ANC20-Proceedings-Presentations-Full

Disclaimer



This presentation is for information purposes only. It has been prepared for the purpose of providing general information about Poseidon Nickel

Limited ("Poseidon"). It should not be considered as an offer, invitation, solicitation or recommendation to subscribe for or purchase any securities
in Poseidon in any jurisdiction. It is not recommended that any person makes an investment decision in relation to Poseidon in reliance on this
presentation material. This presentation does not constitute financial product advice and has been prepared without taking into account the
recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not
intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding
if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market,
financial or political developments.

This presentation contains forecasts and forward-looking statements. Such statements are predictions only based on available data which maybe

unreliable and is subject to inherent risks and uncertainties. Investors are cautioned that forward-looking statements are not guarantees of future
performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty
therein, which could cause actual values, results, performances or achievements to differ materially from those expressed, implied or projected in
this presentation.

This overview does not purport to be all-inclusive or to contain all information which its recipients may require in order to make an informed
assessment of the project prospects. Each of Poseidon, its officers, employees and advisers expressly disclaims any responsibility for the
accuracy or completeness of the material contained in this presentation and excludes all liability, direct, indirect or consequential for any loss or

damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there
from. Poseidon accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation.













2

Stainless History

























































3

Battery Future

























































4

Battery Future




















“I’d just like to



re-emphasize, any


mining companies



out there, please



mine more nickel”




Elon Musk










Tesla, Inc. Q2 2020 Financial Results and Q&A Webcast, 22 July 2020 5

Investment case & corporate profile



• What we have Capital Structure/Enterprise Value


• Combined Nickel Resources – 395kt Ni¹ ASX Code POS

• Black Swan - 195kt Ni¹ in Resources, 2Mtpa Shares on Issue 2.64B

processing plant on C&M, Golden Swan high- Share Price (5 Oct 2020) ~$0.052
grade Ni discovery Market Cap ~$137M
Projected Net Cash (30 Sept 2020) ~$15M
• Lake Johnston - 52kt Ni¹ in Resources,1.5Mtpa
processing plant on C&M
Major Shareholders
• Windarra - 149kt Ni in Resources¹ Black Mountain Metals Ltd ~20.8%

• Gold - Windarra Gold Tailings project² containing Wyloo Metals/Forrest ~17.9%

180,000oz Au³ Board & Executive Team


• Strategy Derek La Ferla Non-Executive Chairman
Peter Harold Managing Director and CEO
• Discover more high-grade nickel
Felicity Gooding Non-Executive Director
• Expedite commercial nickel production Dean Hildebrand Non-Executive Director


• Monetise the gold Peter Muccilli Non-Executive Director
Brendan Shalders CFO & Joint Co Sec

Andrea Betti Joint Co Sec
Steve Warriner Chief Geologist
¹ Mineral Resources Statement Table 1 and Mineral Resources Statement Table 2 attached. ² ASX Announcement “Robust
PFS Completed for Windarra Gold Tailings Project” dated 22 June 2020 and ³ ASX Announcement “Gold Tailings Resource at
Windarra updated to JORC 2012” dated 22 June 2020
6

Poseidon Share Price Performance





50 $0.10



45 $0.09


40 Ni US$18,500/t $0.08



35 Golden Swan Discovery Golden Swan Discovery Second Hole $0.07
Trading Volume (millions) 25 Ni US$15,500/t $0.05 Share Price (A$/share)

$0.06
30






$0.04
20


15


$0.02
10 Ni US$12,500/t $0.03


5 $0.01



0 $0.00
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

Trading Volume (LHS) POS Share Price (RHS) US$ Nickel Price
Source: ASX, Chi-X, LME, Terra Studio
7

Portfolio of complementary assets



Black Swan 1
• 2.2Mtpa processing plant

• Silver Swan underground 16kt Ni* (grade - 9.5%)¹
• Black Swan open pit & stockpiles 179kt Ni* (grade - 0.6%)¹
• High-grade discovery at Golden Swan¹

• Southern Terrace




Windarra 1

• Mt Windarra 71.5kt Ni* (grade - 1.64%)¹
• Cerberus Nickel 69kt Ni* (grade - 1.5%)¹
• South Windarra 8kt Ni* (grade - 0.98%)¹

• Gold Tailings contains ~180,000 oz/Au Resource 2
• PFS on Windarra gold tailings project 3




Lake Johnston 1

• 1.5Mtpa processing plant

• Maggie Hays Ni 52kt Ni* (grade - 1.5%)¹
• Abi Rose Ni discovery confirms prospectivity
• Intrusive model to be tested



* Contained Ni Metal
1 Mineral Resources Statement Table 1 attached.
2 Mineral Resources Statement Table 2 attached.
3 ASX Announcement “Robust PFS Completed for Windarra Gold Tailings Project” dated 22 June 2020 8

