CENTAURUS METALS LIMITED — Investor Presentation 2021

Mar 9, 2021

==> picture [189 x 102] intentionally omitted <==

==> picture [43 x 58] intentionally omitted <==

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

==> picture [237 x 57] intentionally omitted <==

Euroz Hartleys Rottnest Conference - March 2021 Darren Gordon, Managing Director

1

Disclaimer

==> picture [43 x 58] intentionally omitted <==

• 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 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 new February 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.

• 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

2

Centaurus Metals

A compelling nickel investment

• Developing the Jaguar Nickel Sulphide Project

• Located in the world-class Carajás Mineral Province – home to Vale, extensive regional mining infrastructure and some of the world’s largest deposits

• Globally significant Resource:

557,800 tonnes of nickel metal

• 58.6Mt @ 0.95% Ni (Indicated and Inferred)

• 80% of nickel tonnes within 200m of surface

• Indicated Resource increased by 50% to now be 19.9Mt @ 1.12% Ni for:

223,400 tonnes of nickel metal

• Multiple growth opportunities from extensional and step-out drilling and new discoveries

• 65,000m to be drilled over next 12 months – 5 rigs on site – more to come.

• Scoping Study advancing well targeting a long-life, sustainable source of Class-1 nickel for global markets

==> picture [43 x 58] intentionally omitted <==

==> picture [467 x 447] intentionally omitted <==

3

Centaurus

==> picture [43 x 58] intentionally omitted <==

Our COVID-19 response

==> picture [363 x 260] intentionally omitted <==

==> picture [363 x 167] intentionally omitted <==

• 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

• Site team separated into multiple shifts and teams

• Daily health screenings

• 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

==> picture [107 x 69] intentionally omitted <==

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

4

Centaurus

Social Integration

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 the local town, solidifying relationship between the Company and the community with >90% of the workforce from the SE region of the State of Pará.

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

• 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 made in respect to the exploration and development has been awarded to the local community

==> picture [43 x 58] intentionally omitted <==

==> picture [332 x 209] intentionally omitted <==

==> picture [332 x 218] intentionally omitted <==

5

Corporate Summary

Capital Structure	Capital Structure		March 2021
Shares on Issue			329.3m
Listed Options (EP $0.18, Exp		31/5/21)	27.3m
Unlisted Options			13.1m
Top 20 Holders			61.5%
Market Capitalisation ($0.72)			A$237.1m
Cash as at 31 December 2020			A$24.1m
Board and Management		Team –	Extensive Brazil & Nickel Sulphide Experience
Didier Murcia			Chair
Darren Gordon			Managing Director
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

==> picture [43 x 58] intentionally omitted <==

Substantial Shareholders
Sprott Inc.		10.6%
McCusker Holdings Pty Ltd		7.6%
Dundee Corporation		5.1%
Board and Management		4.0%
Broker Research		Date
Euroz Hartleys	Jon Bishop	4 February 2021
Sprott	Brock Salier	4 February 2021
Argonaut	George Ross	8 February 2021

6

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

• Current nickel market size ~2.5Mt

• Nickel demand for batteries growing strongly but from a low base – still only 145,000t 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

• 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

• Sulphide projects carbon footprint significantly lower than HPAL (and NPI conversion to matte)

7

Centaurus Metals Our vision

==> picture [335 x 309] intentionally omitted <==

==> picture [43 x 58] intentionally omitted <==

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.

8

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

==> picture [599 x 382] intentionally omitted <==

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

==> picture [43 x 58] intentionally omitted <==

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

• Extensive infrastructure to support project development

• 10 IOCG deposits with resources of +100Mt Cu-Au for +4.0Bt of Cu-Au resources, including 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

AND NOW

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

• globally the Jaguar Nickel Sulphide Project

9

Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

==> picture [552 x 283] intentionally omitted <==

• 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 and Land Access Agreements in place

==> picture [43 x 58] intentionally omitted <==

==> picture [309 x 423] intentionally omitted <==

10

Jaguar Project Overview

==> picture [43 x 58] intentionally omitted <==

A large-tonnage, high-quality resource from surface

JORC Mineral Resource Estimate : 58.6Mt @ 0.95% Ni for 557,800 tonnes of contained nickel metal

==> picture [569 x 353] intentionally omitted <==

• JORC MRE based on more than 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

High-grade component: 19.7Mt @ 1.56% Ni for 306,900 tonnes of nickel metal

Jaguar Project Overview A large-tonnage, high-quality resource at surface

==> picture [43 x 58] intentionally omitted <==

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

• 600m long FLEM plate at major regional structural intersection

• Step-out drilling to test DHEM conductors at depth – close to potential source of the hydrothermal nickel sulphide plumbing

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: 3.3Mt at 1.58% Ni for 53,000t contained Ni

