Centaurus Metals : Jaguar Drill Results Highlight Exceptional Growth Outlook

Step-out,extensional and in-filldrilling at Jaguar South (JS), Jaguar West (JW) and Onça Preta (OP) continues to deliver strong, consistent results with new assay results including:

 40.0m at 1.04% Ni from 74.0m; including 6.5m at 2.04% Ni, from 90.0m and 5.0m at 2.13% Ni from 100.0m in JAG-DD-21-221(JW)

 37.3m at 1.11% Ni, from 134.5m; including 6.0m at 2.44% Ni from 160.5m in JAG-DD-21-216(JW)  14.0m at 2.07% Ni from 101.0m; including 5.5m at 3.88% Ni from 105.0m in JAG-DD-21-196(JS)  23.0m at 1.17% Ni from 283.0m, including 8.0m at 2.01% Ni from 298.0m in JAG-DD-21-208(OP)  14.4m at 1.50% Ni, from 502.6m; including 4.4m at 3.41% Ni from 507.0m in JAG-DD-21-223(JS)  24.0m at 0.80% Ni, from 73.0m in JAG-DD-21-216(JW)

 14.2m at 0.98% Ni from 388.0m, including 2.7m at 1.93% Ni from 399.5m in JAG-DD-21-219(OP)  13.0m at 1.02% Ni, from 95.0m JAG-DD-21-204(JS)

 7.1m at 1.46% Ni from 379.9m, including 4.0m at 2.13% Ni from 382.0m in JAG-DD-21-204(JS)  27.0m at 0.43% Ni from 294.0m in JAG-DD-21-223(JS)

 16.0m at 0.65% Ni, from 53.0m in JAG-DD-21-221(JW)  5.0m at 1.14% Ni, from 30.0m in JAG-DD-21-224(JW)  11.5m at 0.74% Ni, from 61.0m in JAG-DD-21-224(JW)

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

New visual logs together with multiple strong, late-time(Ch20+) conductor plates identified in down-holeelectromagnetic (DHEM) surveys point to the strong likelihood of more high-gradenickel intersections as step-outdrilling continues.

The Company is well-fundedafter completing a heavily oversubscribed institutional raise of $75 million.

JAGUAR DRILLING CAPACITY SET TO INCREASE TO 14 RIGS AS LATEST RESULTS HIGHLIGHT EXCEPTIONAL GROWTH OUTLOOK

onlyResource development and exploration in full swing with nine diamond rigs and one RC rig currently operating n site, and a further four rigs (three diamond and one RC) planned to arrive on site before the end of February

27 January 2022

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ForCentaurus Metals (ASX Code: CTM) is pleased to advise that resource growth and development drilling at its 100%- wned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil continues to deliver utstanding results which will 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.

As a result of the continued run of outstanding results and following the recent highly successful $75 million institutional placement, the Company has committed to a further increase in drilling capacity at Jaguar with a total of 14 rigs expected to be operating at the Project by the end of February.

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

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Centaurus' Managing Director, Mr Darren Gordon, said exploration and development drilling was back in full swing at Jaguar following a short break for the festive season, paving the way for another year of strong news-flow from the drill bit.

"It's great to be back in the field with drilling operations back at full speed. We currently have 10 rigs on site with an additional four rigs being mobilised to site over the next six weeks. The additional rigs will allow us to continue growth orientated step-out and greenfields drilling in parallel with the important resource development drilling that is the priority for the first half of 2022.

"It is good to see the results flow in from holes we completed last year, with step-out drilling at Onça Preta and the
Jaguar Deposits continuing to deliver further strong results. With these deposits remaining open at depth, there is
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still an enormous amount of resource growth potential available to us as we progressively drill deeper to test the
newly-defined DHEM conductor plates. Where we identify DHEM conductor plates, we usually intersect economic
zones of semi-massive and massive sulphides with high-grade nickel encountered in most holes.
"The recent results from Jaguar West, including 40.0m at 1.04% Ni and 37.3m at 1.11% Ni at the eastern limit of
the Deposit, are outstanding in that they are likely to push the planned open pit deeper as well as help underpin an
amalgamation of the Jaguar West and Jaguar Central pits, positively impacting strip-ratios.
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"We are targeting 90,000m of drilling during 2022 and I look forward to keeping our shareholders updated with the
results of our resource development and growth drilling and the progress of the Definitive Feasibility Study which
underpins our goal of achieving first production for Jaguar by late 2024.
"Meanwhile, the recently completed $75 million equity raise gives us all the firepower we need to do all of this
planned drilling and complete all DFS activities while also leaving us with a strong balance sheet heading into
fu ding discussions planned for the first half of 2023."
Jaguar South
The Jaguar South Deposit is currently the largest deposit at the Jaguar Project, hosting a 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 in both directions (Figure 1 and Figure 8).
The current base of the deposit has now been extended well below the base of the underground operations
personalidentified 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 continued below previously defined resource limits to test new DHEM conductors and
d wn-dip extensions of the high-grade mineralisation within the main mineralised zones (Figure 1). New holes such
as JAG-DD-21-223 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).
For
Highlights of new assay results from drilling at the Jaguar South Deposit include the following down-hole intervals
(see Table 1 for complete results and plan map in Figure 8):
Hole JAG-DD-21-196
 10.8m at 0.59% Ni, 0.03% Zn, 0.02% Cu and 0.01% Co from 19.3m
 6.0m at 0.92% Ni, 0.08% Zn, 0.04% Cu and 0.02% Co from 39.0m
 14.0m at 2.07% Ni, 0.01% Zn, 0.21% Cu and 0.05% Co from 101.0m; including	2
o 5.5m at 3.88% Ni, 0.01% Zn, 0.29% Cu and 0.09% Co from 105.0m
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Hole JAG-DD-21-204

