CENTAURUS METALS LIMITED — Investor Presentation 2019

Apr 4, 2019

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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5 April 2019

CENTAURUS APRIL 2019 INVESTOR PRESENTATION
Centaurus Metals (ASX Code: CTM) is pleased to provide a copy of its latest April 2019 Investor Presentation,
which provides an update on ongoing activities at its three high quality mineral projects in Brazil.
Jambreiro Iron Ore Project, South‐eastern Brazil
The 100%‐owned Jambreiro Project is a fully‐permitted, shovel‐ready development project that is licensed for
3Mtpa of production. Following the recently completed capital raising, the Company has commenced planning
work to update the 2013 Feasibility Study for the Jambreiro Iron Ore Project (details of which are summarised in
the presentation).
In light of the current strength in the iron ore price, the premium being paid in the market for high grade (+65%
Fe), low‐impurity ore (4.5% silica, 0.8% alumina and 0.01% phosphorus) and renewed interest from prospective
partners, the Company believes that the already strong economics demonstrated in the 2013 Feasibility Study
could be further improved, given:
 The lower availability of high‐grade iron ore in the Brazilian domestic market compared with 2013;
 Improved domestic market pricing relative to 2013 as a result of the currency impact of a weaker Brazilian
Real against the US Dollar;
 Significant premiums being realised for high grade 65% Fe product, in light of tighter environmental
conditions for steel mills across the globe which did not present themselves in the domestic market in
2013;
 Greater access to open‐access ports, logistics and infrastructure compared with 2013, which should
provide an increased opportunity for the Company to consider supply into the export market;
 A number of new potential customers and partners in the domestic market which were not available to
the Company in 2013; and
 A new pro‐development government in Brazil which is expected to provide an increased level of support
to the domestic steel industry in Brazil over the coming years.
Salobo West Copper‐Gold Project, Northern Brazil
The 100%‐owned Salobo West Copper‐Gold Project is located just 15km along strike from Vale’s world‐class
Salobo Copper‐Gold Mine with similar geological, structural, geochemical and geophysical characteristics to
Salobo and a number of other known IOCG deposits in the Carajás. Since acquiring the Project, Centaurus has
completed an extensive review of all available geochemical, geophysical and drilling data for the 120km2Salobo
West tenement package, allowing the Company to plan an initial 35‐hole drill program.
The necessary vegetation inventory has been completed for the areas planned to be cleared ahead of drilling and
a site inspection of the planned holes is now required to be completed by the Environmental Agency, ICMBio, in
advance of the grant of the drilling and clearing licence. This site visit is awaiting a window in the heavy rainfall
currently being experienced in the region. The Company expects to receive the licence by the end of April 2019,
following the site inspection, which should be able to be completed in the next couple of weeks.
Australian Office Brazilian Office ASX: CTM
Centaurus Metals Limited Centaurus Brasil Mineração Ltda ACN 009 468 099
Level 3, 10 Outram St Avenida Barão Homem de Melo, 4391 office@centaurus.com.au
WEST PERTH WA 6005 Salas 606 e 607 ‐ Estoril Telephone: +61 8 6424 8420
Belo Horizonte ‐ MG ‐ CEP: 30.494.275
BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT & MEDIA RELEASE

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The Company has had a number of proactive approaches from large third‐party mining groups to potentially joint venture into the Salobo West Project. Centaurus is currently evaluating the merits of these joint venture approaches.

Itapitanga Nickel‐Cobalt Project

The Itapitanga Nickel‐Cobalt Project was acquired by the Company in February 2018 and the Company was able to quickly advance the project with drilling during 2018. In November 2018, Centaurus entered into a farm‐out joint venture with battery metal specialist, Simulus Group. Under the farm‐out, Simulus can earn 80% of the project by free‐carrying Centaurus to a Decision to Mine.

Since entering the joint venture, Simulus has been undertaking Scoping Study work with this work anticipated to be completed by the end of April 2019. The 40‐tonne bulk sample that was collected in January and early February 2019 is expected to arrive in Australia in mid‐April. The bulk sample will be used for flowsheet optimisation work and to produce a suite of battery‐metal products for marketing purposes with potential off‐ takers.

