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Delivering the World’s next major nickel sulphide mine Advancing the Jaguar Project in Brazil to FID and development For personal use only
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2 Disclaimer ► This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. ► To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted. ► This presentation includes certain forward-looking statements. Forward looking statements include indications of, and guidance or outlook on, future earnings or financial position or performance, including forecast financial information derived from a production target. Forward-looking statements are predictions and are subject to risks, uncertainties and assumptions which are outside the control of Centaurus Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place undue reliance on forward looking statements. Any forward-looking statements in this presentation speak only as of the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based. ► This presentation contains information extracted from the following ASX market announcements made by the Company; ► Boi Novo Exploration Results - 5 June & 30 June 2025 ► Jaguar Ore Reserve Estimate & Value Engineering Process - 8 May 2025 ► Skarn’s Jaguar Project GHG Emission Assessment - 8 May 2025 ► Jaguar Project Mineral Resource Estimate - 5 August 2024 ► The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted above, and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person’s findings were presented have not been materially modified from the original announcements. ► The information in this presentation that relates to Exploration Targets 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. ► Cautionary Statement: The potential quantity and grade of the Exploration Targets is conceptual in nature. There has been insufficient exploration to date to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code For personal use only
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3 Investment Snapshot Project Funding set to unlock huge value at Jaguar ► Tier-1 scale 138.2Mt Mineral Resource (1.2Mt of contained nickel) and 52Mt Ore Reserve, with significant upside potential beyond the initial open pit operations ► One of the world’s most significant new nickel mine developments with an initial 15-year open pit operation and first quartile AISC of US$4.43/lb ► Offtake and Strategic Partnering discussions ongoing with concurrent Debt Funding process ► All Key Environmental Approvals Received – EIA approved, Preliminary & Installation Licences (LP & LI) issued for project and powerline route and Mining Lease and Mining Easement granted ► Extremely low carbon footprint ► Strong track record in Brazil spanning +15 years ► Strong Project Pipeline with Boi Novo Copper Project and Jambreiro Iron Ore Project For personal use only
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5.0 10.0 15.0 20.0 25.0 30.0 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24 Jan-26 US$/lb LME Nickel AISC: US$4.43/lb payable 4 Centaurus hasn’t been waiting for the cycle to turn - but rather significantly derisking the project in advance of the anticipated market improvement Source: Bloomberg as of 6 February 2026 Jaguar – Nickel Price vs AISC LME Nickel Price Jaguar Acquired For personal use only
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5 Jaguar – Nickel Price vs AISC LME Nickel Price 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 US$/lb LME Nickel AISC: US$4.43/lb payableSource: Bloomberg as of 6 February 2026 This improvement has been delivered over the last 6 weeks as Indonesia has moved to curb supply and support higher nickel prices For personal use only
