CENTAURUS METALS LIMITED - Investor Presentation 2017

Hunting for elephants in Brazil

Investor Presentation – November 2017

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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, 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 Reserves’. 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 Reserves’. 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 been updated to the JORC 2012 Code for the Jambreiro Mineral Resource. The information in relation to the Jambreiro Ore Reserve 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.

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. No material change has occurred in any of the conservative pit optimisation parameters used to estimate the Jambreiro Ore Reserve.

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.
The information in relation to the Conquista Iron Ore Project Exploration Target should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and quality of material discussed as the Conquista 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 for the Conquista Project.

Refer to ASX announcement on 19 March 2015 for further information on the Exploration Target for the Conquista DSO Iron Ore Project.

All information contained in this presentation on the Salobo Mine of Vale has been taken from the “Vale Production in 4Q16” Report, its 20-F Annual Report for 2016 and other public domain reports

All historical data contained in this presentation on the Pebas Project was sourced from the INV Metals NI 43-101 Technical Report of March 2012 (www.sedar.com)

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Diversified Brazilian resource company with projects in Tier-1 addresses – copper, gold, iron ore

Significant emerging copper and gold portfolio in Pará – Salobo West, Pebas, Serra Misteriosa, Serra Vermelho and Serra da Fumaça Projects

High quality iron ore assets retained in portfolio with value to be delivered via divestment or joint development – discussions ongoing

Outstanding leverage to exploration success with value underpinned by large asset base

– one Strategic alliance with Terrativa Minerais SA of Brazil’s pre-eminent private exploration groups

Capital Structure
Shares on Issue	1,777.3m
Listed Options (EP $0.01, Exp 30/4/18)	226.2m
Listed Options (EP $0.01, Exp 31/8/19)	624.0m
Unlisted Options (EP $0.008 to $0.015)	98.5m
Directors and Management Holding	~121.0m (7%)
Share Price	A$0.005
Market Capitalisation	A$8.8m

Centaurus offers highly leveraged exposure to a rich asset base in Brazil including exciting new greenfields copper and gold projects, aggressive exploration plans and a retained high-quality iron ore portfolio.

BOARD OF DIRECTORS

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STEVE PARSONS

DIDIER MURCIA

DIDIER MARK STEVE MURCIA HANCOCK PARSONS AM, B.Juris, LL.B B.Bus, CA, FFin B.Sc (Geol) Hons

Non-Executive Chairman Non-Executive Director Non-Executive Director

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DARREN GORDON

B.Bus, FCA, AGIA

Managing Director

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PAUL

BRUNO ROGER SCARPELLI FITZHARDINGE

BRIDSON

B.Comm, CA, AGIA

B.Sc (Geology), MAusIMM

M.Sc, PMP

Brazil Country Manager GM – Exploration & Company Secretary & & Executive Director Development CFO

MANAGEMENT TEAM

Lawyer, 30 years experience Chartered Accountant, 25 years experience Non-executive Chairman – Alicanto Minerals and Current CFO and former Strandline Resources Executive Director of Atlas Iron Former Non-Executive Director of Gryphon Minerals Has previously held senior and Cradle Resources financial roles with Woodside Petroleum, Honorary Australian Consul to Premier Oil & Lend Lease Tanzania

Geologist, +20 years experience Proven track record of mineral discoveries, international investor relations and creating shareholder wealth Executive Director, Draig Resources Previously MD of Gryphon Minerals

Chartered Accountant, +20 years experience Extensive resource financing and operations exposure in both gold and iron ore Non-Executive Director of Genesis Minerals Previously CFO at Gindalbie Metals

Engineer, +15 years Geologist, +18 years Chartered Accountant, experience experience 20 years experience Former Environmental Former Manager of Co Sec & CFO Syndicated Coordinator at Vale’s Technical Services and Metals Carajas Iron Ore Operations Senior Mine Geologist at in State of Para, Brazil Mirabela Nickel in Brazil Former Co Sec & CFO, Avalon Minerals Previous Manager Former geologist with roles with Brandt Meio Homestake’s gold Previously Financial Ambiente and Golder exploration team and Controller, Gindalbie Associates in Brazil BHP’s Pilbara iron ore Metals

