(TheNewswire)
TheNewswire - 28 January 2021 - Jervois Mining Limited (“Jervois”or the “Company”) ACN: 007 626 575 ASX (TSXV:JRV) ( OTCQB:JRVMF)
Jervois Mining Limited (“Jervois” or the“Company”) ACN: 007 626 575 ASX/TSXV: JRV OTCQB: JRVMF Corporate Information: 802.1M Ordinary Shares 96.5M Options Non-Executive Chairman Peter Johnston CEO and Executive Director Bryce Crocker Non-Executive Directors Brian Kennedy Company Secretary Alwyn Davey Contact Details Suite 508, 737 Burwood Road Victoria 3122 Australia P: +61 (3) 9583 0498 | Highlights
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CORPORATE UPDATE
Liquidity
Jervois ended the December 2020 quarter with A$42.3million in cash and at year end had a loan from the US governmentoutstanding for A$0.1 million relating to Covid-19 stimulus payroll protection, for which forgiveness requirementshave already been met. Cash during the period increasedsignificantly due to announcement of an A$45.0 million equity raise on20 October 2020 and completion during the quarter on receipt ofrequired shareholder approvals.
During the quarter, Jervois paid the non-refundabledeposit of R$15 million (A$3.9 million) which will apply as the firstcash tranche on closing of the announced acquisition of the SãoMiguel Paulista refinery (“ SMPRefinery ”) in São Paulo, Brazil. R$125million in cash will be payable on closing andfollowing to CompanhiaBrasileira de Alumínio (“ CBA ”), a 100%-owned subsidiary of Votorantim SA, in tranches based on satisfaction of certain conditionprecedents, expiration or waiver of termination rights held by Jervois, and achievement of production thresholdsassociated with a restart of the SMP Refinery, with an outside date ofJune 2023.
Expenditure on exploration and development for thequarter was A$0.5 million in Uganda. Activities at Idaho CobaltOperations (“ ICO ”) arenow classified as Assets Under Construction and incurred expenditureof A$1.0 million in the quarter.
Placement
On 20 October, Jervois announced it had successfullyclosed a A$45.0 million equity raising, prior to issuance costs (the“ Placement ”). 147,540,985 new ordinary shares were issued in the Placement at aprice of A$0.305 per share.
The Placement first tranche, totalling A$39.2 million(less costs), was received by Jervois as announced on 28 October2020.
Tranche 2 of the Placement, which was subject toshareholder approval, totalled a further A$5.8 million (less costs). This issuance was approved by shareholders at the Company’s AnnualGeneral Meeting (“ AGM ”) and included Jervois Directors and Senior Management whosubscribed for 5,737,705 new ordinary shares, investing A$1.75 millionalongside institutions. This figure was incremental to the A$2.75million cash invested by Company principals in July 2019, alongsideinstitutional investors in that 2019 equity raise.
Jervois participants in the Placement included:
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-- Peter Johnston, Non-ExecutiveChairman (A$0.2 million, 655,738 shares)
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-- Brian Kennedy, Non-ExecutiveDirector (A$0.5 million, 1,639,344 shares)
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-- Ken Klassen, General Counsel /EGM – Legal (A$0.3 million, 983,607 shares); and
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-- Greg Young, EGM – Commercial(A$0.75 million, 2,459,016 shares).
Shareholders voted in favour at the AGM on 30 November. Tranche 2 funds were received on 2 December 2020.
Jervois is using proceeds from the Placement for ICOlong lead item orders, detailed engineering and ongoing site costs;and activities relating to the recently announced agreement to acquire the SMP refinery, including the purchasedeposit, lease payments from March 2021 and restart feasibility studycosts.
Management Appointments
During the quarter, Jervois made key executiveappointments as it drives development and construction at ICO in theUnited States (“ US ”)and the restart of SMP nickel-cobalt refinery in São Paulo, Brazil.
As reported last quarter, in October, Jervois announcedthe appointment of one of the world’s foremost traders of nickel andcobalt products, Greg Young as EGM – Commercial.
