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CENTAURUS METALS LIMITED     ANNUAL REPORT
Copper-Gold Exploration
Drilling and geophysical surveys have confirmed significant 
high-grade mineralisation primarily at the Nelore West and East 
Prospects, with both prospects showing potential for expansion 
through future step-out drilling.
Drilling at Nelore West intersected multiple high-grade copper 
breccias along a 3.5km magnetic trend at the BIF–mafic contact, 
returning a best drill result of 36.7m at 1.58% Cu from 219.5m 
(BON-DD-25-028). The mineralised trend plunges east-southeast, 
with opportunities for further growth between two interpreted 
breccia bodies and below the granitic sill.
Drilling at Nelore East resulted in a shallow copper-gold discovery, 
with best drilling results of 11.5m at 2.84% Cu and 0.90g/t Au 
from 91.9m and 6.8m at 1.89% Cu and 1.08g/t Au from 107.6m 
(BON-DD-25-040).
The combination of a strong copper-gold association and 
consistency with Carajás-style IOCG analogues underscores the 
high prospectivity of the area.
Rio Novo Tenement
Historical exploration at Rio Novo includes soil sampling, IP 
surveys and diamond drilling. The previous owner only completed 
1,465m of diamond drilling, with eight of the eleven initial holes 
intersecting copper mineralisation and alteration similar to that 
seen at Boi Novo. Historical assays from Rio Novo include 2.4m @ 
4.08% Cu and 0.25g/t Au from 86.8m11 (RN-DD-008).
The broader tenement has seen no previous electromagnetic 
(EM) geophysics or systematic soil sampling, both of which were 
instrumental to defining copper-gold mineralisation at Boi Novo.
Fixed-loop and down hole electromagnetic (FLEM/DHEM) surveys 
have identified new conductors for follow-up drilling, with 
structural data integration underway to prioritise targets.
Over the next 12 months, work will focus on follow-up drilling of 
priority copper targets across the expanded Boi Novo tenure. This 
will be supported by expanded DHEM/FLEM and drone-magnetics 
surveys as well as soil sampling to refine targeting. Metallurgical 
testwork will continue to optimise both the copper-gold and iron 
ore processing routes.
Iron Ore Exploration
Drilling at Boi Novo has intersected broad zones of oxide and 
fresh itabirite iron ore over a strike extent of more than 6km, 
with drilling and mapping confirming extensive BIF-hosted 
iron mineralisation across multiple prospects, returning 
thick intersections including 85.0m at 33.2% Fe from surface 
(BON-DD-25-043).
A maiden JORC 2012 iron ore exploration target was calculated 
for Boi Novo, comprising 520–780Mt at 30–35% Fe to 150m depth, 
based on geophysics, mapping, drilling and geophysics across four 
prospects (Bufalo, Guzera, Nelore and Zebu). The potential quantity 
and grade of the exploration target are conceptual in nature. There 
has been insufficient exploration to define a mineral resource, 
and it is uncertain whether further exploration will result in the 
determination of a mineral resource.
Preliminary bench-scale beneficiation testwork using a simple, 
low-intensity magnetic separation process successfully produced 
a 63–67% Fe blast-furnace pellet feed, with potential for ~69% Fe 
concentrates and mass recoveries up to 39%.
Figure 6: Location Map 
showing the Rio Novo and 
Boi Novo Projects with 
underlying geology

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