Centaurus Metals : $75M Institutional Placement for Development of Jaguar

NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

21 January 2022

$75M INSTITUTIONAL PLACEMENT TO DRIVE CONTINUED GROWTH
	AND DEVELOPMENT OF THE JAGUAR NICKEL SULPHIDE PROJECT
Proceeds to underpin a Definitive Feasibility Study (DFS) due by the end of 2022 including more than
only	90,000m of drilling to further expand and upgrade the resource inventory
use	• Firm commitments received to raise $75 million at $1.16 per share from over 20 high-quality
Australian and international institutional investors.
• In addition to the extensive new institutional investor support, the raise has been well
supported by existing substantial shareholders including affiliates of the Sprott Group,
personal
McCusker Holdings, Dundee Goodman Merchant Partners and Harmanis Holdings.
• Proceeds to be used to fund the completion of the Definitive Feasibility Study at the 100%-
owned Jaguar Nickel Sulphide Project in northern Brazil, due by the end of 2022, as well as for
pre-development and financing activities ahead of a Final Investment Decision.
• Centaurus recently announced an updated JORC Resource of 80.6Mt at 0.91% Ni for 730,700
tonnes of contained nickel metal1 for Jaguar as the foundation for a new, globally significant
nickel sulphate operation with class-leading ESG credentials.
• Funds will also be used to advance the Company's aggressive drilling approach, with over
90,000m of drilling planned this year to maximise Measured and Indicated Resources for the DFS
and pursue exploration targeting new discoveries.

Centaurus Metals (ASX Code: CTM) is pleased to announce it has received firm commitments from over 20 high- quality Australian and international institutional investors to raise $75 million as part of an institutional placement (Placement) to underpin the next phase of growth and development of its 100%-ownedJaguar Nickel Sulphide

ForP oject in northern Brazil (Jaguar Project).

Specifically, the funds will be used to complete a Definitive Feasibility Study (DFS) for Jaguar and maintain the Company's very strong existing drilling momentum. A 90,000m drill program planned for 2022 will include significant ongoing diamond drilling designed to maximise the Measured and Indicated components of the extensive Resource inventory ready for Reserve conversion. Funds will also be used for pre-development and financing activities ahead of a planned Final Investment Decision (FID) on the Project in Q3 2023.

1 Refer ASX Release of 13 December 2021

Australian Office	Brazilian Office	ASX: CTM
Centaurus Metals Limited	Centaurus Brasil Mineração Ltda	ACN 009 468 099
Level 2, 1 Ord St	Avenida Barão Homem de Melo, 4391	[e-mail]
WEST PERTH WA 6005	Salas 606 e 607 - Estoril	Telephone: [phone]
	Belo Horizonte - MG - CEP: 30.494.275
	BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

There was very strong demand for the Placement from over 20 Australian and international institutional investors as well as existing substantial shareholders, including affiliates of the Sprott Group, McCusker Holdings, Dundee Goodman Merchant Partners and Harmanis Holdings. Institutional bidding under the placement significantly exceeded the $75 million Placement amount and bids were scaled to accommodate the strong demand.

onlyThe proceeds of the Placement will increase the Company's cash balance to approximately A$83 million, significantly strengthening its balance sheet as it completes DFS activities and advances the Project through to FID.

Centaurus recently delivered an updated JORC Mineral Resource Estimate (MRE) of 80.6Mt at 0.91% Ni for 730,700 t nnes of contained nickel metal for the Jaguar Project, making it one of the largest undeveloped nickel sulphide projects globally with class-leading ESG credentials given the extremely low carbon footprint the Project will have as a result of Brazil generating 80% of its grid power from renewable sources.

useThe Company anticipates that, with the updated resource estimate and ongoing development drilling, the DFS will show a further enhancement of the already robust economics of the Jaguar Project. Development drilling over the next six months is designed to increase the Measured and Indicated component of the MRE to over 500,000 tonnes of contained nickel to underpin a long-life nickel sulphate project producing at least 20,000 tonnes of nickel in s lphate per annum2.

