CENTAURUS METALS LIMITED — Investor Presentation 2017

Apr 3, 2017

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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4 April 2017

APRIL 2017 INVESTOR ROADSHOW PRESENTATION

Centaurus Metals (ASX Code: CTM) is pleased to attach a copy of an updated Investor Presentation entitled “High impact gold drilling commencing in Brazil”. The presentation will be used as the basis for an investor roadshow being undertaken in Sydney this week by the Company’s Managing Director, Darren Gordon.

The presentation outlines:

• Centaurus’ new gold‐copper portfolio in Pará State, Northern Brazil, including the highly prospective Serra Misteriosa Gold Project;

• The outstanding new gold targets delineated at Serra Misteriosa in recent months by successful soil sampling and geophysical programs;

• The upcoming maiden drilling program at Serra Misteriosa, which is scheduled to commence in the coming weeks to test these targets; and

• The Company’s other copper‐gold, gold and iron ore projects in Brazil, including the significant residual value in its iron ore portfolio which includes the development‐ready Jambreiro Project and the Conquista DSO Project.

‐ENDS‐

Released by: Nicholas Read Read Corporate M: +61 419 929 046

On behalf of: Darren Gordon Managing Director Centaurus Metals Limited T: +618 9420 4000

Australian Office Centaurus Metals Limited Level 3, 10 Outram St WEST PERTH WA 6005

Brazilian Office Centaurus Brasil Mineração Ltda Avenida Barão Homem de Melo, 4391 Salas 606 e 607 ‐ Estoril Belo Horizonte ‐ MG ‐ CEP: 30.494.275 BRAZIL

ASX: CTM ACN 009 468 099 office@centaurus.com.au Telephone: +61 8 9420 4000

INVESTOR PRESENTATION – April 2017

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High‐impact gold drilling commencing in Brazil

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 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.

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

Refer to the ASX announcement on 5 October 2016 for full details of the Para Exploration Package which includes the Serra Misteriosa Gold Project

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Repositioned, Rejuvenated and Ready for Growth

Experienced Brazilian resource company with diversified portfolio – gold, copper and iron ore

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

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

– Multiple high quality walk‐up drilling targets drilling set to commence in April

	Capital Structure
	Shares on Issue	1,123.2m
	Listed Options (EP $0.01, Exp 30/4/18)	226.2m
	Unlisted Options	24.5m
	Directors and Management Holding Share Price	~80.0m (7%) A$0.008
	Market Capitalisation	A$9.0m
	Cash – 31 Dec 2016	A$1.8m

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 significant mineral portfolio

Centaurus offers highly leveraged exposure to a rich asset base in Brazil including exciting new greenfields gold and copper projects, aggressive exploration plans plus a high quality iron ore portfolio ready to capitalise on an improving iron ore price environment.

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Board and Key Management

BOARD OF DIRECTORS

MARK STEVE HANCOCK PARSONS B.Bus, CA, FFin B.Sc (Geol) Hons

DIDIER MURCIA AM, B.Juris, LL.B

Non‐Executive Chairman Non‐Executive Director Non‐Executive Director

DARREN BRUNO ROGER GORDON SCARPELLI FITZHARDINGE B.Bus, FCA, AGIA M.Sc, PMP B.Sc (Geology), MAusIMM

Managing Director

Brazil Country Manager GM – Exploration & & Executive Director Development

PAUL BRIDSON

B.Comm, CA, AGIA

Company Secretary & CFO

MANAGEMENT TEAM

Lawyer, 30 years Chartered Accountant, Geologist, +20 years Chartered Accountant, Engineer, +15 years Geologist, +18 years Chartered experience, 25 years experience experience +20 years experience experience experience Accountant, 20 years experience Non‐executive Chairman – Current CFO and former Proven track record of Extensive resource Former Environmental Former Manager of Alicanto Minerals and Exec Director of Atlas mineral discoveries, financing and operations Coordinator at Vale’s Technical Services and Co Sec & CFO Strandline Resources Iron. international investor exposure in both gold Carajas Iron Ore Senior Mine Geologist Syndicated Metals relations and creating and iron ore. Operations in State of at Mirabela Nickel in Former Non Executive Has previously held shareholder wealth. Para, Brazil Brazil Former Co Sec & CFO Director of Gryphon senior financial roles Non‐Executive Director Avalon Minerals Minerals and Cradle with Woodside Executive Director Draig of Genesis Minerals Previous Manager Former geologist with Resources. Petroleum, Premier Oil Resources roles with Brandt Meio Homestake’s gold Previously Financial & Lend Lease Previously CFO at Ambiente and Golder exploration team and Controller Gindalbie Honorary Australian Previously MD of Gindalbie Metals Associates in Brazil BHP’s Pilbara iron ore Metals 4 Consul to Tanzania Gryphon Minerals

