CENTAURUS METALS LIMITED — Capital/Financing Update 2020

Dec 20, 2020

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21 December 2020

SPECTACULAR JAGUAR HIT: 30.8m at 3.30% NICKEL, INCLUDING 12.1m at 5.38% NICKEL

Intercept is outside the current Mineral Resource and is the best hole ever drilled at Jaguar Central

• ➢ The previously reported 30m zone of semi-massive to massive nickel sulphides in step-out drilling in hole JAG-DD-20-104 at the Jaguar Central Deposit has returned a spectacular assay result:

• ➢ 30.8m at 3.30% Ni , 0.22% Cu and 0.06% Co from 180.7m; including o 12.0m at 2.31% Ni , 0.21% Cu and 0.05% Co from 180.7m; and o 12.1m at 5.38% Ni , 0.31% Cu and 0.09% Co from 195.3m

• ➢ The result confirms down-dip extensions to the high-grade nickel mineralisation shoot at Jaguar Central, which is now over 500m long and remains open at depth and along strike – demonstrating the significant growth potential and upside at the deposit.

• ➢ A further step-out hole, JAG-DD-20-101, located 100m east of JAG-DD-20-104, has intersected the top of the high-grade shoot, returning the following assays:

• ➢ 11.0m at 0.76% Ni , 0.03% Cu and 0.02% Co from 127.0m and

• ➢ 20.2m at 1.00% Ni , 0.04% Cu and 0.03% Co from 153.3m

• ➢ New step-out holes 50m below JAG-DD-20-104 and JAG-DD-20-101, located even further outside the current Mineral Resource limits, are already underway with results expected early in the New Year.

• ➢ Recent in-fill, extensional and step-out drilling at the Jaguar South Deposit has also returned consistent thick and shallow nickel sulphide intersections, including:

• ➢ Hole JAG-DD-20-084: 20.0m at 1.40% Ni, 0.05% Cu and 0.02% Co from 161.0m; including o 4.7m at 2.18% Ni , 0.10% Cu and 0.05% Co from 161.0m; and o 4.2m at 3.42% Ni, 0.08% Cu and 0.09% Co from 172.0m

• ➢ Hole JAG-DD-20-088: 17.2m at 1.19% Ni , 0.03% Cu and 0.03% Co from 162.6m

• ➢ Hole JAG-DD-20-090: 11.0m at 1.21% Ni , 0.07% Cu and 0.03% Co from 89.0m

• ➢ Hole JAG-DD-20-091: 9.6m at 1.04% Ni , 0.03% Cu and 0.02% Co from 81.5m

• ➢ Hole JAG-DD-20-091: 26.6m at 0.65% Ni , 0.02% Cu and 0.01% Co from 168.5m

• ➢ Strong cash position of over $25 million to drive ongoing exploration and project development work in 2021 with an updated JORC Mineral Resource Estimate set to underpin the Scoping Study which is on track to be delivered in Q1 2021.

Centaurus Metals (ASX Code: CTM ) is pleased to report assay results for the recently announced step-out drill hole JAG-DD-20-104 which has returned an outstanding nickel sulphide intersection from the Jaguar Central Deposit, part of its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil.

Australian Office Brazilian Office ASX: CTM Centaurus Metals Limited Centaurus Brasil Mineração Ltda ACN 009 468 099 Level 2, 1 Ord Street Avenida Barão Homem de Melo, 4391 office@centaurus.com.au West Perth WA 6005 Salas 606 e 607 - Estoril T: +61 8 6424 8420 AUSTRALIA CEP: 30.494.275, Belo Horizonte MG BRAZIL

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Assay results for this hole returned the following down-hole intervals (see Table 1 for complete results and sections in Figures 1, 2 and 8):

Hole JAG-DD-20-104

• ➢ 30.8m at 3.30% Ni , 0.22% Cu and 0.06% Co from 180.7m; including

• 12.0m at 2.31% Ni , 0.21% Cu and 0.05% Co from 180.7m; and

• 12.1m at 5.38% Ni , 0.31% Cu and 0.09% Co from 195.3m

Centaurus’ Managing Director, Mr Darren Gordon, said the outstanding intercept in diamond hole JAG-DD-20-104 was for the time being the second-best nickel sulphide intersection drilled across the entire Jaguar Project.

“Although this spectacular intercept of 30.3m at 3.30% Ni couldn’t quite pip hole PKS-JAGU-DH00065, drilled at Jaguar South, which returned 34.0m at 3.31% Ni, this is another clear demonstration of the potential of this project to deliver thick zones of semi-massive to massive high-tenor nickel sulphides,” he said.

“Importantly, this hole and other recent step-out holes are located well beyond the current Mineral Resource boundary, demonstrating the exceptional growth potential and upside the Jaguar Project still has to offer as we continue to step out and drill deeper holes across the project area,” he added.

“Our recent drilling has confirmed the continuity of thick high-grade mineralisation at depth at Jaguar Central, with the growth of the deposit in this area having the potential to either drive down the depth of any future open pit or facilitate a quality start-up option for a future underground operation. Our recent drilling has also further enhanced our growing understanding of the potential economics of the Jaguar Central Deposit.

“The in-fill and step-out drilling at Jaguar South is also going very well with results demonstrating the consistency of the mineralisation both along strike and down-dip. These results are all expected to contribute to an excellent outcome for the JORC Mineral Resource Estimate upgrade, planned for early Q1 2021.”

The Jaguar Central Deposit

The Company’s maiden JORC MRE for the Jaguar Nickel Sulphide Project, released in June 2020, of 48.0Mt at 1.08% Ni for 517,500 tonnes of contained nickel (see Table 2), included 7.4Mt at 1.13% Ni for more than 80kt of contained nickel for the Jaguar Central deposit. The high-grade MRE of 20.6Mt at 1.56% Ni for 321,400 tonnes of contained nickel included a near-surface component at the Jaguar Central Deposit of 4.1Mt at 1.44% Ni for ~60kt of contained nickel (see Table 3).

Assays from only four (4) drill holes from Jaguar Central were included in the June 2020 MRE. Subsequent to completion of the MRE, in-fill, step-out and extensional drilling at Jaguar Central has consistently intersected a thick, shallow high-grade mineralised shoot that that starts at surface at the western end of the Deposit and plunges sub-horizontally to the east across nine drill sections and more than 500m of strike (see Figure 1).

