b'CENTAURUS METALS ANNUAL REPORT 2023DRILLING & EXPLORATION PROGRAMSDrilling at the Jaguar Nickel Sulphide Project during the reporting period continued to grow and de-risk the project, with step-out and deeper drilling at key deposits confirming the potential for further significant Resource growth.At the end of the reporting period, the Company had successfully completed its Jaguar Deeps drilling program and all drilling contractors were demobilised from site. The conclusion of drilling at Jaguar will significantly reduce exploration expenditures in 2024. No new drilling is planned at Jaguar given the size of the existing Mineral Resource Estimate (MRE) and the expectation that results from over 50,000 metres of drilling completed in 2023 should lead to an increase in the MRE when it is delivered post Feasibility Study completion. Resource Development, Step-out and Extensional DrillingThe Company undertook a dual-track strategy of targeting continued resource growth at the Jaguar Project while at the same time further de-risking the project through in-fill and development drilling and advancing the Feasibility Study.All development drilling for geotechnical and metallurgical purposes required for the Feasibility Study was completed during the reporting period. During the reporting period, further drilling contributed to continued resource growth, targeting previously untested areas within and around new pit designs that was previously considered waste. Drilling included follow-up of high-grade material that had been identified at or near the base of current pit optimisations, as well as in-filling areas of lower geological confidence to continue to build confidence in the model and help de-risk the Project.Figure 10: Centaurus geological team members inspecting core in Tucum16 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS LIMITED ANNUAL REPORT 17'