‐ENDS‐

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

On behalf of: Darren Gordon Managing Director Centaurus Metals Limited T: +618 6424 8420

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• Advanced iron ore and nickel-cobalt assets

• Strategic development options under review

• • Leveraged to discovery success at large scale copper-gold project

Investor Presentation April 2019 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 announcement 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 Australasian 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 announcement of the matters based on their information in the form and context in which it appears.

• The information in this announcement 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 announcement 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. 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. The information has been updated to the JORC 2012 Code for the Jambreiro Mineral Resource.

• All information included in this presentation regarding the Canavial Mineral Resource was prepared and released to the market on 31 May 2013 under the JORC Code 2004.

• 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.

• This Jambreiro JORC Ore reserve was prepared and first disclosed under the JORC Code 2004. It 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 Company’s ASX announcement dated 5 November 2012.

• All information contained in this presentation on the Salobo Mine of Vale has been taken from the “Vale Production in 4Q17” Report, its 20‐F Annual Report for 2017 and other public domain reports including their 2018 Vale Day presentation

• All information contained in this presentation on the Jacaré Mineral Resource has been taken from Anglo American Presentations “O Depósito de Níquel Laterítico do Jacaré (PA), Brasil” – Simexmin 2010 and Ore Reserves and Mineral Resources Report 2016.

• All information contained in this presentation on the Itapitanga Exploration Target was release to the market on 1 August 2018.

• This presentation comments on and discusses some of Centaurus Metals Limited’s exploration in terms of target size and type. The information relating to the Itapitanga 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 an Exploration Target 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.

2

Delivering Value from a Diversified Asset Base in Brazil

Development‐ready iron ore project at Jambreiro ideally positioned to take advantage of changing market dynamics, with planning for updated Feasibility Study underway

High‐potential nickel‐cobalt and copper‐gold projects in Tier‐1 Carajás Mineral Province of northern Brazil

Large‐scale Itapitanga nickel‐cobalt discovery moving rapidly to development under innovative JV with battery metals specialist Simulus Group – CTM: free‐carried

	Capital Structure
	Shares on Issue	2,705m
	Listed Options (EP $0.01, Exp 31/8/19)	623m
	Unlisted Options (EP $0.008 to $0.015)	255m
	Directors and Management Holding	5.3%
	Market Capitalisation (at $0.006)	A$16.2m
	Cash as at 31 March 2018	A$3.0m

Extensive, well‐defined copper‐gold targets at Salobo West in Carajás Mineral Province – permitting well‐ advanced ahead of planned drilling

Centaurus offers highly leveraged exposure to a rich asset base in Brazil including exciting new greenfields nickel‐cobalt and copper‐gold projects and a retained high‐quality development iron ore asset.

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

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Board and Key Management

BOARD OF DIRECTORS

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DIDIER MURCIA AM, B.Juris, LL.B

Non‐Executive Chairman

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MARK CHRIS HANCOCK BANASIK B.Bus, CA, FFin

MSc Mineral Economics, BApp Sc, MAusIMM

Non‐Executive Director Non‐Executive Director

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DARREN GORDON B.Bus, FCA, AGIA, MAICD

Managing Director

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BRUNO ROGER SCARPELLI FITZHARDINGE M.Sc, PMP B.Sc (Geology), MAusIMM

Brazil Country Manager Exploration Manager & Executive Director

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PAUL BRIDSON

B.Comm, CA, AGIA

Company Secretary & CFO

MANAGEMENT TEAM

Chartered Accountant, 25 years experience

Geologist, +30 years experience

Chartered Accountant, +20 years experience

Lawyer, +30 years experience

Non‐executive Chairman – Alicanto Minerals and Current Chief Commercial Strandline Resources Officer and former Executive Director of Atlas Former Non‐Executive Iron

Founding Director of Exploration and Geology at Silver Lake Resources (ASX: SLR).

