b'CENTAURUS METALS ANNUAL REPORT 2023Nickel Market & PriceNickel has outstanding physical and chemical properties, whichAccording to a recent report by the International Energy Agency make it essential in many thousands of products. Today, its biggest(IEA), global sales of Electric Vehicles (EVs) increased by around use is in producing metal alloys, with approximately 70% of global60% in 2022, surpassing 10 million units for the first time. As a result, nickel production currently used to manufacture stainless steel. one in every seven passenger cars bought globally in 2022 was an However, it is nickels vital contribution to the production ofEVcompared to just one in 70 in 2017.lithium-ion (Li-ion) batteries that is expected to deliver exceptionalEV sales increased in every region of the world as production demand growth for the metal over the coming years. Li-ion batteriesincreased, oil prices rose, and targeted policies were introducedused in Electric Vehiclesare a key element of the globalaimed at supporting their take-up in the market. The European transition to green energy. Union has announced a ban on the sale of new Internal Combustion Concern over climate change, the drive towards energyEngine (ICE) vehicles from 2035 unless they can operate only on efficiency and the adoption of carbon dioxide emissions targetscarbon-neutral fuels.by governments are all helping to increase interest in renewableGlobal nickel usage continued to increase with demand in 2023 energy technologies involving batteries and energy storage. Whileexpected to have reached just under 4Mt, a 6% increase from 2022 nickel is not always in the name, its presence in many batterydriven by a recovery in stainless-steel production and surging technologies is helping to reduce greenhouse gas emissions -demand from the EV sector. enabling clean energy solutions to be a central part of our effort to tackle global warming.Passenger BEV sales grew 32% YoY in 2023 56.5 59.0and is expected to grow ~31% YoY in 2024 53.851.2Units: Millions ChinaEx-China 48.445.742.639.3 60%36.3 59% 59%33.3 58%30.4 56% 57%27.3 55%24.3 53% 54%21.5 52%19.0 51%16.5 50%48%13.7 44% 47%10.5 42%7.9 39% 44% 43% 42% 41% 41% 40%38% 47% 45% 45%2.1 4.7 37% 58% 56% 53% 52% 50% 49% 48%53% 42% 63% 62% 61%47% 58%2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040Figure 1: Global Passenger BEV Sales6 ANNUAL REPORT CENTAURUS METALS LIMITED'