4.1 
Judgements 
Information about judgements made in applying accounting policies that have the most significant effects on the amounts 
recognised in the consolidated financial statements is included below and also in the following notes: 
 Note 15 - Other receivables and prepayments; and 
 Note 17 - Exploration and evaluation assets. The application of the Group’s accounting policy for exploration and 
evaluation expenditure requires judgement to determine whether future economic benefits are likely, from either 
future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of 
the existence of reserves. 
 Note 18 – Mine development.  Mine assets under development are capitalised when the project has demonstrated 
technical feasibility and commercial viability. Significant judgement is required in determining when a project 
transitions from exploration and evaluation to development. The Group applies judgement in determining whether 
costs incurred are directly attributable to development activities and should be capitalised as development assets. 
4.2 
Assumptions and Estimation Uncertainties 
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment 
to the carrying amounts of assets and liabilities in the year ending 31 December 2025 is included in Note 17 – Exploration 
and Evaluation Assets and Note 18 - Mine Development.  
In addition to applying judgement to determine whether future economic benefits are likely to arise from the Group’s 
Exploration and Evaluation assets or whether activities have not reached a stage that permits a reasonable assessment of 
the existence of ore reserves, the Group has to apply a number of estimates and assumptions.  
The Group is required to make estimates and assumptions as to future events and circumstances, in particular, whether 
successful development and commercial exploitation, or alternatively sale, of the respective areas of interest will be 
achieved. Critical to this assessment are estimates and assumptions as to the existence and estimation of mineral resources 
and ore reserves, the timing of expected cash flows, exchange rates, commodity prices and future capital requirements, 
future capital and operating costs, funding availability and applicable discount rates.  
Changes in these estimates and assumptions as new information about the recoverability of mineral resources and ore 
reserves becomes available, may impact the assessment of the recoverable amount of exploration and evaluation assets. 
Mine development assets are recognised once technical feasibility and commercial viability of extracting a mineral resource 
have been demonstrated. Determining when this stage has been reached requires significant judgement. Subsequent to 
recognition, mine development assets are assessed for impairment when indicators of impairment exist. The recoverable 
amount is determined based on discounted future cash flow models, which incorporate similar significant estimates and 
assumptions to those applied in assessing exploration and evaluation assets, including life-of-mine plans, production 
profiles, commodity price forecasts, capital and operating cost estimates and discount rates. 
 If, after the expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is 
unlikely, the relevant capitalised amount is written down to its recoverable amount or written off to profit or loss in the 
period when that information becomes available. 
4.3 
Measurement of Fair Values 
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and 
non-financial assets and liabilities.  
Fair values have been determined for measurement and/or disclosure purposes based on the methods described below.  
When applicable, further information about the assumptions made in determining fair values is disclosed in the notes 
specific to that asset or liability. 
a) 
Trade and Other Receivables 
The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market 
rate of interest at the reporting date. 
b) 
Share-based Payment Transactions 
The fair value of employee share options is estimated using the applicable valuation methodology.  Measurement inputs 
include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average 
historic volatility adjusted for changes expected due to publicly available information), weighted average expected life of 
the instruments (based on historical experience and general option holder behaviour), expected dividends, and the risk-free 
55
CENTAURUS METALS LIMITED     ANNUAL REPORT

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