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6 Corporate Snapshot (ASX:CTM, OTCQX: CTTZF) 563m Shares on issue 43.6m Unlisted options 72% Top-20 holders A$355m Market cap at A$0.63 A$24.6m Cash (31/12/25) An experienced leadership team, clean corporate structure and strong balance sheet with a clear pathway to value growth as project development advances. Didier Murcia, AM Chair Lawyer Dr Natalia Streltsova Non-Executive Director Chemical Engineer Darren Gordon Managing Director Chartered Accountant Mark Hancock Non-Executive Director Chartered Accountant Chris Banasik Non-Executive Director Geologist Bruno Scarpelli Executive Director Engineer Highly Experienced Board Broker CoverageSubstantial Shareholders For personal use only
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7 Brazil – Highly Favourable Mining Jurisdiction Active Government support for Critical Minerals ROAD MAP TO MINING Well-established mining regulation and tenement System with Jaguar Mining Lease granted ENVIRONMENTAL Approval process clearly defined with Jaguar Preliminary & Installation Licences (LP & LI) issued ROYALTIES TO THE REGIONS Royalties split between the municipal (65%), State and Federal authorities FAVOURABLE TAX SYSTEM 15% effective tax rate under SUDAM Program. State based incentives also available STRATEGIC MINERALS FOCUS Strong support from government for strategic minerals RENEWABLE POWERHOUSE 80% of Brazil’s power currently generated from renewable sources For personal use only
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8 Brazil’s Carajás Mineral Province A world class global mining province – “land of the giants” The Carajás contains one of the world’s largest known concentrations of large-tonnage world-class mineral deposits For personal use only
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9 A New Global Nickel Sulphide Powerhouse Large-scale, long-life project moving to FID One of the world’s premier new near-surface nickel sulphide projects, with class-leading GHG emission credentials and first quartile operating costs Ready to go Key Environmental Licences issued Mining Lease granted Tier-1 Scale Mineral Resource: 138.2Mt @ 0.87% Ni – 1.2Mt Ni Ore Reserve: 52Mt at 0.78% Ni – 406,100t Ni Average Ni production first 7 years of 22,600tpa Competitive Capex & Opex Low up-front capital – US$380M First quartile AISC – US$4.43/lb Ni (Payable Basis) Class-leading ESG credentials Low-emission nickel – 6.54t of CO2/t of Ni Significant social and economic benefits Strong financials US$2.00B (A$3.12B) LOM Post-Tax operating CF US$735M (A$1.15B) Post-Tax NPV, 34% IRR Capital Payback – 1.8 years For personal use only
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10 Jaguar – Approvals & Stakeholder Engagement ● Mining Lease ISSUED ● Preliminary Licence (LP) ISSUED ● Installation Licence (LI) ISSUED ● LP and LI for power line APPROVED Approvals Nearing Completion Land Access ● Mining Easement ISSUED – supports timely access to all areas necessary for the implementation of the Jaguar Project ● Secured possession of three key properties that cover 2,000 hectares Supporting Local People & Business ● Local workforce training of ~1,500 people for construction roles has commenced – very strong interest in the program ● Local supplier courses and educational partnerships with local primary schools Source: Image obtained and disclosed at the website of Tucumã’s City Hall, available at https://prefeituradetucuma.pa.gov.br For personal use only
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11 Jaguar – A World-Class Nickel Deposit Tier-1 Resource with further exceptional growth potential JORC MRE: 138.2Mt @ 0.87% Ni for 1.20 million tonnes of contained nickel One of the few high-grade undeveloped nickel sulphide deposits globally with +1Mt of contained nickel metal and completely unencumbered off-take rights Refer to slide 27 for underlying data references For personal use only
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12 Jaguar - Mining Operations Optimised 15-year open pit mine plan ► Open pit mining by Brazilian Mining Contractor ► Tailings facilities built from ex-mine waste production to reduce costs ► Minimal oxide waste strip required to access ore ► Potential significant mine life extension beyond the open pit operations ► Resources of 21.5Mt at 1.46% Ni for 313kt of contained nickel metal below the current pits Deposit Classification Ore Tonnes Ore Grades Contained Metal Mt Ni % Cu % Co ppm Ni (kt) Cu (kt) Co (kt) Jaguar Nickel Project Proved 9.8 0.93 0.06 362 91.5 6.2 3.6 Probable 42.2 0.75 0.06 208 314.6 24.9 8.8 Total 52.0 0.78 0.06 237 406.1 31.2 12.3 For personal use only
