CENTAURUS METALS LIMITED — Investor Presentation 2020

Jul 2, 2020

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

3 July 2020 Investor Presentation

Centaurus Metals Ltd (ASX: CTM) is pleased to provide the Company's latest investor presentation (attached) following the announcement of a maiden JORC Mineral Resource estimate for its Jaguar Nickel Project in Brazil earlier this week.

The Company's Managing Director, Darren Gordon, was also interviewed yesterday as part of the Resources Rising Stars "10-in-10" Online CEO Interview Series.

Mr Gordon provides an overview of the Jaguar Mineral Resource as well as key recent developments and upcoming activities at the Jaguar Project.

To access the interview, please type the link below into your browser.

https://youtu.be/kPw475A19TI

-ENDS-

Authorised for release by:

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

Australian Office Centaurus Metals Limited Level 3, 10 Outram 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

July 2020 I Corporate 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

2

2

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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Centaurus - A Compelling Nickel Investment Opportunity

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Focused on developing the advanced Jaguar Nickel Sulphide Project

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

– 80% of nickel tonnes within 200 metres of surface

– 29% of Maiden MRE already in Indicated category

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

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 targeted for delivery in next 3-4 months;

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4

Centaurus – COVID19 Response

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No impact on drilling to date Centaurus now planning to ramp-up drilling in a safe and sustainable manner

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Centaurus continues to work closely with the health authorities in the local municipalities to ensure the health and safety of its people and community.

Community Support:

• ➢ 500 test kits as well as medical PPE (masks, coveralls and hand sanitiser) purchased and donated to the local health services of Tucumã and Sao Felix do Xingu

measures in Business-continuity precautionary place including:

• ➢ Enhanced sanitisation procedures;

• ➢ Site team separated into multiple shifts;

• ➢ Daily health screenings;

• ➢ Regular COVID19 testing of Tucumã team; and

• ➢ Elimination of all non-essential travel

5

Corporate Summary

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Capital Structure July 2020
Shares on Issue 261.5m
Listed Options (EP $0.18, Exp 31/5/21) 28.9m
Unlisted Options 12.1m
Top 20 Holders 54%
Directors & Management Holding 5%
Market Capitalisation ($0.45) A$117.7m
Cash as at 31 May 2020 A$5.6m
10 $0.50
8 Ni US$20,000/t $0.40
6 $0.30
4 Ni US$15,000/t $0.20
2 $0.10
0 Ni US$10,000/t $0.00
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Volume (millions) Share Price Ni Price (US$/t)
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CTM Share Register Composition
26%
Institutional & Corporate
Board & Management
41%
High Net Worth
5%
Retail
28%
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Substantial Shareholders Harmanis Holdings Pty Ltd 6.5% McCusker Holdings Pty Ltd 5.6% Twynam Investments Pty Ltd 5.0% Latest Broker Research Date Argonaut Securities 29 June 2020 Euroz Securities 29 June 2020 Evolution Capital 29 June 2020 Sprott Equity Research 30 June 2020 6

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

Previously Environmental Coordinator at Vale’s Carajás Iron Ore Operations in State of Para, Brazil

Extensive exposure to resource financing, development and operations in multiple commodities in 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

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

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 Carajás contains one of the world’s largest known concentrations of large-tonnage mineral deposits8

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Jaguar Project – Building Something Special

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Opportunity

Advanced Ni asset +55,000m drilling, Small for a major - Big for a junior? High grade opportunities Modern exploration techniques - EM Win-win deal with Vale

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Confirmation

48.0Mt at 1.08% Ni 517,500 tonnes of Nickel Metal

High-Grade 20.6Mt at 1.56% Ni 321,400 tonnes Nickel Metal +80% nickel recoveries Quality nickel concentrate

Growth & Development

In-fill and Extensional Resource Drilling Jaguar mineralisation remains open both at depth and along strike

High Impact Exploration Drilling Onça Rosa Discovery New DHEM/FLEM Targets

Greenfields Growth

Ground Mag & FLEM Geochem & Mapping

Project Development

Scoping Study Q4 2020 Main Environmental Study – Q2 2021

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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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Jaguar Project – High-Grade Open-pit Potential

MRE Contains Significant High-Grade portion of 20.6Mt at 1.56% Ni for 321,400 tonnes of contained Nickel Metal

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

• More than 70% of High-Grade MRE is within 200m of surface

Supports potential for open pit operation and strong early cash flow generation to assist with payback on any future project development

Mineralisation remains open at depth and along strike with significant potential to increase size of MRE with further drilling

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

		Tonnes		Grade		Contained Metal Tonnes	Contained Metal Tonnes
Classification	Ore Type	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Transition Sulphide	0.2	1.45	0.10	380	2,300	200	100
Indicated	Fresh Sulphide	7.0	1.62	0.10	477	113,000	7,100	3,300
	Total Indicated	7.1	1.61	0.10	474	115,200	7,200	3,400
	Transition Sulphide	0.2	1.69	0.15	457	4,200	400	100
Inferred	Fresh Sulphide	13.2	1.53	0.10	369	201,900	12,800	4,900
	Total Inferred	13.4	1.54	0.10	372	206,100	13,200	5,000
Total		20.6	1.56	0.10	407	321,400	20,500	8,400

• Cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

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Jaguar Project – Multiple Deposits & Targets

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Resource Growth
In-fill and Extensional Drilling
Step-out Drilling
Greenfields Growth
Drilling to start in 2-3 months
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Jaguar South Deposit – Open at Depth and Along Strike

15.5Mt at 1.10% Ni for 170,700 tonnes of contained Nickel Metal

High-grade: 7.0Mt at 1.58% Ni for 110,900 tonnes 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 – High-Grade Zones Hanging Together

+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 – Drilling Ongoing

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

7.4Mt at 1.13% Ni for 83,400 tonnes of contained Nickel Metal High-grade: 4.1Mt at 1.44% Ni for 59,400 tonnes 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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Results from first two 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 ❑ 2.0m at 4.57% Ni from 41.0m.

