CENTAURUS METALS LIMITED — Investor Presentation 2014

Mar 23, 2014

: Closing on production and cash flow Developing the Jambreiro Iron Ore Project, Brazil

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• Low costs

• Strong margins

• Long life

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Darren Gordon – Managing Director

Disclaimer

• 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, a Competent Person who is a Member of the Australasia Institute of Mining and Metallurgy and Volodymyr Myadzel, a Competent Person 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 that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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 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, a Competent Person 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 that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Reserve’. Beck Nader consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• All information included in this presentation regarding Exploration Results, Mineral Resources and Ore Reserve estimates was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

• Refer to the ASX announcements dated 20 December 2013 and 13 January 2014 for details of the material assumptions underpinning the production target and forecast financial information included in this presentation for the Jambreiro Iron Ore Project. The Company confirms that all the material assumptions underpinning the production target and forecast financial information derived from the production target continue to apply and have not materially changed.

• All information included in this presentation regarding the Ore Reserve estimate for the Jambreiro Iron Ore Project should be read in conjunction with the ASX announcement dated 5 November 2012. Given the conservatism built into the pit optimisation parameters used for the current Ore Reserve estimate, the Company is confident that the revised 1Mtpa production strategy will not result in a material change to the Reserve estimate. As a result of the change in production strategy, the Company intends to complete an updated Ore Reserve estimate during Q1 2014.

2

Centaurus – On the Cusp of Iron Ore Production

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Developing low capital, operating cost mines near existing infrastructure + customers in SE Brazil Poised to begin construction of initial 1Mtpa Jambreiro Project targeting domestic market: Fully permitted for development and operations: construction H1 2014 Initial capital development cost of A$53M, forecast C1 cash costs + royalties of A$22/tonne Commercial production planned for H1 2015 Ability to grow production base to 3Mtpa via both the domestic and export markets High-grade, low impurity consistent quality product

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Experienced in-country management and technical team, backed by a strong Board Supportive strategic shareholders

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

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3

Corporate Overview

Capital Structure

Shares on Issue	196.0m
Options & Performance Rights	12.6m
Share Price	A$0.16
Market Capitalisation	A$31.4m
Cash at bank (31 Dec 2013)	A$4.8m
Enterprise Value	A$26.6m

Major Shareholders

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Atlas Iron Ltd (19.6%) – An ASX-listed iron ore company (AGO), currently producing at the rate of ~10Mtpa. Atlas employs over 450 people, has a market capitalisation of circa $1 billion and cash reserves of $389m (31 December 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.

Broker Research

Broker	Date	Recommendation	12-Month Price Target
Canaccord Genuity	23-12-13	Buy	$0.61
Ord Minnett	14-01-14	Buy	$0.53
PCF Capital	20-12-13	Buy	$0.46
RFC Ambrian	06-01-14	Buy	$0.40

Centaurus Metals Limited – Top 10 Shareholders

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Atlas Iron Limited – 19.58% Liberty Metals & Mining Holdings LLC – 12.77% Lujeta Pty Ltd – 5.82% Acorn Capital Ltd – 5.23% Darren Gordon – 3.46% Bridgelane Capital Pty Ltd – 2.85% Lion Selection Pty Ltd – 2.32% Pernik Capital Ltd – 1.35% Kevin Press – 1.07% Didier Murcia – 0.82%

Totals: Top 10 holders of CTM ORDINARY FULLY PAID	108,070,143 units	55.20%
Total Remaining Holders Balance	87,677,776 units	44.80%
Total Holders Balance	195,747,919 units	100%
Directors & Management Holding	10,172,123 units	5.20%

4

Centaurus Key Personnel – Board and Management

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Board

Didier Murcia – Independent Non-Executive Chairman

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

Darren Gordon - Managing Director

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

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

Richard Hill – Independent Non-Executive Director Solicitor and Geologist, 20 years experience, co-founded Centaurus and director of resource Investment group, Westoria Capital

Mark Hancock - Non-Executive Director

Chartered Accountant, 25 years experience. Current Executive Director – Atlas Iron. Has previously held senior financial roles with Woodside Petroleum, Premier Oil & Lend Lease

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.

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Senior Management

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

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

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

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

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

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

5

Brazilian Iron Ore Market

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Large domestic market for iron ore consumption

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Significant market opportunity with major steel mills located within 150km radius of key Centaurus Projects

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Domestic market provides platform to expand production base into the export market

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Brazil Crude Steel Production (Mt) Brazil Iron Ore Consumption (Mt)
23% 23%
Forecast
Forecast 70
60
50
40
30
20
33 26 32 34 34 36 38 39 41 42 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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Source: CRU International Limited – The Iron Ore Market Outlook – April 2013

6

Brazilian Domestic Project Hub

Major Ports

Existing Rail Lines

MRS EVFM FCA/Other

Rail Line Under Construction

Ferrovia Oeste-Leste

City

Centaurus Project

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7

Domestic Project Hub

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o 216Mt JORC
Resource base –
four projects
o Cornerstone =
350km
Jambreiro Project
(128Mt) – 110km
from Ipatinga steel- 110km
making region
o Initial JORC Ore
Reserve at
Jambreiro of 140km
48.5Mt
o Future growth
potential: Canavial,
Candonga,
Passabem, Itambé
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Major Ports
Existing Rail Lines
MRS
EVFM
FCA/Other
Rail Line Under Construction
Ferrovia Oeste-Leste
City
Centaurus Project
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8

