Centaurus Metals Unveils 34% Nickel Concentrate Breakthrough at Jaguar Project

Jaguar Nickel Project: Engineering and Metallurgical Advances

Centaurus Metals Limited has delivered a compelling update on its flagship Jaguar Nickel Sulphide Project in Brazil’s Carajás Mineral Province. During the December 2024 quarter, the company completed a pilot plant trial based on an optimised process flowsheet, producing a high-grade nickel concentrate grading 34% nickel. This concentrate notably features significantly lower impurity levels compared to the original Feasibility Study specification, positioning Jaguar’s product as one of the highest tenor nickel sulphides currently available in the market.

The pilot plant output of approximately 30 kilograms of this premium concentrate is already being leveraged in offtake and strategic partnering discussions, with expectations that the reduced concentrate volumes will translate into meaningful logistics cost savings. These developments underpin Centaurus’ ambition to supply low-emission nickel for the electric vehicle battery supply chain, enhancing Jaguar’s marketability and financial robustness.

Mine Planning and Underground Potential

Alongside metallurgical progress, Centaurus has advanced its mine optimisation work, incorporating updated dilution and mining parameters to refine pit designs and scheduling. Early scheduling suggests the potential to increase contained nickel production in the project’s initial years, which could accelerate capital payback and improve cashflows. However, further modelling is required to confirm these benefits.

Importantly, exploration and resource modelling have identified a substantial high-grade underground resource of 21.5 million tonnes at 1.46% nickel, located immediately below the open pit designs. A scoping study is underway to assess underground mining methods and their contribution to extending Jaguar’s mine life beyond the initial 18 years outlined in the Feasibility Study.

Permitting and Strategic Partnerships

Centaurus is awaiting the grant of the Installation Licence (LI), the critical second stage of environmental approval in Brazil, expected in the March 2025 quarter. This approval, alongside the Mining Lease granted by the National Mining Agency (ANM), will clear the path for a Final Investment Decision (FID). The company’s strategic partnering process, managed with Standard Chartered Bank, continues to engage multiple interested parties, aiming to secure financial and operational partners to support project development.

Boi Novo Copper-Gold Project: Encouraging Drill Results

Centaurus’ Boi Novo Copper-Gold Project in the Carajás region has yielded promising results from its maiden drill program. The company has identified two distinct styles of mineralisation: high-grade breccia-hosted zones and broad disseminated sulphide mineralisation. Notably, drill-hole BON-DD-24-016 intersected 24.2 meters at 0.76% copper including 9.1 meters at 1.55% copper, highlighting the potential for economically significant copper-gold deposits. Multiple geophysical targets remain untested, suggesting further exploration upside.

Jambreiro Iron Ore Project: Priority Status and Development Prospects

The Jambreiro Iron Ore Project in Minas Gerais has been awarded priority status by the state government, recognising its potential social and economic benefits. This designation fast-tracks environmental permitting, aligning Jambreiro with other critical mineral projects in the region. The project aims to produce a high-grade, low-impurity direct reduction pellet feed (DRPF) product, meeting growing demand for decarbonised steelmaking inputs. Centaurus is advancing pilot plant work and offtake discussions, supported by positive testwork results and a strong iron ore market backdrop.

Financial Position and Outlook

Centaurus ended the quarter with a healthy cash balance of A$18.0 million, providing a solid financial foundation to progress its key projects. The company continues to invest in exploration and evaluation, with A$3.62 million spent during the quarter, and maintains a disciplined approach to capital management as it advances towards development decisions.