Ann: Quarterly Activities Report, page-5

Will be very interesting how the SP responds to the obvious relationship between the Activities Report and the Cash Flow Report.    For example and since the drilling of Salobo West is not actually scheduled until Q2 , 2019 - what exactly is the estimated      $ 670,000 being spent on ?

Begs the question as to whether they will in fact surprise the market in bringing forward the Licensing and Permitting which I guess can happen at any stage from now.   Makes sense to planned for the worst case scenario.  However what then about this $670,000 expected exploration expenditure.   Surely there won't be anywhere near this amount required for IItapitanga. 

With Administration costs expected in line with last Qtr's - this would then leave us with only the 1st Qtr and part of the 2nd Qtr's contributions to further Corporate and Administrative Expenses.   So will the market then anticipate a much needed CR to advance all our projects - or will there be another deal done for say Jambreiro IO project which barely gets a mention.   If a CR or placement is being thought through - what price does the market now anticipate this will be - allowing for perhaps new  ' Fresh and free ' attaching  Options ?

Whilst there is much information to be read from the Activities Report - these are the paragraphs which to me rather new and significant pointers to what may be in store from here :-

"  Drilling of the SW1 and SW2 Prospects will only be undertaken with an ICMBio approved clearing and drilling licence. The Company is working to expedite this licence and hopes to have secured it by the end of Q1 2019, allowing the Company to be ready to drill come the end of the regional wet season.   "

" Salobo West Licensing The vegetation inventory survey field work covering the areas where clearing and the initial 36‐hole drill program is proposed was completed in early November. This was a comprehensive survey covering more than 50km over both tenements at Salobo West. The survey report was completed and lodged with ICMBio for review and approval. This report is an integral part of the site access clearing and drill licence application process for the Project. 

" Based on the results of the vegetation inventory, Centaurus is comfortable that there should be no impediment to ICMBio granting the required environmental licence required for clearing and drilling, with the Company planning for the licence to be secured before the end of the regional wet season.  "