Funding and Power Supply Challenges Loom as Centaurus Advances Jaguar Nickel Project

Jaguar Project Advances to Execution Phase

Centaurus Metals Limited marked a significant step forward in its development of the Jaguar Nickel Sulphide Project in Brazil with the formal granting of the mining lease in early October. This critical approval clears the path for commercial mining activities and underpins the company’s planned Final Investment Decision (FID) expected next year. The project, located in the prolific Carajás Mineral Province, is now fully licensed with all key environmental and mining permits in place.

With the mining lease secured, Centaurus has shifted focus toward detailed project execution planning. Infrastructure layout, site clearing, and initial mining preparations are underway, supported by design approval for a temporary water storage dam. The company is progressing basic engineering work in Australia to refine project definitions before transitioning engineering activities to Brazil over the coming months.

Funding and Strategic Partnerships in Focus

Financing remains a central pillar of Centaurus’ strategy to bring Jaguar into production. The company has applied for preferential critical mineral loans from Brazil’s National Development Bank (BNDES) and is actively advancing strategic partnering discussions with the assistance of Standard Chartered Bank. Potential partners are conducting technical evaluations of Jaguar’s high-grade nickel concentrate to support off-take agreements, which are essential to underpin project funding and the FID.

Despite some challenges related to regional power supply upgrades, which require transmission capacity enhancements, Centaurus is confident that ongoing studies and approvals will align with the project’s development timeline. The company’s strong safety record and community engagement initiatives further bolster its operational readiness.

Boi Novo Copper-Gold Exploration Delivers Encouraging Results

Alongside Jaguar, Centaurus reported exciting exploration outcomes at its Boi Novo Copper-Gold Project, also situated in the Carajás Province. Drilling at the Nelore East Prospect uncovered new shallow mineralised zones with significant copper and gold grades, including an 11.5-meter intercept grading 2.84% copper and 0.90 grams per tonne gold. These discoveries suggest a structurally controlled mineralisation system with potential for expansion along strike and at depth.

At Nelore West, drilling confirmed continuity between known high-grade breccia pipes, revealing broad zones of moderate copper mineralisation over widths exceeding 40 meters. The company is preparing for the next phase of drilling to test deeper extensions and new targets identified through geophysical surveys.

Capital Raising and Financial Position

To support its dual-project development and exploration programs, Centaurus successfully raised $23.1 million through an institutional placement and a Share Purchase Plan. This capital injection, combined with existing cash reserves, leaves the company well-funded with $27.5 million in cash at quarter-end. The funds will be pivotal in advancing Jaguar’s pre-development and funding stages and accelerating exploration at Boi Novo.

Centaurus also continues to explore opportunities at its Jambreiro Iron Ore Project, focusing on producing a high-grade direct reduction pellet feed product to meet growing demand for low-carbon steelmaking inputs.