Northern Target is currently being conducted by Simulus Engineers in Perth.

Simulus Engineers is considered to be a specialist in the field of nickel‐cobalt laterite mineralisation, and is currently handling the testwork, pilot plant operations and process design project development activities for Australian Mines and Ardea Resources, amongst others. Initial results from the metallurgical testwork are expected shortly.

Management Comment

Centaurus’ Managing Director, Darren Gordon, said the Itapitanga Project was continuing to emerge as a substantial high‐grade nickel‐cobalt discovery with the potential to move rapidly towards definition of a JORC compliant Mineral Resource.

“The standout features so far include the consistency and grade of the wide zones of nickel‐cobalt mineralisation which have been encountered over a strike length of more than 3.5km at the Northern Target,” he said. “The drilling has also clearly defined a consistent zone of high‐grade cobalt starting at or very close to surface, which bodes well for any future mining activities.

“Interestingly, we are identifying the thickest intersections and highest cobalt grades around the deposit’s limits and along cross‐cutting structures. Most of these zones weren’t fully tested by the auger drilling earlier this year due to the high levels of surface water during the wet season. We expect that we will be able to better drill test these areas towards the end of the program once the wetlands have dried out.

“Drilling is continuing at the Southern Target zone and will progress to the newly identified Western Target, which should give us a clearer picture of the broader scale and potential of the project.

“In parallel with the ongoing drilling, we have an initial metallurgical testwork program underway at Simulus Engineers in Perth which will give us some important insights into the future processing options and commercial potential of the discovery.”

‐ENDS‐

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

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Roger Fitzhardinge who is a Member of the 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.

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Table 1 – Itapitanga Nickel‐Cobalt Project – RC drill results (New results in white, previously released results in grey)

							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‐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	386087 386114 386152 386229 386307 385914 385990 386067 386144 386219 386296 386335 385816 385896 385973	9297696 9297676 9297645 9297580 9297517 9297587 9297523 9297459 9297395 9297330 9297267 9297234 9297401 9297338 9297272	205 213 212 217 221 211 221 219 217 223 221 222 210 211 212	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	25 19 32 30 including_ 35 44 _including 31 including_ 28 _including 25 35 including_ 32 _including 37 including_ 25 _including 30 including* 20	2 2 2 0 0 1 0 0 0 0 0 0 5 4 2 4 2 7 7 0 0 0 0 0	15 14 11 18 16 16 24 11 13 11 10 8 10 13 8 18 11 12 10 8 8 8 8 8	13 12 9 18 16 15 24 11 13 11 10 8 5 9 6 14 9 5 3 8 8 8 8 8	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 0.66 1.73 1.55 1.48 1.81 0.67 0.67 0.97 0.97 1.16	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 0.08 0.05 0.08 0.05 0.08 0.08 0.08 0.12 0.12 0.03
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	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	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	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	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	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*	0 10 10 0.82 0.04 1 4 3 0.48 0.08 1 11 10 0.88 0.03 4 9 5 0.74 0.10 4 9 5 0.74 0.10 1 11 10 0.70 0.03 2 10 8 0.71 0.08 0 10 10 0.59 0.04 1 5 4 0.60 0.08 4 13 9 0.82 0.02 6 22 16 0.55 0.02 0 10 10 1.03 0.21 0 10 10 1.03 0.21 1 15 14 0.73 0.09 1 11 10 0.70 0.11 3 9 6 0.91 0.07 4 8 4 1.06 0.08 4 9 5 1.10 0.05 5 7 2 0.93 0.08 0 15 15 0.61 0.05 0 8 8 0.55 0.08 0 6 6 0.59 0.09 0 6 6 0.59 0.09 0 8 8 0.59 0.06 0 4 4 0.49 0.10 4 10 6 0.83 0.07 4 10 6 0.54 0.04 4 8 4 0.54 0.02 0 10 10 0.98 0.04 2 4 2 0.59 0.08 0 4 4 0.55 0.07 0 4 4 0.51 0.08 0 4 4 0.51 0.08 0 10 10 0.90 0.04 0 2 2 0.68 0.08 0 10 10 0.76 0.04 3 8 5 0.61 0.04 10 40 30 0.92 0.02 10 12 2 0.54 0.08 3 14 11 1.05 0.04 5 9 4 1.84 0.09 6 11 5 0.52 0.03 4 9 5 1.02 0.09 4 9 5 1.02 0.09 0 19 19 1.04 0.07 2 12 10 0.69 0.09 No Significant Intersection No Significant Intersection	10 4 11 9 9 11	10 3 10 5 5 10	0.82 0.48 0.88 0.74 0.74 0.70

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

• *including ‐ High‐grade cobalt interval ( > 0.08 % cobalt)

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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, one of the highest large‐tonnage nickel‐cobalt grades in the world with 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 primarily 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 200m 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 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	Verification of sampling	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 Centaurs database by a geologist. All data is validated by
				Centaurus geologist and 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 will pay R$150k (~A$60k) over six
					months. At the end of the period, assuming Centaurus continues with the project, it will pay the
					vendor a further R$500k (~A$200k). 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 46 drill holes for a total of 1,318m drilled.
					Refer to Table 1 for full list of significant intersections and RC hole data from recent and previously
					announced 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.
					Further details of the intersections can be found in the drill hole results table.
					No metal equivalents are reported.
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.
Diagrams					Refer to Figures 1‐3.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Criteria		Commentary	Commentary
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)).
Further work
			The maiden RC drill program is ongoing. Metallurgical samples have been taken and delivered to
			Simulus Engineering for leaching testwork.