IHS - Jervois commences U.S. Department of Defense funded drilling at ICO's RAM deposit

(TheNewswire)

Highlights:

• Following drift mine developmentalongside the RAM orebody at Jervois’ 100% owned Idaho CobaltOperations (“ICO”), Jervois has commenced underground extensiondrilling from the existing mineral resource estimate(“MRE”)

• Jervois is interpreting previouslyannounced 1 assay results from the Sunshine surfaceprogramme, with modelling of the deposit nearing completion

• Sunshine and RAM explorationprogrammes are fully funded under the United States (“U.S.”)Government’s Department of Defense (“DoD”) Production Act TitleIII US$15.0 million grant award (“Agreement Funding”)

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

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

• U.S. Congressional Select Committeeon the Chinese Communist Party has put forward a reserve or pricefloor to sustain domestic American production

27 March 2024 (Australia) / TheNewswire / Jervois Global Limited(“ Jervois ”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) has commenced theunderground resource extension programme at the RAM deposit at its100%-owned Idaho Cobalt Operations (“ICO”) in Idaho, U.S., vialocal contractors Small Mine Development and Major Drilling, fundedunder a US$15M agreement with the U.S. Government.

The RAM resource extension programme has completedapproximately 50% of the underground exploration drift and step-outdrilling to define potential extension of the existing RAM mineralresource has commenced.

Based on the existing US$15.0 million AgreementFunding, Jervois direct expenditure for the resource extensionprogramme including exploration development drifts, drilling, logging,assaying, MRE modelling and other related Jervois supervision coststhrough Q4 2024, are fully funded by the U.S. DoD.

The Agreement Funding is under the ManufacturingCapability Expansion and Investment Prioritization office ofIndustrial Base Policy using the U.S. Defense Production Act Title IIIauthorities and utilises funds from the Additional UkraineSupplemental Appropriations Act.

On behalf of Jervois Global Limited

Bryce Crocker, CEO

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 drillingoutcomes at Sunshine, underground exploration development in the RAMdeposit, drilling in the RAM deposit, mineral resource estimates forSunshine, reimbursement payments from the DoD and certain otherfactors or information. Such statements represent Jervois’ currentviews with respect to future events and are necessarily based upon anumber of assumptions and estimates that, while considered reasonableby Jervois, are inherently subject to significant business, economic,competitive, political and social risks, contingencies anduncertainties. Many factors, both known and unknown, could causeresults, performance or achievements to be materially different fromthe results, performance or achievements that are or may be expressedor implied by such forward-looking statements. Jervois does notintend, and does not assume any obligation, to update theseforward-looking statements or information to reflect changes inassumptions or changes in circumstances or any other events affectionssuch statements and information other than as required by applicablelaws, rules and regulations.

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.

1 See ASX announcment dated30 January 2024 (Australia), “Jervois completes DoD reimbursedSunshine drilling” .

2 See ASX announcement dated 13December 2023, “Jervois welcomes U.S. Congressional Select Committeeproposal for a reserve to sustain cobalt price”

Copyright (c) 2024 TheNewswire - All rights reserved.