Mr. Young has extensive knowledge of nickel and cobaltincluding their materials flow, market indices and pricing strategies. Mr. Young gained this experience during his 25-year tenure atGlencore, which culminated in his appointment as Co-Head of GlencoreUS, a position he held for over 10 years. Mr. Young ran Glencore’sStamford office in Connecticut, which housed approximately 50 metalstraders and other employees.
Strengthening the commercial function ahead of theplanned restart at the SMP refinery, during the quarter Jervoisappointed both Wayde Yeoman and Klaus Wollhaf as Group Manager(s) –Commercial, who report to Mr. Young.
Mr. Yeoman has more than 30 years of experience in theglobal cobalt industry, including Director of Cobalt Sourcing andMarketing at OM Group, Inc. (“ OMG ”), which at the time owned and operated the largest cobaltrefinery in the world, Kokkola in Finland. Mr. Yeoman was a memberof the OMG Cobalt Management team and was also a member of the LMECobalt Committee and company representative at the Cobalt Institute. Mr. Yeoman also worked for global cobalt merchants Metal ResourcesGroup and Darton Commodities, where he had responsibility for sales ofcobalt metal to major consumers in the United States, and also workedin production, purchasing and sales roles at The Shepherd ChemicalCompany, one of the largest consumers of cobalt in the United States.
Klaus Wollhaf joins Jervois with more than 30 years ofexperience in the global mining industry. Mr. Wollhaf was Presidentof Xstrata Nickel International S.A. responsible for all raw materialacquisitions and sales for Xstrata Nickel (now part of Glencore plc)globally encompassing nickel, cobalt, copper and PGM intermediates. He has extensive experience trading nickel and cobalt intermediateproducts globally including concentrates, mattes and mixed metalhydroxides and sulphides. Prior to his commercial roles withXstrata, Mr. Wollhaf managed ferrochrome smelting operations forAnglovaal Minerals and Assmang in South Africa and smelting andrefining operations of copper and zinc for Falconbridge (now part ofGlencore) in Canada.
Mr. Wollhaf and Mr. Yeoman’s appointments completedJervois’s expansion of its commercial team to optimise SMP’srestart with third party volumes.
Jervois announced the appointment of James May as ChiefFinancial Officer / EGM – Finance in November. Mr. May joinsJervois from 1 March 2021 with more than 20 years of experience in theglobal resources industry, after beginning his career with Deloitte inLondon within its energy and resources division, before joining RioTinto in 2006.
Across his 15 years of leadership roles at Rio Tinto,Mr. May spent time in a variety of global positions of increasingseniority, culminating in the role of Interim Vice President – Salesand Marketing, for the Energy and Minerals sales portfolio, based inSingapore. Mr. May was also previously the CFO of Energy Resourcesof Australia Limited, an ASX listed uranium miner, majority owned byRio Tinto.
Mr. May will be supported by new Group Controller,Craig Morrison, who was Group Financial Controller for an Australianagriculture business with revenues approaching A$200 million, andGroup Financial Reporting Manager for a NASDAQ-listed LNG midstreaminfrastructure company with a market capitalization of approximatelyUS$1 billion.
From 1 March 2021, Jess Birtcher will relinquish hisposition as Acting CFO and pass these responsibilities to Mr. May,which will allow Mr. Birtcher to focus on his ICO Finance Manager roleahead of a restart of construction activities on site in Salmon,Idaho, in Q2 2021.
To support the restart of the SMP Refinery, Valdecir Botassini has been appointed as ProjectDirector to manage the feasibility study for the restart. Mr.Botassini joins with the experience of a 35-year career at VotorantimGroup where he led both its nickel and zinc divisions; he also servedas Chief Operating Officer of Votorantim’s mines and smelters acrossBrazil and Peru. Mr. Botassini’s experience spanned operational,technical and commercial roles, including 20 years at SMP Refineryfinishing as General Operations Manager, the lead executive positionat site.
Insider Compensation Reporting
A$0.04 million in thequarter were paid to Non-Executive Directors. A$0.22 million waspaid to the CEO (Executive Director) during thequarter, which included a payment relating to his 2020 short termincentive plan (“ STIP ”).
