CENTAURUS METALS LIMITED — Investor Presentation 2021

Mar 31, 2021

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Jaguar: a globally significant nickel sulphide project for a clean energy future

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

Scoping Study Base Case Presentation 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$178M 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 announcement dated 29 March 2021 which is available on the Company’s website at www.centaurus.com.au . The Company confirms that that all material assumptions underpinning the Jaguar Project Scoping Study as detailed in the ASX market announcement of 29 March 2021 continue to apply and have not materially changed.

2

Centaurus Metals

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A compelling nickel investment for an inevitable clean energy future

Infrastructure rich,

Post Tax NPV 8 World-class Low C1 Cash Costs A$604 Million Carajás Mineral US$2.41/lb with IRR of 54% Province, Brazil Total Revenue JORC Mineral Resource Mill Feed 58.9Mt @ 0.96% Ni for 24.0Mt @ 1.08% Ni for US$2.42 Billion 562,600t Ni Metal 260,300t Ni Metal @ US$7.50/lb nickel price Jaguar is set to deliver +20,000 tonnes per annum of clean and low-cost Class-1 nickel in concentrate over initial 10 year mine life

Payback – after tax 1.9 years Development Capital US$178 Million (incl US$24M contingency)

MRE growth opportunities:

65,000m of Drilling in 2021 with 2/3 being Step-Out & Greenfields Drilling

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Corporate Summary

Capital Structure	March 2021
Shares on Issue	329.3m
Listed Options (EP $0.18, Exp 31/5/21)	25.4m
Unlisted Options Top 20 Holders	13.1m 61.5%
Market Capitalisation ($0.73)	A$240.4m
Cash as at 28 February 2021	A$20.8m
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
RockyOsborne	Principal Geoscientist

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Substantial Shareholders

Sprott Inc.		10.6%
McCusker Holdings Pty Ltd		8.4%
Dundee Corporation		5.1%
Board and Management		4.0%
Broker Research		Date
Sprott	Brock Salier	29 March 2021
Euroz Hartleys	Jon Bishop	30 March 2021
Argonaut	George Ross	8 February 2021

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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?

• EVs require Class-1 nickel

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

5

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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Brazil’s Carajás Mineral Province A Tier-1 global mining province

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• One of the world’s most prolific mining regions – effective industrial zone of Brazil

• Extensive infrastructure to support project development

Jaguar Nickel Sulphide Project 58.9Mt at 0.96% Ni Inc. 20.0Mt at 1.56% Ni

• 10 IOCG deposits with resources of +100Mt Cu-Au for +4.0Bt of Cu-Au resources, including Vale’s giant Salobo Mine

• Hosts the largest high-grade iron ore deposits on the planet, plus multiple large nickel laterite mines and deposits

AND NOW

The Carajás contains one of the world’s largest known concentrations of largetonnage mineral deposits

• Hosts one of the largest near-surface undeveloped nickel sulphide resources –

• globally the Jaguar Nickel Sulphide Project

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Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

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Jaguar Nickel Sulphide Project
58.9Mt at 0.96% Ni
Inc. 20.0Mt at 1.56% Ni
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• 40km north of regional mining centres of Tucumã and Ourilândia do Norte (population ~70,000) – mining towns with strong skilled workforce

• High-Voltage (138kV) grid power to be accessed from Tucumã sub-station – 80% of power generation in Brazil is from renewables (mainly hydro and solar) resulting in low cost, clean power (less than US$0.10/kWh)

● Mining Lease Application lodged

• First Property secured with negotiations for two more advancing well

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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 16,800t 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 35,000t 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

• 4 x Diamond rigs operating double shift. New RC drill contractor mobilising to site

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

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Production Target: 32.8Mt @ 0.84% Ni for 275,600 tonnes of contained nickel over initial 10 year mine life

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

• +80% of mill feed from open pit,

• LOM strip-ratio of 6.0:1 ;

Production Target Resource Category	Ore Mt	Ni %	Ni Metal kt
Indicated	18.5	0.90%	166.8
Inferred Production Target	14.3 32.8	0.76% 0.84%	108.8 275.6
Mill Feed Source	Ore Mt	Ni %	Ni Metal kt
OP High-grade	17.1	1.05%	179.1
Underground	3.2	1.36%	43.7
Ore-sorter Product*	3.8	0.98%	36.9
Total Mill Feed	24.0	1.08%	260.3

• +60% of Mill Feed in Indicated Resource Category;

• UG presently only at Jaguar South & Onca Preta (starting year 4)

• Outstanding opportunity to grow mine life from multiple sources

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

Mill Feed: 24.0Mt @ 1.08% Ni for 260,300 tonnes of contained nickel

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Jaguar Project - Processing Plant Base Case - Conventional flotation plant to treat 2.7Mtpa

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● Study Partners

• DRA Global - Independent plant engineering

• ALS - Metallurgical testwork

• Steinert - ore sorting pilot tests

• Pre-concentration ore-sorter stage to process low-grade material (~12Mt)

