CENTAURUS METALS LIMITED — Capital/Financing Update 2021

Jul 4, 2021

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT AND MEDIA RELEASE

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5 July 2021

RECORD NICKEL SULPHIDE INTERCEPT AT JAGUAR: 56.1m at 2.05% NICKEL INCLUDING 17.6m at 4.86% NICKEL

Expansionary drilling continues to gain momentum, delivering best project intercept seen to-date

• Drilling at the Jaguar South Deposit returns multiple thick and consistent high-grade nickel sulphide intersections, including the best drill intersection seen at the Jaguar Project to-date:

• Hole JAG-DD-21-151:

  • 56.1m at 2.05% Ni from 206.0m, including:

    • 17.6m at 4.86% Ni from 208.0m; and

    • 6.7m at 2.09% Ni from 255.4m

• Hole JAG-DD-21-143:

  • 7.2m at 2.36% Ni 133.5m, including:

    • 3.3m at 3.46% Ni from 135.0m

  • 12.6m at 1.25% Ni from 173.4m, including

    • 5.8m at 2.01% Ni from 176.7m

• Strike extension drilling at Jaguar Central highlights a likely extension of the Resource limits at least a further 60m to the east, with first results and visuals confirming the continuation of the Jaguar Central high-grade shoot:

• Hole JAG-DD-21-148:

  • 4.5m at 1.22% Ni from 239.5m

  • 10.0m at 0.99% Ni from 267.0m, including:

    • 5.0m at 1.30% Ni from 272.0m

• In-fill drilling at the Jaguar West and Central North deposits continues to highlight the consistency of mineralisation in the deposits and the robust nature of the existing Resource model:

• Hole JAG-DD-21-140:

  • 13.2m at 1.63% Ni from 64.0m, including:

    • 9.2m at 2.10% Ni from 66.8m

  • 6.8m at 1.24% Ni from 114.2m

  • 4.2m at 1.28% Ni from 154.5m

• Hole JAG-DD-21-136:

  • 4.0m at 1.63% Ni from 48.0m

  • 10.8m at 0.79% Ni from 76.0m

• Hole JAG-DD-21-150:

  • 30.9m at 0.60% Ni from 202.2m

• Five diamond rigs on site drilling double-shift, with two additional rigs expected to arrive by mid-July. One RC rig is on site drilling the Leão Prospect, the first of an extensive pipeline of greenfields targets.

• Strong cash position of A$21 million to drive ongoing drilling and DFS activities.

Australian Office Centaurus Metals Limited Level 2, 1 Ord Street West Perth WA 6005 AUSTRALIA

Brazilian Office ASX: CTM Centaurus Brasil Mineração Ltda ACN 009 468 099 Avenida Barão Homem de Melo, 4391 office@centaurus.com.au Salas 606 e 607 - Estoril T: +61 8 6424 8420 CEP: 30.494.275, Belo Horizonte MG BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Centaurus Metals (ASX Code: CTM ) is pleased to advise that ongoing Resource development and extensional drilling at its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil has delivered the best drill intersection from the project to date. Drill hole JAG-DD-21-151 intersected 56.1m at 2.05% Ni from 206.0m , including 17.6m at 4.86% Ni from 208m (Figure 1), immediately below the current planned open pit limits.

Figure 1 – Core photo from drill hole JAG-DD-21-151 (Jaguar South), 208.5m to 225.6m down-hole: Disseminated, stringer to semimassive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in altered dacite. This interval returned: 17.6m at 4.86% Ni, 0.09% Cu and 0.08% Co

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Centaurus’ Managing Director, Mr Darren Gordon, said the record intersection from drill hole JAG-DD-21-151 demonstrated the enormous growth potential of the Jaguar Project, with the current phase of step-out drilling and regional exploration still in its early stages.

“It’s pretty remarkable to be able to report our best intercept to date – a stunning 56.1m at 2.05% Ni including 17.6m at 4.86% Ni – even after drilling over 300 holes into the Project and delivering a globally significant resource of more than 560,000 tonnes of contained nickel. The key message for investors is that this is a project that is continuing to grow – and grow quickly, both from resource development drilling and step-out and regional exploration.

“The new record intercept at Jaguar South has to be one of the best nickel sulphide hits in the world this year and to have this sort of intersection immediately below our planned pit limits indicates how much upside remains in the Project.

“Within the next couple of weeks, we will have eight rigs on site and this expanded capacity will allow us to work on resource growth and greenfields drilling in conjunction with the development drilling. This multi-pronged approach sets us up for what should be a big second half of project growth at Jaguar.

“Jaguar is already a standout project in terms of scale and quality amongst undeveloped nickel sulphide projects worldwide and at the planned nickel production rate of +20,000tpa, Centaurus will become a global Top 10 nickel sulphide producer. The fact that Jaguar stands to grow a lot more can only further enhance its credentials as a potential source of clean, low-emission nickel sulphides to meet surging global demand as the world moves rapidly to embrace electrification and decarbonisation.”

