(TheNewswire)
Highlights Jervois Finland:
Idaho Cobalt Operations (“ICO”), United States(“U.S.”):
São Miguel Paulista (“SMP”) nickel and cobaltrefinery, Brazil:
Corporate:
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Advancing on business priorities
30 January 2024 – TheNewswire– Australia - Jervois Global Limited(“ Jervois ” or the“ Company ”) ( ASX: JRV) ( TSXV:JRV )(OTC:JRVMF) continued to implement a refocusedstrategy to ensure the business can be financially sustainable andself-funding at historically low cobalt prices caused by thePeople’s Republic of China (“ PRC ”) oversupply from the Democratic Republic of the Congo andIndonesia.
Priorities and key milestones delivered in thequarter:
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Maximise margin and cash flow at Jervois Finland, anddeliver operational improvements:
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US$4.7 million cash flow from operations in Q4 2023;US$46.1 million for 2023 year.
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Wide-ranging cost reduction and improvement programmelaunched to deepen resilience to current weakness in cobaltprices.
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Support the advancement of U.S. Government policy andregulatory framework as it pertains to strengthening critical mineralsupply chains underpinning Americas’ energy transition and nationalsecurity.
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Engagement with U.S. Department of Treasury and theInternal Revenue Service as they seek industry input regardingimplementation of investment and production tax credits under theInflation Reduction Act of 2022 ( IRA ”).
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In December, the U.S. Congressional Select Committee onthe Chinese Communist Party proposed a reserve to sustain a floorcobalt price for American producers. In 2024, Jervois will continue towork in Washington, D.C. toward passage of legislation that puts thisrecommendation into force.
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Execute U.S. DoD funded US$15.0 million ICO drillingprogramme and U.S. cobalt refinery BFS:
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Surface drilling completed at the Sunshine deposit andresults released alongside this quarterly report.
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Preparatory underground drift mine development forextension drilling of the RAM deposit are underway.
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Activities continued on Basic Engineering andpreparation of an accompanying BFS for a U.S. cobalt refinery, led byengineering firm AFRY USA LLC.
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U.S. cobalt refinery site selection has reached shortlisting phase.
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Advance debt and partner financing process atSMP:
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Engagement with multiple parties for project-levelfunding for the SMP restart capital project advanced in Q4 2023 and iscontinuing in Q1 2024.
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SMP hosted due diligence site visits for qualifiedparties during the quarter.
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Review partnership opportunities to crystalise anddemonstrate value:
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Active engagement with potential partners is continuingin Q1 2024.
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Jervois Finland
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Quarterly revenue: US$ 38.7 million (Q3 2023: US$42.2 million)
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Cash flow from operations: US$4.7 million (Q3 2023: US$8.2 million)
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Sales volume: 1,098metric tonnes (Q3 2023: 1,216 metric tonnes)
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Production volume: 1,102 metric tonnes (Q3 2023: 1,285 metric tonnes)
Jervois Finland continued to generate positiveoperating cash flow in the quarter, including through the continuedrelease of working capital. As outlined above, Jervois Finland hasgenerated US$46.1 million in operating cash flow over 2023 underdifficult market conditions. As outlined earlier, Company earnings,including Adjusted EBITDA for Jervois Finland, will be released withthe annual audited financial statements.
Sales and marketing
Jervois Finland produced 1,102 metric tonnes and sold1,098 metric tonnes of cobalt in the quarter.
The decrease in sales volumes relative to the priorquarter reflected continued cyclical softness in demand in end-usesegments, and variability in shipment and customer order timing. Salesvolumes to 31 December 2023 were 5,474 mt, +2% higher than 2022volumes of 5,347 mt, and within the sales volume guidance range forthe 2023 calendar year of 5,300 mt to 5,600 mt. Production volumes andproduct mix remains subject to continuous review and adjustment basedon an assessment of end-use demand and considering target inventorylevels. Production levels in the quarter were lower than capacity toachieve alignment with current market demand.
Jervois Finland’s sales performance and outlook forkey market segments under which Jervois Finland operates aresummarised below.
Batteries:
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There is increasing optimism that destocking rates inthe battery sector have subsided and customer inventory levels havereduced. Recovery from current Jervois customers is expected over thecourse of 2024.
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Interest continues from both European and U.S. based EVOEMs (automakers) for long-term cobalt supply but with volumesstarting in 2025 and beyond.
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U.S. IRA continues to drive interest in U.S. and otherWestern supply of battery raw materials, providing a key advantage toKokkola as the leading global cobalt refinery outside ofChina.
Chemicals, Catalysts, and Ceramics:
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Chemicals: Demand continues to be stable in the mainchemical applications (copper electrowinning, coatings, and rubberadhesion).
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Catalysts: Oil and gas segment (processing / refining)remains steady, and outlook remains positive.
