CENTAURUS METALS LIMITED — Investor Presentation 2020

Oct 5, 2020

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

6 October 2020

Australian Nickel Conference Presentation

Centaurus Metals (ASX: CTM) is pleased to advise that its Managing Director, Darren Gordon, will be presenting at the Australian Nickel Conference on 6 October 2020. A copy of the presentation to be delivered during the event is attached.

-ENDS-

For further enquiries please contact:

Nicolas Read

Read Corporate M: +61 419 929 046 T: +61 8 9388 1474

Authorised for release by:

Darren Gordon

Managing Director Centaurus Metals Ltd T: +61 8 6424 8420

Australian Office Centaurus Metals Limited Level 2, 1 Ord St West Perth WA 6005 AUSTRALIA

Brazilian Office ASX: CTM Centaurus Brasil Mineração Ltda ACN 009 468 099 Avenida Barão Homem de Melo, 4391 office@centaurus.com.au Salas 606 e 607 - Estoril T:: +61 8 6424 8420 CEP: 30.494.275, Belo Horizonte MG BRAZIL

ASX : CTM

Jaguar: the new global nickel sulphide growth project

• ✓ Near-surface +500Kt maiden JORC Mineral Resource Estimate

• ✓ Outstanding resource growth and new discovery opportunities

• ✓ High-grade development potential

• open pit & underground

• 6 October 2020 I Australian Nickel Conference Presentation I Darren Gordon, Managing Director

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BRAZIL Pará
Minas Gerais
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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 is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Fitzhardinge is a permanent employee and shareholder of Centaurus Metals Limited. Mr Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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’. Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• The information in this report that relates to the new June 2020 Jaguar Mineral Resources is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

• All information contained in this presentation on the Salobo Mine of Vale has been taken from the “Vale Production in 4Q18” Report, its 20-F Annual Report for 2018 and other public domain reports including their 2018 Vale Day presentation

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2

Centaurus – A Compelling Nickel Investment

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Focused on developing the advanced Jaguar Nickel Sulphide Project

Globally Significant Maiden JORC Indicated and Inferred MRE of 48.0Mt at 1.08% Ni for 517,500 tonnes of nickel metal

– 80% of nickel tonnes within 200 metres of surface High Grade JORC MRE of 20.6Mt at 1.56% Ni for 321,400 tonnes of nickel metal

Resource open at depth, multiple growth opportunities from resource extensional drilling and new discoveries – 4 diamond rigs and 1 RC rig now on site

75,000m to be drilled over next 15 months

Project is in the world class Carajás Mineral Province – home to Vale, extensive regional mining infrastructure and some of the largest mineral deposits globally

Scoping Study advancing well – on track for Q1 2021

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Nickel – The Looming EV Revolution

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Current nickel market size ~2.5Mt

Nickel demand for batteries growing strongly (more than 4X in six years to 2018) but from a low base – still only 145,000t or 6% of market

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Depending on the scenario for the EV rate of adoption, nickel volumes to meet this additional demand vary between 750,000 tonnes and 2 million tonnes

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Nickel demand from EV will far exceed nickel production from existing operations in any scenario of EV adoption

Where is the new supply going to come from?

EV nickel demand requires Class-1 nickel provided by sulphide and HPAL projects, rather than NPI which targets stainless steel production.

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CAGR 25%
145 kt (6% CAGR 16%
of market)
CAGR 34%
33 kt (2%
of market)
2012 2018
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Source: Vale, Terra Studio

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Corporate Summary

Capital Structure October 2020 Shares on Issue 325.8m Listed Options (EP $0.18, Exp 31/5/21) 28.9m Unlisted Options 12.1m Top 20 Holders 59% Directors & Management Holding 4% Market Capitalisation ($0.50) A$162.9m Cash as at 30 September 2020 A$26.9m

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12 $0.60
10 $0.50
8 $0.40
6 $0.30
4 $0.20
2 $0.10
0 $0.00
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Trading Volume (millions) CTM Share Price Nickel Price (US$/t)
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CTM Share Register Composition
Institutional & Corporate
28%
44%
Board & Management
High Net Worth
Retail
24%
4%
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Substantial Shareholders Sprott Inc 8.0% McCusker Holdings Pty Ltd 5.8% Dundee Corporation 5.1% Latest Broker Research Date Sprott Equity Research 1 October 2020 Euroz Securities 6 August 2020 Argonaut Securities 29 June 2020 Evolution Capital 29 June 2020 5