In March 2021, the Company delivered an updated JORC 2012 Indicated and Inferred Mineral Resource Estimate (MRE)[1] for the Jaguar Project totalling 58.9Mt at 0.96% Ni for 562,600 tonnes of contained nickel (see Figure 2 below and Table 4 for details on the March 2021 MRE).

Figure 2 – The Jaguar March 2021 MRE Resource

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1 Refer ASX Announcement 29 March 2021

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Jaguar South Deposit

Jaguar South is currently the biggest deposit at the Jaguar Project, hosting a Mineral Resource of 18.7Mt at 0.97% Ni for more than 180kt of contained nickel , including an Indicated component of 7.4Mt at 1.19% Ni for 87kt of contained nickel .

Hosted in a mylonitised sub-volcanic porphyritic dacite, Jaguar South extends over a strike length of more than 650m 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. The mineralisation remains open at depth and along strike in both directions (Figure 3 and Figure 8).

Drill-hole JAG-DD-21-151, completed on section 478040mE at Jaguar South (Figure 3) as part of the resource development in-fill program, has now returned the best interval from the project to date, intersecting 56.1m at 2.05% Ni including 17.6m at 4.86% Ni. This intersection is located immediately below the current pit limits and the grade and thickness has outstanding potential to push the current open pit design even deeper.

Figure 3 – The Jaguar South Deposit: Cross-Sections 478040mE (left) 477885mE (right) showing significant drill intersections in yellow, DHEM conductor plates in grey and FLEM conductor plates in light blue.

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Additional in-fill drilling on section 477885mE, located 155m to the west, has intersected more shallow, high-grade mineralisation including 7.2m at 2.36% Ni from 133.5m and 12.6m at 1.25% Ni from 173.4m in hole JAG-DD-21143, demonstrating the consistent nature of the mineralisation at Jaguar South (Figure 3).

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Highlights of new assay results from in-fill drilling at the Jaguar South Deposit include the following down-hole intervals (see Table 2 for complete results and plan map in Figure 8):

Hole JAG-DD-21-151

• 6.5m at 1.24% Ni , 0.08% Zn, 0.11% Cu and 0.03% Co from 36.5m

• 11.0m at 0.78% Ni , 0.03% Zn, 0.04% Cu and 0.01% Co from 156.0m, including:

• 3.3m at 1.61% Ni , 0.02% Zn, 0.12% Cu and 0.02% Co from 208.0m

• 11.0m at 0.86% Ni , 0.02% Zn, 0.03% Cu and 0.02% Co from 186.3m

• 56.1m at 2.05% Ni , 0.18% Zn, 0.03% Cu and 0.03% Co from 206.0m, including:

• 26.1m at 3.55% Ni , 0.18% Zn, 0.06% Cu and 0.06% Co from 206.0m, including:

• 17.6m at 4.86% Ni , 0.01% Zn, 0.09% Cu and 0.08% Co from 208.0m; and

• o 6.7m at 2.09% Ni , 2.69% Zn, 0.05% Cu and 0.03% Co from 255.4m

Hole JAG-DD-21-143

• 7.2m at 2.36% Ni , 0.02% Zn, 0.08% Cu and 0.05% Co from 133.5m, including:

• 3.3m at 3.46% Ni , 0.01% Zn, 0.12% Cu and 0.07% Co from 135.0m

• 7.7m at 0.80% Ni , 0.03% Zn, 0.12% Cu and 0.02% Co from 159.5m

• 12.6m at 1.25% Ni , 0.47% Zn, 0.08% Cu and 0.04% Co from 173.4m, including: o 5.8m at 2.01% Ni , 0.30% Zn, 0.14% Cu and 0.05% Co from 176.7m

• 4.3m at 0.45% Ni , 0.05% Zn, 0.03% Cu and 0.01% Co from 190.0m

• 2.6m at 2.24% Ni , 0.02% Zn, 0.10% Cu and 0.05% Co from 203.5m

• 5.2m at 1.49% Ni , 0.01% Zn, 0.04% Cu and 0.02% Co from 242.0m

• Hole JAG-DD-21-139

• 7.0m at 1.30% Ni , 0.03% Zn, 0.16% Cu and 0.03% Co from 149.0m, including: o 3.0m at 1.93% Ni , 0.02% Zn, 0.25% Cu and 0.05% Co from 152.0m

• 12.0m at 0.64% Ni , 0.02% Zn, 0.07% Cu and 0.02% Co from 162.0m

• 16.0m at 0.80% Ni , 0.02% Zn, 0.03% Cu and 0.02% Co from 191.0m, including: o 3.0m at 1.86% Ni , 0.01% Zn, 0.11% Cu and 0.04% Co from 195.0m