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Latin America’s largest economy

Rapidly growing population (currently ~208 million) Low interest rates (by historical standards), low inflation and rising economic growth

Wide-ranging economic reforms underway – labour laws, pension scheme, tax and government royalties Strong tenement control system, established Mining Code:

Up to 6 years for Exploration Licences, which can be converted to Mining Leases

No Government ownership in Projects – Government revenue generated from royalties:

New Rates: 2% for gold, 2% for copper and 2-4% for iron
ore

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Minas Gerais and Pará are key mining States – strong mining culture, experienced workforce

Salobo West Copper – Gold Project

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100%-owned Pará EP tenement portfolio located within world-class Carajás Mineral Province

Includes well-located Salobo West Cu-Au Project, Pebas Cu-Au Project and Serra Misteriosa Gold Project

Salobo West located on doorstep of world-class mines:

Just 12km from Vale’s Salobo Cu-Au mine (176kt
Cu, 317koz Au in 2016) – 50-year life
Multiple +300Mt IOCG deposits across the region
Just 90km from world’s biggest iron ore mine, Vale’s
S11D (ramping up to 90Mtpa production)

Carajás forms part of the Government’s SUDAM regional development program which includes significant tax incentives

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Explored by Vale since the 1970’s

Vale has controlled 90% of the province for the past 50 years Most of the IOCG’s were discovered in the 1970s and 1980s using conventional mapping and soil geochemistry programs

Limited copper-gold exploration expenditure today – “they’ve already found multiple Tier-1 deposits”

Centaurus has secured a unique opportunity in one of the world’s most prospective IOCG provinces, which has been dominated for decades by Vale.

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9 IOCG deposits with resources of +100 Mt Cu-Au, 6 >300Mt for +4.0Bt of Cu-Au resources

Includes Vale’s giant Salobo Mine:

– Reserves of 1.2Bt @ 0.63% Cu, 0.4g/t Au – produced ~176kt Cu and ~317koz Au in 2016, – 2[nd] biggest IOCG in the world

All deposits located in an area of ~150 x 100km that has

historically been owned >90% by Vale

~10-40km between each IOCG deposit

All IOCG deposits hosted in the Itacaiúnas Supergroup and most come to surface

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Vale IOCG Deposits in the Cinzento Shear Zone (NW)

Salobo West tenements

Vale tenure +1,100km[2] - No other company holds significant tenure All deposits at surface and hosted by the Itacaiúnas Supergroup

CTM granted tenure circa 78km[2] ; CTM tenure under application circa 42km[2]

Covers 70km[2] of the Itacaiúnas Supergroup

Associated with regional structures (W to NW and SW-trending lineaments) Multiple regional structures present (W to NW and SW-trending lineaments) Associated with regional scale magnetic and radiometric anomalies Regional scale mag/rad features present

Access to 2012 regional airborne data; field exploration underway, maiden geophysical surveys planned

Discoveries made in 70-80s via conventional exploration (mapping/soils)

3 Tier 1 deposits (+300mt Cu-Au resources), multiple exploration targets

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SW1 tenement currently hosts at least three quality Cu-Au Prospects:

– SW1-A

SW1-B
Serendipidade

High-quality Government and historical data providing “head start” for exploration

Environmental Licence secured for non-ground disturbing exploration in Tapirape-aquiri National Forest Field exploration underway First results expected mid-November Additional targets being generated as exploration advances

Salobo West 2 (SW2) expected to be granted in coming months

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SW1-B Prospect

Distinct 4.5km long Cu-Au-Fe(-Co-Ag) geochemistry anomaly that is locally over 600m wide and coincident with a strong east-west magnetic feature

Favourable east-west structural orientation and truncated by the north-west trending BIF unit of the SW1-A Prospect North-west trending BIF interpreted to be the north-west extension of the Itacaiúnas Supergroup that hosts the nearby massive Salobo Mine

