MINERAL RESOURCES AND ORE RESERVES 
ANNUAL STATEMENT AND REVIEW
The Company carries out an annual review of its mineral resources 
and ore reserves as required by the Australasian Code for Reporting 
of Exploration Results, Mineral Resources and Ore Reserves (the 
JORC Code) 2012 edition and the ASX Listing Rules. 
An update of the nickel mineral resources was carried out on 
5 August 2024 and a subsequent review on 31 December 2025. 
The updated nickel ore reserve was stated on 8 May 2025 and a 
subsequent review on 31 December 2025. The Jaguar mineral 
resource and ore reserve estimates have been reported in 
accordance with the JORC Code 2012 edition and the ASX Listing 
Rules.
The review of the iron ore mineral resources and ore reserves 
was carried out as at 31 December 2025. The Jambreiro mineral 
resource and ore reserve estimate has been reported in accordance 
with the JORC Code 2012 edition and the ASX Listing Rules. The 
remaining mineral resource estimates were prepared and disclosed 
under the JORC Code 2004 edition.  
The information prepared for the Canavial and Passabém Resource 
estimates has not been updated to comply with the JORC Code 2012 
edition on the basis that the information has not materially changed 
since it was last reported. 
ESTIMATION GOVERNANCE STATEMENT
The Company ensures that all mineral resource and ore reserve 
calculations are subject to appropriate levels of governance and 
internal controls. Exploration results are collected and managed by 
competent qualified staff geologists and overseen by the General 
Manager – Exploration & Growth. All data collection activities are 
conducted to industry standards based on a framework of quality 
assurance and quality control protocols covering all aspects of 
sample collection, topographical and geophysical surveys, drilling, 
sample preparation, physical and chemical analysis and data and 
sample management. 
Mineral resource and ore reserve estimates are prepared by 
qualified independent competent persons and further verified 
by the Company’s technical staff. If there is a material change in 
the estimate of a mineral resource, the modifying factors for the 
preparation of ore reserves, or reporting an inaugural mineral 
resource or ore reserve, the estimate and supporting documentation 
in question is reviewed by a suitably qualified independent 
competent person.
APPROVAL OF MINERAL RESOURCES AND ORE 
RESERVE STATEMENT
The Company reports its mineral resources and ore reserves on an 
annual basis in accordance with the JORC Code 2012 Edition. 
The ore reserves and mineral resources statement is based on 
and fairly represents information and supporting documentation 
prepared by competent and qualified independent external 
professionals and reviewed by the Company’s technical staff. The 
ore reserves and mineral resources statement has been approved 
by Roger Fitzhardinge, a competent person who is a member of the 
Australasian Institute of Mining and Metallurgy.  
Roger Fitzhardinge is a permanent employee of Centaurus Metals 
Limited. Mr Fitzhardinge has consented to the inclusion of the 
Statement in the form and context in which it appears in this  
Annual Report.
COMPETENT PERSONS’ STATEMENTS
Exploration Results
The information in this report that relates to exploration results 
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.
Jaguar Nickel Project Ore Reserves and Mineral Resources
The information in this report that relates to May 2025 ore reserves 
is based on information compiled by Mark Fusco and Peter Rowland 
Lock, competent persons who are members of The Australasian 
Institute of Mining and Metallurgy. Both Mark Fusco and Peter 
Rowland Lock were full-time employees of Mining Plus Pty Ltd 
who were contracted to provide consulting services to Centaurus 
Metals Limited. Mark Fusco and Peter Rowland Lock have sufficient 
experience that is relevant to the style of mineralisation and type 
of deposit under consideration and to the activity being undertaken 
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. Specifically, Mr Fusco is 
the competent person for the overall study, excluding capital and 
operating cost estimates, nickel price and financial analysis. Mr Lock 
is the competent person for the capital and operating cost estimates, 
nickel price and financial analysis. Mark Fusco and Peter Rowland 
Lock consent to the inclusion in the report of the matters based on 
their information in the form and context in which it appears.
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ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025

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