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Jaguar – Low Operating Costs to Drive Strong Margins First quartile AISC amongst global operators and developers Life-of-mine AISC of US$4.43 (Payable Basis) 13 ~US$0.04/kWh grid powered – powered by +80% by renewables Conventional open-cut mining and processing Sources: Wood Mackenzie 2024 All-in-Sustaining Cost Curve (US$/lb payable Ni net of by-product credits, 2024 real) For personal use only
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14 Jaguar - Site Layout Optimised site layout utilising natural topography and reducing costs For personal use only
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15 Jaguar - Process Flowsheet Process plant to produce very high-grade nickel concentrate ► 3.5Mpta process plant design ► Conventional comminution circuit (single stage jaw crusher followed by a SAG and Ball mill circuit) to grind the ore to a P80 of 75mm ► Nickel flotation circuit to recover high-grade (+30% Ni) concentrate (including a small regrind and cleaning circuit) ► A nickel concentrate of this quality is presently not available in the market ► LOM recovery of 70% - Ore to nickel concentrate ► Basic Engineering nearing completion with CPC Engineering High grade nickel concentrate of +30% to be produced Low logistic costs from only having to transport ~65,000tpa of concentrate ROM Feed Jaw Crusher Crushed Ore Stockpile Pebble Crusher SAG Mill Ball Mill Nickel Rougher Flotation Nickel Scavenger Flotation Nickel Cleaner Scavenger Flotation Nickel Cleaner Flotation Concentrate Regrind Concentrate Thickener Concentrate Load Out Stockpile Integrated Waste Landform CCD1 Detoxification Tanks Tailings Thickener GRINDING DETOX AND WASTE MANAGEMENT FLOTATION NICKEL THICKENING AND FILTRATION Filter CRUSHING AND RECLAIM CCD2 CCD3 Sulphur Scavenger Flotation For personal use only
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16 Jaguar - Production Profile Globally significant project delivering 22.6ktpa of Ni over first 7 years 3.5 Mtpa Conventional Process Plant 18,700tpa LOM Avg Annual Production 70% Avg Process Recovery For personal use only
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17 Jaguar - Financial Metrics Strong free cash-flow of US$169m pa (A$264m) over first 7 years US$1.62b Free Cash Flows Capital Payback 1.8 years (Post Tax basis, US$9/lb Ni Price) US$3.84/lb LOM C1 Cash Costs (payable basis) US$4.43/lb LOM AISC (payable basis) For personal use only
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18 Jaguar - Project Funding Overview Centaurus is actively advancing discussions to secure project level equity and debt funding ahead of a Final Investment Decision Strategic Partnering & Equity Debt • Offtake and Strategic Partnering Process ongoing supported by the Company’s financial adviser, Standard Chartered Bank • Potential partners in the global EV value chain recognise the significant value of Jaguar as a highly strategic source of cost competitive, low carbon and non-Indonesian nickel supply • The Company is considering a range of potential transaction structures, with a preference for minority equity investment at the Jaguar project level • Focus on a funding package that minimizes dilution to existing shareholders • Debt funding discussions ongoing in parallel to the Strategic Partnering Process, supported by the Company’s debt advisor, Orimco • Strong interest received from potential financiers including banks, credit funds and development finance institutions (including BNDES in Brazil) in providing debt funding for Project development • Robust project cashflows demonstrated in the Value Engineering Process are supportive of debt funding on standard market terms • Potential to secure debt financing through the Strategic Partnering Process, which could include opportunities to secure direct debt funding support or indirectly by leveraging the potential partners’ financing relationships Financial Adviser Debt Adviser Selected by BNDES to join the Brazil Climate and Ecological Transformation Investment Platform (BIP) which opens up access to new funding opportunities For personal use only