As a consequence of grandfathering arrangementsacquired during the M2 Cobalt merger, during the quarter A$0.08million was paid to related parties outside their salaried Jervoisroles for Ugandan exploration management services (Ms Jennifer Hintonand Mr Thomas Lamb, Ugandan Country Head and Ugandan OperationsManager respectively). The scope of this support included localadministration and in-country management, accounting, payroll andtreasury services, logistical support and exploration staffing as setout in Item 6 of the Appendix 5B Quarterly Cashflow report.
United States (“US”) Government Discussions
ICO will be the only cobalt mine in the US uponforecast commissioning in 2022, with cobalt identified by thegovernment as a strategic mineral of critical importance. Cobalt ison a list of critical minerals developed by the Department of theInterior in coordination with other US executive branch agenciespursuant to Executive Order 13817, “A Federal Strategy to EnsureSecure and Reliable Supplies of Critical Minerals” (82 FR 60835)with the final list being published in May 2018 (83 FR 23295).
During the quarter, Jervois CEO Bryce Crockerparticipated in an interview with leading US-based media outletPOLITICO as part of a Global Translation podcast series focused oncobalt, China’s strategy to secure raw materials and acceleratingefforts within the US to secure critical mineral supply chains.
Mr. Crocker was invited to participate in thethree-part podcast alongside US Senator Lisa Murkowski (R-AK),Canadian Ambassador to the United States Kirsten Hillman, AssistantSecretary Department of the Interior Timothy Petty and European UnionVice President Maroš Šef?ovi?, among others.
The podcast titled “Why Green Energy Means Mining:The Case of Cobalt” is available at: https://jervoismining.com.au/investors/media/
Jervois remains actively engaged with the US Governmentincluding President Biden’s Administration which has identifiedelectrification of transportation, climate change and domestic ‘Madein America’ economic recovery as key policy platforms. Thegeopolitical and economic importance of constructing ICO as the US’only cobalt mine, Jervois believes is significant to the US and, asevidenced by, the strong bipartisan support ICO attracts in both Idahoand Washington DC.
Following the recently announced agreement to acquirethe SMP nickel-cobalt refinery in São Paulo, Mr. Crocker was based inBrazil for an extended period and is engaged with Brazilian politicalleadership, and US and Australian Government representatives,regarding the important role the SMP refinery will play in securingcritical mineral supply chains.
Jervois joins ZETA
In December, Jervois announced it had become a foundingmember of the Zero Emission Transportation Association(“ ZETA ”), in the US. ZETA is advocating for 100% electric vehicles (“ EV ”) sales in the US through allcategories of vehicles by 2030. Other founding members includeTesla, Uber, Duke Energy, Rivian, ChargePoint, Lordstown Motor Companyand Albemarle.
Jervois elected to participate given the important roleof its 100%-owned ICO to support the transition of the US to EV’s. Cobalt is a key component in lithium-ion battery chemistries. Secure, ethical sources of supply are important characteristics forthe procurement chains of battery manufacturers and their customers inthe auto industry.
Project Financing Update
Discussions with lenders continue, supported byincreasingly robust sentiment pertaining to battery raw materials forEV’s, including a rising cobalt price. Discussions are centeringaround structuring alternatives for the lenders’ security package,which now may include the SMP Refinery. An integrated financialmodel is being updated for lenders following Elemental Engineering’swork on the SMP Refinery (refer to Project Update section below). Discussions with lenders also include their due diligencerequirements of the SMP Refinery, should this form part of thelenders’ security package.
As noted above, US Government engagement continues withthe new Administration led by President Biden and Vice PresidentHarris.
Customer and supply arrangements also continue to beadvanced by Jervois’ commercial team which was hired in Q4 2020.
Investor Relations
Jervois is currently participating in the TD SecuritiesMining Conference, which is running from 27-29 January 2021. JervoisChief Executive Officer Bryce Crocker will also present and meetinstitutional investors on a 1-1 basis at BMO’s 30 th Annual Global Metals and MiningConference, to be held from 1-5 March 2021. Both conferences arevirtual.
