Centaurus is well-fundedwith cash reserves of approximately A$60 million.
There are currently 15 rigs on site (13 diamond and two RC) drilling double-shift.Resource development drilling is nearing completion with the rigs set to move to Resource growth and discovery drilling.
Step-outdrilling at Onça Preta (OP) continues to deliver strong, consistent results with new assays including:
31.7m at 1.61% Ni from 369.4m including 5.6m at 4.34% Ni from 374.9m in JAG-DD-22-263(OP) 22.7m at 1.47% Ni from 383.3m including 6.4m at 2.49% Ni from 386.6m in JAG-DD-22-284(OP) 13.5m at 1.26% Ni from 406.6m including 3.7m at 2.23% Ni from 411.2m in JAG-DD-22-263(OP) 14.1m at 0.96% Ni from 475.1m in JAG-DD-22-263(OP)
6.7m at 1.55% Ni from 406.3m in JAG-DD-22-267(OP) 3.7m at 3.00% Ni from 235.0m in JAG-DD-22-300(OP)
Further significant results received from ongoing in-filldrilling at the Jaguar Central (JC), Jaguar Central North (JCN), Jaguar Northeast (JNE) and Jaguar South (JS) deposits, demonstrating the continuity of the mineralisation within the current Mineral Resource model. New assay results include:
50.6m at 0.63% Ni from 110.0m including 7.2m at 1.87% Ni from 145.8m in JAG-DD-22-289(JC) 28.8m at 0.97% Ni from 8.2m including 9.1m at 1.49% Ni from 10.3m in JAG-DD-22-303(JCN) 15.4m at 1.50% Ni from 112.2m including 2.4m at 5.76% Ni from 121.9m in JAG-DD-22-270(JS) 30.0m at 0.72% Ni from 82.1m in JAG-DD-22-278(JNE)
15.6m at 1.16% Ni from 66.5m including 6.7m at 2.17% Ni from 66.5m in JAG-DD-22-293(JNE) 30.5m at 0.49% Ni from 268.0m in JAG-DD-22-291(JCN)
19.0m at 0.77% Ni from 304.5m JAG-DD-22-291(JCN) 22.3m at 0.67% Ni from 318.9m in JAG-DD-22-268(JCN) 17.9m at 0.71% Ni from 121.5m in JAG-DD-22-278(JNE)
9.8m at 1.10% Ni from 59.0m including 2.1m at 3.56% Ni from 63.6m in JAG-DD-22-292(JS)
The Jaguar December 2021 MRE, comprising 80.6Mt @ 0.91% Ni for 730,700t of contained nickel, is already one of the largest nickel sulphide resources held by an ASX-listedcompany and the largest outside of the majors.
JAGUAR POWERING TOWARDS Q3 RESOURCE UPGRADE AS
DRILLING CONTINUES TO DELIVER STRONG RESULTS
onlyVisual logs1 from the deepest drill-holescompleted to date show semi-massivenickel sulphide mineralisation well below the December 2021 Mineral Resource Estimate (MRE) envelope
20 July 2022
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
AND MEDIA RELEASE

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personal

ForCTM

Centaurus Metals (ASX Code: ) is pleased to report outstanding new drill results from ongoing resource growth and development drilling at its 100%-ownedJaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil.

1 Visual estimates are uncertain in nature and hence in no way are intended to be a substitute for analytical results. All intervals have

been sampled and the analytical results will be reported to the market when the Company receives them.

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

office@centaurus.com.au

Salas 606 e 607 - Estoril

T: +61 8 6424 8420

CEP: 30.494.275, Belo Horizonte MG

BRAZIL

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

The results are expected to contribute to an increase in the global Mineral Resource Estimate (MRE), due for delivery at the end of September, as well as to upgrade more of the Jaguar MRE into the higher-confidence Measured and Indicated categories in advance of Ore Reserve estimation as part of the DFS.

onlyCentaurus' Managing Director, Mr Darren Gordon, said: "The resource development in-fillprogram has been our focus for the past six months and continues to demonstrate the consistency and quality of the nickel sulphide mineralisation that sits within the planned open pit limits.

"We are confident that these results will push the majority of the upcoming MRE into the higher confidence Measured and Indicated Resource categories that will, in turn, underpin a maiden Ore Reserve Estimate for the Definitive Feasibility Study. This represents a major step to de-risking the Jaguar Project.

"It's also great to see the existing deposits continuing to grow, with outstanding step-out results of up to 31.7m at use1.61% Ni received from below the current MRE limits at Onça Preta. This is further supported by our deepest hole on the project to date, which stepped-off over 120m down-dip targeting DHEM conductor plates. Visual inspection

of this step-out hole has confirmed the presence of semi-massive sulphides.

"We are quickly approaching the completion of the current Resource development in-fill drilling program for the pcoming MRE and, once we do, we will immediately swing the majority of the 15 rigs across to Resource Growth

and greenfields discovery drilling - which should make for a very interesting second half of 2022 at Jaguar."

personalResource Growth - Step-out Drilling

While drilling has so far been focused on the in-fill program that is required for the upgrade and development of the Jaguar Resource, 2-3 rigs have been designated to specifically target resource growth by undertaking step-out drilling at the Onça Preta and Jaguar South Deposits.

The current base of both the Onça Preta and Jaguar South Deposits has now been extended well below the base f the underground operations identified in the May 2021 Jaguar Project Scoping Study, which was already re tricted by the base of the March 2021 MRE. Any new resource tonnes generated by step-out drilling are therefore expected to result in growth of the overall MRE and, in time, contribute to future underground

operations. 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. Onça Preta is the highest-grade deposit at the Jaguar Project.

