b'CENTAURUS METALS ANNUAL REPORT 2024HighlightsJAGUAR PROJECT Environment, Social & Governance (ESG)Feasibility Study Technical approval of the Jaguar PAE by the Brazilian National Positive Feasibility Study (FS) 1 completed in July 2024,Mining Agency (ANM)highlighting strong economics from an initial concentrate-onlyApproval of the Jaguar Environmental Impact Assessment (EIA/project delivering a long-life production profile at first quartileRIMA) and formal issue of the Preliminary Licence (LP) by the operating costs.Par State Environmental Agency (SEMAS). Installation Licence The FS confirmed the potential for Jaguar to become a(LI) formally issued post year end.sustainable, long-term and low-cost producer of low emissionGrant of the combined LP/LI for the high-voltage powerline.nickel for global markets, generating strong financial returnsMining Easement issued by the ANM for Jaguar roads, while also delivering significant social and economic benefits forpowerline and overall project site area.the communities where it is located. Key outcomes included:Jaguars life-of-mine CO 2footprint independently assessed at A maiden JORC Ore Reserve of 63Mt @ 0.73% Ni for 459,2007.27t CO 2 /tonne Ni Eq with the footprint estimated to be lower tonnes of contained nickel.than 94% of global nickel production, once in production. Forecast production averaging 18,700tpa of nickel over an initial 18-year open pit mine life via a conventional 3.5MtpaJAMBREIRO PROJECTnickel flotation circuit. Low capital intensity with pre-production CAPEX of US$371Jambreiro Iron Ore Project awarded priority status by the State million (including pre-strip and contingency).of Minas Gerais due to its potential positive social and economic impact to the State. First quartile C1 cash cost of US2.30/lb and AISC of US$3.57/lbA study on the potential to produce a Direct Reduction (DR) (contained nickel basis). quality pellet feed concentrate from Jambreiro has commenced. Post Tax operating cash flow of US$2.11 billion, Post Tax NPV 8 Average product specification from bench-scale work shows of A$997 million and an IRR of 31% pa.an Fe grade of 67.8% 4with a combined Silica + Alumina level Updated Mineral Resource Estimate of 1.72% - well under the 2% threshold required to achieve DR Updated Mineral Resource Estimate 2 delivered in August 2024quality.cements Jaguars position as a Tier-1 global nickel sulphideRecent discussions with potential customers and off-take project :partners have indicated strong interest for the Projects GLOBAL: 138.2Mt @ 0.87% Ni for 1.20 million tonnes ofpotential Direct Reduction Pellet Feed (DRPF) product.contained nickel MEASURED & INDICATED: 112.6Mt @ 0.87% Ni for 978,900EXPLORATIONBOI NOVOtonnes of contained nickelMaiden drill program commenced, with zones of both Value Engineering Process high-grade breccia-hosted and broad disseminated mineralisation encountered. Jaguar Value Engineering Process (JVEP) and optimisationAll prospects remain open along strike and down-dip, with work is ongoing, focussed on the mine plan, process flowsheet, process plant layout and earthworks multiple Down Hole Electro-Magnetic (DHEM), Fixed Loop Electro-Magnetic (FLEM) and Induced Polarisation (IP) targets Pilot plant trial completed based on an optimised processstill to be tested. flowsheet design with the pilot delivering a high-grade nickel 3concentrate grading 34% nickelwith significantly lower impurity levels compared to the FS concentrate specification. CORPORATEApproximately 30kg of the new, high-grade concentrate wasCash at 31 December 2024 of $18.0 million.produced from the pilot plant trial for use in offtake andStandard Chartered Bank appointed as financial adviser to strategic partnering discussions.assist in the Companys strategic off-take and funding pathway Reduced concentrate volumes with higher grade is anticipateddiscussions for Jaguar.to lead to material logistics cost savings for the Project. 2023 Sustainability Report issued, reflecting Centaurus continued commitment to strong ESG principles and detailing how these principles are integrated into its exploration and Project development activities.4 ANNUAL REPORT CENTAURUS METALS LIMITED'