Multiple DHEM conductor plates indicate continuity of semi-massive to massive sulphide mineralisation at depth Step-out drilling already underway

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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)

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Results from first three 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 – High Grade and Near-Surface

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3.6Mt at 1.59% Ni for 56,600t of Nickel Metal High-grade: 2.9Mt at 1.75% Ni for 51,700 tonnes of Nickel Metal

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14.9m at 2.94% Ni from just 56.8m depth

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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

Best intercepts from the Onça Preta Deposit:

❑ 14.9m at 2.94% Ni from 57m ❑ 18.0m at 2.19% Ni from 318m ❑ 7.9m at 2.18% Ni from 351m ❑ 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- grade zones from surface to +300m down dip and +150m of along strike

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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 which remains 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: ❑ 9.3m at 3.13% Ni (from 282m) ❑ 7.9m at 5.27% Ni (from 247m) ❑ 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 2.1Mt at 1.49% Ni for 30,900 tonnes of Nickel Metal High-grade: 1.1Mt at 2.20% Ni for 24,200 tonnes of Nickel Metal

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7.9m at 5.27% Ni

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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

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Detailed Ground Mag – completed FLEM – underway Soil sampling & mapping – underway

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Jaguar Project – Project Development Underway

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Preliminary Metallurgical Testwork

Flotation tests deliver +80% nickel recoveries* from Jaguar South and Onça Preta ore

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 continues at ALS Metallurgy in Perth; new sample has arrived in Perth for testing

First float test on the Jaguar South ore at ALS Perth

+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 Underway

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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)

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80% of wet season data collection completed for EIA/RIMA work; dry season data to commence in July 2020

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

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Target date to lodge main environmental study – Q2 2021

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Jaguar Project – Outstanding Infrastructure and Logistics

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35km north of regional mining centres of Tucumã and Ourilândia do Norte

(population 50,000) with access via all-weather roads – mining towns with strong skilled workforce

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High-Voltage (230kV) sub-station located 15km south-east at Vale’s Onça-Puma Ferronickel Plant as well as 138kV line running east-west through Tucumã

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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 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
Q3/4 2020 Q3/4 2021 Q2 2021
Targeting Production
Scoping Study and Ongoing Drilling Pre-Feasibility Study Environmental licence
for Q4 2024
Underway lodged 26
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Centaurus – Key Investment Takeaways

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Nickel 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 - deposits open at depth and along strike great potential to increase MRE with further drilling – step out drilling underway Greenfields growth - Multiple prospects with walk up drill targets - drilling soon Scoping Study underway

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.

27

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

July 2020 I Corporate Presentation I Darren Gordon, Managing Director

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BRAZIL Pará
Minas Gerais
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Annexure 1 – Jaguar MRE by Deposit

		Tonnes		Grade		Contained Metal	Contained Metal	Tonnes
Deposit	Classification	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Indicated	4.5	1.38	0.07	270	62,700	3,100	1,200
Jaguar South	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
	Indicated	3.3	1.11	0.07	328	36,400	2,100	1,100
Jaguar Central	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
	Indicated	1.8	1.15	0.16	344	20,200	2,700	600
Jaguar North	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 Central North	Inferred/ Total	5.1	0.85	0.05	219	43,100	2,800	1,100
Jaguar Northeast	Inferred/ Total	7.0	0.85	0.10	274	59,500	6,800	1,900
Jaguar West	Inferred/ Total	4.5	0.90	0.04	169	41,000	2,000	800
	Indicated	9.6	1.25	0.08	303	119,300	8,000	2,900
Jaguar Deposits	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
	Indicated	2.0	1.47	0.12	831	29,200	2,500	1,700
Onça Preta	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 Rosa	Inferred/ Total	2.1	1.49	0.10	392	30,900	2,000	800
	Indicated	11.5	1.29	0.09	394	148,500	10,500	4,600
Jaguar MRE Total	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

* 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.

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Annexure 2 – Jaguar High-Grade MRE by Deposit

		Tonnes		Grade		Contained Metal Tonnes	Contained Metal Tonnes
Deposit	Classification	Mt	Ni %	Cu %	Coppm	Ni	Cu	Co
	Indicated	2.9	1.75	0.09	330	50,500	2,500	1,000
Jaguar South	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
	Indicated	1.9	1.36	0.08	371	25,600	1,400	700
Jaguar Central	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
	Indicated	0.9	1.53	0.17	419	14,200	1,600	400
Jaguar North	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 Central North	Inferred/ Total	1.4	1.18	0.07	277	15,900	900	400
Jaguar Northeast	Inferred/ Total	1.3	1.45	0.16	438	19,200	2,200	600
Jaguar West	Inferred/ Total	1.2	1.46	0.07	265	17,900	900	300
	Indicated	5.7	1.59	0.10	358	90,300	5,500	2,000
Jaguar Deposits	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
	Indicated	1.5	1.72	0.12	933	24,900	1,700	1,400
Onça Preta	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 Rosa	Inferred/ Total	1.1	2.20	0.15	559	24,200	1,600	600
	Indicated	7.1	1.61	0.10	475	115,200	7,200	3,400
Jaguar MRE Total	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

* 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.

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