Hole JAG-DD-21-146

• 3.0m at 0.81% Ni , 0.02% Zn, 0.05% Cu and 0.01% Co from 208.0m

• 2.9m at 1.27% Ni , 0.02% Zn, 0.06% Cu and 0.03% Co from 265.1m

• 2.7m at 1.30% Ni , 0.03% Zn, 0.10% Cu and 0.03% Co from 292.0m

• 4.3m at 0.70% Ni , 1.11% Zn, 0.02% Cu and 0.02% Co from 342.8m

The recent outcomes from the Value-Add Scoping Study for the Jaguar Project have also demonstrated that the mineralisation below the current pit limits is technically and economically feasible for underground operations.

In light of this, the Company has been actively advancing its step-out drill program at key deposits such as Jaguar South in parallel with resource development drilling.

Drill-hole JAG-DD-21-164 (on section 478210mE (Figure 4), located 170m to the east of JAG-DD-21-151), has delivered a further impressive visual result, demonstrating that the strong mineralisation continues both along strike and at depth.

JAG-DD-21-164 is the deepest drill hole Centaurus has completed to date (544m) and has intersected 12.7m of semi-massive and massive sulphides (Figure 6 and Table 2) within a broader +40m zone located more than 60m below the Company’s previous deepest hole on that section, JAG-DD-20-112, which intersected 10.5m at 1.75% Ni from 346.5m, including 6.0m at 2.16% Ni from 347.3m down-hole.

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Figure 4 – The Jaguar South Deposit: Cross-Sections 478210mE (right) showing significant drill intersections in yellow and FLEM conductor plates in light blue.

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Step-out drilling at Jaguar South has consistently intersected the mineralised domains in line with the EM conductor plates, current geological model interpretations and the developing structural model. This bodes well for deeper drilling that is planned both to identify additional Resource tonnes as well as upgrade existing underground Resources into the higher-confidence Resource categories required for future Ore Reserve Estimation and DFS work.

The Jaguar Central Deposit

The Jaguar Central Deposit is the second biggest deposit at the Jaguar Project, with a current Resource of 10.2Mt at 1.00% Ni for more than 100kt of contained nickel , including an Indicated component of 8.4Mt at 0.99% Ni for 83kt of contained nickel . Consistent positive results from recent step-out drilling indicate strong potential to grow this Resource.

The Central Deposit is hosted in a sub-volcanic porphyritic dacite and features a high-grade ore shoot that starts at surface at the western end of the deposit and plunges sub-horizontally to the east across 10 drill sections and now has more than 550m of continuous strike after the recent successful strike extension drilling.

Nickel grades previously reported within the high-grade shoot are consistently over 1.0% nickel[2] with outstanding continuous down-hole intersections such as 30.8m at 3.30% Ni (JAG-DD-20-104 – see Figure 5), 33.7m at 2.23% Ni (JAG-DD-20-056), 31.4m at 2.47% Ni (PKS-JAGU-DH00030) and recent hole JAG-DD-21-142 on section 477180mE, which intersected 64.9m at 1.07% Ni from 216.5m, just 30m below the current pit limits.

2 Refer to ASX Announcements 21 December 2020, 12 October 2020, 11 June 2020, 6 August 2020, 20 April 2021 for CTM drill intersections results and 6 August 2019 for historical drill intersections results.

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Importantly, recent hole JAG-DD-21-148, located on section 477290mE, intersected multiple mineralised zones including 10.0m at 0.99% Ni from 267.0m (Figure 5). This section is a resource extension section, 60m east of the previously easternmost section of the Jaguar Central Deposit, adding 60m of along-strike extension to the Jaguar Central Deposit.

Figure 5 – The Jaguar Central Deposit: Cross-Section 477080mE (left) and 477290mE (right).

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It is interpreted that JAG-DD-21-148 intersected the top portion of the high-grade shoot and, importantly, recently completed drill hole, JAG-DD-21-152, has intersected the shoot again a further 40m down-dip from JAG-DD-21-148 (Figure 5), demonstrating the continuity of the shoot. Additional down-dip drilling is planned as well as further drilling down-plunge and along strike to the east, where the shoot remains open.

