Key Audit Matters 
Key Audit Matters are those matters that, in our professional judgement, were of most significance in 
our audit of the Financial Report of the current period. 
This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on this matter. 
Valuation of Mine Development Properties ($15.3m) 
Refer to Note 18 to the Financial Report 
The key audit matter 
How the matter was addressed in our audit 
Centaurus has reclassified costs from exploration 
and evaluation assets in relation to the Jaguar 
Nickel Sulphide (“Jaguar”) project to mine 
development properties during the current 
financial year.  
The valuation of mine development properties for 
the Jaguar project is a key audit matter due to:  
• 
The significance of the activity to the Group’s 
business and the significance of the balance, 
which is 30% of the total assets balance; 
• 
The greater level of audit effort to evaluate the 
Group’s application of the requirements of 
AASB 6 Exploration for and Evaluation of 
Mineral Resources and AASB 136 Impairment 
of non-financial assets, in particular the 
conditions allowing reclassification of relevant 
E&E assets to mine development properties 
and the assessment of impairment on 
reclassification; and 
• 
The reclassification of E&E assets to mine 
development properties would necessitate an 
impairment assessment by the Group of the 
value of mine development properties.  
In assessing the presence of conditions allowing 
reclassification of relevant E&E assets to mine 
development properties, we focused on: 
• 
The Groups policy of the reclassification of the 
Jaguar exploration and evaluation (E&E) assets 
to mine development properties; 
• 
The technical feasibility and commercial 
viability of the Jaguar project being 
demonstrable; and 
In assessing the conditions for reclassification of 
the Jaguar E&E assets, our audit procedures 
included: 
• 
Evaluated the Group’s accounting policy to 
recognise mine development properties using 
the criteria in the accounting standard; 
• 
Examined evidence for the Group’s 
determination of the technical feasibility and 
commercial viability of the Jaguar project in 
order to meet the requirements of the 
accounting standard for reclassification; and 
• 
Tested the Group’s reclassification of Jaguar’s 
E&E assets and addition of the LI licence costs 
to mine development properties for the year, 
by evaluating the these for consistency to 
underlying records, the capitalisation 
requirements of the Group’s accounting policy 
and the requirements of the accounting 
standard. 
In assessing the impairment on reclassification, 
our audit procedures included: 
• 
Assessing the integrity of the Jaguar Value 
Engineering Process financial model used, 
including the accuracy of the underlying 
formulas; 
• 
Performing sensitivities of the Jaguar Value 
Engineering Process financial model by varying 
key assumptions, such as forecast nickel 
prices, estimated reserves and resources, and 
forecasted capital expenditure, within a 
reasonably possible range and comparing 
nickel prices to consensus economics pricing, 
evaluating managements experts for reserves 
and resources and capital expenditure; 
79
CENTAURUS METALS LIMITED     ANNUAL REPORT

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