CENTAURUS METALS LIMITED — Investor Presentation 2021

Oct 14, 2021

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Jaguar: Accelerating towards the world’s next green nickel project

A long-life nickel sulphide project in Brazil’s Carajás, ready to plug-in to the lithium-ion battery boom

The Boom in a Room │ October 2021 Darren Gordon, Managing Director

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Disclaimer

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• 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 Scoping Study referred to in this presentation has been undertaken for the purpose of initial evaluation of a potential development of the Jaguar Nickel Sulphide Project. It is a preliminary technical and economic study (±40%) of the potential viability of the Jaguar Nickel Sulphide Project. The Scoping Study outcomes, Production Target and forecast financial information referred to in this presentation are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore Reserves. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the Production Target itself will be realised. Further exploration and evaluation work and appropriate studies are required before Centaurus will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case.

• Assumptions also include assumptions about the availability of funding. While Centaurus considers that all the material assumptions are based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by this study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding in the order of US$288M will likely be required. There is no certainty that Centaurus will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Centaurus’s shares. It is also possible that Centaurus could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Jaguar Nickel Sulphide Project. This could materially reduce Centaurus’s proportionate ownership of the Jaguar Nickel Sulphide Project.

• 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 March 2021 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.

• The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings have not been materially modified from the original announcement.

• This presentation contains information extracted from the Company’s ASX market announcements dated 29 March 2021 and 31 May 2021 which are available on the Company’s website at www.centaurus.com.au . The Company confirms that that all material assumptions underpinning the Jaguar Project Scoping Studies as detailed in the ASX market announcements of 29 March 2021 and 31 May 2021 continue to apply and have not materially changed.

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Centaurus Metals Our vision

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Underpinned by a high-quality asset at Jaguar, we are well placed to deliver on our target 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.

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A New Era of Nickel Sulphide Demand The looming clean energy revolution

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Source: Macquarie Commodities Strategy Source: Roskill

WHERE IS THE NEW SUPPLY COMING FROM?

EVs and the path to decarbonisation require Class-1 nickel

Class-1 nickel will preferentially be sourced from sulphide deposits – low capital intensity, easy processing, lowest carbon footprint

Decades of limited nickel exploration means a very small pipeline of new projects, especially lower-cost, lower-emission sulphide projects in geopolitically safe mining jurisdictions.

• Nickel demand for batteries growing very strongly – Nickel sulphate demand in batteries estimated to grow at 18-19% CAGR (2020-2030)

CENTAURUS WELL PLACED TO BE PART OF THE SOLUTION

• Depending on the scenario for the EV rate of adoption, estimated nickel volumes to meet additional demand is between 1-1.5 million tonnes

• Supply/demand balance estimated by WoodMac to move to deficit by 2025 = positive for nickel price

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Centaurus Metals

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A compelling nickel investment for a clean energy future

+20,000 tonnes per annum of battery grade nickel in sulphate over initial 13-year LOM

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Post Tax NPV 8 The team to deliver: JORC Mineral Resource A$1.11 billion Extensive Brazil & 58.9Mt @ 0.96% Ni with IRR of 52% Nickel Experience 562,600t Ni Metal from Exploration to Operations @US$7.50/lb nickel price +US$0.50/lb sulphate premium Mill Feed High Operating Cash Margin Carajás Mineral 33.7Mt @ 1.01% Ni US$4.27/lb Ni Province Ni Sulphate Production LOM Annual Cash Flow (pre-tax) Tier-1 mining province outstanding infrastructure 262,100t Ni Metal US$189 million

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Low Carbon Footprint 4.69t CO2/t Ni Eq lower than 97% of global nickel production MRE growth opportunities:

65,000m of drilling 7 DD + 1 RC rig on site

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Brazil

Responsible Mining in an emission-friendly jurisdiction

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ROAD MAP TO MINING FAVOURABLE TAX SYSTEM ROYALTIES TO THE REGIONS
Well-Established Mining 15% effective tax rate for first Royalties split between the
Regulation and Tenement 10yrs of operations municipal (65%), state and
System (SUDAM Program) federal authorities
ENVIRONMENTAL STRATEGIC MINERALS POLICY RENEWABLE POWERHOUSE
Approval Process clearly Recently-created to assist in 80% of Brazil’s power
defined with Terms of approval process for strategic currently generated from
Reference issued for EIA minerals; includes nickel renewable sources
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Brazil’s Carajás Mineral Province A Tier-1 global mining province

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Jaguar Nickel Sulphide Project
58.9Mt at 0.96% Ni
Inc. 20.0Mt at 1.56% Ni
The Carajás contains one of the world’s largest known
concentrations of large-tonnage world-class mineral deposits
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Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

• High-Voltage (138kV) grid power 40km line from Tucumã to site

• Brazil’s national power grid runs on +80% renewables

• Low cost, clean power – less than US$0.10/kWh

• Project located 40km north of Tucumã and Ourilândia do Norte (pop +70,000) – mining communities with skilled workforce

