CENTAURUS METALS LIMITED — Capital/Financing Update 2022

May 15, 2022

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT AND MEDIA RELEASE

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16 May 2022

JAGUAR RESOURCE DEFINITION DRILLING DELIVERS OUTSTANDING NEW RESULTS OF UP TO 46.0m at 2.17% NICKEL

Successful in-fill drilling continues to de-risk the Project by increasing confidence in the shallow open pit mineralisation that will underpin early payback of the planned mining operation

• Significant shallow results received from ongoing in-fill drilling at the Jaguar Central (JC), Jaguar South (JS) and Jaguar Northeast (JNE) deposits, demonstrating the continuity of the mineralisation within the current Mineral Resource model. New assay results include:

• 46.0m at 2.17% Ni from 128.0m including 23.2m at 2.82% Ni from 148.0m in JAG-DD-22-274 (JC)

• 49.3m at 1.20% Ni from 31.9m including 13.2m at 2.37% Ni from 53.5m in JAG-DD-22-262 (JC)

• 38.3m at 1.16% Ni from 87.7m in JAG-DD-22-246 (JS)

• 15.2m at 2.12% Ni from 187.8m including 2.6m at 9.14% Ni from 200.4m in JAG-DD-22-260 (JS)

• 33.3m at 0.89% Ni from 136.3m in JAG-DD-22-282 (JC)

• 26.9m at 0.93% Ni from 91.6m in JAG-DD-22-265 (JC)

• 22.5m at 1.01% Ni from 116.5m including 6.0m at 2.29% Ni from 133.0m in JAG-DD-22-272 (JC)

• 15.0m at 1.42% Ni from 122.0m including 5.5m at 2.82% Ni from 126.0m in JAG-DD-22-260 (JS)

• 20.3m at 0.93% Ni from 62.5m in JAG-DD-22-265 (JC)

• 13.1m at 1.40% Ni from 116.2m in JAG-DD-22-271 (JS)

• 14.9m at 1.22% Ni from 90.4m in JAG-DD-22-277 (JS)

• 9.3m at 1.51% Ni from 183.5m including 3.5m at 2.86% Ni from 183.5m in JAG-DD-22-282 (JC)

• 14.0m at 0.86% Ni from 40.2m in JAG-DD-22-259 (JS)

• 13.2m at 0.94% Ni from 162.0m in JAG-DD-22-260 (JS)

• 12.6m at 1.05% Ni from 28.4m in JAG-DD-22-265 (JC)

• 11.7m at 0.93% Ni from 88.0m in JAG-DD-22-259 (JS)

• The Jaguar December 2021 Mineral Resource Estimate (MRE), comprising 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel, is already one of the largest nickel sulphide resources held by an ASX-listed company and the largest outside of the majors.

• The next Mineral Resource update scheduled for Q3 2022 will underpin the Definitive Feasibility Study (DFS) and the Project’s first Ore Reserve estimate.

• There are currently 15 rigs on site (13 diamond and two RC) drilling double-shift with the drilling currently focused on upgrading as much of the MRE into the Measured and Indicated categories as possible.

• Centaurus is well-funded with cash reserves of approximately $65 million.

Centaurus Metals (ASX Code: CTM ) is pleased to report outstanding new results from ongoing resource development drilling at its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil. The results are expected to further increase confidence in the Mineral Resource before delivery of the Definitive Feasibility Study (DFS) and initial Ore Reserve estimate due by the end of calendar 2022.

The resource definition drilling program currently underway is expected to upgrade more of the Jaguar MRE into the Measured and Indicated categories in advance of Ore Reserve estimation as part of the DFS.

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

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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Centaurus’ Managing Director, Mr Darren Gordon, said: “We are extremely pleased with how the resource definition drilling program is progressing, with the ongoing drilling continuing to de-risk the project by demonstrating the continuity of the mineralisation within the cornerstone Jaguar deposits.

“Seeing high-grade, shallow intersections like 46.0m at 2.17% Ni within a constrained US$22,000/t nickel price pit shell gives us a lot of confidence that the early stages of a future mining operation at Jaguar can support robust capital payback on the project.

“The target pit we are using for the in-fill drilling has expanded considerably since the Scoping Study was delivered, and this has resulted in most of the diamond rigs on site now being swung onto in-fill drilling so we can deliver the planned MRE upgrade by the end of Q3 2022. This updated MRE will, in turn, underpin the initial Ore Reserve for the DFS.

“In-fill drilling is a clear focus of our drilling effort right now. We expect a steady flow of results from this work over the next couple of months as reflected in the number of drill holes currently in the laboratory for assay. We currently have a total of 15 rigs operating on-site, with two rigs currently continuing to focus on resource growth step-out drilling and the balance currently dedicated to in-fill drilling. Once the MRE upgrade is complete, we will swing most of the rigs back to resource growth and discovery drilling.”

Resource Development In-fill Drilling

The December 2021 Mineral Resource Estimate (MRE) comprised 80.6Mt @ 0.91% Ni for 730,700t of contained nickel (Table 2), with an Indicated component of the Resource being 43.4Mt @ 0.92% Ni for 397,000t of contained nickel , representing 54% of the Global MRE. The total MRE at Jaguar has increased by 30% since the Scoping Study Resource Estimate was announced in March 2021 and more than 40% since the Company’s maiden Resource was announced in June 2020 (Figure 1).

