b'CENTAURUS METALS ANNUAL REPORT 2023Next Steps JAMBREIRO IRON ORE PROJECTThe soil sampling and surface mapping programs are continuing,The Companys 100%owned Jambreiro Project, located in southin-filling the line spacing which is currently at 200m spacing acrosseast Brazil in the State of Minas Gerais is close to the Companys most of the tenure.head office in the city of Belo Horizonte.The Company has commenced, subsequent to year end, an InducedDuring the reporting period, the Company continued to make Polarization (IP) ground survey that has traditionally been thepositive progress towards refreshing all environmental licences geophysical survey of choice for targeting of IOCG deposits in therequired to develop the project. Carajs as it responds well to the broad disseminated sulphide mineralisation style associated with the known IOCG deposits. The new Jambreiro EIA/RIMA was lodged in September 2023 and Once the ground geophysical surveys are completed, a drill programapproval is anticipated to be 12 months from lodgement. is likely to be carried out to test the priority targets, as well as anyThe new EIA/RIMA incorporated the following changes to the project new targets generated by the Companys FLEM survey.design that was originally approved in 2012:The Company has land access agreements in place for explorationElimination of the tailings dam through the inclusion of filtration and is in the process of obtaining water and drill licences to allow forat the back end of the process flowsheet to dewater the tailings the maiden drill program to start in Q2 2024. A licence to drill hasand stockpile them with the waste dumps;been granted for one of the four tenements so far with another 3 stillTransforming the original tailings dam into a water storage pending. dam, with a much smaller footprint;Development of two additional small open pits that are feasible in the current iron ore price environment; and Reducing the projects overall project footprint by ~50% via the removal of the tailings dam.20 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS LIMITED ANNUAL REPORT 21'