CENTAURUS METALS LIMITED — Investor Presentation 2024

Aug 11, 2024

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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12 August 2024

Jaguar Project Diggers & Dealers Presentation - Amended

Centaurus Metals Limited (ASX Code: CTM, OTCQX: CTTZF) amends the announcement titled Jaguar Project – Digger & Dealers Presentation released to the market on 07/08/2024. Slide 23 of the announcement has been updated to include additional information on Ore Resources and Camp/Deposits location and ownership. No other changes have been made to the previous announcement.

For further enquiries please contact:

John Westdorp

Company Secretary Centaurus Metals Ltd T: +61 8 6424 8420

Authorised for release by:

Darren Gordon

Managing Director Centaurus Metals Ltd T: +61 8 6424 8420

Australian Office

Centaurus Metals Limited Level 2, 23 Ventnor Avenue West Perth WA 6005 AUSTRALIA

Brazilian Office

Centaurus Niquel Ltda Edificio Century Tower Rua Maria Luiza Santiago, 200 Santa Lúcia, 17º Andar - Sala 1703 Belo Horizonte - MG - CEP: 30360-740 BRAZIL

ASX: CTM

ACN 009 468 099 office@centaurus.com.au T: +61 8 6424 8420

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Unleashing Jaguar: Developing the world’s next significant nickel sulphide mine Darren Gordon, Managing Director

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Disclaimer

• 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 includes certain forward-looking statements. Forward looking statements include indications of, and guidance or outlook on, future earnings or financial position or performance, including forecast financial information derived from a production target. Forward-looking statements are 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 undue reliance on forward looking statements. Any forward-looking statements in this presentation speak only as of 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.

• This presentation contains information extracted from the following ASX market announcements made by the Company;

• ASX announcement dated 2 July 2024 in relation to the Jaguar Project Ore Reserve Estimate & Feasibility Study Results (slides 6, 10, 13-19 & 21); and

• ASX announcement dated 5 August 2024 in relation to the Jaguar Project Mineral Resource Estimate (slides 11,12 & 21)

• 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 noted above, and in the case of estimates of Mineral Resources and Ore Reserves, 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 were presented have not been materially modified from the original announcements.

Key Asset Jaguar Nickel Sulphide Project World-class nickel Resource of 1.2Mt contained nickel

Centaurus Metals Investment overview

First quartile capital and operating costs Favourable infrastructure-rich location in Brazil’s Carajás Province Building a Brazilian strategic minerals business to benefit our shareholders, our people and the communities where we operate Outstanding project economics

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FS shows production of 18.7ktpa of nickel over +18 year mine life

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Extremely low carbon
footprint powered by
renewables
Well-funded
$25m in cash, no debt
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Highly experienced team with strong mining, Brazil and corporate experience

Corporate Summary

Experienced leadership team, clean corporate structure and strong balance sheet with clear a pathway to value growth as project development advances.

496m Shares on issue

A$183m Market cap at A$0.37

Highly Experienced Board

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Didier Murcia, AM Darren Gordon Dr Natalia Streltsova Chair Managing Director Non-Executive Director Lawyer Chartered Accountant Chemical Engineer

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Mark Hancock Bruno Scarpelli Chris Banasik Non-Executive Director Executive Director Non-Executive Director Chartered Accountant Engineer Geologist

66.3% Top-20 holders

~A$25m Cash (30/6/24)

7.1m Unlisted options

Broker Coverage

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Unlisted options
Substantial Shareholders
McCusker,
13.1%
Regal, 6.3%
Harmanis,
5.0%
Lujeta, 9.0%
Other
Shareholders,
62.2%
Management,
4.4%
4
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Western Gigafactory Development Pipeline Over ~2,350GWh of capacity growth in the pipeline with ~1,950GWh Ni-based