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Ceramics: Continue to see reduced demand and risingcompetition (especially ex PRC) in this sector, linked to lowerend-use demand in the housing and construction sector. In particular, weak construction markets in China are causingChinese cobalt suppliers to aggressively access export markets,driving down prices. Demand is volatile, and consumers often wait forfavourable market pricing. Prices in ceramics look to remain underpressure through the coming months, with limited ESG impacts on buyerbehaviour.
Powder Metallurgy:
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Lower demand and competition have limited volumes intoall powder metallurgy applications.
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Automotive, oil and gas production (drilling), generalengineering, and construction all remain soft.
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Aerospace remains positive with solid demand from bothcivilian and military sectors.
Sales volume guidance for the 2024 calendar year of 5,300 mt to 5,600 mt aligns with 2023guidance and outcomes. Guidance takes account of current expectationson near-term market conditions. Production levels are expected to alsobe broadly consistent with sales volumes. Jervois maintainssignificant optionality for future increases in sales volumes when thecobalt market recovers.
Financial performance
Jervois Finland achieved revenue of US$38.7 million inthe quarter, a decline of 8% relative to the prior quarter. Thedecrease was principally due to lower sales volumes, partially offsetby a modest improvement in realised pricing. The cyclical weakness incobalt prices that persisted in the quarter was in part due tocontinued market oversupply conditions instigated by the PRC, asoutlined earlier.
Cash flow performance
Cash flow from operations (before interest payments)was US$4.7 million in the quarter, bringing cumulative year to datecash flow from operations from Jervois Finland to US$46.1 million.Positive cash flow resulted from the continued stabilisation of theJervois Finland business and working capital improvements. Physicalcobalt inventories reduced by US$3.8 million from US$44.5 million at30 September 2023 to US$40.7 million at 31 December 2023. Thisrepresented a reduction from 1,353 mt and ~81 days at 30 September2023 to 1,297 mt ~78 days at 31 December 2023 (based on a normalised6,000 mt annual production rate). Jervois is continuing to execute aninventory management strategy aligned to a near-term target rangebelow 90 days, in a manner that balances liquidity and risk managementobjectives.
Jervois launched a wide-ranging cost reduction andimprovement programme in Q4 2023, aiming to deepen business resilienceto current weakness in cobalt prices, and to deliver benefits toprofitability and cash flow in 2024 and beyond. Jervois isimplementing this in Q1 2024.
Jervois made a voluntary repayment of US$4.8 million toMercuria in early October 2023 to meet deleveraging objectives and toreduce financing costs. The current loan balance at the date of thisreport is US$44.1 million.
Jervois USA
Idaho Cobalt Operations (“ICO”), U.S.
Jervois successfully completed initial surface drillingof the Sunshine historic resource during the quarter. The Sunshinedeposit is a historic resource located a short distance from the milland concentrator facilities at ICO. Jervois drilled seven holes fromsurface topography, comprising 1,100 metres (3,700 feet) intotal.
Results for the Sunshine campaign were received,reviewed, and delivered to Apex Geoscience for incorporation within anupdated MRE in Q1 2024. Seven of nine drillholes were successful inreaching the targeted depth. Analytical results from ALS Laboratoriesindicate the presence of cobalt, copper, and gold mineralisationwithin proximity to historic drillholes completed within the Sunshinedeposit with varying grade continuity, as expected from priorinvestigations.
Results from the programme are outlined below:
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2.9m calculated true width (“CTW”) @ 0.01% cobalt(“Co”), 0.27% copper (“Cu”), 0.03 grams per metric tonne(“g/t”) gold (“Au”) (Drillhole SS23-01A)
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1.2m CTW @ 0.34% Co, 10.05% Cu, 13.68 g/t Au (DrillholeSS23-02)
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1.7m CTW @ 0.68% Co, 0.35% Cu, 0.51 g/t Au (DrillholeSS23-03)
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0.5m CTW @ 1.55% Co, 0.02% Cu, 1.30 g/t Au (DrillholeSS23-04)
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2.6m CTW @ 0.78% Co, 0.12% Cu, 0.41 g/t Au (DrillholeSS23-05)
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3.2m CTW @ 0.05% Co, 0.89% Cu, 0.07 g/t Au (DrillholeSS23-06A)
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0.9m CTW @ 0.07% Co, 1.10% Cu, 0.03 g/t Au (DrillholeSS23-07)
Detailed geological modelling and geostatisticalestimation is underway.
Following completion of drilling at Sunshine, Jervoiscommenced an underground resource extension programme at the RAMdeposit, via its local mining contractor Small Mine Development. TheRAM resource extension programme includes the commenced constructionof an underground exploration drift as well as the extensionaldrilling to define potential step-outs from the existing RAM MRE whichthe commenced construction will enable 3 . The extensional drilling is expected to start in late Q12024.
