(TheNewswire)
Jervois Global Limited ACN: 007 626 575 ASX: JRV TSXV:JRV OTC:JRVMF Corporate Information: 1,519.7M Ordinary Shares 93.6M Options 3.8M Performance Rights Non-Executive Chairman Peter Johnston CEO and Executive Director Bryce Crocker Non-Executive Directors Brian Kennedy David Issroff Company Secretary Alwyn Davey Contact Details Suite 2.03, 1-11 Gordon Street Victoria 3121 Australia P: +61 (3) 9583 0498 E: admin@jervoisglobal.com W: www.jervoisglobal.com | Highlights Jervois Finland:
Idaho Cobalt Operations (“ICO”):
São Miguel Paulista (“SMP”) Nickel and CobaltRefinery, Brazil:
Corporate:
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Jervois Finland
Q2 results:
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Quarterly revenue: US$91.2 million (Q1 2022: US$105.1 million)
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EBITDA margin: 13.0% (Q1 2022: 14.2%)
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Sales volume: 1,139 metrictonnes (Q1 2022: 1,446 metric tonnes)
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Production volume: 1,145 metric tonnes (Q1 2022: 1,275 metric tonnes)
Sales and Marketing:
Jervois Finland achieved Q2 2022 revenue of US$91.2million, generated via quarterly cobalt sales volumes of 1,139 metrictonnes, down on the previous quarter. Volatility in both end-userdemand and cobalt feed supply impacted cobalt prices and revenue.Cobalt prices (Metal Bulletin (“ MB ”) Fastmarkets Standard Grade (“ SG ”) Low) trended down from nearlyUS$40.00/lb at the end of Q1 2022 to US$26.95/lb as at 20 July 2022.The MB Fastmarkets SG Low cobalt hydroxide payable indicator alsotrended downwards, sitting at 63.0% at the same date.
Quarterly production was 1,145 metric tonnes, adecrease of ~11% on the previous quarter. This reduction was in partdue to the planned annual maintenance shutdown in June, with alsoreduced reliability experienced in global supply chains that impactedcobalt feed availability early in the quarter.
Due to a catch up of raw materials supply late in thequarter, along with weakened global market demand for cobalt largelyassociated with Covid-19 lockdowns in China, total inventory volumesincreased across the quarter. Jervois expects cobalt inventory levelsto remain temporarily above levels typically targeted, to ensureprofitability is optimised and risk is managed relative to ongoingsupply chain challenges. Working capital is expected to normaliseduring the second half of 2022, with management focussed on balancingsupply chain risk, commercial objectives, and liquidity management.
Jervois’ outlook for key market segments issummarised below.
Batteries:
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Short–term battery demand has softened, driven byCovid shutdowns in China.
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In the current falling price environment there is verylittle spot demand for battery chemicals as customers wait for pricesto stabilise.
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Despite short term volatility and supply chaindestocking initiated by China, the medium- and longer-term trend ofsignificant demand growth remains intact, with significant OEM(automaker) interest in expanding delivery commitments overtime.
Chemicals, Catalysts and Ceramics:
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Catalysts: consumption at lower rates than previous,but stabilising. Jervois continues to see new opportunities,specifically in North America later this year.
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Chemicals: consumption in key applications such ascopper electrowinning, rubber chemicals, animal feed, plating andspecialty chemicals remains stable, although regional demand dynamicsvary. Supply chain adjustments activity has resulted in delayedshipments. In Asian markets, specifically Japan and Korea, premiumsare lower due to increased competition associated with the previouslymentioned Covid lockdowns in China triggering mass destocking ofChinese industry and cobalt trade.
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Ceramics: demand for pigments production is slowing asproducers mull the impact of significant energy cost increases and thefalling cobalt price; pigment applications using cobalt are typicallymore elastic in nature, particularly relative to price inelasticity ofother cobalt consuming industries. Cobalt usage in the smaller glassapplication segment remains stable.
Powder Metallurgy
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Outlook for 2022 remains stable, but more customers areexpressing concern regarding the last four months of the year asinflation rates increase and the possibility of a recessiongrows
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All markets remain stable except automotive which isvariable dependent upon customer and geography; the automotive sectoris largely expected to remain this way until semiconductor and partsavailability improves.
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Aerospace continues to incrementally improve, asoutside of China the rest of the world and associated movement ofpersons and goods normalises post Covid.