Highlights of new assay results from the step-out drilling at the Jaguar Central Deposit include the following downhole intervals (see Table 1 for complete results, plan map in Figure 9 and sections in Figure 5):

Hole JAG-DD-21-148

• 4.5m at 1.22% Ni, 0.16% Zn, 0.09% Cu and 0.02% Co from 239.5m

• 4.0m at 0.40% Ni, 0.34% Zn, 0.14% Cu and 0.01% Co from 254.5m

• 10.0m at 0.99% Ni, 0.05% Zn, 0.03% Cu and 0.05% Co from 267.0m, including: o 5.0m at 1.30% Ni , 0.05% Zn, 0.04% Cu and 0.05% Co from 272.0m

• 2.0m at 0.66% Ni , 0.03% Zn, 0.02% Cu and 0.02% Co from 327.0m

• 5.5m at 0.52% Ni , 0.04% Zn, 0.02% Cu and 0.01% Co from 332.0m

Importantly, the recently completed Value-Add Scoping Study demonstrated that underground operations are viable at the Jaguar Central Deposit. These new step-out drilling results from the easterly plunge of the high-grade shoot are not included in the March 2021 MRE and have consistently intersected thick zones of high-grade mineralisation with the potential to either extend the planned open pit at depth and/or establish additional Resources for the future underground operations.

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The mineralisation remains open at depth, along the entire strike of the deposit and down-plunge to the east, where additional drilling is planned to further extend the strike beyond current resource limits.

Jaguar West & Jaguar Central North Deposits

Currently the Jaguar West and Jaguar Central North Deposits host Inferred Resources only, as historical drilling was broadly spaced and often shallow. The Company’s first drilling campaign at both deposits has been very successful in confirming the current geological model, as well as identifying additional higher-grade zones within the broader mineralised envelope (Figures 10 and 11).

New structural and geophysical targets have been identified at both deposits along strike and down-dip, where the deposits remain open. A rig remains dedicated to each of the Jaguar West and Jaguar Central North Deposits. Most of the in-fill drilling for the open pits is now complete and step-out drilling has commenced to expand the Resources.

Highlights of new assay results from in-fill drilling at the Jaguar West Deposit include the following down-hole intervals (see Table 1 for complete results, plan map in Figure 10):

Hole JAG-DD-21-140

• 7.7m at 0.55% Ni , 0.04% Zn, 0.02% Cu and 0.02% Co from 53.3m

• 13.2m at 1.63% Ni , 0.02% Zn, 0.04% Cu and 0.04% Co from 64.0m, including: o 9.2m at 2.10% Ni , 0.02% Zn, 0.05% Cu and 0.05% Co from 66.8m

• 4.0m at 0.64% Ni , 0.10% Zn, 0.02% Cu and 0.01% Co from 81.0m

• 6.8m at 1.24% Ni , 0.08% Zn, 0.07% Cu and 0.03% Co from 114.2m, including: o 3.3m at 2.15% Ni , 0.07% Zn, 0.13% Cu and 0.06% Co from 114.2m

• 4.2m at 1.28% Ni , 1.08% Zn, 0.06% Cu and 0.02% Co from 154.5m

Hole JAG-DD-21-136

• 2.1m at 1.06% Ni , 0.08% Zn, 0.01% Cu and 0.01% Co from 38.0m

• 4.0m at 1.63% Ni , 0.08% Zn, 0.13% Cu and 0.05% Co from 48.0m

• 6.1m at 0.37% Ni , 0.05% Zn, 0.01% Cu and 0.01% Co from 58.0m

• 10.8m at 0.79% Ni , 0.06% Zn, 0.03% Cu and 0.02% Co from 76.0m, including: o 3.4m at 1.03% Ni , 0.04% Zn, 0.02% Cu and 0.02% Co from 78.0m

Hole JAG-DD-21-144

• 5.8m at 0.92% Ni , 0.04% Zn, 0.03% Cu and 0.02% Co from 37.2m

• 4.5m at 0.43% Ni , 0.10% Zn, 0.01% Cu and 0.02% Co from 71.5m

• Hole JAG-DD-21-149

• 6.5m at 0.51% Ni , 0.02% Zn, 0.02% Cu and 0.01% Co from 84.5m

• 2.1m at 2.21% Ni , 0.52% Zn, 0.11% Cu and 0.02% Co from 136.0m

Highlights of new assay results from in-fill drilling at the Jaguar Central North Deposit include the following downhole intervals (see Table 1 for complete results, map in Figure 10):

Hole JAG-DD-21-145

• 12.0m at 0.42% Ni , 0.12% Zn, 0.02% Cu and 0.01% Co from 163.0m

• 4.0m at 0.54% Ni , 0.10% Zn, 0.04% Cu and 0.02% Co from 171.0m

• 8.2m at 0.40% Ni , 0.07% Zn, 0.03% Cu and 0.01% Co from 182.0m

• 5.9m at 0.97% Ni , 0.04% Zn, 0.04% Cu and 0.03% Co from 195.0m

• 3.0m at 1.00% Ni , 0.09% Zn, 0.11% Cu and 0.04% Co from 217.0m

• 6.2m at 0.70% Ni , 0.09% Zn, 0.02% Cu and 0.01% Co from 237.0m

Hole JAG-DD-21-150

• 30.9m at 0.60% Ni , 0.69% Zn, 0.02% Cu and 0.01% Co from 202.2m

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The results from the Jaguar West and Jaguar Central North Deposit holes outlined above will form part of the next planned JORC MRE upgrade, which is expected to be delivered in Q4 2021.