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• Sealed road access to Vila de Conde Free Access Port or rail to Sao Luis

• Ideally positioned to feed the global battery supply chain

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Tucumã Township, Para, Brazil
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Vila de Conde Port, Para, Brazil
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GHG Emissions – Forecast to be a Class-leader Powered by renewables & high-grade nickel sulphides

GHG Intensity Curve – Nickel (E1 GHG Emission Metrics®)

Jaguar Nickel Sulphate Project 4.69t of CO2/t of NiEq Life-of-mine CO 2 footprint forecast to be lower than 97% of global nickel production

The best nickel tonnes are those with the lowest GHG Emissions and highest Operating Cash Margins

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Jaguar Project – Large-tonnage high quality Resource Low-cost open pit & underground operations

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JORC Mineral Resource Estimate: 58.9Mt @ 0.96% Ni for 562,600 tonnes of contained nickel metal

• Current JORC MRE based on +74,000m of diamond drilling

• 80% of MRE within 200m of surface

• 7 x Diamond and 1 RC Rig on site

• Next JORC Resource up-grade planned for Q4 2021

• +75% of mill feed from open pit; LOM strip-ratio of 6.5:1

Blended Mill Feed:

33.7Mt @ 1.01% Ni for 341,300t of contained Ni over initial ~13-year LOM

• +60% of Mill Feed in Indicated Resource Category

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Jaguar Project – Compelling Economics Nickel sulphate plant to treat 2.7Mtpa

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Targeting world’s best-practice tailings & emissions management

• Processing Plant Capacity – 2.7Mtpa

• Development Capital – US$288 million

• Low capital intensity – US$14,500/t Annual Ni Prod’n

• After Tax Payback – 1.8 Years

• Integrated Waste Landform (IWL):

• Optimises use of mine waste

• Highest safety factor against embankment failure

At US$9.00/lb LOM Ni price, post tax NPV A$1.62 billion with 70% IRR 8

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Jaguar Project – Approvals & Stakeholder Engagement Building relationships now and for the future

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Environmental Approvals On-Track

• Majority of the project footprint already disturbed (pasture land)

• Lodgement of EIA/RIMA completed – August 2021

Land Access

• Secured possession of two key properties that cover an area of 1,500 hectares for the long-term benefit of the Project.

Social Programs Underway

• Public/Private Partnership with Sao Felix municipality to upgrade roads

• Social programs with local communities, focus on health and water quality

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• Set to contribute over R$2.0 billion (+US$400 million) in taxes and government royalties – 65% of royalties goes to local municipalities

Health & Safety and our COVID-19 Response

• 100-person site exploration camp operational to mitigate risk of COVID-19 transmission – closely supporting local health services

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Jaguar Project – Resource Growth and Upside 65km of development & growth drilling for 2021

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Onça Deposits Resource Development & Growth
20km of in-fill and extensional drilling
15km of step-out drilling
5km of geotechnical & metallurgical drilling
Jaguar Deposits
+3.0km
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Greenfields Growth Drilling 25km RC drill program underway

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Jaguar Project – Resource Growth and Upside Deep plumbing systems in the Carajás

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1.0% Cu 0.4 - 1.0% Cu

World-class Carajás IOCG deposits hosted in regional-scale structures. Salobo (Cu-Au) Mine, mineralisation to depths of +1,500m and remains open! JAGUAR IS JUST GETTING STARTED

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Source: Wheaton Precious Metals: Salobo Cu-Au Mine, Technical Report, December 2019

Jaguar Project – Resource Growth and Upside Deep plumbing - open at depth & below UG stope limits

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Jaguar South Jaguar Central Onça Preta
300m
350m
Untested
Untested
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Jaguar Project – Resource Growth and Upside DHEM to drive more deep massive sulphide discoveries

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DHEM Conductor plates extend +270m below deepest drilling

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DHEM Plates
Open & Untested
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17.6m @ 4.86% Ni from 208m, within 56.1m @ 2.05 Ni

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– Jaguar Project Greenfields Discovery Pipeline The Tigre Prospect – the next cat off the rank?

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Tigre greenfields discovery drilling has intersected nickel sulphide mineralisation up to 10m thick over 700m strike

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Exploration Pipeline

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Tigre

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Leão

Dente de Sabre Twister Roquefera Puma Contact Fliperama Jaguar Central Sul Onça Preta SE Jaguar NE Extension Filhote (PGEs)

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Jaguar Project Targeted Development Timeline

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Q3/2023 – Formal Decision to Mine

Q4/2022 – Definitive Feasibility Study

Q4/2021 & Q2/2022 – MRE Resource Upgrades

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Q3/2021 – Lodge Key Environmental Licence Q1/2021– MRE Upgrade & Scoping Study Results

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Corporate Summary

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Capital Structure	October 2021
Shares on Issue	358m
Unlisted Options	12m
Top 20 Holders	62%
Market Capitalisation ($1.05)	A$376m
Cash – 30/9/21	A$16m
Other Significant Assets	Jambreiro Iron Ore Project

