CENTAURUS METALS LIMITED — Investor Presentation 2020

Feb 17, 2020

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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18 February 2020

RIU EXPLORERS’ CONFERENCE PRESENTATION

Centaurus Metals Limited (ASX: CTM) attaches the following presentation.

-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 3, 10 Outram St WEST PERTH WA 6005

Brazilian Office

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

ASX: CTM

ACN 009 468 099 office@centaurus.com.au Telephone: +61 8 6424 8420

BRAZIL

ASX : CTM

Dawn of a new global nickel sulphide growth project

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BRAZIL Pará
Minas Gerais
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• Advanced Jaguar Project – acquired from Vale

• High-grade development potential

• +30,000m drill program underway

• Recent high-grade discovery at Onça Rosa

RIU Explorers Conference 2020 I Roger Fitzhardinge, Operations Manager

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.

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2

Centaurus – A Ground-Floor Nickel Investment Opportunity

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Focused on developing the advanced Jaguar Nickel Sulphide Project – acquired from Vale in September 2019 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

+30,000m of new drilling to be undertaken over next 9 months focused on zones of high-grade mineralisation

Outstanding results from initial in-fill/extensional drilling

New high-grade discovery at Onça Rosa

Development-ready 1Mtpa iron ore project at Jambreiro – value realisation strategies underway Well-funded ~$9.7 million in cash reserves (31 December 2019)

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* 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. 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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Corporate Summary

Capital Structure
Shares on Issue	3,790m
Listed Options (EP $0.012, Exp 31/5/21) Unlisted Options (EP $0.008 to $0.015)	434m 86m
Top 20 Holders	42%
Directors and Management Holding	5%
Market Capitalisation (at $0.012)	A$45.5m
Cash as at 31 December 2019	A$9.7m

0.018 0.016 0.014 0.012

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Experienced Board and Management Team

Didier Murcia – Non-executive Chairman

Lawyer with +30 years experience across multiple commodities & jurisdictions

Darren Gordon – Managing Director

Chartered Accountant & Mining Professional with +20 years experience

Bruno Scarpelli – Brazil Country Manager & Executive Director Engineer with +15 years experience focussed in Brazil

Chris Banasik – Non-executive Director

Geologist with +30 years experience. Extensive nickel sulphide experience with WMC

Mark Hancock – Non-executive Director Chartered Accountant with 25 years experience

Roger Fitzhardinge – Operations Manager, Nickel

Geologist with +20 years experience. Former senior roles with Mirabela Nickel in Brazil

John Westdorp – Chief Financial Officer

25 years finance experience across multiple commodities and jurisdictions

John Knoblauch – Principal Metallurgist

Strong nickel experience, previous roles with Mirabela Nickel and Sally Malay Mining

Grant “Rocky” Osborne – Principal Geoscientist 40 years’ experience, led the discovery of numerous nickel sulphide orebodies

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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
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Source: Vale, Terra Studio

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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 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 – Bulk-Tonnage Resources at Surface – HG Potential

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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Resource2 estimate completed in 2010 based on more than 55,000m of diamond drilling

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

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The historical resource is based on an interpretation which focused on the bulk – disseminated mineralisation huge potential for a high-grade model

315Kt of nickel metal in Resources Open along strike and down-dip

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 – Multiple Deposits + Brownfields & Greenfield Targets

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Priority High-Grade Resource Drilling Jaguar South Onça Preta Jaguar Central South High Impact Exploration Drilling Onça Rosa Discovery DHEM

Greenfields Growth Ground Mag & FLEM Geochem & Mapping

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Jaguar South Deposit – Near Surface & High-Grade

North-western Zone – over 150m strike near-surface semi-massive and massive nickel sulphide zones

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To date CTM has received results for four

• drill holes, intersections included:

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Historical results included the following intersections:

• 12.4m at 1.95% Ni

• 40.9m at 1.41% Ni

• 9.0m at 1.38% Ni

• 7.8m at 1.66% Ni

• 4.0m at 1.91% Ni

• 7.0m at 1.74% Ni

• 34.0m @ 3.31% Ni

• 11.8m @ 2.56% Ni

• 22.0m @ 1.29% Ni

• 18.5m @ 1.54% Ni

• 8.0m @ 2.57% Ni

• 15.0m @ 1.17% Ni

100% of CTM drilling has intersected nickel sulphide mineralisation

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Jaguar South Deposit – Open at Depth and Along Strike

Central Zone – over 350m strike of semi-massive and massive nickel sulphide zones with sub-vertical dip from surface to +300m depth

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• To date CTM has received results for two drill holes, intersections included :

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Historical results included the following intersections:

• 11.9m @ 1.43 % Ni

• 10.7m at 0.99 % Ni

• 4.7m @ 1.23 % Ni

• More results coming soon!!

