(TheNewswire)
29 October 2021 (Australia) – TheNewswire - ASX/TSX-V: JRV OTC:JRVMF
Jervois Global Limited ACN: 007 626 575 ASX/TSXV: JRV OTCQB: JRVMF Corporate Information: 1,515.1M Ordinary Shares 93.1M Options 0.4M 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 508, 737 Burwood Road Hawthorn East Victoria 3122 Australia P: +61 (3) 9583 0498 E: admin@jervoisglobal.com W: www.jervoisglobal.com | Highlights · US$192million [1] acquisition of Freeport Cobalt,a leading cobalt business in Kokkola, Finland, completed on 1September 2021; transaction underpinned by A$313 million equityraise. · Freeport Cobalt(now Jervois Finland) proforma YTD and Q3 EBITDA at US$15.0 millionand US$6.8 million respectively; US$1.6 million EBITDA in first monthunder Jervois ownership. · Jervois Finlandproforma EBITDA guidance for full year 2021 remains ? US$20.0million. [2] · Jervois advancesconstruction of its Idaho Cobalt Operations (“ICO”); undergrounddevelopment has commenced following first blast of west portal on 15October. · Jervois expandedSão Miguel Paulista (“SMP”) Bankable Feasibility Study(“BFS”) scope to restart the refinery in an integrated singlestage; BFS due end Q1 2022. · First drawdown of50% of the US$100 million Bond Offering proceeds for ICO developmentanticipated in Q4 2021. · US$75 millionstandby working capital facility secured with Mercuria, providingJervois with incremental flexibility. · Jervois appointedMr. David Issroff, formerly a founding partner at Glencore, aNon-Executive Director. · Jervois endsSeptember 2021 quarter with A$43.3 million in unrestricted andunescrowed cash (US$31.2 million). |
Jervois Finland
Acquisition and Business Integration
On 2 September 2021, Jervois confirmed it had closed its acquisitionof 100% of Freeport Cobalt (renamed Jervois Finland) by purchasing allthe shares of Freeport Cobalt Oy and four affiliated entities fromKoboltti Chemicals Holdings Limited (“ KCHL ”)(the "Acquisition").
Jervois Global welcomed its new colleagues in the executive team andall operational employees at Kokkola. Detailed integration planningand execution is underway across commercial (including purchasing,sales, working capital and risk management), information technology,finance, environment and sustainability, governance and technicalservices. Utilisation of Jervois Finland technical expertise andinput as it pertains to battery chemicals including sulphates isunderway with a specific focus on the restart plans for the SMPnickel-cobalt refinery in Brazil.
Sales and Marketing
The proforma third quarter revenue was US$76.9 millionrepresenting cobalt sales volume of 1,415 metric tonnes. This wasthe strongest quarter for 2021 due to a combination of positive cobaltprice momentum and strong sales volumes. Of this, US$25.3 millionwas under the ownership of Jervois during September. The proformayear to date (“ YTD ” )revenue was US$199.7 million based on cobalt sales volume of 3,983metric tonnes. Production for the year to date is broadly in linewith sales volumes.
The current outlook into Q4 and calendar 2022 is positive, withJervois seeing strong demand across its industrial customers in eachof Europe, the United States and Japan. The contracting season iscurrently underway with a robust outlook in key market segments basedon Jervois’s customer feedback on their own sales projections, asglobal recovery from the Covid-19 pandemic gains momentum. Jervoisis witnessing increasing concern from traditional users of cobaltregarding the potential shift of units into rising battery demand.
Chemicals, Catalysts and Ceramics
· Consumption strongin chemicals segments, 2022 forecast +5% growth versus 2021.
· Improving outlookin catalyst segment after delayed catalyst changeouts and softerconsumption in refinery catalysts in 2021. Catalyst recyclingbusiness stable.
· Pigment productionrecovering from Covid-19 slowdown in parallel with ceramic tileproduction growth; strong outlook for 2022 with key accountssignalling growth in cobalt oxide requirements.
Powder Metallurgy
· Aerospace recoveryhas commenced; pace of automotive recovery less certain due to lack ofsemiconductors which continues to impact the sector.
