b'CENTAURUS METALS ANNUAL REPORT 2023HighlightsPROJECT DEVELOPMENT & FEASIBILITY STUDY EXPLORATIONOver 800kg of concentrate produced in early 2023 for feed toJaguar Deeps drilling successfully intersects high-grade nickel the originally planned refinery pilot plant program sulphide mineralisation well below the limits of the current Concentrate produced is available for testing by potentialMineral Resource, with new DHEM conductor plates showing offtake partners. that the mineralisation remains open.Extensive pilot plant testwork program completed in H1 2023 whichStrong, high-grade results returned from step-out drilling at supported the development of the Jaguar process flow sheet. the Jaguar South Deposit, outside the current Resource limits.The Jaguar Feasibility Study has been reshaped to focusOna Preta continues to deliver high-grade results from on a Concentrate Project based on the study work alreadydeepest drilling to date beyond the current Resource limits.completed for the fully integrated nickel sulphate project. Expectation that results from over 50,000m of diamond drilling Full optionality retained to re-consider the development ofcompleted in 2023 at Jaguar should lead to an increase in the a downstream refinery in the future if supported by marketMRE when it is delivered in 2024. conditions, potential strategic partnership/s with EV batteryNew greenfields nickel sulphide discovery near Jaguar, with industry participants and/or a genuine green pricing premiummaiden exploration drilling at the Twister Prospect intersecting for low carbon emission Class-1 nickel emerges. significant zones of shallow, high-grade nickel sulphide Jaguar Definitive Feasibility Study (DFS) nearing completion,mineralisation over an initial strike length of 900m. with significant progress on multiple fronts during the year: Low-cost greenfields exploration has identified multiple IOCG Strategic scheduling for the mining and processing productiontargets at the 100%-owned Boi Novo Copper-Gold Project. Drill plans completed along with detailed operational scheduling. targets are being refined with IP Survey underway.Concentrator design process flowsheet development and engineering completed. CORPORATEAmendments to the Nickel Sulphate DFS necessary for theCash at 31 December 2023 of $34.7 million. Concentrator Feasibility Study are well advanced. Process100% of the off-take rights for all Jaguar nickel products was flow sheets, mechanical and electrical equipment revisions,acquired from Vale in exchange for an increase in Vales Net changes to earthworks, concrete, structural and plate steelOperating Royalty over the Project. and Non-Process Infrastructure are all well advanced. Standard Chartered Bank appointed as financial adviser to Concentrator implementation plan nearing completion coordinate strategic off-take and funding pathway discussions Concentrator capital and operating cost estimation nearingfor the Jaguar Project.completion with Ausenco. Recent discussions with potential customers and strategic partners have indicated strong interest for Jaguars ENVIRONMENT, SOCIAL & GOVERNANCE (ESG) low-carbon, non-Indonesian supply of nickel sulphide concentrate product.Technical approval of the Jaguar Plan of Economic Exploitation (Mining Lease Application) received from the ANM. Jaguar Environmental Impact Assessment (EIA) and Preliminary Licence (LP) approved by Par State Environmental Agency (SEMAS).Approval also received from SEMAS for the combined Preliminary Licence and Installation Licence (LP/LI) of the 38km high-voltage power line route to the Jaguar Project from the existing 230kV national grid.Jaguar Environmental Over 5,000 native species seedlings planted as part of the revegetation program of previously cleared farmland. Since Impact Assessment (EIA) the start of the revegetation program 24.81 hectares have and Preliminary Licence been revegetated with more than 10,146 seedlings of native species planted. (LP) approved by Par State Recyclable waste facilities were set up in the localEnvironmental Agency (SEMAS). municipalities (including the districts of Ladeira Vermelha and Minerasul). Since the program commenced in May 2023 closeto 2 tonnes of waste material has been recycled. Nine free online training programs were offered during theyear to residents in the local municipalities around Jaguar. 4 ANNUAL REPORT CENTAURUS METALS LIMITED'