CENTAURUS METALS LIMITED — Investor Presentation 2021

May 30, 2021

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Jaguar Value-Add Scoping Study: Plugging directly into the global lithium-ion battery boom

Developing a long-life, clean energy nickel project in the heart of Brazil’s premier Carajás Mineral Province

Investor Update │ May 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 aspiration 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

• Current nickel market size ~2.5Mtpa

• Nickel demand for batteries growing strongly but from a low base – still only 145,000tpa or 6% of market

• 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 per annum

• Market looking for “green” nickel – CTM can deliver this

WHERE IS THE NEW SUPPLY COMING FROM?

• EV’s require Class-1 nickel

• To achieve green nickel production, Class-1 requirement will preferably come from sulphide sources – secondly from HPAL sources

• Unlikely any green EV battery maker will source its nickel from NPI

• Carbon footprint of Jaguar Project significantly lower than any HPAL/NPI Laterite Project

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Centaurus Metals

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A compelling nickel investment for a clean energy future

Post Tax NPV JORC Mineral Resource 8 Low C1 Cash Costs Payback – after tax 58.9Mt @ 0.96% Ni A$1.11 billion US$3.29/lb Ni 1.8 years 562,600t Ni Metal with IRR of 52% Total Revenue Development Capital Mill Feed High Operating Cash Margin US$4.53 billion US$288 million 33.7Mt @ 1.01% Ni US$4.27/lb Ni @US$7.50/lb nickel price (incl US$42M contingency) +US$0.50/lb sulphate premium Jaguar is set to be a low-carbon emission MRE growth opportunities: Ni Sulphate Production producer of +20,000 tonnes per annum of 65,000m of drilling 262,100t Ni Metal class-1 battery grade nickel in sulphate 4 DD + 1 RC rig on site over initial 3 further DD Rigs arriving in June 13-year mine life

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Centaurus Metals

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Investing in downstream processing adds significant value

Mill Feed 24.0Mt @ 1.08% Ni for 260,300t Ni Metal

Base Case: ValueAdd:

Mill Feed

33.7Mt @ 1.01% Ni for 341,300t Ni Metal

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81,000t Ni + Zn/Co/Ni MSP

Total Revenue US$2.42 billion @ US$7.50/lb Ni price & 75% Payability

Total Revenue US$4.53 billion @ US$7.50/lb Ni price +US$0.50/lb sulphate premium

US$2.11 billion

Post Tax NPV 8 A$604 million with IRR of 54%

Post Tax NPV 8 A$1.11 billion with IRR of 52% A$505 million

Cash Operating Margin US$2.74/lb Ni

Cash Operating Margin US$4.27/lb Ni +US$1.53/lb Ni

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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 globes 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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• 900km by road 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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Jaguar Project – Resource A large-tonnage, high-quality resource at surface

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

Global: 3.2Mt at 0.88% Ni for 28,500t contained Ni High-grade: 0.8Mt at 1.97% Ni for 16,300t contained Ni

Global: 10.2Mt at 1.00% Ni for 102,400t contained Ni High-grade: 4.1Mt at 1.52% Ni for 61,800t contained Ni

Global: 3.7Mt at 1.58% Ni for 57,800t contained Ni High-grade: 3.0Mt at 1.74% Ni for 52,600t contained Ni

Global: 3.3Mt at 1.09% Ni for 35,900t contained Ni High-grade: 1.7Mt at 1.44% Ni for 24,000t contained Ni

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

• 80% of MRE is within 200m of surface

• 40% of MRE (contained metal) is now 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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Global: 18.7Mt at 0.97% Ni for 181,300t contained Ni High-grade: 6.5Mt at 1.59% Ni for 103,900t contained Ni

Acquisition & discovery costs of ~US$0.02/lb of nickel

• 4 x Diamond rigs and 1 RC Rigs operating double shift

• Another 3 DD rigs to arrive in June

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Jaguar Project – Mining Low-cost open pit & underground operations

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Production Target: 45.0Mt @ 0.80% Ni for 361,700t of contained Ni over initial ~13-year LOM

• Independent Mining & Geotech studies were completed by Entech (Australia) & ReMetallica (Brazil)

• +75% of mill feed from open pit

• LOM strip-ratio of 6.5:1

Production Target Resource Category	Ore Mt	Ni %	Ni Metal kt
Indicated	21.4	0.88%	187.9
Inferred Production Target	23.7 45.0	0.73% 0.80%	173.8 361.7
Mill Feed Source	Ore Mt	Ni %	Ni Metal kt
OP High-grade	20.4	1.02%	208.3
Underground	8.5	1.01%	85.4
Ore-sorter Product*	4.8	0.98%	47.3
Total Mill Feed	33.7	1.01%	341.3

*Ore-sorter product has been processed pre-concentrator; Totals are rounded to reflect acceptable precision, subtotals may not reflect global totals.

