AI assistant
CENTAURUS METALS LIMITED AGM Information 2026
64715_rns_2026-05-27_2ffc2898-2a9d-4162-a5c3-416d0e6c2ae2.pdf
AGM Information
Open in viewerOpens in your device viewer
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT
CentaurusMetals
Limited
28 May 2026
Chair's Address & Managing Director's Presentation to AGM
Centaurus Metals Limited (ASX: CTM, OTCQX: CTTZF) attaches the Chair's Address and the Managing Director's Presentation to today's Annual General Meeting.
-ENDS-
For further enquiries please contact:
John Westdorp
Company Secretary
Centaurus Metals Ltd
T: +61 8 6424 8420
Authorised for release by:
Darren Gordon
Managing Director
Centaurus Metals Ltd
T: +61 8 6424 8420
Australian Office
Centaurus Metals Limited
Level 2, 23 Ventnor Avenue
West Perth WA 6005
AUSTRALIA
Brazilian Office
Centaurus Niquel Ltda
Centaurus Brasil Mineração Ltda
Rua Maria Luiza Santiago, 200
Santa Lucia, 17° Andar - Sala 1703
Belo Horizonte – MG – BRAZIL
CEP: 30360-740
ASX: CTM / OTCQX: CTTZF
ACN 009 468 099
[email protected]
+61 8 6424 8420
www.centaurus.com.au
Annual General Meeting 28 May 2026
Chair's Address
CentaurusMetals Limited
The past year has been another busy and productive period for Centaurus Metals, with strong progress towards our goal of developing a major new nickel mine at our flagship Jaguar Project in Brazil. This together with a significant uplift in the global nickel market has been reflected in a steady increase in our market capitalisation during the year and a strong performance on most key measures.
Centaurus completed a Value Engineering Study for the Jaguar Project in May last year, aimed at further optimising the positive outcomes of our July 2024 Project Feasibility Study. This delivered strong results, providing a clear roadmap for the project development.
The Value Engineering Study defined a long-life open pit mining operation delivering forecast production of 22,600 tonnes of nickel per annum for the first seven years of mining operations. At an assumed nickel price of US$19,800 per tonne, this translates to projected post-tax operating cash-flow of US$2 billion, a post-tax Net Present Value of US$735 million and very low all-in sustaining costs of just US$4.43 per pound on a payable basis.
This positions the Jaguar Project to compete very comfortably from a cost perspective with the bulk nickel laterite production coming out of Indonesia, but with vastly improved environmental outcomes including a significantly lower carbon footprint.
Based on the positive outcomes of the Value Engineering Study, Centaurus is now progressing the final work programs required to support a Final Investment Decision for the Jaguar Project development, which is on track to occur later this year.
One of the key components of this work has been progressing offtake and funding negotiations, both of which are proceeding very well.
In March this year, we secured a binding offtake agreement with Glencore AG – one of the world's biggest globally diversified natural resource companies – for the supply of 20,000 dry metric tonnes of high-grade nickel concentrate per annum from Jaguar over an initial five-year period. This agreement, valued at ~US$450 million, equates to approximately one-third of the project's forecast annual supply and represents a strong endorsement of Jaguar nickel by one of the world's major metal producers and marketers.
In addition, we received a strong level of interest from a large number of leading international resource financiers, including the Brazil National Development Bank (BNDES), with ten Non-Binding Indicative Offers for debt funding for up to US$320 million and multiple proposals over US$250 million. This strong level of support is an endorsement of the quality of the Jaguar Project and our confidence in its robust cashflow generation potential.
We expect to complete funding negotiations over the next few months, with a Final Investment Decision targeted for the end of September 2026 in line with the terms of our offtake agreement with Glencore.
In preparation for this major milestone, planning work for the project execution phase is well underway and we were delighted to recently announce the appointment of highly experienced mining executive, Thiago Costa, as Project Director to lead the build of the Jaguar Project. Thiago has an outstanding track record of delivering major mining projects in Brazil – including the 4Mtpa Tucumã Copper Project located only 50km from Jaguar.
Since his appointment, Thiago has been busy with project implementation planning so we're ready to immediately transition into development as soon as a Final Investment Decision is made.
Critically, all the required project approvals are in place to proceed with the mine development, with the Installation Licence granted in March 2025 and the Jaguar Mining Lease granted in October 2025.
Our intention is that, by the time we convene for next year's AGM, Centaurus will be well underway with the development and construction of the Jaguar Project as a major new nickel mine in Brazil.
Chair's Address (00022258-002
Annual General Meeting 28 May 2026
Chair's Address
CentaurusMetals Limited
Importantly, our near-term transition into development and production is being undertaken against the backdrop of a very strong outlook in the global nickel market. The nickel price hit just over US$19,600 per tonne earlier this month, up from around US$14,000 per tonne in December. This reflects a strong demand outlook for the metal underpinned by steel making and EV demand, as well as a significant scarcity of new, high-quality supply.
This makes Jaguar a unique and highly attractive asset, with the ability to deliver robust long-term returns for the Company and its shareholders.
Elsewhere within our project portfolio, Centaurus is also continuing to progress exploration programs and development studies at both our Boi Novo Copper Project and Jambreiro Iron Ore Project.
