CENTAURUS METALS LIMITED — Interim / Quarterly Report 2017

Jul 30, 2017

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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JUNE 2017 QUARTERLY ACTIVITIES REPORT

JUNE 2017 QUARTERLY ACTIVITIES REPORT	JUNE 2017 QUARTERLY ACTIVITIES REPORT
Encouraging initial results from drilling at Serra Misteriosa; Highly prospective Salobo West Project
secured, just 12km from one of the world’s largest copper mines; $2.5M rights issue launched
31 July 2017
JUNE QUARTER HIGHLIGHTS
GOLD EXPLORATION – SERRA MISTERIOSA GOLD PROJECT
 Maiden 3,500m drill program underway to test the 5.0km long +50ppb gold‐in‐soils anomaly,
including priority targets where high grade gold‐in‐soils zones (+100 ppb Au) are coincident with
distinct Induced Polarisation (IP) chargeability anomalies (+40mV/V).
 Drill core from the first three drill holes (19‐hole program in initial phase) indicates the presence of a
large shear‐hosted hydrothermal system with the potential to host significant gold mineralisation.
COPPER‐GOLD EXPLORATION – SALOBO WEST Cu‐Au PROJECT
 Brazilian Mines Department (DNPM) approved the first of two Exploration Licence (EL) applications
covering a combined total area of 120km2of highly prospective ground in the Carajás Mineral
Province, Northern Brazil, only 12km along strike from Vale’s world‐class Salobo Copper‐Gold Mine.
 CTM’s tenure is located in the Cinzento Shear Zone that hosts four of the top five known	IOCG
deposits in the Carajás (all with resources of +300Mt copper‐gold ore) along with multiple
exploration targets.
 Centaurus is now only one of two companies with significant tenement holdings within the	main
Cinzento Shear Zone – the other being leading global miner Vale.
 The combination of intersecting regional structures and large‐scale distinct magnetic anomalies
hosted within the most prospective geological unit in the Carajás (the Itacaiúnas Supergroup)
provides for compelling IOCG targets within the Salobo West Project.
CORPORATE
 5‐for‐9 partially underwritten renounceable rights issue to raise up to $2.5M at $0.004 per share
with a 1‐for‐1 attaching option (EP $0.01 and expiry date of 31 August 2019). The Rights Issue has
been attractively priced for the benefit of existing shareholders at a discount of 47% to the 3‐month
VWAP and a 33% discount to the last closing price prior to the announcement of the offer.
Australian Office Brazilian Office ASX: CTM
Centaurus Metals Limited Centaurus Brasil Mineração Ltda ACN 009 468 099
Level 3, 10 Outram St Avenida Barão Homem de Melo, 4391 office@centaurus.com.au
WEST PERTH WA 6005 Salas 606 e 607 ‐ Estoril Telephone: +61 8 9420 4000
Belo Horizonte ‐ MG ‐ CEP: 30.494.275
BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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OVERVIEW

The June 2017 Quarter was an important period for Centaurus, with the commencement of the Company’s maiden drilling program at the Serra Misteriosa Gold Project, which forms part of its highly prospective Pará Exploration Package in Northern Brazil.

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Figure 1: Location of Serra Misteriosa Gold Project and the broader Pará Exploration Package

The program will comprise ~3,500m of diamond drilling and will test a number of excellent coincident geochemical and geophysical targets to a depth of 300m below surface. The exceptional Serra Misteriosa greenfields target comprises a 2.0km long, +100ppb Au gold‐in‐soils anomaly within a broader 5.0km long, +50ppb Au anomaly.

Initial results from the program, reported subsequent to the end of the Quarter, have been very positive, indicating the presence of a large mineralised system with the potential to host significant gold mineralisation.

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Drilling to date has been conducted on the eastern margin of the interpreted mineralised system, with the next round of results to be reported from the heart of the main +100ppb gold‐in‐soils anomaly, 1km to the west of the initial line of holes. The drill program provides for a total of 19 holes to be completed.

