Jervois Global Commences U.S. Government-Funded Resource Extension Programme at ICO's RAM Deposit

Highlights:

• Jervois has commenced underground drifting to access targeted pad drill station locations for RAM extension drilling at Idaho Cobalt Operations (“ICO”)  

• Underground RAM drilling will commence in Q1 2024 once required mine development is complete, with drilling designed to expand RAM’s 2023 mineral resource estimate (“MRE”) 

• Drilling is complete at Sunshine, an historic resource adjacent to Jervois’ 100%-owned ICO deposit and the surface rig is demobilised for winter 

• Assay results from the 7-hole program at Sunshine are expected in Q1 2024 and are expected to be used to prepare Jervois’ inaugural MRE for Sunshine  

• Sunshine and RAM exploration programmes are fully refundable under the United States (“U.S.”) Government’s Department of Defense Defense Production Act Title III US$15.0 million funding agreement 

• Prior to these exploration programmes, ICO’s mineral resource and reserve is already the largest and highest grade confirmed cobalt orebody in the U.S. 

• Cobalt is a critical mineral as declared by the U.S. Government due to cobalt’s aerospace, defense and energy transition applications 

20 November 2023 – TheNewswire – Australia - Jervois Global Limited (“Jervois”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) has commenced its underground resource extension programme at the RAM deposit, via its local mining contractor Small Mine Development. The RAM resource extension programme will involve the commenced construction of an underground exploration drift as well as the extensional drilling to define potential step-outs from the existing RAM mineral resource estimate (“MRE”), which the commenced construction will enable.1 The extensional drilling is expected to start in Q1 2024.

Jervois has also successfully completed initial surface drilling of the Sunshine historic resource, part of its 100%-owned Idaho Cobalt Operations (“ICO”) in Idaho, United States (“U.S.”).

The Sunshine deposit is an historic resource located a short distance from the mill and concentrator facilities at ICO. Jervois safely drilled seven holes from surface topography, comprising 1,150 metres (3,700 feet) in total.  

Logging of the Sunshine core obtained from drilling is underway, with assay results expected in Q1 2024. Modelling of the results, together with Jervois’ inaugural MRE for Sunshine, are expected in Q2 2024.

Based on the existing U.S. Department of Defense (“DoD”) US$15.0 million funding agreement (the “Agreement Funding”), Jervois anticipates its costs for these exploration programmes, up to the end of Q3 2024 for exploration development, drilling, logging, assaying, MRE modelling and other related costs, to be fully reimbursed.

The Agreement Funding is under the Manufacturing Capability Expansion and Investment Prioritization office of Industrial Base Policy using the U.S. Defense Production Act Title III authorities and utilises funds from the Additional Ukraine Supplemental Appropriations Act. The resource extension programme direct expenditure and associated Jervois programme supervision are fully refundable by the DoD.  

On behalf of Jervois Global Limited

Bryce Crocker, CEO

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Forward-Looking Statements

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to drilling outcomes at Sunshine, underground exploration development in the RAM deposit, drilling in the RAM deposit, mineral resource estimates for Sunshine, reimbursement payments from the DoD and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

1 See ASX announcent “Updated RAM resource offers opportunity to extend ICO mine life” dated 19 April 2023 (Australia).