• +60% of Mill Feed in Indicated Resource Category

• +60% Resources converted to Production Target

• Outstanding opportunity to grow mine life from multiple sources

Blended Mill Feed:

33.7Mt @ 1.01% Ni for 341,300t of contained Ni

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Jaguar Project – Processing Plant Value-Add – nickel sulphate plant to treat 2.7Mtpa

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• Study Partners

• DRA Global – Independent plant engineering

• ALS – Metallurgical testwork

• Steinert – ore sorting pilot tests

• Ore Sorting Testwork

• 0.47% Ni feed upgraded to 1.09% Ni with a 25% mass-recovery

• Flotation Testwork

• Optimisation of nickel/sulphur flotation

• ● LOM Recovery increased from 78% 82%

• High Fe:MgO ratio (+9) and low impurities

• Hydrometallurgical Testwork

• Nickel, cobalt, copper and zinc extraction all exceeding 99%

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Jaguar Project – Environmental Credentials Targeting world’s best-practice tailings & emissions management

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• Tailings storage conceptual study completed by industry expert Chris Lane. Integrated Waste Landform (IWL) chosen as tailings solution

• Optimises use of mine waste; and

• Highest safety factor against embankment failure

• Sulphate tailings and residue is near inert and further reduces the potential environmental impact of the surface storage of the tailings

• Opportunity to recover ammonia sulphate (fertiliser) as by-product from waste

• Nickel Sulphate has significantly lower carbon footprint v laterite projects using HPAL or NPI

• Powered by a 138kV line from the national grid: Brazil @ + 80% renewable power , mainly hydro power – reduced carbon emissions

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Jaguar Project – Approvals and Land Access Environmental licensing advancing well

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Environmental Approvals On-Track

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

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

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

• Very strong community support for the project

• Target date to lodge EIA/RIMA – Q2 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.

• Significant de-risking step for the potential development of a future mining operation

• Negotiations advancing in respect to two further properties

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Jaguar Project – Responsible Exploration & Mining Building relationships now and for the future

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Social Programs Implemented

• Social programs underway with local municipalities where the Company operates, currently focused on health and water quality

• Partnership in place with municipalities to upgrade roads

• Jaguar is forecast to engage up to 1,000 personnel during construction and 300-500 during operations

• 80% of exploration and early development work awarded to local suppliers

• Set to contribute over R$2.0 billion (+US$400 million) in taxes and government royalties - 65% of government (CFEM) royalty goes back to the local municipality

Health & Safety and our Covid-19 Response

• 100 person site exploration camp operational in order to mitigate risk of Covid-19 transmission during working week

• Test kits and PPE donated to the local health services

• Full time nurse employed to manage Covid-19 related activities and support OHS team

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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 and Q2/2022 – MRE Resource Upgrade
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Q2/2021 – Lodge Key Environmental Licence
Q1/2021 – MRE Upgrade & Scoping Study Results
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Jaguar Project – Proceeding Straight to DFS Robust project with plenty of project development & Ni price upside

Project Development Opportunities

Post Tax NPV 8 Refine local based A$1.11 billion CAPEX & OPEX with IRR of 52% estimates

Mine Schedule Process Route optimisation by-product opportunities

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High Cash Operating Margin of US$4.27/lb Ni = downside protection & outstanding upside opportunity At US$9.00/lb LOM Ni price, post tax NPV8 A$1.62 billion with 70% IRR

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

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Resource Development & Growth
Onça Deposits
20km of in-fill and extensional drilling
15km of step-out drilling
5km of geotechnical & metallurgical drilling
Jaguar Deposits
+3.0km
Greenfields Growth Drilling
25km drill program now underway
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Jaguar Project – Resource Growth and Upside Deep plumbing system remains open and untested

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JAG-DD-20-104 – 195.3m to 207.4m down-hole 12.1m at 5.38% Ni, within 30.8m @ 3.30% Ni

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DHEM to drive deep massive sulphide discoveries

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Jaguar Project – Resource Growth and Upside Near-mine greenfields exploration upside

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25,000m Greenfields RC drill program underway

• +10 untested prospects

• Coincident targets from

• GeoTEM

• Fixed Loop EM

• Ground Mag

• Geochem

• FLEM & DHEM – ongoing

• Soil sampling & mapping – ongoing

Targeting new discoveries that can come into the open pit mine plan

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Corporate Summary

Capital Structure	May 2021
Proforma Shares on Issue - Post Exercise of 31/5/21 Options	357.2m
Unlisted Options	12.0m
Top 20 Holders	64%
Market Capitalisation ($0.73)	A$260.7m
Proforma Cash – 31 May 2021	~A$21m
Other Significant Assets	Jambreiro Iron Ore Project

Board and Management Team – Extensive Brazil & Nickel Sulphide Experience

Didier Murcia	Chair
Darren Gordon	ManagingDirector
Bruno Scarpelli (Brazil)	Executive Director and Brazil Country Manager
Mark Hancock	Non-Executive Director
Chris Banasik	Non-Executive Director
Roger Fitzhardinge	Operations Manager - Nickel
John Westdorp	Chief Financial Officer
Gaudius Montresor (Brazil)	Exploration Manager
Antonio Kalil (Brazil)	Environmental Manager
Antonio Campos (Brazil)	OHS Manager
John Knoblauch	Principal Metallurgist
Rocky Osborne	Principal Geoscientist

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	Substantial Shareholders
	Sprott Inc.		10.6%
	McCusker Holdings Pty Ltd		9.3%
	Dundee Corporation		5.1%
	Terrativa Minerais		4.8%
	Board and Management		4.0%
	Broker Research		Date
	Sprott	Brock Salier	21 April 2021
	Argonaut	George Ross	20 April 2021
	Euroz Hartleys	Jon Bishop	30 March 2021

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Centaurus

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Key investment takeaways

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

• 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 including Indicated component of 20.1Mt at 1.12% Ni for 225,800t of contained nickel

• Value-Add Scoping Study considers a nickel sulphate plant to treat 2.7Mtpa with 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 (US$288 million), low operating costs (US$3.29/lb) and strong annual cash flow generation;

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

• Two Land acquisition agreements completed – significant de-risking step for potential future development

• 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)

• Well funded – ~$21 million as at end of May 2021

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

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Jaguar Value-Add Scoping Study: Plugging directly into the global lithium-ion battery boom

Investor Update│ May 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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