Step-out drilling continues to intersect semi-massive and massive zones of nickel sulphides including 31.7m at For1.61% Ni and 13.5m at 1.26% Ni in JAG-DD-22-263 on section 476885mE and 22.7m at 1.47% Ni in JAG-DD-22-284 n section 476935mE (Figure 1). Both drill-holes intersected mineralisation below the base of the December 2021

MRE, indicating a likely increase in the MRE due for delivery at the end of September 2022.

Importantly, drill hole JAG-DD-22-3752, the deepest hole drilled to date at Onça Preta, has intersected 20m of semi- massive nickel sulphide mineralisation within a broader mineralised intersection a further 50m down-dip from JAG- DD-22-263, highlighting the potential for further resource growth. For photos of the core and visual estimates of hole JAG-DD-22-375, see Figure 10 and Table 3.

2 Visual estimates are uncertain in nature and hence in no way are intended to be a substitute for analytical results. All intervals have been

2

sampled and the analytical results will be reported to the market when the Company receives them. For photos of the core and visual

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estimates see Figure 10 and Table 3.

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

Figure 1 - The Onca Preta Deposit: Cross-Sections 476835mE (left) and 476885mE (right) showing existing drilling, DHEM conductor

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

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To date the Onça Preta mineralisation has been intersected within the basement gneiss host. Recent drilling has

now intersected deeper mineralisation that is hosted in ultramafic rocks (see section 476885mE in Figure 1 above).

The mineralisation style continues to be hydrothermal and the sulphide mineral assemblage appears the same. This

n w mineralisation may represent a sulphide-fluid conduit between Onça Preta and the Puma Layered Mafic-

Ultramafic Complex, which is located 200m north of Onça Preta and interpreted to be the potential source of the

personalhydrothermal nickel sulphide plumbing and an outstanding target for more high-grade mineralisation.

All new holes have been cased and DHEM surveys are planned to determine if the mineralisation continues to

plunge to the north-east, towards the Puma Layered Mafic-Ultramafic Complex.

New assay results from drilling at the Onça Preta Deposit include the following down-hole intervals (see Table 1 for

complete results and plan map in Figure 2):

For

Hole JAG-DD-22-263

31.7m at 1.61% Ni, 0.11% Zn, 0.09% Cu and 0.06% Co from 369.4m, including:

o 5.6m at 4.34% Ni, 0.04% Zn, 0.21% Cu and 0.12% Co from 374.9m

13.5m at 1.26% Ni, 0.38% Zn, 0.11% Cu and 0.05% Co from 406.6m, including:

o 3.7m at 2.23% Ni, 0.44% Zn, 0.15% Cu and 0.06% Co from 411.2m

3.7m at 0.67% Ni, 0.28% Cu and 0.02% Co from 457.3m

14.1m at 0.96% Ni, 1.00% Zn, 0.23% Cu and 0.04% Co from 475.1m

Hole JAG-DD-22-267

3

5.1m at 1.05% Ni, 0.01% Zn, 0.07% Cu and 0.03% Co from 454.9m

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6.7m at 1.55% Ni, 0.06% Zn, 0.12% Cu and 0.04% Co from 406.3m

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

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Hole JAG-DD-22-284

  • 22.7m at 1.47% Ni, 0.04% Zn, 0.08% Cu and 0.05% Co from 383.3m, including: o 6.4m at 2.49% Ni, 0.03% Zn, 0.14% Cu and 0.07% Co from 386.6m
  • 6.6m at 0.77% Ni, 0.03% Cu and 0.03% Co from 454.5m
  • 4.0m at 0.98% Ni, 0.05% Cu and 0.03% Co from 466.0m

Hole JAG-DD-22-300

  • 3.7m at 3.00% Ni, 0.15% Zn, 0.34% Cu and 0.13% Co from 235.0m

Figure 2 - The Onca Preta Deposit with DHEM (darker blue) and FLEM (lighter blue) conductor plates overlaid on the Ground

Magnetics Survey results (Analytic Signal).

The 2022 drilling of the Onca Preta and Onça Rosa Deposits is part of a push to extend the high-grade underground ForResources at depth with the support of the new Down-Hole Electromagnetic (DHEM) probe, which has the capacity

to survey down to a depth of 750m down-hole.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 mineralisation remains open at depth and along the +800m strike length of the deposit in both directions (see Figure 8).

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

& MEDIA RELEASE

Step-out drilling at Jaguar South includes JAG-DD-22-3413, which has intersected 10m of stringer and semi-massive nickel sulphide mineralisation within a broader mineralised intersection more than 120m down-dip from JAG-DD-21-164 (16.0m at 1.32% Ni). For photos of the core and visual estimates of hole JAG-DD-22-341, see Figure 11 and Table 4.

Figure 3 - The Jaguar South Deposit: Cross-Sections 478210mE showing existing drilling, DHEM conductor plates in dark blue and FLEM

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conductor plates in light blue.

This intersection is more than 70m below the limits of the December 2021 MRE. The confidence in stepping-out over 120m down-dip is driven by the DHEM conductor plates, along with a continual improvement of the geological

Forinterpretations and the developing structural model.

Once resource definition drilling is completed in the coming weeks and the mineralisation within the optimised pit shell has been upgraded to the higher confidence Measured and Indicated Resource categories, the drill rigs will be moved onto resource growth (extensional and step-out) and greenfields discovery drilling.

3 Visual estimates are uncertain in nature and hence in no way are intended to be a substitute for analytical results. All intervals have been

5

sampled and the analytical results will be reported to the market when the Company receives them. For photos of the core and visual

Page

estimates see Figure 11 and Table 4.

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Centaurus Metals Limited published this content on 19 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2022 23:23:02 UTC.