The focus of drilling during the first half of 2022 has shifted to resource development in-fill drilling at all of the Jaguar Deposits. In-fill drilling is designed to upgrade all resources within a constrained US$22,000/t nickel price pit shell limit into the Measured and Indicated categories.

The US$22,000/t pit shell limit is considerably bigger than the shell used for the Scoping Study, which was generated using a US$13,800/t nickel price. The Company is targeting more than 500,000t of contained nickel in the Measured and Indicated categories of the next MRE based on the extensive in-fill drill currently being undertaken and the MRE already in place.

Figure 1 – The Jaguar JORC Mineral Resource Estimate (MRE) Growth

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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The MRE planned for the end of Q3 2022 will underpin the Jaguar Project Definitive Feasibility Study (DFS) and initial Ore Reserve estimate. The current resource definition in-fill drilling is important as it will ensure that as much of the in-pit Resource as possible will be upgraded to the higher-confidence Indicated category, which in turn increases the potential production target and anticipated conversion of Resource to Ore Reserves.

Additional in-fill drilling to upgrade Indicated Resources into Measured is also being undertaken inside a constrained US$22,000/t nickel price pit shell, to cover the estimated project capital payback period. The in-fill drill results continue to demonstrate the continuity of the mineralisation both down-dip and along strike both within the current Scoping Study pit limits as well as within the larger US$22,000/t pit shell.

Jaguar Central

In-fill drilling at Jaguar Central is currently focused on upgrading as much of the mineralisation into the Measured Resource category to support project capital payback period.

The new shallow results, including 46.0m at 2.17% Ni from 128.0m in JAG-DD-22-274 and 49.3m at 1.20% Ni from 31.9m in JAG-DD-22-262 (Figure 2), continue to demonstrate that the Jaguar Central high-grade shoot consistently returns over 1.0% nickel with intersections up to 70m wide, extending over a strike length of more than 500m and plunging shallowly to the east.

Figure 2 – The Jaguar Central Deposit: Cross-Sections 477005mE (left) and 477055mE (right) showing existing drilling, DHEM conductor plates in dark blue and FLEM conductor plates in light blue.

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With its favourable geometry, the flat-lying high-grade shoot that forms part of the Jaguar Central mineralisation lends itself extremely well to extraction via 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.

Highlights of new assay results from in-fill drilling at the Jaguar Central Deposit include the following down-hole intervals (see Table 1 for complete results and plan map in Figure 3):

Hole JAG-DD-22-244

• 7.7m at 1.09% Ni, 0.03% Zn, 0.07% Cu and 0.02% Co from 238.7m

Hole JAG-DD-22-250

• 3.0m at 1.88% Ni, 0.02% Zn, 0.25% Cu and 0.07% Co from 176.0m

• 2.0m at 2.47% Ni, 0.02% Zn, 0.27% Cu and 0.11% Co from 197.5m

Hole JAG-DD-22-262

• 49.3m at 1.20% Ni, 2.74% Zn, 0.08% Cu and 0.02% Co from 31.9m, including: o 13.2m at 2.37% Ni, 6.41% Zn, 0.16% Cu and 0.05% Co from 53.5m

• 7.5m at 0.59% Ni, 0.54% Zn, 0.02% Cu and 0.01% Co from 89.5m

• 4.9m at 0.59% Ni, 0.24% Zn, 0.03% Cu and 0.01% Co from 123.3m

Hole JAG-DD-22-265

• 12.6m at 1.05% Ni, 0.39% Zn, 0.01% Cu and 0.09% Co from 28.4m, including: o 6.3m at 1.62% Ni, 0.54% Zn, 0.02% Cu and 0.14% Co from 28.4m

• 20.3m at 0.93% Ni, 1.05% Zn, 0.07% Cu and 0.02% Co from 62.5m

• 26.9m at 0.93% Ni, 0.72% Zn, 0.08% Cu and 0.02% Co from 91.6m, including:

• 6.0m at 1.27% Ni, 1.21% Zn, 0.17% Cu and 0.03% Co from 95.5m

• 3.6m at 1.71% Ni, 0.53% Zn, 0.12% Cu and 0.04% Co from 111.2m

• 9.3m at 0.81% Ni, 0.04% Zn, 0.07% Cu and 0.02% Co from 150.1m

Hole JAG-DD-22-272

• 22.5m at 1.01% Ni, 0.16% Zn, 0.04% Cu and 0.03% Co from 116.5m, including: o 6.0m at 2.29% Ni, 0.08% Zn, 0.13% Cu and 0.04% Co from 133.0m

Hole JAG-DD-22-274

• 6.2m at 0.92% Ni, 0.05% Zn, 0.03% Cu and 0.05% Co from 71.1m

• 6.1m at 0.69% Ni, 0.05% Zn, 0.01% Cu and 0.04% Co from 112.3m

• 46.0m at 2.17% Ni, 0.08% Zn, 0.16% Cu and 0.04% Co from 128.0m, including:

• 23.2m at 2.82% Ni, 0.11% Zn, 0.17% Cu and 0.06% Co from 148.0m

• 7.5m at 1.58% Ni, 0.06% Zn, 0.11% Cu and 0.05% Co from 211.0m

Hole JAG-DD-22-282

• 7.9m at 0.49% Ni, 0.59% Zn, 0.04% Cu and 0.02% Co from 116.3m

• 33.3m at 0.89% Ni, 1.15% Zn, 0.05% Cu and 0.03% Co from 136.3m

• 9.3m at 1.51% Ni, 0.28% Zn, 0.05% Cu and 0.04% Co from 183.5m, including: o 3.5m at 2.86% Ni, 0.08% Zn, 0.07% Cu and 0.05% Co from 183.5m

The success of the Company’s in-fill drilling strategy at Jaguar Central has further de-risked the Project by increasing confidence in the shallow open pit mineralisation that will underpin early capital payback in any future mining operation at Jaguar.