Black Swan – production history, processing plant, R&R, Golden Swan

























































9

Silver Swan Discovery -1995











































Maiden Resource 440,000 tonnes @ 14% Ni


for approximately 62,000 tonnes of Ni 1








Left to Right: Kelvin Fox, David Burt & Jarmo Vesanto 10
1 MPI Press Release 20 November 1995

Golden Swan high-grade discovery – 2020



• Maiden hole drilled in March 2020 targeting

electromagnetic conductors intersected high

grade massive nickel sulphides


• 1 intersection 1
st
• 23.1m @ 4.0% Ni & 0.4% Cu (true width

13.3m) includes 7.6m @ 8.8% Ni (true width
4.3m)


• 2 nd intersection 2

• 9.0m @ 10.46% Ni (true width 4.5m) includes

4.6m @ 13.8% Ni (true width 2.3m)



• Additional high conductance anomaly

identified in latest DHEM survey 3












1 ASX Announcements “New Massive Sulphide Intersection in Golden Swan Anomaly” dated 26 March 2020 and
“Exceptional grades received at Golden Swan & Windarra update” dated 4 April 2020 Search DHEM radius around PBSD0029
2 ASX Announcement “Second Golden Swan Massive Sulphide Intersection extends new discovery” dated 6 August 2020
3 ASX Announcement “EM Survey extends Golden Swan Potential” dated 1 October 2020. 11

Golden Swan High Grade & Southern Terrace Prospectivity










• Next Steps


• 400m drill drive

• Resource drilling


• Continue to test
Southern Terrace






























1 Mineral Resources Statement Table 1 attached.
2 Mineral Reserves Statement Table 2 attached.
3 Production statistics – from production records of previous owners compiled by POS 12

Windarra – historic production, existing resources & exploration upside



• History


• 8Mt mined and processed on site to

produce 84kt Ni *


• Current resources

• Windarra 4.36Mt @1.64% Ni for

71,500t Ni 1


• Cerberus 4.55Mt @1.51% Ni for

69,000t Ni 1


• Future Activities


• Follow up Crazy Diamond discovery


• Review geophysics and determine

locations for further Kambalda-style

deposits



• Review previous development studies Multiple Kambalda-style targets at Windarra



*Contained Ni metal.
1 Reference Mineral Resources Statement Table 1 attached.
13

Lake Johnston – historical production, infrastructure, resources



History

• Emily Ann - 1.5Mt @ 3.5% Ni mined
and processed b/n 2001-2007


• Maggie Hays - 10Mt @ 0.6%Ni mined

and processed b/n 2008-2014

• Current resources & infrastructure


• Maggie Hay - 3.5Mt @ 1.5% Ni* for

52kt Ni 1

• 1.5Mtpa process plant (on C&M)


• Future Activities


• Update restart study


• Test geological theory

• More Kambalda Style deposits

Lake Johnston process plant
• Intrusive Model - Follow up Abi
Rose Ni discovery 2




*Contained Ni metal
1 Reference Mineral Resources Statement Table 1 attached
2 ASX Announcement Successful Drill Program at Abi Rose Concluded with all three diamond holes intersecting Massive Nickel-Copper sulphides” dated 21 November 2018 14

Lake Johnston – Stratigraphy, Nickel Targets and Regional Magnetics















WESTERN KOMATIITE



Key Limited
Exploration
Target To Date
Areas Main focus
for historic
exploration





Limited
Exploration
To Date








Poorly
Explored
Western Ultramafic
Basal Contact in red

15

Gold Option - Windarra gold tailings project



• Strategy June 2020 PFS - Project physicals and key economic metrics 1

Contained gold in resource 105,000oz
• Monetise existing gold resource Metallurgical recovery 42.3%


• Utilise cash for nickel strategy Gold production target 1 44,400oz

Revenue 2 $112.3M
• Recent Activities
Development capital cost $24.6M

1
• June 2020 PFS - confirmed low risk, low Max cash drawdown $25.3M
Capex and Opex Net cash flow $30.4M

Pre-tax NPV $22.8M
• Proposed plant - 1.5Mtpa CIL processing 8
facility IRR 62.4%
Payback period (from commencement of production) 15 months
• Next Steps

Unit cost analysis
• DFS incorporating Lancefield tailings 2 C1 cash cost 3 $1,209/oz recovered


• Upside AISC cash cost 4 $1,291/oz recovered

Breakeven cost 5 $1,846/oz recovered
• Additional feed


• Scope to re-purpose capital equipment for
Ni retreatment (Black Swan & Windarra)




1 Refer ASX Announcement “Robust PFS completed for Windarra Gold tailings Project” dated 22 June 2020
2 Refer ASX Announcement “Poseidon to acquire rights to treat Lancefield gold tailings” dated 17 August 2020
16