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North American & European Gigafactory Pipeline [ (1)] Gigafactory Capacity (GWh) [(2)]
Europe North America
3,000
L N O 2,500
L N
N 2,000
O N N
N
1,500
N N N L
N N
O N N N 1,000
L
N N
L N N
500
N N
N -
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Estimated Nickel Imports Required (kt) [(3)]
Europe North America
Ni Based 1,692
N
776
N N
L 809
N
N
O N N 374
916
234
Ni Based N L
LFP N N N 13995 436
N
Other 2024 2030 2040
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Source: Woodmac
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• (1) Non-exhaustive list. Includes factories under Woodmac’s base case, probable and possible categories; (2) Includes gigafactories with nickel-based chemistries, LFP, solid state and polymer; (3) Estimated nickel required to be imported based on nickel intensity factor of 0.79 kg/kWh applied across nickel based gigafactories only, net of any locally supplied pCAM

Brazil – A Tier-1 Mining Location Responsible mining in an emission-friendly jurisdiction

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STRATEGIC MINERALS POLICY ENVIRONMENTAL ROAD MAP TO MINING Recently created to assist in the Approval process clearly defined Well-established mining regulation approval process for strategic with Jaguar EIA Approved and and tenement System minerals, including nickel preliminary Licence (LP) issued FAVOURABLE TAX SYSTEM ROYALTIES TO THE REGIONS RENEWABLE POWERHOUSE Royalties split between the 15% effective tax rate under 80% of Brazil’s power currently municipal (65%), State and Federal SUDAM Program generated from renewable sources authorities

Well-established mining regulation and tenement System

80% of Brazil’s power currently generated from renewable sources

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6
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Brazil’s Carajás Mineral Province A Tier-1 global mining province – “land of the giants”

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The Carajás contains one of the world’s largest known concentrations of large-tonnage world-class mineral deposits

Brazil’s Carajás Mineral Province Outstanding infrastructure and logistics

• High-Voltage (230kV) grid power runs within 40km of the Project

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

• Low cost, clean power

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

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

• Significant resource projects being developed near Jaguar

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Ero Copper 4Mtpa Copper Concentrator Build, Tucumã - Brazil

Vila de Conde Port, Para, Brazil

Tucumã Township, Para, Brazil

The New Nickel Sulphide Powerhouse on the ASX Positive Feasibility Study a key investment catalyst

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One of the world’s premier new near-surface nickel sulphide projects, with class-leading GHG emission credentials, poised to take advantage of surging demand for Class-1 nickel from the global EV industry.

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Ready to go

 FS complete, Key Environmental Licence issued  FID targeted for Q2 2025

Scale

• 18,700tpa Ni production, 18-year life

 Ore Reserve: 63Mt at 0.73% Ni – 459,200t Ni

Low costs

 Low up-front capital – US$371M

 First quartile AISC – US$3.57/lb

Strong returns

 US$2.11B (A$3.17B) LOM Post Tax operating CF  US$663M (A$997M) Post Tax NPV, 31% IRR

Class-leading ESG credentials

 Low-emission nickel – 7.27t of CO /t of Ni 2  Significant social and economic benefits

Jaguar – Low Operating Costs to Drive Strong Margins Open pit mining supported by low-cost, low-emission power US$0.035/kWh via 230kV Brazilian national grid powered by renewables Conventional open-cut mining and processing

Cost	US$/t of ore milled	US$/lb of Nickel in Concentrate Produced
Mining	$18.13	$1.55
Processing	$6.90	$0.59
G&A	$1.91	$0.16
TOTAL C1 CASH COST	$26.94	$2.30
Product Logistics	$6.92	$0.59
Royalties	$4.24	$0.36
Sustaining Capital	$3.75	$0.32
TOTAL AISC	$41.85	$3.57

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Jaguar – Low Operating Costs to Drive Strong Margins First quartile AISC amongst global operators and developers

Life-of-mine AISC of US$3.57/lb (Contained Basis) = US$4.70 Payable Basis

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Low AISC driven by US$0.035/kWh grid power – 100% renewables

Jaguar – Long Life with Low Capital Intensity Conventional nickel flotation plant