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Figure 3 – The Jaguar Central Deposit with DHEM (darker blue) and FLEM (lighter blue) conductor plates overlaid on the Ground Magnetics Survey results (Analytic Signal).

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Jaguar South and Jaguar North-east Deposits

In-fill drilling at the Jaguar South and Jaguar North-east Deposits continues to be successful in confirming the December 2021 Mineral Resource model. Highlights of new assay results from in-fill drilling at the Jaguar South Deposit include the following down-hole intervals (see Table 1 for complete results and plan map in Figure 4):

Hole JAG-DD-22-246

• 38.3m at 1.16% Ni, 0.49% Zn, 0.03% Cu and 0.02% Co from 87.7m, including: o 4.9m at 1.78% Ni, 0.08% Zn, 0.07% Cu and 0.04% Co from 108.0m

• 3.0m at 1.15% Ni, 0.04% Zn, 0.04% Cu and 0.02% Co from 143.5m

• 4.0m at 1.04% Ni, 0.04% Zn, 0.02% Cu and 0.03% Co from 156.0m

• 2.0m at 2.67% Ni, 0.02% Zn, 0.10% Cu and 0.05% Co from 194.5m

• 4.3m at 1.29% Ni, 0.02% Zn, 0.15% Cu and 0.04% Co from 201.0m

Hole JAG-DD-22-259

• 14.0m at 0.86% Ni, 0.02% Zn, 0.08% Cu and 0.02% Co from 40.2m

• 3.0m at 2.04% Ni, 0.01% Zn, 0.15% Cu and 0.05% Co from 72.0m

• 11.7m at 0.93% Ni, 0.01% Zn, 0.03% Cu and 0.01% Co from 88.0m

Hole JAG-DD-22-260

• 4.0m at 0.64% Ni, 0.02% Zn, 0.03% Cu and 0.02% Co from 109.0m

• 15.0m at 1.42% Ni, 0.13% Zn, 0.07% Cu and 0.03% Co from 122.0m, including: o 5.5m at 2.82% Ni, 0.22% Zn, 0.13% Cu and 0.05% Co from 126.0m

• 3.5m at 1.29% Ni, 1.80% Zn, 0.08% Cu and 0.02% Co from 145.5m

• 13.2m at 0.94% Ni, 0.09% Zn, 0.07% Cu and 0.02% Co from 162.0m

• 15.2m at 2.12% Ni, 0.05% Zn, 0.07% Cu and 0.04% Co from 187.8m, including: o 2.6m at 9.14% Ni, 0.01% Zn, 0.26% Cu and 0.16% Co from 200.4m

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Hole JAG-DD-22-271

• 10.5m at 0.65% Ni, 0.02% Zn, 0.03% Cu and 0.01% Co from 30.0m

• 8.8m at 0.37% Ni, 0.06% Zn, 0.01% Cu and 0.01% Co from 46.5m

• 13.1m at 1.40% Ni, 0.19% Zn, 0.08% Cu and 0.03% Co from 116.2m

Hole JAG-DD-22-277

• 14.9m at 1.22% Ni, 0.01% Zn, 0.23% Cu and 0.03% Co from 90.4m

Figure 4 – The Jaguar South Deposit with DHEM (darker blue) and FLEM (lighter blue) conductor plates overlaid on the Ground Magnetics Survey results (Analytic Signal).

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• Highlights of new assay results from in-fill drilling at the Jaguar North east Deposit include the following down-hole intervals (see Table 1 for complete results and plan map in Figure 5):

Hole JAG-DD-22-257

• 7.6m at 1.40% Ni, 0.61% Zn, 0.04% Cu and 0.07% Co from 181.0m

• 4.6m at 0.81% Ni, 0.04% Zn, 0.01% Cu and 0.05% Co from 204.5m

Hole JAG-DD-22-261

• 7.0m at 1.31% Ni, 1.63% Zn, 0.10% Cu and 0.04% Co from 28.0m

• 6.0m at 0.93% Ni, 1.01% Zn, 0.07% Cu and 0.01% Co from 94.0m

• 4.0m at 0.54% Ni, 1.67% Zn, 0.06% Cu and 0.01% Co from 104.0m

Hole JAG-DD-22-269

• 4.2m at 1.99% Ni, 2.49% Zn, 0.11% Cu and 0.07% Co from 35.3m

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Figure 5 – The Jaguar Northeast Deposit with DHEM (darker blue) and FLEM (lighter blue) conductor plates overlaid on the Ground Magnetics Survey results (Analytic Signal).

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The consistency of results across all deposits strongly supports the potential to upgrade existing Resources into the higher-confidence Resource categories, which will underpin the DFS and initial JORC Reserve estimate.

