OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
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Centaurus Metals Limited

DFS Unfunded Developer · Nickel · BR Rating locked: sign in to view v8.1 · ctm-20261106t144519-full
Last 2026-11-06
A$0.355
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$233.7M
EV
A$191.5M
Cash
A$11.1M
Debt
A$0

Portfolio detail

Assets

3 assets

Core asset

Jaguar Nickel Sulphide Project

BR

DFS Unfunded Developer100% ownedNickelCopperCobalt

Pre-FID. Mining lease, installation licence and grid connection in place; construction awaits debt, tranche 2 equity and FID.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$735M8% discount
IRR34%Published return
Initial capexUS$379.6MPublished capital estimate
Operating cost2.67USD/lb nickel C1 cash cost (LOM)

Post-tax NPV8 at US$19,800/t nickel, 80% payability, USD/BRL 5.30, 15-year open pit (A$1.148bn at study FX)

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured14.8 Mt1.06% Ni; 0.07% Cu; 388 ppm CoNickel · Copper · Cobalt2025-12-31
Mineral ResourceIndicated97.8 Mt0.84% Ni; 0.06% Cu; 246 ppm CoNickel · Copper · Cobalt2025-12-31
Mineral ResourceInferred25.7 Mt0.88% Ni; 0.09% Cu; 257 ppm CoNickel · Copper · Cobalt2025-12-31
Ore ReserveProved9.8 Mt0.93% Ni; 0.06% Cu; 362 ppm CoNickel · Copper · Cobalt2025-12-31
Ore ReserveProbable42.2 Mt0.75% Ni; 0.06% Cu; 208 ppm CoNickel · Copper · Cobalt2025-12-31
Tenements1
ten-jaguar-mlGranted30 km2 · No expiry supplied
Milestones2
  1. Final investment decision (requires credit-approved debt, tranche 2 equity and shareholder approval)

    Delayed · High materiality

  2. First nickel concentrate sales under offtake agreements (H1 2029)

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Installation Licence (SEMAS, Pará)Pará StateGranted—No
ONS transmission connection, 230kV, 20MW initial allocationBrazil (federal)Granted—No
Economic studies2
StudyStageStatusDateSummary
Jaguar Value Engineering Process (JVEP) updated feasibility studyUpdated FeasibilityCurrent2025-05-0815-year open pit, 3.5 Mtpa plant, 18,700 tpa average nickel, US$380m pre-production capex, post-tax NPV8 US$735m (A$1.148bn) at US$19,800/t, IRR 34%. Study first production H2 2028, now superseded by the timetable in the 2026 offtake and FID statements.
Jaguar feasibility study (July 2024)DFSSuperseded2024-07-02Earlier feasibility study: 18-year mine life, 12.3% Ni concentrate, post-tax NPV8 US$663m, capex US$371m. Replaced by the JVEP; figures taken from the JVEP comparison table.

Material

Jambreiro iron ore project (DR pellet feed)

BR

Resource Stage100% ownedIron Ore

Resource and reserve; no current study since 2019 PFS; pilot DR pellet testwork (Feb 2026) gave 67.8% Fe concentrate; environmental re-licensing continues.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal (Jambreiro deposit)127.1 Mt28.0% Fe; 51.4% SiO2; 3.7% Al2O3Iron Ore2025-12-31
Ore ReserveProved and probable (friable component)43.3 Mt29.1% Fe; 49.7% SiO2; 4.4% Al2O3Iron Ore2025-12-31
Tenements1
ten-jambreiroGranted— None · No expiry supplied
Milestones1
  1. Environmental re-licensing and offtake discussions for DR pellet feed

    Pending · Low materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Environmental re-licensing (Minas Gerais)Minas Gerais StatePending—No
Economic studies1
StudyStageStatusDateSummary
Jambreiro ore reserves and PFS cost detail (July 2019)PFSSuperseded2019-07-05Only study on the reserve; superseded by the 2026 pilot plant testwork and the current reserve statement.

Other

Boi Novo and Rio Novo copper-gold exploration

BR

Early Explorer100% ownedCopperGoldIron Ore

Exploration. Rio Novo acquired Oct 2025 (100% tenement transferred on execution, earn-in to a final 100% interest); drill-ready targets from soil sampling, drone magnetics and FLEM.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Exploration TargetNon-JORC exploration target (four BIF prospects)520 Mt30-35% Fe (range 520-780 Mt)Iron Ore2026-06-30
Tenements2
ten-boi-novoGranted75 km2 · No expiry supplied
ten-rio-novoGranted— None · No expiry supplied
Milestones1
  1. Drill programme on Rio Novo and Boi Novo priority targets

    Pending · Low materiality