Centaurus Metals Limited (ASX: CTM, OTCQX: CTTZF) has launched a fully funded push towards a Final Investment Decision (FID) on its flagship Jaguar Nickel Sulphide Project in northern Brazil, securing A$23 million through a combination of institutional and retail capital raising initiatives. The funds will also support exploration at the company’s Boi Novo Copper Project, further broadening its critical minerals portfolio in one of the world’s most resource-rich jurisdictions.
The capital raising consists of an A$20 million institutional placement to Australian and international investors and an A$3 million Share Purchase Plan (SPP) open to eligible retail shareholders, both priced at A$0.36 per share. Centaurus Metals’ shares closed at A$0.375 on 14 August 2025, a 16.67% decline for the day, giving the company a market capitalisation of A$186.26 million. Over the past year, the stock has returned 2.74%, with trading ranging between A$0.255 and A$0.590.
How will the capital raising strengthen Centaurus Metals’ path to developing the Jaguar Nickel Sulphide Project?
The A$20 million institutional placement involves issuing approximately 55.6 million new fully paid ordinary shares, each with one free attaching option for every two shares subscribed. These options will have an exercise price of A$0.50 and an expiry date of 30 November 2027. The accompanying A$3 million SPP will offer the same terms to eligible existing shareholders, who can subscribe for up to A$30,000 in new shares, also with one free attaching option for every two shares. Both tranches are subject to scale-back provisions at the company’s discretion, and oversubscriptions may be accepted.
Centaurus Metals said the capital injection, combined with A$9 million in cash on hand as of 30 June 2025, positions it strongly to complete the final pre-development, permitting, and funding stages for Jaguar. This includes advancing strategic partnering negotiations, finalising off-take agreements, and securing debt financing ahead of a targeted FID in the first half of calendar year 2026.
Why is Jaguar considered one of the most significant new nickel projects in the global pipeline?
Located in the Carajás Mineral Province in northern Brazil, Jaguar is set to be developed as a 15-year open-pit mine producing up to 22,600 tonnes of nickel per annum over its first seven years. The project’s first quartile all-in sustaining cost (AISC) is estimated at US$4.43 per pound, positioning it among the lowest-cost nickel sulphide operations globally.
The Carajás region is renowned for hosting large-scale, high-grade mineral deposits and has strong infrastructure access, including road, rail, and port facilities. Jaguar’s product is expected to be suitable for Class 1 nickel markets, including battery-grade supply chains for electric vehicles (EVs). Industry observers note that projects offering both low operating costs and secure jurisdictional settings are increasingly sought after by downstream users seeking to de-risk supply in a volatile commodities market.
What role does the Boi Novo Copper Project play in Centaurus Metals’ broader growth strategy?
While Jaguar remains the primary development focus, part of the newly raised funds will be channelled into ongoing exploration at the wholly owned Boi Novo Copper Project. Located within logistical reach of Jaguar’s infrastructure, Boi Novo is shaping up as a promising copper play in its own right.
Early exploration results have indicated mineralisation potential that could complement Centaurus’ nickel output with another high-demand critical mineral. Copper remains central to global electrification plans, particularly in renewable energy infrastructure and EV manufacturing. By developing Boi Novo alongside Jaguar, Centaurus is seeking to create a multi-metal production profile that can appeal to a broader range of strategic partners and off-takers.
How has Centaurus Metals structured the placement for institutional and retail participation?
The placement price of A$0.36 represents a 20% discount to Centaurus Metals’ last traded price of A$0.45 on 11 August 2025 and an 11.8% discount to the 15-day volume-weighted average price (VWAP) of A$0.408. Shares issued under the placement will rank equally with existing fully paid ordinary shares.
Argonaut Securities Pty Ltd acted as Global Coordinator, Joint Bookrunner, and Joint Lead Manager for the placement, alongside SCP Resource Finance LP as Joint Bookrunner and Joint Lead Manager. Canaccord Genuity (Australia) Limited acted as Co-Manager. A portion of the fees payable to the joint lead managers will be settled through the issue of approximately 1.5 million broker shares and 0.75 million broker options on the same terms as the placement options.
What are institutional investors focusing on as Centaurus approaches its FID milestone?
Institutional sentiment around Centaurus Metals reflects both project fundamentals and broader nickel market dynamics. Jaguar’s combination of high-grade nickel sulphide resources, low-cost production profile, and location in a politically stable mining jurisdiction aligns with the priorities of long-term investors seeking exposure to critical minerals.
With Class 1 nickel demand projected to rise as EV penetration increases, analysts point to Jaguar’s capacity to attract strategic partners from the battery manufacturing sector, particularly those seeking to secure supply chains outside traditional markets. The advanced stage of environmental permitting, along with strong progress in off-take negotiations, is viewed as reducing execution risk ahead of the FID.
What does the next 12 months look like for Centaurus Metals as it moves towards development?
Managing Director Darren Gordon described the next six to twelve months as “transformational” for the company, noting that this is the first capital raising since July 2023—a sign of disciplined cash management. He said the funds would be deployed with vigilance, focusing on Jaguar’s progression to financing and development and on the continued advancement of Boi Novo’s exploration program.
Key milestones in the near term include finalising strategic partnership agreements with potential off-takers and industry collaborators, which are expected to be critical in securing long-term sales channels for Jaguar’s Class 1 nickel output. These partnerships could also bring in additional technical expertise and co-investment opportunities, strengthening the project’s funding profile ahead of the Final Investment Decision. On the financing front, securing debt funding remains a central objective, with management aiming to balance competitive lending terms against maintaining project-level flexibility.
Operationally, the company is preparing to complete any remaining pre-development works, including detailed engineering, procurement planning, and site readiness activities to ensure a seamless transition into construction once the FID is confirmed. At the same time, exploration at the Boi Novo Copper Project will continue at pace, with drill programs targeting extensions to known mineralisation zones and testing new geophysical anomalies. By sustaining momentum at Boi Novo, Centaurus is not only diversifying its future revenue streams but also positioning itself to leverage potential synergies in infrastructure, workforce, and logistics between the two Brazilian projects.
From a market engagement perspective, the company intends to maintain strong alignment with retail investors through the Share Purchase Plan, ensuring parity of terms with institutional participants. This inclusive approach is designed to foster broader shareholder participation, potentially increasing liquidity in Centaurus Metals’ shares while reinforcing investor confidence during this critical pre-development phase.
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