Also during the Quarter, the Company secured the grant of the highly‐prospective Salobo West copper‐gold tenement in the world‐class Carajás IOCG province. Salobo West is located just 12km along strike from Vale’s Salobo Mine – one of the world’s largest copper‐gold mines. The Company has engaged Alan King, former Chief Geophysicist for Global Exploration at Vale and Inco, to undertake a review of the regional data available for the Salobo West Project before planning initial airborne geophysical surveys.

In order to underpin the ongoing and planned exploration at both Serra Misteriosa and Salobo West, subsequent to the end of the Quarter the Company announced a renounceable rights issue to raise up to $2.5 million. The rights issue has been attractively priced at a significant discount to recent trading prices, and has been partially underwritten by Perth stockbroking firm, CPS Capital.

GOLD AND COPPER EXPLORATION

SERRA MISTERIOSA GOLD PROJECT

Centaurus commenced a maiden diamond drill program at the highly prospective Serra Misteriosa Gold Project in Northern Brazil during the Quarter. The program will comprise ~3,500m of diamond drilling and will test a number of excellent coincident geochemical and geophysical targets to a depth of 300m below surface.

The exceptional Serra Misteriosa greenfields target comprises a 2.0km long, +100ppb Au gold‐in‐soils anomaly within a broader 5.0km long, +50ppb Au anomaly (see Figure 2 below).

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Figure 2: Serra Misteriosa Gold Project – Drill‐hole locations

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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The Serra Misteriosa Gold Project is a robust geological, geochemical and geophysical target for Intrusion‐ related gold mineralisation hosted within a shear zone. This is supported by a consistent mineral zoning of Gold (Au), Arsenic (As), Antimony (Sb) and magnetic susceptibility over a long interval combined with relatively simple geology and geophysics (IP and Magnetics).

The 3,500m drill program has been designed to provide a comprehensive test of the intrusion‐related target model that commonly involves extremely large systems with variable grade.

Drilling commenced on Section 2000, which is at the eastern limit of the main 2.0km long +100ppb gold‐in‐ soils anomaly (see Figure 2). The three drill holes on this section, which were drilled first for ease of access, have intersected multiple hydrothermal breccia zones with intense quartz veining and sulphide mineralisation (pyrite and arsenopyrite) throughout.

Carbonate and sericite alteration zones were also present locally. The structures have been identified across all drill holes and are dipping steeply to the north at the contacts of the diorite intrusive with the meta‐ sedimentary sequence (chlorite/biotite schists and quartzites).

Initial results are encouraging, confirming the presence of a large hydrothermal system within a significant shear zone as well as improving the geological and structural understanding of the project area.

To the end of the Quarter, assays had been received for the first drill hole (complete) and the second drill hole (down to 142m). Drill hole SRM‐DD‐17‐001 encountered weak gold mineralisation (20.3m at 0.05g/t Au from 241.7m) while SRM‐DD‐17‐002 intersected 6m at 0.7g/t Au from 84m, including 2m at 1.4g/t Au (see Figure 3). Both intersections are associated with the breccia zones outlined above at the hanging wall contact of the diorite.

These intervals are interpreted to be part of the weakly mineralised distal zone of a larger mineralised system. Assays for the bottom half of SRM‐DD‐17‐002 and 003 are pending.

Figure 3: SRM‐DD‐17‐002 intersected a hydrothermal breccia with silica and muscovite alteration plus sulphides (6m at 0.7g/t Au from 84m, including 2m at 1.4 g/t Au; photo: 84.3m – 1.8g/t Au)

Section 2000 is located at the eastern extent of the main +100 ppb Au anomaly and on the side of a valley wall that is interpreted as the location of a late stage N‐S fault. As of the end of the Quarter, drilling was set to commence on Section 1000, 1km to the west of the initial line of holes in the middle of the main anomaly and where the Company has encountered some of the highest gold‐in‐soils anomalies (+200 ppb Au) at the project.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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SALOBO WEST COPPER‐GOLD PROJECT

During the Quarter, Centaurus secured a highly prospective and sought‐after exploration licence located in the world‐class Carajás Mineral Province in the north of Brazil.