Based on the existing U.S. DoD US$15.0 million fundingagreement (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.
During the quarter, Jervois welcomed a bipartisanproposal of the U.S. Congress’ Select Committee on the StrategicCompetition Between the United States and the Chinese Communist Party(the “ Congressional SelectCommittee ”) to create a critical mineralreserve (“ Resilient ResourceReserve ”) to sustain the cobalt price (amongother critical minerals) for U.S. producers when the price dips belowa floor, and for producers to recontribute during periods of highprices. The proposed Resilient Resource Reserve is designed toinsulate U.S. critical mineral producers, including cobalt producers,from the current price volatility resulting from China’s dominanceof global critical mineral supply chains.
The Congressional Select Committee also proposed thatthe U.S.’ Export-Import Bank (“ EXIM ”) would expand and extend itsrisk appetite under the China and Transformational Exports Program(“ CTEP ”) for thefinancing of mining and critical minerals activities, includingcobalt. EXIM has previously advised Jervois that ICO is eligible forpotential financing support under both CTEP and the Make More inAmerica (“ MMIA ”)initiative. CTEP and MMIA enable EXIM to extend its existing medium-and long-term loan and loan guarantee programmes to support projectsthat reduce Chinese dominance in strategic sectors, such as ICO, whosemineral resource and reserve is the largest and highest gradeconfirmed cobalt orebody in the U.S. EXIM is the official exportcredit agency of the U.S. Government.
These extensive bipartisan legislative proposals areincluded in the Congressional Select Committee’s report entitledReset, Prevent, Build: A Strategy to Win America’s EconomicCompetition with the Chinese Communist Party, which will be introducedfor consideration by the full U.S. Congress in 2024.
As a result of continued suspension of operations atICO, together with external factors, including current cobalt pricingand updates to commodity price forecasts, Jervois has commenced areview of ICO’s carrying value as of 31 December 2023. The review isongoing, and a further update will be provided with the release of theannual financial results. Based on work completed to date, Jervois islikely to record an impairment of the carrying value of ICO at 31December 2023.
U.S. cobalt refinery study
Progress continued on site selection and the study fora U.S. domestic cobalt refinery, with works fully reimbursed under theAgreement Funding. The site selection process has reached ashortlisting phase, with the preferred site expected to be selected inQ1 2024. Jervois is targeting completion of Basic Engineering and theBFS by mid-2024.
São Miguel Paulista (“ SMP”) nickel andcobalt refinery, Brazil
Partner financing opportunities at SMP progressed, withseveral parties continuing to engage in detailed due diligence duringthe quarter, including visits to the SMP facility. Engagement withmultiple parties for project-level funding for the SMP restart capitalproject is continuing in Q1 2024.
Sales of Mixed HydroxidePrecipitate (“ MHP ”)from remediation activities commenced over the quarter-end, withdeliveries from early January 2024. These sales provide valuableexperience and confirmation of export logistics at SMP for the plannedrestart.
Jervois has continued to review opportunities tooptimise the SMP restart project, and stress-tested the project’seconomics against spot pricing scenarios in view of the recentvolatility in nickel markets. The project’s economics remainresilient at current spot pricing levels for LME nickel prices and MHPfeed supply.
Nico Young nickel-cobalt project, New South Wales,Australia
Jervois continued to pursue a divestment process to sell all or part of itsinterest in the Company’s 100%-owned Nico Young nickel and cobaltproject. Several base metals exploration and development companiesexpressed interest in the asset in 2023, but engagement was suspendeddue to the limited ability of the parties to finance a transaction.
Jervois has now concluded the formal divestment processbut will continue to review strategic options to move the projectforward. Jervois has historically invested >A$20 million in NicoYoung. It is a strategic future source of Western nickel andcobalt.
Corporate activities
Liquidity and portfolio optimisation
A key strategic objective for Jervois is to de-risk thepath to establishing a multi-asset platform underpinned by a durablecapital structure. Jervois is pursuing initiatives across its assetportfolio to meet this objective, including in response to inboundinterest. Jervois is focussed on delivering initiatives in a timelymanner, and the quality of any transactions that the Company may electto pursue. Notwithstanding the weakening of investor sentiment towardbattery materials, active engagement with high-quality potentialcounterparties is continuing in Q1 2024. Jervois will continue toupdate the market on progress.
Jervois ended the December 2023 quarter with US$45.4million in cash, US$40.7 million in physical cobalt inventories inJervois Finland, and total drawn senior debt of US$144.1million 4 .
2023 financial results
As previously indicated, Jervois will report fullfinancial results for the year ending 31 December 2023, includingearnings (and EBITDA), once its financial statement audit has beencompleted during March 2024.
Environmental, social, governance (“ESG”)
In the quarter, Jervois Finland received results fromits EcoVadis assessment and received a Gold Medal rating. This placesJervois Finland in the top 2% of all companies assessed in the past 12months (over 40,000 companies).