Additional Diamond Rigs

Five diamond rigs are now on site operating on double-shift. A further two rigs have been contracted, with mobilisation of the rigs, support vehicles and drill teams expected to take place over the next 2-3 weeks. All new contractors must undergo the appropriate testing and isolation procedures under the Company’s COVID-19 Management Plan before they enter site.

-ENDS-

For further enquiries please contact: Authorised for Release by the Managing Director

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 March 2021 Jaguar Mineral Resource 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 – Recent results and collar locations for the current outstanding drill-hole results. † Planned EOH depth.

Hole ID	Target	Easting	Northing	mRL	Azi	Dip	EOH Depth	From (m)	To (m)	Interval (m)	Ni %	Cu %	Co %	Zn %
JAG-DD-21-136	Jaguar West	476290	9283281	277	180	-55	138.65 Including	37.95 48.00 58.00 76.00 78.00	40.00 52.00 64.05 86.75 81.40	2.05 4.00 6.05 10.75 3.40	1.06 1.63 0.37 0.79 1.03	0.01 0.13 0.01 0.03 0.02	0.01 0.05 0.01 0.02 0.02	0.08 0.08 0.05 0.06 0.04
JAG-DD-21-139	Jaguar South	477695	9282392	336	0	-55	224.05 Including Including	143.00 149.00 152.00 162.00 191.00 195.00	147.00 156.00 155.00 174.00 207.00 198.00	4.00 7.00 3.00 12.00 16.00 3.00	0.60 1.30 1.93 0.64 0.80 1.86	0.07 0.16 0.25 0.07 0.03 0.11	0.02 0.03 0.05 0.02 0.02 0.04	0.04 0.03 0.02 0.02 0.02 0.01
JAG-DD-21-140	Jaguar West	476340	9283283	273	180	-55	167.05 Including Including Including	53.30 55.00 64.00 66.80 81.00 114.20 114.20 147.00 154.50	61.00 58.00 77.15 76.00 85.00 121.00 117.50 150.00 158.70	7.70 3.00 13.15 9.20 4.00 6.80 3.30 3.00 4.20	0.55 0.84 1.63 2.10 0.64 1.24 2.15 0.38 1.28	0.02 0.04 0.04 0.05 0.02 0.07 0.13 0.01 0.06	0.02 0.03 0.04 0.05 0.01 0.03 0.06 0.01 0.02	0.04 0.04 0.02 0.02 0.10 0.08 0.07 0.12 1.08
JAG-DD-21-143	Jaguar South	477885	9282335	339	0	-55	272.10 Including Including Including	25.65 42.50 133.45 135.00 159.50 164.35 173.40 176.70 190.00 203.45 242.00	27.00 46.45 140.60 138.30 167.20 167.20 186.00 182.50 194.35 206.00 247.20	1.35 3.95 7.15 3.30 7.70 2.85 12.60 5.80 4.35 2.55 5.20	0.69 0.49 2.36 3.46 0.80 1.62 1.25 2.01 0.45 2.24 1.49	0.05 0.04 0.08 0.12 0.12 0.26 0.08 0.14 0.03 0.10 0.04	0.02 0.02 0.05 0.07 0.02 0.03 0.04 0.05 0.01 0.05 0.02	0.01 0.02 0.02 0.01 0.03 0.04 0.47 0.30 0.05 0.02 0.01
JAG-DD-21-144	Jaguar West	476385	9283271	272	180	-55	132.85	37.20 63.00 71.50	43.00 64.50 76.00	5.80 1.50 4.50	0.92 0.80 0.43	0.03 0.05 0.01	0.02 0.03 0.02	0.04 0.11 0.10
JAG-DD-21-145	Jaguar Central North	476830	9283247	252	180	-55	292.30	163.00 171.00 182.00 195.00 217.00 237.00	175.00 175.00 190.15 200.90 220.00 243.15	12.00 4.00 8.15 5.90 3.00 6.15	0.42 0.54 0.40 0.97 1.00 0.70	0.02 0.04 0.03 0.04 0.11 0.02	0.01 0.02 0.01 0.03 0.04 0.01	0.12 0.10 0.07 0.04 0.09 0.09
JAG-DD-21-146	Jaguar South	477885	9282148	384	0	-55	359.25	208.00 239.30 265.10 292.00 342.80	211.00 241.00 268.00 294.70 347.05	3.00 1.70 2.90 2.70 4.25	0.81 0.53 1.27 1.30 0.70	0.05 0.01 0.06 0.10 0.02	0.01 0.01 0.03 0.03 0.02	0.02 0.03 0.02 0.03 1.11
JAG-DD-21-147	Jaguar Central North	476770	9283184	263	0	-58	100.10	0.00 16.20	12.00 17.50	12.00 1.30*	0.54 0.43	0.04 0.03	0.01 0.01	0.13 0.03
JAG-DD-21-148	Jaguar Central	477290	9283077	291	180	-55	365.85 Including	239.50 254.50 262.50 267.00 272.00 301.00 327.00 332.00	244.00 258.50 264.50 277.00 277.00 304.00 329.00 337.50	4.50 4.00 2.00 10.00 5.00 3.00 2.00 5.50	1.22 0.40 0.47 0.99 1.30 0.33 0.66 0.52	0.09 0.14 0.07 0.03 0.04 0.01 0.02 0.02	0.02 0.01 0.02 0.05 0.05 0.01 0.02 0.01	0.16 0.34 0.20 0.05 0.05 0.04 0.03 0.04
JAG-DD-21-149	Jaguar West	476385	9283304	268	180	-55	191.65	84.50 99.00 135.95	91.00 103.00 138.00	6.50 4.00 2.05	0.51 0.37 2.21	0.02 0.01 0.11	0.01 0.01 0.02	0.02 0.08 0.52

