b'Higher cost Western supply has already come out of the market inWhilst Centaurus now plans to produce a high-grade, low-cost response to the current price environment with more likely to follownickel sulphide concentrate from the Jaguar project, as opposed as prices stay consistently low. However, despite the significantto nickel sulphate, this change positions the Company perfectly to supply cuts, it was new supply growth from Indonesia in 2024, muchmaximise exposure to the increased demand from the EV battery of which was committed during the period of stronger nickel prices,sector via sales to either established global smelters & refiners that drove an overall market surplus which impacted the LME nickelwho produce nickel metal or a number of new entrants looking to price, ending the year around US$15,000/t.process sulphide concentrate directly into sulphate.Prices are approaching the marginal cost levels for the IndonesianCentauruss goal is to time the development of the Jaguar Nickel producers which represent an effective price support level for theSulphide Project when the nickel market is forecast to be moving industry. Therefore, it is likely that the nickel prices are at or nearback into a deficit situation.the bottom with limited further downside risk. Longer term nickel prices would need to be higher than current levels to incentivize new supply and provide cost support to the industry. 22,00021,00020,00019,000LME Nicket (US$/T)18,00017,00016,00015,00014,000JAN 23 FEB 24 MAR 24 APR 24 MAY 24 JUN 24 JUL 24 AUG 24 SEP 24 OCT 24 NOV 24 DEC 24 JAN 25Figure 2: LME Nickel Price (January 2023December 2024)Source: LMECENTAURUS METALS LIMITED ANNUAL REPORT 7'