Jervois engaged in several ESG-related events duringthe quarter, co-ordinated by the Responsible Minerals Initiative andthe Cobalt Institute, focussed on engagement with stakeholders on ESGindustry standards.
Jervois also continued its engagement with the NationalMining Association, including its ESG Task Force, and throughparticipation in an International Energy Agency Industry Roundtable onCritical Minerals.
Finally, Jervois presented on a panel for the EiTRawMaterials Expert Forum on “Responsible Sourcing, Driving SustainableChange”, held between 7 and 8 December 2023 in Prague,Czechia.
Exploration and development expenditure
In relation to the DoD funded surface drilling campaignat ICO, US$1.4 million was incurred during the quarter. No othermaterial cash expenditure on exploration and development was spentduring the quarter.
Insider compensation reporting
During the quarter, US$0.1 million was paid toNon-Executive Directors and US$0.1 million was paid to the CEO(Executive Director).
Non-core assets
The non-core assets are summarised on the Company’swebsite.
By order of the Board
Bryce Crocker
Chief Executive Officer
For further information, please contact:
Investors and analysts: Alicia Brown Group Manager External Affairs Jervois G lobal Limited | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mobile: +61 420 582 887 |
Corporate Information
2,703M Ordinary Shares
72.1M Options
23.4M Performance Rights
Non-Executive Chairman
Peter Johnston
CEO and Executive Director
Bryce Crocker
Non-Executive Directors
Brian Kennedy
Michael Callahan
David Issroff
Daniela Chimisso dos Santos
Company Secretary
Alwyn Davey
Contact Details
Suite 2.03,
1-11 Gordon Street
Cremorne
Victoria 3121
Australia
P: +61 (3) 9583 0498
E: admin@jervoisglobal.com
W: www.jervoisglobal.com
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” andother similar words or expressions identify forward-looking statementsor information. These forward-looking statements or information mayrelate to partnership for group operations, operations at JervoisFinland, drilling to be undertaken at ICO, U.S. refinery studies,reimbursement of funds to Jervois Mining USA Limited by the DoD,timing of restart of SMP refinery, and the reliability of third-partyinformation, and certain other factors or information. Such statementsrepresent the Company’s current views with respect to future eventsand are necessarily based upon a number of assumptions and estimatesthat, while considered reasonable by the Company, are inherentlysubject to significant business, economic, competitive, political andsocial risks, contingencies and uncertainties. Many factors, bothknown and unknown, could cause results, performance, or achievementsto be materially different from the results, performance orachievements that are or may be expressed or implied by suchforward-looking statements. The Company does not intend, and does notassume any obligation, to update these forward-looking statements orinformation to reflect changes in assumptions or changes incircumstances or any other events affections such statements andinformation other than as required by applicable laws, rules, andregulations.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Tenements
Australian Tenements
Description | Tenement number | Interest owned % | |
Ardnaree (NSW) | EL 5527 | 100.0 | |
Thuddungra (NSW) | EL 5571 | 100.0 | |
Nico Young (NSW) | EL 8698 | 100.0 | |
West Arunta (WA) | E80 4820 | 17.9 | |
West Arunta (WA) | E80 4986 | 17.9 | |
West Arunta (WA) | E80 4987 | 17.9 |
Uganda Exploration Licences | |||
Description | Exploration Licence number | Interest owned % | |
Kilembe Area | EL0292 | 100.0 |
SUN 1 | 222991 | 174156 |
SUN 2 | 222992 | 174157 |
SUN 3 Amended | 245690 | 174158 |
SUN 4 | 222994 | 174159 |
SUN 5 | 222995 | 174160 |
SUN 6 | 222996 | 174161 |
SUN 7 | 224162 | 174628 |
SUN 8 | 224163 | 174629 |
SUN 9 | 224164 | 174630 |