Windarra Gold Tailings – simple mining & processing















Conceptual design of 1.5Mtpa CIL plant




























Concept for the hydraulic mining










17

Nickel Market – emerging supply shortage

























































18

Nickel Market – strong demand forecast from EVs

























































19

Massive investment in electrification by car makers

























































20

Road to cashflow and share price appreciation



• Exploration success



• Black Swan - More high-grade at Golden Swan, test the Southern Terrace



• Opportunities at Windarra and Lake Johnston


• Exposure to commodities with positive price outlook


• Nickel - early cash from DSO vs restarting Black Swan concentrator



• Gold - monetise tailings to fund nickel strategy



• Healthy Balance Sheet – projected net cash ~$15M (30 Sept 2020)*


• Supportive shareholders - Wyloo Metals and Black Mountain Metals


• Experienced Team – with nickel sulphide exploration, project development


and operating capabilities






VISION: TO BECOME A SELF FUNDING MINING COMPANY




21
* Refer ASX Announcement “Quarterly Reports – to 30 June 2020” dated 17 July 2020. Updated cash position to be advised in September Quarterly Reports to be released later this month.

Peter Harold

Managing Director & CEO

T: +61 (0)8 6167 6600


E: [email protected]

W: poseidon-nickel.com.au


ASX:POS








22

Mineral Resource Statement





Table 1: Nickel Projects Mineral Resource Statement

MINERAL RESOURCE CATEGORY Black Swan Resource as at 22 July 2014 (see ASX
announcement “Poseidon Announces Black Swan Mineral
th
Nickel Sulphide JORC Cut Off INDICATED INFERRED TOTAL Resource” released 4 August 2014)
Resources Compliance Grade
Tonnes Ni% Ni Metal Tonnes Ni% Grade Ni Metal (t) Tonnes Ni% Grade Ni Metal (t) Co% Co Metal Cu% Cu Metal Silver Swan Resource as at 5 August 2019 (see ASX
(Kt) Grade (t) (Kt) (Kt) Grade (t) Grade (t) announcement “Silver Swan Resource Upgrade…”
released 5 August 2019)
th
BLACK SWAN PROJECT
Maggie Hays Resource as at 17 March 2015 (see ASC
announcement “50% Increase in Indicated Resources at
Black Swan 2012 0.40% 9,600 0.68 65,000 21,100 0.54 114,000 30,700 0.58 179,000 0.01 4,200 NA - Lake Johnston” released 17 March 2015)
th
Mt Windarra Resource as at t November 2014 (see ASX
Silver Swan 2012 4.50% 108 9.4 10,130 61 9.7 5,900 168 9.5 16,030 0.19 316 0.4 679
announcement “Poseidon Announces Revised Mt Windarra
Resource” released 7 November 2014)
th
LAKE JOHNSTON PROJECT
South Windarra and Cerberus Resource as at 30 April
2013 (see ASX announcement “Resource Increase of 25%
Maggie Hays 2012 0.80% 2,600 1.60 41,900 900 1.17 10,100 3,500 1.49 52,000 0.05 1,800 0.10 3,400
at Windarra Nickel Project” released 1 December 2011)
st
WINDARRA PROJECT The Company is not aware of any new information or data
that materially affects the information in the relevant market
Mt Windarra 2012 0.90% 922 1.56 14,000 3,436 1.66 57,500 4,358 1.64 71,500 0.03 1,200 0.13 5,700 announcements. All material assumptions and technical
parameters underpinning the estimates in the relevant
market announcements continue to apply and have not
South Windarra 2004 0.80% 772 0.98 8,000 - - - 772 0.98 8,000 NA - NA - materially changed.
Cerberus 2004 0.75% 2,773 1.25 35,000 1,778 1.91 34,000 4,551 1.51 69,000 NA - 0.08 3,600

TOTAL

Total Ni, Co, Cu 2004 & 2012 16,775 1.04 174,030 27,275 0.81 221,500 44,049 0.90 395,530 0.02 7,516 0.03 13,379
Resources
Note: totals may not sum exactly due to rounding. NA = information Not Available from reported resource model. The Indicated Mineral
Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves.

Mineral Resource Statement




Table 2: Gold Tailings Project Mineral Resource Statement



Windarra Gold Tailings Resource as at 22 June 2020 (see ASX
announcement “Gold Tailings Resource at Windarra updated to JORC 2012
Indicated” dated 22 June 2020).


The Company is not aware of any new information or data that materially
affects the information in the relevant market announcements. All material
assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially
changed.
Table 2.1 Windarra Gold Tailings Project JORC2012 Mineral Resource
The Windarra Tailings estimate for North and South Dams has been reported based on the following:
•no cut-off grade has been used to report the resource, as the potential mining method dictates removal of the entire dams.
3
•a dry bulk in situ density of 1.6 t/m has been used to derive tonnages.
•resource numbers in Table 2.1 may not sum exactly due to rounding.