Nickel grades within the mineralised shoot are consistently over 1.0% nickel[1] with outstanding continuous downhole intersections such as 33.7m at 2.23% Ni ( JAG-DD-20-056), 31.4m at 2.47% Ni ( PKS-JAGU-DH00030) and 67.3m at 1.20% Ni (JAG-DD-20-047) previously intersected.

Drill hole JAG-DD-20-104, located on section 477080mE has now returned the best intersection within the highgrade shoot at Jaguar Central, with 30.8m at 3.30% Ni. The Jaguar Central mineralised shoot is up to 70m wide and over 100m deep on some sections, as shown in the Long-Section in Figure 1.

1 Refer to ASX Announcements 12 October 2020, 11 June 2020, 6 August 2020, 12 October 2020 for CTM drill intersections results and 6 August 2019 for historical drill intersections results.

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The mineralisation remains open at depth on all sections along the more than 500m of strike and down-plunge to the east. A flat-lying high-grade shoot with this favourable geometry lends itself extremely well to a low-strip ratio starter pit. An optimum scheduling scenario has the potential to deliver low-cost, high-grade mineralisation to the plant during the project payback period.

Figure 1 – The Jaguar Central Deposit Long-Section looking north showing the high-grade mineralisation shoot (red) with the location of the Cross-Section in Figure 2 shown.

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Additionally, step-out hole JAG-DD-20-101, which was drilled 100m to the east of JAG-DD-20-104, has successfully intersected the top of the high-grade shoot and returned over 20m at 1.0% Ni (see Figures 2 and 3).

Figure 2 – The Jaguar Central Deposit: Cross-Section 477080mE (right) and 477180mE (left) showing the drill intersections with DHEM conductor plates in dark blue and FLEM plates in light blue.

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The JAG-DD-20-101 intersection is also beyond current Mineral Resource limits and demonstrates that the highgrade mineralisation shoot remains open at depth and along strike to the east. Drilling is set to recommence early in the New Year with a planned hole 50m down dip from JAG-DD-20-101 expected to intersect the centre of the modelled high-grade shoot.

Core photos from JAG-DD-20-104 are shown in Figures 3 and 4 below with individual nickel assay results. Mineralogy testing has demonstrated that high-tenor millerite is the primary nickel sulphide found at the Jaguar deposits.

Figure 3 – Core photo from drill hole JAG-DD-20-104 (Jaguar Central); 180.7m to 192.6m down-hole: Stringer to semi-massive and massive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in altered dacite. This interval returned: 12.0m at 2.31% Ni, 0.21% Cu and 0.05% Co.

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Figure 4 – Core photo from drill hole JAG-DD-20-104 (Jaguar Central); 195.3m to 207.4m down-hole: Stringer to semi-massive and massive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in altered dacite. This interval returned: 12.1m at 5.38% Ni, 0.31% Cu and 0.09% Co from 195.3m.

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Highlights of other assay results from ongoing step-out and in-fill drilling at the Jaguar Central Deposit include the following down-hole intervals (see Table 1 for complete results and sections in Figures 1, 2 and 8):

Hole JAG-DD-20-101

• ➢ 11.0m at 0.76% Ni , 0.03% Cu and 0.02% Co from 127.0m; including

• 4.0m at 1.36% Ni , 0.04% Cu and 0.04% Co from 131.0m

• ➢ 20.2m at 1.00% Ni , 0.04% Cu and 0.03% Co from 153.3m; including

• 5.5m at 1.53% Ni , 0.01% Cu and 0.05% Co from 168.0m

• ➢ 3.2m at 0.61% Ni , 0.04% Cu and 0.02% Co from 216.0m

Hole JAG-DD-20-093

• ➢ 13.5m at 0.72% N i, 0.04% Cu and 0.02% Co from 149.5m

• ➢ 7.5m at 0.82% Ni , 0.05% Cu and 0.02% Co from 171.5m

• ➢ 5.7m at 0.44% Ni , 0.03% Cu and 0.02% Co from 216.4m

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Hole JAG-DD-20-081

• ➢ 25.5m at 0.67% Ni , 0.07% Cu and 0.02% Co from 44.3m; including

• 3.7m at 1.43% Ni , 0.03% Cu and 0.04% Co from 65.1m

• ➢ 8.3m at 0.58% Ni , 0.01% Cu and 0.02% Co from 82.6m

Eighteen (18) drill holes have been completed at the Jaguar Central Deposit since the June 2020 MRE, with only one drill hole not intersecting significant nickel sulphide mineralisation. These consistent shallow results are expected to contribute strongly to the JORC MRE upgrade set for completion in early Q1 2021.

Highlights of the Jaguar Central assay results received from drilling since the June 2020 MRE include[2] (see Figure 8 for drill hole locations):

• ➢ 33.7m at 2.23% Ni , from 45.6m in drill hole JAG-DD-20-056, including

• 10.4m at 3.35% Ni , from 45.6m; and

• 15.5m at 2.53% Ni , from 63.8m;

• ➢ 15.0m at 2.42% Ni , from 69.0m in drill hole JAG-DD-20-057, including o 6.0m at 3.34% Ni , from 78.0m;

• ➢ 8.2m at 1.22% Ni , from 91.8m in drill hole JAG-DD-20-057

• ➢ 44.9m at 1.36% Ni , from 128.0m in drill hole JAG-DD-20-070, including: o 10.2m at 2.22% Ni , from 148.6m in JAG-DD-20-070; and

• 7.8m at 2.01% Ni , from 165.0m in JAG-DD-20-070;

• ➢ 47.1m at 1.37% Ni , from 65.9m in drill hole JAG-DD-20-075, including o 13.1m at 2.34% Ni , 0.15% Cu and 0.05% Co from 65.9m

• ➢ 53.0m at 0.94% Ni, from 25.0m in drill hole JAG-DD-20-080, including o 12.7m at 1.99% Ni, 0.02% Cu and 0.08% Co from 50.0m

• ➢ 59.6m at 0.95% Ni , from 83.0m in drill hole JAG-DD-20-051;

• ➢ 44.9m at 1.07% Ni, from 13.5m in drill hole JAG-DD-20-074;

• ➢ 30.0m at 0.93% Ni , from 19.0m in drill hole JAG-DD-20-073;

• ➢ 11.3m at 1.96% Ni , from 188.0m in drill hole JAG-DD-20-065; and

• ➢ 27.6m at 0.90% Ni , from 28.0m in drill hole JAG-DD-20-059.

