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

(TheNewswire)

Highlights:

• Jervois has commenced undergrounddrifting to access targeted pad drill station locations for RAMextension drilling at Idaho Cobalt Operations (“ICO”)

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

• Drilling is complete at Sunshine, anhistoric resource adjacent to Jervois’ 100%-owned ICO deposit andthe surface rig is demobilised for winter

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

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

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

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

20 November 2023 – TheNewswire – Australia - Jervois Global Limited (“ Jervois ”) (ASX:JRV)(TSXV:JRV) (OTC:JRVMF) has commenced its underground resourceextension programme at the RAM deposit, via its local miningcontractor Small Mine Development. The RAM resource extensionprogramme will involve the commenced construction of an undergroundexploration drift as well as the extensional drilling to definepotential step-outs from the existing RAM mineral resource

estimate (“ MRE ”), which the commenced construction willenable. 1 The extensionaldrilling is expected to start in Q1 2024.

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

The Sunshine deposit is an historic resource located ashort distance from the mill and concentrator facilities at ICO.Jervois safely drilled seven holes from surface topography, comprising1,150 metres (3,700 feet) in total.

Logging of the Sunshine core obtained from drilling isunderway, with assay results expected in Q1 2024. Modelling of theresults, together with Jervois’ inaugural MRE for Sunshine, areexpected 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 explorationprogrammes, up to the end of Q3 2024 for exploration development,drilling, logging, assaying, MRE modelling and other related costs, tobe fully reimbursed.

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. The resource extension programmedirect expenditure and associated Jervois programme supervision arefully refundable by the DoD.

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.

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

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