How Centaurus Metals’ Jaguar Project Could Disrupt Global Nickel Supply

Jaguar Nickel Project – A Cornerstone Asset

Centaurus Metals Limited has delivered a compelling update on its flagship Jaguar Nickel Sulphide Project in Brazil’s Carajás Mineral Province, one of the world’s premier mining hubs. The recently completed Jaguar Value Engineering Process (JVEP) has confirmed a robust JORC Ore Reserve of 52 million tonnes grading 0.78% nickel, supporting a 15-year open pit mine life. The project is positioned to produce an average of 22,600 tonnes of nickel annually over the first seven years, at a low strip ratio and first quartile operating costs.

Financially, the project impresses with a post-tax net present value (NPV8) of A$1.15 billion and an internal rate of return (IRR) of 34% per annum. Capital expenditure is moderate at US$380 million, with a rapid capital payback period of just 1.8 years from first concentrate production. These metrics underscore Jaguar’s potential as a low-cost, long-life nickel producer, strategically important amid growing global demand for Class-1 nickel in electric vehicle batteries.

Operational Efficiencies and Sustainability

The project’s low all-in sustaining cost (AISC) of US$4.43 per pound nickel is driven by several factors – access to renewable energy via Brazil’s national grid at very low power costs, a high-grade nickel concentrate exceeding 30% nickel content, and conventional mining and processing methods that reduce operational risks. Additionally, state tax incentives and a favourable exchange rate further enhance project economics.

Centaurus is also advancing its environmental, social, and governance (ESG) credentials. Jaguar will be powered entirely by renewable energy, resulting in greenhouse gas emissions approximately 86% lower than the global nickel industry average. The company has implemented local workforce training programs and community health initiatives, alongside a revegetation program that has already restored more forested area than was cleared for mining activities.

Boi Novo Copper-Gold and Iron Ore Exploration Progress

Beyond Jaguar, Centaurus is making strides at its Boi Novo Copper-Gold Project, also in the Carajás region. Recent drilling has returned significant copper intercepts, including high-grade zones such as 5.5 meters at 8.38% copper. Concurrently, broad zones of iron ore mineralisation have been identified, culminating in a maiden iron ore Exploration Target of 520 to 780 million tonnes grading 30-35% iron.

Preliminary metallurgical testwork on Boi Novo’s banded iron formation samples has produced promising results, with blast furnace pellet feed concentrates grading over 68% iron achievable through relatively simple beneficiation techniques. These findings support the potential for economic iron ore extraction, with further drilling and testwork planned to delineate a maiden Mineral Resource estimate within the next 18 to 24 months.

Jambreiro Iron Ore Project – Targeting Direct Reduction Pellet Feed

Centaurus’ Jambreiro Iron Ore Project in Minas Gerais is also under review for development, focusing on producing a Direct Reduction Pellet Feed (DRPF) product. Initial bench-scale testwork has confirmed the ability to produce a high-grade, low-impurity concentrate suitable for low-carbon steelmaking. The company is actively marketing this product to potential off-takers and progressing pilot plant testwork to support commercial discussions.

Corporate and Financial Position

At quarter-end, Centaurus held cash reserves of A$9.1 million, with ongoing strategic discussions underway to secure project financing and strategic partners ahead of a targeted Final Investment Decision in the first quarter of 2026. The company’s capital structure remains solid, with nearly 500 million shares on issue and a strong shareholder base.

Centaurus’ comprehensive approach combines strong project fundamentals with a commitment to sustainability and community engagement, positioning it well to meet the growing demand for critical minerals essential to the clean energy transition.