Substantial Shareholders
Sprott Inc.	9.6%
McCusker Holdings Pty Ltd	8.0%
Harmanis Holdings	5.2%
Dundee Corporation	5.1%
Board and Management	4.5%
Broker Research	Analyst
Argonaut	George Ross
Sprott	Brock Salier
Euroz Hartleys	Jon Bishop
Canaccord Genuity	Paul Howard

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Centaurus

Key investment takeaways

• Nickel focus – sustainable nickel sulphide asset leveraged to strong long-term Class-1 nickel market outlook

• Extremely low carbon footprint – estimated to be lower than 97% of global nickel production

• Favourable infrastructure-rich project location – the world-class Carajás Mineral Province

• Globally Significant Maiden JORC Resource – 58.9Mt at 0.96% Ni for 562,600 tonnes of contained nickel

• Project Scope currently shows Mill Feed of 33.7Mt @ 1.01% Ni for 341,300t of nickel to produce +20ktpa of nickel in sulphate and a MSP over initial mine life of 13 years

• Low capital intensity, low operating costs and strong cash flow generation (A$252 million per annum LOM)

• Strong returns: Post ‐ tax NPV8 of ~A$1.11 billion (US$831 million) with a post-tax IRR of ~52% @ US$7.50/lb

• Outstanding growth potential – deposits open at depth and along strike with further drilling underway; multiple greenfields prospects with walk-up drill targets (65km of drilling in 2021)

• The right team and well funded for exploration & feasibility study work

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

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Jaguar: Accelerating towards the world’s next green nickel project

Boom in a Room Conference │ October 2021 Darren Gordon, Managing Director Contact us office@centaurus.com.au.au (+61) 8 6424 8420 Follow our communications: : Centaurus Metals : @CentaurusMetals

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Centaurus

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March 2021 JORC MRE & May 2021 Production Target

Deposit	Resource Category	Tonnes Mt	Ni %	Grade Cu %	Co ppm	Contained Metal kt Ni Cu	Contained Metal kt Ni Cu	Co	Mining Method	Material Type	Resource Category	Ore Mt	Ni %	Ni Metal kt
	IND	7.4	1.19	0.06	239	87.4	4.2	1.8	Open Pit	High-grade	IND	12.8	1.09%	140.2
Jaguar South	INF	11.3	0.83	0.04	184	93.9	4.3	2.1		>0.6% Ni	INF	7.6	0.90%	68.1
	Total	18.7	0.97	0.05	206	181.3	8.6	3.9			Mill Feed	20.4	1.02%	208.3
	IND	8.4	0.99	0.06	267	83.1	5.2	2.2		Low-grade	IND	7.2	0.42%	30.2
Jaguar Central	INF	1.8	1.06	0.06	269	19.3	1.1	0.5		0.3-0.6% Ni	INF	9.0	0.42%	37.8
	Total	10.2	1.00	0.06	268	102.4	6.3	2.7			Total	16.2	0.42%	68.0
Jaguar North	IND INF	2.3 1.0	1.08 1.12	0.14 0.28	349 353	24.5 11.4	3.2 2.8	0.8 0.4			IND INF	20.0 16.6	0.85% 0.64%	170.4 105.9
	Total	3.3	1.09	0.18	350	35.9	6.0	1.2
									Open Pit Production Target		Total	36.6	0.76%	276.3
Jaguar Central North	INF / Total	5.8	0.80	0.05	210	46.7	3.0	1.2	Underground		IND	1.4	1.30%	17.6
Jaguar Northeast	INF / Total	8.3	0.78	0.09	253	64.9	7.3	2.1			INF	7.1	0.96%	67.9
Jaguar West	INF / Total	5.7	0.80	0.04	150	45.2	2.1	0.9	Underground Production Target		Mill Feed	8.5	1.01%	85.4
	INF	18.0	1.08	0.07	266	195.0	12.6	4.8			IND	21.4	0.88%	187.9
Jaguar Deposits	IND	34.0	0.83	0.06	209	281.3	20.8	7.1			INF	23.7	0.73%	173.8
	Total	52.0	0.92	0.06	229	476.3	33.4	11.9	Total Production Target		Total	45.0	0.80%	361.7
	INF	2.1	1.47	0.11	762	30.9	2.3	1.6
Onça Preta	IND	1.6	1.71	0.05	236	27.0	0.8	0.4	Ore-sorter Product*		Mill Feed	4.8	0.98%	47.3
	Total	3.7	1.58	0.08	536	57.8	3.1	2.0	LOM Mill Feed		Total	33.7	1.01%	341.3
Onça Rosa	INF / Total	3.2	0.88	0.06	251	28.5	1.8	0.8	*Ore-sorter product has been processed	pre-concentrator
	IND	20.1	1.12	0.07	318	225.8	14.9	6.4
Jaguar MRE Total	INF	38.8	0.87	0.06	214	336.8	23.4	8.3
	Grand Total	58.9	0.96	0.07	249	562.6	38.3	14.7

* Within 200m of surface cut-off grade 0.3% 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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