The Brazilian Mines Department (DNPM) granted the first of two key exploration licence applications made by the Company for the Salobo West Copper Gold Project, opening up an exciting new front for its exploration activities alongside ongoing gold exploration at the Serra Misteriosa Gold Project.

Centaurus has engaged Mr Alan King, former Chief Geophysicist for Global Exploration at Vale and Inco, to analyse this regional CPRM data and generate preferred targets which will assist in planning the Company’s initial airborne geophysical survey work. Mr King lived in Brazil from 2007 to 2011 and has worked extensively on the IOCG deposits within the Carajás Mineral Province and the Olympic Dam IOCG province in South Australia.

Results from this review were announced subsequent to the end of the Quarter, with multiple quality IOCG targets identified.

Commenting on the data review, Mr Alan King stated: “CPRM airborne data shows that the Salobo West properties have several interesting targets with magnetic, structural and possible radiometric features that are analogous to the IOCG deposits in the Carajás as well as other IOCG camps around the world. More detailed, airborne geophysical surveys are recommended over these highly prospective areas as it is expected that these surveys will produce more detailed exploration targets for Centaurus to follow up with ground‐based exploration.”

The Carajás Mineral Province

Centaurus’ Salobo West Copper‐Gold Project is located in the Carajás Mineral Province (“CMP”), which is considered one of the world’s premier mining addresses. A total of fifteen (15) world‐class mineral deposits lie within an area of just 150 x 100km, including nine IOCG deposits with resources of +100 million tonnes of copper‐gold ore.

The resources and reserves of these (predominantly Vale‐owned) IOCG deposits – in addition to several other IOCG prospects that are under exploration – collectively contain resources of more than 4.0 billion tonnes of copper‐gold ore (see Figure 4 below, with further information provided in the Company’s ASX Announcement dated 25 July 2017).

Vale’s giant Salobo Copper‐Gold Mine is one of these deposits, and is arguably the second‐biggest IOCG in the world behind BHP’s Olympic Dam Mine. Salobo has Reserves of 1.2 billion tonnes at 0.63% Cu and 0.4g/t Au and produced approximately 176kt of copper and 317koz of gold in calendar year 2016[1] .

Centaurus’ Salobo West IOCG project includes multiple distinct targets that display similar geophysical characteristics and are located in the same geological context as the Salobo mine, just 12km along strike.

1 Vale Data sourced from “Vale Production in 4Q16” Report, its 20‐F Annual Report for 2016 and other public reports

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Figure 4: The Carajas Mineral Province with Schematic of Reserve Estimates (dark green) and Resource Estimates (light

green) of the Nine Largest IOCG Deposits.

The CMP, located in the south‐eastern part of the Amazon craton in northern Brazil, represents an Archaean block divided into two distinct tectonic domains. Salobo West is located in the northern Carajás domain within the highly prospective Cinzento Shear Zone (Figures 4 and 5).

The Cinzento Shear Zone

Four of the top five known IOCG deposits in the Carajás (all with resources +300Mt Cu‐Au ore), as well as multiple exploration targets, are located along the Cinzento Shear Zone (see Figure 5).

These deposits are structurally controlled by regional‐scale W‐NW striking, brittle‐ductile shear zones hosted within the highly prospective volcanic and sedimentary rocks of the Itacaiúnas Supergroup.

IOCG deposits in the Carajás are generally massive replacement bodies, associated with the magnetite‐rich rocks that are the product of intense Fe‐K hydrothermal alteration at high temperatures. This style of mineralisation is highly amenable to modern geophysical exploration techniques, especially magnetic, radiometric and gravity surveys.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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Figure 5: Tier one IOCG deposits in the Cinzento Shear Zone over the Regional Magnetics (AS).