During the year, we significantly expanded our exploration landholding at Boi Novo with the acquisition of the adjacent Rio Novo Project located immediately to the north. This project is continuing to emerge as a compelling copper-gold opportunity, with recent surface exploration at Rio Novo defining multiple large-scale anomalies and drilling further extending the promising Nelore Prospects.
A major new round of drilling is set to commence across the expanded Boi Novo tenure in the September Quarter to test an extensive pipeline of targets.
At Jambreiro, pilot plant testwork is continuing to support our ability to produce a high-purity Direct Reduction Pellet Feed product, a premium iron ore product that is attractive to steel manufacturers working to lower their carbon emissions. We're now collaborating with potential offtake partners to progress these studies to the next stage.
As always, we continue to progress all our activities – both in Brazil and Australia – with a strong commitment to sound environmental and social management, with our 2025 Sustainability Report released earlier this month.
In closing, I would like to sincerely thank all our shareholders for your continued support and would like to acknowledge the outstanding efforts of the entire Centaurus team. We are now on the cusp of a Final Investment Decision for the Jaguar Project and a transition from junior explorer into bona fide mine developer. This represents a hugely exciting milestone for the Company, and I look forward to being part of this evolution with you all.
Didier Murcia AM
Non-Executive Chair
Chair's Address (00022258-002
CentaurusMetals Limited ASX:CTM / OTCQX:CTTZF
Delivering the World's next major nickel sulphide mine
Advancing the Jaguar Project in Brazil to FID and development
AGM PRESENTATION
28 MAY 2026
CentaurusMetals Limited
CentaurusMetals Limited
Disclaimer
-
This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
-
To the fullest extent permitted by law, the Company does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.
-
This presentation includes certain forward-looking statements. Forward looking statements include indications of, and guidance or outlook on, future earnings or financial position or performance, including forecast financial information derived from a production target. Forward-looking statements are predictions and are subject to risks, uncertainties and assumptions which are outside the control of Centaurus Metals. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place undue reliance on forward looking statements. Any forward-looking statements in this presentation speak only as of the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Centaurus Metals does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.
-
This presentation contains information extracted from the following ASX market announcements made by the Company;
-
Strong International Financier Interest for Jaguar Funding – 13 April 2026
- Brazil National Development Bank (BNDES) Non-Binding Letter of Intent – 23 March 2026
- Maiden Nickel Offtake Agreement – 16 March 2026
- Jambreiro Pilot Plant Testwork – 16 February 2026
- Boi Novo Exploration Results – 5 June 2025, 30 June 2025, 6 May 2026
- Jaguar Ore Reserve Estimate & Value Engineering Process – 8 May 2025
- Skarn's Jaguar Project GHG Emission Assessment – 8 May 2025
- Jaguar Project Mineral Resource Estimate – 5 August 2024
- Jambreiro Project testwork results – 10 April 2024
- Jambreiro Ore Reserves & PFS Cost Detail Results – 5 July 2019
-
Jambreiro Mineral Resource Estimate – 30 July 2014
-
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted above, and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the competent person's findings were presented have not been materially modified from the original announcements.
-
The information in this presentation that relates to Exploration Targets is based on information compiled by Mr Roger Fitzhardinge who is a Member of the Australasia Institute of Mining and Metallurgy. Mr Fitzhardinge is a permanent employee and shareholder of Centaurus Metals Limited. Mr Fitzhardinge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Fitzhardinge consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
-
Cautionary Statement: The potential quantity and grade of the Exploration Targets is conceptual in nature. There has been insufficient exploration to date to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code
CentaurusMetals Limited
Investment Case
Delivering the World's next major nickel sulphide mine
- Tier-1 scale nickel sulphide project with significant upside - 1.2Mt contained Ni
- Initial 15-year open pit operation both bottom quartile costs and strong margins
- Strong ESG credentials and low-carbon footprint
- Outstanding leverage to a resurgent nickel market – new low-cost nickel source
- All key permits secured and Mining Lease granted – ready to build
- Brazil a favourable mining jurisdiction with predominantly renewable power
- Maiden US$450 million, 5-year Offtake Agreement with Glencore
- Offtake discussions with other potential customers is ongoing
- Ten Non-Binding Indicative Offers for debt funding now received for up to US$320 million with multiple proposals over US$250 million
Targeting funding and a Final Investment Decision by Q3 CY2026
Ni
Nickel Market: Size & Overall Outlook
Demand outpacing nickel supply
Nickel Market Size & Growth
US$70bn
2025 Market Size¹
US$94bn
2030 Market Size¹
5.9%
5-Year Demand CAGR
4.0%
5-Year Supply CAGR
Sources: Macquarie
1) Nickel price used: US$20,000/t
CentaurusMetals Limited
Ni
NEAR
Nickel Market: Base Metals Outlook
Nickel leads the way on demand growth
Base Metals 5-Year Demand Growth
Base Metals Market Size (US$mm)¹
2030
Sources: Macquarie
1) Metal prices used: Nickel - US$20,000/t, Copper - US$13,000/t, Aluminium - US$3,000/t, Zinc - US$3,000/t, Lead - US$2,000/t, Tin - US$50,000/t
CentaurusMetals Limited
Ni
NEEDS
Nickel Market: Demand Outlook & Growth
Resilient demand growth meets a stalling supply pipeline
Annual Nickel Demand Increase / (Decrease)
Annual Nickel Demand Increase / (Decrease)
2025A - 2030E CAGR
Stainless Steel: 5.1%
Batteries: 8.7%
Other: 6.4%
Total 5.9%
Fastest-growing demand segment — battery nickel demand rises ~52% by 2030 (~563kt → ~855kt), an 8.7% CAGR vs 5.9% for the total market
LFP takes share, not volume — nickel-chemistry (NMC/NCA) demand still grows in absolute tonnes, as total EV and storage growth outpaces LFP's unit-share gains
Bottom line — resilient battery demand removes the key bear case on nickel and, against a stalling supply pipeline, underpins the long-term price thesis.