The new results also continue to correlate very well with the Company’s initial drilling at Jaguar Central, along with the historical results that underpinned the June 2020 MRE that included (see Figure 8 for drill hole locations):

• ➢ 31.4m at 2.47% Ni from 15.3m in drill hole PKS-JAGU-DH00030;

• ➢ 67.3m at 1.20% Ni from 67.0m in drill hole JAG-DD-20-047;

• ➢ 26.0m at 2.13% Ni from 66.0m in drill hole PKS-JAGU-DH00033;

• ➢ 40.5m at 1.35% Ni , from 20.0m in drill hole JAG-DD-20-042;

• ➢ 12.5m at 3.15% Ni from 28.7m in drill hole PKS-JAGU-DH00121.

• ➢ 22.9m at 1.43% Ni , from 72.0m in drill hole JAG-DD-20-049, including o 10.6m at 2.22% Ni , from 72.0m; and

• ➢ 16.3m at 1.01% Ni , from 140.8m in drill hole JAG-DD-20-049.

The Jaguar host rocks (mylonitic dacites and more competent granites) are highly resistive which, combined with the semi-massive to massive nickel sulphide mineralisation (see Figure 3 above), makes for an ideal targeting environment for electromagnetic surveys. Importantly, the DHEM and FLEM plates on the Jaguar Central sections above (shown in blue), and multiple adjacent sections, continue to show that the semi-massive and massive sulphide mineralisation remains open at depth and along strike to the east.

2 Refer to ASX Announcements 12 October 2020, 11 June 2020, 6 August 2020, 12 October 2020 for CTM drill intersections results and 6 August 2019 for historical drill intersections results.

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Two rigs remain dedicated to the Jaguar Central Deposit with additional drilling already underway to test the deeper electromagnetic conductor plates.

Jaguar South Deposit

Hosted in a Sub-Volcanic Porphyritic Dacite, the Jaguar South Deposit extends over a strike length of more than 600m (see Figure 9) and comprises continuous sub-vertical veins and semi-massive to massive breccia zones that can be up to 20m wide and extend from surface to more than 300m depth with the mineralisation remaining open at depth.

Jaguar South is currently the biggest deposit at the Jaguar Project contributing 15.5Mt at 1.10% Ni for more than 170kt of contained nickel, including an Indicated component of 4.5Mt at 1.38% Ni and an Inferred component of 10.9Mt at 0.99% Ni.

Drilling resumed at Jaguar South at the end of September with the focus on in-fill drilling to assist in the conversion of the near surface, potential in-pit resources from Inferred to Indicated for the forthcoming resource upgrade and ensuing Scoping Study.

Much of the near-surface Inferred Resource component is associated with lenses of medium to low grade mineralisation, as evidenced by the lower grade of the Inferred component of the resource (10.9Mt at 0.99% Ni). The in-fill drilling has been successful in confirming and, in some cases, extending the nickel mineralisation.

Importantly, drill holes JAG-DD-20-084 (20.0m at 1.40% Ni) and JAG-DD-20-088 (17.2m at 1.19% Ni) have confirmed higher-grade mineralisation zones near surface (see Figure 5). While JAG-DD-20-095, located a further 90m along strike to the north-west, has intersected more shallow mineralisation and is extending the mineralisation beyond the current resource limits (see Figure 9).

Figure 5 – The Jaguar South Deposit: Cross-Sections 477890mE showing significant drill intersections (in yellow) with DHEM conductor plates in blue.

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Highlights of new assay results from the in-fill drilling at the Jaguar South Deposit include the following down-hole intervals (see Table 1 for complete results and sections in Figure 5-6 and 9):

Hole JAG-DD-20-084

• ➢ 2.4m at 1.00% Ni , 0.03% Cu and 0.01% Co from 147.0m

• ➢ 20.0m at 1.40% Ni , 0.05% Cu and 0.03% Co from 161.0m; including

• 4.7m at 2.18% Ni , 0.10% Cu and 0.05% Co from 161.0m; and

• 4.2m at 3.42% Ni , 0.08% Cu and 0.09% Co from 172.0m

Hole JAG-DD-20-085

• ➢ 13.9m at 0.62% Ni , 0.06% Cu and 0.02% Co from 46.6m; including o 3.9m at 1.13% Ni , 0.09% Cu and 0.03% Co from 56.5m

• ➢ 19.2m at 0.57% Ni , 0.04% Cu and 0.02% Co from 80.4m; including o 2.6m at 1.10% Ni , 0.04% Cu and 0.03% Co from 97.0m

Hole JAG-DD-20-087

• ➢ 3.0m at 1.26% Ni , 0.03% Cu and 0.03% Co from 80.3m

• ➢ 8.1m at 0.66% Ni, 0.02% Cu and 0.02% Co from 146.3m

Hole JAG-DD-20-088

• ➢ 7.8m at 0.55% Ni , 0.02% Cu and 0.03% Co from 125.0m

• ➢ 5.6m at 0.97% Ni , 0.04% Cu and 0.02% Co from 150.5m; including o 2.5m at 1.51% Ni , 0.06% Cu and 0.03% Co from 150.5m

• ➢ 17.2m at 1.19% Ni , 0.03% Cu and 0.03% Co from 162.6m; including

• 4.7m at 1.67% Ni , 0.03% Cu and 0.03% Co from 174.1m

Hole JAG-DD-20-090

• ➢ 11.0m at 1.21% Ni , 0.07% Cu and 0.03% Co from 89.0m; including o 5.6m at 1.84% Ni , 0.08% Cu and 0.04% Co from 89.0m

Hole JAG-DD-20-092

• ➢ 21.7m at 0.36% Ni , 0.02% Cu and 0.01% Co from 96.5m

• ➢ 18.8m at 0.41% Ni , 0.02% Cu and 0.01% Co from 126.2m

Hole JAG-DD-20-095

• ➢ 14.0m at 0.68% Ni, 0.06% Cu and 0.02% Co from 31.0m; including o 2.2m at 1.90% Ni , 0.20% Cu and 0.05% Co from 33.0m

• ➢ 6.3m at 1.08% Ni , 0.03% Cu and 0.03% Co from 58.5m

One rig has started to undertake step-out drilling to test DHEM conductors and potential down-dip extensions of the high-grade mineralisation within the main zones. The first holes have successfully intersected the mineralisation more than 50m below the previously deepest hole.