Figure 5 shows the Tier 1 deposits are located along regionally significant structures positioned within the Cinzento Shear Zone and coincident with large scale distinct magnetic anomalies (Analytical Signal). Certain deposits are also identifiable using the airborne radiometric data.

Centaurus engaged independent geophysical expert, Mr Alan King, to assist in target generation and geophysical exploration program planning. Mr King was the former Chief Geophysicist for Global Exploration at both Inco and Vale, being based in Brazil from 2007‐2011. Mr King has vast experience studying multiple IOCG camps across the globe including the Carajás and Olympic Dam IOCG Provinces.

Mr King, with the assistance of leading geophysical consulting group, Southern Geoscience, has completed the initial review of all the regional data recently secured from the Brazilian Geological Survey (CPRM), which include airborne magnetics, gravity and radiometric surveys on a variety of line spacings. The work has identified multiple outstanding exploration targets and selected initial findings on the Salobo West Project are outlined below.

The Salobo West Copper‐Gold Tenements

The Salobo West Copper‐Gold Project consists of two tenements, SW1 and SW2, covering a combined total area of 120km[2] of highly prospective ground only 12km along strike from Vale’s giant Salobo Cu‐Au Mine.

The recently granted Exploration License SW1 is the northernmost tenement and covers an area of 78km[2] . A distinct 4.5km long magnetic anomaly (the SW1‐A target) is shaping up to be the primary target at this early stage (see Figure 6) . Located 12km north‐west of the Salobo Mine, the SW1‐A magnetic anomaly is larger than the anomalies associated with the Salobo Mine (3.2km) and Salobo 4A Prospect area (2.0km), both of which lie along the same trend.

Importantly the SW1‐A magnetic anomaly is coincident with a ridge that has been mapped as part of the Igarapé Salobo Group of the Itacaiúnas Supergroup, which hosts all known IOCG deposits in the Carajás.

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The north‐west striking ridge that hosts the SW1‐A target intersects a larger mountain range that is associated with a regional scale east‐west striking magnetic anomaly which is understood to be a BIF unit of the northern Igarapé Salobo Group. It is also the location of the intersection of two regional scale structures (see Figure 6 below).

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Figure 6: Salobo West Copper Gold Project, Itacaiúnas Supergroup (green) Overlaying the Regional Magnetics (AS).

SW2 is a tenement application to the south of SW1 tenement that covers an area of 42km[2. ] The SW2 tenement area covers a mapped extension of the Itacaiúnas Supergroup 10km WNW of the Salobo Mine. This occurrence of the Itacaiúnas unit appears to be associated with a regional structure that is identifiable from airborne magnetics and radiometrics as well as the existence of a small continuous ridge.

There are a number of distinct magnetic targets that are associated with the ridge and the Itacaiúnas unit as well as some that are offset to the south. SW‐2A (see Figure 6) stands out as the most interesting target at this early stage. It is a distinct 2km long magnetic anomaly located on the ridge and within the mapped Itacaiúnas unit.

The independent geophysical review by Mr King recognized that mapping of regional scale structural lineaments via both magnetics and radiometrics correlated well and highlighted a number of locations where these structural (shears or faults) intersected coincidently with large‐scale magnetic anomalies.

Furthermore most of these geophysical target locations, including SW1‐A and SW2‐A, are located within the most prospective geological unit in the Carajás (the Itacaiúnas Supergroup). This combination of targeting criteria makes Salobo West an outstanding exploration opportunity in the Carajás Mineral Province.

Salobo West – Next steps

Based on the initial review and interpretation of the regional data by Mr King and Southern Geoscience, key targets have been identified and the Company is now planning for its initial detailed airborne geophysical survey work.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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With funds raised from the current $2.5 million Rights Issue (see below), the Company expects to undertake the first survey work in Q3‐4 this year. The airborne surveys are expected to include detailed (100m line spacing) gravity, magnetics and radiometrics surveys. Similar surveys have been very successful in delineating the Carajás IOCG deposits historically.