Table 2.2 Windarra Central Dam JORC2012 Mineral Resource
The Windarra Tailings estimate for the Central Dam has been reported based on the following:
•No cut-off grade has been used to report the resource, as the potential mining method dictates removal of the entire dam down to a specified
elevation.
•The mineralisation has been reported above a flat elevation of 446 mRL; there are tailings below this level but these have been shown by drilling to
contain no gold, and it is anticipated that the proposed mining method will not treat material below this elevation.
•A dry bulk in situ density of 1.6 t/m has been used to derive tonnages.
3
•Resource totals may not sum exactly due to rounding.


24

Mineral Resource Statement






Table 3: Nickel Project Ore Reserve Statement


Silver Swan Underground Reserve as at 26 May 2017 (see ASX announcement “Silver
th
Swan Definitive Feasibility Study” released 26 May 2017)
Black Swan Open Pit Reserve as at 5 November 2014 (see ASX announcement
th
“Poseidon Announces Black Swan Ore Reserve” dated 5 November 2014).
The Company is aware that the 2019 upgrade to the Silver Swan Indicated Resource will
materially affect the Silver Swan Reserve above which was based upon the 2015 Silver
Swan Resource Estimate (refer to Table 1 above for the new Silver Swan Resource
estimate). Such information is based on the information complied by the Company’s
Geologists and the Competent Persons as listed below in the Competent Person
Statements.
The Company is not aware of any new information or data that materially affects the
information in the relevant market announcements for the Black Swan Open Pit Reserve.
All material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed.



























25

Competent persons statement



The information in this report that relates to Exploration Results is based on, and fairly represents, information compiled and reviewed by Mr Steve Warriner, Chief Geologist, who is a full-
time employee at Poseidon Nickel, and is a Member of The Australian Institute of Geoscientists.

The information in this report which relates to the Black Swan Mineral Resource is based on, and fairly represents, information compiled by Mr Andrew Weeks who is a full-time employee
of Golder Associates Pty Ltd. The information in this report which relates to the Black Swan Ore Reserve is based on, and fairly represents, information compiled by Mr Andrew Weeks
who is a full-time employee of Golder Associates Pty Ltd and who is a Members of the Australasian Institute of Mining and Metallurgy.

The information in this report which relates to the Silver Swan Mineral Resource is based on, and fairly represents, information compiled by Mr Steve Warriner, Chief Geologist, who is a
full-time employee at Poseidon Nickel, and is a Member of The Australian Institute of Geoscientists and Mr Kahan Cervoj who is a full time employee of Optiro Pty Ltd and is a Fellow of
the Australasian Institute of Mining and Metallurgy. The information in this report which relates to the Silver Swan Ore Reserve is based on, and fairly represents, information compiled by
Mr Matthew Keenan who is a full-time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.

The information in this report which relates to the Lake Johnston Mineral Resource is based on, and fairly represents, information compiled by Mr Steve Warriner, Chief Geologist, who is
a full-time employee at Poseidon Nickel, and is a Member of The Australian Institute of Geoscientists and Mr Andrew Weeks who is a full-time employee of Golder Associates Pty Ltd and
is a Member of the Australasian Institute of Mining and Metallurgy. The information in this report which relates to the Lake Johnston Ore Reserves Project is based on, and fairly
represents, information compiled by Mr Matthew Keenan who is a full-time employee of Entech Pty Ltd and is a Member of the Australasian Institute of Mining and Metallurgy.

The information in this Updated Gold Tailings Project Mineral Resource Statement which relates to Mineral Resources is based upon details compiled by Ian Glacken, who is a Fellow of
the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Ian Glacken is an employee of Optiro Pty Ltd and has sufficient experience which is
relevant to the style of mineralisation and the 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 (the JORC Code).

The Company is not aware of any new information or data that materially affects the information in the relevant market announcements. All material assumptions and technical
parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

Mr Warriner, Mr Cervoj, Mr Weeks, Mr Glacken and Mr Keenan all have sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and
to the activity which they are 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’ (the JORC Code 2012). Mr Warriner, Mr Cervoj, Mr Weeks, Mr Glacken and Mr Keenan have consented to the inclusion in the report of the matters based
on his information in the form and context in which it appears.

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.





26

Forward looking statements



FORWARD LOOKING STATEMENT – INFERRED RESOURCE STATEMENTS:


The Company notes that an Inferred Resource has a lower level of confidence than an Indicated Resource and that the JORC Codes, 2012 advises that to
be an Inferred Resource it is reasonable to expect that the majority of the Inferred Resource would be upgraded to an Indicated Resource with continued
exploration. Based on advice from relevant competent Persons, the Company has a high degree of confidence that the Inferred Resource for the Silver
Swan deposit will upgrade to an Indicated Resource with further exploration work.

