CENTAURUS METALS LIMITED (CTM)
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30/03/2026

1

Outperform

$0.68

3.82%

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.

10/05/2026

1

Speculative Buy

$1.00

52.67%

Canaccord Genuity maintains a Speculative Buy rating and increases the target price for Centaurus Metals Limited to $1.00 from $0.85 following the definition of large-scale copper targets at the Rio Novo project.

The broker notes early-stage soil geochemistry outlined multiple coherent anomalies exceeding 2km in strike, complementing ongoing drilling success at the adjacent Boi Novo footprint.

The valuation uplift reflects the removal of specific risk discounts applied to the Jaguar Nickel Sulphide Project given recent advances toward securing project financing.

Nickel has been one of the strongest performing base metals on the London Metal Exchange year-to-date, rising 17% amid Indonesia-driven supply constraints and steady demand.

The report anticipates a financing update in the third quarter of 2026 to coincide with a final investment decision for the Jaguar development.