b'CENTAURUS METALS ANNUAL REPORT 2023At the end of the reporting period, the Company had successfully completed its Jaguar Deeps drilling program and all drilling contractors were demobilised from site.Ona Preta Deposit The Ona Preta Deposit is the highest-grade deposit at the Jaguar Project, with the November 2022 MRE1 expanding the resource to 14.2Mt at 1.23% Ni for more than 173kt of contained nickel.Extensive drilling at Onca Preta was undertaken during the year with a number of significant intersections being received. Results from the Jaguar Deeps drilling at the Ona Preta Deposit show that the mineralisation continues more than 300m below the bottom of the current Mineral Resource Estimate (MRE) and remains open at depth.Jaguar South Drill Results The Jaguar South Deposit is the largest deposit at the Jaguar Project, hosting an MRE of 34.6Mt at 0.92% Ni for more than 316kt of contained nickel. The base of the November 2022 MRE continues to be constrained purely by the depth of drilling, however, step-out drilling continues to confirm that the mineralisation remains open at depth and along the +800m strike length of the deposit in both directions. Extensive drilling at Jaguar South was undertaken during the year with a number of significant intersections being received. Jaguar Deeps drilling at the Jaguar South Deposit successfully identified new broad intervals of stringer and semi-massive nickel sulphide mineralisation between 500m to 650m deep and stringer mineralisation down to as deep as 1,000m down hole. 3.7.1Boi Novo Copper Gold Project During the reporting period, the Company secured the Boi Novo Copper-Gold Project, as part of Centaurus Horizon II Business Development and Growth Strategy in northern Brazil, covering 35km2 of highly prospective ground in the Carajs Mineral Provincethe worlds premier Iron-Oxide Copper-Gold (IOCG) address. The Project is located just 30km from Parauapebas (population 250k), the regional centre of the Carajs, and less than 20km from BHPs Antas Norte copper flotation plant. The Company has completed an extensive soil sampling campaign with more than 3,000 samples taken. Results indicate that the Project hosts four distinct target areas with +500pm copper-in-soil anomalies along 12km of discontinuous strike coincident with the drone magnetic anomalies. Within the broader anomalies there are discrete zones of +1,000ppm copper-in-soil anomalies extending over a strike length of more than 1.5km.During field mapping, Centaurus geologists identified sub-crops and blocks of partially to strongly weathered mafic and tonalitic rocks hosting copper oxide mineralisation (malachite and chrysocolla) and trace copper sulphide minerals (chalcopyrite). The best result from rock chips sampling to-date returned 2.24% Cu and 0.57g/t Au1.The Company has commenced, subsequent to year end, an Induced Polarization (IP) ground survey that has traditionally been the geophysical survey of choice for targeting of IOCG deposits in the Carajs as it responds well to the broad disseminated sulphide mineralisation style associated with the known IOCG deposits. Once the ground geophysical surveys are completed, a drill program is likely to be carried out to test the priority targets, as well as any new targets generated by the Companys FLEM survey.3.7.2Jambreiro Iron Ore Project The Companys 100%owned Jambreiro Project is located in southeast Brazil in the State of Minas Gerais only 250km from the Companys head office in the city of Belo Horizonte. A new Jambreiro EIA/RIMA was lodged in September 2023 and approval is anticipated to be 12 months from lodgement. The new EIA/RIMA incorporated the following changes to the project design that was originally approved in 2012: Elimination of the tailings dam through the inclusion of filtration at the back end of the process flowsheet to dewater the tailings and stockpile them with the waste dumps; Transforming the original tailings dam into a water storage dam, with a much smaller footprint; Development of two additional small open pits that are feasible in the current iron ore price environment; andReducing the projects overall project footprint by ~50% via the removal of the tailings dam. 1Refer ASX releases dated 10 November 2022 and 28 November 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent persons findings were presented have not been materially modified from the original announcements. 36 ANNUAL REPORT CENTAURUS METALS LIMITED Page 9 of 54CENTAURUS METALS LIMITED ANNUAL REPORT 37'