Additionally, applications for the environmental licenses required for non‐ground disturbing field exploration in the Tapirape‐aquiri National Forest, where the tenements are located, have been lodged. It is expected to take up to three months to secure the necessary environmental approval for non‐ground disturbing work. Once this approval is granted, fieldwork including mapping, stream sediment sampling, soil sampling and ground‐based geophysics can be undertaken.

The Company continues to work closely with the DNPM to expedite the approval of the SW2 tenement. With the recent grant of the SW1 tenement and with the SW2 tenement expected to be granted in the coming months, Centaurus is now only one of two companies that have significant tenement holdings within the main Cinzento Shear Zone domain of the CMP – the other being leading global miner Vale (see Figure 7).

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Figure 7: Map showing current tenure in the Carajás and Cinzento Shear Zone – Vale (green), CTM (orange/yellow), Glencore (grey), Codelco (brown) and Avanco (blue); where the tenement has been relinquished the past owner is shown.

The SW2 tenement, located just south of the key SW1 tenement, is expected to be granted by the DNPM in the September 2017 Quarter.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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IRON ORE PROJECTS

Conquista DSO Project

The Conquista Project comprises a portfolio of highly prospective tenements with extensive Direct Ship Ore (DSO) mineralisation located just 8km along well maintained gravel roads from the Company’s previously divested Candonga DSO Iron Ore Project (see Figure 8).

During the March 2017 Quarter, Centaurus granted a 12 month option over the Conquista Project to interests associated with the privately‐owned Brazilian mining group, Ecosinter ‐ Indústria de Beneficiamento de Resíduos Ltda (“Ecosinter Group”), paving the way for the next phase of exploration and potential future development of the Conquista Project.

For further details of this option agreement, see the Corporate section below.

Jambreiro Project

The Company’s 100%‐owned Jambreiro Project, located in south‐east Brazil (Figure 8), is a shovel‐ready development project that is licenced for 3Mtpa of wet production and which represents a strategic asset in the Brazilian domestic iron ore and steel sector, particularly with the recent increase in iron ore prices and the premium pricing that exists in the market for high grade ore (+65% Fe) like that which could be produced at Jambreiro.

Centaurus intends to pursue opportunities to extract value from the Jambreiro Project via either an outright sale or joint development proposition. The Company’s Brazilian subsidiary that holds the Jambreiro asset also holds tax losses of approximately R$180 million (A$72 million).

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Figure 8: Centaurus Project Locations in south‐east Brazil

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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AURORA COPPER PROJECT

The Aurora Copper Project is located in the state of Ceara, north‐east Brazil (see Figure 9). No field activities were undertaken at the Aurora Copper Project during the Quarter with the majority of the Company’s focus being on the exploration work at the Serra Misteriosa Gold Project.

During the Quarter, the Company agreed with its Strategic Alliance partner, Terrativa Minerais SA, to amend the terms of the Aurora Earn‐in. The Company has reduced the initial earn‐in amount from R$1 million to R$500,000 and now has until 3 November 2018 to complete the earn‐in expenditure. Should Centaurus not meet this earn in obligation it will return 100% of the Project to Terrativa.

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Figure 9: Centaurus Copper Project Locations in north‐east Brazil

CORPORATE

Rights Issue

Subsequent to the end of the reporting period, Centaurus announced a partially underwritten renounceable rights issue to raise up to approximately $2.5 million (before costs) (“ Rights Issue ”) to advance exploration of its portfolio of gold and copper projects in Brazil, including the ongoing drilling program at the Serra Misteriosa Gold Project and initial exploration of the highly prospective and well located Salobo West Copper‐ Gold Project in northern Brazil.

The Rights Issue has been designed to provide existing shareholders with the opportunity to participate in the Company’s capital raising on attractive terms. The ex‐date for the Rights Issue was 19 July 2017 and any shares bought prior to this date were entitled to participate. The Rights Issue is renounceable and shareholders could trade their rights between 19 July and 28 July 2017.

