b'Centaurus Metals Limited and its controlled entitiesCentaurus Metals Limited and its controlled entities CENTAURUS METALS ANNUAL REPORT 2024 Financial Report 31 December 2024 Financial Report 31 December 2024NotesNotes to the Consolidated Financial Statements Note 1. Reporting Entity 32 For the year ended 31 December 2024 Note 2. Basis of Preparation 32 Note 1.Reporting Entity Note 3. Functional and Presentation Currency . 32Note 4. Use of Judgements and Estimates 32 Centaurus Metals Limited (the Company) is a company domiciled in Australia. The Companys registered office is at Level 2, 23 Ventnor Avenue, West Perth WA 6005.The consolidated financial statements of the Company as at and for the year Note 5. Material Accounting Policies 34 ended 31 December 2024 comprise the Company and its subsidiaries (collectively the Group and individually Group Note 6. Operating Segments . 40 entities). The Group is a for-profit entity and is primarily involved in exploration for and evaluation of mineral resources. Note 7. Other Income . 40 Note 2.Basis of Preparation Note 8. Employee Benefits Expense 41 2.1Statement of Compliance Note 9. Share-based Payments . 41 The consolidated financial statements are general purpose financial statements which have been prepared in accordance Note 10. Income Tax . 43 with Australian Accounting Standards (AASBs) (including Australian Accounting Interpretations) adopted by the Australian Note 11. Dividends 44 Accounting Standards Board (AASB) and the Corporations Act 2001.The consolidated financial statements comply with International Financial Reporting Standards (IFRSs) adopted by the International Accounting Standards Board (IASB). Note 12. Earnings/(Loss) per Share . 44 The consolidated financial statements were authorised for issue by the Board of Directors on 24 March 2025. Note 13. Cash and Cash Equivalents . 44 2.2Basis of Measurement Note 14. Reconciliation of Cash Flows from Operating Activities . 44 The consolidated financial statements have been prepared on the historical cost basis, except for share based payments Note 15. Other Receivables and Prepayments . 45 which are measured at fair value in the statement of financial position. Note 16. Property, Plant and Equipment 45 2.3Going Concern Note 17. Exploration and Evaluation Assets . 46 The financial statements for the year ended 31 December 2024 have been prepared on a going concern basis, which Note 18. Trade and Other Payables 46 contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.Note 19. Financial Liability 47 During the year, the Group incurred a loss after tax of $18,445,636 with net cash outflows of $16,009,557. The Group has a Note 20. Leases . 47 working capital surplus of $15,095,173. Note 21. Capital and Reserves 47 While the Group had cash on hand of $18,043,388 as at 31 December 2024, the Group is likely to need additional working Note 22. Contingent Liabilities 48 capital in order to meet the Groups stated strategic objectives. Whilst there is no certainty that additional funding will be available to provide adequate working capital for the Group to achieve its planned objectives, the Directors believe that the Note 23. Capital Commitments . 48 Group will be able to secure funding based on the Companys historical success of raising capital. The form, value and timing Note 24. Related Parties . 48 of any future transactions that may provide funding is yet to be determined and will depend amongst other things, on capital markets, commodity prices and the outcome of planned exploration and evaluation activities. Note 25. Financial InstrumentsFair Values and Risk Management . 49 The Directors have a reasonable expectation that further funding will be obtained to meet the Groups objectives. In Note 26. Subsequent Events . 51 addition, the Directors have considered the minimum expenditure requirements necessary in order to maintain tenements Note 27. Group Entities . 52 in good standing and to meet committed expenditures for the 12 month period from the date of this report and consider the going concern basis of preparation to be appropriate. In undertaking this analysis, the Directors have considered which Note 28. Parent Entity Disclosures 52 expenditure can be reduced if necessary. Note 29. Remuneration of Auditors 53 Note 3.Functional and Presentation Currency These consolidated financial statements are presented in Australian Dollars, which is the Companys functional currency. The functional currency of the Brazilian subsidiaries is the Brazilian Real. Note 4.Use of Judgements and EstimatesIn preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Groups accounting policies and the reported amounts of assets, liabilities, income and expenses.Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Page 31 of 60Page 32 of 6056 ANNUAL REPORT CENTAURUS METALS LIMITED'