b'Centaurus Metals Limited and its controlled entities Financial Report 31 December 2024Centaurus took several important steps towards securing key project approvals for the Jaguar Project, with the receipt of technical approval of its Mining Lease Application (PAE) by the ANM (the Brazilian National Mining Agency); the approval of 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.Centaurus commenced a value engineering process study for the Jaguar Project (JVEP) during the period. The JVEP is focused on metallurgical, mining and engineering modifications to the FS baseline parameters to further enhance the strong economics and improve product marketability to underpin ongoing strategic partnering and offtake discussions. Centaurus also formally commenced a strategic partnering process in conjunction with the Companys financial adviser, Standard Chartered Bank, with finalisation of this process to support a Final Investment Decision (FID) for the Jaguar project development.Drilling at the 100%-owned Boi Novo Copper-Gold Project commenced in late May 2024, with 4,550m completed as part of the maiden drill campaign, confirming the presence of both shallow breccia-hosted high-grade copper mineralisation and thick zones of disseminated mineralisation. All prospects at Boi Novo remain open along strike and down dip. Centaurus also progressed the Jambreiro Iron Ore Project, located in south-east Brazil, where a new study commenced on the potential to deliver a Direct Reduction (DR) quality pellet feed product. A new LP for the Jambreiro Project is expected in H1 2025. Centaurus 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). 4.4Jaguar Nickel Sulphide Project The Jaguar Nickel Sulphide Project was acquired from global mining giant, Vale S.A. (Vale) in August 2019 and is in the world-class Carajs Mineral Province of northern Brazil. The Project is approximately 250km from the regional city of Parauapebas (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 concentrations 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 diversified Brazilian critical minerals business with best-in-class Environmental, Social and Governance (ESG) credentials. Jaguar is currently one of the largest undeveloped nickel sulphide projects globally and a highly strategic potential source of unencumbered nickel concentrate product. 4.4.1Project Development A positive Feasibility Study (FS) for the development of the Jaguar Nickel Sulphide Project was published on 2 July 2024. The FS outlined robust economics from an initial concentrate-only project delivering a long-life production profile at first quartile operating costs.The outcomes of the Jaguar FS demonstrated the potential for Jaguar to become a sustainable, long-term and low-cost producer of low-emission nickel for global markets, generating strong financial returns while also delivering significant social and economic benefits for the local communities where the Project is located.The 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 a 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. 4.4.2Updated JORC Mineral Resource and Ore Reserve Estimates During the reporting period, Centaurus announced a significant increase in both the size and confidence levels of the Mineral Resource for the Jaguar Project, cementing its position as a Tier-1 global nickel sulphide development project.The updated JORC 2012 Mineral Resource Estimate (MRE) comprises 138.2Mt @ 0.87% Ni for 1.20 million tonnes of contained nickel2. The global MRE at Jaguar increased by 27% since the previous Mineral Resource Estimate announced in 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. Page 6 of 60CENTAURUS METALS LIMITED ANNUAL REPORT 31'