SUN 16 Amended | 245691 | 177247 |
SUN 18 Amended | 245692 | 177249 |
Sun 19 | 277457 | 196394 |
SUN FRAC 1 | 228059 | 176755 |
SUN FRAC 2 | 228060 | 176756 |
TOGO 1 | 228049 | 176769 |
TOGO 2 | 228050 | 176770 |
TOGO 3 | 228051 | 176771 |
DEWEY FRAC Amended | 248739 | 177253 |
Powder 1 | 269506 | 190491 |
Powder 2 | 269505 | 190492 |
LDC-1 | 224140 | 174579 |
LDC-2 | 224141 | 174580 |
LDC-3 | 224142 | 174581 |
LDC-5 | 224144 | 174583 |
LDC-6 | 224145 | 174584 |
LDC-7 | 224146 | 174585 |
LDC-8 | 224147 | 174586 |
LDC-9 | 224148 | 174587 |
LDC-10 | 224149 | 174588 |
LDC-11 | 224150 | 174589 |
LDC-12 | 224151 | 174590 |
LDC-13 Amended | 248718 | 174591 |
LDC-14 Amended | 248719 | 174592 |
LDC-16 | 224155 | 174594 |
LDC-18 | 224157 | 174596 |
LDC-20 | 224159 | 174598 |
LDC-22 | 224161 | 174600 |
LDC FRAC 1 Amended | 248720 | 175880 |
LDC FRAC 2 Amended | 248721 | 175881 |
LDC FRAC 3 Amended | 248722 | 175882 |
LDC FRAC 4 Amended | 248723 | 175883 |
LDC FRAC 5 Amended | 248724 | 175884 |
RAM 1 | 228501 | 176757 |
RAM 2 | 228502 | 176758 |
RAM 3 | 228503 | 176759 |
RAM 4 | 228504 | 176760 |
RAM 5 | 228505 | 176761 |
RAM 6 | 228506 | 176762 |
RAM 7 | 228507 | 176763 |
RAM 8 | 228508 | 176764 |
RAM 9 | 228509 | 176765 |
RAM 10 | 228510 | 176766 |
RAM 11 | 228511 | 176767 |
RAM 12 | 228512 | 176768 |
RAM 13 Amended | 245700 | 181276 |
RAM 14 Amended | 245699 | 181277 |
RAM 15 Amended | 245698 | 181278 |
RAM 16 Amended | 245697 | 181279 |
Ram Frac 1 Amended | 245696 | 178081 |
Ram Frac 2 Amended | 245695 | 178082 |
Ram Frac 3 Amended | 245694 | 178083 |
Ram Frac 4 Amended | 245693 | 178084 |
HZ 1 | 224173 | 174639 |
HZ 2 | 224174 | 174640 |
HZ 3 | 224175 | 174641 |
HZ 4 | 224176 | 174642 |
HZ 5 | 224413 | 174643 |
HZ 6 | 224414 | 174644 |
HZ 7 | 224415 | 174645 |
HZ 8 | 224416 | 174646 |
HZ 9 | 224417 | 174647 |
HZ 10 | 224418 | 174648 |
HZ 11 | 224419 | 174649 |
HZ 12 | 224420 | 174650 |
HZ 13 | 224421 | 174651 |
HZ 14 | 224422 | 174652 |
HZ 15 | 231338 | 178085 |
HZ 16 | 231339 | 178086 |
HZ 18 | 231340 | 178087 |
HZ 19 | 224427 | 174657 |
Z 20 | 224428 | 174658 |
HZ 21 | 224193 | 174659 |
HZ 22 | 224194 | 174660 |
HZ 23 | 224195 | 174661 |
HZ 24 | 224196 | 174662 |
HZ 25 | 224197 | 174663 |
HZ 26 | 224198 | 174664 |
HZ 27 | 224199 | 174665 |
HZ 28 | 224200 | 174666 |
HZ 29 | 224201 | 174667 |
HZ 30 | 224202 | 174668 |
HZ 31 | 224203 | 174669 |
HZ 32 | 224204 | 174670 |
HZ FRAC | 228967 | 177254 |
JC 1 | 224165 | 174631 |
JC 2 | 224166 | 174632 |
JC 3 | 224167 | 174633 |
JC 4 | 224168 | 174634 |
JC 5 Amended | 245689 | 174635 |
JC 6 | 224170 | 174636 |
JC FR 7 | 224171 | 174637 |
JC FR 8 | 224172 | 174638 |
JC 9 | 228054 | 176750 |
JC 10 | 228055 | 176751 |
JC 11 | 228056 | 176752 |
JC-12 | 228057 | 176753 |
JC-13 | 228058 | 176754 |
JC 14 | 228971 | 177250 |
JC 15 | 228970 | 177251 |
JC 16 | 228969 | 177252 |
JC 17 | 259006 | 187091 |
JC 18 | 259007 | 187092 |
JC 19 | 259008 | 187093 |
JC 20 | 259009 | 187094 |
JC 21 | 259010 | 187095 |
JC 22 | 259011 | 187096 |
CHELAN NO. 1 Amended | 248345 | 175861 |
GOOSE 2 Amended | 259554 | 175863 |
GOOSE 3 | 227285 | 175864 |
GOOSE 4 Amended | 259553 | 175865 |
GOOSE 6 | 227282 | 175867 |
GOOSE 7 Amended | 259552 | 175868 |
GOOSE 8 Amended | 259551 | 175869 |
GOOSE 10 Amended | 259550 | 175871 |
GOOSE 11 Amended | 259549 | 175872 |
GOOSE 12 Amended | 259548 | 175873 |
GOOSE 13 | 228028 | 176729 |
GOOSE 14 Amended | 259547 | 176730 |
GOOSE 15 | 228030 | 176731 |
GOOSE 16 | 228031 | 176732 |
GOOSE 17 | 228032 | 176733 |
GOOSE 18 Amended | 259546 | 176734 |
GOOSE 19 Amended | 259545 | 176735 |
GOOSE 20 | 228035 | 176736 |
GOOSE 21 | 228036 | 176737 |
GOOSE 22 | 228037 | 176738 |
GOOSE 23 | 228038 | 176739 |
GOOSE 24 | 228039 | 176740 |
GOOSE 25 | 228040 | 176741 |
SOUTH ID 1 Amended | 248725 | 175874 |
SOUTH ID 2 Amended | 248726 | 175875 |
SOUTH ID 3 Amended | 248727 | 175876 |
SOUTH ID 4 Amended | 248717 | 175877 |
SOUTH ID 5 Amended | 248715 | 176743 |
