Centaurus Metals (ASX:CTM) Managing Director Darren Gordon presented the company's Jaguar Nickel Project at the Australia Metals & Mining Conference on 11–13 November 2026, disclosing a fully permitted, development-ready project with 100% offtake secured for the first five years of production and a US$40 million strategic equity investment from Glencore and CNGR.

Key Points

  • Jaguar Project holds a JORC Mineral Resource Estimate of 138.2Mt at 0.87% nickel for 1.20 million tonnes of contained nickel, located in Brazil's Carajás Mineral Province
  • 100% of production for the first five years is under offtake with Glencore and CNGR, with a combined minimum volume of 60,000 tonnes per annum of high-grade nickel concentrate (~18,500 tpa of nickel)
  • Glencore and CNGR each invested US$20 million in strategic equity, totalling US$40 million
  • All key permits are in place, including Mining Lease, environmental approvals, and national power grid connection agreement
  • Senior Debt Facility described as well advanced, with the company targeting close-out of the funding package in Q4 2026

Jaguar Project Permits and Approvals Status

According to the filing, the Jaguar Nickel Project has secured all major regulatory approvals required ahead of a Final Investment Decision. The Mining Lease was granted in October 2025, environmental approvals have been secured, and a national power grid connection agreement was executed in October 2026. In June 2026, Pará State tax incentives were granted, and the project qualifies for a 15% effective tax rate under Brazil's SUDAM Program. The filing states that 80% of Brazil's power is currently generated from renewable sources. The project is described as targeting an initial 15-year open pit mine life.

Offtake Agreements with Glencore and CNGR

The filing discloses that Centaurus Metals has secured 100% offtake coverage for the first five years of Jaguar's production. Glencore holds two offtake contracts — a maiden agreement for 20,000 tonnes per annum signed in March 2026, and a second agreement for a minimum of 20,000 tonnes per annum executed in October 2026. CNGR holds an offtake agreement for a minimum of 20,000 tonnes per annum, also executed in October 2026. The combined contracts have a tenor of five years commencing in H1 2029, with pricing based on the LME Nickel price. The combined contract value is approximately US$1.15 billion per annum at a nickel index price of US$16,000 per tonne.

Financing Progress and Project Timeline

The filing states that the Senior Debt Facility is well advanced, with close-out of the full funding package targeted for Q4 2026. The company appointed experienced Project Director Thiago Costa in March 2026. The project roadmap disclosed in the filing identifies the current phase as financing and execution, with construction and operations as the subsequent stage. Volumes above 60,000 tonnes per annum of nickel concentrate are to be sold to Glencore or CNGR, alternating between the two parties. By-product credits are available for copper and cobalt under the terms of the offtake agreements.