Financial Performance 2
Jervois Finland achieved Q2 2022 revenue of US$91.2million. The Q2 2022 adjusted EBITDA of US$11.9 million compared toUS$14.9 million in the prior quarter.
Figure 1: Jervois Finland Financial Metrics and MarketPrice Indicators
Earnings Guidance
As a result of lower cobalt prices and sales volumes,Jervois has revised EBITDA full year 2022 guidance to US$35.0 millionto US$40.0 million based on a US$27.50/lb forecast cobalt priceassumption for the remainder of the year, from US$50 million to US$55million which was based on a US$39.75/lb forecast cobalt priceassumption at the end of Q1 2022.
Table 1: Updated 2022 EBITDA guidance for JervoisFinland.
CY 2022 guidance update | Previous guidance | |
2H 2022 Cobalt price (Metal Bulletin FastmarketsStandard Grade) – US$/lb | 27.50 | 39.75 |
CY2022 sales volumes guidance – tonnes | 5,500 to 5,750 | 5,750 to 6,000 |
CY2022 EBITDA guidance – US | 35 to 40 | 50 to 55 |
Key factors that underpin the guidance update are asfollows:
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Guidance is based on actual cobalt price (MBFastmarkets SG Low) of US$36.70/lb for 1H 2022, and a forecast priceof US$27.50/lb price the second half of the year. The spot MBFastmarkets SG Low price on 20 July 2022 was US$26.95/lb.
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Lower sales guidance (previously 5,750 to 6,000 tonnes)principally due to weaker end use demand in key end use segments dueto the factors detailed previously within the Jervois Finland cobaltmarket update.
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Expected inventory profile for 2022 drives higher thanaverage feed cost realisation in the profit and loss account in secondhalf (lower than average in first half).
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Recent declines in market cobalt hydroxide expected totake time to translate into cost and EBITDA benefits (new purchasesrecorded in inventory).
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Guidance assumes constant prices for 2H 2022 – pricevolatility in the period will impact actual EBITDA outcome.
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Jervois Finland Expansion Plans
In May, Jervois announced the commencement of aBankable Feasibility Study (“ BFS ”) to assess the expansion of its production of refinedcobalt to at least 6,000 metric tonnes of additional annual cobaltrefining capacity at Kokkola Industrial Park, Finland. Currentfinished product capacity is 11,000 metric tonnes per annum ofcontained cobalt, significantly higher than the refining tollingcapacity available to Jervois at Umicore’s refinery.
An expansion of refining capacity is expected to beavailable in conjunction with forecast increased cobalt demand in thesecond half of this decade, largely associated with rising electricvehicle penetration.
The expansion advances the Company’s strategy tobecome a globally significant supplier of speciality chemicals andadvanced manufactured cobalt products into battery and otherindustries.
Initial commercial discussions with both final productcustomers and refinery feed suppliers (including recyclers) areunderway.
Expansion timing will be determined in conjunction withkey customers and will not require any near-term material financialinvestment for Jervois. Technical partner selection processes inFinland are underway, covering key workstreams such as flowsheetpiloting, process engineering and environmental and otherpermitting.
Idaho Cobalt Operations (“ICO”), United States
In June, Jervois announced it expected to commencecommissioning the plant at ICO in September 2022 with first orethrough the mill in October 2022 and sustainable, full rate oreprocessing forecast by February 2023.
With detailed engineering, procurement, and commitmentsall more than 90% complete, Jervois revised final forecast capitalexpenditure to bring ICO into production to US$107.5 million (fromUS$99.1 million), an increase of ~7.5%. Project constructionexperienced cost pressures due to the significant United Statesinflationary environment, compounded in recent months due tocontractor shortages and poor weather conditions across May and June.Weather-related delays have affected site installation for theaccommodation camp, which is now expected to be operable inAugust.
In July, ICO completed the second and final draw downof the US$100.0 million Senior Secured Bonds (“ Bonds ”). The second draw down, ofUS$51 million, follows the July 2022 visit to site by RPM Global,engaged in its capacity as Independent Engineer on behalf of theBondholders. RPM Global submitted an affirmed Cost to Complete test tothe Bonds trustee, confirming ICO is fully funded tocompletion.
