Centaurus Metals (CTM) is nearing a funding milestone for its Jaguar nickel sulphide project in Brazil's Carajás mining province, having received debt financing offers of up to AUD 320 million against total project capital expenditure of about AUD 380 million. The offers, which represent roughly 84% of capex, were presented alongside an update at the Resources Rising Stars Gold Coast Conference on September 10, 2026.
The company has a market capitalization of approximately AUD 300 million. Darren Gordon, leading Centaurus's funding negotiations and board presentation process, outlined the project's economics during the conference session.
Jaguar hosts 1.2 million tonnes of contained nickel metal in its resource base. The open-pit mine is projected to run for at least 15 years, with management expecting 20 to 25 years or more of operations. Planned annual output sits at about 22,000 tonnes of nickel in concentrate for the first seven years, based on a feed grade of roughly 1.0% nickel. Another 3.5 million tonnes per annum nickel sulphide processing plant underpins the operation.
All-in sustaining cost (AISC) is estimated at about $4.40 per pound on a payable basis. With nickel trading in the $7.00 to $7.50 per pound range, gross margins are running between $2.60 and $3.10 per pound. At a $9.00 per pound nickel assumption, gross margin would expand to approximately $4.60 per pound.
Free cash flow at current price levels is projected at $120 million to $130 million annually. Over the first seven years under a $9.00 per pound scenario, free cash flow would total $169 million, with a payback period of less than two years from initial capital expenditure.
Brazil's fiscal regime provides a competitive edge: the effective tax rate over the first 10 years is about 15%, roughly half that of comparable Western Australian projects. Royalties are about 2%, with more than half returning to local municipalities. Power costs run approximately 4 to 5 cents per kilowatt-hour through Brazil's national interconnected system.
Glencore holds an offtake agreement covering one-third of Jaguar's concentrate output, leaving two-thirds reserved for strategic allocation.
Exploration activity at Jaguar was suspended in 2024, but the company secured its mining license in October 2024. Thiago Costa, appointed project director in March 2024 and previously responsible for building Ero Copper's Boa Esperança plant, oversees project advancement.
Beyond Jaguar, Centaurus is advancing its Boi Novo tenement, encompassing about 75 square kilometres in the Carajás province. Recent drill results include 36 metres at 1.5% copper and 11 metres at nearly 3% copper with 1 gram of gold per tonne. Rio Novo, a newly acquired tenement located north of Boi Novo, is also part of the exploration portfolio.
Management highlighted the strategic positioning of Jaguar within western Brazil's mining corridor. The S11D iron ore mine operated by Vale sits about 100 kilometres to the east, while the Salobo mine is approximately 120 kilometres to the northeast. The nearby towns of Tucumã and Ourilândia do Norte have a combined population of about 70,000, providing local labour supply.
