JRV:CC - Jervois Commences BFS for U.S. Cobalt Refinery

(TheNewswire)

• Jervois Board approves appointment ofAFRY USA LLC to undertake Basic Engineering (“BE”) and BankableFeasibility Study (“BFS”) for a United States (“U.S.”) cobaltrefinery

• BFS scope is a 6,000 metric tonne perannum (“mtpa”) greenfield U.S. refinery to process cobalt insulphate form, suitable for use in America’s auto industry and tounderpin its transition to high performance, safe electric vehicles(“EVs”)

• BFS costs including engineering arefully reimbursable by the U.S. Government under the previouslyannounced Department of Defense (“DoD”) Defense Production Act(“DPA”) Title III US$15.0 million funding agreement withJervois

• Cobalt refinery site selection in theU.S. is continuing; initial basic engineering and BFS to commence inparallel

• Cobalt is a critical mineral asdeclared by the U.S. Government due to cobalt’s energy transitionand national security applications; the U.S. has no operating cobaltrefineries today

• Jervois Finland, Jervois’s100%-owned subsidiary, has successfully operated for 50+ years, producing advanced cobalt chemicals and powders, including sulphateand has historically also produced pCAMs (pre-cursor cathode materialsfor lithium-ion batteries)

Australia - TheNewswire - 3 October 2023 - Jervois Global Limited (“ Jervois ” or the“ Company ”) (ASX:JRV)(TSX-V:JRV) (OTC:JRVMF) is pleased to announceits Board has approved the appointment of AFRY USA LLC to lead basicengineering (“ BE ”) and the associated bankable feasibility study(“ BFS ”) for a new greenfield U.S. cobalt refinery.

This facility is expected to be constructed under theframework of the Inflation Reduction Act 2022 and associated U.S.legislative initiatives including Jervois’s existing Department ofEnergy (“ DOE ”) Advanced Vehicle Technology Manufacturing(“ ATVM ”) loan application (see announcement dated 24 April2023).

Execution of BE and the BFS is fully refundable underthe previously announced U.S. Department of Defense (“ DoD ”) US$15 millionfunding agreement (the “Agreement Funding). The Agreement Funding was entered into with the ManufacturingCapability Expansion and Investment Prioritization (“ MCEIP ”) officewithin the Office of the Assistant Secretary of Defense for IndustrialBase Policy. The agreement was entered into under Defense ProductionAct Title III authorities and is utilizing funding appropriated by theAdditional Ukraine Supplemental Appropriations Act.

Site selection for a U.S. refinery is continuing (seeannouncement dated 2 August 2023), and expected BFS completion schedulewill be available upon a final location decision. Refinery feed is expected to be based on approximately 20%recycled cobalt, largely in “closed loop” recycling whereby cobaltmaterial used by customers is returned to Jervois forreprocessing.

About AFRY

AFRY provides engineering, design, digital and advisoryservices to accelerate the transition towards a sustainable society.It has 19,000 devoted experts in industry, energy and infrastructuresectors. AFRY is ranked among top 10 largestMining & Metals international engineering firms (ENR2022). It hasa strong Nordic engineering heritage building on three decades ofexperience in design and implementation of mining and metals projectsacross the globe. Its operating model combines local presence withglobal expertise providing the best possible professionals for everyassignment.  ?????

https://afry.com/en/area/mining-metals

AFRY’s unique combination of process technologyspecialist skills in nickel/cobalt refining along withmultidisciplinary engineering expertise makes AFRY an ideal partnerfor Jervois on this project. AFRY has comprehensive local experiencein integrating and managing complex brownfield and greenfield projectsall over North America. AFRY is recognized as an experienced partnerin capital expenditure project implementation.

On behal f of Jervois GlobalLimited

Bryce Crocker, CEO

For further information, please contact:

Forward-Looking Statements

This news release may contain certain“Forward-Looking Statements” within the meaning of the UnitedStates Private Securities Litigation Reform Act of 1995 and applicableCanadian 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 identifyforward-looking statements or information. These forward-lookingstatements or information may relate to timing of site selection,timing of the BE and BFS, future loan awards by the DOE, futureproduction at the refinery, recycling amounts at the refinery andcertain other factors or information. Such statements representJervois’ current views with respect to future events and arenecessarily 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 incircumstances or any other events affections such statements andinformation other than as required by applicable laws, rules andregulations.

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