ICO Construction and Mine Development Progress
As of June, mine development continued at ~27 feet perday. Planned increases to underground working faces, improved watermanagement and road conditions, as well as additional personnel andgreater utilisation of existing and future mining equipment on siteare expected to continue to improve minedevelopment productivity. Jervois and its mining contractor, SmallMine Development, remain confident in the revised mining productiontargets that underpin the capital cost update.
The SAG mill, ball mill and crusher are each in place,and work continues with facilities construction and equipmentplacement.
An official opening ceremony is scheduled at site for 7October 2022 with expected participation of United States politicalleadership and Australian government delegates.
At end June, Jervois had spent US$66.9 million of thetotal capital expenditure budget. Capital expenditure in Q2 2022 wasUS$25.6 million.
Drilling at ICO
The previously announced initial US$1.2 million infillprogramme, commenced in Q1 2022, is set to be complete in August thisyear. Infill drilling rates over 200 feet per day are being achievedas part of a 19,000 feet underground campaign to decrease hole spaceaiming to enhance ore body knowledge and de-risk early mining.
In June, Jervois approved an additional US$3.6 millionfor drilling to complete additional infill and first expansiondrilling from both surface and underground platforms to further defineand expand its RAM deposit within ICO. This will take total planneddrilling footage in 2022 to 46,000 feet.
Both drilling campaigns will improve ICO’s resourcemodel and will be used to develop a production block model for bothshort- and medium-term mining operations and will target expansiondown dip of the currently defined and known deposit. The RAM depositremains open at depth and along strike, and Jervois has confidencethat there exists a strong potential of both resource and reserveexpansion. Consistent with this expectation, planning is underway inrelation to Jervois’ neighbouring Sunshine deposit and historicalmineral resource, with preparations for a 2023 summer drill programmewell underway. The historical Sunshine cobalt resource is located ashort traverse to the ICO mill and concentrator currently underconstruction.
ICO is a key asset in delivering Jervois’ strategy tobecome a leading independent cobalt and nickel company providingmetals and minerals for the world’s energy transition through awestern supply chain. When commissioned in Q3 2022, ICO will be theUnited States’ only domestic mine supply ofcobalt, a critical mineral used in applications across industry,defence, energy, and electric vehicles.
São Miguel Paulista (“SMP”) Nickel and CobaltRefinery, Brazil
In July, Jervois completed the acquisition fromCompanhia Brasileira de Alumínio (“ CBA ”) of 100% of the São MiguelPaulista nickel cobalt refinery (“ SMP ”) in São Paulo, Brazil. SMP isLatin America’s only electrolytic class 1 nickel and cobaltrefinery, and operated successfully for over 30 years prior to beingplaced on care and maintenance by CBA when its vertically integratedmine was also closed due to low metal prices.
Total consideration to be paid for the acquisition isR$125.0 million in cash. Jervois paid the initial R$15.0 millionpayment in late 2020 when the acquisition was publicly announced and afurther R$47.5 million on closing in accordance with the previouslyannounced terms of the purchase agreement. The remaining R$62.5million is to be paid on the earlier to occur of commencement ofcommercial production at SMP and June 2023, per the purchase agreement(which Jervois expects to be June 2023 based on SMP’s currentrestart schedule).
A Jervois technical and commercial team is currentlyworking onsite at SMP undertaking detailed planning for the expectedrestart.
In April, Jervois released a BFS for Stage 1 of the SMPrestart to process mixed nickel hydroxide (“ MHP ”) and cobalt hydroxide through tometal.
Jervois forecasts to produce 10,000 metric tonnes perannum (“ mtpa ”) and2,000 mtpa of refined nickel and cobalt metal cathode respectively inStage 1, with Net Present Value (“ NPV ”) of US$228 million and US$141million at an 8% (real) discount rate on a pre-tax and post-tax basisrespectively; nominal Internal Rate of Return (“ IRR ”) of 47% (pre-tax) and 35%(post-tax). 3
The supplemental Stage 1 BFS, including POX forsulphide concentrates, is due at the end Q3 2022. Engineering iscurrently focused on debottlenecking, accelerating the restart andenhancing nickel through-put capacity associated with Stage 1. Jervoisis targeting a return to the full 25,000mtpa refined nickelproduction, but not at the expense of accelerated restart timing, riskoptimisation and a staged, capital efficient approach.
Nico Young Nickel-Cobalt Project, New South Wales,Australia
Jervois’s 100%-owned Nico Young nickel and cobaltproject envisages heap leaching nickel and cobalt laterite ore toproduce either an intermediate MHP or refining through to batterygrade nickel sulphate and cobalt in refined sulphide.