Board and Management Team

Extensive Brazil and Nickel Development Experience

MANAGEMENT TEAM

DARREN GORDON

BRUNO SCARPELLI

MANAGING DIRECTOR BRAZIL COUNTRY MANAGER & EXECUTIVE DIRECTOR

Engineer with +20 years of resource experience, focused in Brazil

Chartered Accountant and Mining Professional with +25 years’ experience

Extensive exposure to Previously Environmental resource financing, Coordinator at Vale’s Carajás development and operations Iron Ore Operations in State in multiple commodities in of Para, Brazil Australia and Brazil

ROGER FITZHARDINGE OPERATIONS MANAGER

Geologist with +20 years of experience, including senior roles with Mirabela Nickel

15 years of experience in Brazil – fluent Portuguese

JOHN WESTDORP JOHN KNOBLAUCH ROCKY OSBORNE CHIEF FINANCIAL OFFICER PRINCIPAL METALLURGIST PRINCIPAL GEOSCIENTIST

25 years of finance experience covering multiple commodities and jurisdictions

+20 years of experience +40 years of experience, led with strong nickel exposure the discovery of numerous through previous roles with nickel sulphide orebodies Mirabela Nickel and Sally 17 years of experience in Malay Mining Brazil – fluent Portuguese

Two years of experience in Brazil

NON-EXECUTIVE BOARD

DIDIER MURCIA

MARK HANCOCK

CHRIS BANASIK

NON-EXECUTIVE CHAIRMAN

NON-EXECUTIVE DIRECTOR

NON-EXECUTIVE DIRECTOR

Lawyer with +30 years of experience across multiple commodities & jurisdictions. Chairman of several junior resource companies

Chartered Accountant with +30 years of experience in senior commercial and financial roles across a number of leading companies in Australia and South East Asia

Geologist with +30 years of experience. Extensive nickel sulphide experience with WMC. Founding Director of WA gold producer Silver Lake Resources

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Brazil’s Carajás Mineral Province – Land of the Giants

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The Carajás is one of the world’s most prolific mining regions – effective industrial zone of Brazil

Extensive infrastructure to support project development

10 IOCG deposits with resources of +100Mt Cu-Au for +4.0Bt of Cu-Au resources,

including Vale’s giant Salobo Mine which hosts Reserves of 1.2Bt @ 0.61% Cu, 0.3g/t Au

Hosts the largest high-grade iron ore deposits on the planet, plus multiple large nickel laterite mines and deposits AND NOW

Hosts one of the largest near-surface undeveloped nickel sulphide resources globally – the Jaguar Nickel Project

The Carajás contains one of the world’s largest known concentrations of large-tonnage mineral deposits7

Jaguar Project – Outstanding Infrastructure and Logistics

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40km north of regional mining centres of Tucumã and Ourilândia do Norte

(population 70,000) – mining towns with strong skilled workforce

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High-Voltage (138kV) sub-station located at Tucumã – 80% of power generation in Brazil is from renewables (mainly hydro) resulting in comparably low power costs of <US$0.10/kWh

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Mining Lease Application lodged and Land Access Agreements in place

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Jaguar Project – Only 15km From Onça Puma Ferronickel Plant

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Jaguar Project – Scoping Study Well Advanced

The Scoping Study aims to demonstrate that, subject to further development work, Centaurus is well placed to deliver on its aspirations to be a clean and efficient 20,000 plus tonne per annum nickel producer by the end of 2024 to assist in the global transition to electrification and to meet anticipated surging demand for key battery metals.

Base Case

Value-Add Case

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Base Case is production of high-grade nickel concentrate using traditional nickel flotation process

Scoping Study (SS) progressing well with Entech and DRA Global supporting SS activities.

