Ann: Jaguar Nickel Sulphide Project Scoping Study, page-89

Least they are happy to point out what everyone seemed upset about in the s/s relating to the dilution.

– we admire this strategy – the grade is driven by ‘real worlding’ right from the PEA, modelling 25-
38% mining dilution and wide mining blocks. This isn’t bad, it’s a reflection of management with ‘nothing
to hide’ and a PEA that hasn’t had every optimisation possible. Why? Because it doesn’t need to be – at
200kt Ni inventory, this is the largest undeveloped nickel sulphide asset globally with <$500m capex (ie
excluding low-grade mega-capex). With little regional drilling Centaurus already dwarfs independent
miners in Australia with 30-70kt of reserves, and is in line with TSX-listed developers trading much higher.

Looking forward to the assays in the coming weeks.