• 42.3m @ 2.20% Ni

• 8.6m @ 2.52% Ni

• 18.0m @ 1.73% Ni

• 16.6m @ 1.98% Ni

• 19.0m @ 1.73% Ni

Drilling ongoing – extending known high-grade mineralisation

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Onça Preta Deposit – Width & Grade Increasing with Depth

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Onça Preta – 100m long DHEM conductor plate sitting within a broader 300m long FLEM conductor

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To date CTM has received results for four drill holes, intersections include:

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Historical results included the following intersections:

• 6.2m at 1.90% Ni

• 18.0m @ 2.19% Ni

• 7.9m at 1.58% Ni

• 7.9m @ 2.18% Ni

• 5.0m at 1.88% Ni

• 13.1m @ 1.77% Ni

• 10.2m at 1.20% Ni

• 17.1m @ 1.02% Ni

• 5.4m at 1.45% Ni

• 7.5m @ 1.52% Ni

• 7.7m at 1.16% Ni

• 7.8m @ 1.11% Ni

100% of CTM drilling has intersected nickel sulphide mineralisation

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11

Onça Rosa – A New High-grade Nickel Discovery

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Largely untested 600m long FLEM plate coincident with ground magnetic anomalies and Ni-magnetite float

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Recent CTM discovery hole intersected:

 9.3m @ 3.13% Ni, 0.19% Cu, 0.08% Co

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Discovery hole intersected mineralisation 40m down-dip from Vale hole which intersected:

 7.9m @ 5.27% Ni, 0.26% Cu, 0.11% Co

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A further 8.0m of semi massive sulphides intersected 100m to the west of discovery hole Dedicated rig for the Onça Rosa discovery

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FLEM and DHEM surveys underway

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JAG-DD-20-017 9.4m @ 3.13% Ni

PKS-JAGU-DH00158, 7.9m @ 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 Ground Mag – completed FLEM – underway Soil sampling and mapping

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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

Preliminary flotation tests deliver +80% nickel recoveries from Jaguar South 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;

Vale testwork used flowsheet more suitable to copper-gold (coarse primary grind followed by rougher concentrate fine regrind);

Metallurgical testwork continues at ALS Metallurgy in Perth; +75kg of sample in the Perth lab with more on the way;

Mineralogy studies ongoing at MODA in Tasmania

+80% nickel recoveries - Quality +16% nickel concentrate

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)

Consulting group engaged to complete EIA/RIMA and any new data collection required for it

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 – Q4 2020

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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 (230kVA) sub-station located 15km south-east at Vale’s Onça-Puma Ferronickel Plant

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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

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• New PFS completed in June 2019

• A$114.9M post-tax NPV8 and 32% IRR

• Pre-production capital estimate - A$59.8M

• 22-month payback

• Licensed for 3Mtpa of product

• Extensive project design and engineering in place

• Well located relative to Brazilian steel industry

• Off-take discussions progressing

• High grade, low impurity iron product (+65% Fe) 18

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 cutoff) for a total of 315,000 tonnes of contained nickel

Outstanding high-grade open pit potential – focusing on highgrade semi-massive to massive sulphide zones

Active work program underway, strong news-flow – 3 rigs on site with +30,000m drill program ongoing

Recent high-grade discovery made at Onça Rosa

High quality concentrate at +80% recovery from initial Float testwork

Centaurus represents a ground-floor investment opportunity in a rapidly unfolding high-grade nickel sulphide development story in Brazil, at the perfect time in the nickel market cycle.

19

ASX : CTM

Dawn of a new global nickel sulphide growth project

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BRAZIL Pará
Minas Gerais
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• Advanced Jaguar Project – acquired from Vale

• High-grade development potential

• +30,000m drill program underway

• Recent high-grade discovery at Onça Rosa

RIU Explorers Conference 2020 I Roger Fitzhardinge, Operations Manager