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Centaurus Metals Limited (ASX: CTM/
OTCQX: CTTZF) is an Australian-based 
minerals exploration and development 
company with a portfolio of assets in 
Brazil. The Company’s primary focus is 
the near-term development of the Jaguar 
Nickel Sulphide Project (JNP), located in 
the world-class Carajás Mineral Province 
in northern Brazil – one of the world’s 
premier mining addresses.  
Centaurus acquired the JNP from global 
mining giant, Vale S.A, in April 2020, 
establishing a cornerstone asset in the 
international nickel sulphide sector and 
forming the foundation of the Company’s 
strategy to build a diversified Brazilian critical 
minerals business with best-in-class ESG 
credentials.  
Since acquisition, Centaurus has defined a 
global Mineral Resource Estimate (MRE) of 
138.2Mt @ 0.87% Ni containing 1.20Mt of  
nickel 7. This confirms Jaguar as one of the 
largest nickel sulphide resources held by an 
ASX-listed company outside of the major 
mining companies. 
The global MRE at Jaguar has increased by 
133% since the maiden MRE was released in 
June 20208. Importantly, higher confidence 
Measured and Indicated Resources, now total 
almost 1 million tonnes of contained nickel, 
representing more than 81% of the Global 
MRE.
A positive value engineering process and 
independent ESG assessment completed in 
May 2025 further enhanced the Feasibility 
Study (FS) completed in July 2024, confirming 
strong project economics for an initial 
concentrate-only development delivering a 
long-life production profile at first quartile 
operating costs and with low capital intensity. 
The JVEP only considered open pit nickel 
sulphide production over an initial 15-
year mine life, with forecast production of 
approximately 18,700 tonnes of recovered 
nickel metal per year and an average of 
22,600tpa during the first seven years. 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 basis.
Pre-production capital expenditure is 
estimated at US$380 million (including pre-
strip and contingency), supporting a Post Tax 
Net Present Value (NPV) of US$735 million (8% 
discount rate) and Internal Rate of Return (IRR) 
of 34% per annum.
The Project’s low operating costs are expected 
to support resilience throughout the nickel 
price cycle and will be cost competitive with 
Indonesian laterite nickel supply. Importantly, 
however – unlike Indonesian supply – Jaguar 
nickel will offer strong ESG outcomes, 
including a very low carbon footprint.
Sustainability considerations across all 
materiality topics were incorporated into the 
JVEP, with production targeted to commence 
in 2029. Well-designed sustainability systems 
developed and incorporated during these 
phases are expected to create a strong 
foundation for Centaurus’ long-term growth. 
Governance systems will also continue to 
evolve as the Company transitions from 
explorer to operator.
Beyond the open-pit mine plan, an 
underground resource of 21.5Mt at 1.46% 
Ni (including 15.5Mt at 1.50% Ni in the 
higher-confidence measured and indicated 
categories) may support future mine life 
extensions.
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ABOUT
CENTAURUS

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