SOUTH ID 6 Amended | 248716 | 176744 |
South ID 7 | 306433 | 218216 |
South ID 8 | 306434 | 218217 |
South ID 9 | 306435 | 218218 |
South ID 10 | 306436 | 218219 |
South ID 11 | 306437 | 218220 |
South ID 12 | 306438 | 218221 |
South ID 13 | 306439 | 218222 |
South ID 14 | 306440 | 218223 |
OMS-1 | 307477 | 218904 |
Chip 1 | 248956 | 184883 |
Chip 2 | 248957 | 184884 |
Chip 3 Amended | 277465 | 196402 |
Chip 4 Amended | 277466 | 196403 |
Chip 5 Amended | 277467 | 196404 |
Chip 6 Amended | 277468 | 196405 |
Chip 7 Amended | 277469 | 196406 |
Chip 8 Amended | 277470 | 196407 |
Chip 9 Amended | 277471 | 196408 |
Chip 10 Amended | 277472 | 196409 |
Chip 11 Amended | 277473 | 196410 |
Chip 12 Amended | 277474 | 196411 |
Chip 13 Amended | 277475 | 196412 |
Chip 14 Amended | 277476 | 196413 |
Chip 15 Amended | 277477 | 196414 |
Chip 16 Amended | 277478 | 196415 |
Chip 17 Amended | 277479 | 196416 |
Chip 18 Amended | 277480 | 196417 |
Sun 20 | 306042 | 218133 |
Sun 21 | 306043 | 218134 |
Sun 22 | 306044 | 218135 |
Sun 23 | 306045 | 218136 |
Sun 24 | 306046 | 218137 |
Sun 25 | 306047 | 218138 |
Sun 26 | 306048 | 218139 |
Sun 27 | 306049 | 218140 |
Sun 28 | 306050 | 218141 |
Sun 29 | 306051 | 218142 |
Sun 30 | 306052 | 218143 |
Sun 31 | 306053 | 218144 |
Sun 32 | 306054 | 218145 |
Sun 33 | 306055 | 218146 |
Sun 34 | 306056 | 218147 |
Sun 35 | 306057 | 218148 |
Sun 36 | 306058 | 218149 |
Chip 21 Fraction | 306059 | 218113 |
Chip 22 Fraction | 306060 | 218114 |
Chip 23 | 306025 | 218115 |
Chip 24 | 306026 | 218116 |
Chip 25 | 306027 | 218117 |
Chip 26 | 306028 | 218118 |
Chip 27 | 306029 | 218119 |
Chip 28 | 306030 | 218120 |
Chip 29 | 306031 | 218121 |
Chip 30 | 306032 | 218122 |
Chip 31 | 306033 | 218123 |
Chip 32 | 306034 | 218124 |
Chip 33 | 306035 | 218125 |
Chip 34 | 306036 | 218126 |
Chip 35 | 306037 | 218127 |
Chip 36 | 306038 | 218128 |
Chip 37 | 306039 | 218129 |
Chip 38 | 306040 | 218130 |
Chip 39 | 306041 | 218131 |
Chip 40 | 307491 | 218895 |
DRC NW 1 | 307492 | 218847 |
DRC NW 2 | 307493 | 218848 |
DRC NW 3 | 307494 | 218849 |
DRC NW 4 | 307495 | 218850 |
DRC NW 5 | 307496 | 218851 |
DRC NW 6 | 307497 | 218852 |
DRC NW 7 | 307498 | 218853 |
DRC NW 8 | 307499 | 218854 |
DRC NW 9 | 307500 | 218855 |
DRC NW 10 | 307501 | 218856 |
DRC NW 11 | 307502 | 218857 |
DRC NW 12 | 307503 | 218858 |
DRC NW 13 | 307504 | 218859 |
DRC NW 14 | 307505 | 218860 |
DRC NW 15 | 307506 | 218861 |
DRC NW 16 | 307507 | 218862 |
DRC NW 17 | 307508 | 218863 |
DRC NW 18 | 307509 | 218864 |
DRC NW 19 | 307510 | 218865 |
DRC NW 20 | 307511 | 218866 |
DRC NW 21 | 307512 | 218867 |
DRC NW 22 | 307513 | 218868 |
DRC NW 23 | 307514 | 218869 |
DRC NW 24 | 307515 | 218870 |
DRC NW 25 | 307516 | 218871 |
DRC NW 26 | 307517 | 218872 |
DRC NW 27 | 307518 | 218873 |
DRC NW 28 | 307519 | 218874 |
DRC NW 29 | 307520 | 218875 |
DRC NW 30 | 307521 | 218876 |
DRC NW 31 | 307522 | 218877 |
DRC NW 32 | 307523 | 218878 |
DRC NW 33 | 307524 | 218879 |
DRC NW 34 | 307525 | 218880 |
DRC NW 35 | 307526 | 218881 |
DRC NW 36 | 307527 | 218882 |
DRC NW 37 | 307528 | 218883 |
DRC NW 38 | 307529 | 218884 |
DRC NW 39 | 307530 | 218885 |
DRC NW 40 | 307531 | 218886 |
DRC NW 41 | 307532 | 218887 |
DRC NW 42 | 307533 | 218888 |
DRC NW 43 | 307534 | 218889 |
DRC NW 44 | 307535 | 218890 |
DRC NW 45 | 307536 | 218891 |
DRC NW 46 | 307537 | 218892 |
DRC NW 47 | 307538 | 218893 |
DRC NW 48 | 307539 | 218894 |
EBatt 1 | 307483 | 218896 |
EBatt 2 | 307484 | 218897 |
EBatt 3 | 307485 | 218898 |
EBatt 4 | 307486 | 218899 |
EBatt 5 | 307487 | 218900 |
EBatt 6 | 307488 | 218901 |
EBatt 7 | 307489 | 218902 |
EBatt 8 | 307490 | 218903 |
OMM-1 | 307478 | 218905 |
OMM-2 | 307479 | 218906 |
OMN-2 | 307481 | 218908 |
OMN-3 | 307482 | 218909 |
BTG-1 | 307471 | 218910 |
BTG-2 | 307472 | 218911 |
BTG-3 | 307473 | 218912 |
BTG-4 | 307474 | 218913 |
BTG-5 | 307475 | 218914 |
BTG-6 | 307476 | 218915 |
NFX 17 | 307230 | 218685 |