Sources: Macquarie, INSG
CentaurusMetals Limited
Ni NEEDS
Nickel Market & Pricing
Supply Disruptions Impacting LME Nickel Price
Nickel prices are becoming more and more about Indonesian government policy and with their continued fiscal deficit and antiquated fuel subsidies they are only going to need to continue to extract more value from Ni exports which means higher prices.
INDONESIA
January 2026: Indonesian Ministry of Energy & Mineral Resources announced a reduction in production quotas specifically to support prices by reducing supply. 270Mt for 2026 v actual 295Mt for 2025.
Biggest cut was for PT Weda Bay which was reduced to 12.5Mt from 42Mt last year.
February 2026: US & Israel attacked Iran resulting in cessation of traffic through Straits of Hormuz.
Indonesian HPAL producers are major consumer of sulphur to produce acid with 75% of supply coming from Middle East. Physical lack of supply will result in cutbacks to production from Q2 and increase in price will significantly increase costs.
Combined HPM and higher sulphur price = cost increase of US$7.5k/t Ni ex MHP/HPAL.
Overall impact is no Indonesian supply growth now assumed for 2026 v +300kt previously.
April 2026: Indonesian Government raised their minimum selling price (HPM) for Ni ore. Main impact (+184% depending on by product assumptions etc.) is on limonite ore used to feed HPAL plants. Minimum selling price now picks up copper and cobalt in ore.
OTHER SUPPLY DISRUPTIONS
February 2026 - Cyclone Gezani has taken Ambatovy (30ktpa refined Ni) offline in Madagascar
Sheritt (25ktpa refined production forecast for 2026) have lost production ex Moa in Cuba due to a combination of lack of fuel and now sanctions.
2026 stainless steel demand to date has been positive and the demand from the Chinese EV battery market is improving following a sustained period of destocking.
Indonesian fuel subsidies are putting major hole in fiscal deficit and requiring "filling" from other sources – royalties!!!
CentaurusMetals Limited
Ni
Nickel Market: Structural Surplus to Balance
Indonesia rewrites the 2026 picture
Estimated Balance Decline
-142Kt
Sulphur cuts and ore quotas tip 2026 close to deficit territory
2026 Indonesian YoY Output
-1%
RKAB enforcement caps quotas; Weda Bay alone loses 275kt
Indonesia's Share of Nickel Supply
65%
Single country, single policy lever now drives global nickel pricing
Combined Ore & Sulphur Impact
+US$7,500/t
Lifts marginal Indonesian cost floor toward US$17,000-18,000/t
Monthly Global Visible Nickel Stocks (Kt)
Demand by End-Use (2025)
Sources: Goldman Sachs, Macquarie, INSG
CentaurusMetals Limited
Ni NEXAL
Nickel Market: Hormuz Crisis Resets the Cost Floor
Sulphur has become both a cost-floor driver and a physical bottleneck
1 The Iran War
US and Israeli strikes on Iran in late February killed the Supreme Leader and triggered Iranian retaliation across the Persian Gulf, US bases and Israel — disrupting the region that supplies the bulk of the world's traded sulphur
2 Hormuz Closed
Strait effectively closed since March; US naval blockade of Iranian ports since 13 Apr. Qatar declared force majeure on LNG. DHL guidance: 4-6 months to normalisation
3 Nickel Transmission
Indonesian HPAL producers depend on Persian Gulf sulphur shipped through Hormuz. Imports have collapsed, spot prices have spiked, and major MHP operators have announced output cuts — turning a geopolitical event into a direct nickel supply shock
Indonesian MHP-to-Metal Cost Bridge (US$/t)
| $7,250 | $3,000 | $3,500 | $4,000 | $17,750 |
|---|---|---|---|---|
| Q4 2025 Cash Cost (+) Conversion to Metal (+) Higher Ore Prices (+) Higher Sulphur Prices Updated Cash Cost Projection |
Impact of Sulphur to Indonesian MHP
| 75% | Indonesian MHP sulphur sourced from the Persian Gulf |
|---|---|
| >80% | Sulphur CFR Indonesia price increase |
| ~30% to ~50% | MHP output cuts announced in May 2026 |
| ~34kt | Expected nickel supply loss due to sulphur curtailments in 2026 |
Sources: Goldman Sachs, Macquarie, INSG
CentaurusMetals Limited
Ni
Nickel Market: Sulphur as the New Cost Driver
How sulphur prices reshape Indonesian HPAL economics
- Per Benchmark Mineral Intelligence, under base-case HPAL assumptions, each tonne of contained nickel requires approximately 10.24 tonnes of sulphur. At US$700/t sulphur, this implies a sulphur cost of approximately US$7,166/t Ni.
