Centaurus Metals (CTM) Precious Metals & Critical Minerals Virtual Investor Conference summary

Project overview and development status

• Jaguar Nickel Sulphide Project in northern Brazil holds 1.2 million tons of contained nickel, with a 15-year open pit mine plan and potential for underground expansion.

• All key permits, including environmental and mining leases, are secured, with an investment decision targeted by end of Q3 2024.

• Project benefits from Brazil’s low-carbon hydropower grid, resulting in low operating costs and strong ESG credentials.

• Recent appointment of an experienced project director and a skilled local team positions the project for successful execution.

• The region offers robust infrastructure, skilled workforce, and proximity to major mining operations.

Financials, economics, and funding

• Project CapEx is estimated at $380 million, with an all-in sustaining cost of $4.43/lb, placing it at the bottom of the global cost curve.

• Net present value is approximately AUD 1.15 billion, with expected annual cash flows above $150 million at current nickel prices.

• Debt funding proposals exceed AUD 250 million, reducing the required equity component and benefiting shareholders.

• An offtake agreement with Glencore covers about one-third of production, with strong interest in the remaining volume supporting further funding.

• Final investment decision is contingent on completing offtake and debt agreements, with a two-year build expected post-approval.

Market positioning and strategic outlook

• Jaguar is positioned as a globally competitive, low-cost, non-Indonesian nickel sulphide source, appealing to Western buyers seeking supply diversification.

• High-grade nickel concentrate offers logistical and pricing advantages, attracting significant inbound interest post-Glencore deal.

• Nickel market is tightening, with forecasts for a deficit by 2026 and increased scrutiny on Indonesian supply.

• Project undervaluation is attributed to its current funding phase, with expectations of a significant re-rate upon financial close.

• Exploration activities continue in the Carajas Mineral Province, targeting copper and expanding the project pipeline.