Centaurus Metals reported further strong drill results from resource growth and development drilling at its 100%-owned Jaguar Nickel Sulphide Project, located in the Carajßs Mineral Province of northern Brazil. The results are expected to contribute to an increase in the global Mineral Resource Estimate (MRE), due for delivery in the next 4-5 weeks, as well as to upgrade more of the Jaguar MRE into the higher confidence Measured and Indicated categories, in advance of the maiden Ore Reserve estimation and DFS. Resource Growth - Step-out Drilling: Drilling for the in-fill program that was required for the upgrade of the Jaguar MRE was completed in July.

Once this drilling was completed, the Company optimised its contractor drill fleet, removing underperforming rigs and reducing the total number of rigs on site to 10 diamond rigs and one RC rig. The diamond rigs have now been designated to target resource growth by undertaking both step-out drilling and extensional drilling across all deposits, with a focus on the high-grade Onta Preta and Jaguar South Deposits. These rigs will also continue to undertake important geotechnical, metallurgical and structural interpretation drilling.

The current base of both the Onta Preta and Jaguar South Deposits have now been extended well below the base of the underground operations identified in the May 2021 Jaguar Project Scoping Study, which itself was already restricted 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. Onta Preta: The December 2021 Mineral Resource Estimate (MRE) expanded the Onta Preta Deposit, the highest-grade deposit at the Jaguar Project, to 5.2Mt at 1.52% Ni for more than 78kt of contained nickel.

Step-out drilling continues to intersect semi-massive and massive zones of nickel sulphides including 21.7m at 1.35% Ni from 402.3m in JAG-DD-22-333 on section 476790mE and 20.8m at 1.54% Ni in JAG-DD-22-375 on section 476885mE. Both drill-holes intersected high-grade mineralisation 40m below the limits of the December 2021 MRE, indicating a likely increase in the MRE. Visuals from more recent drilling continues to be very encouraging with, drill hole JAG-DD-22-462 2, the deepest hole drilled to date at Onta Preta, intersecting more than 30m of stringer to semi-massive nickel sulphide mineralisation within broader mineralised intersections a further 80m down-dip from JAG-DD-22-226, which intersected 14.3m at 1.29% Ni and 30.7m at 1.00% Ni.

This highlights the potential for further resource growth down-dip underneath existing stope design. Drill hole JAG-DD-22-464 has also intersected semi-massive nickel sulphide mineralisation with this intersection being identified for the first time on section 477035mE. This extends the Onca Preta mineralisation a further 50m to the east and takes the total strike length of the Deposit to 400m.

The 15m of stringer to semi-massive nickel sulphide mineralisation intersected confirms the current interpretation of the NNE plunge towards the Puma Layered Mafic-Ultramafic Complex with the vectoring of the drilling coming from DHEM conductor plates. The Puma Layered Mafic-Ultramafic Complex, which is located 200m north of the Onta Preta Deposit is interpreted to be the potential source of the hydrothermal 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 step out drilling at the Onta Preta Deposit include the following down-hole intervals: Hole JAG-DD-22-313: 4.2m at 2.84% Ni, 0.15% Zn, 0.16% Cu and 0.13% Co from 209.4m; Hole JAG-DD-22-333: 21.7m at 1.35% Ni, 0.06% Zn, 0.15% Cu and 0.05% Co from 402.3m, including; 3.0m at 3.31% Ni, 0.04% Zn, 0.58% Cu and 0.09% Co from 404.5m, and 4.4m at 2.20% Ni, 0.04% Zn, 0.19% Cu and 0.05% Co from 413.2m; 13.0m at 0.64% Ni, 0.05% Cu and 0.02% Co from 461.6m; Hole JAG-DD-22-375: 20.8m at 1.54% Ni, 0.07% Zn, 0.07% Cu and 0.07% Co from 415.4m, including: 7.0m at 2.71% Ni, 0.09% Zn, 0.10% Cu and 0.09% Co from 421.0m; 23.7m at 0.80% Ni, 0.04% Cu and 0.02% Co from 510.0m, including: 4.0m at 1.57% Ni, 0.07% Cu and 0.04% Co from 523.0m.