b'CENTAURUS METALS ANNUAL REPORT 2024 Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. Valuation of exploration and evaluation asset ($12,415,962) Refer to Note 17 to the Financial Report The key audit matterHow the matter was addressed in our audit The Groups policy is to capitalise acquisition costsOur procedures included: in relation to an area of interest, less anyEvaluating the Groups accounting policy to impairment charges recognised.recognise exploration and evaluation assets The valuation of exploration and evaluation assetsagainst criteria of the accounting standard; is a key audit matter due to:Assessing the Groups determination of its The significance of the activity to the Groupsareas of interest for consistency with the business and the significance of the balancedefinition in the accounting standards; which is 31.4% of the total assets balance;For the significant areas of interest,assessing and the Groups current rights to tenure. This The greater level of audit effort to evaluate theincluded checking the ownership of the Groups application of the requirements of therelevant license for mineral resources or accounting standard AASB 6 Exploration forreserves to government registries; and Evaluation of Mineral Resources, inEvaluating the Groups documents for particular the presence of impairmentconsistency with their stated intentions for indicators. The presence of impairmentcontinuing exploration and evaluation activities indicators would necessitate a detailed analysisin certain areas. These included: by the Group of the value of exploration and evaluation assets. -The Groups internal plans and budgets Given the criticality of this to the scope and depth-Minutes of board and internal meetings of our work, we involved senior team members to-Announcements made by the Group to challenge Groups determination that no suchthe Australian Securities Exchange indicators existed. including results from latest activities and In assessing the presence of impairmentstudies performed. indicators, we focused on those which may drawWe challenged and corroborated this through into question the commercial continuation ofinterviews with key operational and finance exploration and evaluation activities wherepersonnel. significant carrying value of capitalised exploration and evaluation expenditure exists.82 ANNUAL REPORT CENTAURUS METALS LIMITED'