Centaurus' Managing Director, Darren Gordon, said:

personal"We are delighted with the very strong level of interest received from global investors for this milestone capital raising - which really puts Centaurus in an outstanding position to realise our objective of becoming one of the world's next significant green nickel producers. The strong interest in this raise reflects both the scale and quality of the Jaguar Project and its impeccable ESG credentials, combined with the clear corporate strategy we have outlined to bring it into development as quickly as possible.

"It also reflects the strong macro environment for the nickel, which recently hit 11-year highs on the strong demand outlook from the burgeoning EV, renewable energy and lithium-ion battery sectors. Nickel is an extremely valuable and very strategic metal, and yet supply globally is constrained in part because of the scarcity of major new projects coming on stream, particularly nickel sulphide projects. We have one of the most significant new nickel sulphide projects anywhere in the world, and we are really looking forward to maximising its potential for our shareholders in the months and years ahead."

Use of Funds

The funds raised via the placement will be used on the Jaguar Project, for:

For	•	Definitive Feasibility Study work including all development drilling, metallurgical testwork, process
	engineering and early-stage infrastructure work;
•	Regional exploration drilling of new priority targets;
•	Deferred acquisition costs; and
•	General working capital purposes.

Details of the Placement

The Offer Price of $1.16 per New Share represents a discount of;

• 9.7% to the Company's last closing price prior to the raise of $1.285 per share on 18 January 2022; and
• 10.7% to the 10-day volume weighted average price of $1.2987 per share.

2 Refer to the Value-Add Scoping Study released to the market on 31 May 2021 for full details of the Production Target and the material	2
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assumptions underlying the Study. All the material assumptions underpinning the Production Target continue to apply and have not
materially changed.

-ENDS-

Approved for Release by: Darren Gordon Managing Director Centaurus Metals Limited T: [phone]

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

Under the placement, the Company will issue a total of 64,655,172 New Shares at $1.16 per New Share in a single tranche. The New Shares will be issued under the Company's current placement capacity under;

• ASX Listing Rule 7.1 - 28,826,010 shares; and
• ASX Listing Rule 7.1A - 35,829,162 shares.

onlySprott Capital Partners and Argonaut Securities were the Joint Lead Managers and Bookrunners to the Placement with Euroz Hartleys as Co-Manager.

EAS Advisors, LLC, acting through Odeon Capital Group LLC, member of FINRA/SIPC/MSRB/NFA, acted as a US placement agent for the Company.

The New Shares are expected to be allotted on Tuesday, 1 February 2022. The New Shares will rank equally with usethe Company's existing fully-paid ordinary shares.

Trading Halt

This announcement brings to an end the Company's current trading halt.

personalMedia Inquiries: Nicholas Read Read Corporate M: [phone]

C mpetent Person Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia In titute of Mining and Metallurgy. Mr Fitzhardinge is a permanent employee and shareholder of Centaurus Metals Limited. Mr Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Jaguar Mineral Resource is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd) and Mr Roger Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge consent to the

Forinclusion in this report of the matters based on their information in the form and context in which they appear.

F rward-Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Centaurus Metals' expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Centaurus Metals, which could cause actual results to differ materially from such statements. Centaurus Metals makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this announcement.

Not an offer of securities

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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APPENDIX A - Compliance Statements for the Jaguar Project

The following Tables are provided for compliance with the JORC Code (2012 Edition) requirements for the reporting of Exploration Results and Mineral Resources at the Jaguar Project.

SECTION 1 - SAMPLING TECHNIQUES AND DATA (Criteria in this section apply to all succeeding sections).

