JRVMF - Jervois and GTP sign MOU for U.S. Cobalt Refinery

(TheNewswire)

Highlights

• Jervois and Global Tungsten Powders(“GTP”) sign a non-binding explorative memorandum of understandingto jointly evaluate GTP making a minority equity investment inJervois’ proposed United States (“U.S.”) cobaltrefinery

• GTP is an existing cobalt customer ofJervois and a GTP existing facility in Towanda, Pennsylvania is one ofthe two short listed sites for the U.S. cobalt refinery

• Jervois’ U.S. Department of Energyadvanced technology vehicle manufacturing loan programme applicationto finance the U.S. cobalt refinery is advancing in parallel withJervois’ U.S. Department of Defense fully refundable bankablefeasibility study for the U.S. cobalt refinery (“BFS”); Jervoisexpects to publicly release BFS in 2H 2024

• Cobalt is a critical mineral asdeclared by the U.S. Government due to the commodity’s energytransition and national security applications; there are no operatingcobalt refineries in the U.S. today

3 June 2024 – TheNewswire – (Australia) Jervois GlobalLimited (“ Jervois ” or the “ Company ”) (ASX:JRV) (TSX-V: JRV) (OTC: JRVMF) advises that it has entered into anon-binding explorative memorandum of understanding with GlobalTungsten & Powders LLC (“ GTP ”) to jointly evaluate GTP making aminority equity investment in Jervois’ proposed U.S. cobaltrefinery.

Jervois has recommenced work on its previouslyannounced and well-advanced bankable feasibility study(“ BFS ”) for a United States (“ U.S. ”) cobaltrefinery, after pausing activity starting 26 April 2024.  The U.S.cobalt refinery BFS is being conducted with AFRY USA LLC(“ AFRY ”) with annual capacity of 6,000 metric tonnes per annum ofcobalt in sulphate form, suitable for electric vehicles.  Thefacility is expected to supply sufficient cobalt for approximately 1.2million electric vehicles per annum.  The cobalt refinery BFS isfully refundable through the existing U.S. Department of Defense(“ DoD ”) Defense Production Act (“ DPA ”) Title IIIfunding agreement.  The pause in BFS work was occasioned by a DoDrequest to stop work under the funding agreement, which has now beenlifted.

GTP is an existing cobalt customer of Jervois, and isexpected to provide recycling feedstock for the U.S. refinery as partof its potential equity investment.  In addition, Jervois’ U.S.cobalt refinery could potentially be co-located at GTP’s existingfacilities in Towanda, Pennsylvania.  Jervois’ two short listedsites are in Pennsylvania and Louisiana.

Jervois has submitted an application to the Departmentof Energy (“ DOE ”) advanced technology vehicle manufacturing loan(“ ATVM ”) programme to finance its U.S. cobalt refinery (seeJervois ASX announcement dated 24 April 2023, “Jervois submits anATVM loan application to the DOE”).  Jervois believes its U.S.cobalt refinery would become a critical part of future Americancritical mineral supply chain resilience and independence from China. Jervois is experiencing increasing demand for foreign entity ofconcern compliant cobalt sulphate, as required under the U.S.Inflation Reduction Act for U.S. sold EVs to be eligible for buyerrebates.

About Global Tungsten & Powders(“GTP”)

With over 75 years of experience, GTP is a leadingWestern supplier of high-quality tungsten and tungsten carbidepowders.  GTP also processes tungsten heavy alloy (“ WHA ”) powders tofinished components for the aerospace and defense industries.  InTowanda, Pennsylvania, GTP produces ammonium paratungstate(“ APT ”), tungsten oxide, tungsten metal powder (“ WMP ”), TungstenCarbide (“ WC ”), ready-to-press grade (“ RTP ”) powder, andsemi-finished and finished parts and components.  GTP operatestwo manufacturing facilities in Europe: inFinland GTP Tikomet produces recycled tungsten carbide-cobalt powdersutilizing the zinc process; and in Luxembourg GTP manufacturestungsten metal powders and tungsten carbide.

On behalf of Jervois Global Limited

Bryce Crocker, Chief Executive Officer

For further information, please contact:

Forward-LookingStatements

This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable 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 expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to the timing ofthe BFS, the outcome of the BFS, potential location for the U.S.cobalt refinery, potential investment by GTP, potential loan fundingfrom the DoE and certain other factors or information. Such statementsrepresent Jervois’ current views with respect to future events andare necessarily based upon a number of assumptions and estimates that,while considered reasonable by Jervois, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. Jervois does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affections such statements and information other than asrequired by applicable laws, rules and regulations.

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