• Highlights of new assay results from step out drilling at the Jaguar South Deposit include the following down-hole intervals (see Table 1 for complete results and section in Figure 6):

Hole JAG-DD-20-091

• ➢ 9.6m at 1.04% Ni , 0.03% Cu and 0.02% Co from 81.5m; including o 3.1m at 2.28% Ni , 0.06% Cu and 0.04% Co from 81.5m

• ➢ 26.6m at 0.65% Ni , 0.02% Cu and 0.01% Co from 168.5m; including

• 4.6m at 1.36% Ni , 0.03% Cu and 0.02% Co from 172.0m; and

• 2.3m at 1.52% Ni , 0.04% Cu and 0.02% Co from 191.7m

• ➢ 4.0m at 0.93% Ni , 0.03% Cu and 0.02% Co from 215.5m

• ➢ 2.4m at 1.35% Ni , 0.06% Cu and 0.04% Co from 227.0m

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Figure 6 – The Jaguar South Deposit: Cross-Sections 478090mE showing significant drill intersections (in yellow) with DHEM conductor plates in blue.

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Additional step-out drilling designed to further evaluate the down-dip and along-strike extensions of the high-grade mineralisation is continuing, with the holes targeting the DHEM conductor plates.

The results from these Jaguar South holes and all the Jaguar Central holes outlined above are expected to be available for the Q1 2021 JORC MRE upgrade.

-ENDS-

For further enquiries please contact: Authorised for release by: Nicholas Read Darren Gordon Read Corporate Managing Director M: +61 419 929 046 Centaurus Metals Ltd T: +61 8 9388 1474 T: +61 8 6424 8420

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Fitzhardinge is a permanent employee and shareholder of Centaurus Metals Limited. Mr 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’. Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the new June 2020 Jaguar Mineral Resources is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

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Table 1 – Jaguar Nickel Sulphide Project – Drill Collar locations for the current outstanding drill hole results. * Oxide intersection; † Planned EOH depth

Hole ID	Target	Easting	Northing	mRL	Azi	Dip	EOH Depth	From(m)	To(m)	Interval(m)	Ni %	Cu %	Co %
JAG-DD-20-081	Jaguar Central	477080	9282982	311	0	-55	129.30 Including	0.00 34.00 44.25 65.05 82.60	14.00 39.40 69.75 68.75 90.90	14.00 5.40 25.50 3.70 8.30*	0.45 0.52 0.67 1.43 0.58	0.06 0.02 0.07 0.03 0.01	0.01 0.02 0.02 0.04 0.02
JAG-DD-20-083	Jaguar South	478040	9282348	350	180	-55	91.00	2.00	4.00	2.00	0.38	0.05	0.01
JAG-DD-20-084	Jaguar South	477888	9282189	372	0	-50	212.55 Including and	147.00 161.00 161.00 172.00	149.40 181.00 165.70 176.20	2.40 20.00 4.70 4.20	1.00 1.40 2.18 3.42	0.03 0.05 0.10 0.08	0.01 0.03 0.05 0.09
JAG-DD-20-085	Jaguar South	478040	9282375	348	180	-55	161.60 Including Including	46.55 56.50 80.40 97.00 108.00	60.40 60.40 99.60 99.60 110.55	13.85 3.90 19.20 2.60 2.55	0.62 1.13 0.57 1.10 0.40	0.06 0.09 0.04 0.04 0.03	0.02 0.03 0.02 0.03 0.01
JAG-DD-20-086	Jaguar South	477940	9282330	347	180	-55	103.40	59.95	62.00	2.05	0.95	0.05	0.03
JAG-DD-20-087	Jaguar South	477980	9282389	324	180	-55	161.75	6.55 41.00 80.25 100.00 146.30	9.90 45.00 83.25 102.50 154.40	3.35 4.00 3.00 2.50 8.10*	0.75 0.49 1.26 0.53 0.66	0.03 0.08 0.03 0.02 0.02	0.02 0.01 0.03 0.02 0.02
JAG-DD-20-088	Jaguar South	477839	9282209	374	0	-55	244.75 Including Including	125.00 150.50 150.50 162.60 174.05	132.85 156.05 152.95 179.80 178.70	7.85 5.55 2.45 17.20 4.65	0.55 0.97 1.51 1.19 1.67	0.02 0.04 0.06 0.03 0.03	0.03 0.02 0.03 0.03 0.03
JAG-DD-20-089	Jaguar South	478090	9282573	316	0	-55	78.75	No Significant Intersection
JAG-DD-20-090	Jaguar South	477980	9282349	337	180	-55	109.75 including	89.00 89.00	100.00 94.55	11.00 5.55	1.21 1.84	0.07 0.08	0.03 0.04
JAG-DD-20-091	Jaguar South	478090	9282453	315	180	-55	280.05 Including Including and	81.45 81.45 168.50 172.00 191.70 202.50 215.50 227.00 238.00	91.00 84.50 195.10 176.55 194.00 205.95 219.50 229.45 244.00	9.55 3.05 26.60 4.55 2.30 3.45 4.00 2.45 6.00	1.04 2.28 0.65 1.36 1.52 0.54 0.93 1.35 0.31	0.03 0.06 0.02 0.03 0.04 0.04 0.03 0.06 0.01	0.02 0.04 0.01 0.02 0.02 0.01 0.02 0.04 0.01
JAG-DD-20-092	Jaguar South	477685	9282435	327	0	-55	155.10	66.50 96.45 126.20	68.70 118.15 145.00	2.20 21.70 18.80	0.52 0.36 0.41	0.05 0.02 0.02	0.02 0.01 0.01
JAG-DD-20-093	Jaguar Central	476880	9282982	284	0	-55	282.60	149.50 171.50 216.40	163.00 179.00 222.10	13.50 7.50 5.70	0.72 0.82 0.44	0.04 0.05 0.03	0.02 0.02 0.02
JAG-DD-20-094	Jaguar South	477938	9282354	338	180	-55	129.40	No Significant Intersection
JAG-DD-20-095	Jaguar South	477780	9282360	313	180	-55	104.60 Including	31.00 33.00 58.45 80.00	45.00 35.20 64.75 85.00	14.00 2.20 6.30 5.00	0.68 1.90 1.08 0.55	0.06 0.20 0.03 0.06	0.02 0.05 0.03 0.01
JAG-DD-20-096	Jaguar South	478300	9282463	395	180	-60	330.35	Assays Pending
JAG-DD-20-097	Jaguar South	477634	9282468	320	0	-55	332.60	Assays Pending
JAG-DD-20-098	Jaguar South	477980	9282314	354	180	-55	101.15	Assays Pending
JAG-DD-20-099	Onça Rosa	476093	9285020	237	180	-57	391.05	Assays Pending
JAG-DD-20-100	Jaguar South	477725	9282428	315	180	-55	170.65	Assays Pending
JAG-DD-20-101	Jaguar Central	477181	9282867	292	0	-55	256.15 Including Including	127.00 131.00 153.30 168.00 216.00	138.00 135.00 173.50 173.50 219.15	11.00 4.00 20.20 5.50 3.15	0.76 1.36 1.00 1.53 0.61	0.03 0.04 0.04 0.01 0.04	0.02 0.04 0.03 0.05 0.02
JAG-DD-20-102	Jaguar South	478267	9282450	373	180	-60	305.75	Logging & Sampling
JAG-DD-20-103	Jaguar South	477885	9282409	327	0	-55	283.70	Logging & Sampling
JAG-DD-20-104	Jaguar Central	477080	9282870	270	0	-55	319.75 Including and	174.00 180.65 180.65 195.25	178.00 211.40 192.60 207.35	4.00 30.75 11.95 12.10	0.44 3.30 2.31 5.38	0.03 0.22 0.21 0.31	0.02 0.06 0.05 0.09
JAG-DD-20-105	Jaguar South	478140	9282485	315	180	-55	370.40	Logging & Sampling
JAG-DD-20-106	Jaguar South	478090	9282311	376	0	-55	178.75	Logging & Sampling
JAG-DD-20-107	Jaguar Central	476830	9283191	265	180	-55	180.30	Logging & Sampling
JAG-DD-20-108	Jaguar South	477940	9282501	300	180	-55	200†	Drilling
JAG-DD-20-109	Jaguar Central	477180	9282930	300	0	-55	110†	Drilling
JAG-DD-20-110	Jaguar South	478089	9282426	328	180	-55	90†	Drilling
JAG-DD-20-111	Jaguar Central	476770	9283150	268	0	-55	100†	Drilling