Resource growth step-out drilling

Two diamond rigs remain focused on step-out drilling at the Jaguar South and Onça Preta Deposits. Step-out drilling is part of a push to extend the high-grade underground Resources at depth with the support of the new Down-Hole Electromagnetic (DHEM) probe, which has the capacity to survey down to a depth of 750m down-hole.

Once resource definition drilling is completed so that mineralisation within the US22,000/t nickel price pit shell has been upgraded to at least the Indicated Resource category, the drill rigs will be moved onto resource growth (extensional and step-out) and greenfields discovery drilling. This is expected to happen towards the end of Q3 2022.

RC Drilling

There are two Reverse Circulation (RC) drill rigs on site. Both rigs have been drilling sterilisation programs over the Jaguar processing plant area and proposed mine infrastructure areas (tailings dam sites, waste deposit, etc). Sterilisation drilling is critical for the delivery of the DFS as well as for project licensing.

The sterilisation programs have recently been completed and the RC rigs are moving onto resource development in-fill drilling at the Onca Preta and Onca Rosa Deposits. This drilling is also critical to ensure that the Onça Deposit Resources are in at least the Indicated Resource category and available for the DFS and Ore Reserve Estimation.

Once this drilling is complete, the RC rigs will return to greenfields exploration drilling.

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-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 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. * Oxide intersection

Hole ID	Deposit / Prospect	Easting	Northing	mRL	Azi	Dip	EOH Depth	From (m)	To (m)	Interval (m)	Ni %	Cu %	Co %	Zn %
JAG-DD-21-244	Jaguar Central	477139	9283125	317	225	-55	308.30	201.00 238.70	205.00 246.36	4.00 7.66	0.60 1.09	0.05 0.07	0.01 0.02	0.03 0.03
JAG-DD-21-246	Jaguar South	478025	9282390	340	135	-55	250.00 Including And And	87.70 87.70 100.20 108.00 131.00 143.50 156.00 182.00 194.50 201.00	126.00 90.80 104.00 112.85 134.00 146.50 160.00 187.00 196.50 205.30	38.30 3.10 3.80 4.85 3.00 3.00 4.00 5.00 2.00 4.30	1.16 1.55 1.55 1.78 0.42 1.15 1.04 0.63 2.67 1.29	0.03 0.05 0.04 0.07 0.02 0.04 0.02 0.03 0.10 0.15	0.02 0.03 0.03 0.04 0.01 0.02 0.03 0.02 0.05 0.04	0.49 3.38 0.09 0.08 0.05 0.04 0.04 0.05 0.02 0.02
JAG-DD-21-247	Onça Preta	476820	9284842	257	135	-55	150.00	Geotech Drill Hole
JAG-DD-21-249	Jaguar Northeast	478484	9282788	354	0	-55	170.05	106.80	109.50	2.70	1.15	0.02	0.12	0.02
JAG-DD-21-250	Jaguar Central	476920	9283153	289	135	-55	250.90	112.20	116.40	4.20	0.44	0.03	0.02	0.02
								176.00 197.50	179.00 199.50	3.00 2.00	1.88 2.47	0.25 0.27	0.07 0.11	0.02 0.02
JAG-DD-21-252	Onça Preta	476845	9284831	255	225	-55	200.35	Geotech Drill Hole
JAG-DD-22-254	Onça Preta	477035	9284961	257	180	-60	482.15	398.00 417.50	404.00 422.75	6.00 5.25	0.57 0.67	0.06 0.04	0.03 0.07	0.06 0.01
JAG-DD-22-256	Jaguar Central	476770	9283021	264	0	-55	311.45	171.30 265.00	177.50 268.50	6.20 3.50	0.61 0.44	0.05 0.04	0.02 0.03	0.72 0.05
JAG-DD-22-257	Jaguar Northeast	478299	9282602	398	0	-57		181.00 204.45	188.60 209.00	7.60 4.55	1.40 0.81	0.04 0.01	0.07 0.05	0.61 0.04
JAG-DD-22-259	Jaguar South	478370	9282323	448	0	-55	200.50	40.15 72.00 87.95	54.15 75.00 99.65	14.00 3.00 11.70	0.86 2.04 0.93	0.08 0.15 0.03	0.02 0.05 0.01	0.02 0.01 0.01
JAG-DD-22-260	Jaguar South	478276	9282400	392	135	-55	211.05 Including Including Including	109.00 122.00 126.00 145.50 162.00 173.25 187.82 200.40	113.00 137.00 131.50 149.00 175.20 175.20 203.00 203.00	4.00 15.00 5.50 3.50 13.20 1.95 15.18 2.60	0.64 1.42 2.82 1.29 0.94 2.21 2.12 9.14	0.03 0.07 0.13 0.08 0.07 0.14 0.07 0.26	0.02 0.03 0.05 0.02 0.02 0.04 0.04 0.16	0.02 0.13 0.22 1.80 0.09 0.23 0.05 0.01
JAG-DD-22-261	Jaguar Northeast	478140	9282891	331	0	-55	153.15	18.00 28.00 94.00 104.00	22.10 35.00 100.00 108.00	4.10* 7.00 6.00 4.00	0.37 1.31 0.93 0.54	0.01 0.10 0.07 0.06	0.02 0.04 0.01 0.01	0.09 1.63 1.01 1.67
JAG-DD-22-262	Jaguar Central	477005	9283036	329	180	-55	170.35	0.00 31.90	21.00 81.20	21.00* 49.30	0.69 1.20	0.05 0.08	0.02 0.02	0.67 2.74
							Including	53.45 89.45 123.25	66.60 96.95 128.15	13.15 7.50 4.90	2.37 0.59 0.59	0.16 0.02 0.03	0.05 0.01 0.01	6.41 0.54 0.24
JAG-DD-22-263	Onça Preta	476885	9284929	263	180	-68		Assays Pending
JAG-DD-22-264	Jaguar Northeast	478434	9282767	374	0	-60	246.85	11.50 24.50 54.90	20.00 28.00 57.20	8.50 3.50 2.30	0.43 0.37 0.73	0.14 0.14 0.03	0.02 0.01 0.03	0.19 0.27 0.88
JAG-DD-22-265	Jaguar Central	477005	9283069	324	180	-55	215.5 Including Including And	0.00 22.35 28.35 28.35 46.55 62.45 91.60 95.50 111.15 135.20 150.10	13.75 27.35 40.90 34.60 54.50 82.75 118.45 101.50 114.75 143.50 159.40	13.75 5.00 12.55 6.25 7.95 20.30 26.85 6.00 3.60 8.30 9.30	0.47 0.40 1.05 1.62 0.47 0.93 0.93 1.27 1.71 0.46 0.81	0.03 0.01 0.01 0.02 0.01 0.07 0.08 0.17 0.12 0.03 0.07	0.02 0.02 0.09 0.14 0.02 0.02 0.02 0.03 0.04 0.02 0.02	0.16 0.37 0.39 0.54 0.19 1.05 0.72 1.21 0.53 0.03 0.04
JAG-DD-22-266	Jaguar Central	477130	9283173	317	180	-59	440.25	Assays Pending
JAG-DD-22-267	Onça Preta	476790	9285022	272	180	-64	496.55	Assays Pending
JAG-DD-22-268	Jaguar Central North	477130	9283410	278	180	-58	426.05	Assays Pending
JAG-DD-22-269	Jaguar Northeast	478140	9282776	322	0	-55	326.15	35.30	39.50	4.20	1.99	0.11	0.07	2.49
JAG-DD-22-270	Jaguar South	478370	9282255	478	0	-55	276.15	Assays Pending
JAG-DD-22-271	Jaguar South	478325	9282372	424	0	-55	150.00	30.00 46.50 116.15	40.50 55.30 129.25	10.50 8.80 13.10	0.65 0.37 1.40	0.03 0.01 0.08	0.01 0.01 0.03	0.02 0.06 0.19
JAG-DD-22-272	Jaguar Central	477005	9283111	311	180	-57	219.30 including	116.50 133.00	139.00 139.00	22.50 6.00	1.01 2.29	0.04 0.13	0.03 0.04	0.16 0.08
JAG-DD-22-273	Jaguar Central	476756	9283190	258	180	-55	169.80	0.00	9.90	9.90*	0.56	0.06	0.02	0.08
JAG-DD-22-274	Jaguar Central	477055	9283089	322	180	-60	281.00 including	71.10 86.25 112.32 128.00 148.00 181.25 202.10 211.00	77.30 89.00 118.40 174.00 171.15 186.00 205.25 218.50	6.20 2.75 6.08 46.00 23.15 4.75 3.15 7.50	0.92 0.90 0.69 2.17 2.82 0.56 0.63 1.58	0.03 0.01 0.01 0.16 0.17 0.03 0.03 0.11	0.05 0.08 0.04 0.04 0.06 0.02 0.01 0.05	0.05 0.04 0.05 0.08 0.11 1.68 1.76 0.06

