Centaurus Metals advised 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 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. 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. The current base of the deposit has now been extended well below the base of the underground operations identified 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 down-dip extensions of the high-grade mineralisation within the main mineralised zones. 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. Drilling on Section 478390mE, one of the easternmost sections at Jaguar South, has intersected more semi-massive to massive nickel sulphides at depth in drill-hole JAG-22-21-233 1. 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 the 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-grade zone. These high-grade intersections, which were not part of the December MRE, are 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.

Importantly, 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 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.