CENTAURUS METALS LIMITED — Investor Presentation 2013

May 30, 2013

Centaurus : Powering towards production

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• Low costs

• Strong margins

• Outstanding growth

potential Darren Gordon Managing Director

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31 May 2013
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Disclaimer

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• This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

• To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

• This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Centaurus Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

• The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy and Volodymyr Myadzel who is a Member of Australian Institute of Geoscientists. Roger Fitzhardinge is a permanent employee of Centaurus Metals Limited and Volodymyr Myadzel is the Senior Resource Geologist of BNA Consultoria e Sistemas Limited, independent resource consultants engaged by Centaurus Metals. Roger Fitzhardinge and Volodymyr Myadzel have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve’. Roger Fitzhardinge and Volodymyr Myadzel consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

• The information in this report that relates to Ore Reserves is based on information compiled by Beck Nader who is a professional Mining Engineer and a Member of Australian Institute of Geoscientists. Beck Nader is the Managing Director of BNA Consultoria e Sistemas Ltda and is a consultant to Centaurus. Beck Nader has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve’. Beck Nader consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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Overview

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• Building a long-term iron ore business in SE Brazil

• Developing low capital and operating cost mines near existing infrastructure and customers

• Initial 2Mtpa operation on track to commence at Jambreiro:

• November 2012 BFS delivered life-of-mine revenue of A$847M , EBITDA of A$556M , NPV of A$140M

• Initial Development work has commenced

• High-grade, low impurity consistent quality product: growing domestic market

• Outstanding growth potential from compact ore, regional exploration and export strategy

• Experienced in-country management and technical team, backed by a strong Board

• Supportive strategic shareholders: Atlas Iron (19.6%), Liberty Metals & Mining (12.8%)

Centaurus Metals is well advanced towards its goal of becoming a profitable iron ore producer in Brazil

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Brazil – Latin America’s Economic Powerhouse

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•	World economic ranking:	6th
•	Ranking in Latin America:	1st
•	GDP growth (2012)	1.5%
•	Revised GDP growth forecast (2013):	3.0%
•	Population:	~195M
•	Iron ore exports:	>320Mtpa
•	Steel production:	~35Mtpa

By 2050, the Brazilian population is expected to increase to 260M and the economy is forecast to be one of the world’s Top Five, making it a highly attractive destination for foreign investment. (Source: Goldman Sachs)

Source: Brazilian Central Bank, CIA – The World Factbook, Bloomberg CRU International Limited – The Iron Ore Market Outlook – January 2013

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Aerial view of Belo Horizonte, Minas Gerais, Brazil

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Brazilian Iron Ore Market

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Brazil Iron Ore Consumption (Mt)
23%
70 Forecast
60
50
40
30
20
48 36 45 48 48 51 54 56 58 59
10
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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• Large domestic market for iron ore consumption

• Brazilian economy expected to rebound in the medium term with infrastructure investment for 2014 Soccer World Cup and 2016 Olympics

• Significant market opportunity with major steel mills located within 180km radius of key Centaurus Projects

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Brazil Crude Steel Production (Mt)
23%
50 Forecast
45
40
35
30
25
20
15
33 26 32 34 34 36 38 39 41 42
10
5
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Source: CRU International Limited – The Iron Ore Market Outlook – April 2013

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Corporate Overview

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Capital Structure

Shares on Issue	196.0m
Options & Performance Rights	14.5m
Share Price	A$0.14
Market Capitalisation	A$27.4m
Cash at bank(31 March 2012)	A$17.9m
Enterprise Value	A$9.5m

Major Shareholders

Atlas Iron Ltd (19.6%) – An ASX-listed iron ore company (AGO), currently producing at the rate of ~8Mtpa. Since listing in 2004, Atlas has grown rapidly as is now an S&P ASX 100 company. Atlas employs over 450 people, has a market capitalisation of circa $800 million, cash reserves of $404m (31 March 2013)

Liberty Metals and Mining Holdings LLC (12.8%) – A Boston-based subsidiary of Liberty Mutual Insurance, the third largest diversified property and casualty (“P&C”) insurer in the US and the sixth largest P&C insurer worldwide.