Planning for Jervois’s drilling campaign at NicoYoung is well underway, with an initial focus on converting inferredresources into the indicated category.
Corporate Activities
Liquidity
Jervois ended the June 2022 quarter with US$57.6million in cash (excluding restricted cash associated with the US$100 million ICOSenior Secured Bond). The US$51 million in theEscrow Account (restricted cash) was subsequently released on 20 July2022 once requisite conditions were met.
In June, Jervois announced its subsidiaries, JervoisSuomi (Holding) Oy and Jervois Finland Oy, increased the secured loanfacility (the “ Facility ”) with Mercuria Energy Trading SA, a wholly-ownedsubsidiary of Mercuria Energy Group Limited, by US$75 million toUS$150 million.
Key terms of the Facility remain consistent withJervois’ announcement to the market on 29
October 2021.
Jervois elected to draw US$25.0 million of thisadditional facility in June, taking the total balance out to US$100.0million. Up to US$50.0 million is permitted to be transferred out ofthe Jervois Finland group of companies for other general purposes inthe Jervois group including, for example, funding of the Group’sdevelopment activities in the United States and Brazil.
At June period end total debt was US$150 million; as ofthis release date, it has increased to US$200 million associated withfull drawdown of the ICO Senior Secured Bond. Cash (all unrestricted)on hand had also increased to US$110 million associated with the finaldrawdown of the ICO Senior Secured Bond, leading to net debt of US$90million.
Jervois Annual General Meeting
At its Annual General Meeting held on 6 May 2022, allresolutions passed via poll.
Investor Relations
Management hosted investor and equity analyst visits atits ICO and Jervois Finland sites during the quarter as well asparticipating in Canaccord Genuity’s virtual Cobalt Conference andMorgan Stanley Australia’s Battery Materials & Clean TechInvestor Day, both held in June.
In August, Jervois’ Chief Executive Officer, Mr.Bryce Crocker, will present at the Diggers & Dealers Mining Forumin Kalgoorlie, Australia.
Environmental, Social, Governance and Compliance
Jervois-Idaho Conservation League Partnership
In May, Jervois announced it had awarded US$0.15million to three restoration projects as part of the Upper SalmonConservation Action Program (“ USCAP ”), created in partnership withthe Idaho Conservation League (“ ICL ”). Recipients were:
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The Idaho Department of Fish and Game in collaborationwith Salmon-Challis National Forest, US$0.08 million, to remove twoproblematic culverts blocking fish access to an important tributary ofthe Salmon River, which will allow endangered fish species back into a10-mile section of prime river habitat.
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White Clouds Preserve, US$0.06 million, to expandongoing riparian restoration work along the East Fork of the SalmonRiver, an important habitat for ESA-listed Chinook salmon, steelheadand bull trout.
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Western Rivers Conservancy, US$0.02 million, to assistwith the acquisition of a key parcel of land along Panther Creek, amajor tributary of the Salmon River.
The USCAP supports protection and restoration of fishand wildlife habitats, including water quality and biodiversity withinthe Upper Salmon River basin. Jervois will contribute US$0.15 millionannually to USCAP throughout the operational life of ICO.
Jervois-HALO Trust Partnership
Following Russia’s invasion of Ukraine, Jervoiscommenced a dollar-for-dollar matching funds programme with itsemployees to support United Kingdom charity The HALO Trust(“ HALO ”; www.halotrust.org ). HALO is internationally respected and renowned as theoldest and largest humanitarian landmine clearance organisation in theworld, and has been entrenched in Eastern Ukraine since 2016. HALO’s 400+personnel based in Ukraine are trained paramedics, many of whom havebeen providing medical treatment, supporting evacuations, andproviding emergency assistance under dangerous conditions. HALO has a central role in in enabling safedelivery of humanitarian aid and passage of aid workers, evacuees andreturnees by assessing explosives risks and clearing munitions alongtransport corridors and among affected communities.
Jervois and its matched employees’ donations areringfenced to Ukraine, with US$0.1 million made during the quarter.