- Relative to a 2025 base average sulphur price of ~US$290/t, the incremental cost burden is approximately +US$4,100/t Ni — with sulphur now representing ~42% of weighted-average Indonesian HPAL C1 costs (before by-product credits).
Sulphur Feed Cost (US$/t) vs Sulphur Price
Indonesia HPAL C1 Cost Evolution (US$/t)
(ex by-product credits)
Source: Benchmark Mineral Intelligence
CentaurusMetals Limited
Ni MEDICAL
11
Nickel Market: Indonesian Laterites Drive Pricing
Indonesia slowdown and sulphur costs lift laterite pressure
Indonesia Slowdown
While Indonesia remains the key source of supply growth, tighter quotas, greater permitting scrutiny and higher environmental standards may begin to moderate the pace of incremental additions
Market is Shifting
Nickel pricing is increasingly being set by Indonesian laterite-linked supply, as NPI, matte and HPAL flows continue to gain share versus traditional sulphide production
Pressure on Laterites
Laterite processing is materially more acid- and sulphur-intensive, meaning higher sulphur prices disproportionately increase laterite costs and drive the upward shift in the cost curve
Cash Cost Curve – 2025A
Cash Cost Curve – 2025A + Sulphur Adjustment to Laterites¹
Sources: Goldman Sachs, Macquarie, INSG, S&P Capital IQ
1) US$4,100/t increase applied to laterite assets as a sulphur price adjustment
CentaurusMetals Limited
12
Brazil – Highly Favourable Mining Jurisdiction
Active Government support for Critical Minerals
STRATEGIC MINERALS FOCUS
Strong support from government for strategic minerals
ENVIRONMENTAL
Approval process clearly defined with Jaguar Preliminary & Installation Licences (LP & LI) issued
ROAD MAP TO MINING
Well-established mining regulation and tenement System with Jaguar Mining Lease granted
FAVOURABLE TAX SYSTEM
15% effective tax rate under SUDAM Program. State based incentives also available
ROYALTIES TO THE REGIONS
Royalties split between the municipal (65%), State and Federal authorities
RENEWABLE POWERHOUSE
80% of Brazil's power currently generated from renewable sources
13
Board & Capital Structure
(ASX:CTM, OTCQX: CTTZF)
Highly Experienced Board
An experienced leadership team, clean corporate structure and strong balance sheet with a clear pathway to value growth as project development advances.
Didier Murcia, AM Chair
Lawyer
Darren Gordon Managing Director
Chartered Accountant
Dr Natalia Streltsova Non-Executive Director
Chemical Engineer
Mark Hancock Non-Executive Director
Chartered Accountant
Bruno Scarpelli Executive Director
Engineer
Chris Banasik Non-Executive Director
Geologist
566m
Shares on issue
73%
Top-20 holders
43.6m
Unlisted options
Recent Key Appointment
Thiago Costa Project Director
Mechanical Engineer
A$357m
Market cap at A$0.63
A$21.6m
Cash (31/3/26)
Broker Coverage
CARGO
CARGO
Cg/Canaccord
Genuity
G Ventures Corp.
Barrenjoey
Partnering with BARCLAYS
MACQUARIE
CentaurusMetals Limited
Ni
NIKELE
Brazil's Carajás Mineral Province
A world class global mining province – “land of the giants”
The Carajás contains one of the world's largest known concentrations of large-tonnage world-class mineral deposits
CentaurusMetals Limited
Ni
N
Jaguar - Site Layout
Optimised site layout utilising natural topography and reducing costs
CentaurusMetals Limited
Ni
16
A New Global Nickel Sulphide Powerhouse
Large-scale, long-life project moving to FID
One of the world's premier new near-surface nickel sulphide projects, with class-leading GHG emission credentials and first quartile operating costs
Ready to go
☑ Key Environmental Licences issued
☑ Mining Lease granted
Tier-1 Scale
☑ Mineral Resource: 138.2Mt @ 0.87% Ni – 1.2Mt Ni
☑ Ore Reserve: 52Mt at 0.78% Ni – 406,100t Ni
☑ Average Ni production first 7 years of 22,600tpa
Competitive Capex & Opex
☑ Low up-front capital – US$380M
☑ First quartile AISC – US$4.43/lb Ni (Payable Basis)
Strong financials
☑ US$2.00B (A$3.12B) LOM Post-Tax operating CF
☑ US$735M (A$1.15B) Post-Tax NPV, 34% IRR
☑ Capital Payback – 1.8 years
Class-leading ESG credentials
☑ Low-emission nickel – 6.54t of CO₂/t of Ni
☑ Significant social and economic benefits
CentaurusMetals Limited
N
Jaguar – Approvals & Stakeholder Engagement
ALL KEY APPROVALS & LICENCES IN PLACE TO BUILD JAGUAR
- Mining Lease ISSUED
- Preliminary Licence (LP) ISSUED
- Installation Licence (LI) ISSUED
- LP and LI for power line APPROVED
LAND ACCESS
- Mining Easement ISSUED – supports timely access to all areas necessary for the implementation of the Jaguar Project