Jambreiro – Overview

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Guanhães
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BFS completed in November 2012 for 2Mtpa Project Start-up production rate of 1Mtpa under low CAPEX scenario:

A$53M pre-production CAPEX

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Minimises funding risk and secures timeline to production and cash flow by H1 2015

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Consistent and reliable supplier of high-quality, low impurity iron ore to domestic steel mills In-pit friable Ore Reserve: 48.5Mt @ 28.1% Fe

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

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Initial 1Mtpa Project provides cash flow to expand production into the export market

9

Jambreiro – Financial Evaluation

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Project Assumptions Initial mine life 18 years Strip ratio 0.97:1 Production rate 1Mtpa

Key Financial Outcomes Total Revenue A$752M EBITDA A$350M Capital Costs A$53M Annual Average Operating Cash Flow A$19M Operating Cash Cost (per tonne of product – LoM) A$22/dmt Jambreiro has strong economics, with low life-of-mine cash operating costs (C1 + Royalties) of A$22/tonne – reflecting the low stripping ratio (0.97:1), the free-digging nature of the friable material and the extent of natural liberation of the ore.

10

Jambreiro – Site Layout

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11

Jambreiro – Fully Permitted and Ready to Go

Environmental Approvals

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Environmental Impact Assessment (EIA/RIMA) – Approved Three-stage approval process

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LP – Issued October 2012 LI – Issued April 2013 LO – Expected H1 2015

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Strong community support for Project Project Facilitation Agreement signed with the State of Minas Gerais

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Mines Department and Ministry of Mines & Energy – Plan of Economic Evaluation (PAE) Approved Mining Leases – Granted

Land Access

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

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Much of Project area already cleared of vegetation

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12

Jambreiro – Product and Off-take

Off-take

General acceptance of the high quality Jambreiro product specification by potential domestic customers

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Negotiations on key terms for long-term offtake well advanced

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Lower initial production rate reduces need for off-take in advance of financing – but remains important

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Off-take pricing = international market-based price with adjustment for Jambreiro quality and net back to mine for domestic logistic costs

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13

Jambreiro – Development Timeline

Jambreiro Development Timeline

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2013 2014 2015
H2 H1 H2 H1 H2 H1
EIA/RIMA (L P)
On Site
Approved
Construction
Revised Initial
Production Rate Production
Commences
PAE Approved
Mining Lease
Installation Licence (L I) Financing Operating License (L O)
Granted
BFS Completed Approved Expected
ON TRACK : A new iron ore producer in Brazil
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14

Jambreiro – The Export Opportunity

Major Ports

Existing Rail Lines

MRS EVFM FCA/Other

Rail Line Under Construction

Ferrovia Oeste-Leste

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Jambreiro located within 150km of bulk cargo EFVM rail line

EFVM rail line provides opportunity to access port capacity in and around Vitόria Various port options exist within close proximity to Vitόria including Tubarão Port Currently investigating best option to access permanent logistics capacity for future export development

Major shareholder, Atlas Iron, has strong network of customers in seaborne market:

Significant opportunities exist to leverage these relationships in CTM marketing efforts

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15

Candonga – A small DSO Opportunity

Candonga Iron Ore Project

High grade drill results including some DSO grades Maiden JORC 2004 Mineral Resource of 11.9Mt at 43% Fe including potential source of DSO of 0.9Mt at 58.6% (refer to ASX Announcement dated 8 August 2013 for further details)

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Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material

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dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material	dated 8 August 2013 for further details) Trenching program recently completed over high grade zone Potential for coarse-grained product to support Jambreiro operations Sieve analysis shows DSO zone to consist of 30 to 40% Lump (+6.3mm) material
Land generally clear of native vegetation. Simple approvals process
JORC Category	Million Tonnes	Fe %	SiO2 %	Al2O3 %	P %	LOI %
Indicated	3.7	45.5	26.2	3.8	0.08	2.7
Inferred	8.2	41.8	30.2	4.4	0.08	3.1
TOTAL	11.9	43.0	29.0	4.2	0.08	3.0
						20% Fe Cut-off

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16

Summary – Why Invest in Centaurus?

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Poised to join the ranks of international iron ore producers within 12 months Jambreiro Project fully permitted for 3Mtpa production: high-grade, low impurity product New development plan ready to go: low CAPEX 1Mtpa start-up Robust economics supported by low operating costs and modest CAPEX Construction targeted to commence in H1 2014, first production H1 2015 Clear plan to grow production base to 3Mtpa via both the domestic and export markets Experienced team with proven experience in Brazil Supportive strategic shareholders

Centaurus Metals is ready to become the next profitable iron ore producer in Brazil.

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17

: Closing on production and cash flow Developing the Jambreiro Iron Ore Project, Brazil

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• Low costs

• Strong margins

• Long life

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Darren Gordon – Managing Director