IHS - Jervois Organisational Restructure

(TheNewswire)

7 March 2024 / TheNewswire /Victoria, Australia / Jervois Global Limited(“ Jervois ” or the “ Company ”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF)advises it has implemented further cost reductions across its businessin response to adverse cobalt market conditions caused by Chineseoverproduction and its impact on pricing.

Jervois has reduced senior corporate management roles,with 30% of positions made redundant orpart-time. Jervois thanks affected individuals for their contributionsand for those transitioning to part-time, their flexibility.

Jervois Non-Executive Directors will also reduce theirfees by 30%, effective 1 February 2024.

No awards under the Company’s Short Term IncentivePlan will be made to the Chief Executive Officer, executive andcorporate management team. Jervois has alsofrozen annual salary increases (generally linked to inflation) for2024 across the corporate group, and at its sites, where legallypermissible.

Organisation optimisation at Jervois Finland continuesto advance, with a 5% reduction in workforce and €1.0 million inannual payroll cost savings across the first half of 2024. SinceJervois acquired the business in September 2021, total employeenumbers have reduced by 10%, whilst continuing to maintain exceptionalsite operational safety standards and headline cobalt productioncapacity. The Jervois Finland team continues to advance innovation andcost-saving measures in response to challenging market conditions.

In addition, Greg Young (Executive General Manager –Commercial) has announced his retirement. Mr. Young remains a Jervoisshareholder and the Company is grateful for his expertise andleadership of the Commercial group for his pre-agreed three-year term.Mr. Young was instrumental to Jervois’ growth of its geopoliticallystrategic portfolio of critical mineral assets servicing Westernmarkets. Jervois has promoted Wayde Yeoman to Mr. Young’s role andposition on the Jervois Global Executive Committee.

Jervois is committed to maintaining a safe workenvironment during these organisation changes and is determined todeliver a responsibly sourced, Western supply chain of criticalminerals in the face of ongoing adverse cobalt marketconditions.

On behalf of Jervois

Bryce Crocker, CEO

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