· Mining andassociated service providers experienced strong growth associated witha robust commodity price environment particularly in basemetals.
· Across Jervois’sglobal sales book into powder metallurgy, modest growth expected in2022 matched to pace of recovery in end-use markets.
Batteries
· Demand forelectric vehicle batteries continues to expand; demand growth forcobalt chemicals resilient in context of evolving battery cathodechemistries.
· Lithium ionbattery prices impacted by rising commodity and component costs.
· Cobalt sulphateproducers pursuing premium increases to increased feed stock costs,and offset production and freight cost inflation.
Financial Performance
Jervois Finland Proforma EBITDA was US$15.0 million and US$6.8 millionYTD and 3Q 2021 respectively; this included US$1.6 million forSeptember, which was adversely affected by the timing impact of highercurrent feedstock cost and lag in increased sales prices in a risingcobalt price environment.
Revenue performance continues to strengthen in line with higher cobaltprices (Figures 1 and 2). The cobalt hydroxide payable indicator isstable but at historically elevated levels.
Full year 2021 proforma EBITDA guidance of ? US$20million is reconfirmed, underpinned by a forecast average US$25.00 perlb Fastmarkets Metal Bulletin (“ MB ” ) Standard Grade (“ SG ” ) cobalt price assumption for Q42021. [3] The current Fastmarkets MB SGcobalt price is US$27.10 to US$27.65 per lb.
Figure 1: Jervois Finland Financial Metrics and Market PriceIndicators
Jervois Finland net working capital closed the quarter at US$94million. Investment in working capital is a key enabler of thebusiness and rose across 2021 due to rising cobalt prices.
As announced on 29 October 2021, Jervois Finland hasentered into a secured US$75 million standby working capital facilitywith Mercuria Energy Trading SA (“ Mercuria ” ) (the “ Facility ” ). The Facility will provideflexibility and headroom to fund working capital in higher cobaltprice environments. Initial draw down is anticipated to occur inNovember 2021.
Idaho Cobalt Operations (“ICO”), United States
Jervois has committed more than US$33.4 million of thetotal capital expenditure budget of US$92.6 million and more than 40percent of all equipment and material for the project has beenordered. As part of the current construction cycle at site (morethan US$100 million historically has been invested during prior workseasons), preparatory works commenced in Q2 2021, with theinstallation of equipment required to commission the water treatmentplant (“ WTP ” ), civiland concreting works for the fine ore bin installation, mill andflotation buildings erection, relining of the dry stack tailingsfacility, installation of the water pump back system and preparationof the portal bench including bolting and meshing of the slope abovethe proposed portal.
Great Basin Industrial, a local contractor, has beenworking with Jervois and M3 Engineering (“ M3 ” ) on the completion of the Veoliadesigned WTP. Commissioning of the WTP started in September 2021,and is now water commissioned. Final punch list items for operationwill be completed during Q4 2021.
Local Idaho company Scarrow Excavation has completed a portal benchextension and associated road network from the portal. It has alsocommenced the installation of the water pump back system from theportal to the process plant water distribution manifold and WTP.
Western United States construction company Capra Group(“ Capra ” ) has beenactive on site since late July 2021, commencing concrete and civilwork for the mill and flotation building and civils for the fine orebin. Capra has completed the concrete walls for the mill buildingand will finalise concrete walls for the flotation building in Q42021. The erection of the mill building has commenced and both themill and concentrator buildings will be erected in Q4 2021, which willthen allow indoor construction to continue through winter.
Northwest Linings and Geotextile Products, Inc. hascompleted the laying of a high-density polyethylene (“ HDPE ” ) liner on the dry stacktailings facility which will be used to temporarily store mine waste rock during mine development and mill dry stacktailings during operation when paste fill is not required. Thisliner installation has been certified to meet all standards requiredfor a HDPE liner installation by geotechnical engineering companyNewfields.
Small Mine Development (“ SMD ” ) has opened the west portal andwill commence development at the east portal in Q4 2021. SMDanticipates reaching first ore in Q1 2022.