Extensive resource financing and operations exposure in both gold and iron ore

Former Non‐Executive Iron SLR). iron ore Director of Gryphon Minerals and Cradle Resources Has previously held senior Extensive experience in Former Non‐Executive financial roles with nickel exploration, Director of Genesis Honorary Australian Consul to Woodside Petroleum, development and Minerals Tanzania Premier Oil & Lend Lease operations (WMC, GMM, Beta Hunt) Previously CFO at Gindalbie Metals

Chartered Accountant, 20 years experience

Engineer, +15 years Geologist, 20 years experience experience

Former Manager of Co Sec & CFO Syndicated Technical Services and Metals Senior Mine Geologist at Mirabela Nickel in Brazil Former Co Sec & CFO,

Former Environmental Coordinator at Vale’s Carajas Iron Ore Operations in State of Para, 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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Brazil – A Mining‐Friendly Destination

Latin America’s largest economy Growing population (currently ~208 million)

Low interest rates (by historical standards), low inflation and rising economic growth

Pro‐mining President encouraging foreign investment in mining and infrastructure projects

Wide‐ranging economic reforms underway – labour laws, pension scheme, tax and government royalties Strong tenement control system, established Mining Code – Up to 8 years for Exploration Licences, which can be converted to Mining Leases

No Government ownership in mining projects – Government revenue generated from royalties

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

5

Iron Ore – New Opportunities Emerging at Jambreiro

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Jambreiro Iron Ore Project – fully licensed for 3Mtpa of product
Mining Leases granted
Extensive project design and engineering in place
Well located relative to Brazilian steel industry
Strategic development options under review in light of changed
market dynamics
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Jambreiro – Well Located for Domestic and Global Markets

• 110km from Ipatinga steel‐making region

• JORC Resource of 127.2Mt 350km

• • Initial Ore Reserve of 48.5Mt 110km

• • Over 19,000 metres of diamond and RC drilling to support 140km JORC resource and 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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Iron Ore – High Quality JORC Resource Inventory

	Project	JORC Category	Million Tonnes	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
	Jambreiro* (1)	Measured	44.3	29.2	50.5	3.9	0.04	1.6
		Indicated	37.7	27.5	51.1	3.7	0.04	1.7
		Measured + Indicated	82.1	28.4	50.8	3.8	0.04	1.3
		Inferred	45.1	27.3	52.7	3.3	0.05	1.3
		TOTAL	127.2	28.0	51.4	3.7	0.05	1.5
	Canavial* (2)	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
	Guanhães Region*	Measured	44.3	29.2	50.5	3.9	0.04	1.6
		Indicated	44.2	28.4	48.5	4.2	0.05	2.6
		Measured + Indicated	88.6	28.8	49.5	4.1	0.05	2.1
		Inferred	66.2	28.0	48.0	4.1	0.06	2.8
		TOTAL	154.7	28.5	48.9	4.1	0.05	2.4

• 20% Fe cut‐off grade applied; Rounding may generate differences in last decimal place.

• (1) JORC 2012, (2) JORC 2004. Refer Centaurus’ 2018 Annual Report released 28 March 2019

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Jambreiro ‐ JORC Ore Reserves & Product Quality

	Project	Ore Reserve Classification	Million Tonnes	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	LOI (%)
	Jambreiro*	Proved	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

JORC Ore Reserve produces 18Mt of High Grade (+65% Fe), Low Impurity Product RESERVE CURRENTLY ONLY CONSIDERS FRIABLE COMPONENT OF RESOURCE.

*This information was prepared and first disclosed under the JORC Code 2004. It 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 Company’s ASX announcement dated 5 November 2012.

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Jambreiro – Process Flowsheet

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Integrated Beneficiation Circuit to accommodate a long life mining business in Brazil.

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Jambreiro – Fully Permitted

Environmental Approvals (3.0Mtpa project)

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Environmental Impact Assessment (EIA/RIMA) – Approved Key Environmental Approvals in place

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LP – Issued; LI – Issued;

LO – On Completion of Construction;

Strong community support for Project

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

One of the only fully licensed yet undeveloped iron ore projects in Brazil.