The intersection zone of these two regional significant structures is a priority area for exploration within the SW1B Prospect Initial exploration well advanced in this area

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SW1-A Prospect

Distinct 3.5km long magnetic anomaly, coincident with Cu-AuFe soil geochemical signature

2D modelling of regional aeromagnetic data by Southern Geoscience shows magnetic susceptibility of 0.65 SI – compares well with Salobo Cu-Au Mine (0.66 SI), as well as having similar geometry

Located along north-west extension of the Itacaiúnas Supergroup, the same stratigraphic sequence as the Salobo mine

Quality target with strong similarities to Salobo mine and favourable structural orientation Exploration has commenced in this area

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Serendipidade Prospect

2.5km long and up to 700m wide Cu-Au-Ag-Mo-(U-Fe-Mn-Co-As) geochemical signature, similar to nearby massive Salobo CopperGold Mine

Hosts the highest Cu (861 ppm) and gold (145ppb) soil anomalies collected historically by Anglo over the SW1 project area

Located along a favourable WNW-ESE structural trend

Displays no magnetic signature, which may indicate presence of a hematite-rich zone or that the target is simply not an IOCG target but rather another copper deposit type (VMS/SEDEX)

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Target generation work completed by industry-leading independent consultants:

Alan King, former Chief Geophysicist for Global Exploration at Vale and Inco, based in Brazil from 2007-2011
Southern Geoscience Consultants, highly experienced Perth-based geophysicists
Grant “Rocky” Osborne, independent geologist with over 35 years experience in gold and base metals, 17 in Brazil

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Initial exploration commenced October: geological mapping, stream sediment sampling and soil sampling Ground geophysical work to follow (Ground EM and/or gravity)

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Maiden drilling program planned for March/April 2018 at the end of the high rainfall season

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The Pebas Copper-Gold Prospect

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Explored in 2010/11 by TSX-listed INV Metals Inc. (“INV”)

2km long, +500ppm copper-in-soils anomaly generated with +750m long +1000ppm high grade zone

Historical drilling in 2010 returned intersections of up to 3.74% Cu within broad zones of mineralisation such as:

146.9m at 0.21% Cu and 0.08 g/t Au from surface in PRN-DD-37; and
105.0m at 0.23% Cu from surface in drillhole PRN-DD-36.

Project is located in open pasture, less than 10km from the regional centre of Parauapebas – allow for easy year round access

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Gossan outcrop returned rock chip grades of 27.6% Cu, 4.6g/t Au, and 73.1g/t Ag.

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Fault-related IOCG target that remains untested

INV drill spacing in 2010 was on 300m sections and missed the interpreted fault considered to be the main control on the mineralisation

Comparable soils anomaly (+1000 ppm Cu) and hosted in a similar geological and structural setting to the Antas Norte Copper-Gold Mine, operated by Avanco Resources, just 25km away

Antas Norte’s high grade ore is roughly 60m thick, has a strike of 700m and is one of the highest grade copper mines in the world with a mine head grade of ~2.6% Cu Ground EM combined with soil geochemistry has been extremely successful for Avanco in identifying high-grade copper sulphide targets in the Carajás, including Antas Norte

Ground EM survey to commence in the coming months to evaluate high grade fault-related IOCG target which is interpreted to be in a similar geological and structural setting to the nearby Antas Norte Copper-Gold Mine

The Canga Iron Ore Prospect

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Multiple assays above 65% Fe returned from rock chip samples taken from the outcropping “canga”

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Canga in the Carajás Mineral Province, typically up to 20m thick, is the common geological marker that sits directly over all the world-class iron ore deposits in the region, including Vale’s multi-billion tonne deposits

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Canga outcrop has a strike length of more than 900m, is up to 150m wide

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Located at the eastern end of a regional magnetic anomaly that runs east-west across the granted Salobo West tenement (SW1) for a total continuous strike length of some 7km and discontinuous for 10km

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2D profile modelling shows comparable magnetic susceptibilities and geometries to the magnetic responses over Vale’s giant S11D iron ore deposit, located 90 km away