The Company believes it has a reasonable basis for making the forward looking statement in this announcement, including with respect to any production
targets, based on the information contained in this announcement and in particular, the JORC Code, 2012 Mineral Resource for Silver Swan as of May 2016,
together with independent geotechnical studies, determination of production targets, mine design and scheduling, metallurgical testwork, external commodity
price and exchange rate forecasts and worldwide operating cost data.




FORWARD LOOKING STATEMENTS:

This release contains certain forward-looking statements including nickel production targets. Often, but not always, forward looking statements can generally
be identified by the use of forward looking words such as “may”, “will”, “except”, “intend”, “plan”, “estimate”, “anticipate”, ”continue”, and “guidance”, or other
similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected
costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also forward-looking statements.

Forward looking statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to
change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward looking
statements are provided as a general guide only and should not be relied on as a guarantee of future performance.

Forward looking statements may be affected by a range of variables that could cause actual results or trends to differ materially. These variations, if
materially adverse, may affect the timing or the feasibility and potential development of the Silver Swan underground mine.






27

BRAZIL Pará




Minas Gerais



ASX : CTM





Jaguar: the new global nickel



sulphide growth project





✓ Near-surface +500Kt maiden JORC

Mineral Resource Estimate


✓ Outstanding resource growth and

new discovery opportunities


✓ High-grade development potential

– open pit & underground



6 October 2020 I Australian Nickel Conference Presentation I
Darren Gordon, Managing Director

Disclaimer






▪ This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in
relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other
relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All
securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
▪ To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information,
statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of
negligence or otherwise is accepted.
▪ This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the
control of Centaurus Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries
and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or
events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking
statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the
ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in
events, conditions or circumstances on which any such forward looking statement is based.
▪ 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.
▪ The information in this report that relates to the new June 2020 Jaguar Mineral Resources is based on information compiled by Mr Lauritz Barnes (consultant with Trepanier Pty Ltd)
and Mr Roger Fitzhardinge (a permanent employee and shareholder of Centaurus Metals Limited). Mr Barnes and Mr Fitzhardinge are both members of the Australasian Institute of
Mining and Metallurgy. Mr Barnes and Mr Fitzhardinge have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the
activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Specifically, Mr Fitzhardinge is the Competent Person for the database (including all drilling information), the geological and mineralisation models
plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Barnes and Mr Fitzhardinge
consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.
▪ All information contained in this presentation on the Salobo Mine of Vale has been taken from the “Vale Production in 4Q18” Report, its 20-F Annual Report for 2018 and other public
domain reports including their 2018 Vale Day presentation



2
2

Centaurus – A Compelling Nickel Investment






Focused on developing the advanced Jaguar Nickel Sulphide

Project


Globally Significant Maiden JORC Indicated and Inferred MRE

of 48.0Mt at 1.08% Ni for 517,500 tonnes of nickel metal



– 80% of nickel tonnes within 200 metres of surface


High Grade JORC MRE of 20.6Mt at 1.56% Ni for 321,400

tonnes of nickel metal


Resource open at depth, multiple growth opportunities from

resource extensional drilling and new discoveries – 4

diamond rigs and 1 RC rig now on site


75,000m to be drilled over next 15 months



Project is in the world class Carajás Mineral Province – home
to Vale, extensive regional mining infrastructure and some of

the largest mineral deposits globally



Scoping Study advancing well – on track for Q1 2021

3

Nickel – The Looming EV Revolution







Current nickel market size ~2.5Mt


Nickel demand for batteries growing strongly (more
than 4X in six years to 2018) but from a low base –


still only 145,000t or 6% of market

Depending on the scenario for the EV rate of

adoption, nickel volumes to meet this additional

demand vary between 750,000 tonnes and 2 million

tonnes


Nickel demand from EV will far exceed nickel CAGR 25%

production from existing operations in any scenario

of EV adoption

145 kt (6% CAGR 16%
Where is the new supply going to come from? of market)




EV nickel demand requires Class-1 nickel provided CAGR 34%
33 kt (2%
by sulphide and HPAL projects, rather than NPI of market)

which targets stainless steel production. 2012 2018


Source: Vale, Terra Studio 4

Corporate Summary







Capital Structure October 2020 CTM Share Register Composition


Shares on Issue 325.8m


Listed Options (EP $0.18, Exp 31/5/21) 28.9m
28% Institutional & Corporate
Unlisted Options 12.1m 44% Board & Management

Top 20 Holders 59% High Net Worth

Retail
Directors & Management Holding 4%

Market Capitalisation ($0.50) A$162.9m


Cash as at 30 September 2020 A$26.9m 24% 4%


12 $0.60 Substantial Shareholders

10 $0.50 Sprott Inc 8.0%
McCusker Holdings Pty Ltd 5.8%
8 $0.40
Dundee Corporation 5.1%

