Funding Delays Could Stall Centaurus’ Jaguar Nickel Project Despite Key Approvals

Milestone Achieved at Jaguar Nickel Project

Centaurus Metals Limited marked a significant advance in its Brazilian operations with the granting of the mining lease for its Jaguar Nickel Sulphide Project in October 2025. Situated in the prolific Carajás Mineral Province, the project now holds all critical environmental and mining approvals, clearing the path for construction commencement. Basic engineering activities have begun in partnership with CPC Engineering in Australia, focusing on refining the project layout to reduce its environmental footprint and improve operational efficiency.

Engineering progress includes modifications to the tailings circuit, simplifying water management and eliminating the need for sulphide waste concentrate storage. These changes are expected to reduce earthworks and lower upfront costs, while water balance and geochemical modelling are underway to optimise water treatment requirements. The company’s focus remains on securing a balanced funding package, combining debt and equity, to support a Final Investment Decision (FID).

Strategic Expansion of Copper-Gold Portfolio

In a strategic move to strengthen its growth pipeline, Centaurus acquired the Rio Novo tenure adjacent to its existing Boi Novo Copper-Gold Project. This acquisition expands the contiguous landholding to approximately 75 square kilometres within the Carajás Mineral Province, a globally renowned mining district. Exploration activities have resumed with diamond drilling at Boi Novo and preparations for electromagnetic geophysics and soil sampling at Rio Novo, where over 65% of the area remains unexplored.

Drilling results at Boi Novo have confirmed multiple high-grade copper-gold zones, including impressive intercepts such as 5.5 metres at 8.38% copper and 2.0 metres at 22.03% copper. Rio Novo’s historical drilling also revealed significant copper mineralisation, with intersections like 2.4 metres at 4.08% copper. The upcoming exploration program aims to leverage modern geophysical techniques to identify new targets and expand known mineralisation.

Advancing the Jambreiro Iron Ore Project

Centaurus continues to progress its 100%-owned Jambreiro Iron Ore Project in Minas Gerais, Brazil. Recent test work has focused on tailings filtration and centrifuge processes to support dry stacking, an environmentally favourable tailings management method. Previous bench-scale testing demonstrated the potential to produce a high-quality direct reduction pellet feed product, positioning Jambreiro as a valuable asset within the company’s portfolio.

Financial Position and Corporate Developments

As of 31 December 2025, Centaurus reported cash reserves of A$24.6 million, providing a solid financial foundation for ongoing exploration and development activities. The company continues to engage with potential strategic partners and financiers, including discussions with Brazil’s National Development Bank (BNDES) and debt advisors, to secure the necessary funding for Jaguar’s FID. Operationally, Centaurus maintains a strong safety record with over 42 months without a lost time injury, reflecting its commitment to workplace health and safety.

Community engagement remains a priority, with initiatives such as local workforce training programs and support for educational projects in nearby communities, reinforcing Centaurus’ dedication to sustainable development in its areas of operation.