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19 Jaguar - Project Implementation Schedule Permitting well advanced, funding now key to FID by end H1 2026 For personal use only
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20 Boi Novo Copper-Gold Project Emerging copper- gold discovery in the Carajás 20 For personal use only
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21 Brazil’s Carajás Mineral Province A Tier-1 global mining province – “land of the giants” Located 35km from Vale’s concentrate rail load-out facility and 20km from BHP’s Antas Norte Cu flotation plant For personal use only
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22 Boi Novo Project – Copper-Gold Exploration The Carajás is the world’s premier IOCG address ► Project footprint recently expanded with acquisition of Rio Novo tenure, immediately north of Boi Novo ► Drilling at Boi Novo continues to intersect semi-massive sulphide zones, intersections include: ► 36.7m at 1.58% Cu and 0.05g/t Au ► 5.5m at 8.38% Cu and 0.18g/t Au ► 11.5m at 2.84% Cu and 0.90g/t Au ► 24.5m at 0.96% Cu and 0.11g/t Au ► 6.8m at 1.89% Cu and 1.08g/t Au ► 35.5m at 0.66% Cu ► Multiple high-grade breccia pipes identified ► Boi Novo remains open along strike and down-dip. Drilling ongoing ► Copper floatation sampling and testwork underway ► Iron ore Exploration Target of 520-780Mt at 30-35% Fe. High- grade Fe concentrate (68-69% Fe) produced in bench scale metallurgical test work ► Rio Novo ground is underexplored with no work on 65% of tenement and no EM on any of the ground Diamond drill rig is on site with FLEM and initial surface exploration underway on new tenure For personal use only
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23 Key Investment Takeaways ► Tier-1 scale nickel asset at Jaguar ► Strong cashflow once in production ► All key environmental permits & licences in place ► Debt & Equity Project Funding set to unlock huge value ► Closing-in on a Final Investment Decision ► Class-leading carbon footprint ► Emerging growth pipeline with Boi Novo and Jambreiro For personal use only
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: +61 8 6424 8420 : office@centaurus.com.au : Centaurus Metals : @CentaurusMetals Darren Gordon Managing Director Delivering the World’s next major nickel sulphide mineFor personal use only
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25 Jaguar Nickel Sulphide Project August 2024 MRE & May 2025 Ore Reserve Estimates * Within pit limits cut-off grade 0.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded to reflect acceptable precision; subtotals may not reflect global totals. All oxide material is considered as waste and therefore not reported as Resources. Mineral Resources are reported inclusive of Ore Reserves. The rounding in the above tables is an attempt to represent levels of precision implied in the estimation process and apparent errors in summation may result from the rounding. Ore Reserve has been reported at a 0.4% nickel cut-off grade Classification* Grade Contained Metal (Tonnes) Mt Ni % Cu % Co ppm Ni Cu Co Measured 14.8 1.06 0.07 388 156,100 10,200 5,900 Indicated 97.8 0.84 0.06 246 822,800 61,100 24,000 Measured & Indicated 112.6 0.87 0.06 266 978,900 71,300 29,900 Inferred 25.7 0.88 0.09 257 225,500 22,900 6,700 Total 138.2 0.87 0.07 262 1,204,400 94,200 36,600 Deposit Classification Ore Tonnes Ore Grades Contained Metal Mt Ni % Cu % Co ppm Ni (t) Cu (t) Co (t) Jaguar Deposits Proved 6.9 0.86 0.05 252 59,500 3,700 1,700 Probable 42.1 0.75 0.06 207 313,600 24,800 8,700 Total 49.0 0.76 0.06 214 373,100 28,600 10,500 Onca Preta Proved 2.9 1.10 0.09 623 32,000 2,500 1,800 Probable 0.1 0.82 0.08 367 1,000 100 0 Total 3.0 1.09 0.08 612 33,000 2,600 1,900 Jaguar Nickel Project Proved 9.8 0.93 0.06 362 91,500 6,200 3,600 Probable 42.2 0.75 0.06 208 314,600 24,900 8,800 Total 52.0 0.78 0.06 237 406,100 31,200 12,300 For personal use only