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Jambreiro – Extensive Engineering Completed

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Engineering Activities

Extensive basic engineering completed for both 2Mtpa (2012) operation and revised 1Mtpa operation (2013)

Modularised plant designed and costed with CDE out of Northern Ireland for production of 1Mtpa

Cofferdam previously constructed but stored water released in 2014

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Site Layout for Modularised 1Mtpa operation

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Jambreiro – 2013 Project Economics

Key Financial Outcomes – 2013 Feasibility Study Total A$ Total R$ Production Rate 1Mtpa 1Mtpa Mine Life 18 years 18 years Total Revenue A$750 million R$1,505 million EBITDA A$350 million R$699 million Capital Costs A$53 million R$109 million Annual Average Operating Cash Flow A$19.4 million R$37.4 million LOM Average Sales Price A$41.3/dmt R$82.7/dmt Operating Cash Cost (per tonne Product ‐ LoM) A$22.0/dmt R$44.0/dmt ASX Release – FS Dec 2013 Current – Apr 19 Average FX ‐ AUD to BRL 2.00 2.73 Average FX ‐ AUD to USD 0.91 0.71 Average FX ‐ USD to BRL 2.20 3.85 Ave Sales Price ‐ Mine Gate R$/wmt Product 82.7 See Below Mine gate sales of 62% Fe ore are occurring in close proximity to the Jambreiro Project which, based on information available to the Company, indicates that a price of R$100‐R$120 tonne is presently being achieved for that ore.

Potential partners have expressed an interest in the project. While there is no guarantee that a transaction of this nature will be finalised, the discussions to date provide the Company with confidence that Jambreiro can be funded at a Project level with equity, should the review of the previous Feasibility Study work deliver the results expected by the Company.

13

Jambreiro – 2013 Capital and Operating Costs for 1Mtpa Operation

Capital Cost Breakdown*			A$ million At 2013 FX Rates	R$ million
Direct Costs
Processing Plant & Equipment			32.1	65.9
Site Infrastructure/Civils/Pre Strip			6.5	13.5
Water Supply & Tailings Mgt			4.4	9.1
Detailed Engineering/Project Management			5.4	11.1
Contingency			4.6	9.5
TOTAL CAPEX			53.0	109.1
Operating Cost Breakdown*			A$ per Tonne Product At 2013 FX Rates	R$ per Tonne Product
Mining			9.2	18.4
Processing & Beneficiation			8.6	17.2
Administration			2.2	4.4
SITE OPERATING CASH COST (C1)			20.0	40.0
Royalties – Government and Landowner			2.0	4.0
TOTAL OPERATING CASH COSTS (C1 + Royalties)			22.0	44.0

*Refer ASX announcement of 20 December 2013 and 13 January 2014 for cost details

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Jambreiro – Project and Mine Life Upside

Potential to double the mine life to 36 years based on 1Mtpa operation

Compact Ore

Comprises 63.6Mt @ 26% Fe within overall resource of 127.2Mt @ 28.0% 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:

• 102.6Mt @ 26.7% Fe (+80% of global resource)

Potential product of 36.3Mt of +65% Fe at strip ratio of 1.05 to 1

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Jambreiro – Potential Feed Sources

• Just 10km from the Jambreiro Project

• JORC Itabirite Resource of 27.6Mt @ 30.5% Fe

• Friable Itabirite Resource of 15.8Mt @ 33.2 % Fe

• DNPM Final Exploration Report lodged – May 2014

	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	Indicated
	Itabirite	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

20% Fe cut-off

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The Carajás Mineral Province – Land of the Giants

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10 IOCG deposits with resources of +100Mt Cu‐Au, including six >300Mt for +4.0Bt of Cu‐Au

resources

Includes Vale’s giant Salobo Mine:

‒ Reserves of 1.2Bt @ 0.61% Cu, 0.3g/t Au Produced ~195kt Cu and ~346koz Au in 2017

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Also hosts the largest high‐grade iron ore deposits on the planet, plus multiple large nickel deposits CTM holds + 250km[2] tenement portfolio located within the world‐class Carajás Mineral Province Includes Itapitanga Ni‐Co Project, the Salobo West Cu‐Au Project and the Pebas Cu‐Au Project Vale planning to roll out “Mini Mines” partnership model in base metals in the Carajás

The Carajás contains one of the world’s largest known concentrations of large‐tonnage mineral deposits

