b'CENTAURUS METALS ANNUAL REPORT 2023Figure 6: Pilot Plant test work at ALS Laboratories with Principal Metallurgist, John Knoblauch and GM Operations, Wayne Foote.The detail outlined below highlights the workFlotation Testworkcompleted on the Project during the year, Extensive flotation testwork was completed on the Jaguar nickel based on producing a nickel sulphate product. sulphide ore during the reporting period, with over 800kg of high-quality concentrate produced for feed to the Jaguar Pilot Plant. The Concentrate Feasibility Study will draw uponVariability composites were also prepared and tested. The flotation a significant amount of this work to deliver thework provided an extensive geo-metallurgical understanding for economic and technical assessment of the Project.optimisation of the mining schedule.From the flotation testwork, Centaurus estimates that it will be able to recover approximately 94% of the sulphide nickel processed to MINING a concentrate (which is approximately 78% of the total nickel at the average head grade in the MRE).During the reporting period, strategic mine scheduling was concluded and aligned to the expected project constructionPilot Plantand ramp-up schedule. In the pre-operations phase, mineCentaurus piloting program for the Jaguar Project was developed development will be constrained to the required production ofto provide detailed chemistry and process engineering data for the waste for Integrated Waste Landform (IWL) and other infrastructureFeasibility Study and future front-end engineering design (FEED) requirements where bulk fill is required. Due to the low strip ratiorequirements, as well as to ensure a high-quality nickel product to access first ore and the shallow weathering profile providingcould be achieved for marketing and off-take discussions. rapid access to transitional and fresh material, it is not necessary toThe pilot plant demonstrated that the Company was able to produce undertake a substantial waste pre-stripping phase to enable a stablea high-quality battery grade nickel sulphate product with various ore production profile to be achieved. by-products (Copper Cathode, Zinc Hydroxide, Cobalt Hydroxide and Ammonium Sulphate). METALLURGY & PILOT PLANT TESTWORKMineralogyCentaurus completed comprehensive testing and analysis of the mineralogy of the Jaguar Nickel Project as part of which 3km of core, drilled by Centaurus, was selected for mineralogical testing. The core was selected from geologically important areas across the entirety of the resource base of the Project, including Jaguar South, Jaguar Central, Jaguar West, Jaguar Central North, Jaguar North, Jaguar North-East, Ona Preta and Ona Rosa.From this work Centaurus developed a detailed understanding of the ore types at the Jaguar Project, with how to best process them and the resultant concentrate quality produced.Figure 7: Overall Site Layout of Jaguar Project with Concentrator and Refinery (before deferral of this phase of project)12 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS LIMITED ANNUAL REPORT 13'