14 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS ANNUAL REPORT 2025 JAGUAR VALUE ENGINEERING PROCESS (JVEP) The Company released the outcomes of the JVEP, undertaken with a view to delivering enhanced feasibility study economics. The positive metrics from the JVEP confirm Jaguar’s ability to support a financially strong and technically robust mining operation, with globally competitive operating costs and very strong ESG performance thanks to its use of 100% renewable energy. The key outcomes included: Production Base & Nickel Price → Production of a high-quality nickel concentrate via a conventional 3.5Mtpa nickel flotation circuit. → Average annual nickel production of 22,600tpa over first seven years of full production, delivering free operating cash-flows over this period of US$169 million pa (A$264 million pa). → Forecast production averaging 18,700tpa of nickel over an initial 15-year open pit mine life via a conventional 3.5Mtpa nickel flotation circuit. → Life-of-mine nickel price assumption of US$19,800/tonne (US$8.98/lb) and 80% nickel payability. Physical Parameters → Updated JORC proved and probable open pit ore reserve estimate of 52.0Mt @ 0.78% Ni for 406,100t of contained nickel. Operating Costs & Capital Costs (on a payable nickel basis) → Low capital intensity, with pre-production capital of US$380 million (including pre-strip and contingency). → First quartile C1 cash cost of US$3.34/lb and AISC of US$4.43/lb (payable nickel basis). Strong Post Tax Financial Returns → Post tax operating cash flow of US$2.00 billion (A$2.53 billion). → Post tax net present value (NPV8) of US$735 million (A$1.15 billion) and an internal rate of return of 34% p.a. → Capital payback of 1.8 years from first nickel concentrate production. Other Key Metrics → Life-of-mine E1 emissions are forecast at 6.54t CO2 per tonne of nickel equivalent—below 90% of global nickel output.
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