b'CENTAURUS METALS ANNUAL REPORT 2024Jambreiro Iron Ore ProjectThe Companys 100%owned Jambreiro Project isThe average product specification achieved delivered an iron grade of located in southeast Brazil close to the Companys67.8% Fe, 1.08% Silica and 0.64% Alumina (Silica + Alumina of 1.72%). head office in the city of Belo Horizonte. This specification well within the 2% threshold required to achieve a It formed part of Centaurus foundational portfolio of strategicDR quality product. The average phosphorus grade in the concentrate minerals projects in Brazil and comprises a substantial Mineralproduct was very low at 0.011%. Resource for which Centaurus continues to evaluate potentialCentaurus is assessing the impact of the changes to the process development and monetisation pathways. flowsheet on previous capital and operating cost estimates so that A new study commenced during the year on the potential to deliver athe Company can confirm, at a high level, its expectations that the DRPF product in response to growing demand from steelmakers toproduction of a DRPF product can deliver strong economics for the lower greenhouse emissions. Centaurus is investigating the possibilityCompany. of producing a DR quality pellet feed product from the Jambreiro ore,In light of these results, the Company has been reviewing previous targeting a +67.5% Fe product with combined grades of Silica (SiO 2 )Feasibility Study work and discussing the product specification with a and Alumina (Al 2 O 3 ) being under 2%. number of potential off-takers. Positive results were reported from bench-scale metallurgicalA drill program of approximately 600m commenced in December 2024 testwork on Jambreiro ore, confirming the potential for the project towith a view to collecting additional samples to run a pilot plant based produce a DRPF product across its entire projected mine life. on the new proposed flowsheet to produce a DRPF product. The pilot plant work to be undertaken in 2025 will produce a DRPF product to assist in the offtake discussions with potential customers. Figure 9: Jambreiro Iron Ore Project Location 18 ANNUAL REPORT CENTAURUS METALS LIMITED'