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26 Centaurus Data and references for comparison of pre-mined resources of global nickel sulphide Deposits and Camps Source: MinEx Consulting © August 2024, based on the latest available published data from the various mine owners. Notes: The quoted resources shown in the graph are “Pre-Mined Resources”; Pre-Mined Resources refers to Current Resource plus Historic Production (adjusted, where possible for processing losses); Current Resource refer to Measured + Indicated + Inferred Resources. Current Resource are inclusive of any reported Proven & Probable (P&P) Reserves where appropriate. Of the listed camps/deposits Kabanga and Jaguar are the only projects that have resources that are yet to be mined. Camps are a collection of deposits sharing a common proximal location and geology - and they usually share a common processing facility. When a set of mines is owned by a single company, the reported endowment often refers to the entire camp. a) The Norilsk and Talnakh deposits are now treated as separate camps - the Norilsk name remains associated with the Talnakh deposits as it is the historical name and more recognisable to the market; b) The Talnakh and Norislsk 1 figures are for the combined M&I Resource. NorNickel does not report Measured and Indicated (M&I) Resources on a separate basis and Resources are not JORC compliant; c) Jinchuan Group does not report any official Resource figures for Jinchuan. For completeness MinEX have set the Measured Resource to match the most recent published Reserve, these are not JORC compliant; d) The P&P Reserves have been allocated across both the Measured and indicated Resource figures; e) The Measured Resource includes 31.1 Mt @ 1.791% Ni of P&P Reserves; f) MinEX have assigned all of the P&P Reserves to the published Measured Resource; g) In October 2022 Mincor Resources announced that the LN04a deposit contained a P&P Reserve of 0.136 Mt @ 3.6% Ni. The associated Resource is allocated to the Resource figures for Long and Durkin North deposits; h) Cumulative historical production are estimates by MinEx Consulting based on available published data from various sources (in the first instance the operating company itself); i) Companies with resources within the Sudbury Camp include: Vale, Glencore, KGHM, Magma Mining, SPC Nickel Corp and First Nickel; j) Companies with resources within the Thompson Belt Camp include: Vale, Blackstone, CaNickel Mining and Mistango River Resources; k) Companies with resources within the Kambalda Camp include : Lunnon Metals, Wyloo Pty Ltd, Cherish Metals, Westgold Resources, Develop Global Ltd and Lefroy Exploration. Historic Prodn (h) Camp / Deposit Country Company Stage Resource Date Measured (f) Indicated Inferred Total Mt Ni in-situ Mt Ore % Ni Mt Ni Metal Norilsk - Talnakh Camp (a) Russia Nornickel Operating 01-Jan-24 na 11.4 (b) 5.1 16.6 10.5 2,673 1.01 27.1 Sudbury Camp Canada Mutiple Companies (i) Operating 31-Dec-23 1.2 1.3 1.0 3.5 11.6 1,157 1.30 15.1 Jinchuan Deposit China Jinchuan Group Operating 21-Dec-09 5.5 (c) na na 5.5 1.4 641 1.08 6.9 Thompson Belt Camp Canada Mutiple Companies (j) Operating 31-Dec-23 0.2 0.6 0.4 1.1 2.8 236 1.69 4.0 Leinster Camp Australia BHP Operating 30-Jun-20 0.4 0.8 0.6 1.8 1.4 265 1.22 3.2 Raglan Camp Canada Glencore Operating 31-Dec-23 0.2 (d) 0.5 (d) 0.5 1.1 0.8 66 3.04 2.0 Voiseys Deposit Canada Vale Operating 31-Dec-23 0.57 (e) 0.01 0.14 0.7 1.0 77 2.25 1.7 Kambalda Camp Australia Mutiple Companies (k) Care & Maintenance Circa 2023 0.01 (g) 0.26 0.14 0.4 1.5 66 2.92 1.9 Kabanga Deposit Tanzania Lifezone & BHP Feasibility 30-Nov-23 0.3 0.6 0.4 1.3 0.0 61 2.08 1.3 Jaguar Deposit Brazil Centaurus Metals Feasibility 5-Aug-24 0.2 0.8 0.2 1.2 0.0 138 0.87 1.2 Pre-Mined Resource MI&ICurrent Resource MI&I - Ni Metal For personal use only