b'Centaurus Metals Limited and its controlled entities Financial Report 31 December 2024Mineral Resources and Ore Reserves RiskMineral Resources and Ore Reserves are estimates, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralisation or geological conditions may be different from those predicted. Market price fluctuations of nickel and iron ore as well as increased costs may render Ore Reserves unprofitable to develop at a particular site or sites for periods of time or may render Ore Reserves containing relatively lower grade mineralisation uneconomic. Any of these factors may require the Company to reduce its Mineral Resources and Ore Reserves, which could have a negative impact on the Companys performance. Development RiskThe future development of the Jaguar project is dependent on the outcome of feasibility studies and will require the ongoing undertakingofEnvironmental,Resource,Mining,Geotechnical,Metallurgical,PlantandNon-PlantInfrastructure, Operational and Capital cost studies (Studies). There is a risk, where the studies are not as expected or are unfavourable, that the Company will not proceed with the development of the Jaguar project or that the estimated capital expenditure, operating costs or proposed timing of the project are less favourable than anticipated or otherwise determined in the Studies. Dependence on Key PersonnelA number of key personnel are important to attaining the business goals of the Company. One or more of these key employees could leave their employment, and this may adversely affect the ability of the Company to conduct its business and, accordingly, affect the financial performance of the Company and its Share price. Difficulties attracting and retaining such personnel may adversely affect the ability of the Company to conduct its business. The Company mitigates this risk by implementing market-based remuneration arrangements which include long and short term incentives. Geopolitical Uncertainty An increasing level of geopolitical risks such as political instability, regulatory change, trade restrictions and diplomatic tensions could disrupt supply chains and market access and create an environment in which investor confidence is negatively impacted. This risk potentially impacts on the Companys ability to raise funding when required, both for working capital purposes and for the development of its projects. The effect of changing trade policy settings by countries that are both major producers and market destinations for critical minerals is likely to have an impact on commodity prices but as well as presenting risks, may deliver opportunity. 4.9Market Announcements This report contains information extracted from a number of cross referenced ASX market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings were presented have not been materially modified from the original announcements. 5Significant Changes in the State of Affairs In the opinion of directors, other than as outlined in this report, there were no significant changes in the state of affairs of the Group that occurred during the financial year under review. 6Principal Activities During the period the principal activities of the Group consisted of exploration and evaluation activities related to mineral resources in Brazil.There were no significant changes in the nature of the activities of the Group during the year. 7Events Subsequent to Reporting Date On 3 March 2025 the Company advised that it had been issued the Installation License (LI) for the Jaguar Nickel Sulphide project by the Par State Environmental Agency SEMAS. The LI is the key environmental license for the project. Refer to Note 22 for details regarding liabilities which were contingent on this approval.Page 12 of 60CENTAURUS METALS LIMITED ANNUAL REPORT 37'