• 
Approval of the installation licence (LI Licence) 
and its conditions. 
In assessing the impairment on reclassification we 
focused on the significant forward-looking 
assumptions the Group applied in their fair value 
less costs of disposal model.  
Given the financial position of the Group, we paid 
particular attention to: 
• 
The significant Jaguar Value Engineering 
Process (JVEP) financial model assumptions; 
• 
Forecast nickel prices and the impact of the 
nickel prices to the Groups strategy and 
intention; estimated reserves and resources, 
and forecast capital expenditure; 
• 
The availability of power supply in the region 
for long-term energy requirements; 
• 
Documentation available regarding rights to 
tenure, via licensing, and compliance with 
relevant conditions, to maintain current rights 
to the Jaguar project and the Group’s intention 
and capacity to continue the relevant mine 
development activities for the Jaguar project; 
• 
The ability and intention of the Group to fund 
the continuation of the Jaguar mine 
development activities; and 
• 
Results from latest activities regarding the 
existence or otherwise of economically 
recoverable mineral resources or reserves. 
• 
In assessing managements plans for future 
power supply, we challenged management’s 
assessment of the power supply in the long-
term by assessing indicative cost information 
and consistency with the approved mine plan;  
• 
Assessing the Group’s determination of its 
areas of interest for consistency with the 
definition in the accounting standard; 
• 
For the Jaguar project, assessing the Group’s 
current rights to tenure. This included 
checking the ownership of the relevant license 
for mineral resources, reserves and to 
government registries; 
• 
Evaluating Group documents for consistency 
with their stated intentions for continuing mine 
development activities.  These included: 
- 
The Group’s internal plans and budgets; 
- 
Minutes of board and internal meetings; 
and 
- 
Announcements made by the Group to 
the Australian Securities Exchange 
including results from latest activities and 
studies performed. 
• 
Assessing the impact of the volatile market 
nickel price to the Group’s modelling 
underlying their decision for commercial 
continuation of the Jaguar project; 
• 
Obtaining the Jaguar project and corporate 
budgets identifying areas with existing funding 
and those requiring alternate funding sources. 
We compared this for consistency with areas 
with mine development, for evidence of the 
ability to fund continued activities; and 
• 
Evaluating the Group’s disclosures by 
comparing to our understanding and the 
requirements of the accounting standards. 
 
80
ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025

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