Change of Year End
Jervois’ Board has resolved to change the Company’sfinancial year end from 30 June to 31 December in order to align theAustralian reporting dates with its overseas operations. This change in financial year was made inaccordance with Section 323D(2A) of the Corporations Act 2001 (Cth). The Board confirms that:
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The Company’s previous financial year ended on 30June 2020;
The Company will have a six-month transitionalfinancial year, from 1 July 2020 to 31 December 2020; and
Thereafter, the Company will revert to a 12-monthfinancial year, from 1 January 2021 and ending on 31 December.
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The change in financial year requires the Company to,in respect of the transitional financial year:
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Lodge a quarterly report (Appendix 5B) with ASX by 31January 2021;
Lodge audited financial statements with ASX by 31 March2021;
Lodge an annual report with ASX by 30 April 2021;and
Hold an Annual General Meeting (“ AGM ”) by 31 May 2021.
Jervois will advise the market in the ordinary coursewhen the date of this upcoming AGM is determined.
Results of the 2020 AGM
At its 2020 AGM held on 30 November, all resolutionsput to the meeting passed by poll of shareholders present in-personand by proxy. The reesolutions were as follows:
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1. Adoption of the RemunerationReport
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2. Re-election of a Director - MrBrian Kennedy
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3. Re-election of a Director - MrPeter Johnston
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4. Re-election of a Director - MrMichael Callahan
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5. Additional Placement Capacity(Special)
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6. Approval of Stock OptionPlan
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7. Approval to issue Options toBrian Kennedy
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8. Approval to issue Options toMichael Callahan
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9. Approval to issue Options toPeter Johnston
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10. Appointment ofAuditor
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11. Ratification of prior issue ofshares
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12. Approval of participation inthe capital raising
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13. Approval of the issue ofcapital raising share.
PROJECT UPDATES
Idaho Cobalt Operations or ICO, United States
In November, Jervois announced it had appointed M3Engineering (“ M3 ”) aslead engineer for the detailed design and site early works for ICO.
M3 is headquartered in Tucson, Arizona and was selectedas the preferred engineering contractor due to its recent completionof the Australian JORC Code 2012 Edition (“ JORC ”) BFS and Canadian NationalInstrument 43-101 (“ NI 43-101 ”) Feasibility Study (“ FS ”) on ICO, announced on 29September 2020. M3 also has extensive construction experience andproject delivery in the US, specifically relating to local conditionsin Idaho and regional contractor capabilities.
The detailed design will cover all packages of work toallow orders to be placed on long lead items so construction canrestart and site early works in May 2021 can commence, after snowmelts allowing safe site access for construction. All long leaditems are currently being packaged for market enquiry, withcontractors currently at site assessing early work package executionplans. After careful review and discussions with third partysuppliers of nickel and cobalt products into the SMP Refinery inBrazil, Jervois has decided to revert to split concentrate at ICO tomaximise an ability to leverage refinery restart economics andenvisaged copper removal capacity. This will lead to a US$4.9million rise in overall project capital at site in Idaho, but with areduction of capital in Brazil for copper removal otherwise requiredfor ICO concentrate. ICO remains scheduled to be commissioned inJuly 2022.
In January 2021 Jervois appointed Metso Outotec toundertake engineering and fabrication of a SAG mill for ICO. Thecontract is for the design, fabrication and delivery of a 4.7-metrediameter and 2.5m-long 750kW SAG (semi-autogenous grinding) mill. The mill design will comfortably accommodate the nameplate 1,200short tons of ore per day (“ stpd ”) Jervois applied in its recent ICO FS. (refer toJervois’ ASX announcement on 29 September 2020).
São Miguel Paulista Nickel and Cobalt Refinery, SãoPaulo, Brazil
In December, Jervois paid the non-refundable deposit ofR$15 million (A$3.9 million) which on Closing (as defined below) willapply as the first tranche of the purchase price payable for the SMPRefinery in São Paulo, Brazil.