 13.0m at 1.02% Ni, 0.01% Zn, 0.04% Cu and 0.01% Co from 95.0m  4.5m at 1.11% Ni, 0.02% Zn, 0.09% Cu and 0.03% Co from 161.6m

 7.1m at 1.46% Ni, 0.01% Zn, 0.04% Cu and 0.03% Co from 379.9m, including o 4.0m at 2.13% Ni, 0.01% Zn, 0.05% Cu and 0.05% Co from 382.0m

	 5.0m at 0.74% Ni, 0.01% Zn, 0.03% Cu and 0.01% Co from 461.4m
only	Hole JAG-DD-21-223
 14.5m at 0.32% Ni, 0.02% Zn, 0.02% Cu and 0.01% Co from 214.5m
 27.0m at 0.43% Ni, 0.01% Zn, 0.02% Cu and 0.01% Co from 294.0m; including
o 3.0m at 1.01% Ni, 0.01% Zn, 0.03% Cu and 0.02% Co from 303.5m
 14.4m at 1.50% Ni, 0.15% Zn, 0.06% Cu and 0.04% Co from 502.6m; including
	o 4.4m at 3.41% Ni, 0.06% Zn, 0.13% Cu and 0.08% Co from 507.0m
	 7.9m at 0.40% Ni, 0.05% Zn, 0.03% Cu and 0.01% Co from 549.8m
Figure 1 - 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.
ForpersonaluseDrilling is now stepping out well below the current resource base, with the deepest intersections approximately

450m below surface.

Importantly, a number of recently defined DHEM conductor plates, which are indicative of semi-massive and massive sulphides, show that the mineralisation extends to at least 600m below surface (Figure 1).

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Figure 2 - Core photo from drill hole JAG-DD-21-223 (Jaguar South), 507.0m to 511.40m down-hole: Stringer to semi-massive sulphides

(metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in felsic sub-volcanic.

onlyuseDrilling on Section 478390mE, one of the easternmost sections at Jaguar South, has intersected more semi-massive to massive nickel sulphides at depth in drill-holeJAG-22-21-2331. For photos of the core and visual estimates from hole JAG-22-21-233, see Figure 11 and Table 3. This intersection is over 100m below the previous deepest drilling on that section.

Step-out and extensional drilling at Jaguar South has consistently intersected the mineralised domains in line with personalthe 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.

Jaguar West

The December 2021 MRE update has expanded the Jaguar West Deposit to 7.3Mt at 0.74% Ni for more than 54kt of contained nickel. Recent drilling on the eastern sections of the Jaguar West deposit has intersected a near- surface high-gradezone (Figure 4). These high-grade intersections, which were not part of the December MRE, a e expected to contribute to a grade increase in the Resource at Jaguar West.

Drilling on section 476575mE, which was previously the easternmost section of the Jaguar West pit, intersected thick zones of near surface high-grade nickel sulphide mineralisation including 40.0m at 1.04% Ni from 74m, including 6.5m at 2.04% Ni from 90.0m in JAG-DD-21-221 and 37.3m at 1.11% Ni from 134.5m, including 6.0m at 2.44% Ni from 160.5m in JAG-DD-21-216 (Figure 3).

ForImportantly, this recent drilling at Jaguar West has been very successful in joining the Resource between the Jaguar West and Jaguar Central deposits which is expected to eventually result in the joining of the planned open pits and to also have a materially positive impact on strip ratios.

These intersections are immediately below the current Scoping Study pit limit (Figure 4) and are expected to push future open pit optimisations significantly deeper. The deposit remains open at depth and step-out drilling is planned to continue to grow the Resource.

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	4
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 3.

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Figure 3 - Core photo from drill hole JAG-DD-21-216 (Jaguar West), 160.5 to 166.5m down-hole: Stringer to semi-massive and massive

sulphides (metallic bronze/yellow colour) with magnetite (black colour) mineralisation hosted in felsic sub-volcanic.

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Figure 4 - The Jaguar West Deposit: Cross-Sections 476575mE showing existing drilling, DHEM conductor plates in dark blue and FLEM
For personaluse		conductor plates in light blue.
Highlights of new assay results from in-fill drilling at the Jaguar West Depositinclude the following down-hole
intervals (see Table 1 for complete results and plan map in Figure 9):
	Hole JAG-DD-21-216
	 3.3m at 1.23% Ni, 0.66% Zn, 0.05% Cu and 0.03% Co from 66.8m
	 24.0m at 0.80% Ni, 0.27% Zn, 0.03% Cu and 0.02% Co from 73.0m
	 37.3m at 1.11% Ni, 0.26% Zn, 0.04% Cu and 0.02% Co from 134.5m; including	5
	o 11.0m at 1.43% Ni, 0.39% Zn, 0.06% Cu and 0.03% Co from 143.5m; and	Page
	o 6.0m at 2.44% Ni, 0.42% Zn, 0.10% Cu and 0.05% Co from 160.5m