CENTAURUS METALS LIMITED — Investor Presentation 2002

Nov 11, 2002

12 November 2002.

Manager Company Announcements Company Announcements Office Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000

Dear Sir

ANNOUNCEMENT

Please find attached a Company Profile on Glengarry Resources Limited prepared by Concept Equity Pty Ltd.

Yours faithfully

Claris

ALLAN T HARRIS Director

Licensed Securities Dealer 356 Collins Street Melbourne 3000 Phone: (61 3) 9606 0029 Fax: (61 3) 9642 8802 Internet: www.concept.net.au E-Mail: info@concept.net.au

Glengarry Resources Limited

ASX Code: GGY

COMPANY BRIEFING Release Date: 12 November 2002

The following Briefing interview was completed 25 October 2002. A Concept Equity analyst conducted the interview with the Chairman, Mr Allan Harris.

Q1. You have a large portfolio of prospective tenements - how have you managed to assemble them?

During the downturn in the resources sector Glengarry set about extending and expanding its existing tenement portfolio, principally in Queensland, by applying for prospective open ground in mineral provinces and, in the case of Diamantina, pioneering conceptual ideas and dispelling existing hard held theories that because of deep cover, the region was not attractive for greenfields exploration. Glengarry is alert to opportunities and new discoveries. Queensland has a long history of mineral discovery and is host to numerous world class ore bodies, but in more recent times has been overlooked by both large and small companies as a key exploration province.

Q2. You state that you have a strategy in acquiring tenements that are on the perimeter of large successful mining operations. You acknowledge that this is not a "fashionable" strategy since the downturn in exploration - could you explain why you have followed this strategy?

This strategy was adopted and pursued by Glengarry for four principal reasons:

• the downturn in mineral exploration provided opportunities because of the lack of interest $\mathbf{1}$ . by other companies, large and small. Specifically, this downturn provided Glengarry with the opportunity to acquire large and potentially dominant land positions in unexplored margins of major mineral producing provinces e.g. the Mt. Isa Inlier;
• mining companies were experiencing serious problems with low commodity prices, high $2.5$ costs of production and negative hedging positions, resulting in major cutbacks in exploration, particularly greenfields exploration;
• the firm belief by Glengarry that the resource industry would soon recover and generate $3.$ renewed investor interest in the sector:
• belief in the technical expertise and experience of the company's board and senior personnel $4.$ regarding mineral exploration and discovery;

Glengarry occupies a somewhat unique position in that it is a polymetallic grass roots explorer which has amassed strategic land positions over ground prospective for both world class company making deposits such as Mt. Isa, Broken Hill and Olympic Dam, as well as high grade gold only deposits. There are limited opportunities today to compile similar packages flanking known mineralised provinces. Work to date on some of these properties has seen significant advances in defining drill targets which have returned encouraging results from first pass drilling.

Q3. You made a tidy sum when you sold out of your Tanami joint venture. Why did you sell and do you think the timing was sound?

At the time of selling-down Glengarry's interest in the Tanami Joint Venture the gold market was at its lowest level. Neither Glengarry nor Tanami Gold NL had the financial resources or the capital raising ability to adequately explore the joint venture tenements and the market would not accept the joint ownership of such a potentially valuable asset in the hands of two under-funded junior exploration companies, thereby seriously affecting the ability of the two companies to raise capital. With 92.5% ownership Tanami Gold was able to attract a major mining company joint venture partner (Homestake/Barrick) on favourable terms that would guarantee substantial exploration funding. Glengarry, on the other hand, retained a significant interest in the project through its 7.5% free carried interest and its substantial shareholding in Tanami Gold NL. The deal allowed Glengarry to retain 100% ownership of its remaining extensive portfolio and add value through first pass exploration before giving consideration to farm-out opportunities.

Q4. Which of your current holdings do you consider to be most prospective and why?

This is a difficult question to answer because of the strong prospectivity that has already been demonstrated on most of Glengarry's properties. However Greenvale/Big Mag is probably the most prospective, in the short to medium term, since a number of drill holes have already returned anomalous values both in basemetals and gold in a geological setting that is considered to have the potential to host large polymetallic mineralised systems - further, the extensive and under explored tenements held by Glengarry in this region auger well for future exploration success.

In the longer term the Diamantina project has the potential for the discovery of world class mines such as Mt Isa and Olympic Dam but of course this will require a high level of expenditure.

The Cannington silver-lead-zinc project is at a very interesting stage of development as drill targets have been defined located about 15km south of the Cannington mine, utilising geophysical and geochemical data sets which will be drill tested as soon as drill rig availability and climatic conditions allow. Early drilling success at Cannington could telescope the advancement of this project.

Q5. When do you expect to make the transition from explorer to producer?

The transition from explorer to producer is dependant on progressive exploration success. Glengarry has discovered the presence of mineralised systems on several of its projects and further advanced exploration is required to determine the potential commerciality of those systems.