Following this payment Jervois and CBA have enteredinto an initial lease arrangement (“ RefineryLease ”) providing Jervois access to undertakea FS for the restart. Subject to Jervois’ Early Termination Rightup to September 2021, the term of the lease will continue untilclosing of Jervois’ acquisition of SMP Refinery (“ Closing ”) which is subject to thesatisfaction of usual condition precedents and is expected to occur byDecember 2021.
As part of the purchase arrangements and as containedin the Refinery Lease, Jervois will pay for the SMP Refinery care andmaintenance (including environmental remediation) of the site from March 2021, via the cash payment of amonthly lease cost of R$1.5 million. Up until Closing, CBA willcontinue to manage the site. After Closing, 100% ownership andoperating control will transfer to Jervois as it moves forward torestart the facility.
On Closing, the deposit paid in December 2020 will beapplied as the first tranche of R$15 million to the R$125 million cashpurchase price for the SMP Refinery. The timing for the payment ofthe balance of the purchase price is conditional upon permitting,restart FS outcomes and future production thresholds, with an outsidedate of June 2023.
In parallel with engineering work underway on ICO,Jervois announced the appointment of Australian-based consultancyElemental to complete modelling of feed integration of hydroxides,carbonates, oxides and sulphide concentrates for the SMP Refinery inBrazil.
Scope included detailed mass and energy balancecalculations, reagent consumption, steam and water balances, sysCADmodels and flowsheets including impurity removal and recirculatingload assessment, together with impact on utility demands includingelectricity, steam and water. The work was finalized in January,with FS scope in final stages of review prior to award.
Elemental was awarded the scope of work after strongbids from international engineering firms with expertise in nickel andcobalt refining. Elemental completed similar work for Glencore’sMurrin Murrin facility in Western Australia and undertook Nico Youngflowsheet modelling for Jervois in New South Wales, Australia, priorto public release of the NI 43-101 Preliminary Economic Assessment inMay 2019.
As a result of Elemental’s work, Jervois hasdetermined it shall integrate a POX leach circuit at the SMP Refinery. The inclusion of the POX autoclave offers a number of advantagescompared to roasting concentrates, namely high metal recovery, lowoverall operating costs, enhanced ESG metrics due to lower emissionsand energy usage, improved refined product purity and compactinstallation footprint on site. Preliminary POX sighter test work atSGS Perth Western Australia in conjunction with Elemental’s workreturned satisfactory results.
As noted earlier, Jervois will now revert to deliveringa cobalt concentrate (containing gold) to the SMP Refinery. Theremoval of copper from the concentrate in the US will allow Jervois’commercial team to maxmise refinery copper capacity in Brazil fromthird party suppliers. Gold, copper and impurity removal bottlenecksare being assessed by Elemental and will form part of the FS scope. Introducing the POX circuit at the SMP Refinery will replace theroaster at Blackfoot, Idaho, as no concentrate calcination will benecessary for feeding into an autoclave.
Commercially, negotiations with cobalt hydroxide, MHPand sulphide concentrate suppliers continue, as do talks with endcustomers of refined product. In addition to the established“Tocantins” metal brands of SMP, Jervois will also be carefullyassessing the ability of the facility to produce refined chemicalsulphates, both nickel and cobalt.
Nico Young Nickel-Cobalt Project, New South Wales,Australia
The Company completed the Nico Young NI 43-101Preliminary Economic Assessment (“ PEA ”) in May 2019 which envisagedheap leaching and refining through an integrated processing facilityto produce battery grade nickel sulphate and cobalt in refinedsulphide. Assessments on producing a mixedhydroxide product (“ MHP ”) (a feedstock suitable for the SMP Refinery) were alsoassessed and costed to the equivalent level of engineering.
Jervois’ announced agreement to acquire the SMPRefinery enables a revised development plan at Nico Young to MHP,suitable for processing based on the existing SMP flowsheet. This isestimated to result in capital savings of approximately A$200 millionfrom the prior Nico Young NI 43-101 PEA investment requirements.
