2.5 billion NPV8 and 100% IRR, page-141

Sprout June 2023 Peers’ comparison:

To compare pre-revenue nickel equities globally we adopt a payable-recoverable netroyalty basis (Table 2 above) to better measure low payability of concentrate sellers (~75%), as well as low payability and recovery in polymetallic deposits (Chalice), and low recoveries in assets with high silicate nickel (typically Canadian low-grade).

On a grade basis Centaurus is the highest-grade pittable sulphide globally at 0.7%, twice the group average of just 0.34% (noting the reserve grade for Centaurus excludes the ~10% revenue credits expected at DFS for by-products).

On a size basis, the only assets that are larger (Chalice, FPX, Aston, Canada Nickel) average just 0.18% payable, recoverable, net royalty grade, just a quarter of Centaurus’ grade, hence we argue Centaurus is the largest economic nickel sulphide globally.

On a valuation basis, Centaurus trades at just 1/10th the value of ASX peers Mincor and Lunnon. In fact, if one assumes 25% in-situ equates to 1xNAV (50% margin, less tax, amortised capex and timevalue discount), those names are trading at close to 2xNAV.

As such, Centaurus represents the most compelling equity investment in the nickel pre-revenue space on its combination of largest, highest margin and lowest value stock globally.