Under the Rights Issue, eligible shareholders will be able to subscribe for 5 new shares for every 9 existing shares they hold at an issue price of $0.004 per share, as well as receiving one free attaching option for every new share subscribed for with an exercise price of $0.01 and an expiry date of 31 August 2019. The offer price represents a 47% discount to the 3‐month volume weighted average price (VWAP) of Centaurus shares and a 33% discount to the last closing price.

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Shareholders will be given the opportunity to apply for additional shares and attaching options in excess of their entitlement, however allocations cannot be guaranteed. As a result of the Rights Issue being renounceable, shareholders could guarantee an increase to their entitlements by purchasing additional rights.

The Rights Issue is partially underwritten to $1.25 million by Perth‐based CPS Capital, which will act as Lead Manager and Underwriter to the issue and will also act as nominee on behalf of foreign (ineligible) shareholders. Shareholders on the record date with a registered address in Australia and New Zealand will be eligible to participate in the Rights Issue.

Directors have indicated that they intend to participate by taking up some or all of their entitlement under the Rights Issue, demonstrating their confidence in the prospectivity and potential of the Company’s gold and copper‐gold projects in Brazil.

The funds to be raised from the Rights Issue will be used to:

• continue the active drilling program at the Serra Misteriosa Gold Project, including the mobilisation of a second rig to increase the drilling rate;

• commence exploration activities on the highly prospective and well‐located Salobo West Copper‐Gold Project and other tenements within the broader tenement package in Pará, Northern Brazil;

• provide general working capital, including the costs of marketing the Jambreiro Iron Ore Project for joint venture or divestment; and

• meet the costs of the Rights Issue.

A Prospectus was lodged with the Australian Securities and Investment Commission on 13 July 2017, which sets out the material information relating to the Rights Issue. A copy of the Prospectus, inclusive of the Rights Issue timetable is available on the ASX and was despatched to eligible shareholders on 21 July 2017.

The Rights Issue is being undertaken pursuant to the following indicative timetable:

Announce Rights Issue and lodgement of Appendix 3B with ASX	12 July2017
Lodgement of the Prospectus with ASIC and ASX	13 July2017
Notice of Rights Issue sent to Optionholders	13 July2017
Notice of Rights Issue sent to Shareholders	18 July2017
Ex‐Date for Rights Issue	19 July2017
Rights tradingcommences	19 July2017
Record Date	20 July2017
Prospectus despatched to Shareholders/OpeningDate	21 July2017
Rights tradingends	28 July2017
Deferred settlement tradingcommences	31 July2017
ClosingDate	4 August 2017
NotifyASX of Shortfall and Residual Securities	7 August 2017
Issue date – Deferred settlement tradingends	10 August 2017
Commencement of tradingof New Shares	11 August 2017
Last date to issue Residual Securities	4 November 2017

Option over Conquista DSO Project

As outlined in the Company’s March Quarterly Report, Centaurus has granted a 12‐month option over the Conquista Project to interests associated with the privately‐owned Brazilian mining group, Ecosinter ‐ Indústria de Beneficiamento de Resíduos Ltda (“Ecosinter Group”), paving the way for the next phase of exploration and potential future development of the Conquista Project.

The option agreement marks another milestone in Centaurus’ ongoing strategy to realise value from its extensive Brazilian iron ore portfolio by partnering with experienced domestic iron ore operators with the operational capability and established market connections and access to take projects into production.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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Under the terms of the Agreement, the Ecosinter Group has paid R$200,000 (~A$85,000) for a 12 month option over the Conquista Project, will undertake a specified exploration program which has been designed in conjunction with Centaurus’ technical team (“Qualifying Program”) and will keep the tenements in good standing. It is estimated that the Qualifying Program will cost in the order of R$1.15 million (~A$500,000) over the 12 month option period. The Ecosinter Group may exercise the option at any time during the 12 month option period though it is currently expected that the Qualifying Program will be completed first with such work to include approximately 1,000m of drilling. All exploration work undertaken in connection with the Qualifying Program will be managed by Centaurus during the option period.