- Secured possession of three key properties that cover 2,000 hectares
SUPPORTING LOCAL PEOPLE & BUSINESS
- Local workforce training of ~1,500 people for construction roles has commenced – very strong interest in the program
- Local supplier courses and educational partnerships with local primary schools
CentaurusMetals Limited
Ni
NEURAL
Jaguar – A World-Class Nickel Deposit
Tier-1 Resource with further exceptional growth potential
JORC MRE: 138.2Mt @ 0.87% Ni for 1.20 million tonnes of contained nickel
The only high-grade, shovel ready, undeveloped nickel sulphide deposit globally with +1Mt of contained nickel metal
Refer to slide 41 for underlying data references
CentaurusMetals Limited
Ni MEDIA
Jaguar - Mining Operations
Optimised 15-year conventional open pit mine plan
- JORC Reserve - 52.0Mt @ 0.78% Ni for 406,100t tonnes Ni metal
- Open pit mining by Brazilian Mining Contractor
- Tailings facilities built from ex-mine waste production to reduce costs
- Minimal oxide waste strip required to access ore
- Potential significant mine life extension beyond the open pit operations
- Investigate further ore sorting to improve grade with low nickel losses
| Deposit | Classification | Ore Tonnes | Ore Grades | Contained Metal | ||||
|---|---|---|---|---|---|---|---|---|
| Mt | Ni % | Cu % | Co ppm | Ni (kt) | Cu (kt) | Co (kt) | ||
| Jaguar Nickel Project | Proved | 9.8 | 0.93 | 0.06 | 362 | 91.5 | 6.2 | 3.6 |
| Probable | 42.2 | 0.75 | 0.06 | 208 | 314.6 | 24.9 | 8.8 | |
| Total | 52.0 | 0.78 | 0.06 | 237 | 406.1 | 31.2 | 12.3 |
CentaurusMetals Limited
Ni
Jaguar - Process Flowsheet
Process plant to produce very high-grade nickel concentrate
- 3.5Mpta process plant design
- Conventional comminution circuit (single stage jaw crusher followed by a SAG and Ball mill circuit) to grind the ore to a $P_{80}$ of 75mm
- Nickel flotation circuit to recover high-grade (+30% Ni) concentrate (including a small regrind and cleaning circuit)
- A nickel concentrate of this quality is presently not available in the market
- LOM recovery of 70% - Ore to nickel concentrate
- Basic Engineering nearing completion with CPC Engineering
High grade nickel concentrate of +30% to be produced
Low logistic costs from only having to transport ~65,000tpa of concentrate
CentaurusMetals Limited
Ni
5
Jaguar – Low Operating Costs to Drive Strong Margins
First quartile AISC amongst global operators and developers
Life-of-mine AISC of US$4.43 (Payable Basis)
~US$0.04/kWh grid powered – powered by +80% by renewables
Conventional open-cut mining and processing
Sources: Wood Mackenzie
2024 All-in-Sustaining Cost Curve (US$/lb payable Ni net of by-product credits, 2024 real)
CentaurusMetals Limited
Ni
NEEDS
Jaguar – Nickel Price vs AISC
LME Nickel Price
Source: Bloomberg as of 7 April 2026
CentaurusMetals Limited
Ni
Jaguar - Production Profile
Globally significant project delivering 22.6ktpa of Ni over first 7 years
Processing
3.5 Mtpa
Conventional
Process
Plant
Production
18,700tpa
LOM
Avg Annual
Production
70%
Avg Process
Recovery
aura
A
AurusMetals Limited
Ni
0
Jaguar - Upside and Growth Opportunities
Improvement opportunities to be pursued after FID
- Resources of 21.5Mt at 1.46% Ni for 313kt of contained nickel metal below the current pits
- 15.5Mt at 1.50% Ni for 233kt of contained nickel metal of these Resources are in the Measured and Indicated categories
- Conceptual Mining Study completed – quality underground operations viable – some additional drilling required
- Integrated schedule with open pit mining required to determine underground development timing
- Potential significant mine life extension beyond the open pit operations
CentaurusMetals Limited
Ni
NEEDS
Jaguar - Financial Metrics
Strong free cash-flow of US$169m pa (A$264m) over first 7 years
All-in Sustaining Costs
US$3.84/lb
LOM C1 Cash
Costs
(payable basis)
US$4.43/lb
LOM AISC
(payable basis)
Cash-Flows
US$1.62b
Free Cash
Flows
Capital
Payback 1.8
years
(Pool Tax basis,
US$9/lb Ni Price)
CentaurusMetals Limited
26
CentaurusMetals Limited
Jaguar – Offtake and Financing Process Gaining Momentum Binding Offtake Agreement Secured
Offtake
- Maiden nickel Offtake Agreement secured with Glencore AG
- Covers supply of 20,000tpa of high-grade nickel concentrate (~6,400 tpa of nickel in concentrate)
- Average one-third of Jaguar’s forecast production capacity. Balance available for further offtakes.