Jervois has ordered all long lead items for the process plant,including SAG mill, flotation cells, thickener, camp, transformers,and an on-line analyser. The SAG mill shell is currently in transitfrom Brazil and is expected to be delivered to site in December 2021.
Delivery of initial modules of the accommodation camp has been delayedinto early Q1 2022, with full operations of the camp including kitchenand utilities now not expected until later in the quarter.
Certain key capital goods, specifically SAG mill parts to be shippedfrom Turkey, have also experienced logistical delays in anticipateddelivery time to site. Jervois is currently reviewing andintegrating the impact of these events with EPCM M3 and expect to havean updated construction schedule shortly. Given the absence of acamp at least across December and January, final commissioning datewill increasingly be influenced by weather conditions over the comingwinter construction season, with safety of the workforce beingprioritized.
The opening of the west portal is a historic step toward security ofsupply of cobalt for the United States and its allies. The BidenAdministration recently discussed the perilous situation faced by theUnited States related to cobalt in its high-profile review of supplychain vulnerabilities. When ICO goes into production in 2022, itwill mark the first time in decades that America will have a primarycobalt mine within its borders. Jervois looks forward to continuingits work with the political leadership of the United States,particularly with Governor Brad Little, the Idaho congressionaldelegation, and the Biden Administration. Jervois Global is committedto building an ethical, sustainable and secure Western alternative tothe current Chinese-dominated cobalt supply chain, and to working withits diverse customer base across a wide range of key strategicindustries in the United States, Europe and Japan.
São Miguel Paulista (“SMP”) nickel and cobalt refinery, Brazil
In September Jervois announced that the BankableFeasibility Study (“ BFS ” ) scope of work for the São Miguel Paulista (“ SMP ” ) nickel cobalt refinery in SãoPaulo, Brazil was to be expanded to include a significant increase inthe forecast pressure oxygen (“ POX ” ) leach circuit capacity.
The expanded BFS, led by Ausenco, will leverage the technicalexpertise the Company has gained through its acquisition of JervoisFinland, to include a dedicated crystalliser circuit for theproduction of nickel sulphate crystals, a premium product able to bedelivered to both the plating and battery industries.
Nickel sulphate is trading at a significant premium to metal, a trendthat Jervois’ commercial team expects to continue due to the volumeof nickel sulphate forecast to be derived from metal dissolution tosatisfy global demand growth in battery markets.
Importantly a larger POX offers greater feed flexibility, as inaddition to sulphide concentrates, the autoclave circuit will be ableto process mixed sulphides, mattes, hydroxide products, material fromlithium ion batteries known as “black mass” and other recycledmaterials. The expanded POX circuit will unlock sunk capital at SMPand enhance the operating flexibility and commercial value of therefinery.
This switch will be linked to restarting SMP at or close to its priorcapacity, of 25,000 metric tonnes of nickel and 2,500 metric tonnes ofcobalt. As a result the restart of SMP, and the associated Ausencostudy release, will no longer be staged. Due to the flowsheet changethe completed Ausenco BFS is expected to be delivered by end Q1 2022.
Jervois remains confident in the attractiveness of restarting SMP, andthat a larger, less staggered restart is the correct commercialapproach given the Company’s increased scale and market presencefollowing its acquisition of Freeport Cobalt (now rebranded JervoisFinland).
Jervois currently holds a lease over SMP providing itaccess to undertake the BFS on a potential restart of the facility. Jervois has agreed with Companhia Brasileira de Alumínio(“ CBA ” ) (an investeecompany of Votorantim) to extend the outside date of closing ofJervois’ acquisition of SMP from 31 December 2021 to 31 March 2022,however the R$1.5 million [4] monthly lease charge will ceasefrom the start of January 2022.
Closing of the SMP refinery acquisition by Jervois is subject toseveral conditions precedent, including renewal of the São Paulo CityHall operating permit. CBA is complying with necessary legalprocedures for renewal, and an updated license is expected to bereceived during 2021. Jervois’ existing early termination optionunder the transaction sale and purchase agreement will also beextended to 31 December 2021.