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Salobo West Copper‐Gold Project

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Salobo West – High‐Potential Cu‐Au Exploration

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The Carajás contains one of the world’s largest concentrations of large tonnage iron oxide copper‐ gold (IOCG) deposits: +4.0Bt of Cu‐Au resources OZ Minerals entered Carajás in 2018 Vale plans to roll out “mini mines” model 19

The Carajás Mineral Province – The Land of the Giants

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The Carajás Mineral Province has been explored by Vale since the 1970’s – has controlled 90% of the province for past 50 years

Most of the IOCG deposits in the Carajás were discovered in the 1970s and 1980s using conventional mapping and soil geochemistry programs

All IOCG deposits hosted in the Itacaiúnas Supergroup and most come to surface Modern infrastructure now makes most of the Carajás accessible year‐round

Centaurus has secured a unique opportunity at Salobo West in one of the world’s most prospective IOCG provinces.

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The Carajás Mineral Province – The Cinzento Shear Zone

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IOCG deposits in the Cinzento occur along fault splays and intersections of major lineaments. The Salobo West Project hosts multiple prospects that fit precisely this scenario within the favourable geological context of the Itacaiúnas Supergroup.

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The Carajás Mineral Province – Vale is Expanding

Vale is currently producing ~290ktpa of copper from the Carajás and is looking to raise this to 450‐500ktpa by 2024 ¹ by:

• Increasing Salobo capacity to 250ktpa via installation of a third concentrator (Salobo III) – US$1.1B investment, with start‐up in 2022

• Implementing the Carajás mini‐mines program , to add 50‐100ktpa from smaller deposits operated by third parties, in the short‐medium term

• Bringing Cristalino deposit online (80ktpa) to maintain Sossego’s full plant capacity, with start‐up in 2023

• Restart to Alemão Cu‐Au mine, 60‐70ktpa, high gold credits, with start‐up in 2024

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Salobo West 2 Salobo West 1
(12km WNW) (15km NW)
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Salobo Mine
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Vale announced a US$1.1 billion expansion of its Salobo mine, adding a third concentrator, lifting the mine’s capacity to ~250ktpa of copper.

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1: Vale Data sourced from “Vale Production in 4Q17” Report, its 20-F Annual Report for 2017, Vale Day 2018 - Presentation and other public reports.

Salobo West Copper‐Gold Project

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Two tenements – SW1 and SW2 (120km[2] of tenure):

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Tenements hosts at least five quality Cu‐Au Prospects ‐ SW1‐A, SW1‐B, Serendipidade, Dom & Gov Prospects.

Expansive high‐quality exploration dataset:

• Stream sediment and soils geochem database (more then 3,500 samples);

• Airborne VTEM and Magnetic data, 200m spacing;

• Ground Induced Polarization (16 lines)

• Diamond drilling, 10 drill holes for a total of 1,787 m

Environmental Licence secured from ICMBio for non‐ ground disturbing exploration

Vegetation inventory work now complete. ICMBio site inspection to be completed in advance of issue of drilling and clearing license. Current anticipated issue date – April 2019

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Salobo West Copper‐Gold Project – SW1

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SW1‐B: The Cruzamento Zone:

Located at the intersection of the east‐west BIF (Itacaiúnas) and the north‐west trending BIF unit of the SW1‐A Prospect

Discrete EM conductor plates modelled coincidently with IP chargeability anomalies, magnetic plates and Cu‐Au(‐Co) signatures – Priority 1 targets;

SW1‐B: The Central Zone:

Continuous +2.5km distinct magnetic signature coincident with the strongest and consistent Cu‐Au(‐Co) signature

Clear relationship between the modelled EM conductor plates and magnetic anomalies

SW1‐A:

+3.5km long Cu‐Au(‐Co) soil anomaly hosted in the same stratigraphic sequence as Salobo with favourable structural orientation (NW)

Distinct 2.0km EM conductor plate that is coincident with magnetic anomaly

SW1‐B ‐ 6.5km Cu‐Au(‐Co) anomaly that features three distinct zones, all of which display similar geological, structural, geochemical and geophysical characteristics to known IOCG deposits in the Carajás