- Initial Glencore contract is for 5 years – estimate value US$450 million
Debt Funding
- Debt funding process progressing well, supported by the Company’s debt advisor, Orimco
- Ten Non-Binding Indicative Offers for debt funding now received for up to US$320 million with multiple proposals over US$250 million
- Proposals include Non-Binding Letter of Intent received from Brazilian National Development Bank (BNDES) for debt funding of R$1 billion (US$190 Million)
Strategic Partnering & Equity
- Strategic Partnering process ongoing supported by Standard Chartered Bank
- Jaguar seen as a highly strategic source of cost competitive, low carbon and non-Indonesian nickel supply
- Range of potential transaction structures under consideration
GLENCORE
ORIMCO
BNDES
Standard Chartered
Ni
NEEDS
Jaguar - Project Implementation Schedule
Permitting well advanced, funding now key to FID by end Q3 2026
CentaurusMetals Limited
CentaurusMetals Limited
A S X: C T M / O T C Q X: C T T Z F
28
CentaurusMetals
Limited ASX:CTM / OTCQX:CTTZF
Boi Novo Copper-Gold Project
Emerging copper-gold discovery in the Carajás
CentaurusMetals Limited
Cu
Brazil's Carajás Mineral Province
A Tier-1 global mining province – “land of the giants”
Located 35km from Vale's concentrate rail load-out facility and 20km from BHP's Antas Norte Cu flotation plant
CentaurusMetals Limited
Cu
Boi Novo Project – Copper-Gold Exploration
The Carajás is the world's premier IOCG address
- Project footprint recently expanded with acquisition of Rio Novo tenure, immediately north of Boi Novo
- Drilling at Boi Novo continues to intersect semi-massive sulphide zones, intersections include:
- 36.7m at 1.58% Cu and 0.05g/t Au
- 5.5m at 8.38% Cu and 0.18g/t Au
- 11.5m at 2.84% Cu and 0.90g/t Au
- 24.5m at 0.96% Cu and 0.11g/t Au
- 6.8m at 1.89% Cu and 1.08g/t Au
- 35.5m at 0.66% Cu
- Multiple high-grade breccia pipes identified
- Copper flotation testwork delivers a high quality (+25%) copper concentrate at ~95% recovery including 1.3g/t gold
- Iron ore Exploration Target at Boi Novo of 520-780Mt at 30-35% Fe. High-grade Fe concentrate (68-69% Fe) produced in bench scale metallurgical test work
- Rio Novo initial soil sampling has identified multiple large coherent copper-in-soil anomalies extending up to 2km in strike – Ongoing soils, FLEM and Drone Magnetics
FLEM and initial surface exploration ongoing on new Rio Novo tenure
CentaurusMetals Limited
CentaurusMetals Limited
A DIVISION OF SANTA MARIA'S
CentaurusMetals
Limited ASX:CTM / OTCQX:CTTZF
Jambreiro Iron Ore Project
Permit Renewal
Underway for
DR Pellet Feed
Product
CentaurusMetals Limited
Fe 2008
Jambreiro – Well Located for Domestic & Global Markets
- 110km from Ipatinga steel-making region
- JORC Resource of 127.1Mt
- Initial Ore Reserve of 43.3Mt – Friable Ore only
- Over 19,000m of diamond and RC drilling to support JORC Resource and Reserve
- Over US$25 million spent on exploration, feasibility and engineering work
- Extensive data set (including drill core) available to support project funding
Belo Horizonte
- CTM Exploration Leases
- Major Roads
- City/Major Town
- Major Mine / Mineral Resource
- Airport
- Smelter
50km
CentaurusMetals Limited
Fe 0
Jambreiro – Ore Reserves & Mineral Resource Estimate
| Project | Ore Reserve Classification | Million Tonnes | Fe (%) | SiO₂ (%) | Al₂O₃ (%) | P (%) | LOI (%) |
|---|---|---|---|---|---|---|---|
| Jambreiro* | Proved | 30.6 | 29.4 | 49.8 | 4.2 | 0.04 | 1.6 |
| Probable | 12.7 | 28.4 | 49.5 | 4.7 | 0.04 | 2.2 | |
| TOTAL | 43.3 | 29.1 | 49.7 | 4.4 | 0.04 | 1.8 |
JORC ORE RESERVE PRODUCES 18MT OF HIGH GRADE (+65% FE), LOW IMPURITY PRODUCT
RESERVE CURRENTLY ONLY CONSIDERS FRIABLE COMPONENT OF RESOURCE
| Project | MRE Classification | Million Tonnes | Fe (%) | SiO₂ (%) | Al₂O₃ (%) | P (%) | LOI (%) |
|---|---|---|---|---|---|---|---|
| Jambreiro* | Measured | 44.3 | 29.2 | 50.5 | 3.9 | 0.04 | 1.6 |
| Indicated | 37.7 | 27.5 | 51.1 | 3.7 | 0.04 | 1.7 | |
| Inferred | 45.1 | 27.3 | 52.7 | 3.3 | 0.05 | 1.3 | |
| TOTAL | 127.1 | 28.0 | 51.4 | 3.7 | 0.05 | 1.5 |
- The rounding in the above table is an attempt to represent levels of precision implied in the estimation process and apparent errors in summation may result from the rounding. Cut-off 20% Fe; Mine Dilution – 2%; Mine Recovery – 98%
CentaurusMetals Limited
Fe 34
Jambreiro -Testwork Produces High Quality DRPF Product
Results to further support offtake discussions
- Over half a tonne of high-grade DRPF concentrate produced a high-quality direct reduction (DR) product.