The cash purchase price of R$125.0 million [5] payable in tranches conditional upon permitting, restart BFSoutcomes and future production thresholds – except for a R$15million initial payment in December 2020 – remains payable in stagesto June 2023. The next acquisition payment payable by Jervois will beR$47.5 million cash [6] on Closing.
Nico Young Nickel-Cobalt Project, New South Wales, Australia
The Company is continuing discussions on a suitable ownershipstructure and marketing strategy to secure a partner to advance intoBFS.
Corporate Activities
Liquidity
Jervois ended the September 2021 quarter with A$43.3 million (US$31.2million) in cash (excluding restrictedcash associated with the US$100 million ICO Senior Secured Bond).
As announced concurrent with this quarterly, JervoisFinland Oy, along with its parent Jervois Suomi Holding Oy (togetherthe “ Borrowers ”) hasentered into a working capital facility with Mercuria (the“ Lender ”). JervoisFinland’s facility with Mercuria is for an initial commitment ofUS$75 million with a maturity date of 31 December 2024. There is anAccordion mechanism to accommodate additional borrowing capacity ofUS$75 million, which would take the overall standby working capitalfacility to US$150 million.
Terms for the Accordion have been negotiated and it remainsuncommitted until notice is provided by Jervois, and certainconditions have been satisfied including Lender consent. Until theAccordion is converted into a committed facility, Jervois Finland willpay no associated fees. Under the facility, the Borrowers can drawto the lower of the maximum amount or 80 per cent of the collateralvalue, where collateral is defined as the value of Jervois Finland’sinventory and receivables, calculated monthly.
The facility is secured against the shares in Jervois Finland and itsassets and is guaranteed by Jervois Global. A maximum of US$50million is permitted to be transferred out of the Jervois Finlandgroup of companies, for other general purposes in the Jervois Globalgroup.
At the time of closing the acquisition of Jervois Finland on 1September 2021, Jervois Finland had US$98 million net working capitalon its balance sheet, approximately US$23 million more than US$75million ‘target’ working capital communicated in the ASXannouncement, Jervois to acquire Freeport Cobalt forUS$160 million (27 July 2021). Working capital levelsfluctuate according to the cobalt market price environment, and otherfactors.
Jervois expects to utilize the facility to fund working capital levelsmore than the US$75 million ‘target’. The committed facilityamount provides headroom to fund working capital in a higher cobaltprice environment.
Due to current cobalt prices and buoyant marketexpectations, Jervois expects initial utilisation of US$32.5 millionto occur in November 2021, subject to satisfaction of customaryconditions precedent including those related to execution of securitydocumentation over the assets of Jervois Finland. Jervois will useproceeds to fund higher working capital levels at Jervois Finlandshould market prices increase, and where required for funding of theGroup’s development activities, including the R$47.5million [7] cash acquisition payment forSMP nickel cobalt refinery that Jervois expects to fall due in thefirst quarter of 2022 in line with the anticipated closing.
Equity Financing
During the quarter Jervois raised approximately A$313 million inequity via the issuance of new fully paid ordinary shares, associatedwith the acquisition of Freeport Cobalt (the “ Offer ”).
Jervois applied proceeds from the Offer to fund the acquisition ofFreeport Cobalt, for ICO development expenditure and for generalcorporate purposes, including advancement of the BFS at the SMP nickelcobalt refinery in Brazil.
Jervois insiders and principals contributed A$3.57 million to theOffer, which included A$1.0 million from Mr. David Issroff, whoJervois appointed to its Board following completion of its acquisitionof Freeport Cobalt.
Existing substantial shareholder AustralianSuper Pty Limited investedan additional A$73.9 million in the Offer to support the acquisitionof Freeport Cobalt and advancement of both ICO and SMP.
As part of the Offer, Mercuria, one of the world’s largestintegrated energy and commodities companies with approximately US$100billion annual turnover, acquired a significant equity position in theCompany, via the investment of A$45.7 million. Mercuria and Jervoisagreed to work together to advance their commercial footprint innickel and cobalt markets, with the US$75 million standby workingcapital facility with Jervois Finland announced concurrent with thisrelease, the initial step in this relationship.
