JRV:CC - Jervois commences U.S. cobalt refinery site selection; costs refundable by U.S. Department of Defense

(TheNewswire)

Highlights:

• Jervois commences a US$0.3 millionsite selection process (“Site Selection”) for its proposed cobaltrefinery in the United States (“U.S.”), as the first stage ofpreparing a bankable feasibility study (“BFS”) for therefinery

• BFS (including Site Selection) isfully-refundable by the U.S. Government via the previously announcedUS$15.0 million Department of Defense, Defense Production Act TitleIII funding agreement

• Site Selection will considertechnical, operational, environmental and safety parameters tounderpin the long term competitiveness of a U.S.-located cobaltrefinery, together with U.S. Government investment frameworks andincentives at the local, state and federal levels

• BFS will be based on the flowsheet,initial engineering, environmental assessment and other BFS sectionsalready developed by Jervois Finland and AFRY Finland Oy for theexpansion in capacity of Jervois’ Kokkola operations which has beenpaused in favor of the proposed U.S.-located refinery

• Cobalt is a critical mineral asdeclared by the U.S. Government due to cobalt’s defense, militaryand energy transition applications

Australia - TheNewswire - 2 August 2023 - Jervois Global Limited (“ Jervois ”) (ASX:JRV)(TSX-V:JRV) (OTC:JRVMF) commences, through its 100% owned subsidiaryFormation Holdings US, Inc., Site Selection as the first stage ofpreparing the bankable feasibility study (the “ BFS ”) for its proposed cobalt refinery in the U.S.

Jervois expects to spend US$0.3 million to completeSite Selection, which will be executed by AFRY U.S., a U.S.-basedengineering and consulting company. The Site Selection isfully-refundable under the previously announced U.S. Department ofDefense US$15 million funding agreement (the “ Agreement Funding ”). The Agreement Funding is under the ManufacturingCapability Expansion and Investment Prioritization office ofIndustrial Base Policy using the U.S. Defense Production Act TitleIII authorities and utilises funds from theAdditional Ukraine Supplemental Appropriations Act.

Site Selection will consider local, state and federalincentives; permitting processes; security of supply chains;logistics; access to workforce capacity and capability; and othertechnical and operational requirements, all to underpin a globallycompetitive facility.

Jervois’ team is also engaged working on the BFS forthe proposed U.S. refinery including progressing planning for othercomponent parts of the BFS, basic engineering, and the environmentalpermitting roadmap development. Jervois expects to provide furtherupdates of its work on the BFS as it progresses.

On behalf of Jervois.

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 siteselection, the BFS being undertaken, the additional works to beconsidered, future development plans, refund of costs by theDepartment of Defense and certain other factors or information. Suchstatements represent Jervois’ current views with respect to futureevents and are necessarily based upon a number of assumptions andestimates that, while considered reasonable by Jervois, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance or achievements tobe materially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements.

These forward-looking statements arebased on assumptions and contingencies that are subject to changewithout notice and involve known and unknown risks, uncertainties andother factors, many of which are beyond the control of the Company andits related bodies corporate and affiliates (and each of theirrespective directors, securityholders, officers, employees, partners,agents, advisers and management), and could cause results, performanceor achievements to be materially different from the results,performance or achievements that are or may be expressed or implied bysuch forward-looking statements or any projections and assumptions onwhich those statements are based.

Forward-looking statements areprovided as a general guide only and should not be relied on as anindication or guarantee of future performance. These statements mayassume the success of the Company’s business strategies, the successof which may not be realised within the period for which theforward-looking statements may have been prepared, or at all.

The forward-looking statements arebased on information available to the Company as at the date of thisannouncement. Except as required by applicable laws, rules orregulations, none of the Company, its representatives or advisersintends to, or undertakes to, or assumes any obligation to, provideany additional information, update or revise the statements in thisannouncement, whether as a result of a change in expectations orassumptions, new information, future events, results orcircumstances.

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.

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