b'CENTAURUS METALS ANNUAL REPORT 2024MINERAL RESOURCES AND ORE RESERVESAPPROVAL OF MINERAL RESOURCES AND ORE ANNUAL STATEMENT AND REVIEW RESERVE STATEMENTThe Company carries out an annual review of its Mineral ResourcesThe Company reports its Mineral Resources and Ore Reserves on and Ore Reserves as required by the Australasian Code foran annual basis in accordance with the JORC Code 2012 Edition. Reporting of Exploration Results, Mineral Resources and OreThe Ore Reserves and Mineral Resources Statement is based on Reserves (the JORC Code) 2012 edition and the ASX Listing Rules.and fairly represents information and supporting documentation An update of the nickel Mineral Resources was carried out onprepared by competent and qualified independent external 5 August 2024 and a subsequent review on 31 December 2024.professionals and reviewed by the Companys technical staff.The The maiden nickel Ore Reserve was stated on 2 July 2024 and aOre Reserves and Mineral Resources Statement has been approved subsequent review on 31 December 2024. The Jaguar Resource andby Roger Fitzhardinge, a Competent Person who is a Member of the Ore Reserve estimates have been reported in accordance with theAustralasian Institute of Mining and Metallurgy.Roger Fitzhardinge JORC Code 2012 edition and the ASX Listing Rules. is a permanent employee of Centaurus Metals Limited.Mr The review of the iron ore Mineral Resources and Ore Reserves wasFitzhardinge has consented to the inclusion of the Statement in the carried out as at 31 December 2024. The Jambreiro Resources andform and context in which it appears in this Annual Report.Reserve estimate has been reported in accordance with the JORC Code 2012 edition and the ASX Listing Rules. The remaining MineralCOMPETENT PERSONS STATEMENTResource estimates were prepared and disclosed under the JORC Code 2004 edition. Exploration ResultsThe information prepared for the Canavial and Passabm ResourceThe information in this report that relates to Exploration Results estimates has not been updated to comply with the JORC Code 2012is based on information compiled by Mr Roger Fitzhardinge who edition on the basis that the information has not materially changedis a Member of the Australasia Institute of Mining and Metallurgy.since it was last reported.Mr Fitzhardinge is a permanent employee and shareholder of The Company is not aware of any new information or data thatCentaurus Metals Limited. Mr Fitzhardinge has sufficient experience materially affects the information included in this Annual Statementwhich is relevant to the style of mineralisation and type of deposit and confirms that all material assumptions and technical parametersunder consideration and to the activity which he is undertaking to underpinning the estimates in the relevant market announcementqualify as a Competent Person as defined in the 2012 Edition of the continue to apply and have not materially changed. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the ESTIMATION GOVERNANCE STATEMENT form and context in which it appears.The Company ensures that all Mineral Resource and Ore ReserveJaguar Nickel Project Ore Reserves and Mineral Resourcescalculations are subject to appropriate levels of governance andThe information in this report that relates to Ore Reserves is internal controls. Exploration Results are collected and managedbased on information compiled by Adriano Carmensi Carneiro by competent qualified staff geologists and overseen by the Generaland Peter Rowland Lock, Competent Persons who are Members ManagerExploration & Growth. All data collection activities areof The Australasian Institute of Mining and Metallurgy. Both conducted to industry standards based on a framework of qualityAdriano Carmensi Carneiro and Peter Rowland Lock were full-time assurance and quality control protocols covering all aspects ofemployees of Mining Plus Pty Ltd who were contracted to provide sample collection, topographical and geophysical surveys, drilling,consulting services to Centaurus Metals Limited. Adriano Carmensi sample preparation, physical and chemical analysis and data andCarneiro and Peter Rowland Lock have sufficient experience that sample management.is relevant to the style of mineralisation and type of deposit under Mineral Resource and Ore Reserve estimates are prepared byconsideration and to the activity being undertaken to qualify as a qualified independent Competent Persons and further verifiedCompetent Person as defined in the 2012 Edition of the Australasian by the Companys technical staff. If there is a material changeCode for Reporting of Exploration Results, Mineral Resources and in the estimate of a Mineral Resource, the modifying factorsOre Reserves. Specifically, Mr Carneiro is the Competent Person for for the preparation of Ore Reserves, or reporting an inauguralthe overall study, excluding capital and operating cost estimates, Mineral Resource or Ore Reserve, the estimate and supportingnickel price and financial analysis. Mr Lock is the Competent Person documentation in question is reviewed by a suitably qualifiedfor the capital and operating cost estimates, nickel price and independent Competent Person. financial analysis. Adriano Carmensi Carneiro and Peter Rowland Lock consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.The information in this report and the August 2024 Mineral Resources that relates to the Jaguar Mineral Resource is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a permanent employee). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy.Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the 22 ANNUAL REPORT CENTAURUS METALS LIMITED'