Centaurus Metals : New High-Grade Results Reinforce Scale and Quality of Jaguar

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

AND MEDIA RELEASE

9 March 2022

onlyNEW HIGH-GRADERESULTS REINFORCE SCALE AND QUALITY OF JAGUAR AS AN EMERGING RARE, TIER-1GLOBAL NICKEL PROJECT

Step-outdrilling returns exceptional results including 8.0m at 5.38% Niat Jaguar South and 30.7m at 1.00% Ni

at Onça Preta, from some of the deepest drilling (+400m) completed on the Project to date

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Step-out drilling at Jaguar South (JS) and Onça Preta (OP) and extensional drilling at Jaguar Northeast (JNE) continues to deliver strong, consistent results with new assay results including:

• 8.0m at 5.38% Ni from 442.0m in JAG-DD-21-233 (JS)
• 30.7m at 1.00% Ni from 446.9m; including 7.1m at 1.24% Ni from 446.9m and 4.4m at 2.16% Ni from 459.5m in JAG-DD-21-226(OP)
• 14.3m at 1.29% Ni from 426.0m; including 5.6m at 2.17% Ni from 434.7m in JAG-DD-21-226 (OP)
• 15.8m at 1.05% Ni from 426.0m; including 6.8m at 1.40% Ni from 435.0m in JAG-DD-21-241 (OP)
• 15.7m at 1.00% Ni, from 61.0m; including 6.7m at 2.01% Ni from 70.0m in JAG-DD-21-239 (JNE)
• 16.1m at 0.79% Ni from 245.9m in JAG-DD-21-233 (JS)
• 9.9m at 1.22% Ni from 420.2m in JAG-DD-21-233 (JS)
• 8.0m at 1.14% Ni from 458.0m; including 3.1m at 2.04% Ni from 460.0m in JAG-DD-21-241 (OP)

In-fill drilling at Jaguar South (JS), Jaguar West (JW), Jaguar Central (JC) and Jaguar Northeast (JNE) delivers consistent results, demonstrating continuity of the mineralisation with new assay results including:

• 38.5m at 1.14% Ni from 50.5m; including 10.4m at 1.64% Ni from 69.5m in JAG-DD-22-258 (JC)
• 41.8m at 0.96% Ni from 36.8m; including 8.1m at 2.15% Ni from 40.6m and 6.0m at 1.12% Ni from 64.0m in JAG-DD-22-253(JC)
• 29.5m at 0.99% Ni from 170.0m in JAG-DD-21-251 (JS)
• 16.0m at 1.50% Ni from 19.0m; including 5.7m at 2.19% Ni from 28.0m in JAG-DD-21-240 (JS)
• 16.7m at 1.78% Ni from 57.5m; including 3.2m at 4.00% Ni from 71.0m in JAG-DD-21-240 (JS)
• 34.1m at 0.69% Ni from 230.0m; including 4.0m at 2.08% Ni from 230.0m in JAG-DD-21-243 (JNE)
• 19.4m at 0.67% Ni, from 144.0m; including 4.0m at 1.59% Ni from 149.0m in JAG-DD-21-243 (JNE)
• 12.2m at 0.95% Ni from 50.9m in JAG-DD-22-255 (JC)
• 6.6m at 1.99% Ni from 73.5m; including 2.8m at 3.28% Ni from 77.4m in JAG-DD-22-255 (JC)

The Jaguar December 2021 Mineral Resource Estimate (MRE), comprising 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel, is already one of the largest nickel sulphide resources held by an ASX-listed company and the largest outside of the majors. Next Mineral Resource update scheduled for Q3 2022.

There are currently 14 rigs on site (12 diamond and 2 RC) drilling double shift with the drilling currently focused on upgrading the maximum amount of MRE into the Measured and Indicated categories.

Company is well-funded with cash reserves of approximately $75 million.

Centaurus Metals (ASX Code: CTM) is pleased to report outstanding new results from ongoing resource growth and development drilling at its 100%-ownedJaguar 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.

Australian Office

Centaurus Metals Limited

Level 2, 1 Ord Street

West Perth WA 6005

AUSTRALIA

Brazilian Office	ASX: CTM
Centaurus Brasil Mineração Ltda	ACN 009 468 099
Avenida Barão Homem de Melo, 4391	[e-mail]
Salas 606 e 607 - Estoril	T: [phone]
CEP: 30.494.275, Belo Horizonte MG
BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

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 Q3 2022.

Centaurus' Managing Director, Mr Darren Gordon, who is in Brazil for his first visit to site and with the in-countryonlyteam since the onset of the COVID-19 pandemic, said the Company was continuing to make outstanding progress

with the exploration and development of the Jaguar Project.

"It's been two years since I've been able to get to site and I am really proud of the way our Brazilian team has managed the last few years. They have built outstanding project infrastructure and have been able to keep the rigs turning and our team safe and healthy during trying times, while also consistently delivering outstanding results.