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Salobo West Copper‐Gold Project – SW1

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SW1‐B: Positive Historical Drill Hole

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Anglo American drilled only one hole into SW1‐B Prospect (IOCG target) FD0010 intersected 4m @ 0.8g/t Au (incl. 1m @ 2.0g/t Au) with 55% Fe from 116m‐120m Preceded by an interval from 110m‐115m with copper values between 0.07‐0.2% Cu FD0010 intersected the highly prospective meta‐volcanic sedimentary package of the Itacaiúnas Supergroup FD0010 finished at 130.8m depth, +50m short of the magnetics and IP targets

With multiple positive IOCG indicators – THE BEST COPPER‐GOLD TARGETS REMAIN UNTESTED!

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Salobo West Copper‐Gold Project – SW2

Salobo West 2 (SW2) covers an WNW lineament that extends from the Salobo Mine

This WNW structure is through to be the mineralisation conduit for the 1.8Ga mineralising event at Salobo; where it hits the reactive Itacaiúnas unit (mag highs) there is Cu‐Au mineralisation

The Dom Prospect is delineated by an extensive +4.5km long Cu‐Au‐in‐soils anomaly that is up to 800m wide locally with soil values of up to 650ppm Cu and 137ppb Au

The Gov Prospect is delineated by a 2.0km long copper‐in‐soils anomaly that is up to 400m wide with soil values of up to 502ppm Cu

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This anomalous belt represents an association of several EM anomalies with distinct magnetic anomalies and a geological environment favourable to mineralisation, with many characteristics that resemble those observed in the Salobo Cu-Au deposit.” – translated from Vale Exploration Report, December 2000.

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Salobo West Copper‐Gold Project

THE ROAD TO DISCOVERY

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Target generation work undertaken with industry leading independent consultants:

Clearing permit for drill camp facilities, access roads and initial 35 drill hole platforms lodged in Q4 2018

Clearing and drilling licence grant expected in April 2019 after ICMBio site inspection completed Maiden RC/DD drilling program planned for Q3 2019

The Company has had a number of proactive approaches by large third party mining groups to potentially joint venture into the Project with the concept of joint venturing the Project being assessed by the Company.

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Itapitanga Nickel‐Cobalt Project

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Itapitanga Nickel‐Cobalt Project – Alligator by the Tail?

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The Itapitanga Ni‐Co Project is located at the southern extent of Anglo American’s world‐class Jacaré Nickel‐Cobalt Project Resources: 307Mt at 1.3% Ni and 0.13% Co, including a high‐grade cobalt resource of 185Mt at 1.2% Ni and 0.18% Co.

Project acquired in February 2018

Forms part of the southern extension of the ultramafic‐mafic intrusive complex (2.8Ga) that hosts Jacaré

Vale also holds multiple large tonnage (+100Mt) Ni‐Co resources along the 15km of ground between Itapitanga and Jacaré

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Innovative JV with battery metal specialist Simulus (November 2018)

The Itapitanga JV aims to be the first mover in one of the worlds largest undeveloped high‐ grade nickel‐cobalt provinces.

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First‐Mover Advantage in High‐grade Nickel Province

90.0m @ 1.00 % Ni and 0.27% Co in trench ITAP‐BS00001

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~240‐hole Auger program completed for 1,200m

155‐hole maiden RC program completed for 4,309m

High‐grade nickel‐cobalt results include:

• 10.0m @ 1.03% nickel and 0.21% cobalt (1.95% Nieq) from surface in ITAP‐RC‐18‐025;

• – 30.0m @ 1.48% nickel and 0.09% cobalt (1.79% Nieq) from 10.0m in ITAP‐RC‐18‐128;

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The nickel equivalent (“Nieq”) calculation assumes a nickel price of US$12,000/t and a cobalt price of US$50,000/t and assumes recoveries of 98% for nickel and 94% for cobalt (refer to Itapitanga Metallurgical Results, ASX Announcement 6 July 2018).

