• Low capital intensity, with pre-production capital of US$380 million (including pre-strip and contingency). • First quartile C1 cash cost of US2.67/lb and AISC of US$3.55/lb (contained nickel basis). • Post tax operating cash flow of US$2.00 billion (A$2.53 billion). • Post tax net present value (NPV8) of A$1.15 billion and an internal rate of return of 34% p.a. • Life-of-mine nickel price assumption of US$19,800/tonne (US$8.98/lb) and 80% nickel payability. • Capital payback of 1.8 years from first nickel concentrate production. • Life-of-mine E1 emissions are forecast at 6.54t CO₂ per tonne of nickel equivalent—below 90% of global nickel output2. 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. Beyond the open-pit mine plan, an underground resource comprising 21.5Mt at 1.46% Ni (including 15.5Mt at 1.50% Ni in the higher-confidence measured and indicated categories) could be mined in the future by conventional long-hole stoping via two declines, potentially extending mine life and providing higher grade feed to the plant. 4.4.3 Project Approvals With the formal grant of the mining lease in October 2025, Centaurus now holds all the key environmental approvals and mining licences required to start the construction of the Jaguar Project. 4.4.4 GHG Emissions As part of the JVEP, a new assessment of Jaguar’s carbon footprint was undertaken in conjunction with specialist metals and mining ESG research company, Skarn Associates. The results of this study continue to demonstrate that the Jaguar Project, once in production, is expected to be class-leading in terms of its carbon footprint, reflecting its unique attributes as a high- grade, open pittable nickel sulphide project powered by 100% renewably sourced energy which will be distributed via the Brazilian power network. 4.5 Boi Novo Copper Gold Project The Boi Novo Copper-Gold Project in northern Brazil represents a district-scale copper-gold exploration opportunity in Brazil’s Carajás Mineral Province (CMP). During the reporting period, Centaurus strengthened its growth pipeline with the acquisition of the highly prospective Rio Novo tenure, located adjacent to the Company’s Boi Novo Copper-Gold Project, under an earn-in agreement. As a result, the combined Boi Novo-Rio Novo landholding now covers ~75km² of contiguous tenure in the Carajás Mineral Province, one of the world’s most prospective copper-gold and iron ore belts. Significant activities undertaken during the reporting period at the Boi Novo and Rio Novo Copper-Gold projects are summarised below. • Drilling at Nelore West intersected multiple high-grade copper breccias along a 3.5km magnetic trend at the BIF– mafic contact, returning a best drill result of 36.7m at 1.58% Cu from 219.5m (BON-DD-25-028) 3. • Drilling at Nelore East resulted in a shallow copper-gold discovery, with best drilling results of 11.5m at 2.84% Cu and 0.90g/t Au from 91.9m and 6.8m at 1.89% Cu and 1.08g/t Au from 107.6m (BON-DD-25-040) 4. • An upgrade of the Company’s in-house fixed-loop and down hole electromagnetic (FLEM/DHEM) equipment helped identify new conductors for follow-up drilling. Structural data integration is underway to prioritise these conductors for follow-up drilling. • A maiden JORC compliant iron ore exploration target was calculated for Boi Novo comprising 520–780Mt at 30– 35% Fe to 150m depth, based on geophysics, mapping and drilling5. • Metallurgical testwork successfully produced a 63–67% Fe blast-furnace pellet feed, with potential for ~69% Fe concentrates. Over the next 12 months, work will focus on follow-up drilling of priority copper targets at both the Boi Novo and newly acquired Rio Novo Projects. This will be supported by expanded DHEM/FLEM and drone-magnetics surveys as well as soil 2 ASX Announcement 8 May 2025 3 ASX Announcement 5 June 2025 4 ASX Announcement 24 July 2025 5 ASX Announcement 30 June 2025 32 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS ANNUAL REPORT 2025
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