b'CENTAURUS METALS ANNUAL REPORT 2023Director & Committee Meetings The number of meetings of the Companys Board of Directors and its Committees held during the year ended 31 December 2023 and the number of meetings attended by each director are shown in the table below. BoardAudit & RiskRemunerationTechnical Committee CommitteeCommittee DirectorHeld 1 AttendedHeld 1 AttendedHeld 1 AttendedHeld 1 Attended Mr D M Murcia10102233n/an/a Mr D P Gordon109n/an/an/an/an/an/a Mr B R Scarpelli1010n/an/an/an/an/an/a Mr M D Hancock10102233n/an/a Mr C A Banasik1010223376 Dr N Streltsova109n/an/an/an/a77 (1)Denotes the number of meetings held during the time the director held office (excluding circular resolutions) The Company does not have a formal Nomination Committee. The function is performed by the full Board. There is no additional remuneration for committee members.3Operating and Financial ReviewA summary of consolidated results is set out below 31 December31 December 2023 2022$$Interest Income1,454,8521,348,066 Research & Development (R&D) Tax refund1,304,766517,875 Other income-6,256 2,759,6181,872,197Loss before income tax (40,740,002)(42,627,555) Loss attributable to members of Centaurus Metals Limited(40,740,002)(42,627,555) 3.1Financial Performance During the year ended 31 December 2023 the Group expensed Exploration and Evaluation costs totaling $34,382,991 (2022: $36,225,206) in accordance with the Groups accounting policy. The Exploration and Evaluation costs primarily comprise costs in relation to exploration and feasibility study costs at the Jaguar Nickel Sulphide Project in Brazil.3.2Financial Position At the end of the year the Group had a cash balance of $34,673,852 (2022: $34,047,722) and net assets of $55,216,482 (2022: $49,328,699). Total liabilities amounted to $5,106,508 (2022: $8,065,982) and consisted of trade and other payables, financial liabilities, lease liabilities and employee benefits. 3.3Operations Review 3.3.1OverviewThe Company continued to advance the Feasibility Study for the Jaguar Nickel Sulphide Project during the full year ending 31 December 2023. Open pit optimisation, mine design, refinery pilot plant testwork and all process design work was completed with the work remaining principally focused on capital and operating cost estimation.Subsequent to year end, the Company decided to to reshape the Jaguar Feasibility Studydeferring the parts of the Feasibility Study relating to a fully integrated downstream nickel sulphate project and focusing instead on completing the Feasibility Study based on an initial nickel concentrate-only project. The development of a potential downstream refinery will be considered in future when market conditions improve. With this approach, the Feasibility Study is targeted for completion in Q2 2024. The ongoing Feasibility Study work suggests that this approach will have a significantly lower capital cost compared to an integrated project and will ensure that the Jaguar Project remains robust and should deliver strong financial returns throughout the commodity price cycle given the Jaguar Projects anticipated low operating costs, stemming in large part from the clean, low-cost power (~US$0.03/kWh) that is available to the Project from the 230kV national grid in Brazil. 32 ANNUAL REPORT CENTAURUS METALS LIMITED Page 5 of 54CENTAURUS METALS LIMITED ANNUAL REPORT 33'