The Company is continuing discussions which envisagepartial off-take in exchange for funding to complete a BFS. At thattime, Jervois will reassess its level of equity ownership anduncommitted offtake of Nico Young to determine a suitable ownershipstructure and marketing strategy to secure the required projectfinancing to move into construction.
Ugandan Exploration Properties
Jervois completed its planned drill programme at itsKilembe area properties in central and western Uganda, and followingreceipt of assays from Q4 2020 exploration, announced the results on27 January 2021.
Drilling at the Kilembe Area Properties targetedsurficial Au-Cu mineralization detected through earlier geochemicalprogrammes. In total, 1,905 metres of diamond drilling was completedin 17 holes drilled at the Kilembe Area Properties in 2019 and 10holes in 2020, totaling 1,409m.
Result highlights included:
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Hole 20DDHS006
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2.0m @ 6.0 grams per tonne gold (“g/t Au”) from 147.4m
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Hole 20DDHS007
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24.8m @ 0.9 g/t Au from 53.7m
Including 1.05m @ 6.4 g/tAu; from 77.45m
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Hole 20DDHS008
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Hole 20DDHS009
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10.0m @ 0.5 g/t Au from 38.0m
Including 1.0m @ 2.9 g/tAu; from 41.0m
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1.0m @ 5.0 g/t Au; from95.0m
All exploration activities in Uganda have beensuspended due to a combination of ongoing Covid-19 risks, politicaland regulatory developments in-country and results to date outside theabove Kilembe Area Properties which do not meet mineralization modelexpectations for copper-cobalt ore deposits. Jervois is initiating apartnering process for its Ugandan exploration portfolio and thecurrent book value (A$20.5 million) will be subject to carefulimpairment review as part of the December 2020 annual accountpreparation.
Kabanga Nickel-Cobalt Deposit Application,Tanzania
Jervois has been unsuccessful in obtaining tenure forthe Kabanga Nickel-Cobalt deposit.
Non Core Assets
Jervois’ non-core assets are summarized on theCompany’s website. Sale negotiations to rationalize the Company’sportfolio continues.
ASX WAIVER INFORMATION
On 6 June 2019, the ASX granted a waiver to Jervois inrespect of extending the period to 8 November 2023 in which it mayissue new Jervois shares to the eCobalt option holders as part of theeCobalt transaction.
As at 31 December 2020, the following Jervois shareswere issued in the quarter on exercise of eCobalt options and thefollowing eCobalt options remain outstanding:
Jervois shares issued in the quarter on exercise ofeCobalt options: | Nil |
eCobalt options remaining outstanding: | |
2,714,250* 3,654,750* 288,750* 231,000* 165,000* 206,250* 4,191,000* 123,750* 1,980,000* | eCobalt options exercisable until 6 September 2021 atC$0.36* each eCobalt options exercisable until 28 June 2022 atC$0.71* each eCobalt options exercisable until 5 October 2022 atC$0.70* each eCobalt options exercisable until 11 January 2023 atC$1.16* each eCobalt options exercisable until 12 March 2023 atC$0.85* each eCobalt options exercisable until 6 April 2023 atC$0.84* each eCobalt options exercisable until 28 June 2023 atC$0.61* each eCobalt options exercisable until 24 September 2023 atC$0.50* each eCobalt options exercisable until 1 October 2023 atC$0.53* each |
13,554,750* |
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The number of options represent the number of Jervoisshares that will be issued on exercise. The exercise pricerepresents the price to be paid for the Jervois shares whenissued.
By Order of the Board
Bryce Crocker
Chief Executive Officer
For further information, please contact:
Investors and analysts: Bryce Crocker Chief Executive Officer Jervois Mining Limited | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Competent Person’s Statement
The information in this release that relates to MineralExploration is based on information compiled by David Selfe who is afull time employee of the company and a Fellow of the AustralasianInstitute of Mining and Metallurgy and Dean Besserer, P.Geol. who isthe GM Exploration for the Company and a member of The Association ofProfessional Engineers and Geoscientists of Alberta. Both DavidSelfe and Dean Besserer have sufficient experience which is relevantto the style of mineralization and type of deposit under considerationand to the activity which they are undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the ‘AustralasianCode for Reporting of Exploration Results, Mineral Resources and OreReserves’. David Selfe and Dean Besserer consent to the inclusionin the release of the matters based on their information in the formand context in which it appears.