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Table 1 (cont.) – Jaguar Nickel Sulphide Project – Drill Collar locations for the current outstanding drill-hole results. † Planned EOH depth.

Hole ID	Target	Easting	Northing	mRL	Azi	Dip	EOH Depth	From (m)	To (m)	Interval (m)	Ni %	Cu %	Co %	Zn %
JAG-DD-21-150	Jaguar Central North	477030	9283357	255	180	-55	250.15 Including	149.85 195.50 202.15 202.15 242.65	151.50 197.35 233.00 207.80 244.50	1.65 1.85 30.85 5.65 1.85	0.76 0.53 0.60 0.90 0.98	0.07 0.03 0.02 0.04 0.05	0.03 0.01 0.01 0.02 0.02	0.02 0.04 0.69 0.54 0.12
JAG-DD-21-151	Jaguar South	478040	9282567	305	180	-55	290.40 Including Including Including and	36.50 99.70 111.00 148.00 156.00 158.30 186.25 206.00 206.00 208.00 255.40	43.00 104.00 115.50 150.50 167.00 161.55 197.25 262.10 232.10 225.60 262.10	6.50 4.30 4.50 2.50 11.00 3.25 11.00 56.10 26.10 17.60 6.70	1.24 0.56 0.38 0.39 0.78 1.61 0.86 2.05 3.55 4.86 2.09	0.11 0.05 0.04 0.02 0.04 0.12 0.03 0.03 0.06 0.09 0.05	0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.06 0.08 0.03	0.08 0.03 0.02 0.03 0.03 0.02 0.02 0.18 0.18 0.01 2.69
JAG-DD-21-152	Jaguar Central	477290	9283116	299	180	-58	406.1	Assays Pending
JAG-DD-21-153	Jaguar West	476435	9283252	272	180	-55	131.7	Assays Pending
JAG-DD-21-154	Jaguar West	476480	9283255	269	180	-55	169.9	Assays Pending
JAG-DD-21-155	Jaguar South	478140	9282359	346	180	-55	130.9	Assays Pending
JAG-DD-21-156	Jaguar Central North	477030	9283363	255	180	-55	297.6	Assays Pending
JAG-DD-21-157	Jaguar South	478140	9282485	317	180	-61	467.5	Assays Pending
JAG-DD-21-158	Jaguar West	476525	9283262	266	180	-55	201.9	Assays Pending
JAG-DD-21-159	Jaguar Central	477130	9283160	317	180	-57	360.1	Assays Pending
JAG-DD-21-160	Jaguar Central North	477030	9283286	280	180	-55	186.8	Assays Pending
JAG-DD-21-161	Jaguar West	476290	9283247	283	180	-55	145.2	Assays Pending
JAG-DD-21-162	Jaguar West	476385	9283338	267	180	-55	252.2	Assays Pending
JAG-DD-21-163	Jaguar Central	477030	9283195	293	180	-55	379.0	Assays Pending
JAG-DD-21-164	Jaguar South	478210	9282535	382	180	-58	544.3	Assays Pending
JAG-DD-21-165	Jaguar Central	476935	9283170	285	180	-55	230.3	Assays Pending
JAG-DD-21-166	Jaguar Central	477230	9283136	312	180	-58	569.0	Assays Pending
JAG-DD-21-167	Jaguar West	476090	9283128	286	180	-55	140.1	Assays Pending
JAG-DD-21-168	Jaguar West	475945	9283140	299	180	-55	92.0	Assays Pending
JAG-DD-21-169	Jaguar Central North	477080	9283193	306	0	-55	186.3	Assays Pending
JAG-DD-21-170	Jaguar West	475990	9283372	263	180	-55	220†	Assays Pending
JAG-DD-21-171	Jaguar South	478300	9282517	416	180	-62	530†	Assays Pending
JAG-DD-21-172	Jaguar Central North	477180	9283082	312	0	-55	330†	Assays Pending

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Figure 6 – Core photo from drill hole JAG-DD-21-164 (Jaguar South); 363.7m to 379.1m down-hole: Disseminated, stringer to semimassive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in altered dacite.