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

• Metallurgy Results

• LOM mill recovery of 78%

• High-quality ~16% nickel concentrate grade

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

Deposit	% Ni Feed	% Non-sulphide Ni in Feed	Sulphide Ni Recovery	Total Ni Recovery
Jaguar South	1.08	0.14	90%	78%
Jaguar Central	1.03	0.15	90%	77%
Jaguar North	0.96	0.14	90%	77%
Onça Preta	1.17	0.13	90%	80%

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Jaguar Project - Non-Processing Infrastructure Worlds’ best practice tailings management

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• Tailings storage conceptual study completed by industry expert Chris Lane (L&MGSPL);

• Integrated Waste Landform (IWL) was chosen as Tailings storage solution as this;

• Optimises use of mine waste; and

• Highest safety factor against embankment failure;

• Power to be supplied to site by a 138kV transmission line from the national energy grid at Tucumã, 39km from the Project;

• More than 80% of grid power in Brazil generated from renewable sources , mainly hydro power;

• 40km access road between Tucumã and the project site to be upgraded.

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Onca Pits
Integrated Waste
Landform
Waste deposits
Jaguar Central Pit
Jaguar South Pit
Processing Plant
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Jaguar Project Capital & Operating Costs Low capital intensity and operating costs

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Pre-production Capital

Pre-Production Capital Cost	Base Case US$M
Mining (IWL & Pre-Strip) Flotation Circuit Equipment	32.7 44.5
Electrical In-Plant Piping General Site - Earthworks	12.9 5.3 1.8
Contractor Mobilisation Allowance Engineering Design/Draft Labour	1.2 7.1
Project & Construction Management	7.2
Commissioning	0.9
Project Support Infrastructure (Incl Power Line and Road)	30.7
Owners Costs	9.2
Sub total	153.5
Contingency	24.1
Total	177.6

Operation Costs

Operating Cost	US$/t ore	US$/t metal	US$/lb
Mining	29.05	3,434	1.56
Processing	11.33	1,340	0.61
Concentrate Logistics	3.55	420	0.19
General & Administration	2.13	251	0.11
By-product Credit	(1.07)	(127)	(0.06)
Total C1 Costs	44.99	5,318	2.41

• Plant capital and operating estimates completed by DRA Global; mine capital and operating estimates by Entech & ReMetallica;

• Low capital intensity - ~ US$9,000/tonne of annual nickel production ;

• Post tax capital payback of ~1.9 years from first nickel concentrate production

• Life-of-Mine (“LOM”) C1 cash costs of operations of ~ US$2.41/lb

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Jaguar Project Scoping Base Case Study Results Real value from a high-grade sustainable operation

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Base Case Scoping Study: Open pit and underground mining delivering ore to a 2.7Mtpa conventional nickel flotation plant

Post Tax NPV 8

8 Total Revenue A$604 Million US$2.45 Billion with IRR of 54% @US$7.50/lb nickel price

@US$7.50/lb nickel price

LOM Average Annual Free Cash (pre-tax) US$109 Million

C1 Cash Costs

US$2.41/lb Payback – after tax

Development Capital

US$178 Million (incl US$24M contingency)

1.9 years

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Nickel in Concentrate
25.0
20.9 20.7 21.7 21.1 21.3 21.3 21.1 20.7
20.0 19.0
15.0
9.3
10.0
6.1
5.0
-
kt
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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Presently defined Resources to Initially Deliver 203kt of Class-1 Nickel in Concentrate over 10 Year mine life

At US$9/lb LOM nickel price, post tax NPV8 lifts to A$1.01 billion with an IRR of 80%

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Jaguar Project – Value-Add Case Scoping Study In Progress

Value-adding opportunities

• Scoping Study to consider value-adding opportunities including Pressure Oxidation (POx) to produce nickel metal or nickel sulphate

• POx testing at ALS delivered excellent results extractions of nickel, copper and cobalt all exceeding 99%

• Key economic drivers to the viability of the POx value-adding route are the Project’s location in north-eastern Brazil, which means:

• Access to low-cost, clean energy (+80% renewables)

• Relatively low-cost skilled labour market

• Access to low-cost residue neutralisation material

• Availability of high-quality fresh water

Centaurus aspires to deliver a constant supply of clean and sustainable Class-1 nickel from the Jaguar Project over a long mine life.

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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 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)

• Partnership in place with municipality to upgrade roads

• Very strong community support for the project

• Target date to lodge EIA/RIMA – Q2 2021

Land Access

• Secured possession of a key property that covers area of 1,010 hectares for the long term benefit of the Project.

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

• Negotiations well advanced for two further properties

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Centaurus

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Social Integration

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Before
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After
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Strong community support for Jaguar Project

• Centaurus’ ESG is based on a combination of the TSM with PRI program

• principles as they relate to exploration and pre-development activities

• Current social integration initiatives include:

• Employees working on the project now residing in Tucumã, solidifying relationship between the Company and the community with >90% of the workforce from the SE region of the State of Pará.

• Construction of bridges, installation of culverts and upgrade of road between the town and the site.

• Partnership with the two nearby villages to improve their sanitation systems (waste disposal, water supply and sewage treatment).