First Drawdown of Bond Offering
The first of two (2) drawdowns of 50% of the US$100 million BondOffering proceeds from the escrow account continues to be anticipatedin Q4 2021, following satisfaction of the conditions precedent towithdrawal, as outlined in the company announcement on 5 July 2021,which include inter alia Jervois spending US$35 million toward the ICOproject.
RPM Global, the independent engineer engaged by the Bond Trustee,visited ICO in September 2021. The purpose of the visit was togather information for the Cost-to-Complete Test, one of conditionsprecedent to withdrawal from the escrow account, and in accordancewith the Bond Terms.
Environmental, Social, Governance and Compliance
In light of closing of the Freeport Cobalt acquisition(now Jervois Finland), an area of emphasis in Q3 2021 included reviewand integration of ESG systemsand processes. JervoisFinland was the first cobalt chemical producer in the world toachieve Responsible Minerals Initiative(“ RMI ” ) Conformant Downstream Facility status and support forethical sourcing practices continues to be a high priority. Actionswere therefore prioritized to ensure continued conformance with OECDDue Diligence for Responsible Minerals Supply Chains. This includedtransparent communications with upstream suppliers and customers,formal registration of changes with RMI and by providing requireddisclosures and links to the RMI grievance mechanism through thelaunching of the Jervois Finland website ( www.jervoisfinland.com ). Inconjunction with this, selected policies and procedures, includingJervois’ Supplier Standard, were rolled out across the expandedorganisation.
Jervois Finland has a mature ESG framework and, inconjunction with the integration process, progress was made towardsformalizing inter-operation communications and collaboration on ESGbetween Jervois’s operating sites in Finland, the United States andBrazil. This was reinforced by formation of an internal ClimateAction Working Group. which aims to advance and formalize Jervois’climate strategies and commitments in 2022. Building on Jervois’climate efforts reported in previous quarters, Jervois Finland bringssubstantial depth in climate responsiveness. Efforts range fromoperational actions to improve energy efficiency and reduce waste andwater consumption to tangible progress in cobalt recycling toconsiderable research and development aiming to increase contributionto the circular economy and participation inthe “Towards carbon neutral metals (TOCANEM)” program inco-operation with Business Finland, among others.
In conjunction with the Company’s broader approach toESG, Jervois has increased its engagement in various initiatives andassociations, including the Cobalt Institute’s Responsible Sourcingand Sustainability Committee (“ RESSCOM ”), leadership roles in itsCobalt REACH Consortium and engagement in the United States Zero Emission Transportation Association(“ ZETA ”) , of which the Company is a founding member alongsideindustry leaders such as Tesla, Albemarle and Livent.
Director and Management Updates
Jervois appointed Mr. David Issroff as a Non-Executive Directoreffective 3 September 2021 following the completion of the acquisitionof Freeport Cobalt, as foreshadowed last quarter.
Jervois Finland leadership carried across from theFreeport Cobalt acquisition, with the appointment following closing ofMr. Sami Kallioinen (President and Managing Director), Ms. PiaLehtonen (Financial Controller), Dr. Thomas Slotte (Director – PlantSupport and Administration), Mr. Juha Järvi (Director – TechnicalServices), Mr. Jeff Blazek (Global Business Manager – PowderMetallurgy) and Mr. Mike Lacis (Global Business Manager – Chemicals,Catalysts and Ceramic).
During the quarter former Xstrata plc executive Mr. Ian Woolsey joinedthe Company as Group Manager – Information Technology (“ IT ”). Mr. Woolsey joins after more than a decadewith Glencore and Xstrata where he led the IT integration of majorcross-border transactions including the Xstrata acquisition of MIMHoldings and Falconbridge, together with the Glencore-Xstratamerger. Mr. Woolsey will lead the IT integration of Jervois Finland,ICO and SMP as the appropriate systems, governance and controls arerolled out across the expanded group to reflect its maturity as anoperating business of scale.