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Table 1 (continued) – Jaguar Nickel Sulphide Project – Recent Results and Collar Locations.

Hole ID	Deposit / Prospect	Easting	Northing	mRL	Azi	Dip	EOH Depth	From (m)	To (m)	Interval (m)	Ni %	Cu %	Co %	Zn %
JAG-DD-22-275	Jaguar Northeast	478390	9282802	354	0	-55	193.15	Assays Pending
JAG-DD-22-276	Jaguar Central	476755	9283221	253	180	-55	240.75	46.00 208.90	49.90 212.60	3.90 3.70	0.95 0.78	0.04 0.02	0.02 0.02	0.05 0.20
JAG-DD-22-277	Jaguar South	478325	9282208	460	0	-55	159.90	90.35	105.25	14.90	1.22	0.23	0.03	0.01
JAG-DD-22-278	Jaguar Northeast	478350	9282834	332	0	-55	197.85	Assays Pending
JAG-DD-22-279	Miscelaneous Pit	477380	9282772	327	180	-58	175.45	74.10	85.75	11.65	0.38	0.01	0.01	0.04
JAG-DD-22-280	Jaguar Northeast	478210	9282633	376	0	-55	280.00	Assays Pending
JAG-DD-22-281	Jaguar Central	476958	9283146	298	180	-55	239.95	Assays Pending
JAG-DD-22-282	Jaguar Central	477105	9283086	324.705	180	-55	239.50	106.00	111.10	5.10	0.43	0.04	0.01	0.08
							Including Including	116.30 136.25 152.45 183.50 183.50 225.00	124.15 169.50 157.00 192.80 187.00 229.00	7.85 33.25 4.55 9.30 3.50 4.00	0.49 0.89 1.54 1.51 2.86 0.53	0.04 0.05 0.09 0.05 0.07 0.02	0.02 0.03 0.04 0.04 0.05 0.01	0.59 1.15 2.74 0.28 0.08 0.02
JAG-DD-22-283	Jaguar Central	476755	9283162	265	180	-55	143.35	Assays Pending
JAG-DD-22-284	Onça Preta	476835	9284968	276	180	-69	490.00	Assays Pending
JAG-DD-22-285	Jaguar South	477590	9282431	336	180	-55	100.00	Assays Pending
JAG-DD-22-286	Jaguar Central	476645	9283212	251	180	-55	170.00	Assays Pending
JAG-DD-22-287	Jaguar South	477980	9282639	320	180	-61	600.00	Assays Pending
JAG-DD-22-288	Jaguar South	477580	9282714	297	180	-55	230.00	Assays Pending
JAG-DD-22-289	Jaguar Central	477105	9283041	328	180	-58	180.00	Assays Pending
JAG-DD-22-290	Jaguar Central	476957	9283113	309	180	-55	211.40	Assays Pending
JAG-DD-22-291	Jaguar Central North	477230	9283390	311	180	-59	492.25	Assays Pending
JAG-DD-22-292	Jaguar South	477695	9282493	312	0	-58	280.65	Assays Pending
JAG-DD-22-293	Jaguar Northeast	478041	9282813	303	0	-63	350.95	Assays Pending
JAG-DD-22-294	Jaguar Northeast	478300	9282857	339	0	-60	140.65	Assays Pending
JAG-DD-22-295	Jaguar Central	477155	9283019	316	180	-55	234.70	Assays Pending
JAG-DD-22-296	Jaguar Central	476908	9283103	307	150	-55	157.15	Assays Pending
JAG-DD-22-297	Jaguar Central	477105	9283005	318	150	-55	188.35	Assays Pending
JAG-DD-22-298	Jaguar Central	476645	9283314	254	180	-59	382.00	Assays Pending
JAG-DD-22-299	Jaguar Northeast	477885	9283045	278	180	-55	239.70	Assays Pending
JAG-DD-22-300	Onça Preta	476740	9284909	268	180	-60	362.35	Assays Pending
JAG-DD-22-301	Jaguar South	477580	9282668	294	180	-55	167.35	Assays Pending
JAG-DD-22-302	Jaguar Central	476908	9283139	291	180	-55	182.45	Assays Pending
JAG-DD-22-303	Jaguar Central North	477290	9283364	306	180	-59	496.10	Assays Pending
JAG-DD-22-304	Jaguar South	477635	9282338	360	0	-55	586.05	Assays Pending
JAG-DD-22-305	Jaguar South	478370	9282193	476	0	-55	194.10	Assays Pending
JAG-DD-22-306	Jaguar Central	476800	9283101	282	180	-55	106.10	Assays Pending
JAG-DD-22-307	Jaguar Northeast	478090	9282784	316	0	-61	369.30	Assays Pending
JAG-DD-22-308	Jaguar Northeast	477885	9282873	294	180	-55	88.40	Assays Pending
JAG-DD-22-309	Jaguar South	478435	9282195	486	0	-63	180.90	Assays Pending