If the Ecosinter Group elects to exercise the option, it will grant a 12% gross production royalty to Centaurus on future production from the Conquista Project tenements (“Royalty”), with an amount of R$3 million (~A$1.25 million) being immediately payable on exercise by way of non‐refundable Royalty pre‐payment.

The option may be extended for a further 6 months at the end of the original option period if the Ecosinter Group has met the Qualifying Program requirements and pays a further option fee of R$200,000 (~A$85,000). If the Ecosinter Group decide not to exercise its option to the Conquista Project by the end of the option period, it will not retain any rights in relation to the Conquista Project and all technical data will be retained by Centaurus.

Annual General Meeting

The Annual General Meeting of the Company’s shareholders was held on 24 May 2017, with all resolutions passed on a show of hands.

Cash Position

At 30 June 2017, the Company held cash reserves of A$0.6 million.

Shareholder Information

At the end of the reporting period the Company had 1,123,246,437 shares on issue with the Top 20 holding 36.7% of the total issued capital. Directors and Senior Management held 7% of the total issued capital.

The Company’s capital structure is as follows:

Quoted Securities

Security	Number
Fully paid ordinaryshares(CTM)	1,123,246,437
Listed options,exerciseprice$0.01,expirydate 30 April 2018(CTMOA)	226,233,707

Unquoted Options

Expiry date	Exercise price	Vested	Unvested	Total number of shares under option
31/08/2018	$0.1250	1,000,000	1,000,000	2,000,000
10/06/2018	$0.0082	5,500,000	‐	5,500,000
10/06/2019	$0.0082	8,500,000	‐	8,500,000
10/06/2020	$0.0082	‐	8,500,000	8,500,000
31/05/2020	$0.0130	18,500,000	‐	18,500,000
31/05/2021	$0.0140	‐	18,500,000	18,500,000
31/05/2022	$0.0150	‐	37,000,000	37,000,000
Total		33,500,000	65,000,000	98,500,000

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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ASX Waivers in regard to Issue of Shares and Performance Rights – Pará Exploration Package

The Company has entered into an Agreement with its strategic alliance partner in Brazil, Terrativa Minerais SA, to earn into the Pará Exploration Package (Pará EP). Under this agreement, once the Company completes its earn‐in obligation of Brazilian Real (BRL) 2.5 million, over a period of up to two years, it has the right to acquire 100% of the Project tenements by issuing Terrativa 30 million ordinary fully paid Shares, as well as 3 tranches of 30 million performance rights, each of which converts into one Share on the fulfilment of the applicable vesting conditions in relation to the particular tranche (which are tied to resource‐based milestones on the tenement package that forms the Pará EP).

The Company has obtained waivers under Listing Rule 7.3.2 in connection with the issue of the future shares and performance rights, so as to permit the relevant securities to be issued up until 2 December 2018.

The issue of the future Shares and performance rights were approved by shareholders at the Company’s 2017 AGM held on 24 May 2017. As such, upon meeting the earn‐in obligation, the Company may issue the Shares and performance rights and have all of the tenements that form the Para EP transferred to the Company. If the earn‐ in obligation is not met and the Shares and performance rights are not issued then the Company will not retain any interest in the Para EP tenements.

None of the future Shares or performance rights were issued during the Quarter.

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DARREN GORDON MANAGING DIRECTOR

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Roger Fitzhardinge is a permanent employee of Centaurus Metals Limited. Roger Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Roger Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration Targets

This Report comments on and discusses Centaurus Metals Limited’s exploration in terms of target size and type. The information in relation to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and quality of material discussed as Exploration Targets is conceptual in nature since there has been insufficient work completed to define them as Mineral Resources or Ore Reserves. It is uncertain if further exploration work will result in the determination of a Mineral Resource or Ore Reserve.