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ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025
CENTAURUS METALS ANNUAL REPORT 2025
While stainless steel remains the largest first‑use segment for nickel 
– accounting for 62% of global demand in 2025 – its share is forecast 
to decline to 51% by 2035 as battery precursor demand grows 
rapidly. 
However, it is nickel’s essential role in the production of lithium-ion 
batteries for electric vehicles that is expected to deliver most of the 
demand growth for the metal over the coming years. Battery-related 
demand is estimated to account for approximately 31% of 
consumption by 2035 compared to approximately 15% in 2025, 
growing at a compound annual growth rate of ~12%. 
Demand remained resilient in 2025 – particularly battery-related 
demand, which grew by ~5% year-on-year. Battery‑related demand 
remains a significant growth driver, although increasing penetration 
of non‑nickel lithium iron phosphate battery chemistries has 
reduced forecast growth compared to previous expectations. 
Despite this, demand for Precursor Cathode Active Material (pCAM) 
is still set to rise meaningfully, with China alone accounting for 80% 
of pCAM‑related nickel consumption. PCAM is the critical precursor 
powder – typically nickel, manganese and cobalt hydroxides – used 
to produce cathode active materials in lithium-ion batteries. 
Centaurus will produce a high-grade, low-cost nickel sulphide 
concentrate from the Jaguar Project, providing flexibility to supply 
into both the EV battery and stainless-steel markets through sales 
to established global smelters and refiners, as well as emerging 
processors seeking to convert sulphide concentrate directly into 
nickel sulphate.  
Nickel Market & Price
Figure 1: Global Nickel Demand by Market (kt)     Source: Wood Mackenzie
5,965
5,813
5,669
5,537
5,402
5,260
5,081
4,909
4,770
4,684
4,570
4,432
4,298
4,096
3,859
3,532
3,445
3,230
3,001
2,845
2,449
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
Battery-driven demand will grow at a CAGR of 
~12% from 2025 till 2035
 
 Stainless    
 Battery    
 Other
1,915
2,784
971
1,620
2,706
934
1,472
2,687
922
1,340
2,659
910
1,250
2,623
897
1,158
2,641
885
1,055
2,642
873
933
2,638
861
814
2,637
847
706
2,562
828
610
2,441
808
541
2,212
778
488
2,020
722
1,911
607
327
195
1,724
530
2,023
2,807
983
2,139
2,829
996
1,889
657
456
2,160
767
517
2,736
946
1,720
958
1,821
2,757

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