CENTAURUS METALS LIMITED

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 1/6/10, 17/12/10,01/05/2013

Name of entity

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CENTAURUS METALS LIMITED
ABN Quarter ended (“current quarter”)
40 009 468 099 31 March 2014
Consolidated statement of cash flows
Current quarter Year to date
$A’000 (3 months)
$A’000
Cash flows related to operating activities
1.1 Other debtors
1.2 Payments for
(a) exploration, evaluation and project generation (1,466) (1,466)
(b) development - -
(c) production - -
(d) administration (1,277) (1,277)
1.3 Dividends received
1.4 Interest and other items of a similar nature 50 50
received
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Proceeds from court settlement - -
Net Operating Cash Flows (2,693) (2,693)
Cash flows related to investing activities
1.8 Payment for:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (1) (1)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other – security deposit refunds/(payments) - -
Net investing cash flows (1) (1)
1.13 Total operating and investing cash flows (carried (2,694) (2,694)
forward)
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See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(2,694)	(2,694)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other – share issue costs Net financing cash flows	- - - - - -	- - - - - -
	-	-
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(2,694) 4,844 -	(2,694) 4,844 -
	2,150	2,150

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		274
		-
1.25	Explanation necessary for an understanding of the transactions
	Executive Directors Remuneration Non-Executive Directors Remuneration	206 68

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

None.

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

None.

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements

Amount available $A’000	Amount used $A’000
Nil	Nil
Nil	Nil

Estimated cash outflows for next quarter

	4.1 Exploration, evaluation and project generation 4.2 Development 4.3 Production 4.4 Administration Total	$A’000
		1,300
		-
		-
		1,100
		2,400

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	6	321
	2,144	4,523
	-	-
	-	-
Total: cash at end of quarter(item 1.22)	2,150	4,844

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	Nil
	Nil

Refer to Appendix 2 for a full tenement listing.

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 7.2	Preference+securities (description) Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions

7.3 7.4 7.5 7.6 7.7 7.8 7.9 7.10 7.11 7.12	+Ordinary securities Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	195,747,919	195,747,919

	+Convertible debt securities(description) Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted

	Options and Performance Rights (description and conversion factor) Issued during quarter Exercised during quarter Expired during quarter	Total number 12,622,500		Number quoted -	Exercise price Refer to Appendix 1 for details	Expiry date
		-		-
		-		-
		157,500		-
	Debentures(totals only)
	Unsecured notes(totals only)

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).
2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 29 April 2014 (Chief Financial Officer) Print name: John Westdorp

Notes

1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .
4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Appendix 1 – Options and Performance Rights

Expiry date	Exerciseprice	Employee Options	Employee Options	Non - Employee Options	Non - Employee Options	Total number of shares under option
		Vested	Unvested	Vested	Unvested
17/07/2014 17/07/2014 17/07/2014 17/07/2014 31/08/2014 31/08/2014 31/08/2014 01/10/2014 31/10/2014 31/12/2014 31/12/2014 31/12/2014 15/02/2015 06/03/2015 31/03/2015 31/03/2015 31/03/2015 19/07/2015 29/08/2015 30/11/2015 04/02/2016 30/01/2017	$0.40 $0.60 $0.80 $0.96 $0.80 $0.96 $1.20 $0.88 $0.56 $0.80 $1.30 $1.80 $0.64 $1.04 $0.64 $0.80 $0.96 $0.76 $0.80 $0.88 $1.04 $0.80	125,000 281,250 406,250 125,000 - - - 56,250 2,000,000 - - - - 12,500 62,500 62,500 62,500 12,500 6,250 125,000 37,500 100,000	- - - - - - - 137,500 - 300,000 - - 93,750 - 250,000 - - 75,000 31,250 - 150,000 300,000	- - - - 625,000 625,000 3,750,000 - - 200,000 200,000 400,000 - - - - - - - - - -	- - - - - - - - - - - - - - - - - - - - - -	125,000 281,250 406,250 125,000 625,000 625,000 3,750,000 193,750 2,000,000 500,000 200,000 400,000 93,750 12,500 312,500 62,500 62,500 87,500 37,500 125,000 187,500 400,000
Total		3,475,000	1,337,500	5,800,000	-	10,612,500

Expiry date	Exerciseprice	Employee Rights	Employee Rights	Non - Employee Rights	Non - Employee Rights	Total number of shares under right(1)
		Vested	Unvested	Vested	Unvested
14/08/2017 03/12/2017	$0.00 $0.00	- -	1,510,000 500,000	- -	- -	1,510,000 500,000
Total		-	2,010,000	-	-	2,010,000

(1) Represents the total number of shares that may be issued upon the exercise of vested performance rights. Performance rights will only vest if the relevant performance conditions are met.

See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report