"The Jaguar Project, as currently scoped, already underpins a long-life mine with class-leading ESG credentials that will deliver +20,000 tonnes of nickel-in-sulphate for the battery metal market over an initial 13-year mine life. useHowever, if we continue to deliver step-out results like the 8.0m at 5.38% Ni at Jaguar South and 30.7m at 1.00% Ni at Onça Preta, our shareholders should expect further resource and production growth as the Company advances

the Definitive Feasibility Study and development activities at Jaguar.

"The current spike in nickel price serves as a timely reminder of just how tight the market is for higher purity Class-

1 nickel. As global stockpiles have diminished, significant new discoveries have become rarer and major new projects have been slow to come online. And while we expect the market will likely settle down, the backdrop is still conducive to further gains - especially towards the middle of this decade when demand from the EV sector really ramps up.

personalThat's when a long-life project like Jaguar, with a Tier-1 resource currently estimated to contain over 730,000 tonnes of nickel metal, will really come into its own."

Figure 1 - Core photo from drill hole JAG-DD-21-233 (Jaguar South), 442.0m to 450.0m down-hole:Semi-massive to massive sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in felsic sub-volcanic. This interval returned 8.0m at 5.38% Ni, 0.17% Cu and 0.10% Co from 442.0m

For

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

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 onlycontained 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 mineralisation remains open at depth and along the +800m

strike in both directions (see Figures 2 and 5).

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.

useOngoing step-out drilling has continued below previously defined resource limits to test new DHEM conductors and down-dip extensions of the high-grade mineralisation within the main mineralised zones (Figure 2).

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 (core from this intersection is in Figure 1) in drill-holeJAG-22-21-233. This intersection is over 100m below the previous deepest drilling on that section (Figure 2) and mineralisation remains open at depth. The intersection correlates extremely well with the DHEM conductor plate.

personalDrill-holeJAG-DD-21-223, the deepest intersection at Jaguar South, is located 90m west of JAG-DD-21-233 and this For

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 (Figure 2).

Figure 2 - The Jaguar South Deposit: Cross-Sections 478300mE (left) and 478390 (right) showing existing drilling, DHEM conductor plates

in dark blue and FLEM conductor plates in light blue.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

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 (Figure 2).

onlyIn 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 Q3 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 (Figure 2).

Highlights of new assay results from step-out and in-fill drilling at the Jaguar South Deposit include the following
down-hole intervals (see Table 1 for complete results and plan map in Figure 5):
use	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
personal	 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
 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
 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
o 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
o 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
 7.4m at 0.85% Ni, 0.02% Zn, 0.09% Cu and 0.04% Co from 224.7m
Hole JAG-DD-21-245
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 2.5m at 2.71% Ni, 0.02% Zn, 0.33% Cu and 0.03% Co from 98.5m
 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
o 3.0m at 1.88% Ni, 0.02% Zn, 0.25% Cu and 0.07% Co from 176.0m; and
o 2.0m at 2.47% Ni, 0.02% Zn, 0.27% Cu and 0.11% Co from 197.5m

Step-out, extensional and in-fill drilling at Jaguar South consistently intersected the mineralised domains in line with the EM conductor plates, current geological model interpretations and the developing structural model.

This consistency strongly supports the deeper drilling that is currently underway to identify additional Resource tonnes as well as upgrade existing underground Resources into the higher-confidence Resource categories required for future Ore Reserve Estimation and DFS work.

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

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Onça Preta

The December 2021 Mineral Resource Estimate (MRE) expanded the Onça Preta Deposit to 5.2Mt at 1.52% Ni for more than 78kt of contained nickel, part of the overall Jaguar Project MRE.

onlyThe base of the planned underground operations at Onça Preta is restricted by the base of the March 2021 MRE. It is expected that, with the December 2021 MRE upgrade and continued step-out drilling success, the underground operations will expand significantly as part of the Definitive Feasibility Study (DFS) and maiden Ore Reserve estimate.

Semi-massive and massive zones of nickel sulphides continue to be intersected, including 14.3m at 1.29% Ni and 30.7m at 1.00% Ni in JAG-DD-21-226 on section 476940mE (Figure 3) and 15.8m at 1.05% Ni and 8.0m at 1.14% Ni in JAG-DD-21-241 on section 476985mE (Figure 3).

useDrill hole JAG-DD-21-241, located on section 476985mE, is 50m east of the easternmost section of the December 2021 Mineral Resource. This intersection has successfully extended the strike of the Onça Preta mineralised zone by at least 50m beyond the limits of the December Resource as well as adding to the down-dip extension of the resource.

Figure 3 - The Onca Preta Deposit: Cross-Sections 476940mE (left) and 476985mE (right) showing existing drilling, DHEM conductor

plates in dark blue and FLEM conductor plates in light blue. personalFor

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