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Table 2 – Visual estimates of intersected mineralisation in drill hole JAG-DD-21-164.

Deposit	Drill hole	From(m)	To(m)	Interval	Description of Sulphide Mineralisation*
Jagaur South Jagaur South Jagaur South Jagaur South Jagaur South Jagaur South Jagaur South Jagaur South	JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164 JAG-DD-20-164	243.0 256.3 344.8 366.4 368.2 395.8 405.6 452.7	244.0 257.3 366.4 368.2 379.1 398.1 407.6 453.6	1.0 1.0 21.7 1.8 11.0 2.4 2.0 1.0	Disseminated to Stringer 2-5% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-5% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-5% sulphides comprising py, mlr, pn, sp,po Stringer and semi-massive 10-30% sulphides comprising py, mlr, pn, sp, cp, po Disseminated to semi-massive 5-15% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-10% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-5% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-5%sulphides comprising py,mlr, pn,sp,po
Total down hole width of mineralisation: 41.7 m(including 12.7m of stringer to semi-massive)

*pyrite (py), milerite (mlr), pentalndite (pn), chalcopyrite (cp), pyrhotite (po), sphalerite (sp)

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Figure 7 – Core photo from drill hole JAG-DD-21-152 (Jaguar Central); 308.9m to 327.6m down-hole: Disseminated, stringer to semimassive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in altered dacite.

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Table 3 – Visual estimates of intersected mineralisation in drill hole JAG-DD-20-152.

Deposit	Drill hole	From(m)	To(m)	Interval	Description of Sulphide Mineralisation*
Jagaur Central Jagaur Central Jagaur Central Jagaur Central Jagaur Central	JAG-DD-21-152 JAG-DD-21-152 JAG-DD-21-152 JAG-DD-21-152 JAG-DD-21-152	249.8 274.3 308.9 343.2 360.2	252.3 284.3 330.0 346.1 361.4	2.5 10.0 21.1 3.0 1.2	Disseminated to Stringer 2-5% sulphides comprising py, mlr, pn, sp,po Disseminated to Stringer 2-5% sulphides comprising py, mlr, sp,pn,po Stringer and semi-massive 5-20% sulphides comprising py, sp, mlr,pn,po Disseminated to Stringer 2-5% sulphides comprising py, mlr, sp,pn,po Disseminated to Stringer 2-5% sulphides comprising py,mlr, pn,sp,po
Total down hole width of mineralisation: 37.8 m(including 21.3m of stringer to semi-massive)

*pyrite (py), milerite (mlr), pentalndite (pn), chalcopyrite (cp), pyrhotite (po), sphalerite (sp)

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Figure 8 – The Jaguar South Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey (RTP)

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Figure 9 – The Jaguar Central Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey (RTP)

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Figure 10 – The Jaguar West Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey (RTP)

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Figure 11 – The Jaguar Central North Deposit with DHEM conductor plates (blue) overlaid on the Ground Magnetics Survey (RTP)

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Table 4 – The Jaguar JORC Mineral Resource Estimate (MRE) by Deposit – March 2021

	Resrouce	Tonnes		Grade		Contained Metal	Contained Metal	Tonnes
Deposit	Classification	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Indicated	7.4	1.19	0.06	239	87,400	4,200	1,800
Jaguar South	Inferred	11.3	0.83	0.04	184	93,900	4,300	2,100
	Total	18.7	0.97	0.05	206	181,300	8,600	3,900
	Indicated	8.4	0.99	0.06	267	83,100	5,200	2,200
Jaguar Central	Inferred	1.8	1.06	0.06	269	19,300	1,100	500
	Total	10.2	1.00	0.06	268	102,400	6,300	2,700
	Indicated	2.3	1.08	0.14	349	24,500	3,200	800
Jaguar North	Inferred	1.0	1.12	0.28	353	11,400	2,800	400
	Total	3.3	1.09	0.18	350	35,900	6,000	1,200
Jaguar Central North	Inferred/ Total	5.8	0.80	0.05	210	46,700	3,000	1,200
Jaguar Northeast	Inferred/ Total	8.3	0.78	0.09	253	64,900	7,300	2,100
Jaguar West	Inferred/ Total	5.7	0.80	0.04	150	45,200	2,100	900
	Indicated	18.0	1.08	0.07	266	195,000	12,600	4,800
Jaguar Deposits	Inferred	34.0	0.83	0.06	209	281,300	20,800	7,100
	Total	52.0	0.92	0.06	229	476,300	33,400	11,900
	Indicated	2.1	1.47	0.11	762	30,900	2,300	1,600
Onça Preta	Inferred	1.6	1.71	0.05	236	27,000	800	400
	Total	3.7	1.58	0.08	536	57,800	3,100	2,000
Onça Rosa	Inferred/ Total	3.2	0.88	0.06	251	28,500	1,800	800
	Indicated	20.1	1.12	0.07	318	225,800	14,900	6,400
Jaguar MRE Total	Inferred	38.8	0.87	0.06	214	336,800	23,400	8,300
	Grand Total	58.9	0.96	0.07	249	562,600	38,300	14,700