Q6. You currently have approx. \$3m in cash and tradeable securities which you state will sustain the Company for the next 12 months. If you are unable to generate cash flow in that time will you go back to the market to raise further capital?

Exploration success will dictate Glengarry's future fund raising requirements. At the end of the current field season in Queensland (November 2002), Glengarry intends to demonstrate to the market that its projects justify a substantial increase in exploration expenditure for the 2003 field season. Glengarry predicts a re-rating of its market capitalisation which may justify a fund raising in say March 2003 in the order of \$2 million.

O7. You recently had a capital reduction when you cancelled 109.4m shares at a buy back price of \$0.18c per share. What was the philosophy behind that and do you think it will have a positive affect on your share price?

The reduction of capital was considered sound corporate housekeeping designed to present the balance sheet with a fresh outlook. In 2002 Glengarry's issued capital was \$24.6 million and accumulated losses, \$19.9 million. Accumulated losses included large components of discount on shares issued and exploration expenditure written off, in other words, lost capital. The balance sheet now shows capital of \$5.4 million and accumulated losses of \$194,000, more in keeping with the re-emergence of Glengarry as a serious, dedicated junior exploration company committed to increase shareholder value through successful exploration and mine development.

Q8. Do you expect to add many more tenements to your portfolio or do you believe you have enough on your plate for the moment?

Glengarry will continue to take advantage of opportunities that are presented to it as well as proactively assessing any possible future mineral exploration opportunities. However, exploration success on our current 100% projects will of necessity dictate that we concentrate our efforts on prospective ground already under our control. Whilst the current portfolio is large, in some cases lack of ground access (Native Title) is preventing the company from either exploring or considering joint venture opportunities. Major mining companies are actively exploring areas adjacent to or nearby Glengarry's project areas and have shown considerable interest in Glengarry's activities. For example, Anglo American and De Beers are actively exploring ground held adjacent. to Glengarry's Diamantina Project. BHP-Billiton is actively exploring ground adjacent to Glengarry's Cannington Project. In some cases, Glengarry is discussing joint exploration activity with its neighbours to minimise expenditure and share valuable exploration data. Glengarry has farmed-out to Barrick two of its 100% owned Tanami tenements where a total of \$1.3 million must be spent to earn a 70% interest.

Q9. New Hampton failed to exercise the option it had over your Coolgardie holding. Do you know why that is and what do you expect to do with the tenement in the future?

Coolgardie was considered too small by New Hampton/Harmony, especially since their plant is located over 100km away at Jubilee near Kalgoorlie. Glengarry was delighted to resume control of the project and is currently drilling to increase the current resource of $70,000$ ounces of gold and define new areas of gold mineralisation in areas that have not previously been drill tested. With the current \$A price of gold and

the resurgence of gold mining and milling activity in the Coolgardie area, there is little doubt. Glengarry will turn this project to profitable account either by production or outright sale.

Q10. What do you anticipate to spend on exploration in the coming financial year on your own account and where is that likely to be expended?

The company intends to substantially increase its exploration activity in the 2003 field season and spend \$2 million.

Q 11. Where are your current exploration activities focused?

Glengarry is focusing on four of its most promising Queensland projects, namely Greenvale, Westwood, Cannington and Diamantina and also Coolgardie in Western Australia.

A diamond drilling program has been completed at Greenvale - Big Mag targeting a buried electromagnetic conductor which may reflect base metal sulphide mineralisation at depth. Wide spaced drilling of other targets in this area earlier this year returned encouraging anomalous gold and basemetal intersections. Considering the paucity of drilling to date beneath the widespread younger cover and the early promising results coupled with the observed geological similarities to the setting of the Balcooma base metal deposit to the north (held by Kagara Zinc Ltd), we believe that Greenvale is an exciting project with excellent base metal and gold potential.

Our first drilling program at Westwood was completed just over a month ago and intersected strongly anomalous copper - palladium - gold mineralisation at the Magdalene prospect associated with magmatic sulphides. We see considerable upside at this prospect due to the number of EM and geochemical anomalies that remain to be tested. Many of these occur near the basal portion of the intrusive complex and a postulated feeder zone.

Soil sampling and ground magnetic surveys have recently commenced at Cannington. Our expectations are that this work will prioritise targets identified along a structural corridor to the south of BHP-Billitons' Cannington mine where drilling is planned later this year.

RAB drilling is also underway at Coolgardie to test various soil geochemical anomalies and structural targets over areas of surficial cover. We are hopeful that this drilling will ultimately add to the existing 70,000 oz resource base.

This information, so far as it pertains to ore or mineralisation, is based on information compiled by a member of the Australian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, who has had at least five vears experience in the field of activity concerned:

• Exploration Director Glengarry Resources Limited Tony Alston