Centaurus Metals : Commences Trading on US-Based OTCQX Market

30 December 2021

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

AND MEDIA RELEASE

onlyCENTAURUS COMMENCES TRADING ON US-BASED OTCQX MARKET

Centaurus Metals (ASX Code: CTM) is pleased to announce that its application to join the US-based OTCQX market has been accepted and the Company's shares will commence trading in the US on the OTCQX platform under the ticker OTCQX: CTTZF on 30 December 2021.

useThe OTCQX Best Market is the highest tier of OTC Markets Group's market platforms, on which 11,000 US and global securities trade. In order to be eligible for the OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable US securities law.

Trading on the OTXQX will enhance the visibility and accessibility of Centaurus to the extensive market of North American retail, high net worth and institutional investors. The primary advantages to North American investors of Centaurus' inclusion on the OTCQX platform include:

• It allows trading of Centaurus' securities in the local timezone;
• Trades and settlements are conducted in US Dollars with no exchange rate risk or additional FX fees; and
• The OTCQX share is the same class of Ordinary Share to ASX traded stock (ASX: CTM).

personalCentaurus' primary listing will continue to be the Australian Securities Exchange ("ASX") with its shares now also tradeable on the OTCQX market (www.otcmarkets.com).

Centaurus Metals Managing Director, Mr Darren Gordon, said: "We are pleased that our application for our shares to be traded on the OTCQX has been accepted, allowing Centaurus to join the North American financial community at a time of unprecedented investment by the US Government and industry in electrification and decarbonization initiatives. Central to this theme is the demand for low-emissionnickel, which is exactly what Centaurus can deliver from its very large, low-emissionJaguar Nickel Sulphide Project in northern Brazil, which has a globally significant JORC Mineral Resource of 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel.

"Whilst a common pathway for registration on the OTCQX Best Market is to upgrade from a lower-level market such as the OTCQB Venture Market, Centaurus' credentials, market cap and share price have allowed us to directly join the OTCQX Best Market.

For"This important step to seek entry onto the OTCQX follows the increased level of US investor interest in the Company fr m North American investors - a market which has always had a deep understanding of the mineral endowment and quality of mineral assets in Brazil."

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

-ENDS-

For further enquiries please contact:

onlyNicholas Read Read Corporate M: [phone] T: [phone]

About Centaurus Metals Ltd

Authorised for Release by

Darren Gordon

Managing Director

Centaurus Metals Ltd

T: [phone]

C	ntaurus Metals Limited (ASX: CTM; OTXQX: CTTZF) is an Australian-headquartered minerals exploration and
d	velopment company focused on the near-term development of the globally significant Jaguar Nickel Sulphide
Project in the world-class Carajás Mineral Province of Northern Brazil - one of the world's premier mining
addresses.
In May 2021, the Company delivered a Scoping Study for the production of 20,000 tonnes per annum of nickel in
uses lphate at Jaguar over an initial mine life of 13 years. The study demonstrated compelling economics and very
low forecast GHG Emissions of only 4.69t CO2/tonne of nickel equivalent.
personalthe Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge consent to the

The Company recently upgraded its JORC 2012 Mineral Resource Estimate to 80.6Mt @ 0.91% Ni for 730,700 tonnes of contained nickel which is expected to deliver enhanced economics in the Definitive Feasibility Study, due for completion by the end of 2022.

Competent Persons' Statement

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 Institute 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

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

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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.	3
		•	All drill holes have been logged geologically and geotechnically by Vale or Centaurus geologists.	Page
		•	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.

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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		4
			(1:1000 scale).
				Page
		•	The survey grid system used is SAD-69 22S. This is in line with Brazilian Mines Department
			requirements.

	AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
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	Criteria	Commentary
		• New drill holes are sighted with handheld GPS and after completion picked-up by an independent
		survey consultant periodically. Downhole survey for all the historical drill holes and Centaurus hole
		up to JAG-DD-19-012 used Maxibor equipment. All new drill holes are being downhole surveyed
		using Reflex digital down-hole tool, with readings every metre.
	Data spacing and	• Soil samples were collected on 40m spacing on section with distance between sections of 200m
	distribution	and 400m depending on location.
only	• Sample spacing was deemed appropriate for geochemical studies.
• 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. Centaurus is in the process of closing the drill
spacing to 100m x 50m or 50m x 50m.
• No sample compositing was applied to the drilling.
• Metallurgical samples to date have been taken from Jaguar South, Jaguar Central, Jaguar North and
		Onça Preta.
	Orientation of data in	• Historical drilling was oriented at 55⁰-60⁰ to either 180⁰ or 360⁰. This orientation is generally
use
	r lation to geological	perpendicular to the main geological sequence along which broad scale mineralisation exists.
	structure	• Mineralisation is sub-vertical; the majority of the drilling is at low angle (55-60⁰) in order to achieve
		intersections at the most optimal angle.
	Sample security	• All historical and current samples are placed in pre-numbered plastic sample bags and then a
		sample ticket was placed within the bag as a check. Bags are sealed and then transported by courier
		to the ALS laboratories in Vespasiano, MG.
		• All remnant Vale diamond core has now been relocated to the Company's own core storage facility
		in Tucumã, PA.
	Audits or reviews	• The Company is not aware of any audit or review that has been conducted on the project to date.

SECTION 2 - REPORTING OF EXPLORATION RESULTS (Criteria listed in the preceding Section also apply to this section).

	Criteria		Commentary
	Mineral tenement and land		• The Jaguar project includes one exploration licence (856392/1996) for a total of circa 30km2. A
	tenure status		Mining Lease Application has been lodged that allows for ongoing exploration and project
personal		development ahead of project implementation.
	• The tenement is part of a Sale & Purchase Agreement (SPA) with Vale SA. Two deferred consideration
	payments totalling US$6.75M (US$1.75 million on commencement of BFS or 3 years and US$5
	million on commencement of commercial production) and a production royalty of 0.75% are to
	follow. Centaurus has taken on the original obligation of Vale to BNDES for 1.8% Net Operating
	Revenue royalty.
	• Mining projects in Brazil are subject to a CFEM royalty, a government royalty of 2% on base metal
	revenue.
	• Landowner royalty is 50% of the CFEM royalty.
	• Centaurus has secured possession rights to three properties over the Jaguar Project. The
	agreements remove exposure to the landowner royalty over the properties secured.
		• The project is covered by a mix of cleared farmland and natural vegetation.
			• The project is not located within any environmental protection zones and exploration and mining is
			permitted with appropriate environmental licences.
	Exploration done by other		• Historically the Jaguar Project was explored for nickel sulphides by Vale from 2005 to 2010.
	parties
	Geology		• Jaguar Nickel Sulphide is a hydrothermal nickel sulphide deposit located near Tucumã in the Carajás
For		Mineral Province of Brazil.
	• Jaguar is located at the intersection of the WSW-trending Canaã Fault and the ENE-trending
	McCandless Fault, immediately south of the NeoArchean Puma Layered Mafic-Ultramafic Complex.
			• Iron rich fluids were drawn up the mylonite zone causing alteration of the host felsic volcanic and
			granite units and generating hydrothermal mineral assemblage. Late-stagebrittle-ductile conditions
			triggered renewed hydrothermal fluid ingress and resulted in local formation of high-grade nickel
			sulphide zones within the mylonite and as tabular bodies within the granite.
	Drill hole Information		• Refer to previous ASX Announcements for significant intersections from Centaurus drilling.
			• Refer to ASX Announcement of 6 August 2019 for all significant intersections from historical drilling.
	Data aggregation methods		• Continuous sample intervals are calculated via weighted average using a 0.3 % Ni cut-off grade with
			2m minimum intercept width.	5
			• There are no metal equivalents reported.
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