CENTAURUS METALS LIMITED (CTM)
Share Price Analysis and Chart

30/03/2026

1

Outperform

$0.68

16.24%

Macquarie has raised its 2026 commodity price forecasts, with the largest increases for thermal coal up 29%, aluminium up 26%, metallurgical coal up 15%, gold up 7%, iron ore up 6% and copper up 3%.

In the near term, the broker is overweight thermal coal, aluminium, metallurgical coal and nickel relative to consensus, while remaining even-weight on copper, iron ore, zinc, lithium, gold, silver and manganese.

Alumina is the only commodity where Macquarie is underweight.

The broker’s Australian dollar forecast is around 6% stronger than consensus. While higher prices support earnings, higher FX and fuel costs offset some of the benefit, the analyst explains.

The target for Centaurus Metals remains at 68c and the Outperform rating is unchanged.

This is a summary of research produced by Macquarie on March 27.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.30 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.60 cents.

25/03/2026

1

Speculative Buy

$0.85

45.30%

Centaurus Metals has received a US$190m Letter of Intent (LOI) from Brazil’s development bank, marking a key step toward funding the Jaguar Nickel Project, Canaccord Genuity highlights.

Commentary outlines the facility has potential to cover around half of pre-production capex, with additional funding options including equity, offtake prepayments or project sell-down.

The broker notes the LOI follows a binding offtake agreement with Glencore, supporting project credibility and financing progression ahead of the final investment decision (FID) targeted for September 2026.

Canaccord retains a Speculative Buy rating and 85c target.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.50 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.20 cents.