CENTAURUS METALS LIMITED — Investor Presentation 2020

May 18, 2020

ASX : CTM

Jaguar: the new global nickel sulphide growth project

• ✓ Advanced nickel project acquired from Vale

• ✓ High-grade development potential

• open pit & underground

• ✓ Maiden JORC Resource mid-2020

May 2020 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.

• 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

• All information included in this presentation regarding the Jaguar Nickel Sulphide Project should be read in conjunction with the Company’s ASX announcements dated 6 August 2019. The resource information is reported on the basis of a Foreign Estimate and as such, is not reported in accordance with the JORC Code 2012. The Foreign Estimate reported is based on a 0.5% Nickel cut-off and no additional economic constraints were applied to the resource. An additional 17.2Mt at 0.76% Ni is reported in the Inferred Resource category of the Foreign Estimate, the Centaurus competent person considers that these Inferred Resources do not meet the requirements of the JORC Code (2012) for reporting Mineral Resources. The resource is to be read in conjunction with ASX Listing Rule 5.12 (ASX announcements dated 1 August 2019 - Annexure A)

• The information in this report that relates to new Exploration Results is based on information compiled by Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Roger Fitzhardinge confirms that the historical information in this market announcement that relates to the Exploration Results and Mineral Resource provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies supplied to Centaurus as a foreign estimate.

• Roger Fitzhardinge is a permanent employee of Centaurus Metals Limited. Roger 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’. Roger Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

2

2

A Compelling Nickel Investment Opportunity

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Focused on developing the advanced Jaguar Nickel Sulphide Project – Transaction with Vale closed April 2020 Global foreign resource of 40.4Mt at 0.78% Ni* (0.5% Ni cut-off):

• 315,000 tonnes of contained nickel , based on more than 55,000m of diamond drilling

Outstanding results from initial in-fill/extensional drilling

Maiden JORC resource targeted by mid-2020 based on ~200 diamond drill-holes (~65,000m)

Scoping Study set to commence – completion targeted by late Q3 2020

High-quality concentrate at +80% recovery from initial metallurgical flotation test work

Well-funded with ~$7.5 million in cash reserves (31 March 2020)

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* Centaurus cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code. The resource is to be read in conjunction with Appendix A of the ASX Release made on 6 August 2019 which deals with the requirements of ASX Listing Rule 5.12.

3

Corporate Summary

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Capital Structure May 2020
Shares on Issue 259.7m
Listed Options (EP $0.18, Exp 31/5/21) 28.9m
Unlisted Options 7.3m
Top 20 Holders 52%
Directors & Management Holding 5%
Market Capitalisation ($0.23) A$59.7m
Cash as at 31 March 2020 A$7.5m
6 $0.30
4 Ni $20,000/t $0.20
2 $0.10
0 Ni $10,000/t $0.00
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Volume (millions) Share Price Ni Price (US$/t)
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The Company has strengthened its share register as it moves from Explorer to Project Developer in the highly soughtafter high-grade nickel sulphide space.

4

Board and Management Team

Extensive Brazil and Nickel Development Experience

EXECUTIVE MANAGEMENT

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

Geologist with +20 years of experience, including senior roles with Mirabela Nickel 15 years of experience in Brazil

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

5

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

6

Brazil – A Mining-Friendly Jurisdiction

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Latin America’s largest economy Growing population (currently ~209 million) Strong tenement control system, established Mining Code ➢ Government revenue generated from royalties Strong mining culture in State of Para (northern Brazil). Carajás Mining District - one of the worlds most prolific mining regions and effective industrial zone of Brazil with extensive infrastructure to support project development Pro-mining and foreign investment government.