6 $0.30

4 $0.20 Latest Broker Research Date
Sprott Equity Research 1 October 2020
2 $0.10
Euroz Securities 6 August 2020
0 $0.00 Argonaut Securities 29 June 2020
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
Trading Volume (millions) CTM Share Price Nickel Price (US$/t) Evolution Capital 29 June 2020 5

Board and Management Team





Extensive Brazil and Nickel Development Experience




MANAGEMENT TEAM


DARREN GORDON BRUNO SCARPELLI ROGER FITZHARDINGE JOHN WESTDORP JOHN KNOBLAUCH ROCKY OSBORNE

MANAGING DIRECTOR BRAZIL COUNTRY MANAGER OPERATIONS MANAGER CHIEF FINANCIAL OFFICER PRINCIPAL METALLURGIST PRINCIPAL GEOSCIENTIST
& EXECUTIVE DIRECTOR



Chartered Accountant and Engineer with +20 years of Geologist with +20 years of 25 years of finance +20 years of experience +40 years of experience, led
Mining Professional with +25 resource experience, experience, including senior experience covering multiple with strong nickel exposure the discovery of numerous
years’ experience focused in Brazil roles with Mirabela Nickel commodities and through previous roles with nickel sulphide orebodies
Extensive exposure to Previously Environmental 15 years of experience in jurisdictions Mirabela Nickel and Sally 17 years of experience in
resource financing, Coordinator at Vale’s Carajás Brazil – fluent Portuguese Malay Mining Brazil – fluent Portuguese
development and operations Iron Ore Operations in State Two years of experience in
in multiple commodities in of Para, Brazil Brazil
Australia and Brazil



NON-EXECUTIVE BOARD


DIDIER MURCIA MARK HANCOCK CHRIS BANASIK

NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR


Lawyer with +30 years of experience across multiple Chartered Accountant with +30 years of experience in senior Geologist with +30 years of experience. Extensive nickel
commodities & jurisdictions. Chairman of several junior commercial and financial roles across a number of leading sulphide experience with WMC. Founding Director of WA
resource companies companies in Australia and South East Asia gold producer Silver Lake Resources

6

Brazil’s Carajás Mineral Province – Land of the Giants






The Carajás is one of the world’s most prolific

mining regions – effective industrial zone of

Brazil


Extensive infrastructure to support project

development



10 IOCG deposits with resources of +100Mt
Cu-Au for +4.0Bt of Cu-Au resources,

including Vale’s giant Salobo Mine which hosts

Reserves of 1.2Bt @ 0.61% Cu, 0.3g/t Au


Hosts the largest high-grade iron ore deposits

on the planet, plus multiple large nickel

laterite mines and deposits AND NOW


Hosts one of the largest near-surface

undeveloped nickel sulphide resources

globally – the Jaguar Nickel Project





The Carajás contains one of the world’s largest known concentrations of large-tonnage mineral deposits
7

Jaguar Project – Outstanding Infrastructure and Logistics









































40km north of regional mining centres of Tucumã and Ourilândia do Norte

(population 70,000) – mining towns with strong skilled workforce


High-Voltage (138kV) sub-station located at Tucumã – 80% of power generation in

Brazil is from renewables (mainly hydro) resulting in comparably low power costs
of <US$0.10/kWh



Mining Lease Application lodged and Land Access Agreements in place
8

Jaguar Project – Only 15km From Onça Puma Ferronickel Plant




























































9

Jaguar Project – Scoping Study Well Advanced







The Scoping Study aims to demonstrate that, subject to further development work, Centaurus is well placed to deliver on
its aspirations to be a clean and efficient 20,000 plus tonne per annum nickel producer by the end of 2024 to assist in the

global transition to electrification and to meet anticipated surging demand for key battery metals.


Base Case Value-Add Case



Base Case is production of high-grade nickel concentrate SS to consider value-adding opportunities including
using traditional nickel flotation process Pressure Oxidation to produce nickel metal or nickel

sulphate
Scoping Study (SS) progressing well with Entech and DRA

Global supporting SS activities. Initial POx testing at ALS has delivered excellent results
with extractions of nickel, copper and cobalt all
To be underpinned by JORC Resource up-grade exceeding 99%


Fiscal Benefits
Key drivers to POx viability is being located in Brazil

Income Tax Rate of 15% for first 10 years likely to be and with this:-

available to the Company, once the project is
▪ Access to low cost energy
operational ▪ Access to clean energy (+ 80% renewables)


▪ Relatively low-cost skilled labour market
Power costs in Brazil are low, with Centaurus likely to
▪ Access to low-cost residue neutralization material
be able to source power for less than US$0.10/kWh
▪ Availability of high quality fresh water

Jaguar Project – Large-Tonnage Resource at Surface







JORC Mineral Resource Estimate of 48.0Mt at 1.08% Ni for 517,500 tonnes of contained Nickel Metal