JAG-DD-22-310	Jaguar Central	476800	9283144	281	180	-55	150.30	Assays Pending
JAG-DD-22-311	Jaguar South	477290	9282782	318	180	-55	114.85	Assays Pending
JAG-DD-22-312	Jaguar South	478140	9282553	348	180	-58	559.55	Assays Pending
JAG-DD-22-313	Onça Preta	476685	9284890	260	180	-62	310.25	Assays Pending
JAG-DD-22-314	Jaguar Central	476690	9283131	256	180	-55	80.80	Assays Pending
JAG-DD-22-315	Jaguar South	478460	9282220	466	0	-55	160.95	Assays Pending
JAG-DD-22-316	Jaguar Central	476645	9283263	255	180	-59	269.60	Assays Pending
JAG-DD-22-317	Onça Preta	476595	9284738	245	180	-55	51.00	Assays Pending
JAG-DD-22-318	Jaguar Northeast	478800	9282667	319	180	-55	140.45	Assays Pending
JAG-DD-22-319	Jaguar Central	476715	9283080	257	0	-55	94.10	Assays Pending
JAG-DD-22-320	Jaguar Central North	476980	9283279	276	180	-55	176.05	Assays Pending
JAG-DD-22-321	Miscelaneous Pit	477240	9282829	316	180	-55	162.85	Assays Pending
JAG-DD-22-322	Jaguar Northeast	477780	9282840	275	0	-55	49.60	Assays Pending
JAG-DD-22-323	Jaguar South	478325	9282300	456	0	-55	260.70	Assays Pending
JAG-DD-22-324	Jaguar Central	477155	9282940	302	180	-57	178.65	Assays Pending
JAG-DD-22-325	Jaguar Central North	477290	9283223	322	180	-55	110.05	Assays Pending
JAG-DD-22-326	Jaguar Northeast	478800	9282718	301	180	-55	195.30	Assays Pending
JAG-DD-22-327	Jaguar Central	476755	9283110	265	180	-55	97.20	Assays Pending
JAG-DD-22-328	Onça Preta	476635	9284731	249	180	-60	42.25	Assays Pending
JAG-DD-22-329	Jaguar West	476575	9283283	261	180	-57	235.45	Assays Pending
JAG-DD-22-330	Jaguar Central	477130	9282937	298	180	-57	149.15	Assays Pending
JAG-DD-22-331	Jaguar Central North	477290	9283270	316	180	-55	220.00	Assays Pending
JAG-DD-22-332	Onça Preta	476635	9284773	245	180	-60	110.00	Assays Pending
JAG-DD-22-333	Onça Preta	476790	9284986	275	180	-70	600.00	Drilling
JAG-DD-22-334	Miscelaneous Pit	477330	9282710	334	180	-55	90.00	Assays Pending
JAG-DD-22-335	Jaguar Central	476908	9283218	264	180	-55	300.00	Assays Pending
JAG-DD-22-336	Jaguar Central	477105	9282938	297	180	-57	130.00	Assays Pending
JAG-DD-22-337	Jaguar South	478390	9282286	462	180	-55	80.00	Assays Pending
JAG-DD-22-338	Miscelaneous Pit	477440	9282773	314	180	-60	160.00	Assays Pending
JAG-DD-22-339	Jaguar Northeast	478540	9282854	311	180	-55	150.00	Assays Pending
JAG-DD-22-340	Jaguar South	477580	9282747	293	180	-56	280.00	Assays Pending
JAG-DD-22-341	Jaguar South	478210	9282593	380	180	-60	600.00	Drilling
JAG-DD-22-342	Jaguar Northeast	478040	9282913	314	0	-60	140.00	Assays Pending
JAG-DD-22-343	Jaguar South	478460	9282362	402	0	-55	90.00	Assays Pending
JAG-DD-22-344	Jaguar Northeast	477800	9283006	267	180	-56	130.00	Assays Pending
JAG-DD-22-345	Jaguar West	476575	9283190	261	180	-55	120.00	Drilling
JAG-DD-22-346	Jaguar Central	477260	9282989	305	180	-55	170.00	Drilling
JAG-DD-22-347	Jaguar South	477725	9282509	310	180	-58	280.00	Drilling
JAG-DD-22-348	Jaguar South	478413	9282452	412	180	-55	200.00	Drilling
JAG-DD-22-349	Jaguar Central	476755	9283264	251	180	-55	70.00	Drilling
JAG-DD-22-350	Miscelaneous Pit	477380	9282696	325	180	-55	70.00	Drilling
JAG-DD-22-351	Jaguar Northeast	478090	9282898	324	0	-55	130.00	Drilling
JAG-DD-22-352	Jaguar Central North	477290	9283302	311	180	-56	350.30	Drilling
JAG-DD-22-353	Jaguar Northeast	478850	9282689	314	180	-55	160.00	Drilling

