b'Centaurus Metals Limited and its controlled entities Financial Report 31 December 2024During the reporting period, good progress was made on the JVEP, focusing on metallurgical, mining and engineering modifications to the FS baseline parameters to further improve the already strong economics of the Project. CPC Engineering was engaged to undertake the engineering, capital and operating cost revisions and Mining Plus to lead mine planning efforts. Bench scale testwork allowed Centaurus to modify the process flow sheet design, with a view to improving the nickel grade of 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 volume of concentrate to facilitate a significant reduction in freight costs required to get the nickel concentrate to market. The new nickel concentrate specification delivered from the pilot during the period is expected to improve product marketability to underpin the ongoing strategic partnering and offtake discussions ahead of a Financial Investment Decision (FID). 4.4.5Underground Potential During the reporting period, exploration drilling and resource modelling defined mineralisation beneath the Jaguar and Ona 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 underground methods potentially increasing the Jaguar mine life. A scoping study level of assessment of the potential for underground production to contribute to the Jaguar life-of-mine production profile is underway. 4.4.6Project Approvals During 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 LP by the Par State Environmental AgencySEMAS; and the grant of the combined LP and Installation Licence (LI) for the high-voltage powerline.From an environmental approvals perspective, subsequent to year end the Company was awarded the LI - the second stage of the environmental approval process in Brazilfor the Project by the State Environmental Agency in the State of Par (SEMAS).The LI gives the Company the right to commence construction of the Jaguar Nickel Project in line with the current project design. The LI provides full flexibility to the Company in developing the Project as it allows construction of the nickel concentration plant and all of the associated structures, such as pits, dams and waste piles to proceed. The LI also includes the licence to clear vegetation, the main water permits required to facilitate project development and the licence to manage fauna during construction. The LI is issued by the Par State environmental agency, Semas, and is valid until March 2029 and puts the Company in a position to commence construction once a suitable funding package has been secured and a Final Investment Decision (FID) made by the Centaurus Board. The formal grant of the Mining Lease by the National Mining Agency ANM can occur given technical approval of the Mining Lease Application was already received in early 2024. ANM issued the Mining Easement for the Jaguar Project in December 2024. The easement covers the roads, power line and mine site. It guarantees Centaurus will be able to access all areas necessary for the implementation of the Jaguar Project. 4.4.7Strategic Partnering Process During the reporting period, the Jaguar Strategic Partnering Process continued to advance with ongoing engagement with 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. 4.5Boi Novo Copper Gold Project The Boi Novo Copper-Gold Project, secured as part of Centaurus Horizon II Business Development and Growth Strategy in NE Brazil, covers 35km2 of highly prospective ground in the Carajs Mineral Provincethe worlds premier Iron-Oxide Copper-Gold (IOCG) address. The Project is located 30km from Parauapebas, the regional centre of the Carajs, and less than 20km from BHPs Antas Norte copper flotation plant. Page 8 of 60CENTAURUS METALS LIMITED ANNUAL REPORT 33'