To be underpinned by JORC Resource up-grade

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SS to consider value-adding opportunities including Pressure Oxidation to produce nickel metal or nickel sulphate

Initial POx testing at ALS has delivered excellent results with extractions of nickel, copper and cobalt all exceeding 99%

Fiscal Benefits

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Income Tax Rate of 15% for first 10 years likely to be available to the Company, once the project is operational

Power costs in Brazil are low, with Centaurus likely to be able to source power for less than US$0.10/kWh

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Key drivers to POx viability is being located in Brazil and with this:-

• Access to low cost energy

• Access to clean energy (+ 80% renewables)

• Relatively low-cost skilled labour market

• Access to low-cost residue neutralization material

• Availability of high quality fresh water

Jaguar Project – Large-Tonnage Resource at Surface

JORC Mineral Resource Estimate of 48.0Mt at 1.08% Ni for 517,500 tonnes of contained Nickel Metal

		Tonnes		Grade		Contained Metal	Contained Metal	Tonnes
Classification	Ore Type	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Transition Sulphide	0.3	1.09	0.09	310	3,500	300	100
Indicated	Fresh Sulphide	11.2	1.29	0.09	392	145,000	9,800	4,400
	Total Indicated	11.5	1.29	0.09	390	148,500	10,100	4,500
	Transition Sulphide	0.8	0.99	0.08	287	8,200	700	200
Inferred	Fresh Sulphide	35.6	1.01	0.07	255	360,800	24,800	9,100
	Total Inferred	36.4	1.01	0.07	255	369,000	25,500	9,300
Total		48.0	1.08	0.07	288	517,500	35,600	13,800

* Within 200m of surface cut-off grade 0.5% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

• Maiden JORC MRE based on more than 65,000m of diamond drilling

• 80% of MRE is within 200m of surface

• 29% of MRE (contained metal) is already in Indicated Category

• Mineralisation remains open at depth and along strike

• Significant potential to increase size of MRE with further drilling

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75km of Development & Growth Drilling Underway

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Greenfields Growth Drilling
25km drill program ready to
commence
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Resource Development & Growth
30km In-fill and Extensional Drilling
15km Step-out Drilling
5km Geotech & Met Drilling
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Jaguar South Deposit – Open at Depth and Along Strike

15.5Mt at 1.10% Ni for 170,700t of contained Nickel Metal High-grade: 7.0Mt at 1.58% Ni for 110,900t of Nickel Metal

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High-grade from surface and open along strike and at depth Strong correlation between highgrade nickel and DHEM conductors

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Step-out drilling is planned to test the DHEM conductors and potential down-dip extensions Along strike drilling to test an interpreted high-grade plunge to the east-northeast

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Jaguar South Deposit – Consistent, High-Grade Zones

+600m strike of semi-massive and massive nickel sulphide from surface to +300m depth (and still open)

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• Best intercepts from Jaguar South: ❑ 34.0m at 3.31% Ni from 56m ❑ 42.3m at 2.20% Ni from 76m ❑ 37.7m at 2.11% Ni from 109m ❑ 21.8m at 2.65% Ni from 22m ❑ 14.0m at 2.40% Ni from 129m ❑ 40.9m at 1.41% Ni from 131m ❑ 30.5m at 1.46% Ni from 65m ❑ 11.8m at 2.56% Ni from 55m ❑ 11.0m at 2.54% Ni from 200m ❑ 6.1m at 2.51% Ni from 96m ❑ 10.8m at 1.89% Ni from 31m ❑ 4.6m at 2.25% Ni from 137m ❑ 5.5m at 3.94% Ni from 149m ❑ 16.0m at 1.47% Ni from 213m ❑ 30.7m at 1.16% Ni from 102m ❑ 12.4m at 1.95% Ni from 71m ❑ 19.0m at 1.73% Ni from 183m

Multiple untested DHEM conductor plates down-dip Step-out drilling planned

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Jaguar Central & North Deposits – Shallow, High-Grade Ni

7.4Mt at 1.13% Ni for 83,400t of contained Nickel Metal High-grade: 4.1Mt at 1.44% Ni for 59,400t of Nickel Metal 2.8Mt at 1.14% Ni for 32,300t of contained Nickel Metal High-grade: 1.5Mt at 1.50% Ni for 22,100t of Nickel Metal

2.8Mt at 1.14% Ni for 32,300t of contained Nickel Metal High-grade: 1.5Mt at 1.50% Ni for 22,100t of Nickel Metal

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Jaguar Central Deposit – More Results Soon

+400m strike of semi-massive nickel sulphide from surface to +300m depth (open along strike and down-dip)

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Best intercepts from CTM drill holes at Jaguar Central :

• ❑ 40.5m at 1.35% Ni from 20.0m, incl 12.0m at 1.95% Ni from 38.5m

• ❑ 67.3m at 1.20% Ni from 67.0m, incl 19.0m at 1.70% Ni from 79.8m

• ❑ 33.7m at 2.23% Ni from 45.6m, incl 10.4m at 3.35% Ni from 45.6m & 15.5m at 2.53% Ni from 63.8m

• ❑ 15.0m at 2.42% Ni from 69.0m.