Diversity and Inclusion
During the quarter, Jervois established a Diversity andInclusion Working Group which will develop a roadmap of strategies andactions to support an inclusive culture and diverse workplace. This inline with Jervois’ core values and principles and aims to bring outthe best within our workforce, create a pipeline for promotion fromwithin and conditions to attract talent from outside while morebroadly yielding enhanced productivity, innovation, decision-makingand motivation.
Industry Engagement
During the quarter, Jervois participated in the CobaltInstitute Annual Cobalt Conference in Zurich, Switzerland. Keyoutcomes included training to enhance the company’s capacity to meetthe requirements of EU legislation concerning human rights andenvironmental justice expectations of companies working within or withsupply chain links to EU-based companies.
Also during the quarter, Jervois joined the UnitedStates’ Critical Materials Initiative and the National MiningAssociation.
In June, Jervois took part in a panel discussion at theprestigious SelectUSA Investment Summit in Washington, DC., with over3,600 participants from more than 70 countries. Dr. Jennifer Hinton,Jervois’ Group Manager – ESG, shared insights into Jervois’experience operating in Salmon, Idaho, in a panel moderated by Ms.Alejandra Castillo, Assistant Secretary of Commerce for EconomicDevelopment.
Management Updates
In June, Ms. Alicia Brown joined as Jervois’ GroupManager – External Affairs at the Company’s corporate office inMelbourne, Australia.
Ms. Brown has more than 25 years of experience,including three years with the Australian Government Department ofDefence in Canberra, and 12 years in leadership roles at global miningcompany MMG Ltd (“ MMG ”), where she was responsible for leading acquisition anddivestment transactions, including management of all key stakeholderrelationships and associated regulatory approvals. Prior to her roleleading mergers and acquisitions projects, Ms. Brown spearheadedstrategy and country and political analysis for MMG and itspredecessor companies in Australia.
In her role as Group Manager – External Affairs, Ms.Brown will lead global co-ordination of government relations forJervois, maximising effectiveness and alignment of activities to groupstrategy and management of key relationships. The role also providesJervois with additional leadership support for the evaluation offuture acquisition opportunities or other corporate transactions ascircumstances require.
Exploration and Development Expenditure
No material cash expenditure on exploration anddevelopment was incurred during the quarter. Activities at ICO are nowclassified as Assets Under Construction and incurred cash expenditureof US$25.6 million in the quarter.
Insider Compensation Reporting
During the quarter, US was paid to Non-ExecutiveDirectors and US$0.1 million was paid to the CEO (ExecutiveDirector).
NON-CORE ASSETS
Jervois’ non-core assets are summarised on theCompany’s website.
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 optionholders as part of the eCobalt transaction.
As at 30 June 2022, the following Jervois shares wereissued in the quarter on exercise of eCobalt options and the followingeCobalt options remain outstanding:
Jervois shares issued in the quarter on exercise ofeCobalt options: | Nil |
eCobalt options expired in the quarter: | 1,344,750 |
eCobalt options remaining* | |
1,179,750 1,980,000 | eCobalt options exercisable until 28 June 2023 atC$0.61 each eCobalt options exercisable until 1 October 2023 atC$0.53 each |
3,159,750 |
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?? The number of options represent the number ofJervois shares 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: James May Chief Financial Officer Jervois G lobal Limited | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
BASIS OF PREPARATION OF FINANCIAL INFORMATION
Historical financial information for Jervois Finlandprior to acquisition by Jervois Global Limited on 1 September 2022 isbased on unaudited financial statements that have been prepared inaccordance with US GAAP and accounting principles applied under itsownership by Freeport McMoRan Inc. Financial information presented forthe period prior to acquisition by Jervois Global on 1 September 2021is presented on a proforma basis for illustrative purposesonly.
Financial information presented for periods afteracquisition on 1 September 2021 is prepared under Jervois groupaccounting policies, which conform with Australian AccountingStandards (“ AASBs ”)and International Financial Reporting Standards (“ IFRS ”). The Jervois Finland financialresults for the period post-acquisition are consolidated into theJervois Global consolidated financial statements. Informationpresented is unaudited.
EBITDA for historical periods is presented as netincome after adding back tax, interest, depreciation and extraordinaryitems and is a non-IFRS/non-GAAP measure.
The Jervois Finland 2022 guidance consists of actualresults for January to June and forecast results for July to December.The forecast period includes an assumption of a forecast quoted cobaltprice of US$27.50/lb. Other forecast assumptions, includingproduction, sales plans, costs and exchange rates are based onJervois’ internal estimates.
