18 ANNUAL REPORT CENTAURUS METALS LIMITED Jambreiro Iron Ore Project The Company’s 100%â€owned Jambreiro Project is located in southâ€east Brazil close to the Company’s head office in the city of Belo Horizonte. It formed part of Centaurus’ foundational portfolio of strategic minerals projects in Brazil and comprises a substantial mineral resource for which Centaurus continues to evaluate potential development and monetisation pathways. During the reporting period, the Company reviewed previous feasibility study work and engaged with a number of potential off-takers regarding the DRPF product specification. Initial bench-scale and follow-up pilot scale testwork has confirmed that a DRPF product can be produced from Jambreiro, with the pilot work demonstrating an average product specification of 67.8% Fe, 1.45% silica and 0.48% alumina within the threshold required for a DR quality product. The average phosphorus grade in the concentrate was very low at 0.02%. CENTAURUS METALS ANNUAL REPORT 2025 PROJECT APPROVALS A new preliminary licence for the Jambreiro Project is expected in H1 CY2026 and the installation licence in H2 CY2026. As the project had already been licenced in 2013 and significant environmental improvements were implemented in the project design, the Company expects no issues with the new approvals process.
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