20
ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025
TOTAL ORE RESERVES & MINERAL RESOURCES STATEMENT
The Company’s Ore Reserves and Mineral Resource for its nickel holding is shown in the following tables.
Ore Reserves
At Jaguar, the Ore Reserve estimate shows a 9% decrease in contained nickel metal compared with the previous estimate as at 31 December 
2024. This decrease was driven by the application of updated optimisation parameters, the selection of a smaller, more robust open-pit shells 
and imposition of a 0.4% nickel cut-off grade rather than break-even cut-off.
Deposit
Classification
Ore Reserves as at 31 December 2025
Ore Reserves as at 31 December 2024
Jaguar
Ore 
Tonnes
Ore Grade
Contained Metal
Ore 
Tonnes
Ore Grade
Contained Metal
Mt
Ni  
(%)
Cu  
(%)
Co 
ppm
Ni 
(kt)
Cu 
 (kt)
Co  
(kt)
Mt
Ni  
(%)
Co 
 (kt)
Co 
ppm
Ni 
(kt)
Cu  
(kt)
Co  
(kt)
Proved
6.9
0.86
0.05
252
59.5
3.7
1.7
8.8
0.80
0.05
231
70.3
4.4
2.0
Probable
42.1
0.75
0.06
207
313.6
24.8
8.7
51.5
0.70
0.05
195
358.4
25.6
10.0
Total
49.0
0.76
0.06
214
373.1
28.6
10.5
60.3
0.71
0.05
201
428.7
30.0
12.0
Onça Preta
Proved
2.6
1.10
0.09
623
32.0
2.5
1.8
2.6
1.15
0.09
635
29.6
2.2
1.7
Probable
0.1
0.82
0.08
367
1.0
0.1
0
0.1
0.66
0.06
316
0.9
0.1
0.1
Total
3.0
1.09
0.08
612
33.0
2.6
1.9
2.7
1.12
0.08
619
30.5
2.3
1.7
Jaguar Nickel 
Project
Proved
9.8
0.93
0.06
362
91.5
6.2
3.6
11.4
0.88
0.06
323
99.9
6.6
3.7
Probable
42.2
0.75
0.06
208
314.6
24.9
8.8
51.6
0.70
0.05
196
359.3
25.7
10.1
Total
52.0
0.78
0.06
237
406.1
31.2
12.3
63.0
0.73
0.05
219
459.2
32.3
13.8
The rounding in the above tables is an attempt to represent levels of precision implied in the estimation process and apparent errors in summation may result 
from the rounding. Ore Reserve has been reported at a 0.4% nickel cut-off grade
Mineral Resources & Ore Reserves 
Corporate
CAPITAL RAISE
During the reporting period, the Company successfully raised $23.1 
million through an institutional share placement and share purchase 
plan to support the continued development of the Jaguar Project, as 
well as for exploration at the 100%-owned Boi Novo Copper Project 
and for general working capital purposes.
STRATEGIC PARTNERING PROCESS
During the reporting period, the Jaguar Strategic Partnering 
Process – led by Standard Chartered Bank – continued to be 
progressed to support a FID, with the broader debt funding process 
also progressing well, led by the Company’s debt advisor, Orimco. 
The Company also continued its discussions with the Brazil National 
Development Bank (BNDES) throughout the reporting period to 
access their preferential critical mineral loan programs. Subsequent 
to the end of the reporting period, Centaurus received a letter of 
intent from BNDES in March 2026 for debt funding of R$1 billion 
(~US$190 million) for the Jaguar Project. The Project will now 
progress through BNDES’ further credit analysis and final approval 
process.

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