Atlas Iron Ltd - 19.6% Liberty Metals & Mining - 12.8% Institutions - 12.7% Directors and Management - 5.5% Others - 49.1%

Broker Research

Broker	Date	Recommendation	12-Month Price Target
Canaccord	28-05-13	Buy	$0.73
Ord Minnett	28-05-13	Buy	$0.77
RFC Ambrian	28-05-13	Buy	$0.80
PCF Securities	14-04-13	Buy	$0.99
Investec	07-11-12	Buy	$0.50

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Centaurus Key Personnel – Board and Management

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Centaurus Metals Board

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Didier Murcia – Independent Non-Executive Chairman

Lawyer, 25 years experience, Non-executive Director – Gryphon Minerals and Rift Valley Resources. Honorary Australian Consul to Tanzania

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Darren Gordon - Managing Director

Chartered Accountant, 20 years experience, extensive resource financing and operations exposure. Previously CFO at Gindalbie Metals

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Peter Freund - Operations Director

Mechanical Engineer, 40 years experience, former General Manager of the Karara JV, and head of MIM team at Alumbrera Copper Mine, South America. Developed Oaky Creek Coal and MacArthur River Lead/Zinc Project

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Richard Hill – Independent Non-Executive Director

Solicitor and Geologist, 20 years experience, co-founded Centaurus and director of resource Investment group, Westoria Capital

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Mark Hancock - Non-Executive Director

Chartered Accountant, 25 years experience, former Chief Commercial Officer and currently Executive Director, Commercial – Atlas Iron. Has previously held senior financial roles with Woodside Petroleum, Premier Oil & Lend Lease

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Steve Zaninovich – Independent Non-Executive Director

Civil Engineer, 20 years experience, current COO for West Africa focused Gryphon Minerals. Extensive experience in Project Managing construction projects in overseas jurisdictions.

Centaurus has a strong management team, predominantly based in the Belo Horizonte office, experienced in developing Brazilian resource projects.

Centaurus Metals Senior Management

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John Westdorp: Chief Financial Officer

Chartered Accountant, 20 years resource experience, former CFO of Iron Ore Producer, Murchison Metals. Held senior positions with North Ltd Group including 6 years with Robe River Iron Associate JV

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Geoff James: Company Secretary

Chartered Accountant, 20 years experience, former Group Financial Accountant at Clough Limited & previously held joint CFO/Company Secretary position with Centaurus

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Alexandro de Moura : GM – Operations

Engineer, 20 years experience, former Chief Operating Officer for MMX Mineracáo & held senior roles with Yamana in their copper operations

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Bruno Scarpelli: GM – Environmental & OH&S

Former Environmental Coordinator at Vale’s Carajas Iron Ore Operations, previously held roles with Brandt Meio Ambiente and Golder Associates

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Roger Fitzhardinge: GM – Exploration & Evaluation

Geologist, former Manager of Technical Services and Senior Mine Geologist at Mirabela Nickel. Former geologist with BHP’s Pilbara iron ore operations

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Rodrigo Branco: GM – Commercial

Economist, 20 years experience, held various iron ore sales and commercial roles with Vale & CSN. Former Country Manager for ASX Listed SAFM Mineracáo

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Luiz Carlos Noronha Jr.: Legal Counsel & Administrator Lawyer, 15 years experience in tax, commercial law and land access for mining company clients.

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Brazilian Domestic Project Hub

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Domestic Project Hub

• 201Mt resource base – four projects

• Cornerstone = Jambreiro Project (125.2Mt) – 180km from Ipatinga steelmaking region

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• Future growth potential: Guanhaes tenements, Passabem, Itambé

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Jambreiro – Overview

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Jambreiro – A Low-Cost, High-Margin Iron Ore Project

• Bankable Feasibility Study – November 2012:

• Production: 2Mtpa @ 64.5% Fe

• Life-of-Mine Revenue: A$847M

• Operating costs: A$16.20/tonne

• EBITDA: A$556M, annual cash flows: A$62M

• Post-tax NPV: A$140M, IRR: 33%

• Pre-production CAPEX: A$136M

• Consistent and reliable supplier of high-quality, low impurity iron ore to domestic steel mills

• Key Approvals received

• Initial development work underway

• Friable Ore Reserve: 48.5Mt @ 28.1% Fe

• ~18Mt of high grade product = 9 year mine life

• Strong production and mine life upside

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Jambreiro Process Flowsheet

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Jambreiro – Site Layout

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		PRODUCT QUALITY	Fe%	**SiO2% **	**SiO2% **	**Al2O3% **	P%	Mass Recovery %
		FRIABLE ORE – PILOT PLANT (30T) – Wet Magnetic Separation
		Head Grade	30.4		52.3	2.7	0.02
		Beneficiated Product	66.0		4.1	0.8	0.01	39.4
			BFS Assumptions
		Initial mine life:					9.0 years
		Strip ratio:					0.97:1
		Production rate:					2Mtpa
Pae	13

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Jambreiro – Land Access & Approval Process

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Environmental Approvals

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• Environmental Impact Assessment (EIA/RIMA) Approved