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BRAZIL Pará
Minas Gerais
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Mining Regulation and Tenement System allows Foreign Companies to Invest in Mineral Exploration and Development Activities with Confidence

7

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 CuAu resources

Includes 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

CTM holds + 100km[2] tenement portfolio located within the world-class Carajás Mineral Province

Includes the Jaguar Nickel Sulphide Project, the Itapitanga Ni-Co Project, and the Pebas Cu-Au Project

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

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Jaguar Project – Large-Tonnage Resources at Surface

Historical resources of 40.4Mt at 0.78% Ni – 315,000 tonnes of contained Nickel Metal

			Grade			Metal
Classification1	Mt	Ni %	Cu %	Co ppm	Ni	Cu	Co
Measured	19.0	0.79	0.06	145	150,008	11,393	2,753
Indicated	21.4	0.77	0.07	123	164,939	14,994	2,635
Total	40.4	0.78	0.07	133	314,947	26,388	5,388

1 Rounding errors may occur. The Foreign Estimate reported is based on a 0.5% Nickel cut-off and no additional economic constraints were applied to the resource. An additional 17.2Mt at 0.76%Ni is reported in the Inferred Resource category of the Foreign Estimate. The Centaurus competent person considers that these Inferred Resources do not meet the requirements of the JORC Code (2012) for reporting Mineral Resources. The resource is to be read in conjunction with Appendix A of the ASX Release made on 6 August 2019 which deals with the requirements of ASX Listing Rule 5.12.

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N
+3.0 km
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Resource[2] estimate completed in 2010 based on more than 55,000m of diamond drilling

All exploration and resource work of Vale was completed to the highest industry standards

The historical resource interpretation was driven by a bulk mining scenario of the – disseminated mineralisation huge potential for a high-grade model JORC Resource focussed on high grade mineralisation to be delivered by mid 2020

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The Jaguar Group
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2 CTM cautions that the mineral resources for the project are not reported in accordance with the JORC Code. A competent person has not yet done sufficient work to classify the resources as mineral resources in accordance with JORC code. It is uncertain that following evaluation or further work that the foreign estimate will be able to be reported as mineral resources in accordance with JORC Code.

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Jaguar Project – Building a Globally Significant Resource

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3.0
Undeveloped Nickel Sulphide Projects ranked by Nickel Grade only
2.5
2.0 Current drilling at Jaguar aims at delineating
a higher grade JORC-compliant mineral resource
from the globally significant historical resource
1.5
1.0
0.5
0.0
0 5 10 15 20 25 30 35
enus, BHP
V Kabanga, GLEN
darra, POS
Win
Eagle's Nest, NOT
Voronezh, Russia
Jaguar, CTM
Nickel Grade (% Ni) Duketon, DKM
Mibango, Rift
Kun-Manie, AMC
Lynn Lake, CZN
Honeymoon Well, Norilsk
Ntaka Hill, IDA Yakabindie, BHP Jericho, Norilsk
Kingash, Russia
Maslovskoe, Norilsk
Dumont, RNX Zebediela, URU West Musgrave, OZL Turnagain, GIGA Ronnbacken, ALON
Decar, FPX
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Cumulative Nickel Metal Content in Mineral Resources (million tonnes)

Source: S&P Global, Terra Studio

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Jaguar – Multiple Deposits, Brownfields & Greenfield Targets

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Priority High-Grade Resource Drilling Jaguar South Onça Preta Jaguar Central Jaguar North High Impact Exploration Drilling Onça Rosa Discovery DHEM Greenfields Growth Ground Mag & FLEM Geochem & Mapping

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Jaguar South Deposit – Open at Depth and Along Strike

High-grade mineralisation extending beyond historical resource envelope

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More than 40 diamond drill holes now drilled at Jaguar South – 19 by CTM

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Drilling has confirmed the consistency of the high- grade zones

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Mineralisation strike open along and at depth

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DHEM is an extremely effective exploration tool

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Strong correlation between highgrade nickel and DHEM conductors

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Jaguar South Deposit – Significant High-Grade Nickel

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100% of CTM drilling at Jaguar South has intersected nickel sulphide mineralisation

One metre assays of up to 15.5% nickel in recent drilling

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Latest CTM results:

❑ 37.7m at 2.11% Ni from 109m

❑ 21.8m at 2.65% Ni from 22m ❑ 14.0m at 2.40% Ni from 129m ❑ 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 Previous results:

❑ 34.0m at 3.31% Ni from 56m

❑ 42.3m at 2.20% Ni from 76m ❑ 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 ❑ 12.4m at 1.95% Ni from 71m

