Broker Reports

"In our view, today's addition of Thiago Costa as Project Director (PD) gives Centaurus the proven mine builder they needed. Centaurus now has a mine builder, Glencore offtake (here), early debt commitment (US$190m BNDES LOI; here) and investors should now see this as a highly credible near term mine build."

"Today’s offtake agreement with Glencore is positive, representing a strategic milestone and meaningful de-risking step for Centaurus’ Jaguar project. The deal provides third-party validation from one of the world’s largest nickel producers and metals traders, with delivery to Glencore’s Sudbury smelter reinforcing confidence in Jaguar’s concentrate quality (notably >30% Ni) and overall project credibility with a major now ‘in the tent’. With marketing risk reduced, and ~30% of planned production now secured — a level typically sufficient to support project financing — the agreement strengthens the company’s funding prospects ahead of the planned FID (<Sept 2026)."