b'CENTAURUS METALS ANNUAL REPORT 2024VALUE ENGINEERING PROCESS (JVEP)The results of the 2024 Jaguar FS have allowed the Board of Centaurus to commit to completing targeted value engineering activities (JVEP), actively advancing partnering discussions to support the required funding of the Project and undertaking any necessary pre-development activities required to continue to meet the overall project development timeline. Beyond the delivery of the FS, the Company expects that there will be ongoing scope to further optimise and refine key project parameters moving into the next phase of development and engineering work for the Project.During the reporting period, good progress was made on the JVEP, focusing on metallurgical, mining and engineering modifications to the FS baseline parameters, targeting further improvements to the already strong economics of the Project. CPC Engineering was engaged to undertake the engineering, capital and operating cost revisions and Mining Plus to lead mine planning efforts. UNDERGROUND POTENTIAL Bench scale testwork allowed Centaurus to modify the process flowDuring the reporting period, exploration drilling and resource sheet design, with a view to improving the nickel grade of the Jaguarmodelling defined mineralisation beneath the Jaguar and Ona Preta concentrate whilst also significantly reducing impurity levels. The newopen pits to a depth of 600m, including high-grade Measured and process flowsheet work was tested at pilot scale with the work aimedIndicated Resources of 21.5Mt at 1.46% Ni for 313kt of contained at confirming the high-grade nickel concentrate specification andnickel metal (1.0% Ni cut-off grade) that sit immediately below the reducing the overall volume of concentrate to facilitate a significantFS pit designs and that may be mineable by underground methods reduction in freight costs required to get the nickel concentrate topotentially increasing the Jaguar mine life.market.The new nickel concentrate specification delivered from the pilotA scoping study level of assessment of the potential for underground during the period is expected to improve product marketability toproduction to contribute to the Jaguar life-of-mine production profile underpin the ongoing strategic partnering and offtake discussionsis underway.ahead of a Financial Investment Decision (FID). Figure 7: Jaguar and Ona Deposits showing Nickel grade Ore Blocks 14 ANNUAL REPORT CENTAURUS METALS LIMITED'