❑ 19.0m at 1.73% Ni from 183m

❑ 8.0m at 2.57% Ni from 119m ❑ 15.3m at 1.24% Ni from 98m ❑ 11.5m at 1.45% Ni from 149m

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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

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DHEM Conductor plates have been tested 100m to west intersecting Nisulphides – assays pending

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Onça Preta Deposit – High Grade and Near Surface

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Shallow high-grade zone extended to +150m strike within broader +200m zone

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High grade and shallow – 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

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Latest CTM Results:

❑ 26.2m at 1.42% Ni from 221m ❑ 4.7m at 2.26% Ni from 50m ❑ 9.9m at 1.29% Ni from 252m ❑ 6.4m at 1.34% Ni from 94m ❑ 4.5m at 1.25% Ni from 244m ❑ 6.2m at 1.17% Ni from 252m ❑ 16.9m at 0.85% Ni from 217m

Previous Results:

❑ 14.9m at 2.94% Ni from 57m ❑ 18.0m at 2.19% Ni from 318m ❑ 7.9m at 2.18% Ni from 351m ❑ 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 ❑ 5.0m at 1.88% Ni from 141m ❑ 10.2m at 1.20% Ni from 84m ❑ 17.1m at 1.02% Ni from 166m

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More than 23 diamond drill holes now drilled at Onça Preta – 13 by CTM

Hydrothermal mineralisation points to a deep plumbing system which remains to be tested

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Drilling has confirmed the consistency of the highgrade zones from surface to +300m down dip along +150m of strike – remains open to the East

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

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16

Onça Rosa – High-Grade Nickel Discovery

600m long FLEM plate coincident with ground magnetic anomalies and Nimagnetite float

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Latest CTM Results:

❑ 3.5m @ 2.38% Ni (from 272m)

• ❑ 3.9m @ 3.19% Ni (from 14m)

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• ❑ 4.1m @ 1.04% Ni (from 74m) ❑ 7.8m @ 1.62% Ni (from 158m)

• Previous Results:

• ❑ 9.4m @ 3.13% Ni (from 282m) ❑ 7.9m @ 5.27% Ni (from 247m)

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Shallow drilling has consistently intersected the mineralising structure across more than 400m of strike.

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Recent deeper drilling has successfully increased the strike extent of the high-grade semi-massive and massive mineralisation to over 100m.

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

DHEM surveys identified strong +150m long EM conductor, extending more than 150m down-dip of deepest drilling

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7.6m of semi-massive sulphides - Assays Pending 3.6m semi-massive & massive - Assays Pending
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7.9m @ 5.27% Ni
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9.3m @ 3.13% Ni
3.6m at 2.38 % Ni 18
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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 FLEM – underway Soil sampling & mapping – underway

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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

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

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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

+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)

80% of wet season data collection completed for EIA/RIMA work. Dry season data to be collected over coming months

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 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 with four key landowners at Jaguar

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Jaguar Project – Only 15km From Onça Puma Ferronickel Plant

23

Jaguar Project Development Timeline

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 Mid- 2020 2020 Q4 2021 Q2 Jaguar – Upcoming Maiden high-grade JORC 2012 Pre-Feasibility Study Environmental licence Project Milestones Resource Underway lodged

24

Centaurus – Key Investment Takeaways

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

Substantial foreign resource – 40.4Mt at 0.78% Ni (0.5% Ni cut-off) for a total of 315,000 tonnes of contained nickel Maiden JORC Resource by mid-2020

Outstanding high-grade open pit potential – drilling ongoing

Recent high-grade discovery made at Onça Rosa

High quality concentrate at +80% recovery from initial float test work

Well-funded $7.5 million in cash reserves

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.

25

ASX : CTM

Jaguar: the new global nickel sulphide growth project

• ✓ Advanced nickel project acquired from Vale

• ✓ High-grade development potential

• open pit & underground

• ✓ Maiden JORC Resource mid-2020

May 2020 I Darren Gordon, Managing Director

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BRAZIL Pará
Minas Gerais
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