sampling to refine targeting. Metallurgical testwork will continue to optimize both the copper-gold and iron ore processing 
routes. 
4.6 
Jambreiro Iron Ore Project 
The Company’s 100%-owned Jambreiro Project is located in south-east Brazil, near the Company’s head office in Belo 
Horizonte. Jambreiro forms part of Centaurus’ foundational portfolio of strategic minerals projects in Brazil and hosts a 
substantial mineral resource for which the Company 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 direct reduction pellet feed (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 direct reduction quality 
product6. The average phosphorus grade in the concentrate was very low at 0.02%.  
4.6.1 Project Approvals 
A new preliminary licence for the Jambreiro Project is expected in H1 CY2026 and the installation license in H2 CY2026. As 
the project had already been licensed in 2013 and significant environmental improvements were implemented in the project 
design, the Company expects no issues with the new approvals process. 
4.7 
Occupational Health & Safety 
At the end of the reporting period, the Company’s personnel worked more than 690,000 hours and 42 months without a 
lost time injury. The 12-month reportable injury frequency rate at the end of the period was 0 and the 12-month severity 
rate was also 0.  
4.8 
Key ESG Initiatives 
During the reporting period, Centaurus published its 2024 sustainability report, which outlined the Company’s key 
sustainability initiatives and performance over the 2024 calendar year and its goals for the years ahead. A sustainability 
report is being prepared for the 2025 calendar year. 
4.8.1 Local Workforce Training Programs 
Centaurus continued to provide training programs in conjunction with the Brazilian Industry Training College (SENAI), and 
intends to train over 1,500 people in various trades. This initiative aims to strengthen local employability and enhance the 
professional qualifications of local residents, allowing them to seek employment once construction of the Jaguar Project 
commences.  
During the reporting period, the Company launched six training courses to support the roles of administrative assistant, 
construction assistant, electrician, carpenter, steel fixer, welder, surveying/topography assistant and backhoe operator.  
4.8.2 Local Community Support Plan 
The partnerships with local primary schools in the nearby villages continued during the reporting period, including an 
educational campaign to promote healthy eating as part of the Semear para Educar (Sow to Educate) project. The Company 
also continued its Jaguar Partners program, providing technical training and up-skilling local residents on the requirements 
to establish a business and prepare them to position their services as potential suppliers to Centaurus in the future. 
4.9 
CORPORATE 
4.9.1 Capital Raise 
During the reporting period, the Company successfully raised $23.1 million  (before fees) 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. 
4.9.2 Funding Initiatives 
With the JVEP completed during the reporting period, the strategic partnering process – led by Standard Chartered – 
continued 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) to access their 
preferential critical mineral loan programs. Subsequent to the year end a letter of intent was received from BNDES for debt 
 
6 ASX Announcement 16 February 2026 
33
CENTAURUS METALS LIMITED     ANNUAL REPORT

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