b'Chairs Report Project permitting has also been significantly progressed, with the Environmental Impact Assessment approved and Preliminary Licence formally issued by the Par State Environmental Agency during the year and the key Installation Licence awarded subsequent to year-end.I am pleased to present Centaurus Metals 2024This means we now have all required approvals to commence Annual Report and reflect on a year of significant,construction at Jaguar and positions Centaurus for the award of the Mining Lease, which is expected in the coming months.positive progress at our flagship Jaguar Nickel Our steady progress with approvals puts us on-track to make a Final Project in Brazils world-class Carajs mining district,Investment Decision once a suitable funding package is put in place.despite the continued headwinds of a challengingOutside of Jaguar, Centaurus completed its maiden drilling program at nickel market and global geopolitical uncertainty.the Boi Novo Copper Project, also in Brazils Carajs Mineral Province, Following the strategic decision last year to stage the projectwith initial results indicating the potential for an exciting new discovery implementation in two phases, consistent with prevailing marketin a province with proven potential for large-scale IOCG deposits. conditions, Centaurus delivered a positive Feasibility Study for theDrilling to date has defined two styles of copper-gold mineralisation initial concentrate-only phase in July, highlighting strong economics, high-grade breccia-hosted and broad disseminated mineralisation. a long mine life and first quartile operating costs. Importantly, all prospects tested remain open along strike and The Feasibility Study considered open pit production over an initialdown-dip, with follow-up drilling commencing in February 2025.18-year life, delivering forecast production of ~18,700tpa of nickel at aAt our Jambreiro Iron Ore Project in southeastern Brazil, studies are low LOM all-in sustaining cost of US$3.57/lb. continuing on the potential to deliver a Direct Reduction (DR) quality The study confirmed low capital intensity, with pre-production CAPEXpellet feed concentratea product attracting strong interest from of US$371 million, a Post Tax NPV 8of A$997 million and Internal Ratesteel manufacturers seeking to lower their carbon emissions. of Return of 31%. Metallurgical testwork confirmed our ability to produce a high-purity The low operating costs give us confidence that Jaguar will remainDR pellet feed product from Jambreiro, delivering consistent financially viable throughout the nickel price cycle and will be costhigh-grade, low-impurity results.competitive with Indonesian laterite nickel supply. Importantly howeverIn December, Jambreiro was awarded priority status by the State ofunlike Indonesian supplyJaguar nickel will offer an exceptionallyMinas Gerais due to its potential positive social and economic impact.low carbon footprint due to its use of 100% renewable power.Looking to the future, the coming year is set to be an exciting period as Following completion of the Study, in August 2024, Centaurus deliveredwe work towards a Final Investment Decision at Jaguar.an updated Mineral Resource Estimate (MRE) for Jaguar comprisingWhile the past two years have clearly been a challenging period for 1.2 million tonnes of contained nickelan increase of 27% over thenickel-focused companies, the market has shown some positive signs previous Resource announced in November 2022.of a recovery since the start of 2025, buoyed by tighter proposed The update includes 978,900 tonnes of nickel in the higher-confidencemining legislation and royalty increases in Indonesia and potential Measured and Indicated categories, cementing Jaguars credentials asexport bans on laterite ores from Philippines. Consensus forecasts a Tier-1 global nickel project.point to a 25% increase in nickel prices over the next 3-5 years.Based on this updated Resource, Centaurus commenced valueGiven the low forecast operating costs at Jaguar, Centaurus is engineering studies for the project development, targeting furtherexceptionally well placed to benefit from any resurgence in the nickel improvements to the Projects already strong economics and productprice.marketability.I would like to acknowledge the efforts of the Centaurus team for their Initial results have been very positive, with recent trials of an enhancedhard work and dedication over the past year and sincerely thank all process flow sheet confirming the ability to deliver nickel concentrateour stakeholders for your with significantly increased grades. This would attract premiumcontinued support.pricing, while also delivering a significant reduction in freight costs. These value engineering studies are ongoing, in parallel with an Underground Scoping Study focused on high-grade resources immediately below the open pit designs.On the funding front, Centaurus is continuing to progress a strategic partnering process to evaluate partnering and funding options for theDidier MurciaJaguar Project development.CHAIRIn February 2025, the Jaguar Project was selected for the Brazil Climate and Ecological Transformation Investment Platform (BIP), which offers access to a capital pool of more than US$10 billion.Centaurus is now meeting with interested BIP investors to discuss funding opportunities.CENTAURUS METALS LIMITED ANNUAL REPORT 5'