Domestic border restrictions inconsistent with rules applyingelsewhere in the world at this advanced stage in the Covid-19pandemic, continue to affect the viability of Australian basedcompanies to successfully operate and compete on a global scale. During the quarter Jervois’s Chief Executive Officer, Mr. BryceCrocker, relocated from Australia in order to continue managing thebusinesses effectively. Mr. Michael Rodriguez, Group Manager –Technical Services, will temporarily relocate from Western Australiato the Americas in early 2022 in order to continue his leadership ofthe SMP BFS and to work closely with each of Ausenco, the executiveteam in Jervois Brazil and the operating team at SMP whom will becomeJervois employees upon envisaged closing of the acquisition by the endof Q1 2022.
Mr. David Selfe, Group Manager – Geology, has decided to leave theCompany to pursue an alternate career opportunity within WesternAustralia. Many of Jervois’s Directors and Management have workedwith Mr. Selfe for nearly 25 years, since the early days of MurrinMurrin, Glencore’s nickel-cobalt facility in Western Australia, andwe wish him well.
Exploration and Development Expenditure
No material cash expenditure on exploration and development wasincurred during the quarter. Activities at ICO are now classified asAssets Under Construction and incurred cash expenditure of US$7.7million (A$10.7 million) in the quarter.
In Brazil, Jervois’ lease payment for the SMP Refinery was R$4.5million (A$1.2 million) for the quarter (R$1.5 million per month) andwill continue for Q4 2021. Brazilian development cash expenditureexcluding the lease payment, namely the SMP BFS and associatedmetallurgical testwork, totalled R$5.3 million (A$1.4 million) duringthe quarter.
Company Name Change
Effective 3 September 2021, the company name changed from JervoisMining Limited to Jervois Global Limited following shareholderapproval on 29 July 2021. There was no change to the ASX or TSX-Vcode for Jervois, which remained JRV, and there was no change to theInternational Securities Identification Number which remained sAU000000JRV4.
NON-CORE ASSETS
Jervois’s non-core assets are summarized on the Company’s website.
Insider Compensation Reporting
During the quarter, A$0.1 million was paid to Non-Executive Directorsand A$0.1 million was paid to the CEO (Executive Director).
ASX WAIVER INFORMATION
On 6 June 2019, the ASX granted a waiver to Jervois in respect ofextending the period to 8 November 2023 in which it may issue newJervois shares to the eCobalt option holders as part of the eCobalttransaction.
As at 30 September 2021, the following Jervois shares were issued inthe quarter on exercise of eCobalt options and the following eCobaltoptions remain outstanding:
Jervois shares issued in the quarter on exercise of eCobalt options: | 891,000 |
eCobalt options remaining* | |
1,344,750 1,179,750 1,980,000 | eCobalt options exercisable until 28 June 2022 at C$0.71 each eCobalt options exercisable until 28 June 2023 at C$0.61 each eCobalt options exercisable until 1 October 2023 at C$0.53 each |
4,504,500 |
* The number of optionsrepresent the number of Jervois shares that will be issued onexercise. The exercise price represents the price to be paid for theJervois shares when issued.
By Order of the Board
Bryce Crocker
Chief Executive Officer
For further information, please contact:
Investors and analysts: James May Chief Financial Officer Jervois Mining 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 Finland is based onunaudited financial statements that have been prepared in accordancewith US GAAP and accounting principles applied under its ownership byFreeport McMoRan Inc, prior to the acquisition by Jervois Global on 1September 2021. A review of Jervois Finland’s financial reportingpractices is in progress. The purpose of the review is to alignJervois Finland to the Jervois group accounting policies which conformwith Australian Accounting Standards (“ AASBs ”) and International Financial ReportingStandards (“ IFRS ”). Based on the currentstatus, Jervois does not expect that this review will give rise tomaterial adjustments, however changes to financial information couldoccur once the review is finalised in the fourth quarter of 2021.
EBITDA for historical periods is presented as net income after addingback tax, interest, depreciation, other income, and extraordinaryitems and is a non-IFRS/non-GAAP measure.
The Jervois Finland financial results for the period post-acquisitionare consolidated into the Jervois Global consolidated financialstatements. Financial information presented for the period prior toacquisition by Jervois Global on 1 September 2021 is presented on aproforma basis for illustrative purposes only.