Multiple DHEM conductor plates indicate continuity of semimassive to massive sulphide mineralisation at depth

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Jaguar North Deposit – More Near-Surface & High-Grade

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+400m strike of semi-massive and massive nickel sulphide from surface to +300m depth (open along strike and down-dip)

Best results from initial CTM drill holes at Jaguar North:

❑ 26.8m at 1.21% Ni from 84.3m o incl 10.8m at 2.10% Ni from 84.3m

❑ 28.5m at 1.44% Ni from 29.1m o incl 3.6m at 3.55% Ni from 50.7m

❑ 12.0m @ 1.81% Ni from 79.0m o incl 4.5m at 3.66% Ni from 86.5m

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Onça Preta Deposit – Width & Grade Increasing with Depth

+150m strike of semi-massive and massive nickel sulphide from surface to +300m depth – and open

Global: 3.6Mt at 1.59% Ni for 56,600t of Nickel Metal

Best intercepts from the Onça Preta Deposit:

❑ 14.9m at 2.94% Ni from 57m

High-grade: 2.9Mt at 1.75% Ni for 51,700t of Nickel Metal

❑ 18.0m at 2.19% Ni from 318m ❑ 7.9m at 2.18% Ni from 351m

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❑ 26.2m at 1.42% Ni from 221m

❑ 4.7m at 2.26% Ni from 50m

❑ 9.9m at 1.29% Ni from 252m ❑ 6.2m at 1.90% Ni from 107m

❑ 13.1m at 1.77% Ni from 85m

❑ 4.9m at 2.25% Ni from 171m

❑ 7.9m at 1.58% Ni from 126m

❑ 10.2m at 1.20% Ni from 84m

❑ 17.1m at 1.02% Ni from 166m

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High correlation between high-grade nickel and DHEM conductors – strong EM conductor continues below deepest drilling

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Hydrothermal mineralisation points to a deep plumbing system – yet to be tested

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Onça Rosa – Got the “ Pink Panther ” by the tail!

600m long FLEM plate coincident with ground magnetic at major regional structural intersection

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Significant intersections to date: ❑ 7.9m at 5.27% Ni (from 247m) ❑ 9.3m at 3.13% Ni (from 282m) ❑ 3.5m at 2.38% Ni (from 272m) ❑ 3.9m at 3.19% Ni (from 14m) ❑ 7.8m at 1.62% Ni (from 158m) Step-out drilling is planned to test DHEM conductors and potential down-dip Global: 2.1Mt at 1.49% Ni for 30,900t of Nickel Metal High-grade: 1.1Mt at 2.20% Ni for 24,200t of Nickel Metal

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7.9m at 5.27% Ni

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Jaguar Project – Project Development Underway

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First float test on the Jaguar South ore at ALS Perth

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Preliminary Metallurgical Testwork

Flotation tests deliver +80% nickel recoveries from Jaguar South and Onça Preta ore. Jaguar Central and North testing has commenced. Quality +16% nickel concentrate , with high Fe:MgO (~5.5:1) and low arsenic – highly desirable marketable characteristics Using traditional “Western Australian” nickel flowsheet and reagents An increase of 25% on historical results* , due to changes in feed head grade, grind sizes and reagent selection Metallurgical test work continuing at ALS Metallurgy in Perth; new samples recently received from Jag Central and North for testing

+80% nickel recoveries – quality +16% nickel concentrate

• See ASX Announcement of 31 March 2020 for further details of the preliminary metallurgical testwork and results

Jaguar Project – Environmental Licensing

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Fast-tracking Approvals

Initial drilling licence secured through to October 2022

Significant amount of environmental data historically collected by Vale for use by CTM in approval process

Terms of reference received from Semas for main environmental study (EIA/RIMA)