Qualified Person’s Statement
The technical content of this news release has beenreviewed and approved by Dean Besserer, P.Geol., who is the GMExploration for the Company and a Qualified Person as defined byNational Instrument 43-101.
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.
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 the partnering process in Uganda, preparation of detailedengineering at ICO, the commencement of construction and operations atICO, the preparation of studies at SMP Refinery, the reliability ofthird party information, and certain other factors or information.Such statements represent the Company’s current views with respectto future events and are necessarily based upon a number ofassumptions and estimates that, while considered reasonable by theCompany, 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. The Company 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.
Tenements Australian Tenements
Uganda Exploration Licences
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Idaho Cobalt Operations – 100% Interest owned | ||
Claim Name | County # | IMC # |
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 |
Black Pine – 100% Interest Owned | ||
Claim Name | Book & Page County # | IMC # |
NOAH #1 | 304761 | 217757 |
NOAH #2 | 304762 | 217758 |
NOAH #3 | 304763 | 217759 |
NOAH #4 | 304764 | 217760 |
NOAH #5 | 304765 | 217761 |
NOAH #6 | 304766 | 217762 |
NOAH #7 | 304767 | 217763 |
NOAH #8 | 304768 | 217764 |
NOAH #9 | 304769 | 217765 |
NOAH #10 | 304770 | 217766 |
NOAH #11 Amended | 305804 | 218081 |
NOAH #12 | 305803 | 218082 |
NOAH #13 FRAC | 305802 | 218083 |
NOAH #14 | 305805 | 218084 |
NOAH #15 | 305806 | 218085 |
NOAH #16 | 305807 | 218086 |
NOAH #17 | 305808 | 218087 |
NOAH #18 | 305809 | 218088 |
NOAH #19 | 305810 | 218089 |
NOAH #20 | 305811 | 218090 |
NOAH #21 | 305812 | 218091 |
NOAH #22 | 305813 | 218092 |
NOAH #23 | 305814 |
Mining explorationentity or oil and gas exploration entity
quarterly cash flow report
Jervois Mining Limited | ||
52 007 626 575 | 31 December 2020 |
Current quarter | Year to date (6 months) | ||
1. | Cash flows from operating activities | - | - |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| - | - | |
| - | - | |
| (429) | (686) | |
| (1,158) | (2,046) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | - | - |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | - | - |
1.7 | Government grants and tax incentives | 25 | 1,587 |
1.8 | Other | 43 | 68 |
1.9 | Net cash from / (used in) operating activities | (1,519) | (1,077) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (1,006) | (1,007) | |
| (505) | (1,592) | |
| - | - | |
| (162) | (162) | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| - | - | |
| - | 173 | |
| - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other – SMP Refinery Purchase Tranche 1 | (3,910) | (3,910) |
2.6 | Net cash from / (used in) investing activities | (5,583) | (6,498) |
3. | Cash flows from financing activities | 45,000 | 45,000 |
3.1 | Proceeds from issues of equity securities (excludingconvertible debt securities) | ||
3.2 | Proceeds from issue of convertible debtsecurities | - | - |
3.3 | Proceeds from exercise of options | 70 | 309 |
3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | (990) | (990) |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans andborrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing activities | 44,080 | 44,319 |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 5,407 | 5,663 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (1,519) | (1,077) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (5,583) | (6,498) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 44,080 | 44,319 |
4.5 | Effect of movement in exchange rates on cashheld | (54) | (76) |
4.6 | Cash and cash equivalents at end of period | 42,331 | 42,331 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (1,519) |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (505) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (2,024) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 42,331 |
8.5 | Unused finance facilities available at quarter end(item 7.5) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 42,331 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 20.91 |
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: | ||
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: | ||
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: | ||
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: 29 January 2021
Authorised by: Alwyn Davey, CompanySecretary
(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.
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