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Table 2 – The Jaguar JORC Mineral Resource Estimate by Deposit

		Tonnes		Grade		Contained Metal	Contained Metal	Tonnes
Deposit	Classification	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Indicated	4.5	1.38	0.07	270	62,700	3,100	1,200
Jaguar South	Inferred	10.9	0.99	0.04	204	108,000	4,600	2,200
	Total	15.5	1.10	0.05	223	170,700	7,800	3,500
	Indicated	3.3	1.11	0.07	328	36,400	2,100	1,100
Jaguar Central	Inferred	4.1	1.14	0.06	267	47,000	2,700	1,100
	Total	7.4	1.13	0.06	294	83,400	4,800	2,200
	Indicated	1.8	1.15	0.16	344	20,200	2,700	600
Jaguar North	Inferred	1.1	1.13	0.29	327	12,100	3,100	400
	Total	2.8	1.14	0.21	338	32,300	5,800	1,000
Jaguar Central North	Inferred/ Total	5.1	0.85	0.05	219	43,100	2,800	1,100
Jaguar Northeast	Inferred/ Total	7.0	0.85	0.10	274	59,500	6,800	1,900
Jaguar West	Inferred/ Total	4.5	0.90	0.04	169	41,000	2,000	800
	Indicated	9.6	1.25	0.08	303	119,300	8,000	2,900
Jaguar Deposits	Inferred	32.8	0.95	0.07	228	310,700	22,000	7,800
	Total	42.3	1.02	0.07	250	429,900	30,000	10,700
	Indicated	2.0	1.47	0.12	831	29,200	2,500	1,700
Onça Preta	Inferred	1.6	1.75	0.07	333	27,400	1,100	600
	Total	3.6	1.59	0.10	612	56,600	3,600	2,200
Onça Rosa	Inferred/ Total	2.1	1.49	0.10	392	30,900	2,000	800
	Indicated	11.5	1.29	0.09	394	148,500	10,500	4,600
Jaguar MRE Total	Inferred	36.4	1.01	0.07	242	369,000	25,100	9,200
	Grand Total	48.0	1.08	0.07	288	517,500	35,600	13,800

* Within 200m of surface cut-off grade 0.5% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

Table 3 – The Jaguar High-Grade JORC Mineral Resource Estimate (High-Grade MRE)

		Tonnes		Grade		Contained Metal Tonnes	Contained Metal Tonnes
Classification	Ore Type	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Transition Sulphide	0.2	1.45	0.10	380	2,300	200	100
Indicated	Fresh Sulphide	7.0	1.62	0.10	477	113,000	7,100	3,300
	Total Indicated	7.1	1.61	0.10	474	115,200	7,200	3,400
	Transition Sulphide	0.2	1.69	0.15	457	4,200	400	100
Inferred	Fresh Sulphide	13.2	1.53	0.10	369	201,900	12,800	4,900
	Total Inferred	13.4	1.54	0.10	372	206,100	13,200	5,000
Total		20.6	1.56	0.10	407	321,400	20,500	8,400

* Cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

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Figure 7 – Jaguar Nickel Project showing the various Deposits (yellow) and Prospects (green) locations overlain on Ground Magnetics (Analytic Signal).

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Figure 8 – The Jaguar Central Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey results (Analytic Signal) with location of the cross-sections in Figure 6 shown.

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Figure 9 – The Jaguar South Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey results (Analytic Signal) with location of the cross-sections in Figure 6 shown.

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APPENDIX A – Compliance Statements for the Jaguar Project

The following Tables are provided for compliance with the JORC Code (2012 Edition) requirements for the reporting of Exploration Results and Mineral Resources at the Jaguar Project.

SECTION 1 - SAMPLING TECHNIQUES AND DATA

(Criteria in this section apply to all succeeding sections).