	Criteria	Commentary
	Sampling techniques	•	Historical soil sampling was completed by Vale. Samples were taken at 50m intervals along 200m
only		spaced north-south grid lines.
		•	Surface material was first removed, and sample holes were dug to roughly 20cm depth. A 5kg
			sample was taken from the subsoil. The sample was placed in a plastic sample bag with a sample
			tag before being sent to the lab.
use	•	Surface rock chip/soil samples were collected from in situ outcrops and rolled boulders and
	submitted for chemical analysis.
•	The historical drilling is all diamond drilling. Drill sections are spaced 100m apart and generally there
			is 50 to 100m spacing between drill holes on sections.
		•	Core was cut and ¼ core sampled and sent to commercial laboratories for physical preparation and
			chemical assay.
		•	At the laboratories, samples were dried (up to 105°C), crushed to 95% less than 4mm,
			homogenized, split and pulverized to 0.105mm. A pulverized aliquot was separated for analytical
			procedure.
personal	•	Sample length along core varies between 0.3 to 4.0m, with an average of 1.48m; sampling was done
	according to lithological contacts and generally by 1m intervals within the alteration zones and 2m
	intervals along waste rock.
		•	Current drilling is being completed on spacing of 100m x 50m or 50m x 50m. Sample length along
			core varies between 0.5 to 1.5m
		•	Core is cut and ¼ core sampled and sent to accredited independent laboratory (ALS).
		•	For metallurgical test work continuous downhole composites are selected to represent the
			metallurgical domain and ¼ core is sampled and sent to ALS Metallurgy, Balcatta, Perth.
		•	Samples from RC drilling are split to make 3-5kg samples. The sample is placed in a plastic sample
			bag with a sample tag before being sent to the laboratory.
	Drilling techniques	•	Historical drilling was carried out between 2006 to 2010 by multiple drilling companies (Rede and
			Geosol), using wire-line hydraulic diamond rigs, drilling NQ and HQ core.
		•	Vale drilled 169 drill holes for a total of 56,592m of drilling in the resource area. All drill holes were
			drilled at 55⁰-60⁰ towards either 180⁰ or 360⁰. The resource considers 49 drill holes completed by
			Centaurus for a total of 17,941m of drilling. All drill holes were drilled at 55⁰-75⁰ towards either
			180⁰ or 360⁰.
		•	Current drilling is a combination of HQ and NQ core (Servdrill).
		•	The current RC drilling is completed by Geosenda Sondagem using a face sampling hammer (4.5").
			Sample is collected from the sample cyclone in large plastic sample bags. Samples are then split
			either by riffle splitters or manually (fish bone method) where there is high moisture content.
		•	All RC holes were sampled on 1m intervals. Sample size, sample recovery estimate and conditions
			were recorded.
	Drill sample recovery	•	Diamond Drilling recovery rates are being calculated at each drilling run.
For	•	For all diamond drilling, core recoveries were logged and recorded in the database for all historical
			and current diamond holes. To date overall recoveries are >98% and there are no core loss issues
			or significant sample recovery problems.
		•	To ensure adequate sample recovery and representativity a Centaurus geologist or field technician
			is present during drilling and monitors the sampling process.
		•	No relationship between sample recovery and grade has been demonstrated. No bias to material
			size has been demonstrated.
		•	RC sample weights are taken for all samples and a recovery estimate are made where the sample
			is not wet. Where the sample is wet a visual estimate of the sample recovery is made. The estimated
			recovery is approximately 90%, which is considered acceptable for the deposit type.
		•	To ensure the representative nature of the sample, the cyclone and sample hoses are cleaned after
			each metre of drilling, the rig has two cyclones to facilitate the process. Additionally, extra care is
			taken when drilling through the water table or other zones of difficult ground conditions.
		•	No quantitative twinned drilling analysis has been undertaken at the project to date.
	Logging	•	Historical outcrop and soil sample points were registered and logged in the Vale geological mapping
			point database.	4
		•	All drill holes have been logged geologically and geotechnically by Vale or Centaurus geologists.
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		•	Drill samples are logged for lithology, weathering, structure, mineralisation and alteration among
			other features. Logging is carried out to industry standard and is audited by Centaurus CP.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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	Criteria		Commentary
			•	Logging for drilling is qualitative and quantitative in nature.
			•	All historical and new diamond core has been photographed.
			•	Geologists complete a visual log of the RC samples on 1m intervals at the time of drilling. Logging