• 13.0m @ 1.08% nickel and 0.17% cobalt (1.71% Nieq) from 2.0m in ITAP‐RC‐18‐001; 12.0m @ 0.94% nickel and 0.19% cobalt (1.68% Nieq) from 2.0m in ITAP‐RC‐18‐002; and 32.0m @ 1.02% nickel and 0.13% cobalt (1.50% Nieq) from surface in ITAP‐RC‐18‐127.

Initial leaching testwork delivered excellent results – extraction of 98% of Ni, 94% of Co and 99% of Sc

Exploration Target[1] of 35‐45Mt at 0.80% to 1.10% nickel, 0.07% to 0.12% cobalt and 18g/t to 30g/t scandium.

Centaurus cautions that the potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a JORC compliant Mineral Resource. It is also uncertain if further exploration and resource development work will result in the estimation of a Mineral Resource.

40‐tonne bulk sample collected and shipped to Simulus’ state‐of‐the‐art facilities in Perth for flowsheet optimisation

1 For further detail of the Exploration Target please see ASX Announcement of 1 August 2018

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Fast‐Track Development Pathway – Simulus JV

The Simulus Group – Australia’s premier hydrometallurgy and mineral processing service group and ideal JV partner for Centaurus to fast‐track development of the Itapitanga Project

Simulus has the right to earn up to 80%, in stages, by free‐ carrying Centaurus through the entire exploration and evaluation to a Decision to Mine and process arranging project finance

Industry leaders in process development for battery metals

Simulus to leverage off its in‐house capabilities for process design on nickel‐cobalt projects, with the ultimate aim of delivering a low capital intensity process design

Australia’s largest operating High‐Pressure Acid Leach (HPAL) testing facility and battery metal demonstration plant is owned and operated by Simulus at their laboratory in Western Australia

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Moving Rapidly to Development

ON THE DEVELOPMENT FAST‐TRACK – FUNDED BY SIMULUS

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----- Start of picture text -----

Q1 Q2 Q3 Q4 2020
40t Bulk Sample Resource infill and extension JORC Resource update Pilot plant and testwork as Detailed engineering design
Site topographical survey drilling Mine Schedule update required Final CAPEX and OPEX estimation
Maiden JORC Resource Hydrology/Geotech studies Maiden JORC Reserve FS Engineering design and Lodge Mining Lease application
costing
Flow sheet optimisation
Variability process testwork Pilot plant and testwork as Securing project finance
Lodge Environmental Impact
First Pilot Plant run required
Flow sheet optimisation Statement and Project License
Initiate off‐take discussions PFS engineering design and Application (EIA/RIMA)
Preliminary Mine schedule
costing Definitive
Environmental surveys
Lodge Final Exploration Report Feasibility Study
Pre-Feasibility and
Scoping Study
Study Decision to Mine
2019 2020
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Completed on schedule Underway

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Centaurus – Key Investment Takeaways

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Outstanding package of iron ore, nickel‐cobalt and copper‐ gold development and exploration projects

Development‐ready Jambreiro Project ideally positioned to capitalize on the rapidly changing iron ore market dynamics – planning for updated Feasibility Study underway

World‐class IOCG discovery opportunity at Salobo West neighbouring Vale’s flagship copper mine in the Carajás Innovative JV with leading battery metals process group to free‐carry Centaurus to Decision to Mine at Itapitanga Aggressive development time‐line with aim to be first‐mover in significant undeveloped nickel‐cobalt province

Centaurus offers highly leveraged exposure to a rich asset base in Brazil including exciting new greenfields ajás nickel‐cobalt and copper‐gold projects with the potential to deliver significant value in the short‐term.

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Delivering value from a
diversified asset base in
Brazil’s world‐class
mineral provinces
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Investor Presentation April 2019 Darren Gordon, Managing Director

