b'FEASIBILITY STUDY (FS) Strong Post Tax Financial ReturnsCentaurus released the results of the FS for the development of theOperating cash flow of US$2.11 billion (A$3.17 billion)Jaguar Nickel Sulphide Project on 2 July 2024. The key FS outcomesUndiscounted free cash flow of US$1.74 billion (A$2.61 billion)are summarised below: NPV 8of US$663 million (A$997 million) and IRR of 31% pa. Capital payback of 2.7 years from first nickel concentrate Production Base & Nickel Price productionAverage annual free operating cash flow during steady-state Production of a high-quality nickel concentrate via a conventionaloperations of US$118 million (A$178 million)3.5Mtpa nickel flotation circuitForecast nickel production averaging 18,700 tonnes per annumOther Key Financial Metrics(tpa) of contained nickel metal over the current initial 18-year Revenue (net of payabilities) totalling US$5.05 billion open pit evaluation period (A$7.65 billion)LOM nickel price assumption of US$19,800/t (US$8.98/lb) andEBITDA totalling US$2.63 billion (A$3.96 billion)76% nickel payability Robust economics at then spot nickel price (US$17,000/t) and Physical Parameters 5.45 USD/BRL exchange rate, delivering NPV 8of US$407 million Maiden JORC Proved and Probable open pit Ore Reserves of(A$611 million) and IRR of 23% pa. 63.0Mt @ 0.73% Ni for 459,200t of contained nickelFirst production targeted for H2 CY2027 with LOM recovered nickel of 335,300 tonnesOperating Costs & Capital Costs (on a contained nickel basis) First Quartile LOM C1 cash costs of operations of US$2.30/lb (US$3.03/lb on payable basis)First Quartile LOM AISC of US$3.57/lb (US$4.70/lb on payable basis)Pre-production Capex (including growth & contingency) of US$371 millionPre-production Capex includes US$68 million for mine pre-strip with pre-production waste material being used in the construction of the Integrated Waste Landform (IWL)CENTAURUS METALS LIMITED ANNUAL REPORT 13'