3 
Director & Committee Meetings 
The number of meetings of the Company’s Board of Directors and its Committees held during the year ended 31 December 
2025 and the number of meetings attended by each director are shown in the table below. 
 
Board 
Audit & Risk 
Committee 
Remuneration 
Committee 
Technical Committee 
Executive 
Held(1) 
Attended 
Held(1) 
Attended 
Held(1) 
Attended 
Held(1) 
Attended 
Mr D M Murcia 
9 
9 
2 
2 
2 
2 
n/a 
n/a 
Mr D P Gordon 
9 
9 
n/a 
n/a 
n/a 
n/a 
n/a 
n/a 
Mr B S Scarpelli 
9 
7 
n/a 
n/a 
n/a 
n/a 
n/a 
n/a 
Mr M D Hancock 
9 
9 
2 
2 
2 
2 
n/a 
n/a 
Mr C A Banasik 
9 
9 
2 
2 
2 
2 
3 
3 
Dr N Streltsova 
9 
8 
n/a 
n/a 
n/a 
n/a 
3 
3 
(1) Denotes the number of meetings held during the time the director held office (excluding circular resolutions) 
The Company does not have a formal Nomination Committee. The function is performed by the full Board. There is no 
additional remuneration for committee members.  
4 
Operating Financial Performance 
A summary of consolidated results is set out below. 
 
2025 $ 
2024 $ 
Interest income 
883,796 
1,358,708 
Research & development (R&D) tax refund 
607,965 
2,215,681 
Other income 
22,772 
17,643 
 
1,514,533 
3,592,032 
 
 
 
Loss before income tax 
(14,308,070) 
(18,445,636) 
Loss attributable to members of Centaurus Metals Limited 
(14,308,070) 
(18,445,636) 
4.1 
Financial Performance 
During the year ended 31 December 2025, the Group expensed exploration and evaluation costs totaling $9,469,681 (2024: 
$15,711,515) in accordance with the Group’s accounting policy. These costs primarily comprised expenditure relating to 
value engineering study costs at the Jaguar Nickel Sulphide Project, as well as exploration activities at the Boi Novo Project 
in Brazil. 
4.2 
Financial Position 
At year end, the Group held a cash balance of $24,577,181 (2024: $18,043,388) and net assets of $45,058,256 (2024: 
$35,428,544). Total non-current assets included $15,392,119 of mine assets under development, relating to the transition 
into development activities at the Jaguar Nickel Sulphide Project. Total liabilities amounted to $5,700,093 (2024: $4,074,528) 
and consisted of trade and other payables, provisions, lease liabilities, and employee benefits. 
4.3 
Operations Review 
4.3.1 Overview 
The year ending 31 December 2025 was a busy and productive period across Centaurus Metals’ asset portfolio in Brazil. At 
the Company’s flagship Jaguar Nickel Sulphide Project in north-eastern Brazil, key milestones included:  
• 
Completion of a positive value engineering study and an updated independent ESG assessment; 
• 
Award of the mining lease, representing the final key regulatory approval required to allow construction to 
commence;  
• 
Commencement of basic engineering works; and  
• 
Continued strong progress with project debt funding and equity pathways to support a final investment decision 
(FID). 
Subsequent to year end, the Company’s wholly owned subsidiary Centaurus Níquel Ltda executed an offtake agreement 
with Glencore AG, one of the world’s premier global mining and commodity trading companies. The offtake agreement is 
30
ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025

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