				captures colour, rock-type, mineralogy, alteration and mineralisation style. Logging is both
				qualitative and quantitative.
			•	Chip trays have been collected, photographed and stored for all drill holes to-date.
	Sub-sampling techniques and		•	Diamond Core (HQ/NQ) was cut using a core saw, ¼ core was sampled. Sample length along core
	sample preparation			varies between 0.3 to 4.0m, with an average of 1.48m; sampling was done according to lithological
only			contacts and generally by 1m intervals within the alteration zones and 2m intervals along the waste
		rock.
	•	There is no non-core sample within the historical drill database.
	•	For RC sampling 1m samples are taken from the cyclone and then split by rifle splitter (if dry) or
use			manually (if wet) using the fish-bone technique. Sample weight is between 3-5kg.
	•	QAQC: Standards (multiple standards are used on a rotating basis) are inserted every 20 samples.
		Blanks have been inserted every 20 samples. Field duplicates are completed every 30 samples.
				Additionally, there are laboratory standards and duplicates that have been inserted.
			•	Centaurus has adopted the same sampling QAQC procedures which are in line with industry
				standards and Centaurus's current operating procedures.
			•	Sample sizes are appropriate for the nature of the mineralisation.
			•	All historical geological samples were received and prepared by SGS Geosol or ALS Laboratories as
				0.5-5.0kg samples. They were dried at 105°C until the sample was completely dry (6-12hrs), crushed
personal			to 90% passing 4mm and reduced to 400g. The samples were pulverised to 95% passing 150µm and
		split further to 50g aliquots for chemical analysis.
	•	New samples are being sent to ALS Laboratories. The samples are dried, crushed and pulverised to
				85% passing 75µm and split further to 250g aliquots for chemical analysis.
			•	During the preparation process grain size control was completed by the laboratories (1 per 20
				samples).
			•	Metallurgical samples are crushed to 3.35mm and homogenised. Samples are then split to 1kg sub-
				samples. Sub-samples are ground to specific sizes fractions (53-106µm) for flotation testwork.
	Quality of assay data and		•	Chemical analysis for drill core and soil samples was completed by multi element using Inductively
	laboratory tests			Coupled Plasma ICPAES (multi-acid digestion); ore grade analysis was completed with Atomic
				Absorption (multi-acid digestion); sulphur analysis was completed with Leco, and Au and PGEs
				completed via Fire Assay.
			•	New samples are being analysed for 48 elements by multi element using ME-MS61(multi-acid
				digestion) at ALS Laboratories; ore grade analysis was completed with ICP-AES(multi-acid
				digestion); sulphur analysis was completed with Leco, and Au and PGEs completed via Fire Assay.
			•	ALS Laboratories insert their own standards at set frequencies and monitor the precision of the
				analysis. The results reported are well within the specified standard deviations of the mean grades
				for the main elements. Additionally, ALS perform repeat analyses of sample pulps at a rate of 1:20
				(5% of all samples). These compare very closely with the original analysis for all elements.
			•	Vale inserted standard samples every 20 samples (representing 5%). Mean grades of the standard
				samples are well within the specified 2 standard deviations.
For		•	All laboratory procedures are in line with industry standards. Analysis of field duplicates and lab
		pulp duplicates have returned an average correlation coefficient of over 0.98 confirming that the
		precision of the samples is within acceptable limits.
			•	Vale QAQC procedures and results are to industry standard and are of acceptable quality.
			•	All metallurgical chemical analysis is completed by ALS laboratories
	Verification of sampling and		•	All historical samples were collected by Vale field geologists. All assay results were verified by
	assaying			alternative Vale personnel. The Centaurus CP has verified the historical significant intersections.
			•	Centaurus Exploration Manager and Senior Geologist verify all new results and visually confirm
				significant intersections.
			•	No twin holes have been completed.
			•	All primary data is now stored in the Centaurus Exploration office in Brazil. All new data is collected
				on Excel Spreadsheet, validated and then sent to independent database administrator (MRG) for
				storage (DataShed).
			•	No adjustments have been made to the assay data.
	Location of data points		•	All historical collars were picked up using DGPS or Total Station units. Centaurus has checked
				multiple collars in the field and has confirmed their location. All field sample and mapping points
				were collected using a Garmin handheld GPS.
			•	An aerial survey was completed by Esteio Topografia and has produced a detailed surface DTM at	5
				(1:1000 scale).
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			•	The survey grid system used is SAD-69 22S. This is in line with Brazilian Mines Department
				requirements.