Pará EP – Multiple Projects with World‐Class Mineral Address

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The Pará EP – Project Locations

• The State of Pará in northern Brazil is set to become the country’s No. 1 mining state by 2030

o Currently responsible for 25% of Brazilian mining

• The Carajás Mineral Province hosts the largest concentration of large tonnage IOCG deposits in the world

• Region is part of the Government’s SUDAM regional development program which includes significant tax incentives

• Para EP includes the drill‐ready Serra Misteriosa Gold Project and the well located Salobo West Project

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South East Pará – World‐Class Mineral Address

• The Carajás Mineral Province is located in the south‐east of Pará State and hosts multiple world‐class copper‐gold, gold, nickel, manganese and iron ore deposits

• Belo Sun (TSX) has started development of its 5Moz gold project, set to produce 205koz per annum for 17 years

• Vale’s giant Salobo deposit will produce ~ 160kt copper and 250koz gold per annum for the next 50 years

• Centaurus’ Pará EP tenement portfolio has outstanding potential for a new world‐class discovery

Company	Deposits	Mineral Resources	Annual Production	Historical Production	Distance from CTM EL’s / EL applications
Vale Garimpeiros Belo Sun	Igarape Bahia Serra Pelada Volta Grande	5.0Moz (157Mt @ 0.98g/t Au)	205koz Au (projected)	3.1 Moz Au 2.5Moz Au	12 20 200
Vale	Salobo	1,100Mt @ 0.67% Cu, 0.4 g/t Au	160kt Cu & 250koz Au		12
Vale	Sossego	338Mt @ 1.04% Cu, 0.20 g/t Au	105kt Cu & 80koz Au		70
Vale Vale	Breves Pojuca Group	50Mt @ 1.22% Cu, 0.75 g/t Au 350Mt @ 0.57% Cu, 0.04 g/t Au			2 4
Vale	Alemao	230Mt @ 1.26% Cu, 0.83 g/t Au			12
Vale	Paulo Afonso	330Mt @ 0.95% Cu, 0.04 g/t Au			35
Vale	Furnas	550Mt @ 0.71% Cu; 0.3 g/t Au			70
Vale	Gameleira	535Mt @ 0.57% Cu, 0.12 g/t Au			70
Vale	Cristalino	454Mt @ 0.74% Cu, 0.13 g/t Au			90
Vale	Estrela	230Mt @ 0.50% Cu, 0.01 g/t Au			80
Avanco	Antas Norte	6.4Mt @ 2.38% Cu, 0.48 g/t Au	12kt Cu & 7.8koz Au		30
Avanco	Pedra Branco	18.6Mt @ 2.45% Cu, 0.61 g/t Au			50
Caraiba Metais	Boa Esperanca	100Mt @ 1.00% Cu			140
Vale	Carajas	2.5Bt @ +66% Fe	140Mtpa @ +66% Fe		30
Vale	S11D	4.4Bt @ +66% Fe	40‐90Mtpa @ +66% Fe		45
Vale	Onca Puma	97Mt @ 1.56% Ni	21kt Ni		80
Vale	Azul	44Mt @ +40% Mn	2Mtpa @ +40% Mn		22

Vale Data sourced from 2015 Annual Report; Other Company data sourced from respective web pages

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Serra Misteriosa Gold Project – Highly Prospective & Drill‐Ready

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• Advanced exploration work already –

• completed by Terrativa but no drilling

• Continuous 300m x 4.4km long, high‐ grade gold‐in‐soils anomaly (+50ppb Au), within a broader +10km long gold anomaly

• Similar geological and structural characteristics to the 5Moz Volta Grande Gold Project (TSX‐Listed Belo Sun Mining Corp)

• Several walk‐up drill targets identified by recent IP survey in conjunction with previous field work

“Serra Misteriosa is a robust geological, geochemical and geophysical target for an Intrusion‐related gold mineralisation model and drilling is recommended” – Mr Grant “Rocky” Osborne, Independent Geological Consultant

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Serra Misteriosa Gold Project – Strong IP Results

• Induced Polarisation (IP) survey completed at the Serra Misteriosa Gold Project over a continuous 4.4km long, high‐grade gold‐in‐ soils anomaly (+50ppb Au)

• Independent expert’s review confirms excellent data quality with depth of investigation exceeding 250m

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• Several high‐priority drill targets identified with target characteristics favourable for higher grade mineralisation

• Multiple well‐defined IP chargeability anomalies (+40mV/V) are repeated on all sections, locally coincident with the continuous high‐grade (+100ppb Au) gold‐in‐ soils anomaly

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Serra Misteriosa Gold Project – Strong IP Results

IP Section 1000 – Serra Misteriosa

IP Section 3600 – Serra Misteriosa

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Priority 1 Targets – combination of HG
geochem results and IP anomalies
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+50ppb Au
High resistivity cap represents intensively
depleted supergene zone (~80m)
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The well‐defined IP anomalies, coupled with a high‐grade (+50 and +100ppb Au) geochemical anomaly that has now been extended over a strike length of 4.4km, represent excellent, high priority drill targets.