• 100% of dry season data and 90% of wet season data collected for use in EIA/RIMA work

Majority of the project footprint already disturbed (pasture land) Partnership in place with municipality to upgrade roads Strong community support for the project

Target date to lodge EIA/RIMA – Q2 2021

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75km of Development & Growth Drilling Underway

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Greenfields Growth Drilling
25km drill program ready to
commence
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Resource Development & Growth
30km In-fill and Extensional Drilling
15km Step-out Drilling
5km Geotech & Met Drilling
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Jaguar Project – Greenfields Growth Potential

The Jaguar Project sits at the intersection of two regionally important mineralising structures

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Multiple untested prospects Coincident GeoTEM, Ground Mag and Geochem targets Detailed Ground Mag – completed Soil sampling & mapping - ongoing FLEM – ongoing

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RC drilling set to commence on new targets - 25km regional exploration program

Filhote Prospect – PGEs & Ni

PGE-Ni rich feeder zone from neighbouring Onça or Puma Layered Ultramafic-mafic Complexes?

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Filhote is associated with a mafic-ultramafic intrusive emplaced along (or cut by) the ENE-trending McCandless Fault

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300m FLEM conductor plate coincident within a broad (+1.1km) ground magnetic signature and PGE-Ni-As-Cr-Cu geochem anomaly.

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Only two historical drill holes - both intersected Palladium - max value of 1.45 g/t Pd New FLEM conductor to assist in vectoring in on semi-massive sulphide mineralisation

Jaguar Project Development Timeline

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2020 2021 2022
Q1 Q2 Q3 Q4
DRILLING
Resource Drilling - Infill & Extensional
Jaguar South
Jaguar Central
Jaguar North
Jaguar West
Onça Preta
Resource Drilling - New Resources
Onça Rosa
Regional Exploration Drilling
New Priority Targets
Ongoing resource and exploration drilling
PROJECT DEVELOPMENT
Maiden JORC Resource
Metallurgical Studies
Scoping Study
Pre-Feasibility Study
Feasibility Study
Environmental Permitting
Q1 2021 Q2 2021 Targeting
Q3/Q4 2020 Q4 2021
Scoping Study Lodge Key Production for Q4
Ongoing Drilling Pre-Feasibility Study
Results Environmental licence 2024
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Centaurus – Key Investment Takeaways

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Nickel sulphide focus – high-grade nickel sulphide asset with flexible development options leveraged to strong long-term nickel market outlook

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Favourable project location – Carajás Mineral Province

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Globally Significant Maiden JORC MRE – 48.0Mt at 1.08% Ni for 517,500t of contained nickel including high grade MRE of 20.6Mt at 1.56% Ni for 321,400t of contained nickel 80% of MRE is within 200 metres of surface

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– Resource growth and development – deposits open at depth and along strike strong potential to increase MRE with further drilling; in-fill and step-out drilling underway Greenfields growth – Multiple prospects with walk up drill targets; drilling set to commence

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Scoping Study advancing well – on track for Q1 2021

Centaurus represents a rare opportunity to invest in a rapidly unfolding high-grade nickel sulphide growth story in Brazil, at the perfect time in the nickel market cycle.

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ASX : CTM

Jaguar: the new global nickel sulphide growth project

• ✓ Near-surface +500Kt maiden JORC Mineral Resource Estimate

• ✓ Outstanding resource growth and new discovery opportunities

• ✓ High-grade development potential

• open pit & underground

• 6 October 2020 I Australian Nickel Conference Presentation I Darren Gordon, Managing Director

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BRAZIL Pará
Minas Gerais
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Annexure 1 – Jaguar MRE by Deposit