The Carajás Mineral Province – The Land of the Giants

	Company	Deposits	Commodity	Mineral Reserves	Mineral Resources	Annual Production	Distance from CTM Projects (Km)
	BHP1	Olympic Dam	Copper‐Gold	505Mt@1.99% Cu,0.72g/t Au	6.0Bt@0.93% Cu,0.34g/t Au	166kt Cu cathode & 100koz Au	Australia
	Vale2	Salobo	Copper‐Gold	1,193Mt@0.61% Cu,0.3g/t Au	1,556Mt@0.64% Cu,0.40g/t Au	176kt Cu & 317koz Au	12
	Vale	Sossego	Copper‐Gold	120Mt@0.68% Cu,0.20g/t Au	355Mt@1.0% Cu,0.28g/t Au	93kt Cu & 67koz Au	70
	Vale	Furnas	Copper‐Gold		550Mt@0.71%Cu;0.30g/t Au		70
	Vale	Alemao	Copper‐Gold		230Mt@1.26%Cu,0.83g/t Au		12
	Vale	Cristalino	Copper‐Gold		454Mt@0.74%Cu,0.13g/t Au		90
	Vale	Gameleira	Copper‐Gold		535Mt@0.57% Cu,0.12g/t Au		70
	Vale	Paulo Afonso	Copper‐Gold		330Mt@0.95% Cu,0.04g/t Au		35
	Oz Minerals3	Prominent Hill	Copper‐Gold	74Mt@1.0% Cu,0.60g/t Au	140Mt@1.2% Cu,0.50g/t Au	100kt Cu & 120koz Au	Australia
	Vale	Pojuca Group	Copper‐Gold		350Mt@0.57% Cu,0.04g/t Au		4
	Oz Minerals	Carrapateena	Copper‐Gold	79Mt@1.8%Cu,0.70g/t Au	134Mt@1.5%Cu,0.60g/t Au		Australia
	Vale	Estrela	Copper‐Gold		230Mt@0.50%Cu,0.01g/t Au		80
	Glencore4	Ernest Henery	Copper‐Gold	51.4Mt@1.1%Cu,0.54g/t Au	95.3Mt@1.2%Cu,0.63g/t Au	70kt Cu & 100koz Au	Australia
	Vale	Breves	Copper‐Gold		50Mt@1.22%Cu,0.75g/t Au		2
	Vale	118	Copper‐Gold		51Mt@1.30% Cu,0.20g/t Au		75
	Ero Copper5	Boa Esperanca	Copper‐Gold	19.5Mt@0.95% Cu	67Mt@0.73% Cu		80
	Oz Minerals(Avanco)6	Antas Norte	Copper‐Gold	2.8Mt@2.4% Cu,0.55g/t Au	19Mt@1.1% Cu,0.20g/t Au	14kt Cu & 11koz Au	30
	Oz Minerals(Avanco)	Pedra Branco	Copper‐Gold		17.7Mt@2.4% Cu,0.60g/t Au		50
	Vale	Onca Puma	Nickel	106.5Mt@1.53% Ni	235Mt@1.5% Ni	24kt Ni	80
	Anglo American7	Jacaré	Nickel‐Cobalt		307Mt@1.3%Ni,0.13%Co		15
	Glencore	Murrin Murrin	Nickel‐Cobalt	104Mt@1.05%Ni,0.08% Co	218Mt@1.0% Ni,0.08% Co	34kt Ni & 3kt Co	Australia
	Clean Teq8	Sunrise	Nickel‐Cobalt	96Mt@0.65% Ni,0.10% Co	109Mt@0.65% Ni,0.10% Co		Australia
	Vale	Carajas	Iron Ore	2.4Bt@66%Fe		150 Mtpa Fe	30
	Vale	S11D	Iron Ore	4.2Bt@66% Fe		40‐90Mtpa Fe	45

• 1 – Mineral Resource, Reserve and Production figures from BHP 2017 Operations and Annual Reports;

• 2 – Reserve and Production figures from Vale 2017 Annual Report (20‐F); Resource estimates from multiple sources (mainly technical reports and presentations)

• 3 – Mineral Resource, Reserve and Production figures from Oz Minerals 2017 Annual Report and Resource and Reserves statements;

• 4 – Mineral Resource, Reserve and Production figures from Glencore 2017 Results and Annual Reports;

• 5 – Mineral Resource and Reserve figures from Ero Copper website;

• 6 – Mineral Resource, Reserve and Production figures from Avanco website

• 7 – Mineral Resource from Anglo American 2016 Mineral Resources Report

• 8 – Mineral Resource and Reserve from Clean Teq website

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