- Product delivered with a mass recovery of 40.3% and a metallurgical recovery of 89.3%.
- Testwork confirms consistent product quality at scale.
- High-purity product attractive to off-takers demanding iron units that can significantly reduce scope-3 emissions and their overall carbon footprint.
- Piloting work fine-tuned the process flowsheet, simplified circuit design, improved recoveries and concentrate quality.
- Positive results also achieved from filtration and free draining tests on the tails stream from the pilot
Pilot Plant Testwork – February 2026
| Grades (%) | ||||
|---|---|---|---|---|
| Fe | SiO₂ | Al₂O₃ | P | LOI |
| 30.61 | 50.97 | 3.1 | 0.03 | 1.51 |
| Grades (%) | ||||
| --- | --- | --- | --- | --- |
| Fe | SiO₂ | Al₂O₃ | P | LOI |
| 67.81 | 1.45 | 0.48 | 0.02 | 0.18 |
Fe, SiO₂ and Al₂O₃ in Final Concentrate – Bench Scale Work
Scalable, simplified flowsheet confirming opportunities to reduce capital and operating costs
CentaurusMetals Limited
Fe 2000
Jambreiro Flowsheet to Produce DR Concentrate - Post Pilot
CentaurusMetals Limited
Fe 36
Jambreiro – Metallurgy
High-quality DR product for green steel demand
- Product Quality & Performance
- 67.8% Fe high-grade concentrate
- 1.93% SiO₂ + Al₂O₃ (DR spec requires <2%)
- 0.02% P (very low)
- 40% mass recovery
- 89% metallurgical recovery
- Suitable for DR/EAF steelmaking routes
- Low slimes and simple tailings handling
- Reduced operating complexity
- Lower cost profile
- Positions Jambreiro to capture premium DR pellet feed pricing and leverage structural shift to low-carbon steelmaking
High-grade, low-impurity product with strong recoveries supports premium pricing and high-margin potential
CentaurusMetals Limited
Fe 37
Jambreiro – Approvals & Stakeholder Engagement
Environmental Approvals (3.0Mtpa project)
- New Environmental Impact Assessment (EIA/RIMA) – Lodged and awaiting approval
- Key LP & LI Environmental Approvals previously issued for up to 3Mpta of production under renewal to incorporate removal of tailings dam (50% reduction in footprint)
- Strong community support for project
Mines Department & Ministry of Mines & Energy
- Plan of Economic Evaluation (PAE) – Approved
- Mining Leases – Granted
Land Access
- Previous 10-year access and co-operation agreement undergoing renewal with land-owner CENIBRA
CentaurusMetals Limited
Key Investment Takeaways
- Tier-1 scale nickel asset at Jaguar
- Strong cashflow once in production
- All key environmental permits & licences in place
- First offtake agreement secured with Glencore
- Debt & equity project funding set to unlock huge value
- Non-binding indicative offers of debt finance received for up to US$320m and multiple offers over US$250m
- Closing-in on a Final Investment Decision
- Class-leading carbon footprint
- Emerging growth pipeline with Jambreiro and Boi Novo
CentaurusMetals Limited
CentaurusMetals Limited ASX:CTM / OTCQX:CTTZF
Delivering the World's next major nickel sulphide mine
Darren Gordon
Managing Director
: +61 8 6424 8420
: Centaurus Metals
: @CentaurusMetals
CentaurusMetals Limited
40
Jaguar Nickel Sulphide Project
August 2024 Mineral Resource Estimate & May 2025 Ore Reserve Estimate
| Classification* | Grade | Contained Metal (Tonnes) | |||||
|---|---|---|---|---|---|---|---|
| Mt | Ni % | Cu % | Co ppm | Ni | Cu | Co | |
| Measured | 14.8 | 1.06 | 0.07 | 388 | 156,100 | 10,200 | 5,900 |
| Indicated | 97.8 | 0.84 | 0.06 | 246 | 822,800 | 61,100 | 24,000 |
| Measured & Indicated | 112.6 | 0.87 | 0.06 | 266 | 978,900 | 71,300 | 29,900 |
| Inferred | 25.7 | 0.88 | 0.09 | 257 | 225,500 | 22,900 | 6,700 |
| Total | 138.2 | 0.87 | 0.07 | 262 | 1,204,400 | 94,200 | 36,600 |
- Within pit limits cut-off grade 0.3% Ni; below pit limits cut-off grade 0.7% Ni; Totals are rounded to reflect acceptable precision; subtotals may not reflect global totals. All oxide material is considered as waste and therefore not reported as Resources. Mineral Resources are reported inclusive of Ore Reserves.
