7
      to our 
      STAKEholders
MESSAGE FROM  
THE MANAGING DIRECTOR
Dear Stakeholders,
I am delighted to introduce Centaurus Metals’ 
2025 Sustainability Report and provide an 
update on our ongoing efforts to expand 
our strong Environmental, Social and 
Governance (ESG) principles across all aspects 
of our project development and exploration 
activities in Brazil.
During the year, our core focus was on the 
advancement of the Company’s flagship JNP, 
located in Brazil’s Carajás Mineral Province, 
which included the delivery of the Jaguar 
Value Engineering Process (JVEP), the securing 
of key environmental and mining licences and 
progressing debt and equity funding pathways 
to support the project development.
The JVEP focused on optimising the Feasibility 
Study completed in 20241 , with the results 
delivering enhanced financial returns that 
cement Jaguar’s position as one of the 
best new nickel sulphide projects globally, 
from both an economic and sustainability 
perspective.
The JVEP delivered forecast average nickel 
production of 22,600tpa over the first seven 
years and approximately 18,700 tonnes of 
recovered nickel metal per year over an initial 
15-year mine life, with clear underground 
expansion potential, at a low life-of-mine 
(LOM) C1 operating costs are estimated at 
US$3.34/lb and all-in sustaining costs (AISC) at 
US$4.43/lb, on a payable nickel basis2.
These operating costs – which fall into the 
lowest quartile of global nickel production – 
are achievable thanks to, among other unique 
features of the JNP, the use of very-low-cost 
100% renewable energy to power the mining 
operation. Importantly, this use of renewable 
power also positions Jaguar to become one 
of the world’s lowest carbon emission nickel 
mines.
Jaguar’s forecast E1 Green House Gas 
emissions (Scope 1 + Scope 2 + freight + 
downstream) are estimated at just 6.54 tonnes 
of CO2 per tonne of nickel equivalent produced 
– lower than 90% of global nickel production 
once in production, and 86% lower than the 
industry average (production weighted) of 
46.6 tonnes of CO2/t of nickel equivalent 
produced.
The quality of Jaguar’s nickel is highlighted 
by the recent signing of a Binding Offtake 
Agreement with Glencore AG3, one of the 
world’s largest globally diversified natural 
resource companies, for approximately one-
third of Jaguar’s forecast production capacity.
On the approvals front, Centaurus has secured 
the grant of key environmental and mining 
approvals, including the Preliminary Licence 
(LP) in February 20244, the Installation Licence 
(LI) in March 20255 and the award of the Mining 
Lease in October 20256, representing the final 
key regulatory approval required to allow 
construction to commence. 
The continued support of local stakeholders 
has played a key role in our ability to 
successfully complete the approvals process, 
with numerous community engagement 
meetings held in the São Félix do Xingu, 
Tucumã and Ourilândia do Norte communities 
over the course of the year. 
We have also continued our work programs to 
deliver improvements to local infrastructure, 
education and employment opportunities, 
with key initiatives during the year including 
the introduction of six new vocational training 
courses to strengthen local employability.
Outside Jaguar, we have continued to 
progress exploration and development work 
programs at our BNP and at the JIOP where 
recent pilot plant testwork has confirmed 
the ability to produce a high-quality Direct 
Reduction pellet feed, which is expected to 
attract strong interest from off-takers seeking 
to lower their carbon emissions. 
As we look to the future, the coming year is 
set to be a landmark period for Centaurus 
as we work to secure project funding to 
support a Final Investment Decision for the 
JNP development, targeted for the second 
half of 2026. This would position Centaurus to 
commence construction of this world-class 
asset with class-leading ESG credentials later 
this calendar year.
The strength of this position is thanks to 
the unwavering commitment of our team of 
staff and contractors and their dedication to 
achieving our sustainability goals, and I would 
like to sincerely thank the entire team for their 
efforts.
Darren Gordon 
Managing Director   

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