Chair’s Report
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CENTAURUS METALS LIMITED     ANNUAL REPORT
On behalf of the Board, I am pleased to present 
Centaurus Metals’ 2025 Annual Report and to reflect 
on another year of strong progress towards our 
goal of developing a new, globally significant source 
of nickel supply at our flagship Jaguar Nickel Project 
in Brazil’s world-class Carajás mining district.
Pleasingly, this progress has been achieved against the backdrop of 
improving nickel market fundamentals, with prices strengthening 
in the latter part of 2025 and into 2026. This recovery has been 
supported by the introduction of Indonesian mining quotas, 
constrained global supply forecasts and growing demand associated 
with energy transition technologies and AI-related infrastructure. 
A key milestone during the year was the delivery of a Value Engineering 
Study for the JNP, which was designed to build on and enhance the 
outcomes of the positive Feasibility Study completed in July 2024.
Outcomes of the Jaguar Value Engineering Process (JVEP) were 
reported in May 2025, with the results demonstrating enhanced 
economics while also further de-risking our development pathway.
The JVEP has defined a development configuration centred on a 
long-life open pit operation producing 22,600tpa of nickel in its first 
seven years.
At a life-of-mine nickel price of US$19,800/tonne – which is aligned 
with the long-term price forecasts of several leading industry 
forecasts and investment banks – the value- engineered open pit 
project delivers post-tax operating cash-flow of US$2 billion, a 
post-tax Net Present Value of US$735 million and first quartile all-in 
sustaining costs of US$4.43/lb (payable nickel basis). These metrics 
position the JNP to compete strongly with nickel laterite supply from 
Indonesia, but with a significantly lower carbon footprint.
The results reaffirm Jaguar’s outstanding fundamentals and cement 
our long-held view that it ranks among the most attractive new 
nickel sulphide projects globally – from both an economic and 
sustainability perspective. Our focus is now firmly on completing the 
remaining workstreams to support a final investment decision (FID) 
for the project development, targeted for the second half of 2026.
Our progress towards FID has recently been materially 
strengthened by the execution of a binding offtake agreement 
with Glencore AG, one of the world’s largest globally diversified 
natural resource companies. The agreement provides for the 
supply of 20,000 dry metric tonnes per annum of high-grade 
nickel concentrate over an initial five-year period, representing 
approximately one-third of Jaguar’s forecast supply.
This major offtake agreement represents a strong endorsement, both 
of the quality of the JNP and of our commercial development strategy.
Importantly, we have also secured all required project approvals 
to support FID and commence development, with the key 
environmental approval – the Installation Licence – awarded in 
March 2025, and the Jaguar mining lease granted in October 2025. 
The final element now required ahead of FID is the completion of 
a comprehensive debt and equity funding package. A strategic 
partnering process is well advanced in collaboration with our 
financial adviser, Standard Chartered Bank. In addition, as this 
report was being finalized Centaurus received a Letter of Intent 
from the Brazil National Development Bank (BNDES) for R$1 
billion (~US$190 million) of debt funding to support the Jaguar 
development. 
We expect to complete funding negotiations over the coming months, 
with FID targeted for 30 September 2026 consistent with the terms of 
our offtake agreement with Glencore. Planning work for the execution 
phase has already commenced, with infrastructure layout, site clearing 
and planning for initial mining activities underway.
Beyond Jaguar, Centaurus has also continued to advance 
exploration programs and studies at our longer-term growth assets 
– the BNP, also in Brazil’s Carajás mineral province, and the JIOP in 
south-east Brazil.
Drilling at Boi Novo has continued to return outstanding copper-gold 
intercepts, with our exploration during the year also defining 
strong iron ore mineralisation. Given this strong prospectivity, we 
expanded our exploration tenure at Boi Novo during the year and 
commenced a new round of diamond drilling across the expanded 
project in December.
At Jambreiro, recent pilot plant testwork has confirmed our ability to 
produce high-purity DRPF – a product that attracts strong interest 
from steel manufacturers seeking to lower their carbon emissions. 
More than half a tonne of high-grade DRPF concentrate has been 
produced, and these results are now supporting engagement with 
potential offtake partners.
All activities across our portfolio have been undertaken with an 
unwavering commitment to best-in-class environmental, social 
and corporate governance principles. Further detail about these 
initiatives is provided in our 2025 Sustainability Report. 
Looking ahead, Centaurus is entering a transformational period. The 
coming year is expected to include a Final Investment Decision on 
the Jaguar Project and a transition into development activities.
With improving conditions in the global nickel market, and with 
Jaguar’s exceptionally low operating costs, this transition is 
expected to mark the start of a strong, long-term growth trajectory 
for shareholders. 
The strength of this position would not be possible without the 
dedication and outstanding efforts of the Centaurus team, and I 
would like to sincerely thank the team and all our stakeholders for 
their continued support.
 
Didier Murcia
CHAIR 
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CENTAURUS METALS LIMITED     ANNUAL REPORT
5
CENTAURUS METALS LIMITED     ANNUAL REPORT

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