Centaurus Metals Limited reported outstanding new results from ongoing resource growth and development drilling at its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil. The results are expected to underpin further resource growth ahead of the completion of the Definitive Feasibility Study (DFS) and maiden Ore Reserve estimate due for completion by the end of calendar 2022. The results from the current 14-rig drilling program will be incorporated in the next major Mineral Resource update for the Jaguar Project, which is scheduled for the third quarter of 2022.

Jaguar South: The Jaguar South Deposit is the largest deposit at the Jaguar Project, hosting an MRE of 27.6Mt at 0.93% Ni for more than 257kt of contained nickel, including an Indicated component of 13.9Mt at 1.01% Ni for 140kt of contained nickel. The base of the December 2021 MRE continues to be constrained by the depth of drilling and ongoing step-out drilling continues to confirm that the mineralization remains open at depth and along the +800m strike in both directions. The current base of the deposit has now been extended well below the base of the underground operations identified in the May 2021 Jaguar Project Scoping Study, which was already restricted by the base of the March 2021 MRE.

Any new resource tonnes generated by step-out drilling are expected to contribute to the underground operations as part of the DFS. Ongoing step-out drilling has continued below previously defined resource limits to test new DHEM conductors and down-dip extensions of the high-grade mineralization within the main mineralised zones. Drilling on Section 478390mE, one of the easternmost sections at Jaguar South, has intersected 9.9m at 1.22% Ni from 420m and 8.0m at 5.38% Ni from 442m in drill-hole JAG-22-21-233.

This intersection is over 100m below the previous deepest drilling on that section and mineralisation remains open at depth. The intersection correlates extremely well with the DHEM conductor plate. Drill-hole JAG-DD-21-223, the deepest intersection at Jaguar South, is located 90m west of JAG-DD-21-233 and this hole also intersected mineralisation more than 100m below the previous deepest drilling, returning 14.4m at 1.50% Ni from 502.6m, including 4.4m at 3.41% Ni.

These intersections indicate that the high-grade mineralisation remains open down-dip and appears to be plunging off to the south-east on sections that are still to be tested at these depths. Importantly, a number of recently defined DHEM conductor plates, which are indicative of semi-massive and massive sulphides, continue to show that the mineralisation extends to at least 600m below surface. In parallel to the step-out drilling, the Company is focused on resource development in-fill drilling to bring all potential mine inventory into the Indicated and Measured resource categories ahead of the next resource upgrade, scheduled for the third quarter of 2022.

This upgrade in resource category is important as it will underpin the maiden Ore Reserve estimate. In-fill drilling to date has been successful in confirming the December 2021 Mineral Resource model. Drill-hole JAG- DD-21-240 is a good example of this, with the hole returning intersections of 16.0m at 1.50% Ni and 16.7m at 1.78% Ni within the current Resource interpretation.

Highlights of new assay results from step-out and in-fill drilling at the Jaguar South Deposit include the following down-hole intervals: Hole JAG-DD-21-233: 16.1m at 0.79% Ni, 0.11% Zn, 0.06% Cu and 0.02% Co from 245.9m; 7.7m at 0.61% Ni, 0.20% Zn, 0.04% Cu and 0.02% Co from 267.0m; 3.0m at 2.50% Ni, 0.07% Zn, 0.14% Cu and 0.07% Co from 342.5m; 6.0m at 0.72% Ni, 0.17% Zn, 0.03% Cu and 0.01% Co from 392.0m; 9.9m at 1.22% Ni, 0.06% Zn, 0.04% Cu and 0.03% Co from 420.2m; and 8.0m at 5.38% Ni, 0.02% Zn, 0.17% Cu and 0.10% Co from 442.0m. Hole JAG-DD-21-234: 3.0m at 1.91% Ni, 0.02% Zn, 0.30% Cu and 0.06% Co from 47.5m; 3.5m at 0.73% Ni, 0.01% Zn, 0.15% Cu and 0.02% Co from 82.5m; and 5.6m at 1.74% Ni, 0.01% Zn, 0.29% Cu and 0.03% Co from 102.2m. Hole JAG-DD-21-240 16.0m at 1.50% Ni, 0.01% Zn, 0.10% Cu and 0.04% Co from 19.0m; including 5.7m at 2.19% Ni, 0.02% Zn, 0.13% Cu and 0.07% Co from 28.0m; 9.0m at 0.60% Ni, 0.02% Zn, 0.03% Cu and 0.02% Co from 41.0m; 16.7m at 1.78% Ni, 0.02% Zn, 0.14% Cu and 0.05% Co from 57.5m; including 3.2m at 4.00% Ni, 0.01% Zn, 0.29% Cu and 0.09% Co from 71.0m; 4.4m at 0.63% Ni, 0.01% Zn, 0.05% Cu and 0.02% Co from 204.0m; and 7.4m at 0.85% Ni, 0.02% Zn, 0.09% Cu and 0.04% Co from 224.7m.

Hole JAG-DD-21-245: 2.5m at 2.71% Ni, 0.02% Zn, 0.33% Cu and 0.03% Co from 98.5m; and 5.5m at 0.88% Ni, 0.01% Zn, 0.05% Cu and 0.03% Co from 120.5m. Hole JAG-DD-21-251: 29.5m at 0.99% Ni, 0.01% Zn, 0.14% Cu and 0.03% Co from 170.0m; including 3.0m at 1.88% Ni, 0.02% Zn, 0.25% Cu and 0.07% Co from 176.0m; and 2.0m at 2.47% Ni, 0.02% Zn, 0.27% Cu and 0.11% Co from 197.5m.