Centaurus Metals (CTM) Diggers & Dealers Mining Forum 2025 summary

Project progress and strategic outlook

• Advancing a tier-1 nickel sulphide project in Brazil with a 138 million ton resource, 1.2 million tons contained nickel, and 52 million tons in reserves, supporting a 15-year open-pit mine life.

• Feasibility and value engineering completed, with robust project economics: NPV over $1 billion, IRR above 30%, and all-in sustaining costs at $4.43/lb, placing it in the first quartile of global cost curves.

• All key environmental approvals and installation licenses secured; mining lease expected by Q3 2025, enabling construction subject to funding.

• Strategic partnering, offtake, and funding discussions are active, with a data room open and strong interest from global EV value chain partners and financiers.

• Investment decision targeted for H1 2026, with early site works and commercial production ramp-up scheduled post-2027.

Operational and regional advantages

• The project benefits from Brazil's low-carbon grid (80% renewable power) and a favorable 15% tax rate in the Carajás mineral province under SUDAM.

• Infrastructure is well-developed, with access to airstrips, power lines, rail, and roads, and significant ongoing investment from major players.

• Mining operations will use local contractors and equipment, optimizing costs and leveraging local expertise.

• The ore body is large, well-drilled, with most resources in the measured and indicated category, and future underground potential not yet included in economics.

• The project is situated on farmland, minimizing social disruption and resettlement needs.

Production profile and financials

• Feasibility study outlines production of 22,500–22,600 tons of nickel annually for the first seven years, then 16,000–18,700 tons, with potential for higher output via underground sources.

• Project forecasts US$2.0B LOM post-tax operating cash flow, US$735M post-tax NPV, 34% IRR, and a capital payback period of 1.8 years.

• Cash flows are projected at $170 million per year for the first 7–8 years at long-term nickel prices, or $100 million at current spot prices.

• The process flow sheet enables production of a +30% nickel concentrate, reducing logistics costs and enhancing competitiveness, with a 70% recovery rate.

• Upfront capital requirement is US$380M, with a funding strategy to minimize shareholder dilution through equity and debt.