NFX 18 | 307231 | 218686 |
NFX 19 | 307232 | 218687 |
NFX 20 | 307233 | 218688 |
NFX 21 | 307234 | 218689 |
NFX 22 | 307235 | 218690 |
NFX 23 | 307236 | 218691 |
NFX 24 | 307237 | 218692 |
NFX 25 | 307238 | 218693 |
NFX 30 | 307243 | 218698 |
NFX 31 | 307244 | 218699 |
NFX 32 | 307245 | 218700 |
NFX 33 | 307246 | 218701 |
NFX 34 | 307247 | 218702 |
NFX 35 | 307248 | 218703 |
NFX 36 | 307249 | 218704 |
NFX 37 | 307250 | 218705 |
NFX 38 | 307251 | 218706 |
NFX 42 | 307255 | 218710 |
NFX 43 | 307256 | 218711 |
NFX 44 | 307257 | 218712 |
NFX 45 | 307258 | 218713 |
NFX 46 | 307259 | 218714 |
NFX 47 | 307260 | 218715 |
NFX 48 | 307261 | 218716 |
NFX 49 | 307262 | 218717 |
NFX 50 | 307263 | 218718 |
NFX 56 | 307269 | 218724 |
NFX 57 | 307270 | 218725 |
NFX 58 | 307271 | 218726 |
NFX 59 | 307272 | 218727 |
NFX 60 Amended | 307558 | 218728 |
NFX 61 | 307274 | 218729 |
NFX 62 | 307275 | 218730 |
NFX 63 | 307276 | 218731 |
NFX 64 | 307277 | 218732 |
OMN-1 revised | 315879 | 228322 |
Mining explorationentity or oil and gas exploration entity
quarterly cash flow report
Jervois Global Limited | ||
52 007 626 575 | 31 December 2023 |
Current quarter | Year to date (12 months)
| ||
1. | Cash flows from operating activities | 42,487 | 234,616 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| (3,006) | (11,589) | |
| (38,009) | (187,632) | |
| (1,674) | (13,228) | |
| (1,087) | (3,919) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 264 | 1,338 |
1.5 | Interest and other costs of finance paid | (870) | (19,646) |
1.6 | Income taxes refunded / (paid) | 64 | (1,018) |
1.7 | Other | - | - |
1.9 | Net cash (used in) from operating activities | (1,831) | (1,078) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (3,395) | (81,770) | |
| (1,374) | (1,999) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| 280 | 1,349 | |
| - | - | |
| - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other | - | - |
2.6 | Net cash used in investing activities | (4,489) | (82,420) |
3. | Cash flows from financing activities | - | 24,985 |
3.1 | Proceeds from issues of equity securities (excludingconvertible debt securities) | ||
3.2 | Proceeds from issue of convertible debtsecurities | - | 25,000 |
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | (6) | (3,270) |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | (4,788) | (70,926) |
3.7 | Transaction costs related to loans andborrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other – incl. lease liabilities | (714) | (2,119) |
Other - Government grants and tax incentives | 2,293 | 2,468 | |
Other | - | - | |
3.10 | Net cash from (used in) financing activities | (3,215) | (23,862) |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 54,851 | 152,647 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (1,831) | (1,078) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (4,489) | (82,420) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | (3,215) | (23,862) |
4.5 | Effect of movement in exchange rates on cashheld | 52 | 81 |
4.6 | Cash and cash equivalents at end of period | 45,368 | 45,368 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (1,831) |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (1,374) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (3,205) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 45,368 |
8.5 | Unused finance facilities available at quarter end(item 7.5 and see item 7.6 – footnote 3) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 45,368 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 14.16 |
Note: if the entity has reported positive relevantoutgoings (i.e., a net cash inflow) in item 8.3, answer item 8.7 as“N/A”. Otherwise, a figure for the estimated quarters of fundingavailable must be included in item 8.7. | ||
8.8 | If item 8.7 is less than 2 quarters, please provideanswers to the following questions: | |
