Centaurus Metals (CTM) investor relations material

Investment highlights and project overview

• Advancing a tier-1 scale nickel sulphide project in Brazil with 1.2Mt contained Ni and a 15-year open pit operation at bottom quartile costs and strong margins.

• All key permits secured, mining lease granted, and project is ready for construction with a final investment decision targeted by Q3 2026.

• Strong ESG credentials, low-carbon footprint, and significant leverage to a resurgent nickel market.

• Maiden US$450 million, 5-year offtake agreement with Glencore; ongoing discussions for additional offtake and up to US$320 million in non-binding debt offers.

• Brazil offers a favorable mining jurisdiction with 80% renewable power and a supportive regulatory environment.

Nickel market dynamics and pricing

• Nickel demand is forecast to outpace supply, with a 5.9% CAGR in demand versus 4.0% CAGR in supply from 2025 to 2030.

• Battery sector is the fastest-growing demand segment, with an 8.7% CAGR, driving resilient long-term demand.

• Indonesian policy changes, sulphur shortages, and geopolitical events have raised the nickel cost floor and disrupted supply growth.

• Sulphur prices now represent up to 42% of Indonesian HPAL C1 costs, with cost increases of over US$4,100/t Ni year-on-year.

• High inventories are currently capping prices, but structural supply constraints are expected to support higher long-term prices.

Jaguar project details and financials

• Mineral Resource: 138.2Mt @ 0.87% Ni for 1.2Mt contained nickel; Ore Reserve: 52Mt @ 0.78% Ni for 406,100t Ni.

• Average annual nickel production of 22,600t for the first 7 years, with a 3.5Mtpa process plant and 70% recovery.

• Life-of-mine AISC of US$4.43/lb (payable basis), placing the project in the first quartile of global cost curves.

• Post-tax NPV of US$735 million, IRR of 34%, and capital payback in 1.8 years; strong free cash flow of US$169m p.a. over the first 7 years.

• Significant upside potential from underground resources and further mine life extension.