Centaurus Metals (CTM) investor relations material

Project overview and resource scale

• Jaguar nickel sulphide deposit contains 1.2 million tons of nickel metal, classed as world-class in scale and grade, with a JORC Mineral Resource Estimate of 138.2Mt at 0.87% Ni and Ore Reserve of 52Mt at 0.78% Ni for 406,100t Ni.

• Located in Brazil's Carajás mining province, benefiting from established infrastructure, skilled workforce, and low-cost, green hydropower, with 80% of Brazil's power being renewable.

• Project features at least 15 years of open-pit mining, with average annual production of 22,600 tonnes of nickel in concentrate for the first seven years, and potential for significant mine life extension through further drilling and underground expansion.

• Hydrothermal deposit type offers deep resource potential, with additional high-grade resources likely to be added through future underground exploration.

• Project is positioned as a strategic source of non-Indonesian, low-carbon nickel supply.

Financials, costs, and funding

• All-in sustaining costs are in the first quartile globally, estimated at $4.40–$4.43/lb payable nickel, with production costs well below current nickel prices.

• Feasibility study projects $169 million in annual free cash flow at $9/lb nickel, and $120–$130 million at current prices, with a 1.8-year capital payback.

• Initial capital expenditure is $380 million, with debt funding offers up to $320 million and equity funding to be finalized; multiple debt proposals include a non-binding LOI from Brazil's National Development Bank for $190 million.

• US $450 million, 5-year nickel offtake agreement secured with Glencore, covering about one-third of forecast production; strategic equity process ongoing.

• Tax incentives reduce effective tax rate to 15% for the first 10 years, and local royalties support community development.

Development status and timeline

• Fully permitted, Tier-1 project with mining license, environmental approvals, and national power grid connection secured; all major permits and land acquisitions completed.

• Final Investment Decision (FID) targeted by end of Q3 2026, with early site works, basic engineering complete, detailed design underway, and site access preparations in progress.

• Project director with proven track record in similar mine builds has joined to oversee construction and execution phase.

• Project positioned for rapid ramp-up with commercial production planned post-FID.

• Independent Technical Experts have reviewed the project with no red flags.