Centaurus Metals Locks in Grid Access for Jaguar as Funding Nears Final Stage
Key Takeaways
- Centaurus Metals signed the Transmission System Use Contract (CUST) with Brazil's ONS on 2 October 2026, formally securing binding grid access for the Jaguar Nickel Sulphide Project in Pará, Brazil.
- The CUST delivers an initial 20MW power allocation via a 36km transmission line connected to Brazil's 230kV high-voltage national grid, with all environmental, mining approvals, and easements already in place.
- Two of four regulatory steps in Brazil's power transmission approval process are now complete, with submission to Aneel for connection facilities authorisation and execution of the Transmission Connection Contract (CCT) as the clearly defined remaining steps.
- Centaurus confirmed it is at an advanced stage of negotiations for both offtake and strategic funding, with senior debt financing also described as "well advanced," pointing toward a comprehensive funding package to underpin an FID.
- Low-cost, largely renewable grid power is a key driver of Jaguar's expected bottom-quartile position on the global nickel cost curve, a structural advantage that supports project viability through commodity price cycles.
Centaurus locks in grid access for Jaguar with transmission contract signing
Centaurus Metals (ASX: CTM) has executed the Transmission System Use Contract (Contrato de Uso do Sistema de Transmissão or CUST) with Brazil’s National Electricity System Operator (ONS) for the Jaguar Nickel Sulphide Project in Pará, Brazil. The signing was carried out through its wholly-owned Brazilian subsidiary, Centaurus Níquel Ltda.
This follows the ONS regulatory approval announced on 15 July 2026, which granted permission to access Brazil’s high-voltage national grid. The CUST is the formal contract that converts that approval into binding grid access, representing a significant infrastructure de-risking milestone ahead of a Final Investment Decision (FID).
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What the CUST delivers for the Jaguar project
Grid access now formally secured
The CUST secures an initial allocation of 20MW of power delivered through a 36km transmission line to the Project’s main substation, connected to Brazil’s high-voltage 230kV national transmission network. Critically, all environmental and mining approvals and the mining easement required to build the line are already in place, removing a key construction risk from the project’s path to development.
Low-cost, renewable power and the cost curve advantage
Securing reliable, low-cost, largely renewable grid power is identified as a key factor in Jaguar’s expected bottom-quartile position on the global nickel cost curve. For investors, bottom-quartile costs matter because they signal a project that can remain economically viable through commodity price downturns, not just during periods of elevated nickel prices.
The CUST execution delivers the following for the Jaguar project:
- Binding access to the 230kV national grid
- 20MW initial power allocation
- 36km transmission line to the main substation
- All environmental and mining approvals and easements already in place
- Largely renewable power source
Understanding Brazil’s power transmission approval process
In Brazil, mining projects cannot simply plug into the national grid. They must formally contract with the national grid operator to access the high-voltage transmission network, a process overseen by two key regulatory bodies: ONS (National Electricity System Operator) and Aneel (National Electric Energy Agency, or Agência Nacional de Energia Elétrica).
The approval pathway is sequential, and each completed step reduces the regulatory risk remaining before construction can begin. Here is where Centaurus currently sits in that process:
- ONS regulatory approval to access the national grid (received 15 July 2026)
- CUST signed with ONS, formally securing transmission access (executed 2 October 2026)
- Submit CUST and connection documents to Aneel for connection facilities authorisation (next step)
- Execute Transmission Connection Contract (CCT) with the concession holder of the existing power line (next step)
With two of the four steps now complete, the remaining regulatory work is clearly defined. That clarity is meaningful for investors assessing construction readiness.
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Next steps and funding momentum point toward FID
Remaining regulatory steps
Centaurus’s immediate next regulatory step is to submit the signed CUST and related connection documents to Aneel to obtain authorisation for the Project’s connection facilities. The Company will also enter into a CCT with the concession holder of the existing power line. No specific timeline for these steps has been disclosed.
Funding process at an advanced stage
Alongside the CUST execution, Centaurus confirmed it is at an advanced stage of negotiations and final documentation for additional offtake and strategic funding for the Jaguar Nickel Project. The senior debt financing process is also described as “well advanced,” giving the Company what it characterises as a clear forward pathway toward completing an overarching funding package to underpin project development.
The Company expects to provide further updates on these funding workstreams in the near term. Together, the CUST execution and the advanced state of multiple funding processes represent clear forward momentum toward a comprehensive financing package capable of supporting an FID and the subsequent development of the Project.
| Workstream | Status | Next Update |
|---|---|---|
| Offtake and strategic funding | Advanced negotiations and final documentation | Near term |
| Senior debt financing | Well advanced | Near term |
| CUST / grid connection | Executed | Aneel submission pending |
No financial figures for the funding workstreams have been disclosed by the Company at this stage.
Centaurus is also advancing its broader Brazilian portfolio in parallel, with the Boi Novo copper-gold discovery in Brazil adding a high-grade multi-commodity dimension to the company’s in-country asset base alongside the Jaguar Nickel Sulphide Project.
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