Adjusted EBITDA represents EBITDA attributable toJervois, adjusted to exclude items which do not reflect the underlyingperformance of the company’s operations. Exclusions from adjustedEBITDA are items that require exclusion in order to maximise insightand consistency on the financial performance of the company’soperations. Exclusions include gains/losses on disposals, impairmentcharges (or reversals), certain derivative items, and one-off costsrelated post-acquisition integration. A reconciliation of EBITDA toAdjusted EBITDA for Jervois Finland is included in the InvestorPresentation dated 22 July 2022.
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 future EBITDA for the group, operations at Jervois Finland,construction work to be undertaken at ICO, timing of production atICO, preparation of studies on the SMP refinery, timing of restart ofSMP refinery, utilisation of the working capital facility and thereliability of third party information, and certain other factors orinformation. Such statements represent the Company’s current viewswith respect to future events and are necessarily based upon a numberof assumptions 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.
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
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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 | |
30 June 2022 |
Current quarter | Year to date (6 months)
| ||
1. | Cash flows from operating activities | 98,274 | 194,107 |
1.1 | Receipts from customers | ||
1.2 | Payments for | - | - |
| |||
| - | - | |
| (120,628) | (213,999) | |
| (1,295) | (3,319) | |
| (1,310) | (2,809) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 6 | 7 |
1.5 | Interest and other costs of finance paid | (1,547) | (8,847) |
1.6 | Income taxes paid | (539) | (4,125) |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other – incl. business development costs and SMP BFScosts | (1,312) | (2,568) |
1.9 | Net cash from / (used in) operating activities | (28,351) | (41,553) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
| |||
| - | - | |
| (28,111) | (49,056) | |
| (42) | (50) | |
| - | - | |
| - | - | |
| - | - | |
2.2 | Proceeds from the disposal of: | - | - |
| |||
| - | - | |
| 1,230 | 1,230 | |
| - | - | |
| - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other – SMP Refinery Purchase: lease payment | - | - |
2.6 | Net cash from / (used in) investing activities | (26,923) | (47,876) |
3. | Cash flows from financing activities | - | - |
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 | - | 221 |
3.4 | Transaction costs related to issues of equitysecurities or convertible debt securities | - | (847) |
3.5 | Proceeds from borrowings | 25,000 | 98,750 |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans andborrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other | - | - |
3.10 | Net cash from / (used in) financing activities | 25,000 | 98,124 |
4. | Net increase / (decrease) in cash and cash equivalentsfor the period | ||
4.1 | Cash and cash equivalents at beginning of period | 88,225 | 49,181 |
4.2 | Net cash from / (used in) operating activities(item 1.9 above) | (28,351) | (41,553) |
4.3 | Net cash from / (used in) investing activities(item 2.6 above) | (26,923) | (47,876) |
4.4 | Net cash from / (used in) financing activities(item 3.10 above) | 25,000 | 98,124 |
4.5 | Effect of movement in exchange rates on cashheld | (391) | (316) |
4.6 | Cash and cash equivalents at end of period | 57,560 | 57,560 |
8. |
| |
8.1 | Net cash from / (used in) operating activities(item 1.9) | (28,351)OTCQX: JRVMF |
8.2 | (Payments for exploration &evaluation classified as investing activities) (item 2.1(d)) | (42) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (28,393) |
8.4 | Cash and cash equivalents at quarter end(item 4.6) | 57,560 |
8.5 | Unused finance facilities available at quarter end(item 7.5) | 100,000 |
8.6 | Total available funding (item 8.4 + item 8.5) | 157,560 |
8.7 | Estimated quarters of funding available (item 8.6divided by item 8.3) | 5.55 |
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: 2 1 July 2022
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 Debt drawn down represents aggregateof amounts drawn under US$150M working capital facility and amountsdrawn down from Escrow Account under terms of US$100M Senior SecuredBonds. Net debt is debt drawn down less unrestricted cash. For currentnet debt cash balance is based on the Company’s most recent internalcash report prior to the date of release. Amounts represent thenominal loan amounts; balances recorded in the Company’s financialstatements under International Financial Reporting Standards willdiffer.
2 Information on the basisof preparation for the financial information included in thisQuarterly Activities report is set out on page 13 below.
3 See ASX Announcement“BFS for Sao Miguel Paulista refinery restart” dated 29 April2022
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