The Jervois Finland 2021 Forecast consists of unaudited results forJanuary to September, plus forecast results for October to December. The forecast period includes an assumption of a forecast quotedFastmarkets MB SG cobalt price of US$25/lb. Other forecastassumptions, including production, sales plans, costs and exchangerates are based on Jervois’ internal estimates.
Forward-Looking Statements
This news release may contain certain “Forward-Looking Statements”within the meaning of the United States Private Securities LitigationReform Act of 1995 and applicable Canadian securities laws. When usedin this news release, the words “anticipate”, “believe”,“estimate”, “expect”, “target, “plan”, “forecast”,“may”, “schedule” and other similar words or expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to future EBITDAfor the group, operations at Jervois Finland, construction work to beundertaken at ICO, timing of production at ICO, preparation of studieson the SMP refinery, utilisation of the working capital facility,drawdown of the ICO Bond, the reliability of third party information,and certain other factors or information. Such statements representthe Company’s current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by the Company, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affections such statements and information other than asrequired by applicable laws, rules and regulations.
Neither TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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 | |
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 | 218093 |
Mining exploration entity or oil andgas exploration entity
quarterly cash flow report
Jervois Global Limited | ||
52 007 626 575 | 30 September 2021 |
Current quarter | Year to date (9 months)
| ||
1. | Cash flows from operating activities | 31,042 | 31,042 |
1.1 | Receipts from customers 1 | ||
1.2 | Payments for | - | - |
(a) exploration &evaluation | |||
(b) development | - | - | |
(c) production 1 | (24,777) | (24,777) | |
(d) staff costs | (2,238) | (4,494) | |
(e) administration andcorporate costs | (1,283) | (2,522) | |
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 | (86) | (86) |
1.7 | Government grants and tax incentives | - | 62 |
1.8 | Other – incl. business development costs and SMP BFS costs | (3,395) | (5,499) |
1.9 | Net cash from / (used in) operating activities | (737) | (6,274) |
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
(a) entities | |||
(b) tenements | - | - | |
(c) property, plant andequipment – incl. assets under construction | (11,142) | (15,942) | |
(d) exploration &evaluation | (22) | (75) | |
(e) acquisition ofsubsidiaries | (208,506) | (208,506) | |
(f) other non-currentassets | - | - | |
2.2 | Proceeds from the disposal of: | - | - |
(a) entities | |||
(b) tenements | - | - | |
(c) property, plant andequipment | 28 | 58 | |
(d) investments | - | - | |
(e) other non-currentassets | - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other – SMP Refinery Purchase: lease payment | (1,160) | (2,649) |
2.6 | Net cash from / (used in) investing activities | (220,802) | (227,114) |
3. | Cash flows from financing activities | 266,449 | 266,449 |
3.1 | Proceeds from issues of equity securities (excluding convertible debtsecurities) | ||
3.2 | Proceeds from issue of convertible debt securities | - | - |
3.3 | Proceeds from exercise of options | 254 | 2,963 |
3.4 | Transaction costs related to issues of equity securities orconvertible debt securities | (9,704) | (9,704) |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and borrowings | (3,756) | (3,756) |
3.8 | Dividends paid | - | - |
3.9 | Other – restricted cash 2 | (21,465) | (21,465) |
3.10 | Net cash from / (used in) financing activities | 231,778 | 234,487 |
4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
4.1 | Cash and cash equivalents at beginning of period | 33,266 | 42,331 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (737) | (6,274) |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (220,802) | (227,114) |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 231,778 | 234,487 |
4.5 | Effect of movement in exchange rates on cash held | (256) | (181) |
4.6 | Cash and cash equivalents at end of period | 43,249 | 43,249 |
1. On 1 September 2021,the Company closed its acquisition of 100% of Freeport Cobalt bypurchasing all the shares of Freeport Cobalt Oy and four affiliatedentities from Koboltti Chemicals Holdings Limited. As such, Item 1.1 and Item 1.2(c) above represent receiptsand payments for the one-month period ending 30 September 2021, beingthe period under which the acquired business was under the Company’scontrol.