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Table 2 – The Jaguar JORC Mineral Resource Estimate by Deposit – December 2021

Deposit	Classification Mt Ni % Cu % Coppm Zn % Ni Cu Co Zn Grade Contained Metal
Jaguar South	Indicated 13.9 1.01 0.05 220 0.18 139,800 6,900 3,100 25,200 Inferred 13.7 0.86 0.04 195 0.13 118,000 6,200 2,700 17,600 Total 27.6 0.93 0.05 208 0.15 257,800 13,100 5,700 42,700
Jaguar Central	Indicated 10.2 0.92 0.06 262 0.51 94,000 6,100 2,700 52,300 Inferred 1.9 0.79 0.05 244 0.27 15,100 1,000 500 5,200 Total 12.1 0.90 0.06 259 0.48 109,100 7,100 3,100 57,500
Jaguar North	Indicated 2.2 1.09 0.14 352 1.32 24,000 3,100 800 29,000 Inferred 1.0 1.16 0.29 360 1.09 11,400 2,900 400 10,700 Total 3.2 1.12 0.19 354 1.25 35,400 6,000 1,100 39,700
Jaguar Central North	Indicated 7.7 0.63 0.03 188 0.65 48,500 2,600 1,400 50,200 Inferred 4.3 0.64 0.04 184 0.53 27,500 1,600 800 22,800 Total 12.0 0.63 0.04 186 0.61 76,000 4,200 2,200 73,000
Jaguar Northeast	Indicated - - - - - - - - - Inferred 9.1 0.84 0.10 278 0.51 76,700 9,200 2,500 46,900 Total 9.1 0.84 0.10 278 0.51 76,700 9,200 2,500 46,900
Jaguar West	Indicated 5.6 0.73 0.03 165 0.11 40,800 1,700 900 6,100 Inferred 1.7 0.77 0.04 158 0.10 13,200 700 300 1,700 Total 7.3 0.74 0.03 163 0.11 54,000 2,400 1,200 7,800
Jaguar Deposits	Indicated 39.5 0.88 0.05 224 0.41 347,100 20,400 8,900 162,800 Inferred 31.8 0.82 0.07 223 0.33 262,000 21,600 7,100 104,900 Total 71.4 0.85 0.06 224 0.38 609,100 42,000 16,000 267,700
Onça Preta	Indicated 3.0 1.43 0.10 711 0.50 42,900 2,900 2,100 15,100 Inferred 2.2 1.64 0.08 548 0.44 35,900 1,800 1,200 9,600 Total 5.2 1.52 0.09 642 0.48 78,800 4,700 3,300 24,700
Onça Rosa	Indicated - - - - - - - - - Inferred 2.1 1.28 0.09 353 0.05 26,600 1,900 700 1,000 Total 2.1 1.28 0.09 353 0.05 26,600 1,900 700 1,000
Tigre	Indicated 0.8 0.86 0.09 307 0.04 7,000 700 300 300 Inferred 1.2 0.79 0.07 289 0.02 9,200 800 300 200 Total 2.0 0.82 0.08 296 0.03 16,200 1,500 600 500
Jaguar MRE	Indicated 43.4 0.92 0.06 259 0.41 397,000 24,000 11,300 178,200 Inferred 37.2 0.90 0.07 251 0.31 333,700 26,100 9,400 115,700 Total 80.6 0.91 0.06 256 0.36 730,700 50,100 20,600 293,900
* Within pit limits cut-off grade 0 waste and therefore not reported	.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals. All oxide material is considered as as Resources.