8.8.1 Does the entity expect that it willcontinue to have the current level of net operating cash flows for thetime being and, if not, why not? | ||
Answer: N/A | ||
8.8.2 Has the entity taken any steps, ordoes it propose to take any steps, to raise further cash to fund itsoperations and, if so, what are those steps and how likely does itbelieve that they will be successful? | ||
Answer: N/A | ||
8.8.3 Does the entity expect to be able tocontinue its operations and to meet its business objectives and, ifso, on what basis? | ||
Answer: N/A | ||
Note: where item 8.7 is less than 2 quarters, all ofquestions 8.8.1, 8.8.2 and 8.8.3 above must be answered. |
1 This statement has been prepared inaccordance with accounting standards and policies which comply withListing Rule 19.11A.
2 This statement gives a true and fair viewof the matters disclosed.
Date: 30 January 2024
Authorised by: Disclosure Committee
(Name of body or officer authorising release – seenote 4)
1. This quarterly cash flow report and theaccompanying activity report provide a basis for informing the marketabout the entity’s activities for the past quarter, how they havebeen financed and the effect this has had on its cash position. Anentity that wishes to disclose additional information over and abovethe minimum required under the Listing Rules is encouraged to doso.
2. If this quarterly cash flow report hasbeen prepared in accordance with Australian Accounting Standards, thedefinitions in, and provisions of, AASB 6:Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cashflow report has been prepared in accordance with other accountingstandards agreed by ASX pursuant to Listing Rule 19.11A, thecorresponding equivalent standards apply to this report.
3. Dividends received may be classifiedeither as cash flows from operating activities or cash flows frominvesting activities, depending on the accounting policy of theentity.
4. If this report has been authorised forrelease to the market by your board of directors, you can insert here:“By the board”. If it has been authorised for release to themarket by a committee of your board of directors, you can insert here:“By the [ name of board committee – e.g., Audit and RiskCommittee ]”. If it has been authorised forrelease to the market by a disclosure committee, you can insert here:“By the Disclosure Committee”.
5. If this report has been authorised forrelease to the market by your board of directors and you wish to holdyourself out as complying with recommendation 4.2 of the ASXCorporate Governance Council’s CorporateGovernance Principles and Recommendations , theboard should have received a declaration from its CEO and CFO that, intheir opinion, the financial records of the entity have been properlymaintained, that this report complies with the appropriate accountingstandards and gives a true and fair view of the cash flows of theentity, and that their opinion has been formed on the basis of a soundsystem of risk management and internal control which is operatingeffectively.
1 Before interestpayments.
2 Drawn senior debt represents the aggregate of amounts drawnunder the Company’s senior debt facilities (excludes UnsecuredConvertible Notes that mature in July/August 2028). Amounts representthe nominal loan amounts; balances recorded in Jervois’ financialstatements under International Financial Reporting Standards willdiffer.
3 See ASX announcement “Updated RAM resource offersopportunity to extend ICO mine life” dated 19 April 2023(Australia).
4 Drawn senior debt represents the aggregate of amounts drawnunder the Company’s senior debt facilities (excludes UnsecuredConvertible Notes that mature in July/August 2028). Amounts representthe nominal loan amounts; balances recorded in Jervois’ financialstatements under International Financial Reporting Standards willdiffer.
5 Excludes Jervois Finlandstaff costs which are included in 1.2(c) production.
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