b'Centaurus Metals Limited and its controlled entitiesCentaurus Metals Limited and its controlled entities CENTAURUS METALS ANNUAL REPORT 2024Financial Report 31 December 2024Financial Report 31 December 2024The high-grade component, estimated using a 1.0% nickel cut-off grade, has also continued to increase with around 25% ofDuring the reporting period, good progress was made on the JVEP, focusing on metallurgical, mining and engineering the high-grade material located within 100m of surface. The high-grade Resource totals 36.1Mt @ 1.49% Ni for 537,900modifications to the FS baseline parameters to further improve the already strong economics of the Project. CPC Engineering tonnes of contained nickel. was engaged to undertake the engineering, capital and operating cost revisions and Mining Plus to lead mine planning Mineralisation at Jaguar remains open both at depth and locally along plunge, with the potential to continue to expand theefforts. MRE if required. Multiple DHEM plates remain untested outside the MRE limits.Bench scale testwork allowed Centaurus to modify the process flow sheet design, with a view to improving the nickel grade 4.4.3Feasibility Study Activitiesof the Jaguar concentrate whilst also significantly reducing impurity levels. The new process flowsheet work was tested at pilot scale with the work aimed at confirming the high-grade nickel concentrate specification and reducing the overall As a result of the significantly changed market sentiment with respect to nickel, the Centaurus Board decided to reshapevolume of concentrate to facilitate a significant reduction in freight costs required to get the nickel concentrate to market. the Jaguar FS by deferring the parts of the study relating to a fully integrated downstream nickel sulphate project andThe new nickel concentrate specification delivered from the pilot during the period is expected to improve product focusing instead on completing the FS based on an initial nickel concentrate-only project. The development of a potentialmarketability to underpin the ongoing strategic partnering and offtake discussions ahead of a Financial Investment Decision downstream refinery can be considered in future when market conditions improve.(FID). Centaurus retains full optionality to develop the downstream second phase of the Project in the future, when supported by4.4.5Underground Potential market conditions and as the market for low carbon emission Class-1 nickel continues to mature. Centaurus released the results of the FS for the development of the Jaguar Nickel Sulphide Project on 2 July 2024. The keyDuring the reporting period, exploration drilling and resource modelling defined mineralisation beneath the Jaguar and Ona FS outcomes are summarised below:open pits to a depth of 600m, including high-grade Measured and Indicated Resources of 21.5Mt at 1.46% Ni for 313kt of contained nickel metal (1.0% Ni cut-off grade) that sit immediately below the FS pit designs and that may be mineable by Production Base & Nickel Priceunderground methods potentially increasing the Jaguar mine life. 4Production of a high-quality nickel concentrate via a conventional 3.5Mtpa nickel flotation circuit.A scoping study level of assessment of the potential for underground production to contribute to the Jaguar life-of-mine 4Forecast nickel production averaging 18,700 tonnes per annum (tpa) of contained nickel metal over the currentproduction profile is underway. initial 18-year open pit evaluation period.4.4.6Project Approvals 4LOM nickel price assumption of US$19,800/t (US$8.98/lb) and 76% nickel payability. Physical ParametersDuring the reporting period, the Company took several important steps towards securing key project approvals for the Jaguar Project, with the receipt of technical approval of its PAE by the ANM; the approval of the EIA and formal issue of the 4Maiden JORC Proved and Probable open pit Ore Reserves of 63.0Mt @ 0.73% Ni for 459,200t of contained nickel.LP by the Par State Environmental AgencySEMAS; and the grant of the combined LP and Installation Licence (LI) for the 4First production targeted for H2 CY2027 with LOM recovered nickel of 335,300 tonnes. high-voltage powerline.Operating Costs & Capital Costs (on a contained nickel basis)From an environmental approvals perspective, subsequent to year end the Company was awarded the LI - the second stage 4 First Quartile LOM C1 cash costs of operations of US$2.30/lb (US$3.03/lb on payable basis).of the environmental approval process in Brazilfor the Project by the State Environmental Agency in the State of Par 4First Quartile LOM AISC of US$3.57/lb (US$4.70/lb on payable basis).(SEMAS).4Pre-production Capex (including growth & contingency) of US$371 million.The LI gives the Company the right to commence construction of the Jaguar Nickel Project in line with the current project 4Pre-production Capex includes US$68 million for mine pre-strip with pre-production waste material being used indesign. The LI provides full flexibility to the Company in developing the Project as it allows construction of the nickel the construction of the Integrated Waste Landform (IWL).concentration plant and all of the associated structures, such as pits, dams and waste piles to proceed. The LI also includes Strong Post Tax Financial Returnsthe licence to clear vegetation, the main water permits required to facilitate project development and the licence to manage fauna during construction. 4Operating cash flow of US$2.11 billion (A$3.17 billion).The LI is issued by the Par State environmental agency, Semas, and is valid until March 2029 and puts the Company in a 4Undiscounted free cash flow of US$1.74 billion (A$2.61 billion).position to commence construction once a suitable funding package has been secured and a Final Investment Decision (FID) 4 NPV 8of US$663 million (A$997 million) and IRR of 31% pa. made by the Centaurus Board. 4Capital payback of 2.7 years from first nickel concentrate production.The formal grant of the Mining Lease by the National Mining Agency ANM can occur given technical approval of the Mining 4Average annual free operating cash flow during steady-state operations of US$118 million (A$178 million).Lease Application was already received in early 2024. Other Key Financial MetricsANM issued the Mining Easement for the Jaguar Project in December 2024. The easement covers the roads, power line and 4Revenue (net of payabilities) totalling US$5.05 billion (A$7.65 billion).mine site. It guarantees Centaurus will be able to access all areas necessary for the implementation of the Jaguar Project. 4EBITDA totalling US$2.63 billion (A$3.96 billion). 4 Robust economics at then spot nickel price (US$17,000/t) and 5.45 USD/BRL exchange rate, delivering NPV 8of4.4.7Strategic Partnering Process US$407 million (A$611 million) and IRR of 23% pa. During the reporting period, the Jaguar Strategic Partnering Process continued to advance with ongoing engagement with 4.4.4Jaguar Value Engineering Process (JVEP)a range of interested parties in conjunction with the Companys financial adviser, Standard Chartered Bank. The Company is continuing to work with interested parties in parallel to progressing the JVEP to support a FID for Jaguar. The results of the 2024 Jaguar FS have allowed the Board of Centaurus to commit to completing the targeted value engineering activities (JVEP), actively advancing partnering discussions to support the required funding of the Project and4.5Boi Novo Copper Gold Project undertaking any necessary pre-development activities required to continue to meet the overall project developmentThe Boi Novo Copper-Gold Project, secured as part of Centaurus Horizon II Business Development and Growth Strategy in timeline. NE Brazil, covers 35km2 of highly prospective ground in the Carajs Mineral Provincethe worlds premier Iron-Oxide Beyond the delivery of the FS, the Company expects that there will be ongoing scope to further optimise and refine keyCopper-Gold (IOCG) address. The Project is located 30km from Parauapebas, the regional centre of the Carajs, and less project parameters moving into the next phase of development and engineering work for the Project.than 20km from BHPs Antas Norte copper flotation plant. Page 7 of 60Page 8 of 6032 ANNUAL REPORT CENTAURUS METALS LIMITED'