Ann: Option Secured To Acquire Nickel Sulphide Project From Vale, page-79

Whilst I sort of understand the logic behind swapping Salobo (that is stalled at the moment and very likely to be on the shelf for another year i.e. end of wet season 2020) for another project that could be moved further, I am still perplexed by the maths behind the deal. There has to be (at least I hope) more than what's told today.

We took SW from Terrativa (as part of a package), paid them some $ and shares, spent a chunk of money and time in conducting surveys to a point we are ready to drill when the permit comes through, and paying Terrativa $3.5mil for 25% of the project i.e. estimated value of Salobo is $14mil.

Then, we are paying USD $7mil i.e. $10.5mil AUD to Vale (as if they are cash poor), which means the new Jaguar project is valued at least $25mil (not based on the Ni deposits, but purely based on the swap transaction)...yet we drop back to a total $18mil market cap off the back of this announcement.

I am not trying to be negative, but simply don't understand the logic or math behind this transformational deal based on the information shared so far. There has to be more to the story I reckon....if any one is in Perth (unfortunately I am not) and game enough to question Centaurus management team, worth a try at the diggers and dealers tomorrow booth E11 @ Diggers and Dealers, and please share the responses, if any.