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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. • Samples from RC drilling are split to make 3-5kg samples. The sample is placed in a plastic sample bagwith a sample tagbefore beingsent to the laboratory.
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 229 drill holes completed by Centaurus for a total of 47,917m of drilling. All drill holes were drilled at 55⁰-75⁰ towards either 180⁰ or 360⁰. • Current drilling is a combination of HQ and NQ core (Servdrill). • The current RC drilling is completed by Geosenda Sondagem using a face sampling hammer (4.5”). Sample is collected from the sample cyclone in large plastic sample bags. Samples are then split either by riffle splitters or manually (fish bone method) where there is high moisture content. • All RC holes were sampled on 1m intervals. Sample size, sample recovery estimate and conditions were recorded.
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. • RC sample weights are taken for all samples and a recovery estimate are made where the sample is not wet. Where the sample is wet a visual estimate of the sample recovery is made. The estimated recovery is approximately 90%, which is considered acceptable for the deposit type. • To ensure the representative nature of the sample, the cyclone and sample hoses are cleaned after each metre of drilling, the rig has two cyclones to facilitate the process. Additionally, extra care is taken when drilling through the water table or other zones of difficult ground conditions. • Noquantitative twinned drillinganalysis has been undertaken at theproject to date.
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

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Criteria	Commentary
	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 been photographed. • Geologists complete a visual log of the RC samples on 1m intervals at the time of drilling. Logging captures colour, rock-type, mineralogy, alteration and mineralisation style. Logging is both qualitative and quantitative. • Chiptrays have been collected, photographed and stored for all drill holes to-date.
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. • For RC sampling 1m samples are taken from the cyclone and then split by rifle splitter (if dry) or manually (if wet) using the fish-bone technique. Sample weight is between 3-5kg. • 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. • 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

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Criteria	Commentary
	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 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. One final deferred consideration payment totalling US$5.0M (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 three properties over the Jaguar Project. The 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 as well as Figures 2-5 • 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 2m minimum intercept width. • There are no metal equivalents reported.

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Criteria	Commentary
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 5 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. • 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 plus the Tigre deposit predominantly forms tabular semi-continuous to continuous bodies both alongstrike and down dip.

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Criteria	Commentary
	• 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 1,250m strike length by 400m wide by 530m deep in strike length trending ESE-WNW. Individual domains dip sub-vertically with widths ranging from a few metres up to 20-30m thick. • 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 720m 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 1,200m strike length by 300m wide by 500m 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, trending E-W. Individual domains dip sub-vertically with widths up to 10m. • Leao East (primary mineralisation) has a strike length of 275m by up to 10m wide by 130m deep, trending ESE-WNW. • 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, trending ESE-WNW • Tigre (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. The new Jaguar MRE has been reported within a pit shell using modifying factors determined in the Jaguar Value- Add Scoping Study and metal prices of US$20,000/t Ni, US$44,000/t Co and US$2,900/t Zn. Within the pit, a 0.3% Ni cut-off grade has been maintained. A higher grade 0.7% Ni cut-off grade has been used for resources below the pit shell reflective of the cut-off grade that was determined for the underground operations developed in the Scoping Study.
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.

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Criteria	Commentary
Metallurgical factors or assumptions	• Metallurgical test work has been undertaken on multiple composite samples sourced from the Jaguar South, Jaguar Central, Jaguar West, Jaguar North, Jaguar Central North, Onça Rosa and Onça Preta deposits. Material selection for test work was focused on providing a good spatial representation of mineralisation for the deposits to date. Bench scale test work to date has demonstrated that a conventional crushing, grinding and flotation circuit will produce concentrate grades (10-15% Ni) and nickel sulphide recoveries (+95%)). • Pressure leach testing has identified that 97-98% nickel extraction from concentrate into solution is reproducible. Metallurgical test work remains ongoing. • See ASX Announcements of 18 February 2020, 17 March 2020, 31 March 2020 and 8 December 2021 for metallurgical test results
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 43,571 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 leaving only 9 measurements from saprolite or oxide 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 • Work is in progress to further refine the relationships between bulk density and mineralised domains, and updates will be applied to the next iteration of the resource model.
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 third Mineral Resource estimate completed by the Company. The current model was reviewed by Entech as part of the MREEE assessment.
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.