Centaurus Metals (CTM) H2 2025 earnings summary

Executive summary

• Advanced Jaguar Nickel Sulphide Project to development phase, securing all key environmental and mining approvals and completing a positive value engineering study confirming robust economics and low emissions profile.

• Entered a binding offtake agreement with Glencore for 20,000 dmt/year of high-grade nickel concentrate, representing about one-third of forecast production.

• Strengthened growth pipeline with acquisition of Rio Novo Copper-Gold Project and advanced exploration at Boi Novo and Jambreiro Iron Ore Projects.

• Raised $23.1 million in equity and received a non-binding letter of intent for R$1 billion (~US$190 million) in debt funding from BNDES.

Financial highlights

• Net loss for 2025 was $14.3 million, an improvement from $18.4 million in 2024.

• Cash balance at year-end was $24.6 million, up from $18.0 million in 2024.

• Net assets increased to $45.1 million from $35.4 million year-over-year.

• Total non-current assets rose to $25.6 million, including $15.4 million in mine assets under development.

• No dividends declared or paid.

Outlook and guidance

• Final Investment Decision (FID) for Jaguar targeted for the second half of 2026, with funding negotiations ongoing.

• Continued focus on advancing Jaguar to production, expanding exploration at Boi Novo and Jambreiro, and maintaining strong ESG performance.