b'CENTAURUS METALS ANNUAL REPORT 2023MINERAL RESOURCES AND ORE RESERVESMineral Resource and Ore Reserve estimates are prepared by ANNUAL STATEMENT AND REVIEW qualified independent Competent Persons and further verified by the Companys technical staff. If there is a material change The Company carries out an annual review of its Mineral Resourcesin the estimate of a Mineral Resource, the modifying factors and Ore Reserves as required by the Australasian Code forfor the preparation of Ore Reserves, or reporting an inaugural Reporting of Exploration Results, Mineral Resources and OreMineral Resource or Ore Reserve, the estimate and supporting Reserves (the JORC Code) 2012 edition and the ASX Listing Rules.documentation in question is reviewed by a suitably qualified The update of the Jaguar Nickel Project Mineral Resource wasindependent Competent Person.completed on 10 November 2022 and was revised in March 2023 because of the Independent Resource Geologists review of the resource block model. During the review, it was identified that 8 ofAPPROVAL OF MINERAL RESOURCES AND ORE the 113 domains in the block model were not allocated a resourceRESERVE STATEMENTclassification category and as such no mineralisation was reportedThe Company reports its Mineral Resources and Ore Reserves on in the November 2022 MRE from these domains.an annual basis in accordance with the JORC Code 2012 Edition. The resource classification attributes for these domains were updated with the correct classification. No additional drillingThe Ore Reserves and Mineral Resources Statement is based on was considered in the update and there was no change to theand fairly represents information and supporting documentation interpretation of the mineralisation domains or to the estimation ofprepared by competent and qualified independent external metals from the November 2022 MRE. professionals and reviewed by the Companys technical staff.The The MRE changed from 108.0Mt at 0.87% Ni for 938,500 tonnesOre Reserves and Mineral Resources Statement has been approved of contained nickel to 109.2Mt at 0.87% Ni for 948,900 tonnes ofby Roger Fitzhardinge, a Competent Person who is a Member of the contained nickel, this represents an increase of 10,400t of containedAustralasian Institute of Mining and Metallurgy.Roger Fitzhardinge nickel metal (or 1.1% of the MRE).The Company did not consider thisis a permanent employee of Centaurus Metals Limited.Mr a material change in accordance with ASX Listing Rule 5.8. ThereFitzhardinge has consented to the inclusion of the Statement in the was no change to the material information used to estimate the MREform and context in which it appears in this Annual Report.and the detailed technical discussion and supporting information (required under ASX Listing Rules 5.8.1 and 5.8.2) remains the same as reported in the ASX Announcement of 10 November 2022.COMPETENT PERSONS STATEMENTA further review was carried out as at 31 December 2023. TheExploration ResultsJaguar Resource estimates have been reported in accordance withThe information in this Annual report that relates to Exploration the JORC Code 2012 edition and the ASX Listing Rules. Results is based on information compiled by Mr Roger Fitzhardinge The review of the iron ore Mineral Resources and Ore Reserves waswho is a Member of the Australasia Institute of Mining and carried out as at 31 December 2023. The Jambreiro Resources andMetallurgy.Mr Fitzhardinge is a permanent employee and Reserve estimate have been reported in accordance with the JORCshareholder of Centaurus Metals Limited. Mr Fitzhardinge has Code 2012 edition and the ASX Listing Rules. The remaining Mineralsufficient experience which is relevant to the style of mineralisation Resource estimates were prepared and disclosed under the JORCand type of deposit under consideration and to the activity which he Code 2004 edition. is undertaking to qualify as a Competent Person as defined in the The information prepared for the Canavial and Passabm Resource2012 Edition of the Australasian Code for Reporting of Exploration estimates has not been updated to comply with the JORC Code 2012Results, Mineral Resources and Ore Reserves.Mr Fitzhardinge edition on the basis that the information has not materially changedconsents to the inclusion in the report of the matters based on his since it was last reported.information in the form and context in which it appears.The Company is not aware of any new information or data thatJaguar Nickel Project Mineral Resourcesmaterially affects the information included in this Annual StatementThe information in this Annual report that relates to the Jaguar and confirms that all material assumptions and technical parametersNickel Project Mineral Resource is based on information compiled by underpinning the estimates in the relevant market announcementMr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger continue to apply and have not materially changed. Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members ESTIMATION GOVERNANCE STATEMENT of the Australasian Institute of Mining and Metallurgy.Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the The Company ensures that all Mineral Resource and Ore Reservestyles of mineralisation and types of deposits under consideration, calculations are subject to appropriate levels of governance andand to the activities undertaken to qualify as Competent Persons internal controls. Exploration Results are collected and managed byas defined in the 2012 Edition of the Joint Ore Reserves Committee competent qualified staff geologists and overseen by the Exploration(JORC) Australasian Code for Reporting of Exploration Results, General Manager. All data collection activities are conducted toMineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge industry standards based on a framework of quality assurance andis the Competent Person for the database (including all drilling quality control protocols covering all aspects of sample collection,information), the geological and mineralisation models plus topographical and geophysical surveys, drilling, sample preparation,completed the site visits.Mr Barnes is the Competent Person for physical and chemical analysis and data and sample management.the construction of the 3-D geology / mineralisation model plus the 24 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS LIMITED ANNUAL REPORT 25'