Criteria	Commentary
Sampling techniques	• Historical soil sampling was completed by Vale. Samples were taken at 50m intervals along 200m spaced north-south grid lines. • Surface material was first removed, and sample holes were dug to roughly 20cm depth. A 5kg sample was taken from the subsoil. The sample was placed in a plastic sample bag with a sample tag before being sent to the lab. • Surface rock chip/soil samples were collected from in situ outcrops and rolled boulders and submitted for chemical analysis. • The historical drilling is all diamond drilling. Drill sections are spaced 100m apart and generally there is 50 to 100m spacing between drill holes on sections. • Core was cut and ¼ core sampled and sent to commercial laboratories for physical preparation and chemical assay. • At the laboratories, samples were dried (up to 105°C), crushed to 95% less than 4mm, homogenized, split and pulverized to 0.105mm. A pulverized aliquot was separated for analytical procedure. • Sample length along core varies between 0.3 to 4.0m, with an average of 1.48m; sampling was done according to lithological contacts and generally by 1m intervals within the alteration zones and 2m intervals along waste rock. • Current drilling is being completed on spacing of 100m x 50m or 50m x 50m. Sample length along core varies between 0.5 to 1.5m • Core is cut and ¼ core sampled and sent to accredited independent laboratory (ALS). • For metallurgical test work continuous downhole composites are selected to represent the metallurgical domain and ¼ core is sampled and sent to ALS Metallurgy,Balcatta,Perth.
Drilling techniques	• Historical drilling was carried out between 2006 to 2010 by multiple drilling companies (Rede and Geosol), using wire-line hydraulic diamond rigs, drilling NQ and HQ core. • Vale drilled 169 drill holes for a total of 56,592m of drilling in the resource area. All drill holes were drilled at 55⁰-60⁰ towards either 180⁰ or 360⁰. Centaurus has completed 107 drill holes for a total of 20,484 m of drilling. All drill holes were drilled at 55⁰-75⁰ towards either 180⁰ or 360⁰. • Current drillingis a combination of HQand NQcore(Servdrill).
Drill sample recovery	• Diamond Drilling recovery rates are being calculated at each drilling run. • For all diamond drilling, core recoveries were logged and recorded in the database for all historical and current diamond holes. To date overall recoveries are >98% and there are no core loss issues or significant sample recovery problems. • To ensure adequate sample recovery and representativity a Centaurus geologist or field technician is present during drilling and monitors the sampling process. • No relationship between sample recovery and grade has been demonstrated. No bias to material size has been demonstrated.
Logging	• Historical outcrop and soil sample points were registered and logged in the Vale geological mapping point database. • All drill holes have been logged geologically and geotechnically by Vale or Centaurus geologists. • Drill samples are logged for lithology, weathering, structure, mineralisation and alteration among other features. Logging is carried out to industry standard and is audited by Centaurus CP. • Logging for drilling is qualitative and quantitative in nature. • All historical and new diamond core has beenphotographed.
Sub-sampling techniques and sample preparation	• Diamond Core (HQ/NQ) was cut using a core saw, ¼ core was sampled. Sample length along core varies between 0.3 to 4.0m, with an average of 1.48m; sampling was done according to lithological contacts and generally by 1m intervals within the alteration zones and 2m intervals along the waste rock. • There is no non-core sample within the historical drill database. • QAQC: Standards (multiple standards are used on a rotating basis) are inserted every 20 samples. Blanks have been inserted every 20 samples. Field duplicates are completed every 30 samples. Additionally, there are laboratory standards and duplicates that have been inserted. • Centaurus has adopted the same sampling QAQC procedures which are in line with industry standards and Centaurus’s current operating procedures. • Sample sizes are appropriate for the nature of the mineralisation.

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Criteria	Commentary
	• All historical geological samples were received and prepared by SGS Geosol or ALS Laboratories as 0.5-5.0kg samples. They were dried at 105°C until the sample was completely dry (6-12hrs), crushed to 90% passing 4mm and reduced to 400g. The samples were pulverised to 95% passing 150µm and split further to 50g aliquots for chemical analysis. • New samples are being sent to ALS Laboratories. The samples are dried, crushed and pulverised to 85% passing 75µm and split further to 250g aliquots for chemical analysis. • During the preparation process grain size control was completed by the laboratories (1 per 20 samples). • Metallurgical samples are crushed to 3.35mm and homogenised. Samples are then split to 1kg sub- samples. Sub-samples areground to specific sizes fractions(53-106µm)for flotation testwork.
Quality of assay data and laboratory tests	• Chemical analysis for drill core and soil samples was completed by multi element using Inductively Coupled Plasma ICPAES (multi-acid digestion); ore grade analysis was completed with Atomic Absorption (multi-acid digestion); sulphur analysis was completed with Leco, and Au and PGEs completed via Fire Assay. • New samples are being analysed for 48 elements by multi element using ME-MS61 (multi-acid digestion) at ALS Laboratories; ore grade analysis was completed with ICP-AES (multi-acid digestion); sulphur analysis was completed with Leco, and Au and PGEs completed via Fire Assay. • ALS Laboratories insert their own standards at set frequencies and monitor the precision of the analysis. The results reported are well within the specified standard deviations of the mean grades for the main elements. Additionally, ALS 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. • Vale inserted standard samples every 20 samples (representing 5%). Mean grades of the standard samples are well within the specified 2 standard deviations. • All laboratory procedures are in line with industry standards. Analysis of field duplicates and lab pulp duplicates have returned an average correlation coefficient of over 0.98 confirming that the precision of the samples is within acceptable limits. • Vale QAQC procedures and results are to industry standard and are of acceptable quality. • All metallurgical chemical analysis is completed byALS laboratories
Verification of sampling and assaying	• All historical samples were collected by Vale field geologists. All assay results were verified by alternative Vale personnel. The Centaurus CP has verified the historical significant intersections. • Centaurus Exploration Manager and Senior Geologist verify all new results and visually confirm significant intersections. • No twin holes have been completed. • All primary data is now stored in the Centaurus Exploration office in Brazil. All new data is collected on Excel Spreadsheet, validated and then sent to independent database administrator (MRG) for storage (DataShed). • No adjustments have been made to the assaydata.
Location of data points	• All historical collars were picked up using DGPS or Total Station units. Centaurus has checked multiple collars in the field and has confirmed their location. All field sample and mapping points were collected using a Garmin handheld GPS. • An aerial survey was completed by Esteio Topografia and has produced a detailed surface DTM at (1:1000 scale). • The survey grid system used is SAD-69 22S. This is in line with Brazilian Mines Department requirements. • New drill holes are sighted with handheld GPS and after completion picked-up by an independent survey consultant periodically. Downhole survey for all the historical drill holes and up to the recent hole JAG-DD-19-012 used Maxibor equipment. All new drill holes are being downhole surveyed usingReflex digital down-hole tool,with readings everymetre.
Data spacing and distribution	• Soil samples were collected on 40m spacing on section with distance between sections of 200m and 400m depending on location. • Sample spacing was deemed appropriate for geochemical studies. • The historical drilling is all diamond drilling. Drill sections are spaced 100m apart and generally there is 50 to 100m spacing between drill holes on sections. Centaurus is in the process of closing the drill spacing to 50m x 50m. • No sample compositing was applied to the drilling • Metallurgical samples to date have been taken from Jaguar South and Onça Preta.
Orientation of data in relation to geological structure	• Historical drilling was oriented at 55⁰-60⁰ to either 180⁰ or 360⁰. This orientation is generally perpendicular to the main geological sequence along which broad scale mineralisation exists. • Mineralisation is sub-vertical; the majority of the drilling is at low angle (55-60⁰) in order to achieve intersections at the most optimal angle.