• More than 80% of supplies and services for exploration and development sourced from the local community

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Centaurus

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Our COVID-19 response

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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 the community

● Community Support:

• 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

• Business-continuity precautionary measures in place including:

• Enhanced sanitisation procedures and daily health screenings

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

• On site teams separated into multiple shifts and work groups

• COVID-19 testing of Tucumã team monthly as well as all new arrivals to site – Full time nurse employed to undertake tests and support OHS team

• Elimination of all non-essential travel

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Centaurus been able to manage its drilling programs in a safe and sustainable manner

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Jaguar Project Targeted Development Timeline

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Q3/2023 – Formal Decision to Mine
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Q4/2022 – Definitive Feasibility Study
Q4/2021 – Pre-Feasibility Study
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Q2/2021 – Lodge Key Environmental Licence
Q1/2021 – MRE Upgrade & Scoping Study Results
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Jaguar Project – Growth and Upside 65km of development & growth drilling underway

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Resource Development & Growth
20km of in-fill and extensional drilling
15km of step-out drilling
5km of geotechnical & metallurgical drilling
Greenfields Growth Drilling
25km drill program now
underway
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Jaguar Project – Growth and Upside Structural model - targeting more high-grade

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Jaguar Central
Jaguar South
11.0m at 0.76% Ni (frm 127m) High-grade structural traps
20.0m at 1.00% Ni (frm 153m) in the ductile ‘Z-structures’
-
are there more HG shoots
30.8m at 3.30% Ni (frm 181m) like Jaguar Central and
Inc. 12.0m at 2.31% Niand 12.1m at 5.38% Ni (frm 181m)(frm 195m) Jaguar South?
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JAG-DD-20-104 – 195.3m to 207.4m down-hole 12.1m at 5.38% Ni, 0.31% Cu and 0.09% Co

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Jaguar Project – Growth and Upside Deep plumbing system remains open and untested

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DHEM to drive deep
massive sulphide
discoveries
200m
250m
300m
Untested
Untested
Untested
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Jaguar Project – Growth and Upside Near-mine greenfields exploration upside

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Multiple untested prospects

Coincident GeoTEM, Ground Mag and Geochem targets

Detailed Ground Mag – completed

FLEM – underway

• Soil sampling & mapping – underway

• 25km regional drilling program planned for 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

• Base Case Scoping Study considers a conventional flotation plant to treat 2.7Mtpa with Mill Feed of 24.0Mt @ 1.08% Ni for 260,300t of contained nickel to produce more than 20,000 tonnes per annum of nickel in concentrate over an initial mine life of 10 years

• Low capital (US$178 million) and low operating costs (US$2.41/lb);

• Strong returns: Post-tax NPV8 of ~AS$604 million (US$453 million) with a post-tax IRR of ~54%

• First Land acquisition agreement completed - significant de-risking step for the potential future development of the Jaguar Project

• Resource and Greenfields growth – deposits open at depth and along strike with outstanding potential for resource growth with further drilling (in-fill and step-out drilling underway); multiple greenfields prospects with walk-up drill targets (65km of drilling in 2021)

• ● Well funded – over $20.5 million in cash at 28 February 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: a globally significant nickel sulphide project for a clean energy future

Authorised for Release by Managing Director – Darren Gordon 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 & Scoping Study 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	11.5	1.11%	127.1
Jaguar South	INF	11.3	0.83	0.04	184	93.9	4.3	2.1		>0.6% Ni	INF	5.6	0.93%	52.0
	Total	18.7	0.97	0.05	206	181.3	8.6	3.9			Mill Feed	17.1	1.05%	179.1
	IND	8.4	0.99	0.06	267	83.1	5.2	2.2		Low-grade	IND	6.1	0.42%	25.5
Jaguar Central	INF	1.8	1.06	0.06	269	19.3	1.1	0.5		0.3-0.6% Ni	INF	6.5	0.42%	27.3
	Total	10.2	1.00	0.06	268	102.4	6.3	2.7			Total	12.6	0.42%	52.8
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	17.5 12.1	0.87% 0.66%	152.6 79.2
	Total	3.3	1.09	0.18	350	35.9	6.0	1.2
									Open Pit Production Target		Total	29.6	0.78%	231.8
Jaguar Central North	INF / Total	5.8	0.80	0.05	210	46.7	3.0	1.2	Underground		IND	0.9	1.51%	14.2
Jaguar Northeast	INF / Total	8.3	0.78	0.09	253	64.9	7.3	2.1			INF	2.3	1.30%	29.5
Jaguar West	INF / Total	5.7	0.80	0.04	150	45.2	2.1	0.9	Underground Production Target		Mill Feed	3.2	1.36%	43.7
	INF	18.0	1.08	0.07	266	195.0	12.6	4.8			IND	18.5	0.90%	166.8
Jaguar Deposits	IND	34.0	0.83	0.06	209	281.3	20.8	7.1			INF	14.3	0.76%	108.8
	Total	52.0	0.92	0.06	229	476.3	33.4	11.9	Total Production Target		Total	32.8	0.84%	275.6
	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	3.8	0.98%	36.9
	Total	3.7	1.58	0.08	536	57.8	3.1	2.0	LOM Mill Feed		Total	24.0	1.08%	260.3
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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