4 ANNUAL REPORT CENTAURUS METALS LIMITED Highlights JAGUAR NICKEL PROJECT (JNP) Jaguar Value Engineering Process (JVEP) → A positive value engineering process and independent ESG assessment completed in May 20251 further enhanced the feasibility study (FS) completed in July 20242 , highlighting strong economics from an initial concentrate-only project delivering a long-life production profile at first quartile operating costs. → The JVEP confirmed the potential for Jaguar to become a sustainable, long-term and low-cost producer of low emission nickel for global markets, generating strong financial returns while also delivering significant social and economic benefits for the communities where it is located. Key outcomes included: • Updated JORC proved and probable open pit ore reserve estimate of 52.0Mt @ 0.78% Ni for 406,100t of contained nickel. • Average annual nickel production of 22,600tpa over first seven years of full production, delivering free operating cash-flows over this period of US$169 million pa (A$264 million pa). • Forecast production averaging 18,700tpa of nickel over an initial 15-year open pit mine life via a conventional 3.5Mtpa nickel flotation circuit. • Low capital intensity, with pre-production CAPEX of US$380 million (including pre-strip and contingency). • First quartile C1 cash cost of US3.34/lb and AISC of US$4.43/lb (payable nickel basis). • Post tax operating cash flow of US$2.00 billion (A$2.53 billion), post tax NPV8 of US$735 million (A$1.15 billion) and an internal rate of return (IRR) of 34% pa. • Capital payback of 1.8 years from first production. Offtake and Financing → In March 2026, Centaurus executed a binding offtake agreement with Glencore AG3, one of the world’s largest globally diversified natural resources companies. → The offtake agreement is for the supply of 20,000 dmt of high-grade nickel concentrate, representing approximately 30% of Jaguar’s forecast production capacity. The initial contract is for a period of five years from the commencement of production. → In March 2026, Centaurus received a non-binding letter of intent from the Brazilian National Development Bank (BNDES) for R$1 billion (~US$190 million) in debt funding4. → Strategic partnering process – led by Standard Chartered Bank – is ongoing to support a Final Investment Decision (FID). → Debt funding process with commercial banks and other potential debt financiers is ongoing in conjunction with debt advisor, Orimco. ENVIRONMENT, SOCIAL & GOVERNANCE (ESG) → Formal grant of the mining lease was issued in October 20255. As a result, Centaurus now holds all the key environmental approvals and mining licences required to start the construction of the Jaguar Project. → Life-of-mine E1 emissions are forecast at 6.54t CO per tonne of nickel equivalent — below 90% of global nickel output. → 2024 Sustainability Report issued, reflecting Centaurus’ continued commitment to strong ESG principles and detailing how these principles are integrated into its exploration and Project development activities. BOI NOVO COPPER-GOLD PROJECT (BNP) → Drilling at Nelore West intersected multiple high-grade copper breccias over a 3.5km trend, returning a best drill result of 36.7m at 1.58% Cu from 219.5m (BON-DD-25-028)6 . → Drilling at Nelore East delivered a shallow copper-gold discovery, with best 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)7. → A maiden iron ore exploration target was calculated for Boi Novo comprising 520–780Mt at 30–35% Fe to 150m depth, based on geophysics, mapping and drilling8. → Metallurgical testwork successfully produced a 63-67% Fe blast-furnace pellet feed product, with potential for ~69% Fe concentrates. JAMBREIRO PROJECT (JIOP) → Centaurus continued a study on the potential to produce a direct reduction (DR) quality pellet feed concentrate from Jambreiro. → Average product specification from bench-scale and pilot work shows an Fe grade of 67.8% 9 with a combined Silica + Alumina level of 1.93% - under the 2% threshold required to achieve DR quality. → Discussions with potential customers and off-take partners have indicated strong interest for the Project’s potential DR pellet feed product. CORPORATE → Cash at 31 December 2025 of $24.6 million. → Centaurus successfully raised $23.1 million in August 2025 through an institutional share placement and Share Purchase Plan (SPP) 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. → In March 2026, Centaurus announced the appointment of experienced mining executive Thiago Costa as Project Director to lead the development/construction of the Jaguar Project. 4 ANNUAL REPORT CENTAURUS METALS LIMITED CENTAURUS METALS ANNUAL REPORT 2025
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