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Criteria	Commentary
Sample security	• All historical and current samples are placed in pre-numbered plastic sample bags and then a sample ticket was placed within the bag as a check. Bags are sealed and then transported by courier to the ALS laboratories in Vespasiano, MG. • All remnant Vale diamond core has now been relocated to the Company’s own core storage facility in Tucumã,PA.
Audits or reviews	• The Company is not aware of any audit or review that has been conducted on the project to date.

SECTION 2 - REPORTING OF EXPLORATION RESULTS

(Criteria listed in the preceding Section also apply to this section).

Criteria	Commentary
Mineral tenement and land tenure status	• The Jaguar project includes one exploration licence (856392/1996) for a total of circa 30km2. A Mining Lease Application has been lodged that allows for ongoing exploration and project development ahead of project implementation. • The tenement is part of a Sale & Purchase Agreement (SPA) with Vale SA. Two deferred consideration payments totalling US$6.75M (US$1.75 million on commencement of BFS or 3 years and US$5 million on commencement of commercial production) and a production royalty of 0.75% are to follow. Centaurus has taken on the original obligation of Vale to BNDES for 1.8% Net Operating Revenue royalty. • Mining projects in Brazil are subject to a CFEM royalty, a government royalty of 2% on base metal revenue. • Landowner royalty is 50% of the CFEM royalty. • The project is covered by a mix of cleared farm land and natural vegetation. • The project is not located within any environmental protection zones and exploration and mining is permitted with appropriate environmental licences.
Exploration done by other parties	• Historically the Jaguar Project was explored for nickel sulphides by Vale from 2005 to 2010.
Geology	• Jaguar Nickel Sulphide is a hydrothermal nickel sulphide deposit located near Tucumã in the Carajás Mineral Province of Brazil. • Jaguar is located at the intersection of the WSW-trending Canaã Fault and the ENE-trending McCandless Fault, immediately south of the NeoArchean Puma Layered Mafic-Ultramafic Complex. • Iron rich fluids were drawn up the mylonite zone causing alteration of the host felsic volcanic and granite units and generating hydrothermal mineral assemblage. Late-stage brittle-ductile conditions triggered renewed hydrothermal fluid ingress and resulted in local formation of high-grade nickel sulphide zones within the mylonite and as tabular bodies within thegranite.
Drill hole Information	• Refer to Figures 1 to 9 and Tables 1 to 3 • Refer to previous ASX Announcements for significant intersections from Centaurus drilling. • Refer to ASX Announcement 6 August 2019 for all significant intersections from historical drilling.
Data aggregation methods	• Continuous sample intervals are calculated via weighted average using a 0.3 % Ni cut-off grade with 3m minimum intercept width. • There are no metal equivalents reported.
Relationship between mineralisation widths and intercept lengths	• Mineralisation is sub-vertical; the majority of the drilling is at low angle (55-60⁰) in order to achieve intersections at the most optimal angle. • The results in this and previous ASX Announcements reflect individual down hole sample intervals and no mineralised widths have been assumed or stated to date.
Diagrams	• Refer to Figures 1 to 9.
Balanced reporting	• All exploration results received by the Company to date are included in this or previous releases to the ASX.
Other substantive exploration data	• The Company has received geophysical data from Vale that is being processed by an independent consultant Southern Geoscience. Refer to ASX Announcements for geophysical information.
Further work	• Electro-magnetic (EM) geophysical surveys (DHEM and FLEM) are ongoing. • In‐fill and extensional drilling within the known deposits to test the continuity of high-grade zones is ongoing. Resource samples are being sent in batches of 150-300 samples and will be reported once the batches are completed.

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SECTION 3 - ESTIMATION AND REPORTING OF MINERAL RESOURCES

(Criteria listed in Section 1, and where relevant in Section 2, also apply to this Section.)

Criteria	Commentary
Database integrity	• The drilling database was originally held by Vale and received from them as csv exports. • The drilling data have been imported into a relational SQL server database using DatashedTM (Industry standard drill hole database management software) by Mitchell River Group. • All of the available drilling data has been imported into 3D mining and modelling software packages (SurpacTMand LeapfrogTM), which allow visual interrogation of the data integrity and continuity. All of the resource interpretations have been carried out using these software packages. During the interpretation process it is possible to highlight drilling data that does not conform to the geological interpretation for further validation. • Data validation checks were completed on import to the SQL database. • Data validation has been carried out by visually checking the positions and orientations of drill holes.
Site visits	• The Competent Person responsible for Sampling Techniques and Data and Exploration Results, Mr Roger Fitzhardinge, has visited the site multiple times and overseen exploration activity and assumes responsibility for the sampling and data management procedures. • No visits to the Jaguar site have been undertaken by the Competent Person responsible for the Mineral Resource Estimate(MRE),Mr Lauritz Barnes,due to travel restrictions(COVID-19).
Geological interpretation	• Sufficient drilling has been conducted to reasonably interpret the geology and the mineralisation. The mineralisation is traceable between multiple drill holes and drill sections. • Interpretation of the deposit was based on the current understanding of the deposit geology. Centaurus field geologist supplied an interpretation that was validated and revised by the independent resource geologist. • Drill hole data, including assays, geological logging, structural logging, lithochemistry, core photos and geophysics have been used to guide the geological interpretation. • Extrapolation of mineralisation beyond the deepest drilling has been assumed up to a maximum of 100m where the mineralisation is open. • Alternative interpretations could materially impact on the Mineral Resource estimate on a local, but not global basis. No alternative interpretations were adopted at this stage of the project. • Geological logging in conjunction with assays has been used to interpret the mineralisation. The interpretation honoured modelled fault planes and interpretation of the main geological structures. • Mineralization at Jaguar occurs as veins and breccia bodies set in extensively altered and sheared host rocks. Continuity of the alteration and sulphide mineralisation zones is good, continuity of local zones of semi-massive to massive sulphide is not always apparent. • Mineralization at the Onça Preta and Onça Rosa deposits predominantly forms tabular semi- continuous to continuous bodies both along strike and down dip. • Post-mineralisation faulting may offset mineralisation at a smaller scale than that which can be reliably modelled using the current drill hole data.
Dimensions	• Jaguar South (primary mineralisation) has a strike length of 600m by up to 20m wide by 300m deep trending ESE-WNW. • Jaguar Central (primary mineralisation) has a strike length of 400m by up to 30m wide by 300m deep trending ESE-WNW. • Jaguar North (primary mineralisation) has a strike length of 400m by up to 25m wide by 200m deep trending SE-NW • Jaguar Central North (primary mineralisation) has a strike length of 200m by up to 20m wide by 200m deep trending E-W • Jaguar Northeast (primary mineralisation) has a strike length of 800m by up to 10m wide by 200m deep trending ESE-WNW • Jaguar Central North (primary mineralisation) has a strike length of 200m by up to 20m wide by 200m deep trending E-W • Jaguar West (primary mineralisation) has a strike length of 500m by up to 10m wide by 200m deep trending E-W • Onça Preta (primary mineralisation) has a strike length of 250m by up to 15m wide by 300m deep trending E-W • Onça Rosa (primary mineralisation) has a strike length of 500m by up to 10m wide by 300m deep trendingESE-WNW
Estimation and modelling techniques	• Grade estimation using Ordinary Kriging (OK) was completed using Geovia Surpac™ software for Ni, Cu, Co, Fe, Mg, Zn and As.