• Three stage approval process

• LP – Issued October 2012

• LI – Issued April 2013

• LO – Due June Quarter 2014

• Strong community support for Project

• Project Facilitation Agreement signed with the State of Minas Gerais

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Mines Department

• Plan of Economic Evaluation (PAE) Approved

• Mining Lease Application in Brasilia for Approval

Land Access

• 10-year land access and co-operation signed with land owner CENIBRA

• Much of Project area already cleared

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Jambreiro – Offtake & Financing

Offtake

• General acceptance of the Jambreiro product specification by domestic steel mills

• Negotiations progressing well

• Targeting Life-of-Mine offtake contract

• Offtake directed towards international market based price with net back to mine for domestic logistic costs

Financing

• Project Financing requires offtake to be established

• Preferred debt financiers have been assessed and selected with formal mandate to be awarded in conjunction with offtake

• Strong supportive shareholder base.

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Jambreiro – Development Timeline

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2012 2013 2014
BFS Completed On Site Construction Production
Commences
Debt Financing
PAE Approved
Drawdown
Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun
LI Approved Operating Licence
EIA/RIMA Approval (LP)
Issued (LO)
Installation Licence (LI) Lodged
Centaurus : Powering towards production
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Jambreiro – Project and Mine Life Upside

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Compact Ore

• Comprises 65.8Mt @ 27.7% Fe within overall resource of 125.2Mt @ 26.7% Fe

Mass PRODUCT QUALITY Fe% SiO2% Al2O3% P% Recovery % COMPACT MINERALISATION – BENCH SCALE (Wet Magnetic Separation) Head Grade 25.0 55.9 2.2 0.07 Beneficiated Product 66.2 3.7 0.9 0.01 35.2

• Successful test work has delivered beneficiated product grading 66.2% Fe

• Pit optimisation incorporating this material has defined an In Pit Resource:

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• 102.6Mt @ 26.7% Fe (82% of global resource)

• Potential product of 36.3Mt of +65% Fe sinter blend concentrate

• Strong opportunity to continue mining beyond the initial 9 years

• Potential to double the mine life to 18 years

• Regional Exploration

• Potential to define additional resources within economic haulage distance

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Jambreiro – Exploration Upside

Canavial Iron Ore Project

• Maiden JORC resource of 27.6Mt @ 30.5% Fe

• Beneficiation testwork using Jambreiro flowsheet design is underway

• Simple environmental approval process for future development

	Material JORC Category Million Tonnes Fe % SiO2 % Al2O3 % P % LOI %
	Friable Itabirite Indicated 6.1 34.1 32.6 7.2 0.10 8.0
	Inferred 9.7 32.6 34.5 8.4 0.07 7.1
	TOTAL 15.8 33.2 33.8 7.9 0.08 7.5
	Compact Itabirite Indicated 0.4 26.3 47.1 6.0 0.13 6.5
	Inferred 3.0 29.0 43.4 6.1 0.10 5.2
	TOTAL 3.4 28.7 43.9 6.1 0.10 5.3
Amphibolitic Itabirite Indicated
Inferred 8.4 26.3 40.1 2.5 0.05 4.7
TOTAL 8.4 26.3 40.1 2.5 0.05 4.7
Grand Total Indicated 6.5 33.6 33.6 7.1 0.10 7.9
Inferred 21.1 29.6 38.0 5.7 0.07 5.9
TOTAL 27.6 30.5 37.0 6.0 0.07 6.4

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20% Fe cut-off

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Jambreiro – Exploration Upside

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Candonga Iron Ore Project

• High grade drill results including some DSO grades

• Next batch of drilling and maiden resource due June 2013

• Potential for coarse grained product to support the Jambreiro operations

• Land generally clear of native vegetation

• Small diamond drill program due to commence in July 2013

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Achievements

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chievements
November 2012	Expansion of Management Team – new CFO appointed
January 2013	MOU signed with Minas Gerais State Government
February 2013	Award of Management Support Contract for Jambreiro Positive drilling results at Canavial Project
March 2013	Award of Detailed Engineering & Procurement Contract for Jambreiro Approval of Economic Development Plan (PAE) for Jambreiro
April 2013	Granting of Installation Licence (LI) for Jambreiro
May 2013	Jambreiro Project Development Schedule updated Maiden JORC Resource for Canavial Project

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Summary

• Brazil-focused iron ore developer

• Proven business model: Mine Beneficiate Deliver , ,

• Low capital intensity, low operating costs

• Strong forecast cash flows

• 12 months to production

• Well-funded: $18m cash

• Supportive strategic shareholders: Atlas & Liberty

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Centaurus : Powering towards production

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• Low costs

• Strong margins

• Outstanding growth

potential Darren Gordon Managing Director

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31 May 2013
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Jambreiro Project – October 2012 Ore Reserves

