Centaurus Metals Limited announced that resource growth and development drilling at its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil continues to deliver outstanding results. The latest results are expected to underpin further growth in the Mineral Resource while also continuing to de-risk the Project with positive in-fill drilling results. Resource Growth - Step-out Drilling: The diamond rigs at Jaguar are now targeting resource growth by undertaking both step-out drilling and extensional drilling across all deposits, but with an initial focus on the high-grade Onça Preta and Jaguar South Deposits.

These rigs will also continue to undertake important drilling for geotechnical, metallurgical and structural interpretation purposes. The company is in the process of optimising its contractor drill fleet, removing underperforming rigs and reducing the total number of rigs on site to six diamond rigs and one Reverse Circulation (RC) rig. The May 2021 Jaguar Scoping Study demonstrated that both the Jaguar South and Onça Preta Deposits can sustain quality underground operations with the study stope optimisations bottoming out on the base of the January 2021 MRE.

The continual extension of the high-grade mineralisation, as demonstrated by recent drill results, both down-dip and now along strike at both deposits bodes well for continued resource growth and in turn future underground operations. Jaguar South: The Jaguar South Deposit is the largest deposit at the Jaguar Project, hosting an MRE of 34.6Mt at 0.92% Ni for more than 316kt of contained nickel. The base of the November 2022 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.

The deepest hole that the company has completed to date on the Project, JAG-DD-22-445 1 on section 478300mE, reached a final depth of 771m depth. Importantly, this hole successfully intersected a 10m thick zone of semi- massive and massive nickel sulphide mineralisation from 612m depth within a broader 20m intersection. The intersection is 100m down-dip from the previously deepest hole on section JAG-DD-22-223 (16.4m at 1.34% Ni).

Drill-hole JAG-DD-22-487, the second deepest hole completed on the Project, was collared 90m to the east of JAG-DD-22-445 on section 478390mE and intersected 11.0m at 1.43 % Ni from 574.0m including 3.0m at 2.49% Ni amongst other intersections. This intersection, which deviated to the west, is located around 100m down-dip of a previously released drill-hole JAG-DD-22-455, which intersected 42.5m at 1.01% Ni from 496.0m down-hole on section 478350mE. Furthermore, JAG-DD-22-460, on section 478270mE, which is to the west of JAG-DD-22-445, also returned outstanding high-grade intersections at depth including 9.0m at 2.21% Ni from 599.0m.

This drilling confirms the presence of consistent high-grade mineralisation across multiple sections over at least 120m of strike and at depths beyond 600m, which points to consistent resource growth below the current resource limits. Highlights of the new assay results received from drilling at the Jaguar South Deposit include the following down-hole intervals: Hole JAG-DD-22-439: 8.9m at 0.89% Ni, 0.10% Zn, 0.03% Cu and 0.02% Co from 128.2m; 7.4m at 0.78% Ni, 0.03% Zn, 0.02% Cu and 0.02% Co from 204.0m; 10.2m at 1.17% Ni, 0.93% Zn, 0.03% Cu and 0.03% Co from 226.0m; including 3.9m at 2.21% Ni, 2.21% Zn, 0.05% Cu and 0.05% Co from 228.0m. Hole JAG-DD-22-460: 5.5m at 0.99% Ni, 0.02% Zn, 0.02% Cu and 0.03% Co from 271.5m; 8.0m at 0.99% Ni, 0.01% Zn, 0.02% Cu and 0.02% Co from 386.0m; 16.0m at 0.58% Ni, 0.01% Zn, 0.02% Cu and 0.01% Co from 404.0m; 9.0m at 2.21% Ni, 0.10% Zn, 0.07% Cu and 0.05% Co from 599.0m.

Hole JAG-DD-22-486: 22.5m at 0.97% Ni, 0.02% Zn, 0.03% Cu and 0.02% Co from 207.0m; including 5.7m at 2.42% Ni, 0.01% Zn, 0.07% Cu and 0.05% Co from 217.8m; 18.6m at 1.23% Ni, 0.01% Zn, 0.04% Cu and 0.02% Co from 246.0m; including 8.0m at 1.90% Ni, 0.01% Zn, 0.07% Cu and 0.03% Co from 251.0m; 15.5m at 0.47% Ni, 0.01% Zn, 0.01% Cu and 0.01% Co from 368.0m; 4.5m at 0.85% Ni, 0.03% Zn, 0.02% Cu and 0.02% Co from 472.5m; 5.0m at 1.20% Ni, 0.02% Zn, 0.03% Cu and 0.03% Co from 501.5m; 3.5m at 1.04% Ni, 0.01% Zn, 0.19% Cu and 0.02% Co from 582.5m. Hole JAG-DD-22-487: 14.0m at 0.58% Ni, 0.06% Zn, 0.03% Cu and 0.01% Co from 422.0m; including 4.0m at 1.01% Ni, 0.07% Zn, 0.04% Cu and 0.02% Co from 422.0m; 6.0m at 0.97% Ni, 0.05% Zn, 0.03% Cu and 0.02% Co from 547.0m; 11.0m at 1.43% Ni, 0.04% Zn, 0.05% Cu and 0.02% Co from 574.0m; including 3.0m at 2.49% Ni, 0.07% Zn, 0.06% Cu and 0.03% Co from 582.0m. Hole JAG-DD-22-510: 21.5m at 0.66% Ni, 0.09% Zn, 0.17% Cu and 0.02% Co from 35.0m; including 4.1m at 1.66% Ni, 0.03% Zn, 0.57% Cu and 0.08% Co from 41.2m.

Hole JAG-DD-22-514: 15.1m at 0.52% Ni, 0.08% Zn, 0.02% Cu and 0.02% Co from 185.0m; 6.4m at 0.66% Ni, 0.03% Zn, 0.04% Cu and 0.02% Co from 232.2m. Hole JAG-DD-22-515: 5.5m at 0.86% Ni, 1.23% Zn, 0.62% Cu and 0.02% Co from 45.5m; 7.5m at 1.78% Ni, 0.02% Zn, 0.06% Cu and 0.03% Co from 460.0m; including 5.5m at 2.19% Ni, 0.01% Zn, 0.07% Cu and 0.03% Co from 460.8m10.7m at 1.40% Ni, 0.63% Zn, 0.04% Cu and 0.03% Co from 478.0m; including 3.2m at 2.14% Ni, 0.04% Zn, 0.05% Cu and 0.04% Co from 478.0m, and 3.2m at 1.89% Ni, 1.59% Zn, 0.05% Cu and 0.03% Co from 486.0m Hole JAG-DD-22-526: 6.1m at 0.90% Ni, 0.09% Zn, 0.09% Cu and 0.02% Co from 308.0m.