S11D is the largest iron ore mine in the world with reserves of over 4 billion tonnes at +66% Fe and production currently ramping up to 90Mtpa

Top of the magnetic model is estimated at 285390m, indicating the potential depth of the demagnetising effect of the supergene and hypogene enrichment processes that produces the highgrade hematite ore

Estimated depth of the S11D magnetic model is 390m

Reports indicate that S11D have intersected the enriched hematite ore down to these similar depths in drilling

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2D profile modelling of Aeromagnetic data by Southern Geoscience

Jambreiro and Conquista Iron Ore Projects

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110km from Ipatinga steel-making region JORC Resource of 128Mt 350km Initial Friable Ore Reserve of 48.5Mt 110km Over 19,000 metres of diamond and RC drilling to support JORC resource and 140km reserve • Over US$25 million spent on exploration, feasibility and engineering work • Extensive data set (including drill core) available to support project funding

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Environmental and Mines Department approvals received for a 3Mtpa wet processing operation Mining Leases granted

10-year land access agreement signed in 2012 with option to extend

Positive Feasibility Study completed in November 2012 for 2Mtpa Project

Initial production rate revised to 1Mtpa in 2013 to reduce start-up CAPEX for Centaurus to R$109M (~A$50M at 2013 FX rates) using imported modularised plant.

Ideally positioned to be a 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 (+65% Fe)

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Significant high-grade (+64% Fe) DSO outcrop already identified on the Conquista ground over 2.5km of strike Rock chip samples collected to date grade 6470% Fe with low impurities – strong correlation with ground magnetic signature

Initial testwork has shown that the Project will produce both lump and high-grade sinter feed product

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12-month option granted to local mining group – the same group who acquired the Candonga Project, located just 8km away R$1 million to be spent on exploration at Conquista during the option period, which is to include ~1,000m of drilling Program of works targeted at proving up Exploration Target Ecosinter can exercise option by granting CTM 12% production royalty – effectively a profit share without direct exposure to operating costs R$3 million to be paid up front on exercise of option as non-refundable advance of production royalty

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Grant of option has potential to deliver significant cash-flows to Centaurus

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Extensive and highly prospective mineral portfolio in Tier-1 locations Outstanding new package of copper and gold projects in northern Brazil World-class IOCG discovery opportunities at Salobo West and Pebas Newly-identified Canga DSO Iron Ore Prospect at Salobo West Exploration programs well advanced – strong upcoming news-flow Option granted over Conquista DSO Iron Ore Project set to deliver value Strategy to realize value from development-ready Jambreiro Iron Ore Project continuing

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With a market cap of just $9M, Centaurus offers highly leveraged exposure to a rich asset base including high quality gold and copper exploration projects with the potential to deliver significant value in the short-term.

Hunting for elephants in Brazil

Investor Presentation – November 2017

AI assistant

CENTAURUS METALS LIMITED Investor Presentation 2017

64715_rns_2017-10-29_9ad1f1b9-54b1-48ec-982d-00276ce69f33.pdf

Hunting for elephants in Brazil

BOARD OF DIRECTORS

STEVE PARSONS

DIDIER MURCIA

DARREN GORDON

PAUL

BRIDSON

MANAGEMENT TEAM

Vale IOCG Deposits in the Cinzento Shear Zone (NW)

Salobo West tenements

SW1-B Prospect

Serendipidade Prospect

Jambreiro and Conquista Iron Ore Projects

Hunting for elephants in Brazil

AI assistant

CENTAURUS METALS LIMITED — Investor Presentation 2017

64715_rns_2017-10-29_9ad1f1b9-54b1-48ec-982d-00276ce69f33.pdf

Hunting for elephants in Brazil

BOARD OF DIRECTORS

STEVE PARSONS

DIDIER MURCIA

DARREN GORDON

PAUL

BRIDSON

MANAGEMENT TEAM

Vale IOCG Deposits in the Cinzento Shear Zone (NW)

Salobo West tenements

SW1-B Prospect

Serendipidade Prospect

Jambreiro and Conquista Iron Ore Projects

Hunting for elephants in Brazil

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