2. During July 2021, theCompany completed settlement of a US$100.0 million senior secured bondfacility. Upon settlement, US$15.5 million (which includes prepaidinterest of US$12.5 million) was deposited into an escrow accountpursuant to the terms and conditions of the bond and classified as“restricted cash” whilst these funds remain in this escrowaccount.
8. |
| |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (737) |
8.2 | (Payments for exploration & evaluation classifiedas investing activities) (item 2.1(d)) | (22) |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (759) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 43,249 |
8.5 | Unused finance facilities available at quarter end (item 7.5) | 138,651 |
8.6 | Total available funding (item 8.4 + item 8.5) | 181,900 |
8.7 | Estimated quarters of funding available (item 8.6 divided byitem 8.3) | 239.66 |
Note: if the entity has reported positive relevant outgoings (i.e., anet cash inflow) in item 8.3, answer item 8.7 as “N/A”.Otherwise, a figure for the estimated quarters of funding availablemust be included in item 8.7. | ||
8.8 | If item 8.7 is less than 2 quarters, please provide answers to thefollowing questions: | |
8.8.1 Does the entity expect that it will continue to have thecurrent level of net operating cash flows for the time being and, ifnot, why not? | ||
Answer: N/A | ||
8.8.2 Has the entity taken any steps, or does it propose to takeany steps, to raise further cash to fund its operations and, if so,what are those steps and how likely does it believe that they will besuccessful? | ||
Answer: N/A | ||
8.8.3 Does the entity expect to be able to continue itsoperations and to meet its business objectives and, if so, on whatbasis? | ||
Answer: N/A | ||
Note: where item 8.7 is less than 2 quarters, all of questions8.8.1, 8.8.2 and 8.8.3 above must be answered. |
1 This statement has been prepared in accordance withaccounting standards and policies which comply with ListingRule 19.11A.
2 This statement gives a true and fair view of thematters disclosed.
Date: 29 October 2021
Authorised by: Disclosure Committee
(Name of body or officer authorising release – see note 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 do so.
2. If this quarterly cash flow report has beenprepared in accordance with Australian Accounting Standards, thedefinitions in, and provisions of, AASB 6: Explorationfor and Evaluation of Mineral Resources and AASB107: Statement of Cash Flows apply to this report. If thisquarterly cash flow report has been prepared in accordance with otheraccounting standards agreed by ASX pursuant to Listing Rule 19.11A,the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either ascash flows from operating activities or cash flows from investingactivities, depending on the accounting policy of the entity.
4. If this report has been authorised for releaseto the market by your board of directors, you can insert here: “Bythe board”. If it has been authorised for release to the market by acommittee of your board of directors, you can insert here: “By the[ name of board committee – e.g., Audit and Risk Committee ]”. If it has beenauthorised for release to the market by a disclosure committee, youcan insert here: “By the Disclosure Committee”.
5. If this report has been authorised for releaseto the market by your board of directors and you wish to hold yourselfout as complying with recommendation 4.2 of the ASX CorporateGovernance Council’s Corporate Governance Principlesand Recommendations , the board should have received adeclaration from its CEO and CFO that, in their opinion, the financialrecords of the entity have been properly maintained, that this reportcomplies with the appropriate accounting standards and gives a trueand fair view of the cash flows of the entity, and that their opinionhas been formed on the basis of a sound system of risk management andinternal control which is operating effectively.
[1] US$192 million is subject to post closing adjustmentsand excludes cash
[2] Based proforma result for nine months to September2021, and projection for Q4 2021 (forecast assumes US$25/lb MetalBulletin SG cobalt price in Q4 2021)
[3] Information on the basis of preparation for thefinancial information included in this Quarterly Activities report isset out on page 13 below.
[4] Equivalent to US$0.28 million at current USD/BRLexchange rate of 5.35
[5] Equivalent to US$23.4 million at current USD/BRLexchange rate of 5.35.
[6] Equivalent to US$8.9 million at current USD/BRLexchange rate of 5.35
[7] Equivalent to US$8.9 million at USD/BRL exchange rateof 5.35
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