Jaguar MRE by Deposit

Jaguar High-Grade MRE by Deposit

Tonnes Deposit Classification Mt Ni % Cu % Coppm Ni Cu Co Grade Contained Metal Tonnes	Tonnes Deposit Classification Mt Ni % Cu % Coppm Ni Cu Co Grade Contained Metal Tonnes
Indicated 4.5 1.38 0.07 270 62,700 3,100 1,200 Inferred 10.9 0.99 0.04 204 108,000 4,600 2,200 Total 15.5 1.10 0.05 223 170,700 7,800 3,500 Jaguar South	Indicated 2.9 1.75 0.09 330 50,500 2,500 1,000 Inferred 4.1 1.46 0.06 278 60,400 2,400 1,100 Total 7.0 1.58 0.07 300 110,900 4,900 2,100 Jaguar South
Indicated 3.3 1.11 0.07 328 36,400 2,100 1,100 Inferred 4.1 1.14 0.06 267 47,000 2,700 1,100 Total 7.4 1.13 0.06 294 83,400 4,800 2,200 Jaguar Central	Indicated 1.9 1.36 0.08 371 25,600 1,400 700 Inferred 2.2 1.50 0.08 330 33,700 1,800 700 Total 4.1 1.44 0.08 348 59,400 3,300 1,400 Jaguar Central
Indicated 1.8 1.15 0.16 344 20,200 2,700 600 Inferred 1.1 1.13 0.29 327 12,100 3,100 400 Total 2.8 1.14 0.21 338 32,300 5,800 1,000 Jaguar North	Indicated 0.9 1.53 0.17 419 14,200 1,600 400 Inferred 0.5 1.45 0.37 396 8,000 2,000 200 Total 1.5 1.50 0.25 410 22,100 3,600 600 Jaguar North
Jaguar Central North Inferred/ Total 5.1 0.85 0.05 219 43,100 2,800 1,100	Jaguar Central North Inferred/ Total 1.4 1.18 0.07 277 15,900 900 400
Jaguar Northeast Inferred/ Total 7.0 0.85 0.10 274 59,500 6,800 1,900	Jaguar Northeast Inferred/ Total 1.3 1.45 0.16 438 19,200 2,200 600
Jaguar West Inferred/ Total 4.5 0.90 0.04 169 41,000 2,000 800	Jaguar West Inferred/ Total 1.2 1.46 0.07 265 17,900 900 300
Indicated 9.6 1.25 0.08 303 119,300 8,000 2,900 Inferred 32.8 0.95 0.07 228 310,700 22,000 7,800 Total 42.3 1.02 0.07 250 429,900 30,000 10,700 Jaguar Deposits	Indicated 5.7 1.59 0.10 358 90,300 5,500 2,000 Inferred 10.8 1.43 0.09 313 155,100 10,200 3,400 Total 16.5 1.49 0.10 250 245,400 15,700 5,400 Jaguar Deposits
Indicated 2.0 1.47 0.12 831 29,200 2,500 1,700 Inferred 1.6 1.75 0.07 333 27,400 1,100 600 Total 3.6 1.59 0.10 612 56,600 3,600 2,200 Onça Preta	Indicated 1.5 1.72 0.12 933 24,900 1,700 1,400 Inferred 1.5 1.79 0.09 652 26,800 1,400 1,000 Total 2.9 1.75 0.11 790 51,700 3,100 2,300 Onça Preta
Onça Rosa Inferred/ Total 2.1 1.49 0.10 392 30,900 2,000 800	Onça Rosa Inferred/ Total 1.1 2.20 0.15 559 24,200 1,600 600
Indicated 11.5 1.29 0.09 394 148,500 10,500 4,600 Inferred 36.4 1.01 0.07 242 369,000 25,100 9,200 Grand Total 48.0 1.08 0.07 288 517,500 35,600 13,800 Jaguar MRE Total	Indicated 7.1 1.61 0.10 475 115,200 7,200 3,400 Inferred 13.4 1.54 0.10 371 206,100 13,200 5,000 Grand Total 20.6 1.56 0.10 288 321,400 20,500 8,400 Jaguar MRE Total

* Within 200m of surface cut-off grade 0.5% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

* Within 200m of surface cut-off grade 0.5% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

Tonnes Surface - 200m + 200m Mt Ni% Cut-off Grade	Ni % Ni Grade Metal Tonnes
0.3 1.0 55.6 0.4 1.0 53.0	0.99 549,500 1.02 540,300
0.5 1.0 48.0	1.08 517,500
0.6 1.0 40.8 0.7 1.0 34.4 0.8 1.0 28.7 0.9 1.0 24.4	1.17 478,200 1.27 436,400 1.37 393,700 1.47 357,300
1.0 1.0 20.6	1.56 321,400
1.1 1.1 16.9 1.2 1.2 13.9 1.3 1.3 11.6	1.67 283,400 1.79 248,400 1.90 219,400

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* Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

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