* Within 200m of surface cut-off grade 0.3% 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.

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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. The resource considers 49 drill holes completed by Centaurus for a total of 17,941m 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 Centaurus hole up to 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 100m x 50m or 50m x 50m. • No sample compositing was applied to the drilling. • Metallurgical samples to date have been taken from Jaguar South, Jaguar Central, Jaguar North 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.
Sample security	• All historical and current samples are placed in pre-numbered plastic sample bags and then a sample ticket wasplaced within the bagas a check. Bags are sealed and then transported bycourier

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Criteria	Commentary
	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. • Centaurus has secured possession rights to two properties over the Jaguar Project with other agreements currently being negotiated. This first agreements remove exposure to the landowner royalty over the properties secured. • The project is covered by a mix of cleared farmland 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 Table 1-4 as well as Figures 1-11 • Refer to previous ASX Announcements for significant intersections from Centaurus drilling. • Refer to ASX Announcement of 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 historical drilling results in ASX Announcement 6 August 2019 reflect individual down hole sample intervals and no mineralised widths were assumed or stated.
Diagrams	• Refer to Figures 1 to 14 of this announcement. • Refer to previous ASX Announcements for maps and sections from Centaurus drilling included in the resource estimate.
Balanced reporting	• All exploration results received by the Company to date are included in this or previous releases to the ASX. • For the current resource, a revised 0.3% Ni cut-off grade has been applied to material less than 200m vertical depth from surface in the estimation of the Global MRE with this being consistent with mineralisation domain modellingand reported significant intersection cut-offgrades.
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.

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Criteria	Commentary
	• In-fill and extensional drilling within the known deposits to test the continuity of high-grade zones is ongoing. Resource samples are continuously being sent in batches of 150-300 samples and will be reported once the batches are completed. • Metallurgical testwork is ongoing. • Geotechnical and hydrological studies for the proposed tailings facility and waste deposits have started.

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. • Mineralisation 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. • Mineralisation 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) covers an area of 1,200m strike length by 400m wide by 500m deep in strike length trending ESE-WNW. Individual domains dip sub-vertically with widths up to 20-30m. • Jaguar Central (primary mineralisation) covers an area of 800m strike length by 250m wide by 420m deep trending ESE-WNW. Individual domains dip sub-vertically with widths up to 20-30m. • Jaguar North (primary mineralisation) has a strike length of 600m by up to 25m wide by 300m deep, trending SE-NW. • Jaguar Central North (primary mineralisation) covers an area of 700m strike length by 100m wide by 500m deep, trending E-W. Individual domains dip sub-vertically with widths up to 20-30m. • Jaguar Northeast (primary mineralisation) covers an area of 1,000m strike length by 300m wide by 420m deep, trending ESE-WNW. Individual domains dip sub-vertically with widths up to 10-15m. • Jaguar West (primary mineralisation) has a strike length of 1,000m by up to 80m wide by 350m deep,trendingE-W. Individual domains dipsub-verticallywith widths upto 10m.

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Criteria	Commentary
	• Onça Preta (primary mineralisation) has a strike length of 400m by up to 15m wide by 375m deep, trending E-W. • Onça Rosa (primary mineralisation) has a strike length of 500m by up to 10m wide by 250m 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. • 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. A revised 0.3% Ni cut-off grade has been applied to material less than 200m vertical depth from surface in the estimation of the Global MRE with this being consistent with mineralisation domain modelling and reported significant intersection cut-off grades. A Ni cut-off grade of 1.0% Ni was maintained 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 39,313 bulk density measurements have been completed. • Of these, 4,040 were included in the analysis and are within the defined mineralised domains – and 4,031 are from fresh or transitional material leavingonly9 measurements from saprolite or oxide

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Criteria	Commentary
	material. • 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. • 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 second Mineral Resource estimate completed by the Company. The current model was reviewed by Entech as part of their independent mining study.
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.