CENTAURUS METALS LIMITED — Investor Presentation 2022

Mar 9, 2022

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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

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Euroz Hartleys Rottnest Conference - March 2022 Roger Fitzhardinge, GM – Exploration & Growth

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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 December 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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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
80.6Mt @ 0.91% Ni
for 730,700t Ni Metal
The Carajás contains one of the world’s largest known
concentrations of large-tonnage world-class mineral deposits
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High-quality Board and Management Team Extensive Brazil & Nickel Sulphide Experience

Board

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Didier Murcia, AM Darren Gordon Chair Managing Director Lawyer Chartered Accountant

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Bruno Scarpelli Executive Director Engineer

Chris Banasik Non-Executive Director Geologist

Mark Hancock Non-Executive Director Chartered Accountant

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Wayne Foote John Westdorp GM - Operations Chief Financial Officer

Roger Fitzhardinge GM – Exploration & Growth Geologist

Julia Oliveira Legal & Commercial Manager Lawyer

Gaudius Montresor Exploration Manager Geologist

Fábio Borges John Knoblauch Finance & Accounting Principal Metallurgist Manager Engineer Accountant

Engineer

Accountant

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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

• Jaguar Project is now a Strategic Mineral Project in Brazil

• Lodgement of updated PAE (Mining Lease Application) – November 2021

Land Access

• Secured possession of three key properties that cover an area of 2,000 hectares for the long-term benefit of the Project.

Social Programs Underway

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

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

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

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Jaguar Project – Processing Plant & Mine Infrastructure Nickel sulphate plant to treat 2.7Mtpa – can Jaguar deliver more?

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Blended Mill Feed: 33.7Mt @ 1.01% Ni for 341,300t of contained Ni over initial ~13-year LOM +75% of mill feed from open pit; LOM strip-ratio of 6.5:1

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Nickel Sulphate DFS

• Ausenco recently appointed DFS Lead Engineer

• Process route and product specification optimisation work is ongoing

• Partial Oxidation of sulphides looking favourable with significant capital and operating cost savings

• Nickel recovery from concentrate to sulphate – 98%

• Mining

• New open pit and UG optimisations and scheduling to drive production profile selection

• Pricing packages for mining contractor rate verification underway

• Integrated Waste Landform (IWL) – Geotech and design studies well advanced

  • Targeting world’s best-practice tailings & emissions management

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Jaguar Project Scoping Study Economics - Proceeded Straight to DFS

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• At conservative SS Ni prices of US$7.50/lb & US$0.50/lb sulphate premium

• Post Tax NPV of A$1.11 billion 52% IRR 8

• Operating Cash Margin of US$4.27/lb Ni

• LOM Annual Cash Flow (pre-tax) - US$189m

• Development Capital – US$288 million

• After Tax Payback – 1.8 Years

• Massive leverage to rising nickel price

At US$11.00/lb Ni price, post tax NPV8 A$2.58 billion with 102% IRR

Project Development Opportunities

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Refine local based
Resource
CAPEX & OPEX
Growth
estimates
Mine Schedule Process Route
optimisation by-product opportunities
kt
25 21.5 21.2 22.7 21.7 21.2 21.2 22.3 Nickel in Sulphate
20.0 19.7
20 18.7 18.4 18.7
15
9.5
10
5.6
5
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 10
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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 Resource up-grade set to underpin project capacity upgrade

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• JORC Mineral Resource Estimate: 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel metal

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• +500kt of nickel metal within 200m of surface

• Indicated Resource of 43.4Mt @ 0.92% Ni for 397,000t of nickel, 54% of the Global MRE

• High-grade component of 22.4Mt @ 1.59% Ni for 354,800t of nickel metal

• 12 x Diamond & 2 x RC Rigs on site

• Next JORC Resource up- 12

• grade planned for Q3 2022

Jaguar Project – Resource Growth and Upside A unique deposit with sustainable growth

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• +40% since the Company’s maiden Resource in June 2020 – that’s 213kt of contained nickel in 18 months

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• Currently adding 140,000tpa of Ni metal in resources

• Targeting 1 million tonnes of nickel metal by EOY 2023

• The largest nickel sulphide deposit on the ASX not held by the majors

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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 deep regional-scale structures. Salobo (Cu-Au) Mine, mineralisation to depths of +1,400m 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
400m
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 – Resource Growth and Upside More development & growth drilling for 2022

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Resource Development & Growth In-fill, step-out and extensional drilling Geotechnical & metallurgical drilling 12 diamond rigs on site

Greenfields Growth Drilling 2 RC rigs on site

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Jaguar Project Targeted Development Timeline

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End 2024 First Production 2023-24 – Construction phase Q3/2023 – Formal Decision to Mine Q4/2022 – Definitive Feasibility Study Q4/2021 & Q3/2022 – MRE Resource Upgrades Q3/Q4 2021 – Key Environmental & Mining Licenses lodged Q1/2021– MRE Upgrade & Scoping Study Results

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Corporate Summary

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Capital Structure	March 2022
Shares on Issue	423m
Unlisted Options	12m
Top 20 Holders	68%
Market Capitalisation ($1.30)	A$550m
Cash	A$75m
Other Significant Assets	Jambreiro Iron Ore Project

Substantial Shareholders
McCusker Holdings Pty Ltd	10.1%
Sprott Inc.	9.6%
Dundee Goodman	5.1%
Harmanis Holdings	4.8%
Board and Management	3.8%

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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 JORC Resource – 80.6Mt @ 0.91% Ni for 730,700 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. Likely to grow with new Resource

• Strong returns and cash flow generation with massive leverage to rising nickel price – pre tax EBITDA of ~US$365m (~A$500m) per annum nickel price of US$11/lb

• Outstanding growth potential – deposits open at depth and along strike with further drilling underway

• The right team and well funded with ~A$75m for exploration & DFS work

Centaurus represents a rare opportunity to invest in what is quickly becoming the world’s premier nearsurface nickel sulphide development project with class-leading GHG emission credentials, at the perfect time in the nickel market cycle.

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

March 2022 Roger Fitzhardinge, GM – Exploration & Growth Contact us office@centaurus.com.au.au (+61) 8 6424 8420 Follow our communications: : Centaurus Metals : @CentaurusMetals

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