Tonnes Grade Contained Metal Tonnes

Classification Ore Type Mt Ni % Cu % Co ppm Ni Cu Co
Transition Sulphide 0.3 1.09 0.09 310 3,500 300 100

Indicated Fresh Sulphide 11.2 1.29 0.09 392 145,000 9,800 4,400

Total Indicated 11.5 1.29 0.09 390 148,500 10,100 4,500

Transition Sulphide 0.8 0.99 0.08 287 8,200 700 200
Inferred Fresh Sulphide 35.6 1.01 0.07 255 360,800 24,800 9,100

Total Inferred 36.4 1.01 0.07 255 369,000 25,500 9,300

Total 48.0 1.08 0.07 288 517,500 35,600 13,800

* Within 200m of surface cut-off grade 0.5% Ni; more than 200m from surface cut-off grade 1.0% Ni; Totals are rounded to reflect acceptable precision, subtotals may not reflect
global totals.

• Maiden JORC MRE based on more than 65,000m of diamond drilling


• 80% of MRE is within 200m of surface


• 29% of MRE (contained metal) is already in Indicated Category

• Mineralisation remains open at depth and along strike


• Significant potential to increase size of MRE with further drilling

11

75km of Development & Growth Drilling Underway











Resource Development & Growth

30km In-fill and Extensional Drilling

15km Step-out Drilling

5km Geotech & Met Drilling






























Greenfields Growth Drilling

25km drill program ready to

commence
12

Jaguar South Deposit – Open at Depth and Along Strike







15.5Mt at 1.10% Ni for 170,700t of

contained Nickel Metal



High-grade: 7.0Mt at 1.58% Ni for

110,900t of Nickel Metal




High-grade from surface and open
along strike and at depth



Strong correlation between high-
grade nickel and DHEM

conductors


Step-out drilling is planned to test

the DHEM conductors and

potential down-dip extensions


Along strike drilling to test an

interpreted high-grade plunge to
the east-northeast



13

Jaguar South Deposit – Consistent, High-Grade Zones







+600m strike of semi-massive and massive nickel sulphide from surface to +300m depth (and still open)

Best intercepts from Jaguar South:

❑ 34.0m at 3.31% Ni from 56m
❑ 42.3m at 2.20% Ni from 76m
❑ 37.7m at 2.11% Ni from 109m
❑ 21.8m at 2.65% Ni from 22m
❑ 14.0m at 2.40% Ni from 129m
❑ 40.9m at 1.41% Ni from 131m
❑ 30.5m at 1.46% Ni from 65m
❑ 11.8m at 2.56% Ni from 55m
❑ 11.0m at 2.54% Ni from 200m
❑ 6.1m at 2.51% Ni from 96m
❑ 10.8m at 1.89% Ni from 31m
❑ 4.6m at 2.25% Ni from 137m
❑ 5.5m at 3.94% Ni from 149m
❑ 16.0m at 1.47% Ni from 213m
❑ 30.7m at 1.16% Ni from 102m
❑ 12.4m at 1.95% Ni from 71m
❑ 19.0m at 1.73% Ni from 183m




Multiple untested DHEM
conductor plates down-dip



Step-out drilling planned
14

Jaguar Central & North Deposits – Shallow, High-Grade Ni














7.4Mt at 1.13% Ni for 83,400t of
Jaguar Central
contained Nickel Metal








High-grade: 4.1Mt at 1.44% Ni for

59,400t of Nickel Metal










Jaguar North
2.8Mt at 1.14% Ni for 32,300t of
contained Nickel Metal




High-grade: 1.5Mt at 1.50% Ni for

22,100t of Nickel Metal





15

Jaguar Central Deposit – More Results Soon







+400m strike of semi-massive nickel sulphide from surface to +300m depth (open along strike and down-dip)








































Best intercepts from CTM drill holes at Jaguar Central :
Multiple DHEM conductor plates

❑ 40.5m at 1.35% Ni from 20.0m, incl 12.0m at 1.95% Ni from 38.5m indicate continuity of semi-
❑ 67.3m at 1.20% Ni from 67.0m, incl 19.0m at 1.70% Ni from 79.8m massive to massive sulphide

❑ 33.7m at 2.23% Ni from 45.6m, incl 10.4m at 3.35% Ni from 45.6m & 15.5m at 2.53% Ni from 63.8m
mineralisation at depth
❑ 15.0m at 2.42% Ni from 69.0m. 16

Jaguar North Deposit – More Near-Surface & High-Grade







+400m strike of semi-massive and

massive nickel sulphide from surface

to +300m depth (open along strike

and down-dip)







Best results from initial CTM drill holes

at Jaguar North:






❑ 26.8m at 1.21% Ni from 84.3m

o incl 10.8m at 2.10% Ni from 84.3m



❑ 28.5m at 1.44% Ni from 29.1m

o incl 3.6m at 3.55% Ni from 50.7m



❑ 12.0m @ 1.81% Ni from 79.0m
o incl 4.5m at 3.66% Ni from 86.5m




17

Onça Preta Deposit – Width & Grade Increasing with Depth







+150m strike of semi-massive and massive nickel sulphide from surface to +300m depth – and open


Global: 3.6Mt at 1.59% Ni for 56,600t of Nickel Best intercepts from the Onça

Metal Preta Deposit:

High-grade: 2.9Mt at 1.75% Ni for 51,700t of ❑ 14.9m at 2.94% Ni from 57m

Nickel Metal ❑ 18.0m at 2.19% Ni from 318m
❑ 7.9m at 2.18% Ni from 351m

❑ 26.2m at 1.42% Ni from 221m
❑ 4.7m at 2.26% Ni from 50m
❑ 9.9m at 1.29% Ni from 252m

❑ 6.2m at 1.90% Ni from 107m
❑ 13.1m at 1.77% Ni from 85m

❑ 4.9m at 2.25% Ni from 171m
❑ 7.9m at 1.58% Nifrom 126m
❑ 10.2m at 1.20% Nifrom 84m

❑ 17.1m at 1.02% Ni from 166m







High correlation between high-grade nickel and DHEM conductors – strong EM
conductor continues below deepest drilling


Hydrothermal mineralisation points to a deep plumbing system – yet to be tested
18

Onça Rosa – Got the “Pink Panther” by the tail!






600m long FLEM plate coincident with ground magnetic at major regional structural intersection




Significant intersections to date:

❑ 7.9m at 5.27% Ni (from 247m)

❑ 9.3m at 3.13% Ni (from 282m)

❑ 3.5m at 2.38% Ni (from 272m)
❑ 3.9m at 3.19% Ni (from 14m)

❑ 7.8m at 1.62% Ni (from 158m)




Step-out drilling is planned to test

DHEM conductors and potential
down-dip







Global: 2.1Mt at 1.49% Ni for 30,900t of
Nickel Metal





High-grade: 1.1Mt at 2.20% Ni for

24,200t of Nickel Metal
7.9m at 5.27% Ni 19

Jaguar Project – Project Development Underway







Preliminary Metallurgical Testwork


Flotation tests deliver +80% nickel recoveries* from Jaguar South and

Onça Preta ore. Jaguar Central and North testing has commenced.


Quality +16% nickel concentrate, with high Fe:MgO (~5.5:1) and low

arsenic – highly desirable marketable characteristics



Using traditional “Western Australian” nickel flowsheet and reagents


An increase of 25% on historical

results, due to changes in feed
head grade, grind sizes and

reagent selection



Metallurgical test work
continuing at ALS Metallurgy in

Perth; new samples recently

received from Jag Central and
North for testing
First float test on the Jaguar South

ore at ALS Perth +80% nickel recoveries – quality +16% nickel concentrate

* See ASX Announcement of 31 March 2020 for further details of the preliminary metallurgical testwork and results

Jaguar Project – Environmental Licensing






Fast-tracking Approvals



Initial drilling licence secured through to October 2022



Significant amount of environmental data historically collected

by Vale for use by CTM in approval process



Terms of reference received from Semas for main environmental

study (EIA/RIMA)



100% of dry season data and 90% of wet season data collected

for use in EIA/RIMA work



Majority of the project footprint already disturbed (pasture land)



Partnership in place with municipality to upgrade roads



Strong community support for the project



Target date to lodge EIA/RIMA – Q2 2021



21

75km of Development & Growth Drilling Underway











Resource Development & Growth

30km In-fill and Extensional Drilling

15km Step-out Drilling

5km Geotech & Met Drilling






























Greenfields Growth Drilling

25km drill program ready to

commence
22

Jaguar Project – Greenfields Growth Potential







The Jaguar Project sits at the intersection of two regionally important mineralising structures


Multiple untested prospects


Coincident GeoTEM, Ground Mag

and Geochem targets



Detailed Ground Mag – completed


Soil sampling & mapping - ongoing


FLEM – ongoing


























RC drilling set to commence on new targets - 25km regional exploration program

Filhote Prospect – PGEs & Ni







PGE-Ni rich feeder zone from neighbouring Onça or Puma Layered Ultramafic-mafic Complexes?


Filhote is associated with a mafic-ultramafic intrusive

emplaced along (or cut by) the ENE-trending McCandless

Fault


300m FLEM conductor plate coincident within a broad

(+1.1km) ground magnetic signature and PGE-Ni-As-Cr-Cu
geochem anomaly.















Only two historical drill holes - both intersected

Palladium - max value of 1.45 g/t Pd





New FLEM conductor to assist in vectoring in on

semi-massive sulphide mineralisation