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Serra Misteriosa ‐ Another Volta Grande?

	Serra Misteriosa ‐ Centaurus	Volta Grande ‐ Belo Sun (TSX)
Project Geology	WNW‐ESE trending regional scale structures intruded by syntectonic dioritic and granodioritic plutons Serra Misteriosa ridge rises 250m above surrounding landscape which is at 300m RL Covered by extensive red saprolite, limited outcrop Interpreted depth of weathering (silica cap) varies from 0m‐120m deep	WNW‐ESE trending greenstone belt intruded by syntectonic Proterozoic dioritic and granodioritic plutons Elevation 100m‐150m RL adjacent to the Xingú River Covered by red saprolite, limited outcrop Saprolite underlies 3m‐10m of overburden and is 3m‐20m but can be up to 45m thick locally
Gold Mineralisation	Gold identified in panning and diorite fresh rock samples. SEM results demonstrate gold is associated with arsenopyrite and pyrite	Primary gold mineralisation associated with fine grained disseminated sulphides (arsenopyrite and pyrite) Mineralisation within strongly sheared and intensively silicified and locally sericitized diorite Mineralisation occurs in several lenses dipping 60‐85°to the south
	Au geochem anomaly associated with sheared contact of intrusive diorite; diorite has been intensively silicified +/‐ sericite alteration (K)
	Shear structures observed in diorite outcrops sub vertical between 70‐80°N
Geochemical Signature	Primary target is 4.4km x 300m Au (+50ppb) anomaly. Within this anomaly there is a 2km x 200m +100ppb Au zone, with an number of smaller +150ppb Au zones	Volta Grande Northern Block deposit was discovered by testing a 2km x 300m +400ppb Au geochem anomaly
Geophysical Signature	Total count and K radiometrics anomalies over primary target area and magnetic lineaments associated with regional structure IP survey completed and IP anomalies correlate very well with gold‐in‐soils	Regional Mag and Radiometric images shows deposit is associated with magnetic lineaments and anomalous Total Count and K radiometric signatures. IP survey results on South Block returned positive results when drill tested
Drilling	Drilling planned for April 2017	Over 950 holes for a total of +230,000m
Reserves	To be determined	3.8 Moz at 1.02 g/t (43‐101)1
Resources	To be determined	5.0 Moz at 0.98 g/t (M&I) (43‐101)1

1 – Refer to the Belo Sun website, www.belosun.com, for full details of the Resources and Reserves

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Salobo West Copper‐Gold Project – “Elephant Country”

• EL applications 12km along strike from Vale’s massive Salobo copper‐gold mine (1.1 billion tonnes at 0.7% Cu and 0.4g/t Au)

o 150 km[2] of tenement applications in the Carajás Mineral Province that hosts multiple world‐class IOCG deposits

• ELs cover more than 20km of strike extension of the highly prospective Cinzento Shear Zone

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• Additional EL applications 10km north‐ east of Vale’s Alemão Copper Project which included a +3Moz operating gold mine (Igarapé Bahia) in the 1990’s

• Working with DNPM to have tenement applications granted

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Aurora Copper – High Grade Copper Targets

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Aurora Copper Project
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Aurora Copper – Project Location

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Aurora Copper – Copper Mineralisation

• Zone of extensional tectonics on a secondary shear zone of the Patos Shear (primary shear zone of NE Brazil)

• Historical drilling identified semi‐massive and disseminated sulphides including the following significant intersections:

• 12.5m at 2.40% Cu from 101.5m in 3BA‐14‐CE

• 9.5m at 1.60% Cu from 46.0m in 3BA‐09‐CE

• 6.9m at 0.93% Cu from 47m in PJCA‐PSED‐SD0002

• 1.3m at 5.28% Cu from 32m in PJCA‐PTAV‐SD0010

• Multiple expressions of secondary copper minerals (malachite) along 3km strike, correlating well with sulphide intersections at depth

• Supported by deep intersections of continuous oxide mineralisation in historical drilling:

• 30m at 0.7% Cu from surface in 3BA‐29‐CE

• 12m at 0.79% Cu from surface in PJCA‐PTAV‐SD0007

• 9m at 0.5% Cu from 11m in PJCA‐PTAV‐SD0001

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Aurora Copper – Outstanding New Targets from Historical Data

• Terrativa completed ground mag and gravity surveys on 100m spaced lines over main target areas

• From public reports Centaurus has identified that Vale completed soil geochem and IP survey work over entire project area on 400m line spacings

o Untested coincident copper‐in‐soils with IP anomalies provide for some strong walk‐up targets. To be tested later in 2017

o Centaurus intends to target two mineralisation types: Shear‐hosted copper mineralisation and Iron Oxide Copper‐Gold (“IOCG”)

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Brazilian Iron Ore Projects

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Jambreiro – Project Location

• JORC Resource of 128Mt

• • Initial Ore Reserve of 48.5Mt 350km

• • Over 19,000 metres of diamond and RC drilling to support 110km JORC resource and reserve

• • Extensive data set (including drill core) 140km available to support project funding

• • Steel mill customers within 110km of Project

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Jambreiro – A Fully‐Licenced Development Project

Key Financial Outcome – 2013 Feasibility	Study	Total	All Environmental and Mines Department
Production Rate		1Mtpa	approvals in place for a wet processing
Mine Life		18 years	operation up to 3Mtpa
Total Revenue EBITDA		A$750 million A$350 million	Mining Leases granted
Capital Costs		A$53 million	10‐year land access agreement in place
Annual Average Operating Cash Flow LOM Average Sales Price Operating Cash Cost (per tonne Product ‐ LoM)		A$19.4 million A$41.3/dmt A$22.0/dmt	Positive Feasibility Study completed for 1Mtpa Project in late 2013
	ASX Release ‐ Dec 2013	Mar 17	Ideally positioned to be a consistent and reliable supplier of high‐quality (+65% Fe), low
Average FX ‐ AUD to BRL	2.00	2.40	impurity iron ore to domestic steel mills
Average FX ‐ AUD to USD Average FX ‐ USD to BRL	0.91 2.20	0.77 3.10	In‐pit friable Ore Reserve: 48.5Mt @ 28.1% Fe
Ave Sales Price ‐ Mine Gate US$/wmt Product	37.6	30.0‐35.0	• _~_18Mt of high grade product (+65% Fe)
Ave Sales Price ‐ Mine Gate R$/wmt Product	82.7	93.0‐108.5	Significant unrealised value remains in Project

The Jambreiro Project remains a highly feasible project in the domestic market in Brazil with CTM aiming to establish a joint venture to support the funding of any development. Preferred JV partners are groups who can free carry Centaurus through the funding of the Project’s development.

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Brazilian Iron Ore Projects

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Conquista DSO Project – Ground Magnetics

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Conquista Project located only 8km from the recently divested Candonga DSO Project Significant high‐grade (+64% Fe) DSO outcrop already identified on the Conquista ground over 2.5km of strike

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Conquista – DSO Exploration Target

Rock chip samples collected to date grade 64‐70% Fe with low impurities

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DSO Exploration Target established at Conquista of 3.5‐8Mt grading 64% to 67% Fe based on outcrop, field mapping and knowledge of the Candonga Project. The Exploration Target quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Initial Testwork has shown Project will produce both lump and high grade sinter feed product

The Conquista Project has the same geological and process characteristics as the previously divested Candonga Project

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Conquista DSO Project – Value Proposition

• Capital and Operating Costs for Conquista likely to be very similar to Candonga Project, located just 8km away

• to be much based on

• Project expected bigger Exploration Target

• DSO mineralisation outcropping in areas of initial stage vegetation

• Ground Magnetic survey completed,

• confirming surface outcrop likely to continue at depth

Conquista Project value to be extracted via joint venture or divestment

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Centaurus – Key Investment Takeaways

Rejuvenated and repositioned Brazilian‐focused resource developer with extensive mineral portfolio

Strategic Alliance with prominent Brazilian exploration group continuing to deliver value and provide access to new projects Outstanding new package of gold and copper projects secured including Serra Misteriosa and Salobo West

Maiden ground‐based exploration programs underway – high‐ impact gold drilling imminent at Serra Misteriosa Aurora Copper Project ready to be explored in rising copper market Strategy to realize value from extensive iron ore portfolio continuing

Centaurus offers highly leveraged exposure to a resource company with a rich asset base including high quality gold and copper exploration projects with the potential to deliver value in the short‐term.

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INVESTOR PRESENTATION – April 2017

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