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 2024Boi Novo hosts five prospects. Four distinct prospects are located within the Gro Par sequence of metavolcanic and ironAs a result of this decision, the Jambreiro DRPF Project is understood to be a project that is critical to the decarbonisation formations with +500ppm copper-in-soil anomalies along 12km of discontinuous strike coincident with magnetic anomalies,of the steel industry and will now receive the same fast-tracked permitting treatment as a number of lithium projects located being the Nelore, Bufalo, Zebu and Guzera Prospects3. in the Minas Gerais Lithium Valley. During the reporting period, Centaurus completed the maiden drill campaign for its Boi Novo project. Drilling continued to4.6.1Project Approvals return encouraging results, expanding both the shallow breccia-hosted high-grade copper mineralisation and intersectingThe new LP for the Jambreiro Project is expected in H1 2025. As the project had already been licensed in 2013 and significant more zones of thick disseminated mineralisation.environmental improvements were implemented in the project design, including the removal of the tailings dam, the Drilling continued to mid-December, with 27 holes completed for a total of 4,550m, to test the strike extension of theCompany expects no issues with the new approvals process. disseminated mineralisation of the Nelore Prospect, which remains open both along strike and at depth. Subsequent to year end, a new diamond drill program at Boi Novo has commenced.4.7Key ESG Initiatives 4.6Jambreiro Iron Ore ProjectDuringthereportingperiod,Centauruspublishedits2023SustainabilityReport,whichoutlinedtheCompanyskey sustainability initiatives and performance over the 2023 calendar year and its goals for the years ahead. A Sustainability The Companys 100%-owned Jambreiro Project is located in south-east Brazil close to the Companys head office in the cityReport is being prepared for 2024 year. of Belo Horizonte. It formed part of Centaurus foundational portfolio of strategic minerals projects in Brazil and comprises4.7.1Occupational Health & Safety asubstantialMineralResourceforwhichCentauruscontinuestoevaluatepotentialdevelopmentandmonetisation pathways.At the end of the reporting period, the Company worked more than 181,575 hours in the last 12 months and had achieved A new study commenced during the year on the potential to deliver a Direct Reduction (DR) quality pellet feed product in30 months without an LTI. The 12-month reportable injury frequency rate at year-end was 0 and the 12-month severity rate response to growing demand from steelmakers to lower greenhouse emissions. Centaurus is investigating the possibility ofwas also 0. producing a DR quality pellet feed product from the Jambreiro ore, targeting a +67.5% Fe product with combined grades of4.7.2GHG Emissions Silica (SiO2) and Alumina (Al2O3) being under 2%.A review of the Jaguar Projects carbon footprint during the reporting period by specialist metals and mining ESG research Positive results were reported from bench-scale metallurgical testwork on Jambreiro ore, confirming the potential for thecompany, Skarn Associates, has confirmed that the Project continues to demonstrate its credentials as one of the worlds project to produce a Direct Reduction Pellet Feed (DRPF) product across its entire projected mine life.foremost nickel projects in terms of its carbon footprint, putting it in a strong position to attract strategic investment from The average product specification achieved delivered an iron grade of 67.8% Fe, 1.08% Silica and 0.64% Alumina (Silica +potential partners seeking new supply of nickel concentrate. Alumina of 1.72%)4 . This specification well within the 2% threshold required to achieve a DR quality product. The averageThe results of this study continue to demonstrate that the Jaguar Project, once in production, is expected to be class-leading phosphorus grade in the concentrate product was very low at 0.011%. in terms of its carbon footprint, reflecting its unique attributes as a high-grade, open-pittable nickel sulphide project Centaurus is assessing the impact of the changes to the process flowsheet on previous capital and operating cost estimatespowered by 100% renewably sourced energy which will be distributed by the 230kV national power grid in Brazil. so that the Company can confirm, at a high level, its expectations that the production of a DRPF product can deliver strongThe estimated E1 (Scope 1 + Scope 2 + freight + downstream) Green House Gas (GHG) emissions for Jaguar are forecast to economics for the Company. be low at 7.27 tonnes of CO2/tonne of nickel equivalent for the proposed production and external downstream processing In light of these results, the Company has been reviewing previous Feasibility Study work and discussing the productof a nickel concentrate product, with this life-of-mine CO2 footprint assessed to be lower than 94% of global nickel specification with a number of potential off-takers. production, once in production A drill program of approximately 600m commenced in December with a view to collecting additional samples to run a pilotThe assessed emission levels will be 85% lower than the industry average (production weighted) of 48.6 tonnes of CO2/t of plant based on the new proposed flowsheet to produce a DRPF product. The drilling will be completed in the March 2025nickel equivalent5 (assessed for the 2023 year). Quarter to allow the pilot plant work to commence. The pilot plant will produce DRPF product to be used to assist in the4.7.3Local Community Support Plan offtake discussions with potential customers. Also, during the reporting period, the Companys Jambreiro Project was awarded priority status by the State GovernmentLocal Workforce Training Programsfor its potential positive social and economic impacts.During the reporting period, the Company launched the Empower Jaguar Program Capacita Jaguar training programs in The Economic Development Committee in Minas Gerais, consisting of members from the main State departments, approvedconjunction with the Brazilian industry training college (SENAI). Centaurus anticipates training over 1,500 people in various the inclusion of the Jambreiro DRPF Project in the list of projects to be prioritised in the environmental permitting process. trades that will allow them to be able to seek employment once construction of the Jaguar Project commences. The decision was based on a structured assessment, which considers seven different criteria to grade investment projects,By the end of the reporting period, three training courses, to support the roles of Administrative Assistant, Construction including, but not limited to, capital investment, job creation, social and human development index of the project region,Assistant and Electrician were completed. forecast project revenue and that the. Jambreiro Project is able to produce a high-grade DRPF product, warranting theThe Company also commenced the Jaguar Partners Program Parceiros do Jaguar, offering two courses to local suppliers priority status award. The permitting process for Jambreiro will be entirely completed at a state level.that could allow them to provide goods and services to the Jaguar Project. Strong participation across all course locations The priority status means the project will be assessed diligently by environmental regulators with a view to permitting it indemonstrated their strong interest in working with Centaurus.the shortest possible time. The State Environmental Agency (Supram) will also regularly report the progress of the permitting process to the States Investment DepartmentInvest Minaswhose objective is to attract investments to the State of Minas Gerais.3ASX Announcement 28 November 2023. 4ASX Announcement 10 April 2024. 5ASX Announcement 26 March 2024. Page 9 of 60Page 10 of 6034 ANNUAL REPORT CENTAURUS METALS LIMITED'