| Deposit | Classification | Ore Tonnes | Ore Grades | Contained Metal | ||||
|---|---|---|---|---|---|---|---|---|
| Mt | Ni % | Cu % | Co ppm | Ni (t) | Cu (t) | Co (t) | ||
| Jaguar Deposits | Proved | 6.9 | 0.86 | 0.05 | 252 | 59,500 | 3,700 | 1,700 |
| Probable | 42.1 | 0.75 | 0.06 | 207 | 313,600 | 24,800 | 8,700 | |
| Total | 49.0 | 0.76 | 0.06 | 214 | 373,100 | 28,600 | 10,500 | |
| Onca Preta | Proved | 2.9 | 1.10 | 0.09 | 623 | 32,000 | 2,500 | 1,800 |
| Probable | 0.1 | 0.82 | 0.08 | 367 | 1,000 | 100 | 0 | |
| Total | 3.0 | 1.09 | 0.08 | 612 | 33,000 | 2,600 | 1,900 | |
| Jaguar Nickel Project | Proved | 9.8 | 0.93 | 0.06 | 362 | 91,500 | 6,200 | 3,600 |
| Probable | 42.2 | 0.75 | 0.06 | 208 | 314,600 | 24,900 | 8,800 | |
| Total | 52.0 | 0.78 | 0.06 | 237 | 406,100 | 31,200 | 12,300 |
The rounding in the above tables is an attempt to represent levels of precision implied in the estimation process and apparent errors in summation may result from the rounding. Ore Reserve has been reported at a 0.4% nickel cut-off grade
CentaurusMetals Limited
Centaurus
Centaurus
Data and references for comparison of pre-mined resources of global nickel sulphide Deposits and Camps
| Camp / Deposit | Country | Company | Stage | Resource Date | Current Resource MI&I – Ni Metal | Historic Prodn (h) | Pre-Mined Resource MI&I |
|---|---|---|---|---|---|---|---|
| Measured | (f) | Indicated | Inferred | Total | MI Ni (yaitu) | Mt Ore | |
| Norilsk - Talnakh Camp (a) | Russia | Nornickel | Operating | 01-Jan-24 | na | 11.4 | |
| Sudbury Camp | Canada | Mutiple Companies (i) | Operating | 31-Dec-23 | 1.2 | 1.3 | |
| Jinchuan Deposit | China | Jinchuan Group | Operating | 21-Dec-09 | 5.5 | (c) | na |
| Thompson Belt Camp | Canada | Mutiple Companies (j) | Operating | 31-Dec-23 | 0.2 | 0.6 | |
| Leinster Camp | Australia | BHP | Operating | 30-Jun-20 | 0.4 | 0.8 | |
| Raglan Camp | Canada | Glencore | Operating | 31-Dec-23 | 0.2 | (d) | 0.5 |
| Voiseys Deposit | Canada | Vale | Operating | 31-Dec-23 | 0.57 | (e) | 0.01 |
| Kambalda Camp | Australia | Mutiple Companies (k) | Care & Maintenance | Circa 2023 | 0.01 | (g) | 0.26 |
| Kabanga Deposit | Tanzania | Lifezone & BHP | Feasibility | 30-Nov-23 | 0.3 | 0.6 | |
| Jaguar Deposit | Brazil | Centaurus Metals | Feasibility | 5-Aug-24 | 0.2 | 0.8 |
Source: MinEx Consulting © August 2024, based on the latest available published data from the various mine owners.
Notes: The quoted resources shown in the graph are "Pre-Mined Resources"; Pre-Mined Resources refers to Current Resource plus Historic Production (adjusted, where possible for processing losses); Current Resource refer to Measured + Indicated + Inferred Resources. Current Resource are inclusive of any reported Proven & Probable (P&P) Reserves where appropriate.
Of the listed camps/deposits Kabanga and Jaguar are the only projects that have resources that are yet to be mined. Camps are a collection of deposits sharing a common proximal location and geology - and they usually share a common processing facility. When a set of mines is owned by a single company, the reported endowment often refers to the entire camp.
a) The Norilsk and Talnakh deposits are now treated as separate camps - the Norilsk name remains associated with the Talnakh deposits as it is the historical name and more recognisable to the market;
b) The Talnakh and Norislsk 1 figures are for the combined M&I Resource. NorNickel does not report Measured and Indicated (M&I) Resources on a separate basis and Resources are not JORC compliant;
c) Jinchuan Group does not report any official Resource figures for Jinchuan. For completeness MinEX have set the Measured Resource to match the most recent published Reserve, these are not JORC compliant;
d) The P&P Reserves have been allocated across both the Measured and indicated Resource figures;
e) The Measured Resource includes 31.1 Mt @ 1.791% Ni of P&P Reserves;
f) MinEX have assigned all of the P&P Reserves to the published Measured Resource;
g) In October 2022 Mincor Resources announced that the LN04a deposit contained a P&P Reserve of 0.136 Mt @ 3.6% Ni. The associated Resource is allocated to the Resource figures for Long and Durkin North deposits;
h) Cumulative historical production are estimates by MinEx Consulting based on available published data from various sources (in the first instance the operating company itself);
i) Companies with resources within the Sudbury Camp include: Vale, Glencore, KGHM, Magma Mining, SPC Nickel Corp and First Nickel;
j) Companies with resources within the Thompson Belt Camp include: Vale, Blackstone, CaNickel Mining and Mistango River Resources;
k) Companies with resources within the Kambalda Camp include : Lunnon Metals, Wyloo Pty Ltd, Cherish Metals, Westgold Resources, Develop Global Ltd and Lefroy Exploration.
CentaurusMetals Limited