b'CENTAURUS METALS ANNUAL REPORT 2024Nickel Market & PriceStainless steel remains the primary demand driver for nickelHowever, Indonesian supply growth is slowing with economics of accounting for nearly 2/3rd of consumption in 2024 and will continuenew projects impacted by the weak price environment, rising costs to grow in line with global gross domestic product.and ore availability risks, which has also limited funding availability However, it is Nickels vital contribution to the production offor these projects. lithium-ion batteries for Electric Vehicles (EVs) that is expected toDemand remained resilient in 2024, particularly battery-related deliver exceptional demand growth for the metal over the comingdemand which grew c. 10% year on year. There are several potential years. Battery-related demand is estimated to account for c. 30%demand catalysts (e.g. China stimulus, regulatory support for of consumption by 2030 compared to c. 15% in 2024, growing at aEVs, interest rate cuts) which could drive EV demand growth and CAGR of c. 15%.accelerate the rebalancing of the market, however, the impact of the Indonesian nickel supply has fundamentally changed the structure ofUS tariffs on global trade may create some headwinds to growth in the global nickel market which has grown rapidly with the build outthe short term. of high-pressure acid leaching (HPAL to produce Mixed Hydroxide Precipitate (MHP)) and Rotary Kiln-Electric Furnace (RKEF to produce Nickel Pig Iron (NPI)) capacity. This capacity expansion was driven by multibillion dollar Chinese investment following Indonesian government-imposed ore export bans. Battery-driven demand will grow at a CAGR5,873of c.15% from 2024 till 2030 5,603 5,7315,263 5,328 5,392 5,469 959 StainlessBatteryOther 5,001 5,160 934 9474,839 911 9224,466 4,640 875 887 8994,359 8634,124 8513,902 829 8403,693 815 1,973 2,0803,425 798 1,719 1,743 1,786 1,8813,182 779 1,510 1,619 1,6832,982 757 1,259 1,3892,846 729 803 952 1,1022,454 636 672 570 668607 521530 329 458 4901972,454 2,541 2,592 2,535 2,541 2,598 2,628 2,666 2,693 2,711 2,739 2,761 2,788 2,811 2,8332,020 2,175 2,3661,727 1,911 1,8892020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040Figure 1: Global Nickel Demand by Market (kt) 6 ANNUAL REPORT CENTAURUS METALS LIMITED'