Itapitanga Nickel-Cobalt Project

Centaurus’ Itapitanga Nickel-Cobalt Project is a highly prospective nickel-cobalt exploration project in the Carajás Mineral Province located immediately along strike from world-class nickel-cobalt deposits owned by global majors Anglo American and Vale.

The Itapitanga Project is located at the southern strike extent of Anglo American’s world-class Jacaré Ni-Co Project which has reported a global Mineral Resource of 307Mt at 1.3% Ni and 0.13% Co that includes a high-grade cobalt resource of 185Mt at 1.2% Ni and 0.18% Co[*].

Drilling programs completed by Centaurus have confirmed the presence of high-grade nickel-cobalt mineralisation and the Company has established an Exploration Target of 35-45Mt at 0.80% to 1.10% nickel, 0.07% to 0.12% cobalt and 18g/t to 30g/t scandium. Centaurus cautions that the potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to define a JORC compliant Mineral Resource. It is also uncertain if further exploration and resource development work will result in the estimation of a Mineral Resource.

In November 2018, Centaurus entered into a Joint Venture over the Project with Australian-based battery metals specialist, Simulus Group. Simulus has the right to earn up to 80% of the Itapitanga Project, in stages, by free-carrying Centaurus through the entire exploration and evaluation process, to a Decision to Mine and arranging project finance.

Simulus are industry leaders in process development for battery grade nickel and cobalt sulphates, with Australia’s largest operating High-Pressure Acid Leach (HPAL) testing facility and battery grade metal sulphate demonstration plant at its laboratories in Perth.

Simulus will leverage off its in-house capabilities for process design on nickel-cobalt projects with the ultimate aim of delivering a low capital intensity process design for Itapitanga.

The Itapitanga JV has set an aggressive development schedule for the Project, with a Scoping Study targeted for completion by Q3 2019, and a Definitive Feasibility Study and Decision to Mine in 2020.

 [*] Resource data sourced from Anglo American Presentations “O Depósito de Níquel Laterítico do Jacaré (PA), Brasil” – Simexmin 2010 and Ore Reserves and Mineral Resources Report 2016