High-grade: 2.8Mt at 1.75% Ni for 48,300t contained Ni

• +150m strike of semi-massive and massive nickel sulphides from surface to +300m depth

• • Grade and width increasing and open at depth

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

• 400m strike of semi-massive nickel sulphides from surface to +300m depth

• • Open along strike and down-dip

• 500m strike of semi-massive nickel sulphide from surface to +300m depth

• Shallow plunging mineralised shoot from surface ideal for early access to low-strip high-grade mineralisation

• Open along strike and down-dip

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

• High-grade from surface and open along strike and at depth - Step-out drilling planned to test DHEM conductors and down-dip extensions

12

Jaguar Project Development Base Case Scoping Study coming soon

Scoping Study due Q1 2021

• Study being progressed with support of industryleading consulting groups Entech and DRA Global

• Flotation tests deliver up to 80% nickel recoveries* from –

• Jaguar South and Onça Preta ore Jaguar Central and North testing underway.

• Base case is for the production of high quality nickel concentrate using conventional nickel flotation process

Significant Fiscal Benefits

• Income Tax Rate of 15% for the first 10 years likely

• to be available to the Company, once the project is operational

• Power costs in Brazil are low, with Centaurus likely to be able to source power for less than US$0.10/kWh

==> picture [43 x 58] intentionally omitted <==

==> picture [438 x 319] intentionally omitted <==

The Base Case development pathway for Jaguar is based on the construction of a Concentrator with low capital intensity using conventional nickel flotation to produce a high-grade concentrate.

13

• See ASX Announcement of 31 March 2020 for further details of the preliminary metallurgical testwork and results

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

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

• Key economic drivers to the viability of the POx valueadding 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

14

Jaguar Project Environmental licensing underway

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)

• 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

==> picture [43 x 58] intentionally omitted <==

==> picture [332 x 171] intentionally omitted <==

==> picture [332 x 249] intentionally omitted <==

15

Jaguar Project Targeted Development Timeline

==> picture [43 x 58] intentionally omitted <==

Q3/2023 – Formal Decision to Mine

Q4/2022 – Definitive Feasibility Study

Q4/2021 – Pre-Feasibility Study

• Q2/2021 – Lodge Key Environmental Licence

==> picture [429 x 33] intentionally omitted <==

----- Start of picture text -----

Q1/2021 – MRE Upgrade & Scoping Study Results
----- End of picture text -----

16

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

==> picture [43 x 58] intentionally omitted <==

==> picture [961 x 418] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

17

==> picture [43 x 58] intentionally omitted <==

Jaguar Project – Growth and Upside Structural model - targeting more high-grade

==> picture [563 x 249] intentionally omitted <==

JAG-DD-20-104 – 195.3m to 207.4m down-hole 12.1m at 5.38% Ni, 0.31% Cu and 0.09% Co

==> picture [342 x 390] intentionally omitted <==

==> picture [262 x 185] intentionally omitted <==

High-grade structural traps in the ductile ‘Z-structures’ - are there more HG shoots like Jaguar Central and Jaguar South?

18

==> picture [43 x 58] intentionally omitted <==

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

==> picture [680 x 441] intentionally omitted <==

----- Start of picture text -----

DHEM to drive deep
massive sulphide
discoveries
19
200m
250m
300m
Untested
Untested
Untested
----- End of picture text -----

==> picture [264 x 347] intentionally omitted <==

==> picture [267 x 92] intentionally omitted <==

Jaguar Project – Growth and Upside Near-mine exploration upside

==> picture [43 x 58] intentionally omitted <==

==> picture [702 x 418] intentionally omitted <==

Multiple untested prospects

Coincident GeoTEM, Ground Mag and Geochem targets

Detailed Ground Mag – completed

FLEM – underway

● Soil sampling & mapping – underway

• 25km regional drilling program underway

20

Centaurus

==> picture [43 x 58] intentionally omitted <==

Key investment takeaways

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

• Favourable project location – Carajás Mineral Province

• Globally Significant Maiden JORC Resource – 58.6Mt @ 0.95% Ni for 557,800t of contained nickel including Indicated component of 19.9Mt at 1.12% Ni for 223,400t of contained nickel

• 80% of MRE is within 200 metres of surface

• High Grade MRE of 19.7Mt @ 1.56% Ni for 306,900t of contained nickel

• Resource growth and development – deposits open at depth and along strike with outstanding potential for resource growth with further drilling (in-fill and step-out drilling underway)

• Greenfields growth – Multiple prospects with walk-up drill targets – RC drilling underway

• Scoping Study advancing well - to be delivered Q1 2021

• Well funded – over $24.0 million in cash at 31 December 2020

• 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.

21

==> picture [189 x 102] intentionally omitted <==

==> picture [43 x 58] intentionally omitted <==

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: LinkedIn: Centaurus Metals Twitter: @CentaurusMetals

22