Capital payback of 2.7 years from first nickel concentrate production

Description	Total USD$M
Pre-Strip Mining (incl waste for IWL Construction)	67.8
Process Plant	101.0
Tailings and Water Management	18.5
Non-Process Infrastructure	77.3
Total Direct Pre-Production Capital Costs	264.6
Indirect Construction Costs	22.3
Engineering (EPCM/Spares/First Fills)	23.1
Owner's Costs	26.8
Total Direct & Indirect Pre-Production Capital Costs	336.8
Contingency (incl growth)	34.6
TOTAL PRE-PRODUCTION CAPITAL COST	371.4

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3.5Mtpa conventional nickel flotation plant to produce approximately 18,700tpa of recovered nickel metal for at least 18 years – with significant upside potential beyond the proposed open pit operations.

Jaguar – Long Life with Low Capital Intensity First quartile capital intensity amongst global undeveloped projects Pre-production Capex of US$371 million Capital Intensity Curve (US$ Pre-Production Capital/tpa Ni payable, 2024 real)

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Conventional Ni-float plant to be built in established mining jurisdiction Ero Copper (TSX) completed a similar size Cu-float plant 35km away

Jaguar – A Class Leader in GHG Emissions Poised to deliver high-quality, low-emission nickel to global markets Jaguar is currently net sequester of Carbon CO2 footprint forecast to be lower than 94% of global nickel production

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GHG Intensity Curve – Nickel (E1 GHG Emission Metrics®)
Scope 1 1.55t
Scope 2 0.00t
Jaguar Nickel Sulphide Project Mine 1.55t
7.27t of CO /t of Ni Freight 1.62t
2
Downstream 4.10t
TOTAL 7.27t
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Jaguar – A World Class Nickel Deposit Large-scale Tier-1 Resource with further exceptional growth potential JORC MRE: 138.2Mt @ 0.87% Ni for 1.20 million tonnes of contained nickel The highest-grade undeveloped nickel sulphide deposit globally with +1Mt of contained nickel metal and completely unencumbered off-take rights

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Based on contained nickel only, excludes nickel laterite deposits; Source MineEX Consultants @ August 2024; Refer to slide 23 for underlying data references

Jaguar – a near surface high-grade opportunity Optimised mine plan to support early capital payback HIGH-GRADE: 36.1Mt @ 1.49% Ni for 537,900 tonnes of contained nickel ( 1.0% nickel cut-off ) 8.3Mt @ 1.52% Ni for 125,400 tonnes of contained nickel sits less than 100m from surface – fresh sulphide mineralisation starts at surface locally

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Jaguar – Upside and Growth Opportunities Improvement opportunities to be pursued ahead of FID

Resources of 21.5Mt at 1.46% Ni for 313kt of contained nickel metal sits below the current FS pit designs – strong underground opportunity

• Re-optimise and re-schedule the open pits;

• allowing for 30% increase in M&I MRE.

• removing the back-end refinery circuit constraint

• Focused underground scoping study to determine the upside of bringing high-grade nickel feed to the plant

• Investigate further ore sorting to improve grade with low nickel losses

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1818
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Project Funding Overview

Centaurus is actively advancing discussions to secure project level equity and debt funding ahead of a Final Investment Decision in Q2 2025

Strategic Partnering & Equity

Debt

• Debt funding discussions to continue in parallel to the Strategic Partnering Process, supported by the Company’s debt advisor, Orimco

• Preliminary engagement with potential partners in recent months has confirmed strong strategic interest in Jaguar

• Strong interest received from potential financiers including banks, credit funds and development finance institutions in providing debt funding for Project development

• This includes global EV value chain participants who recognise the significant value of Jaguar as a highly strategic source of cost competitive, low carbon and non-Indonesian nickel supply

• Robust project cashflows demonstrated in the Feasibility Study are supportive of debt funding on standard market terms

• The completion of the Feasibility Study enables the Company to formally commence a Strategic Partnering Process supported by the Company’s financial adviser, Standard Chartered Bank