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Criteria	Commentary
	• Drill hole samples were flagged with wire framed domain codes. Sample data were composited to 1m using a using fixed length option and a low percentage inclusion threshold to include all samples. Most samples (80%) are around 1m intervals in the raw assay data. • Top-cuts were decided by completing an outlier analysis using a combination of methods including grade histograms, log probability plots and other statistical tools. Based on this statistical analysis of the data population, no top-cuts were applied. • Directional variograms were modelled by domain using traditional variograms. Nugget values are low to moderate (around 15-25%) and structure ranges up to 200 in the primary zones. Variograms for domains with lesser numbers of samples were poorly formed and hence variography was applied from the higher sampled domains. • Block model was constructed with parent blocks for 10m (E) by 2m (N) by 10m (RL). All estimation was completed to the parent cell size. • Three estimation passes were used. The first pass had a limit of 75m, the second pass 150m and the third pass searching a large distance to fill the blocks within the wire framed zones. Each pass used a maximum of 12 samples, a minimum of 6 samples and maximum per hole of 4 samples. • Search ellipse sizes were based primarily on a combination of the variography and the trends of the wire framed mineralized zones. Hard boundaries were applied between all estimation domains. • Validation of the block model included a volumetric comparison of the resource wireframes to the block model volumes. Validation of the grade estimate included comparison of block model grades to the declustered input composite grades plus swath plot comparison by easting and elevation. Visual comparisons of input compositegrades vs. block modelgrades were also completed.
Moisture	• The tonnages were estimated on an in-situ dry bulk density basis which includes natural moisture. Moisture content was not estimated but is assumed to be low as the core is not visibly porous.
Cut-off parameters	• Potential mining methods include a combination of open pit and underground. As such a 0.5% Ni cut-off grade has been applied to material less than 200m vertical depth from surface to reflect potential open cut mining opportunities. A Ni cut-off grade of 1.0% Ni was applied below 200m from surface to reflect higher cut-offs expected with potential underground mining.
Mining factors or assumptions	• It is assumed that the Jaguar deposits will be mined by a combination of open pit and underground mining methods. • Conceptual pit optimisation studies have been completed by Entech to ensure that there are reasonable prospects for the eventual economic extraction of the mineralisation by these methods. • Input parameters were benchmarked from similar base-metal operations in Brazil and Australia.
Metallurgical factors or assumptions	• Metallurgical test work has been undertaken on multiple composite samples sourced from the Jaguar South and Onça Preta deposits. Material selection for test work was focused on providing a good spatial representation of mineralisation for the deposits. • Bench scale test work to date has demonstrated that a conventional crushing, grinding and flotation circuit will produce good concentrate grades and metal recoveries, see ASX Announcements of 18 February 2020 and 31 March 2020 for more detail.
Environmental factors or assumptions	• Tailings analysis and acid drainages tests have been completed which underpin the preliminary tailing storage facility design (TSF), which is in progress. • Waste rock will be stockpiled into waste dumps adjacent to the mining operation. • The TSF and waste dumps will include containment requirements for the management of contaminated waters and sediment generation in line with Brazilian environmental regulations.
Bulk density	• On the new drilling, bulk densities were determined on 15 to 30 cm drill core pieces every 1m in ore and every 10m in waste. On the historical drilling the bulk densities were determined on drill core at each sample submitted for chemical analysis. • Bulk density determinations adopted the weight in air /weight in water method using a suspended or hanging scale. • The mineralized material is not significantly porous, nor is the waste rock. • A total of 34,411 bulk density measurements have been completed. • Of these, 4,040 are within the defined mineralised domains – and 4,031 are from fresh or transitional material leaving only 9 measurements from saprolite or oxide material. • More measurements are required from saprolite and oxide material, and assumed values were assigned to this material in the model. Oxide and saprolite material are excluded from the reported resource. • Fresh and transitional measurements from within the mineralised domains we analysed statistically by domain and depth from surface and compared to Ni, Fe and S. A reasonable correlation was defined against Fe due to the magnetite in the system.

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Criteria	Commentary
	• The bulk density values assigned the mineralised domains by oxidation were as follows: • Oxide: 2.0 • Saprolite: 2.3 • Transition: 2.6 • Fresh: by regression against estimated Fe using: BD = (fe_ok*(0.0323)) + 2.6276
Classification	• The Mineral Resource has been classified on the basis of confidence in the geological model, continuity of mineralised zones, drilling density, confidence in the underlying database, a combination of search volume and number of data used for the estimation plus availability of bulk density information. • Indicated Mineral Resources are defined nominally on 50mE x 40mN spaced drilling and Inferred Mineral Resources nominally 100mE x 100mN with consideration given for the confidence of the continuity of geology and mineralisation. • Oxide and saprolite material are excluded from the Mineral Resource. • The Jaguar Mineral Resource in part has been classified as Indicated with the remainder as Inferred according to JORC 2012.
Audits or reviews	• This is the maiden Jaguar Mineral Resource estimate. The current model has not been audited by an independent third party but has been subject to Trepanier and Centaurus’s internal peer review processes.
Discussion of relative accuracy/ confidence	• The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code. • The statement relates to global estimates of tonnes and grade.