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Ore Reserve Classification	Mt	Fe%	SiO2%	Al2O3%	P%	LOI %
Proven	35.4	28.5	49.6	4.3	0.04	1.7
Probable	13.1	27.2	49.0	5.3	0.04	2.4
Total	48.5	28.1	49.4	4.6	0.04	1.9

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Jambreiro Project – Key BFS Assumptions

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Key Assumption	Key Assumption
Ore Reserves	48.5Mt
Grade	28.1% Fe
Metal recovery per dry tonne	90%
Reserve – Final Product	18Mt
Grade	+64.5% Fe
Waste Movement	46.8Mt
Total Material Movement (including pre-strip)	95.3Mt
Waste to Ore Ratio (LOM)	0.97 to 1
Production Rate	2Mtpa
Average LoM Exchange Rate AUD to BRL	1.90
Average LoM Exchange Rate AUD to USD	0.86
Average LoM Exchange Rate USD to BRL	2.21
Average Sales Price – FOB Mine Gate	A$47/dmt
Discount Rate	8%

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Jambreiro Project – Sensitivity Analysis

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2 Mtpa	Case	Case	Case	Case	Case	Post Tax – NPV (A$M)	Post Tax – NPV (A$M)	Post Tax – NPV (A$M)	Post Tax – NPV (A$M)	Post Tax – NPV (A$M)
Variable	-20%	-10%	Base	+10%	+20%	-20%	-10%	Base	+10%	+20%
Average LoM Price (FOB Mine) A$/dmt	38	42	47	52	56	73.9	106.8	139.6	172.4	205.2
Capital Expenditure (A$M)	163	150	136	122	109	119.6	129.6	139.6	149.6	159.6
Direct Operating Expenditure (A$M/dmt)	17.4	16.0	14.5	13.1	11.6	117.4	128.5	139.6	150.7	161.9
Foreign Exchange Rate R$/A$	2.28	2.09	1.90	1.71	1.52	116.3	126.9	139.6	155.1	174.5
Discount Rate %	10	9	8	7	6	119.1	129.0	139.6	151.0	163.1

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Price (FOB Mine)
Foreign Exchange
Discount Rate
Operating Expenditure
Capital Expenditure
50 75 100 125 150 175 200 225
NPV (A$M)
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Mineral Resource Inventory – May 2013

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Project	JORC Category	Million Tonnes	Fe %	SiO2 %	Al2O3 %	P%	LOI %
Jambreiro	Measured	46.7	28.3	51.0	4.2	0.04	1.6
	Indicated	35.5	26.5	49.9	4.3	0.05	1.7
	Measured + Indicated	82.3	27.5	50.5	4.3	0.05	1.7
	Inferred	42.9	25.3	49.5	4.5	0.06	1.3
	TOTAL	**125.2 **	**26.7 **	**50.2 **	**4.4 **	0.05	1.5
Canavial	Indicated	6.5	33.6	33.6	7.1	0.10	7.9
	Inferred	21.1	29.6	38.0	5.7	0.07	5.9
	**TOTAL **	27.6	30.5	37.0	6.0	0.07	6.4
Guanhaes Region	Measured	46.7	28.3	51.0	4.2	0.04	1.6
	Indicated	42.0	27.6	47.3	4.7	0.06	2.7
	Measured + Indicated	88.8	27.9	49.3	4.5	0.05	2.1
	Inferred	64.0	26.7	45.7	4.9	0.06	2.8
	**TOTAL **	152.7	27.4	47.8	4.7	0.05	2.4
Itambe	Indicated	4.7	37.1	37.0	4.5	0.06	2.7
	Inferred	5.3	36.2	40.9	3.5	0.04	2.1
**TOTAL **	**TOTAL **	10.0	36.6	**39.1 **	4.0	0.05	2.4
Passabem	Indicated	2.8	33.0	48.8	1.9	0.03	0.6
	Inferred	36.2	30.9	54.0	0.7	0.07	0.1
**TOTAL **	**TOTAL **	39.0	31.0	53.6	0.8	0.07	**0.1 **
GRAND TOTAL	Measured	46.7	28.3	51.0	4.2	0.04	1.6
	Indicated	49.5	28.8	46.4	4.5	0.06	2.6
	Measured + Indicated	96.3	28.5	48.7	4.4	0.05	2.1
	Inferred	105.5	28.6	48.3	3.4	0.06	1.8
	GRAND TOTAL	201.7	28.6	48.5	3.9	0.06	2.0

* 20% Fe cut-off grade applied; ** 27% Fe cut-off grade applied; *** 25%Fe cut-off grade applied

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