• Potential to secure debt financing through the Strategic Partnering Process , which could include opportunities to secure direct debt funding support or indirectly by leveraging the potential partners’ financing relationships

• The Company will consider a range of potential transaction structures, with a preference for minority equity investment at the Jaguar project level

• Some corporate level equity may be required however Centaurus intends to secure a funding package that minimizes dilution to existing shareholders

Financial Adviser

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Debt Adviser

Jaguar Project Targeted Development Timeline

H2/2027 – First Production

– H2/2025-H1/2027 Construction Phase

– Q2/2025 Final Investment Decision - FID

– Q3/2024 Definitive Feasibility Study

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– Q1/2024 Preliminary Licence (LP) Issued

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Q1/2024 – Mining Lease Application Approved

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Q2/2023 – 100% Offtake Rights Secured

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Q4 2022 – MRE Resource Upgrade Delivered

Centaurus Metals Key investment takeaways

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Low capital – US$371M First quartile AISC – US$3.57/lb

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Favourable infrastructurerich location in Brazil’s Carajás Mineral Province

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Outstanding project economics A$997M Post Tax NPV8 & 31% IRR

Key Asset Jaguar Nickel Sulphide Project

World-class nickel Resource of 1.2Mt contained nickel

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Building a Brazilian strategic minerals business to benefit our shareholders, our people and the communities where we operate

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FS shows production of 18.7ktpa of nickel over +18 year mine life

Extremely low carbon footprint powered by renewables 7.27t of CO2/t of Ni

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Funded to FID with $25m in cash, no debt

Highly experienced team with strong mining, Brazil and corporate experience

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Unleashing Jaguar: Developing the world’s next significant nickel sulphide mine

Authorised for release by

Darren Gordon – Managing Director +61 8 6424 8420 : office@centaurus.com.au : Centaurus Metals : @CentaurusMetals

Jaguar Nickel Sulphide Project August 2024 MRE & July 2024 Ore Reserve Estimates

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• Within pit limits cut-off grade 0.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded to reflect acceptable precision; subtotals may not reflect global totals. All oxide material is considered as waste and therefore not reported as Resources. Mineral Resources are reported inclusive of Ore Reserves.

Deposit	Classification	Ore Tonnes				Contained Metal	Contained Metal	Contained Metal
				Ore Grades
		Mt	Ni %	Cu %	**Coppm **	Ni(kt)	Cu(kt)	Co(kt)
	Proved	8.8	0.80	0.05	231	70.3	4.4	2.0
Jaguar	Probable	51.5	0.70	0.05	195	358.4	25.6	10.0
	Total	60.3	0.71	0.05	201	428.7	30.0	12.0
Onça Preta	Proved	2.6	1.15	0.09	635	29.6	2.2	1.7
	Probable	0.1	0.66	0.06	316	0.9	0.1	0.1
	Total	2.7	1.12	0.08	619	30.5	2.3	1.7
	Proved	11.4	0.88	0.06	323	99.9	6.6	3.7
Jaguar Nickel Project	Probable	51.6	0.70	0.05	196	359.3	25.7	10.1
	Total	63.0	0.73	0.05	219	459.2	32.3	13.8

The rounding in the above tables is an attempt to represent levels of precision implied in the estimation process and apparent errors in summation may result from the rounding. Ore Reserve has been reported using a ‘Net Smelter Return’ (NSR) cut-off of US$12.02/tonne which includes provision for feed grade, recovery, treatment costs, freight and nickel payables

Centaurus

Data and references for comparison of pre-mined resources of global nickel sulphide Deposits and Camps

