b'Centaurus Metals Limited and its controlled entities CENTAURUS METALS ANNUAL REPORT 2024 Centaurus Metals Limited and its controlled entities Financial Report 31 December 2024Financial Report 31 December 20243Director & Committee MeetingsCentaurus took several important steps towards securing key project approvals for the Jaguar Project, with the receipt of The number of meetings of the Companys Board of Directors and its Committees held during the year ended 31 Decembertechnical approval of its Mining Lease Application (PAE) by the ANM (the Brazilian National Mining Agency); the approval of 2024 and the number of meetings attended by each director are shown in the table below.the Environmental Impact Assessment (EIA) and formal issue of the Preliminary Licence (LP) by the Par State Environmental Agency (SEMAS); and the grant of the combined LP and Installation Licence (LI) for the proposed high-voltage powerline.Audit & RiskRemunerationCentaurus commenced a value engineering process study for the Jaguar Project (JVEP) during the period. The JVEP is focused BoardCommitteeCommitteeTechnical Committeeon metallurgical, mining and engineering modifications to the FS baseline parameters to further enhance the strong ExecutiveHeld(1)AttendedHeld(1)AttendedHeld(1)AttendedHeld(1)Attendedeconomics and improve product marketability to underpin ongoing strategic partnering and offtake discussions. Mr D M Murcia10102222n/an/a Mr D P Gordon1010n/an/an/an/an/an/aCentaurus also formally commenced a strategic partnering process in conjunction with the Companys financial adviser, Mr B S Scarpelli109n/an/an/an/an/an/aStandard Chartered Bank, with finalisation of this process to support a Final Investment Decision (FID) for the Jaguar project development.Mr M D Hancock10102222n/an/aDrilling at the 100%-owned Boi Novo Copper-Gold Project commenced in late May 2024, with 4,550m completed as part of Mr C A Banasik1010222244the maiden drill campaign, confirming the presence of both shallow breccia-hosted high-grade copper mineralisation and Dr N Streltsova1010n/an/an/an/a44thick zones of disseminated mineralisation. All prospects at Boi Novo remain open along strike and down dip. (1)Denotes the number of meetings held during the time the director held office (excluding circular resolutions)Centaurus also progressed the Jambreiro Iron Ore Project, located in south-east Brazil, where a new study commenced on The Company does not have a formal Nomination Committee. The function is performed by the full Board. There is nothe potential to deliver a Direct Reduction (DR) quality pellet feed product. A new LP for the Jambreiro Project is expected additional remuneration for committee members. in H1 2025. 4Operating Financial PerformanceCentaurus also published its 2023 Sustainability Report and, at the end of the reporting period, achieved an important milestone of three years without a Lost Time Injury (LTI). A summary of consolidated results is set out below.4.4Jaguar Nickel Sulphide Project 2024 $2023 $ Interest Income1,358,7081,454,852The Jaguar Nickel Sulphide Project was acquired from global mining giant, Vale S.A. (Vale) in August 2019 and is in the world-Research & Development (R&D) Tax Refund2,215,6811,304,766class Carajs Mineral Province of northern Brazil. The Project is approximately 250km from the regional city of Parauapebas Other Income17,643-(population ~267,000) in the northern Brazilian State of Par and sits within a 30km2 tenement package in the So Flix do Xingu municipality. The Carajs Mineral Province is Brazils premier mining hub, containing one of the worlds largest known 3,592,0322,759,618concentrations of bulk tonnage Iron Oxide-Copper-Gold (IOCG) and iron ore deposits. The Jaguar Project represents a cornerstone asset for Centaurus that will underpin the Companys ambition to build a Loss before income tax(18,445,636)(40,740,002)diversified Brazilian critical minerals business with best-in-class Environmental, Social and Governance (ESG) credentials. Loss anributable to members of Centaurus Metals Limited(18,445,636)(40,740,002)Jaguar is currently one of the largest undeveloped nickel sulphide projects globally and a highly strategic potential source of 4.1Financial Performanceunencumbered nickel concentrate product. During the year ended 31 December 2024 the Group expensed Exploration and Evaluation costs totaling $15,711,515 (2023:4.4.1Project Development $34,382,991) in accordance with the Groups accounting policy. The Exploration and Evaluation costs primarily compriseA positive Feasibility Study (FS) for the development of the Jaguar Nickel Sulphide Project was published on 2 July 2024. The costs in relation to exploration and feasibility study costs at the Jaguar Nickel Sulphide Project in Brazil.FS outlined robust economics from an initial concentrate-only project delivering a long-life production profile at first quartile 4.2Financial Positionoperating costs.At the end of the year the Group had a cash balance of $18,043,388 (2023: $34,673,852) and net assets of $35,428,544The outcomes of the Jaguar FS demonstrated the potential for Jaguar to become a sustainable, long-term and low-cost (2023: $55,216,482). Total liabilities amounted to $4,074,528 (2023: $5,106,508) and consisted of trade and other payables,producer of low-emission nickel for global markets, generating strong financial returns while also delivering significant social financial liabilities, lease liabilities and employee benefits.and economic benefits for the local communities where the Project is located.4.3Operations ReviewThe FS only considered open pit nickel sulphide ore over an initial 18-year mine life, delivering nickel sulphide feed to a 3.5Mtpa conventional nickel flotation plant to produce approximately 18,700 tonnes of recovered nickel metal per year at 4.3.1Overviewa low life-of-mine (LOM) C1 operating cost of US$2.30/lb and AISC of US$3.57/lb1 on a contained nickel basis. During the reporting period, Centaurus released a positive Feasibility Study (FS) for the Jaguar Nickel Project highlighting4.4.2Updated JORC Mineral Resource and Ore Reserve Estimates strong economics from an initial concentrate-only project delivering a long-life production profile at first quartile operatingDuring the reporting period, Centaurus announced a significant increase in both the size and confidence levels of the Mineral costs.Resource for the Jaguar Project, cementing its position as a Tier-1 global nickel sulphide development project.In conjunction with the FS, Centaurus released a maiden JORC Proved and Probable open pit Ore Reserve of 63.0Mt @ 0.73% 1 The updated JORC 2012 Mineral Resource Estimate (MRE) comprises 138.2Mt @ 0.87% Ni for 1.20 million tonnes of Ni for 459,200t of contained nickel . Post delivery of the FS and the maiden Ore Reserve, an updated Mineral Resourcecontained nickel2. The global MRE at Jaguar increased by 27% since the previous Mineral Resource Estimate announced in Estimate was reported in August 2024 increasing the size of the resource to 138.2Mt @ 0.87% Ni for 1.2Mt of contained nickel metal2.November 2022 and more than doubled since the Companys maiden MRE was announced in June 2020. The update included a 30% increase in the Measured and Indicated component of the Global MRE to 112.6Mt @ 0.87% Ni for 978,900 tonnes of contained nickel. 1ASX announcement 2 July 2024. 2ASX announcement 5 August 2024.Page 5 of 60Page 6 of 6030 ANNUAL REPORT CENTAURUS METALS LIMITED'