					Current Resource MI&I - Ni Metal	Current Resource MI&I - Ni Metal	Current Resource MI&I - Ni Metal	Current Resource MI&I - Ni Metal	Historic Prodn(h)	Pre-Mined Resource MI&I	Pre-Mined Resource MI&I	Pre-Mined Resource MI&I
Camp / Deposit	Country	Company	Stage	Resource Date	Measured (f)	Indicated	Inferred	Total	Mt Ni in-situ	Mt Ore	% Ni	Mt Ni Metal
Norilsk - Talnakh Camp (a) Sudbury Camp Jinchuan Deposit Thompson Belt Camp Leinster Camp Raglan Camp Voiseys Deposit Kambalda Camp Kabanga Deposit Jaguar Deposit	Russia Canada China Canada Australia Canada Canada Australia Tanzania Brazil	Nornickel Mutiple Companies (i) Jinchuan Group Mutiple Companies (j) BHP Glencore Vale Mutiple Companies (k) Lifezone & BHP Centaurus Metals	Operating Operating Operating Operating Operating Operating Operating Care & Maintenance Feasibility Feasibility	01-Jan-24 31-Dec-23 21-Dec-09 31-Dec-23 30-Jun-20 31-Dec-23 31-Dec-23 Circa 2023 30-Nov-23 5-Aug-24	na 1.2 5.5 (c) 0.2 0.4 0.2 (d) 0.57 (e) 0.01 (g) 0.3 0.2	11.4 (b) 1.3 na 0.6 0.8 0.5 (d) 0.01 0.26 0.6 0.8	5.1 1.0 na 0.4 0.6 0.5 0.14 0.14 0.4 0.2	16.6 3.5 5.5 1.1 1.8 1.1 0.7 0.4 1.3 1.2	10.5 11.6 1.4 2.8 1.4 0.8 1.0 1.5 0.0 0.0	2,673 1,157 641 236 265 66 77 66 61 138	1.01 1.30 1.08 1.69 1.22 3.04 2.25 2.92 2.08 0.87	27.1 15.1 6.9 4.0 3.2 2.0 1.7 1.9 1.3 1.2

Source: MinEx Consulting © August 2024, based on the latest available published data from the various mine owners.

Notes: The quoted resources shown in the graph are “Pre-Mined Resources”; Pre-Mined Resources refers to Current Resource plus Historic Production (adjusted, where possible for processing losses); Current Resource refer to Measured + Indicated + Inferred Resources. Current Resource are inclusive of any reported Proven & Probable (P&P) Reserves where appropriate.

Of the listed camps/deposits Kabanga and Jaguar are the only projects that have resources that are yet to be mined. Camps are a collection of deposits sharing a common proximal location and geology - and they usually share a common processing facility. When a set of mines is owned by a single company, the reported endowment often refers to the entire camp.

• a) The Norilsk and Talnakh deposits are now treated as separate camps - the Norilsk name remains associated with the Talnakh deposits as it is the historical name and more recognisable to the market;

• b) The Talnakh and Norislsk 1 figures are for the combined M&I Resource. NorNickel does not report Measured and Indicated (M&I) Resources on a separate basis and Resources are not JORC compliant;

• c) Jinchuan Group does not report any official Resource figures for Jinchuan. For completeness MinEX have set the Measured Resource to match the most recent published Reserve, these are not JORC compliant;

• d) The P&P Reserves have been allocated across both the Measured and indicated Resource figures;

• e) The Measured Resource includes 31.1 Mt @ 1.791% Ni of P&P Reserves;

• f) MinEX have assigned all of the P&P Reserves to the published Measured Resource;

• g) In October 2022 Mincor Resources announced that the LN04a deposit contained a P&P Reserve of 0.136 Mt @ 3.6% Ni. The associated Resource is allocated to the Resource figures for Long and Durkin North deposits;

• h) Cumulative historical production are estimates by MinEx Consulting based on available published data from various sources (in the first instance the operating company itself);

• i) Companies with resources within the Sudbury Camp include: Vale, Glencore, KGHM, Magma Mining, SPC Nickel Corp and First Nickel;

• j) Companies with resources within the Thompson Belt Camp include: Vale, Blackstone, CaNickel Mining and Mistango River Resources;

• k) Companies with resources within the Kambalda Camp include : Lunnon Metals, Wyloo Pty Ltd, Cherish Metals, Westgold Resources, Develop Global Ltd and Lefroy Exploration.